Document:

EXHIBIT
      10.1 

    

    

    STOCK
      PURCHASE AGREEMENT

    

    THIS
      AGREEMENT (this
      “Agreement”), entered
      into as of the ___ day of March, 2007, is made by and between James Durward
      (the
      “Shareholder”) LogSearch, Inc. (“LGSE”), and
      Biao
      Tan(“Tan”)(the
      “Buyer”).

    

    Whereas,
      the
      Shareholder desires to sell to the Buyer and the Buyer wishes to purchase and
      acquire from the Shareholder an aggregate of 17,000,000 shares of LGSE’s common
      stock, pursuant to the terms and conditions of this Agreement.

    

    Now,
      Therefore,
      in
      consideration of the representations, warranties and agreements set forth
      herein, the parties hereto hereby agree as follows:

    

    ARTICLE
      1

    DEFINITIONS
      AND INTERPRETATION

    

    1.1    Definitions.
      In this
      Agreement the following terms will have the following meanings:

    

    
      
        	
              	(a)	
                “Agreement”
                  means this Stock Purchase
                  Agreement;

              

      

    

    

    
      	
            	(b)	
              “Closing”
                means the completion, on the date hereof, of the transactions contemplated
                hereby in accordance with Article 7 hereof;

            

    

    

    
      	
            	(c)	
              “Place
                of Closing”
                means the offices of David E. Price at 13520 Oriental Street, Rockville,
                Maryland 20853 or such other place as the Buyer and LGSE may mutually
                agree upon;

            

    

    

    
      	
            	(d)	
              “LGSE
                Accounts Payable and Liabilities”
                means all accounts payable and liabilities of LGSE, on a consolidated
                basis, due and owing or otherwise constituting a binding obligation
                of
                LGSE and its subsidiaries (other than an LGSE Material Contract)
                as of
                March 8, 2007, as set forth is Schedule “A”
                hereto;

            

    

    

    
      	
            	(e)	
              “LGSE
                Accounts Receivable”
                means all accounts receivable and other debts owing to LGSE, on a
                consolidated basis, as of March 8, 2007, as set forth in Schedule
“B”
                hereto;

            

    

    

    
      	
            	(f)	
              “LGSE
                Assets”
                means the undertaking and all the property and assets of the LGSE
                Business
                of every kind and description wheresoever situated including, without
                limitation, LGSE Equipment, LGSE Inventory, LGSE Material Contracts,
                LGSE
                Accounts Receivable, LGSE Cash, LGSE Intangible Assets and LGSE Goodwill,
                and all credit cards, charge cards and banking cards issued to
                LGSE;

            

    

    

    
      	
            	(g)	
              “LGSE
                Bank Accounts”
                means all of the bank accounts, lock boxes and safety deposit boxes
                of
                LGSE and its subsidiaries or relating to the LGSE Business as set
                forth in
                Schedule “C” hereto;

            

    

    

    
      	
            	(h)	
              “LGSE
                Business”
                means all aspects of any business conducted by LGSE and its
                subsidiaries;

            

    

    

    
      	
            	(i)	
              “LGSE
                Cash”
                means all cash on hand or on deposit to the credit of LGSE and its
                subsidiaries on the date hereof;

            

    

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    
      	
            	(j)	
              “LGSE
                Common Shares”
                means the shares of common stock in the capital of
                LGSE;

            

    

    

    
      	
            	(k)	
              “LGSE
                Debt to Related Parties”
                means the debts owed by LGSE and its subsidiaries to any affiliate,
                director or officer of LGSE as described in Schedule “D”
                hereto;

            

    

    

    
      	
            	(l)	
              “LGSE
                Equipment”
                means all machinery, equipment, furniture, and furnishings used in
                the
                LGSE Business, including, without limitation, the items more particularly
                described in Schedule “E” h ereto;

            

    

    

    
      	
            	(m)	
              “LGSE
                Financial Statements”
                means, collectively, the audited consolidated financial statements
                of LGSE
                for the fiscal year ended October 31, 2006, and the unaudited consolidated
                financial statements of LGSE for the three month period ended December
                31,
                2006, true copies of which are attached as Schedule “F”
                hereto;

            

    

    

    
      	
            	(n)	
              “LGSE
                Goodwill”
                means the goodwill of the LGSE Business including the right to all
                corporate, operating and trade names associated with the LGSE Business,
                or
                any variations of such names as part of or in connection with the
                LGSE
                Business, all books and records and other information relating to
                the LGSE
                Business, all necessary licenses and authorizations and any other
                rights
                used in connection with the LGSE
                Business;

            

    

    

    
      	
            	(o)	
              “LGSE
                Insurance Policies”
                means the public liability insurance and insurance against loss or
                damage
                to the LGSE Assets and the LGSE Business as described in Schedule
“G”
                hereto;

            

    

    

    
      	
            	(p)	
              “LGSE
                Intangible Assets”
                means all of the intangible assets of LGSE and its subsidiaries,
                including, without limitation, LGSE Goodwill, all trademarks, logos,
                copyrights, designs, and other intellectual and industrial property
                of
                LGSE and its subsidiaries;

            

    

    

    
      	
            	(q)	
              “LGSE
                Inventory”
                means all inventory and supplies of the LGSE Business as of March
                8, 2007,
                as set forth in Schedule “H”
hereto;

            

    

    

    
      	
            	(r)	
              “LGSE
                Material Contracts”
                means the burden and benefit of and the right, title and interest
                of LGSE
                and its subsidiaries in, to and under all trade and non-trade contracts,
                engagements or commitments, whether written or oral, to which LGSE
                or its
                subsidiaries are entitled whereunder LGSE or its subsidiaries are
                obligated to pay or entitled to receive the sum of $750 or more including,
                without limitation, any pension plans, profit sharing plans, bonus
                plans,
                loan agreements, security agreements, indemnities and guarantees,
                any
                agreements with employees, lessees, licensees, managers, accountants,
                suppliers, agents, distributors, officers, directors, attorneys or
                others
                which cannot be terminated without liability on not more than one
                month's
                notice, and those contracts listed in Schedule “I” hereto;
                and

            

    

    

    
      	
            	(s)	
              “Shares”
                shall mean the 17,000,000 shares of LGSE Common Stock to be sold
                to Buyer
                by the Shareholder hereunder.

            

    

    

    
      Anyother
        terms defined within the text of this Agreement will have the meanings so
        ascribed to them.

    

    

    1.2    Captions
      and Section Numbers.
      The
      headings and section references in this Agreement are for convenience of
      reference only and do not form a part of this Agreement and are not intended
      to
      interpret, define or limit the scope, extent or intent of this Agreement or
      any
      provision thereof.

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    1.3    Section
      References and Schedules.
      Any
      reference to a particular “Article”, “section”, “paragraph”, “clause” or other
      subdivision is to the particular Article, section, clause or other subdivision
      of this Agreement and any reference to a Schedule by letter will mean the
      appropriate Schedule attached to this Agreement and by such reference the
      appropriate Schedule is incorporated into and made part of this Agreement.
      

    

    1.4    Severability
      of Clauses.
      If any
      part of this Agreement is declared or held to be invalid for any reason, such
      invalidity will not affect the validity of the remainder which will continue
      in
      full force and effect and be construed as if this Agreement had been executed
      without the invalid portion, and it is hereby declared the intention of the
      parties that this Agreement would have been executed without reference to any
      portion which may, for any reason, be hereafter declared or held to be
      invalid.

    

    ARTICLE
      2

    PURCHASE
      AND SALE

    

    2.1    Issuance
      of the Shares.
      Subject
      to all of the terms and conditions of this Agreement, the Shareholder does
      hereby sell, assign, transfer and convey to the Buyer, and the Buyer does hereby
      purchase and accept from the Shareholder, the Shares, free and clear of all
      encumbrances, liens, charges and claims.

    

    2.2    Purchase
      Price; Payment. The
      purchase price for the Shares is Three hundred and sixteen thousand, four
      hundred and fifty-five US dollars ($316,455.00) (the “Purchase
      Price”)
      and
      shall be paid by wire transfer $316,455.00 of immediately available funds or
      bank or certified check in accordance with Exhibit
      A.

     

    ARTICLE
      3

    SELLERS’
      REPRESENTATIONS AND WARRANTIES

    

    3.1    Representations
      and Warranties.
      The
      Shareholder and LGSE jointly and severally make the representations and
      warranties set forth below and intend and acknowledge that the Buyer will rely
      thereon in entering into this Agreement and in approving and completing the
      transactions contemplated hereby. Any schedules described in or contemplated
      by
      such representations and warranties shall be prepared both as of the date of
      this Agreement and as of the date of the Closing.

    

    The
      Seller

    

    
      	
            	(a)	
              Power
                and Capacity.
                The Shareholder has the power, authority and capacity to enter into
                this
                Agreement and to consummate the transactions contemplated hereby.
                This
                Agreement constitutes the Shareholder’s valid, legal and binding
                obligation and is enforceable against the Shareholder in accordance
                with
                its terms, subject, however, as to enforcement, to bankruptcy, insolvency,
                fraudulent transfer, moratorium and similar laws of general applicability
                relating to or affecting creditors’ rights; 

            

    

    

    
      	
            	(b)	
              Legal
                Proceedings, Etc. There
                is no legal, equitable, administrative or arbitration action, suit,
                proceeding or known investigation pending or threatened against or
                affecting the Shareholder. There is no judgment, decree, injunction,
                rule
                or order of any court, governmental department, commission, agency,
                instrumentality or arbitrator outstanding against either party
                constituting the Shareholder and there is no basis for any action,
                suit,
                proceeding or investigation against the
                Shareholder.

            

    

    

    
      	
            	(c)	
              Ownership.
                The Shareholder is the sole legal, beneficial and registered owner
                of the
                Shares, free and clear of any liens, security interests, charges
                or other
                encumbrances of any nature whatsoever. The Shares are validly issued,
                fully paid and non-assessable.

            

    

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    LGSE
      - Corporate Status and Capacity

    

    
      	
            	(d)	
              Incorporation.
                LGSE is a corporation duly incorporated and validly subsisting under
                the
                laws of the State of Nevada, and is in good standing with the office
                of
                the Secretary of State for the State of
                Nevada;

            

    

    

    
      	
            	(e)	
              Carrying
                on Business.
                LGSE does not currently conduct any business activity. LGSE is not
                required to register or otherwise be qualified to carry on business
                in any
                foreign jurisdiction;

            

    

    

    
      	
            	(f)	
              Corporate
                Capacity.
                LGSE has the corporate power, capacity and authority to own the LGSE
                Assets;

            

    

    

    
      	
            	(g)	
              Reporting
                Status; Listing.
                LGSE is required to file current reports with the Securities and
                Exchange
                Commission pursuant to section 12(g) of the Securities Exchange Act
                of
                1934, as amended (the “Exchange Act”) and LGSE’s Common Shares are quoted
                on the National Association of Securities Dealers, Inc.’s Over-the-Counter
                Bulletin Board System (the “OTC Bulletin Board”). LGSE has filed all
                reports required to be filed by it under the Exchange Act, including
                pursuant to Section 13(a) or 15(d) thereof, for the five years preceding
                the date hereof (or such shorter period as the LGSE was required
                by law to
                file such material) (the foregoing materials being collectively referred
                to herein as the “SEC Documents”) and is current with respect to its
                Exchange Act filing requirements.  As of their respective dates, the
                SEC Documents complied in all material respects with the requirements
                of
                the Securities Act of 1933, as amended (the “Securities Act”) and the
                Exchange Act and the rules and regulations of the Commission promulgated
                thereunder, and none of the SEC Documents, when filed, contained
                any
                untrue statement of a material fact or omitted to state a material
                fact
                required to be stated therein or necessary in order to make the statement
                therein, in light of the circumstances under which they were made,
                not
                misleading.  All material agreements to which LGSE is a party or to
                which the property or assets of LGSE are subject have been appropriately
                filed as exhibits to the SEC Documents as and to the extent required
                under
                the Exchange Act.  The financial statements of LGSE included in the
                SEC Documents comply in all material respects with applicable accounting
                requirements and the rules and regulations of the Commission with
                respect
                thereto as in effect at the time of filing, were prepared in accordance
                with GAAP applied on a consistent basis during the periods involved
                (except as may be indicated in the notes thereto, or, in the case
                of
                unaudited statements, as permitted by Form 10-QSB of the Commission),
                and
                fairly present in all material respects (subject in the case of unaudited
                statements, to normal, recurring audit adjustments) the financial
                position
                of LGSE as at the dates thereof and the results of its operations
                and cash
                flows for the periods then ended.  LGSE is not aware of any facts
                which would make LGSE’s Common Stock ineligible for quotation on the OTC
                Bulletin Board; 

            

    

     

    LGSE
      - Capitalization

    

    
      	
            	(h)	
              Authorized
                Capital.
                The authorized capital of LGSE consists of: (i) 75,000,000 shares
                of
                Common Stock, $.001 par value, of which 21,050,000 are presently
                issued
                and outstanding. There are no other securities authorized, issued
                or
                outstanding. There are no declared or accrued unpaid dividends with
                respect to any shares of the LGSE’s Common Shares. LGSE has no other
                capital stock authorized, issued or
                outstanding.

            

    

    

    
      	
            	(i)	
              No
                Option.
                No person, firm or corporation has any agreement, warrant or option
                or any
                right capable of becoming an agreement or option for the acquisition
                of
                LGSE Common Shares or for the purchase, subscription or issuance
                of any
                other securities of LGSE;

            

    

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    LGSE
      - Records and Financial Statements

    

    
      	
            	(j)	
              Charter
                Documents.
                The charter documents of LGSE have not been altered since its
                incorporation, except as filed in the record books of
                LGSE;

            

    

    

    
      	
            	(k)	
              Corporate
                Minute Books.
                The corporate minute books of LGSE and its subsidiaries are complete
                and
                each of the minutes contained therein accurately reflect the actions
                that
                were taken at a duly called and held meeting or by consent without
                a
                meeting. All actions by LGSE and its subsidiaries which required
                director
                or shareholder approval are reflected on the corporate minute books
                of
                LGSE and its subsidiaries. LGSE and its subsidiaries are not in violation
                or breach of, or in default with respect to, any term of their respective
                Certificates of Incorporation (or other charter documents) or
                by-laws.

            

    

    

    
      	
            	(l)	
              LGSE
                Financial Statements.
                The LGSE Financial Statements present fairly, in all material respects,
                the assets and liabilities (whether accrued, absolute, contingent
                or
                otherwise) of LGSE, on a consolidated basis, as of the respective
                dates
                thereof, and the sales and earnings of the LGSE Business during the
                periods covered thereby, in all material respects and have been prepared
                in substantial accordance with generally accepted accounting principles
                consistently applied;

            

    

    

    
      	
            	(m)	
              LGSE
                Accounts Payable and Liabilities.
                There are no liabilities, contingent or otherwise, of LGSE or its
                subsidiaries which are not disclosed in Schedule “A” hereto or reflected
                in the LGSE Financial Statements and neither LGSE nor its subsidiaries
                have guaranteed or agreed to guarantee any debt, liability or other
                obligation of any person, firm or corporation. Without limiting the
                generality of the foregoing, all accounts payable and liabilities
                of LGSE
                and its subsidiaries as of March 8, 2007 are described in Schedule
“A”
                hereto;

            

    

    

    
      	
            	(n)	
              LGSE
                Accounts Receivable.
                All the LGSE Accounts Receivable result from bona fide business
                transactions and services actually rendered without, to the knowledge
                and
                belief of LGSE, any claim by the obligor for set-off or
                counterclaim;

            

    

    

    
      	
            	(o)	
              LGSE
                Bank Accounts.
                All of the LGSE Bank Accounts, their location, numbers and the authorized
                signatories thereto are as set forth in Schedule “C”
                hereto;

            

    

    

    
      	
            	(p)	
              No
                Debt to Related Parties.
                Except as disclosed in Schedule “D” hereto, neither LGSE nor its
                subsidiaries are, and on Closing will not be, indebted to any affiliate,
                director or officer of LGSE;

            

    

    

    
      	
            	(q)	
              No
                Related Party Debt to LGSE.
                No director or officer or affiliate of LGSE is now indebted to or
                under
                any financial obligation to LGSE or its subsidiaries on any account
                whatsoever;

            

    

    

    
      	
            	(r)	
              No
                Dividends.
                No dividends or other distributions on any shares in the capital
                of LGSE
                have been made, declared or authorized since the date of LGSE Financial
                Statements;

            

    

    

    
      	
            	(s)	
              No
                Payments.
                No payments of any kind have been made or authorized since the date
                of the
                LGSE Financial Statements to or on behalf of officers, directors,
                shareholders or employees of LGSE or its subsidiaries or under any
                management agreements with LGSE or its subsidiaries, except payments
                made
                in the ordinary course of business;

            

    

    

    
      	
            	(t)	
              No
                Pension Plans.
                There are no pension, profit sharing, group insurance or similar
                plans or
                other deferred compensation plans affecting LGSE or its
                subsidiaries;

            

    

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    
      	
            	(u)	
              No
                Adverse Events.
                Since the date of the LGSE Financial
                Statements

            

    

    

    
      	
            	(i)	
              there
                has not been any adverse change in the financial position or condition
                of
                LGSE, its subsidiaries, its liabilities or the LGSE Assets or any
                damage,
                loss or other change in circumstances affecting LGSE, the LGSE Business
                or
                the LGSE Assets or LGSE’s right to carry on the LGSE Business, other than
                changes in the ordinary course of
                business,

            

    

    

    
      	
            	(ii)	
              there
                has not been any damage, destruction, loss or other event (whether
                or not
                covered by insurance) adversely affecting LGSE, its subsidiaries,
                the LGSE
                Business or the LGSE Assets,

            

    

    

    
      	
            	(iii)	
              there
                has not been any increase in the compensation payable or to become
                payable
                by LGSE to any of LGSE’s officers, employees or agents or any bonus,
                payment or arrangement made to or with any of
                them,

            

    

    

    
      	
            	(iv)	
              the
                LGSE Business has been and continues to be carried on in the ordinary
                course,

            

    

    

    
      	
            	(v)	
              LGSE
                has not waived or surrendered any right of material
                value,

            

    

    

    
      	
            	(vi)	
              Neither
                LGSE nor its subsidiaries have discharged or satisfied or paid any
                lien or
                encumbrance or obligation or liability other than current liabilities
                in
                the ordinary course of business,
                and

            

    

    

    
      	
            	(vii)	
              no
                capital expenditures in excess of $500 individually or $1,000 in
                total
                have been authorized or made.

            

    

    

    LGSE
      - Income Tax Matters

    

    
      	
            	(v)	
              Tax
                Returns.
                All tax returns and reports of LGSE and its subsidiaries required
                by law
                to be filed have been filed and are true, complete and correct, and
                any
                taxes payable in accordance with any return filed by LGSE and its
                subsidiaries or in accordance with any notice of assessment or
                reassessment issued by any taxing authority have been so
                paid;

            

    

    

    
      	
            	(w)	
              Current
                Taxes.
                Adequate provisions have been made for taxes payable for the current
                period for which tax returns are not yet required to be filed and
                there
                are no agreements, waivers, or other arrangements providing for an
                extension of time with respect to the filing of any tax return by,
                or
                payment of, any tax, governmental charge or deficiency by LGSE or
                its
                subsidiaries. There are no contingent tax liabilities or any grounds
                which
                would prompt a reassessment including aggressive treatment of income
                and
                expenses in filing earlier tax
                returns;

            

    

    

    LGSE
      - Applicable Laws and Legal Matters

    

    
      	
            	(x)	
              Licenses.
                LGSE and its subsidiaries hold all licenses and permits as may be
                required
                for carrying on the LGSE Business in the manner in which it has heretofore
                been carried on, which licenses and permits have been maintained
                and
                continue to be in good standing except where the failure to obtain
                or
                maintain such licenses or permits would not have an adverse effect
                on the
                LGSE Business;

            

    

    

    
      	
            	(y)	
              Applicable
                Laws.
                Neither LGSE nor its subsidiaries have been charged with or received
                notice of breach of any laws, ordinances, statutes, regulations,
                by-laws,
                orders or decrees to which they are subject or which apply to them
                the
                violation of which would have an adverse effect on the LGSE Business
                (greater than $500), and to LGSE’s knowledge, neither LGSE nor its
                subsidiaries are in breach of any laws, ordinances, statutes, regulations,
                bylaws, orders or decrees the contravention of which would result
                in an
                adverse impact on the LGSE
                Business;

            

    

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    
      	
            	(z)	
              Pending
                or Threatened Litigation.
                There is no litigation or administrative or governmental proceeding
                pending or threatened against or relating to LGSE, its subsidiaries,
                the
                LGSE Business, or any of the LGSE Assets nor does LGSE have any knowledge
                after due investigation of any deliberate act or omission of LGSE
                or its
                subsidiaries that would form any basis for any such action or
                proceeding;

            

    

    

    
      	
            	(aa)	
              No
                Bankruptcy.
                Neither LGSE nor its subsidiaries have made any voluntary assignment
                or
                proposal under applicable laws relating to insolvency and bankruptcy
                and
                no bankruptcy petition has been filed or presented against LGSE or
                its
                subsidiaries and no order has been made or a resolution passed for
                the
                winding-up, dissolution or liquidation of LGSE or its subsidiaries;
                

            

    

    

    
      	
            	(bb)	
              Labor
                Matters.
                Neither LGSE nor its subsidiaries are party to any collective agreement
                relating to the LGSE Business with any labor union or other association
                of
                employees and no part of the LGSE Business has been certified as
                a unit
                appropriate for collective bargaining or, to the best knowledge of
                LGSE,
                has made any attempt in that
                regard;

            

    

    

    
      	
            	(cc)	
              Finder's
                Fees.
                Neither LGSE nor its subsidiaries are party to any agreement which
                provides for the payment of finder's fees, brokerage fees, commissions
                or
                other fees or amounts which are or may become payable to any third
                party
                in connection with the execution and delivery of this Agreement and
                the
                transactions contemplated herein;

            

    

    

    Execution
      and Performance of Agreement

    

    
      	
            	(dd)	
              Authorization
                and Enforceability.
                The completion of the transactions contemplated hereby, have been
                duly and
                validly authorized by all necessary corporate action on the part
                of
                LGSE;

            

    

    

    
      	
            	(ee)	
              No
                Violation or Breach.
                The execution and performance of this Agreement will
                not:

            

    

    

    
      	
            	(i)	
              violate
                the charter documents of LGSE or result in any breach of, or default
                under, any loan agreement, mortgage, deed of trust, or any other
                agreement
                to which LGSE or its subsidiaries are
                party,

            

    

    

    
      	
            	(ii)	
              give
                any person any right to terminate or cancel any agreement including,
                without limitation, the LGSE Material Contracts, or any right or
                rights
                enjoyed by LGSE or its
                subsidiaries,

            

    

    

    
      	
            	(iii)	
              result
                in any alteration of LGSE’s or its subsidiaries’ obligations under any
                agreement to which LGSE or its subsidiaries are party including,
                without
                limitation, the LGSE Material
                Contracts,

            

    

    

    
      	
            	(iv)	
              result
                in the creation or imposition of any lien, encumbrance or restriction
                of
                any nature whatsoever in favor of a third party upon or against the
                LGSE
                Assets,

            

    

    

    
      	
            	(v)	
              result
                in the imposition of any tax liability to LGSE or its subsidiaries
                relating to the LGSE Assets, or

            

    

    

    
      	
            	(vi)	
              violate
                any court order or decree to which either LGSE or its subsidiaries
                are
                subject;

            

    

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    LGSE
      Assets - Ownership and Condition

    

    
      	
            	(ff)	
              Business
                Assets.
                The LGSE Assets comprise all of the property and assets of the LGSE
                Business, and no other person, firm or corporation owns any assets
                used by
                LGSE in operating the LGSE Business, whether under a lease, rental
                agreement or other arrangement, other than as disclosed in Schedules
“E”
                or “H” hereto;

            

    

    

    
      	
            	(gg)	
              Title.
                LGSE is the legal and beneficial owner of the LGSE Assets, free and
                clear
                of all mortgages, liens, charges, pledges, security interests,
                encumbrances or other claims whatsoever, save and except as disclosed
                in
                Schedules “E” or “H” hereto;

            

    

    

    
      	
            	(hh)	
              No
                Option.
                No person, firm or corporation has any agreement or option or a right
                capable of becoming an agreement for the purchase of any of the LGSE
                Assets;

            

    

    

    
      	
            	(ii)	
              LGSE
                Insurance Policies.
                LGSE does not maintain public liability insurance nor insurance against
                loss or damage to the LGSE Assets and the LGSE
                Business;

            

    

    

    
      	
            	(jj)	
              LGSE
                Material Contracts.
                The LGSE Material Contracts listed in Schedule “G” constitute all of the
                material contracts of LGSE and its
                subsidiaries;

            

    

    

    
      	
            	(kk)	
              No
                Default.
                There has not been any default in any obligation of LGSE or any other
                party to be performed under any of the LGSE Material Contracts, each
                of
                which is in good standing and in full force and effect and unamended
                (except as disclosed in Schedule “I” hereto), and LGSE is not aware of any
                default in the obligations of any other party to any of the LGSE
                Material
                Contracts;

            

    

    

    
      	
            	(ll)	
              No
                Compensation on Termination.
                There are no agreements, commitments or understandings relating to
                severance pay or separation allowances on termination of employment
                of any
                employee of LGSE or its subsidiaries. Neither LGSE nor its subsidiaries
                are obliged to pay benefits or share profits with any employee after
                termination of employment except as required by
                law;

            

    

    

    LGSE
      Assets - LGSE Equipment

    

    
      	
            	(mm)	
              LGSE
                Equipment.
                The LGSE Equipment has been maintained in a manner consistent with
                that of
                a reasonably prudent owner and such equipment is in good working
                condition;

            

    

    

    LGSE
      Assets - LGSE Goodwill and Other Assets

    

    
      	
            	(nn)	
              LGSE
                Goodwill.
                LGSE and its subsidiaries do not carry on the LGSE Business under
                any
                other business or trade names. LGSE does not have any knowledge of
                any
                infringement by LGSE or its subsidiaries of any patent, trademarks,
                copyright or trade secret;

            

    

    

    LGSE
      Business

    

    
      	
            	(oo)	
              Maintenance
                of Business.
                Since the date of the LGSE Financial Statements, LGSE and its subsidiaries
                have not entered into any agreement or commitment except in the ordinary
                course and except as disclosed
                herein;

            

    

    

    
      	
            	(pp)	
              Subsidiaries.
                LGSE does not own any subsidiaries and does not otherwise own, directly
                or
                indirectly, any shares or interest in any other corporation, partnership,
                joint venture or firm; and

            

    

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    LGSE
      - Shares

    

    
      	
            	(qq)	
              Shares.
                The Shares when delivered to the Buyer shall be validly issued and
                outstanding as fully paid and non-assessable shares and the Shares
                shall
                be transferable upon the books of LGSE, in all cases subject to the
                provisions and restrictions of all applicable securities
                laws.

            

    

    

    3.2    Survival.
      The
      representations and warranties herein will be true at and as of the date hereof
      in all material respects. Notwithstanding the completion of the transactions
      contemplated hereby, the waiver of any condition contained herein (unless such
      waiver expressly releases a party from any such representation or warranty)
      or
      any investigation made by the Buyer, the representations and warranties made
      herein shall survive the Closing and be effective for a period of twelve months
      (12) months from the date hereof. 

    

    3.3    Indemnity.
      The
      Shareholder agrees to indemnify and save harmless the Buyer from and against
      any
      and all claims, demands, actions, suits, proceedings, assessments, judgments,
      damages, costs, losses and expenses, including any payment made in good faith
      in
      settlement of any claim (subject to the right of the Shareholders to defend
      any
      such claim), resulting from the breach by him of any representation or warranty
      made under this Agreement or from any misrepresentation in or omission from
      any
      certificate or other instrument furnished or to be furnished by LGSE to the
      Buyer hereunder. 

    

    ARTICLE
      4

    REPRESENTATIONS
      AND WARRANTIES OF THE BUYER

    

    4.1    Representations
      and Warranties.
      The
      Buyer makes the representations and warranties set forth below and intend and
      acknowledge that LGSE and the Shareholder will rely thereon in entering into
      this Agreement and in approving and completing the transactions contemplated
      hereby. Any schedules described in or contemplated by such representations
      and
      warranties shall be prepared both as of the date of this Agreement and as of
      the
      date of the Closing.

    

    
      	
            	(a)	
              Power
                and Capacity.
                The Buyer has the power, authority and capacity to enter into this
                Agreement and to consummate the transactions contemplated hereby.
                This
                Agreement constitutes the Buyer’s valid, legal and binding obligation and
                is enforceable against it in accordance with its terms, subject,
                however,
                as to enforcement, to bankruptcy, insolvency, fraudulent transfer,
                moratorium and similar laws of general applicability relating to
                or
                affecting creditors’ rights and to general principles of equity,
                regardless of whether such enforceability is considered in equity
                or at
                law;

            

    

    

    
      	
            	(b)	
              No
                Conflict.
                Neither the execution and delivery of this Agreement by the Buyer,
                nor
                compliance with any of the provisions hereof, nor the consummation
                of the
                transactions contemplated hereby, will: (a)
                result in a default, or give rise to any right of termination,
                cancellation or acceleration, under any term, condition or provision
                of
                any contract or other instrument or obligation to which the
                Buyer
                is a party or by which its assets may be bound; or (b) violate any
                order,
                writ, injunction or decree applicable to the
                Buyer,
                or any of its properties or assets.

            

    

    

    
      	
            	(c)	
              Legal
                Proceedings, Etc.There
                is no legal, equitable, administrative or arbitration action, suit,
                proceeding or known investigation pending or threatened against or
                affecting the Buyer. There is no judgment, decree, injunction, rule
                or
                order of any court, governmental department, commission, agency,
                instrumentality or arbitrator outstanding against either party
                constituting the Buyer and there is no basis for any action, suit,
                proceeding or investigation against
                Buyer.

            

    

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    4.2    Survival.
      The
      representations and warranties of the Buyer contained herein will be true at
      and
      as of Closing in all material respects as though such representations and
      warranties were made as of such time. Notwithstanding the completion of the
      transactions contemplated hereby, the waiver of any condition contained herein
      (unless such waiver expressly releases a party from any such representation
      or
      warranty) or any investigation made by the Sellers, the representations and
      warranties of the Buyer made herein shall survive the Closing and be effective
      for a period of twelve (12) months from the date hereof. 

    

    ARTICLE
      5

    FURTHER
      COVENANTS

    

    5.1    Legend. The
      Buyer
      agrees to the imprinting of the following legend on any certificates
      representing the Shares: 

    

    “THESE
      SECURITIES HAVE NOT BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION
      OR THE SECURITIES COMMISSION OF ANY STATE IN RELIANCE UPON AN EXEMPTION FROM
      REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES
      ACT"), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN
      EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN
      AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION
      REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE
      SECURITIES LAWS. THESE SECURITIES ARE “RESTRICTED SECURITIES” WITHIN THE MEANING
      OF RULE 144(3) OF THE SECURITIES ACT AND MAY NOT BE RESOLD PUBLICLY UNDER RULE
      144 UNTIL CERTAIN HOLDING PERIOD REQUIREMENTS ARE MET.”

    

    5.2    Expenses
      of the Parties.
      Applbaum & Zouvas LLP shall bare the expense of edgarizing 10QSB only and
      David Price, Esq. shall bare the expense of full payment to Kevin
      Smith.

    

    5.3    Further
      Assurances.
      Each
      party shall cooperate with the other, take such further action and execute
      and
      deliver such further documents as may be reasonably requested by any other
      party
      in order to carry out the terms and purposes of this Agreement. 

    

    ARTICLE
      6

    CONDITIONS
      PRECEDENT

    

    6.1    Conditions
      Precedent in favor of LGSE and the Shareholder.
      The
      obligations of LGSE and the Shareholder to carry out the transactions
      contemplated hereby are subject to the fulfillment of each of the following
      conditions precedent on or before the Closing:

    

    
      	
            	(a)	
              all
                documents or copies of documents required to be executed and delivered
                to
                LGSE hereunder will have been so executed and
                delivered;

            

    

    

    
      	
            	(b)	
              all
                of the terms, covenants and conditions of this Agreement to be complied
                with or performed by the Buyer at or prior to the Closing will have
                been
                complied with or performed; and

            

    

    

    6.2    Waiver
      by LGSE and the Shareholder.
      The
      conditions precedent set out in the preceding section are inserted for the
      exclusive benefit of LGSE and the Shareholder and any such condition may be
      waived in whole or in part by LGSE or the Shareholder at or prior to Closing
      by
      delivering to the Buyer a written waiver to that effect signed by LGSE or the
      Shareholder, as the case may be. In the event that the conditions precedent
      set
      out in the preceding section are not satisfied on or before the Closing, the
      Shareholder shall be released from all obligations under this
      Agreement.

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    6.3    Conditions
      Precedent in Favor of the Buyer.
      The
      obligation of the Buyer to carry out the transactions contemplated hereby is
      subject to the fulfillment of each of the following conditions precedent on
      or
      before the Closing:

     

    
      	
            	(a)	
              all
                documents or copies of documents required to be executed and delivered
                to
                the LGSE or the Shareholder hereunder will have been so executed
                and
                delivered;

            

    

    

    
      	
            	(b)	
              LGSE,
                its officers and directors and each Shareholder shall be current
                in their
                respective filing obligations with the Securities and Exchange Commission
                (it being understood that Schedule 13Ds and Forms 3 and 4 may be
                required
                to be filed by such parties, as
                applicable);

            

    

    

    
      	
            	(c)	
              all
                of the terms, covenants and conditions of this Agreement to be complied
                with or performed by the Shareholder or LGSE at or prior to the Closing
                will have been complied with or
                performed;

            

    

    

    
      	
            	(d)	
              LGSE
                will have delivered the Shares, duly and validly issued, to the Buyer
                at
                the Closing;

            

    

    

    
      	
            	(e)	
              title
                to the Shares will be free and clear of all mortgages, liens, charges,
                pledges, security interests, encumbrances or other claims
                whatsoever;

            

    

    

    
      	
            	(f)	
              the
                completion of the transfer of all assets and liabilities of LGSE
                on or
                prior to the Closing will have been completed to the satisfaction
                of the
                Buyer, which transfer shall reflected in the schedules provided to
                the
                Buyer as of the date of the Closing; and

            

    

    

    
      	
            	(g)	
              The
                Buyer shall have received from LGSE’s counsel a legal opinion in form and
                substance satisfactory to LGSE.

            

    

    

    6.4    Waiver
      by the Buyer.
      The
      conditions precedent set out in the preceding section are inserted for the
      exclusive benefit of the Buyer and any such condition may be waived in whole
      or
      in part by the Buyer at or prior to the Closing by delivering to LGSE and
      Shareholder a written waiver to that effect signed by the Buyer. In the event
      that the conditions precedent set out in the preceding section are not satisfied
      on or before the Closing the Buyer shall be released from all obligations under
      this Agreement.

    

    6.5    Confidentiality.
      Notwithstanding any provision herein to the contrary, the parties hereto agree
      that the existence and terms of this Agreement are confidential and that if
      this
      Agreement is terminated pursuant to the preceding section the parties agree
      to
      return to one another any and all financial, technical and business documents
      delivered to the other party or parties in connection with the negotiation
      and
      execution of this Agreement and shall keep the terms of this Agreement and
      all
      information and documents received from the other party and the contents thereof
      confidential and not utilize nor reveal or release same, provided, however,
      that
      LGSE will be required to issue news releases regarding the execution and
      consummation of this Agreement and file a Current Report on Form 8-K with the
      Securities and Exchange Commission respecting the proposed transaction
      contemplated hereby together with such other documents as are required to
      maintain LGSE’s status as being current in all of its filings with the
      Securities and Exchange Commission.

     

    ARTICLE
      7

    CLOSING

    

    7.1    Closing.
      The sale
      of the Shares and the other transactions contemplated by this Agreement will
      be
      closed at the Place of Closing in accordance with the closing procedure set
      out
      in this Article.

    

    
      
         

      

      
         

        
          

        

      

      
         

      

       

      7.2    Closing
        Deliveries of the Buyer. On
        or
        before the Closing, the Buyer will deliver or cause to be delivered to the
        Shareholder:

    

     

    
      	
            	(a)	
              this
                Agreement, duly executed by the
                Buyer;

            

    

    

    
      	
            	(b)	
              the
                Purchase Price;

            

    

    

    
      	
            	(c)	
              all
                reasonable consents or approvals required to be obtained by the Buyer
                for
                the purposes of completing the transaction contemplated herein and
                preserving and maintaining the interests of the Buyer;
                and

            

    

    

    
      	
            	(d)	
              such
                other documents as LGSE may reasonably require to give effect to
                the terms
                and intention of this Agreement.

            

    

    

    7.3    Closing
      Deliveries of the Shareholder.
      On or
      before the Closing, LGSE and the Shareholder shall deliver or cause to be
      delivered to the Buyer:

    

    
      	
            	(a)	
              this
                Agreement, duly executed by the
                Shareholder;

            

    

    

    
      	
            	(b)	
              share
                certificates representing the
                Shares;

            

    

    

    
      	
            	(c)	
              resignations
                of all of the officers of LGSE as of the date
                hereof;

            

    

    

    
      	
            	(d)	
              updated
                schedules of LGSE and the Shareholder, dated as of the date of the
                Closing;

            

    

    

    
      	
            	(e)	
              a
                certified copy of a resolution of the directors of LGSE dated as
                of the
                date hereof appointing the nominees of the Buyer as officers of the
                Buyer;

            

    

    

    
      	
            	(f)	
              an
                undated resolution of the directors of LGSE appointing the nominee
                of the
                Buyer listed below in Article 8 to the board of directors of
                LGSE;

            

    

    

    
      	
            	(g)	
              undated
                resignation James Durward as a director of
                LGSE;

            

    

    

    
      	
            	(h)	
              resignations
                of all directors other than James Durward, as directors of LGSE dated
                as
                of the date hereof;

            

    

    

    
      	
            	(i)	
              all
                reasonable consents or approvals required to be obtained by the Buyer
                for
                the purposes of completing the transaction contemplated herein and
                preserving and maintaining the interests of the Buyer;
                

            

    

    

    
      	
            	(j)	
              the
                legal opinion of LGSE’s counsel referred to in Section 6.3(g);
                and

            

    

    

    
      	
            	(k)	
              such
                other documents as the Buyer may reasonably require to give effect
                to the
                terms and intention of this
                Agreement.

            

    

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    ARTICLE
      8

    POST-CLOSING
      MATTERS

    

    Forthwith
      after the Closing, the Buyer and the Shareholder agree to use all their best
      efforts to:

    

    
      	
            	(a)	
              file
                with the Securities and Exchange Commission a report on Form 14f-1
                disclosing the change in control of LGSE and, 10 days after such
                filing,
                date the resolutions appointing to the board of directors of LGSE,
                Biao
                Tan, and forthwith date and accept the resignation of James Durward
                as a
                director of LGSE;

            

    

    

    
      	
            	(b)	
              file
                a Form 8-K with the Securities and Exchange Commission disclosing
                the
                terms of this Agreement;

            

    

    

    
      	
            	(c)	
              file
                reports on Forms 13D and 3 with the Securities and Exchange Commission
                disclosing the acquisition of the Shares by the Buyer;
                and

            

    

    

    
      	
            	(d)	
              take
                such steps are required to change the name of LGSE to as Buyer may
                determine.

            

    

    

    ARTICLE
      9

    GENERAL
      PROVISIONS

    

    9.1    Notice.
      Any
      notice required or permitted to be given by any party will be deemed to be
      given
      when in writing and delivered to the address for notice of the intended
      recipient by personal delivery, prepaid single certified or registered mail,
      or
      telecopier. Any notice delivered by mail shall be deemed to have been received
      on the fourth business day after and excluding the date of mailing, except
      in
      the event of a disruption in regular postal service in which event such notice
      shall be deemed to be delivered on the actual date of receipt. Any notice
      delivered personally or by telecopier shall be deemed to have been received
      on
      the actual date of delivery.

    

    9.2    Addresses
      for Service.
      The
      address for service of notice of each of the parties hereto is as
      follows:

    

    
      	
            	(a)	
              the
                Shareholder:

            

    

    

    James
      Durward

    3632-13
      St. SW

    Calgary,
      Alberta, Canada

    T2T
      3R1

     

    
      	
            	(b)	
              the
                Buyer:

            

    

    

    Biao
      Tan

    P.O.
      Box
      031-115, Shennan Zhong Road

    Shenzhen
      City, P.R. China 518031 

    

    with
      a
      copy to: 

    Berkman,
      Henoch, Peterson & Peddy, P.C.

    100
      Garden City Plaza

    Garden
      City, New York 11530

    Attention:
      Jeffrey M. Stein, Esq.

    

    
      
         

      

      
         

        
          

        

      

      
         

      

       

      9.3    Change
        of Address.
        Any
        party may, by notice to the other parties change its address for notice to
        some
        other address in North America and will so change its address for notice
        whenever the existing address or notice ceases to be adequate for delivery
        by
        hand. A post office box may not be used as an address for
        service.

    

    

    9.4    Amendment.
      This
      Agreement may be amended only by a writing executed by each of the parties
      hereto. 

    

    9.5    Entire
      Agreement.
      The
      provisions contained herein constitute the entire agreement among the Buyer
      and
      the Sellers respecting the subject matter hereof and supersede all previous
      communications, representations and agreements, whether verbal or written,
      among
      the Buyer and the Sellers with respect to the subject matter
      hereof.

    

    9.6    Enurement.
      This
      Agreement will enure to the benefit of and be binding upon the parties hereto
      and their respective heirs, executors, administrators, successors and permitted
      assigns.

    

    9.7    Assignment.
      This
      Agreement is not assignable without the prior written consent of the parties
      hereto. 

    

    9.8    Counterparts.
      This
      Agreement may be executed in counterparts, each of which when executed by any
      party will be deemed to be an original and all of which counterparts will
      together constitute one and the same Agreement. Delivery of executed copies
      of
      this Agreement by telecopier will constitute proper delivery, provided that
      originally executed counterparts are delivered to the parties within a
      reasonable time thereafter.

    

    9.9    Governing
      Law.
      This
      Agreement shall be governed by and construed in accordance with the laws of
      the
      State of New York applicable to agreements made and to be performed entirely
      within such State. The parties agree to be subject to the exclusive jurisdiction
      and venue of the state and federal courts located in Nassau County, New
      York.

    

    

    [Remainder
      of page intentionally left blank.]

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    IN
      WITNESS WHEREOF
      the
      parties have executed this Agreement effective as of the day and year first
      above written.

     

    
      	 	 	 
	 	Shareholder:
	 
 	 
 	 
 
	 	        
                   	 
	 	
              
James
              Durward

       

      
        	 	 	 
	 	Buyer:
	 
 	 
 	 
 
	 	        
                	 
	 	
                
Biao
                Tan

      

       

      
        	 	 	 
	 	LGSE
	 	 
	 	LogSearch, Inc.
	 
 	 
 	 
 
	 	By:  	 
	 	
                
James
                Durward, PresidentEXECUTION

     

    
      

      

    

     

     

    HSI
      ASSET
      SECURITIZATION CORPORATION,

    Depositor,

     

     

    WELLS
      FARGO BANK, N.A.,

    Master
      Servicer, Securities Administrator and Custodian,

     

     

    DEUTSCHE
      BANK NATIONAL TRUST COMPANY,

    Trustee

     

     

    and

     

     

    OFFICETIGER
      GLOBAL REAL ESTATE SERVICES INC.,

    Credit
      Risk Manager

     

     

    POOLING
      AND SERVICING AGREEMENT

     

    Dated
      as
      of February 1, 2007

     

    HSI
      ASSET
      SECURITIZATION CORPORATION TRUST 2007-HE1

     

    MORTGAGE
      PASS-THROUGH CERTIFICATES,

    SERIES 2007-HE1

     

    

    
      

      

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    TABLE
      OF
      CONTENTS

     

    Page

     

    
      	
              ARTICLE
                I

               

              DEFINITIONS

            
	 
	
              ARTICLE
                II

               

              CONVEYANCE
                OF MORTGAGE LOANS;

              REPRESENTATIONS
                AND WARRANTIES

            
	 	 	 
	
              Section
                2.01

            	
              Conveyance
                of Mortgage Loans

            	
              48

            
	
              Section
                2.02

            	
              Acceptance
                by the Custodian of the Mortgage Loans

            	
              51

            
	
              Section
                2.03

            	
              Remedies
                for Breaches of Representations and Warranties with Respect to the
                Mortgage Loans

            	
              51

            
	
              Section
                2.04

            	
              Execution
                and Delivery of Certificates

            	
              53

            
	
              Section
                2.05

            	
              REMIC
                Matters

            	
              53

            
	
              Section
                2.06

            	
              Representations
                and Warranties of the Depositor

            	
              53

            
	 
	
              ARTICLE
                III

               

              ADMINISTRATION
                AND SERVICING

              OF
                MORTGAGE LOANS

            
	 	 	 
	
              Section
                3.01

            	
              Establishment
                of Certain Accounts

            	
              55

            
	
              Section
                3.02

            	
              Investment
                of Funds in the Distribution Account

            	
              56

            
	
              Section
                3.03

            	
              Report
                on Assessment of Compliance with Relevant Servicing
                Criteria.

            	
              57

            
	
              Section
                3.04

            	
              Report
                on Attestation of Compliance with Relevant Servicing
                Criteria.

            	
              58

            
	
              Section
                3.05

            	
              Annual
                Officer’s Certificates.

            	
              59

            
	
              Section
                3.06

            	
              Indemnification.

            	
              60

            
	
              Section
                3.07

            	
              Advances

            	
              60

            
	 
	
              ARTICLE
                IV

               

              DISTRIBUTIONS

            
	 	 	 
	
              Section
                4.01

            	
              The
                Distribution Account

            	
              62

            
	
              Section
                4.02

            	
              Priorities
                of Distribution

            	
              62

            
	
              Section
                4.03

            	
              Monthly
                Statements to Certificateholders

            	
              68

            
	
              Section
                4.04

            	
              Certain
                Matters Relating to the Determination of LIBOR

            	
              70

            
	
              Section
                4.05

            	
              Allocation
                of Applied Realized Loss Amounts

            	
              71

            
	
              Section
                4.06

            	
              Supplemental
                Interest Trust.

            	
              71

            

    

     

    
      
        
        

      

      
        -i-

        
          

        

      

      
        
        

      

    

     

    
      	
              Section
                4.07

            	
              Rights
                of the Swap Counterparty.

            	
              73

            
	
              Section
                4.08

            	
              Termination
                Receipts.

            	
              74

            
	 
	
              ARTICLE
                V

               

              THE
                CERTIFICATES

            
	 	 	 
	
              Section
                5.01

            	
              The
                Certificates

            	
              75

            
	
              Section
                5.02

            	
              Certificate
                Register; Registration of Transfer and Exchange of
                Certificates

            	
              76

            
	
              Section
                5.03

            	
              Mutilated,
                Destroyed, Lost or Stolen Certificates

            	
              82

            
	
              Section
                5.04

            	
              Persons
                Deemed Owners

            	
              82

            
	
              Section
                5.05

            	
              Access
                to List of Certificateholders’ Names and Addresses

            	
              83

            
	
              Section
                5.06

            	
              Maintenance
                of Office or Agency

            	
              83

            
	 
	
              ARTICLE
                VI

               

              THE
                DEPOSITOR

            
	 	 	 
	
              Section
                6.01

            	
              Liabilities
                of the Depositor

            	
              83

            
	
              Section
                6.02

            	
              Merger
                or Consolidation of the Depositor

            	
              83

            
	
              Section
                6.03

            	
              Limitation
                on Liability of the Depositor and Others.

            	
              83

            
	 
	
              ARTICLE
                VII

               

              DEFAULT

            
	 	 	 
	
              Section
                7.01

            	
              Master
                Servicer to Act; Appointment of Successor

            	
              84

            
	
              Section
                7.02

            	
              Notification
                to Certificateholders

            	
              87

            
	 
	
              ARTICLE
                VIII

               

              CONCERNING
                THE TRUSTEE

            
	 	 	 
	
              Section
                8.01

            	
              Duties
                of the Trustee

            	
              87

            
	
              Section
                8.02

            	
              Certain
                Matters Affecting the Trustee

            	
              88

            
	
              Section
                8.03

            	
              Trustee
                Not Liable for Certificates or Mortgage Loans

            	
              89

            
	
              Section
                8.04

            	
              Trustee
                May Own Certificates

            	
              90

            
	
              Section
                8.05

            	
              Trustee’s
                Fees Indemnification and Expenses

            	
              90

            
	
              Section
                8.06

            	
              Eligibility
                Requirements for the Trustee

            	
              91

            
	
              Section
                8.07

            	
              Resignation
                and Removal of the Trustee

            	
              91

            
	
              Section
                8.08

            	
              Successor
                Trustee

            	
              92

            
	
              Section
                8.09

            	
              Merger
                or Consolidation of the Trustee

            	
              92

            
	
              Section
                8.10

            	
              Appointment
                of Co-Trustee or Separate Trustee

            	
              93

            
	
              Section
                8.11

            	
              Tax
                Matters

            	
              94

            
	
              Section
                8.12

            	
              Commission
                Reporting

            	
              98

            

    

     

    
      
        
        

      

      
        -ii-

        
          

        

      

      
        
        

      

    

     

    
      	
              Section
                8.13

            	
              Tax
                Classification of the Excess Reserve Fund Account and the Supplemental
                Interest Trust

            	
              105

            
	 
	
              ARTICLE
                IX

               

              ADMINISTRATION
                OF THE MORTGAGE LOANS

              BY
                THE MASTER SERVICER

            
	 	 	 
	
              Section
                9.01

            	
              Duties
                of the Master Servicer; Enforcement of Servicer’s
                Obligations.

            	
              105

            
	
              Section
                9.02

            	
              [Reserved]

            	
              107

            
	
              Section
                9.03

            	
              [Reserved]

            	
              107

            
	
              Section
                9.04

            	
              Maintenance
                of Fidelity Bond and Errors and Omissions Insurance.

            	
              107

            
	
              Section
                9.05

            	
              Representations
                and Warranties of the Master Servicer

            	
              107

            
	
              Section
                9.06

            	
              Master
                Servicer Events of Default

            	
              108

            
	
              Section
                9.07

            	
              Waiver
                of Default.

            	
              110

            
	
              Section
                9.08

            	
              Successor
                to the Master Servicer.

            	
              110

            
	
              Section
                9.09

            	
              [Reserved]

            	
              111

            
	
              Section
                9.10

            	
              Merger
                or Consolidation.

            	
              111

            
	
              Section
                9.11

            	
              Resignation
                of the Master Servicer.

            	
              111

            
	
              Section
                9.12

            	
              Assignment
                or Delegation of Duties by the Master Servicer.

            	
              112

            
	
              Section
                9.13

            	
              Limitation
                on Liability of the Master Servicer.

            	
              112

            
	
              Section
                9.14

            	
              Indemnification;
                Third Party Claims.

            	
              113

            
	
              Section
                9.15

            	
              Duties
                of the Credit Risk Manager.

            	
              113

            
	
              Section
                9.16

            	
              Limitation
                Upon Liability of the Credit Risk Manager.

            	
              114

            
	
              Section
                9.17

            	
              Removal
                and Resignation of Credit Risk Manager.

            	
              115

            
	 
	
              ARTICLE
                X

               

              CONCERNING
                THE SECURITIES ADMINISTRATOR

            
	 	 	 
	
              Section
                10.01

            	
              Duties
                of Securities Administrator.

            	
              115

            
	
              Section
                10.02

            	
              Certain
                Matters Affecting the Securities Administrator.

            	
              116

            
	
              Section
                10.03

            	
              Securities
                Administrator Not Liable for Certificates or Mortgage
                Loans.

            	
              118

            
	
              Section
                10.04

            	
              Securities
                Administrator May Own Certificates.

            	
              118

            
	
              Section
                10.05

            	
              Securities
                Administrator’s Fees and Expenses.

            	
              118

            
	
              Section
                10.06

            	
              Eligibility
                Requirements for Securities Administrator.

            	
              119

            
	
              Section
                10.07

            	
              Resignation
                and Removal of Securities Administrator.

            	
              120

            
	
              Section
                10.08

            	
              Successor
                Securities Administrator.

            	
              121

            
	
              Section
                10.09

            	
              Merger
                or Consolidation of Securities Administrator.

            	
              121

            
	
              Section
                10.10

            	
              Assignment
                or Delegation of Duties by the Securities Administrator.

            	
              121

            
	 
	
              ARTICLE
                XI

               

              TERMINATION

            
	 	 	 
	
              Section
                11.01

            	
              Termination
                upon Liquidation or Purchase of the Mortgage Loans

            	
              122

            

    

     

    
      
        
        

      

      
        -iii-

        
          

        

      

      
        
        

      

    

     

    
      	
              Section
                11.02

            	
              Final
                Distribution on the Certificates

            	
              123

            
	
              Section
                11.03

            	
              Additional
                Termination Requirements

            	
              124

            
	 
	
              ARTICLE
                XII

               

              MISCELLANEOUS
                PROVISIONS

            
	 	 	 
	
              Section
                12.01

            	
              Amendment

            	
              124

            
	
              Section
                12.02

            	
              Recordation
                of Agreement; Counterparts

            	
              127

            
	
              Section
                12.03

            	
              Governing
                Law

            	
              127

            
	
              Section
                12.04

            	
              Intention
                of Parties

            	
              127

            
	
              Section
                12.05

            	
              Notices

            	
              128

            
	
              Section
                12.06

            	
              Severability
                of Provisions

            	
              130

            
	
              Section
                12.07

            	
              Limitation
                on Rights of Certificateholders

            	
              130

            
	
              Section
                12.08

            	
              Certificates
                Nonassessable and Fully Paid

            	
              130

            
	
              Section
                12.09

            	
              Rule of
                Construction

            	
              131

            
	
              Section
                12.10

            	
              Waiver
                of Jury Trial

            	
              131

            

    

     

    
      
        
        

      

      
        -iv-

        
          

        

      

      
        
        

      

    

    

       

      SCHEDULES

      

      
        	
                Schedule I

              	
                Mortgage
                  Loan Schedule

              

      

      
        	
                Schedule
                  II

              	
                Projected
                  Aggregate Scheduled Principal Balance of Forty-Year Mortgage
                  Loans

              

      

       

      EXHIBITS

      
        	
                Exhibit A

              	
                Form
                  of Class A and Class M
                  Certificates

              

      

      
        	
                Exhibit B

              	
                Form
                  of Class P Certificate

              

      

      
        	
                Exhibit C

              	
                Form
                  of Class R Certificate

              

      

      
        	
                Exhibit D

              	
                Form
                  of Class X Certificate

              

      

      
        	
                Exhibit E

              	
                Form
                  of Initial Certification of
                  Custodian

              

      

      
        	
                Exhibit F

              	
                Form
                  of Document Certification and Exception Report of
                  Custodian

              

      

      
        	
                Exhibit G

              	
                Form
                  of Residual Transfer Affidavit

              

      

      
        	
                Exhibit H

              	
                Form
                  of Transferor Certificate

              

      

      
        	
                Exhibit I-A

              	
                Form
                  of Rule 144A Investment Letter

              

      

      
        	
                Exhibit
                  I-B

              	
                Form
                  of Regulation S Investment Letter

              

      

      
        	
                Exhibit J

              	
                Form
                  of Request for Release

              

      

      
        	
                Exhibit K

              	
                Contents
                  for Each Mortgage File

              

      

      
        	
                Exhibit L

              	
                Form
                  of Sarbanes-Oxley Certification to be Provided by Master Servicer
                  (or
                  other Certification Party) signing
                  Form 10-K

              

      

      
        	
                Exhibit M

              	
                List
                  of Servicing Agreements

              

      

      
        	
                Exhibit
                  N-1

              	
                [Reserved]

              

      

      
        	
                Exhibit
                  N-2

              	
                [Reserved]

              

      

      
        	
                Exhibit
                  N-3

              	
                [Reserved]

              

      

      
        	
                Exhibit
                  O

              	
                Form
                  of Swap Agreement

              

      

      
        	
                Exhibit
                  P 

              	
                Form
                  of Cap Agreement

              

      

      
        	
                Exhibit
                  Q

              	
                [Reserved]

              

      

      
        	
                Exhibit
                  R

              	
                [Reserved]

              

      

      
        	
                Exhibit
                  S

              	
                Servicing
                  Criteria Matrix

              

      

      
        	
                Exhibit
                  T

              	
                Transaction
                  Parties

              

      

      
        	
                Exhibit
                  U

              	
                Form
                  of Annual Compliance Certificate

              

      

      
        	
                Exhibit
                  V

              	
                Additional
                  Form 10-D Disclosure

              

      

      
        	
                Exhibit
                  W

              	
                Additional
                  Form 10-K Disclosure

              

      

      
        	
                Exhibit
                  X

              	
                Form
                  8-K Disclosure Information

              

      

      
        	
                Exhibit
                  Y

              	
                Additional
                  Disclosure Notification

              

      

    

     

    
      
        
        

      

      
        -v-

        
          

        

      

      
        
        

      

    

    THIS
      POOLING AND SERVICING AGREEMENT, dated as of February 1, 2007, among HSI ASSET
      SECURITIZATION CORPORATION, as depositor (the “Depositor”),
      WELLS
      FARGO BANK, N.A., a national banking association, as master servicer (in such
      capacity, the “Master
      Servicer”),
      as
      securities administrator (in such capacity, the “Securities
      Administrator”)
      and as
      custodian (in such capacity, “the Custodian”),
      OFFICETIGER GLOBAL REAL ESTATE SERVICES INC., as credit risk manager (the
“Credit
      Risk Manager”),
      and
      DEUTSCHE BANK NATIONAL TRUST COMPANY, a national banking association, as trustee
      (the “Trustee”).

    

    WITNESSETH:

    

    In
      consideration of the mutual agreements herein contained, the parties hereto
      agree as follows:

    

    PRELIMINARY
      STATEMENT

    

    The
      Securities Administrator on behalf of the Trust Fund (exclusive of (i) the
      Swap
      Agreement, (ii) the Cap Agreement, (iii) the right to receive and the obligation
      to pay Basis Risk Carryover Amounts, (iv) the Excess Reserve Fund Account,
      (v)
      the Supplemental Interest Trust and the Supplemental Interest Trust Account,
      and
      (vi) the obligations to pay Class I Shortfalls (collectively, the “Excluded
      Trust Assets”))
      shall
      elect that two segregated asset pools within the Trust Fund be treated for
      federal income tax purposes as comprising three real estate mortgage investment
      conduits under Section 860D of the Code (each a “REMIC”
or,
      in
      the alternative, “REMIC 1,” REMIC 2” and “REMIC 3,” REMIC 3 also being referred
      to herein 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 election. 

    

    Each
      Certificate, other than the Class 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 X and Class P
      Certificates, represents (i) the right to receive payments with respect to
      any
      Basis Risk Carryover Amounts and (ii) the obligation to pay Class I Shortfalls.
      The Class R Certificate represents ownership of the sole Class of residual
      interest in each of REMIC 1, REMIC 2 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 2, other than the Class LT2-R interest, and each such Lower
      Tier Interest is hereby designated as a regular interest in REMIC 2 for purposes
      of the REMIC Provisions. REMIC 2 shall hold as its assets the uncertificated
      Lower Tier Interests in REMIC 1, other than the Class LT1-R interest, 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 and REMIC 2 and the Excluded Trust
      Assets.

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

      REMIC
        1:

       

      The
        following table sets forth the designations, principal balances and interest
        rates for each interest in REMIC 1, each of which (other than the Class LT1-R
        Lower Tier Interest) is hereby designated as a regular interest in REMIC
        1 (the
“REMIC 1 Regular Interests”):

       

      
        	
                Class
                  Designation

              	 	
                Initial Principal

                Balance

              	 	
                Interest
                  Rate

              
	
                LT1-A

              	 	
                (5)

              	 	
                (1)

              
	
                LT1-F1

              	 	
                $        9,368,648.00

              	 	
                (2)

              
	
                LT1-V1

              	 	
                $        9,368,648.00

              	 	
                (3)

              
	
                LT1-F2

              	 	
                $      10,970,821.00

              	 	
                (2)

              
	
                LT1-V2

              	 	
                $      10,970,821.00

              	 	
                (3)

              
	
                LT1-F3

              	 	
                $      12,541,232.50

              	 	
                (2)

              
	
                LT1-V3

              	 	
                $      12,541,232.50

              	 	
                (3)

              
	
                LT1-F4

              	 	
                $      14,063,929.00

              	 	
                (2)

              
	
                LT1-V4

              	 	
                $      14,063,929.00

              	 	
                (3)

              
	
                LT1-F5

              	 	
                $      15,520,533.50

              	 	
                (2)

              
	
                LT1-V5

              	 	
                $      15,520,533.50

              	 	
                (3)

              
	
                LT1-F6

              	 	
                $      16,877,677.50

              	 	
                (2)

              
	
                LT1-V6

              	 	
                $      16,877,677.50

              	 	
                (3)

              
	
                LT1-F7

              	 	
                $      18,034,066.50

              	 	
                (2)

              
	
                LT1-V7

              	 	
                $      18,034,066.50

              	 	
                (3)

              
	
                LT1-F8

              	 	
                $      18,592,374.50

              	 	
                (2)

              
	
                LT1-V8

              	 	
                $      18,592,374.50

              	 	
                (3)

              
	
                LT1-F9

              	 	
                $      17,709,320.50

              	 	
                (2)

              
	
                LT1-V9

              	 	
                $      17,709,320.50

              	 	
                (3)

              
	
                LT1-F10

              	 	
                $      16,867,687.00

              	 	
                (2)

              
	
                LT1-V10

              	 	
                $      16,867,687.00

              	 	
                (3)

              
	
                LT1-F11

              	 	
                $      16,066,120.00

              	 	
                (2)

              
	
                LT1-V11

              	 	
                $      16,066,120.00

              	 	
                (3)

              
	
                LT1-F12

              	 	
                $      15,312,678.50

              	 	
                (2)

              
	
                LT1-V12

              	 	
                $      15,312,678.50

              	 	
                (3)

              
	
                LT1-F13

              	 	
                $      14,589,391.00

              	 	
                (2)

              
	
                LT1-V13

              	 	
                $      14,589,391.00

              	 	
                (3)

              
	
                LT1-F14

              	 	
                $      13,894,681.00

              	 	
                (2)

              
	
                LT1-V14

              	 	
                $      13,894,681.00

              	 	
                (3)

              
	
                LT1-F15

              	 	
                $      13,241,540.00

              	 	
                (2)

              
	
                LT1-V15

              	 	
                $      13,241,540.00

              	 	
                (3)

              
	
                LT1-F16

              	 	
                $      12,652,269.00

              	 	
                (2)

              
	
                LT1-V16

              	 	
                $      12,652,269.00

              	 	
                (3)

              
	
                LT1-F17

              	 	
                $      12,667,801.00

              	 	
                (2)

              
	
                LT1-V17

              	 	
                $      12,667,801.00

              	 	
                (3)

              
	
                LT1-F18

              	 	
                $      13,528,259.50

              	 	
                (2)

              

      

       

      
        
          
          

        

        
          -2-
            

          
            

          

        

        
          
          

        

      

       

      
        	
                Class
                  Designation

              	 	
                Initial Principal

                Balance

              	 	
                Interest
                  Rate

              
	
                LT1-V18

              	 	
                $      13,528,259.50

              	 	
                (3)

              
	
                LT1-F19

              	 	
                $      14,625,985.00

              	 	
                (2)

              
	
                LT1-V19

              	 	
                $      14,625,985.00

              	 	
                (3)

              
	
                LT1-F20

              	 	
                $      13,494,165.50

              	 	
                (2)

              
	
                LT1-V20

              	 	
                $      13,494,165.50

              	 	
                (3)

              
	
                LT1-F21

              	 	
                $      12,448,593.00

              	 	
                (2)

              
	
                LT1-V21

              	 	
                $      12,448,593.00

              	 	
                (3)

              
	
                LT1-F22

              	 	
                $      11,239,957.00

              	 	
                (2)

              
	
                LT1-V22

              	 	
                $      11,239,957.00

              	 	
                (3)

              
	
                LT1-F23

              	 	
                $        9,746,865.00

              	 	
                (2)

              
	
                LT1-V23

              	 	
                $        9,746,865.00

              	 	
                (3)

              
	
                LT1-F24

              	 	
                $        8,283,095.50

              	 	
                (2)

              
	
                LT1-V24

              	 	
                $        8,283,095.50

              	 	
                (3)

              
	
                LT1-F25

              	 	
                $        7,889,335.50

              	 	
                (2)

              
	
                LT1-V25

              	 	
                $        7,889,335.50

              	 	
                (3)

              
	
                LT1-F26

              	 	
                $        8,117,865.50

              	 	
                (2)

              
	
                LT1-V26

              	 	
                $        8,117,865.50

              	 	
                (3)

              
	
                LT1-F27

              	 	
                $      10,925,341.50

              	 	
                (2)

              
	
                LT1-V27

              	 	
                $      10,925,341.50

              	 	
                (3)

              
	
                LT1-F28

              	 	
                $        9,950,588.50

              	 	
                (2)

              
	
                LT1-V28

              	 	
                $        9,950,588.50

              	 	
                (3)

              
	
                LT1-F29

              	 	
                $        9,070,640.00

              	 	
                (2)

              
	
                LT1-V29

              	 	
                $        9,070,640.00

              	 	
                (3)

              
	
                LT1-F30

              	 	
                $        8,275,708.50

              	 	
                (2)

              
	
                LT1-V30

              	 	
                $        8,275,708.50

              	 	
                (3)

              
	
                LT1-F31

              	 	
                $        7,541,402.00

              	 	
                (2)

              
	
                LT1-V31

              	 	
                $        7,541,402.00

              	 	
                (3)

              
	
                LT1-F32

              	 	
                $        6,885,223.00

              	 	
                (2)

              
	
                LT1-V32

              	 	
                $        6,885,223.00

              	 	
                (3)

              
	
                LT1-F33

              	 	
                $        6,073,052.50

              	 	
                (2)

              
	
                LT1-V33

              	 	
                $        6,073,052.50

              	 	
                (3)

              
	
                LT1-F34

              	 	
                $        4,402,448.00

              	 	
                (2)

              
	
                LT1-V34

              	 	
                $        4,402,448.00

              	 	
                (3)

              
	
                LT1-F35

              	 	
                $        4,161,032.50

              	 	
                (2)

              
	
                LT1-V35

              	 	
                $        4,161,032.50

              	 	
                (3)

              
	
                LT1-F36

              	 	
                $        3,933,127.00

              	 	
                (2)

              
	
                LT1-V36

              	 	
                $        3,933,127.00

              	 	
                (3)

              
	
                LT1-F37

              	 	
                $        3,717,963.00

              	 	
                (2)

              
	
                LT1-V37

              	 	
                $        3,717,963.00

              	 	
                (3)

              
	
                LT1-F38

              	 	
                $        3,514,628.00

              	 	
                (2)

              
	
                LT1-V38

              	 	
                $        3,514,628.00

              	 	
                (3)

              
	
                LT1-F39

              	 	
                $        3,322,103.50

              	 	
                (2)

              
	
                LT1-V39

              	 	
                $        3,322,103.50

              	 	
                (3)

              
	
                LT1-F40

              	 	
                $        3,141,083.50

              	 	
                (2)

              

      

       

      
        
          
          

        

        
          -3-
            

          
            

          

        

        
          
          

        

      

       

      
        	
                Class
                  Designation

              	 	
                Initial Principal

                Balance

              	 	
                Interest
                  Rate

              
	
                LT1-V40

              	 	
                $        3,141,083.50

              	 	
                (3)

              
	
                LT1-F41

              	 	
                $        2,970,138.00

              	 	
                (2)

              
	
                LT1-V41

              	 	
                $        2,970,138.00

              	 	
                (3)

              
	
                LT1-F42

              	 	
                $        2,808,696.00

              	 	
                (2)

              
	
                LT1-V42

              	 	
                $        2,808,696.00

              	 	
                (3)

              
	
                LT1-F43

              	 	
                $      50,175,202.00

              	 	
                (2)

              
	
                LT1-V43

              	 	
                $      50,175,202.00

              	 	
                (3)

              
	
                LT1-R

              	 	
                (4)

              	 	
                (4)

              

      

       

      
        	 	
                (1)

              	
                For
                  any Distribution Date (and the related Interest Accrual Period)
                  the
                  interest rate for the Class LT1-A Interest shall be the Net WAC
                  Rate.
                  

              

      

      

      
        	 	
                (2)

              	
                For
                  any Distribution Date (and the related Interest Accrual Period)
                  the
                  interest rate for each of these Lower Tier Interests shall be the
                  lesser
                  of (i) 10.50% and (ii) the product of (a) the Net WAC Rate and
                  (b)
                  2.

              

      

      

      
        	 	
                (3)

              	
                For
                  any Distribution Date (and the related Interest 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 and (b) 2, over
                  (ii)
                  10.50%.

              

      

      

      
        	 	
                (4)

              	
                The
                  Class LT1-R interest shall not have a principal amount and shall
                  not bear
                  interest. The Class LT1-R interest is hereby designated as the
                  sole class
                  of residual interest in REMIC 1.

              

      

       

      
        	 	
                (5)

              	
                This
                  interest shall have an initial principal balance equal to the excess
                  of
                  the aggregate stated Principal Balance of the Mortgage Loans as
                  of the
                  Cut-off Date over the aggregate initial principal balance of each
                  remaining interest in REMIC 1.

              

      

      

      On
        each
        Distribution Date, the Securities Administrator shall first pay or charge
        as an
        expense of REMIC 1 all expenses of the Trust Fund for such Distribution Date,
        other than any Net Swap Payment or Swap Termination Payment required to be
        made
        from the Trust Fund.

      

      On
        each
        Distribution Date the Securities Administrator shall distribute the 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 Securities Administrator shall distribute the Principal
        Remittance Amount with respect to the Lower Tier Interests in REMIC 1, first
        to
        the Class LT1-A Interest until its principal balance is reduced to zero,
        and
        then sequentially, to the other Lower Tier Interests in REMIC 1 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 1 in the same manner that principal distributions are
        allocated.

      

      On
        each
        Distribution Date, the Securities Administrator shall distribute the Prepayment
        Charges collected during the preceding Prepayment Period to the Class LT1-F43
        and Class LT1-V43 Lower Tier Interests, respectively.

      

      
        
          
          

        

        
          -4-
            

          
            

          

        

        
          
          

        

      

       

      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
        interest) is hereby designated as a regular interest in REMIC 2 (the “REMIC 2
        Regular Interests”):

       

      
        	
                REMIC
                  2

                Lower
                  Tier 

                Class
                  Designation

              	 	
                REMIC
                  2

                Lower
                  Tier

                Interest
                  Rate

              	 	
                Initial
                  Class 

                Principal
                  Amount

              	 	
                Corresponding
                  Class of 

                Certificate(s)

              
	
                Class
                  LT2-I-A

              	 	
                (1)

              	 	
                (4)

              	 	
                I-A

              
	
                Class
                  LT2-II-A1

              	 	
                (1)

              	 	
                (4)

              	 	
                II-A-1

              
	
                Class
                  LT2-II-A2

              	 	
                (1)

              	 	
                (4)

              	 	
                II-A-2

              
	
                Class
                  LT2-II-A3

              	 	
                (1)

              	 	
                (4)

              	 	
                II-A-3

              
	
                Class
                  LT2-II-A4

              	 	
                (1)

              	 	
                (4)

              	 	
                II-A-4

              
	
                Class
                  LT2-M1

              	 	
                (1)

              	 	
                (4)

              	 	
                M-1

              
	
                Class
                  LT2-M2

              	 	
                (1)

              	 	
                (4)

              	 	
                M-2

              
	
                Class
                  LT2-M3

              	 	
                (1)

              	 	
                (4)

              	 	
                M-3

              
	
                Class
                  LT2-M4

              	 	
                (1)

              	 	
                (4)

              	 	
                M-4

              
	
                Class
                  LT2-M5

              	 	
                (1)

              	 	
                (4)

              	 	
                M-5

              
	
                Class
                  LT2-M6

              	 	
                (1)

              	 	
                (4)

              	 	
                M-6

              
	
                Class
                  LT2-M7

              	 	
                (1)

              	 	
                (4)

              	 	
                M-7

              
	
                Class
                  LT2-M8

              	 	
                (1)

              	 	
                (4)

              	 	
                M-8

              
	
                Class
                  LT2-M9

              	 	
                (1)

              	 	
                (4)

              	 	
                M-9

              
	
                Class
                  LT2-M10

              	 	
                (1)

              	 	
                (4)

              	 	
                M-10

              
	
                Class
                  LT2-Q

              	 	
                (1)

              	 	
                (5)

              	 	
                N/A

              
	
                Class
                  LT2-IO

              	 	
                (2)

              	 	
                (2)

              	 	
                N/A

              
	
                Class
                  LT2-R

              	 	
                (3)

              	 	
                (3)

              	 	
                R

              

      

      ___________________________

      

      
        	 	
                (1)

              	
                For
                  any Distribution Date (and the related Interest Accrual Period)
                  the
                  interest rate for each of these Lower Tier Interests in REMIC 2
                  is a per
                  annum rate equal to the weighted average of the interest rates
                  on the
                  Lower Tier Interests in REMIC 1 for such Distribution Date; provided,
                  however,
                  that for any Distribution Date on which the Class LT2-IO Interest
                  is
                  entitled to a portion of the interest accruals on a Lower Tier
                  Interest in
                  REMIC 1 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 1 to a cap equal to Swap
                  LIBOR
                  for such Distribution Date.

              

      

      

      
        	 	
                (2)

              	
                The
                  Class LT2-IO is an interest only class that does not have a principal
                  balance. For only those Distribution Dates listed in the first
                  column in
                  the table below, the Class LT2-IO shall be entitled to interest
                  accrued on
                  the Lower Tier Interest in REMIC 1 listed in 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 1 for such Distribution
                  Date
                  over (ii) Swap LIBOR for such Distribution
                  Date.

              

      

       

      
        	
                Distribution
                  Dates

              	
                REMIC
                  1
                  Class Designation

              
	
                2

              	
                Class
                  LT1-F1

              
	
                2-3

              	
                Class
                  LT1-F2

              
	
                2-4

              	
                Class
                  LT1-F3

              
	
                2-5

              	
                Class
                  LT1-F4

              
	
                2-6

              	
                Class
                  LT1-F5

              
	
                2-7

              	
                Class
                  LT1-F6

              
	
                2-8

              	
                Class
                  LT1-F7

              
	
                2-9

              	
                Class
                  LT1-F8

              

      

      

      

      
        
          
          

        

        
          -5-
            

          
            

          

        

        
          
          

        

      

      

      
        	
                2-10

              	
                Class
                  LT1-F9

              
	
                2-11

              	
                Class
                  LT1-F10

              
	
                2-12

              	
                Class
                  LT1-F11

              
	
                2-13

              	
                Class
                  LT1-F12

              
	
                2-14

              	
                Class
                  LT1-F13

              
	
                2-15

              	
                Class
                  LT1-F14

              
	
                2-16

              	
                Class
                  LT1-F15

              
	
                2-17

              	
                Class
                  LT1-F16

              
	
                2-18

              	
                Class
                  LT1-F17

              
	
                2-19

              	
                Class
                  LT1-F18

              
	
                2-20

              	
                Class
                  LT1-F19

              
	
                2-21

              	
                Class
                  LT1-F20

              
	
                2-22

              	
                Class
                  LT1-F21

              
	
                2-23

              	
                Class
                  LT1-F22

              
	
                2-24

              	
                Class
                  LT1-F23

              
	
                2-25

              	
                Class
                  LT1-F24

              
	
                2-26

              	
                Class
                  LT1-F25

              
	
                2-27

              	
                Class
                  LT1-F26

              
	
                2-28

              	
                Class
                  LT1-F27

              
	
                2-29

              	
                Class
                  LT1-F28

              
	
                2-30

              	
                Class
                  LT1-F29

              
	
                2-31

              	
                Class
                  LT1-F30

              
	
                2-32

              	
                Class
                  LT1-F31

              
	
                2-33

              	
                Class
                  LT1-F32

              
	
                2-34

              	
                Class
                  LT1-F33

              
	
                2-35

              	
                Class
                  LT1-F34

              
	
                2-36

              	
                Class
                  LT1-F35

              
	
                2-37

              	
                Class
                  LT1-F36

              
	
                2-38

              	
                Class
                  LT1-F37

              
	
                2-39

              	
                Class
                  LT1-F38

              
	
                2-40

              	
                Class
                  LT1-F39

              
	
                2-41

              	
                Class
                  LT1-F40

              
	
                2-42

              	
                Class
                  LT1-F41

              
	
                2-43

              	
                Class
                  LT1-F42

              
	
                2-44

              	
                Class
                  LT1-F43

              

      

      

      

      
        	 	
                (3)

              	
                The
                  Class LT2-R interest is the sole class of residual interests in
                  REMIC 2.
                  It does not have an interest rate or a principal balance.
                  

              

      

      

      
        	 	
                (4)

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

              

      

      

      
        	 	
                (5)

              	
                This
                  Lower Tier Interest shall have an initial class principal amount
                  equal to
                  the excess of (i) the Pool Stated Principal Balance as of the Cut-off
                  Date, over (ii) the aggregate initial Class Principal Amount of
                  each other
                  regular interest in REMIC 2 (other than any interest-only Lower
                  Tier
                  Interest).

              

      

      

      On
        each
        Distribution Date, interest shall be distributed on the Lower Tier Interests
        in
        REMIC 2 based on the above-described interest rates; provided,
        however,
        that
        interest that accrues on the Class LT2-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 LT2-Q Interest. An amount equal to the
        interest so deferred shall be distributed as additional principal on the
        other
        Lower Tier Interests in REMIC 2 having a principal balance in the manner
        described under priority (a) below.

      

      
        
          
          

        

        
          -6-
            

          
            

          

        

        
          
          

        

      

      

      

      On
        each
        Distribution Date principal shall be distributed, and Realized Losses shall
        be
        allocated, among the Lower Tier Interests in REMIC 2 in the following order
        of
        priority:

      

      (a) First,
        to
        the Class LT2-I-A, Class LT2-II-A1, Class LT2-II-A2, Class LT2-II-A3, Class
        LT2-II-A4, Class LT2-M1, Class LT2-M2, Class LT2-M3, Class LT2-M4, Class
        LT2-M5, Class LT2-M6, Class LT2-M7, Class LT2-M8, Class LT2-M9, and Class
        LT2-M10 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 LT2-Q Interests, any remaining amounts.

      

      On
        each
        Distribution Date, the Securities Administrator shall be deemed to have
        distributed the Prepayment Charges passed through with respect to the Class
        LT1-F43 and Class LT1-V43 Lower Tier Interests in REMIC 1 on such Distribution
        Date to the Class LT2-Q Interest.

      

      Upper
        Tier REMIC

      

      The
        Upper
        Tier REMIC shall issue the following Classes of Upper Tier REMIC Regular
        Interests and each such interest, other than the Class R Interest, is hereby
        designated as a regular interest in the Upper Tier REMIC.

      

      Upper
        Tier REMIC

      

        
          	
                  Upper
                    Tier REMIC 

                  Class Designation

                	 	
                  Upper
                    Tier REMIC 

                  Interest
                    Rate and 

                  Corresponding
                    

                  Class Interest
                    Rate

                	 	
                  Initial Upper Tier 

                  REMIC Principal 

                  Amount and 

                  Corresponding 

                  Class Certificate 

                  Balance

                	 	
                  Corresponding

                  Class of
                    Certificates

                
	
                  Class I-A

                	 	
                  (1)

                	 	
                  $371,150,000

                	 	
                  Class I-A

                
	
                  Class II-A-1

                	 	
                  (2)

                	 	
                  $253,725,000

                	 	
                  Class II-A

                
	
                  Class II-A-2

                	 	
                  (3)

                	 	
                  $  30,548,000

                	 	
                  Class II-A-2

                
	
                  Class II-A-3

                	 	
                  (4)

                	 	
                  $126,204,000

                	 	
                  Class II-A-3

                
	
                  Class II-A-4

                	 	
                  (5)

                	 	
                  $    8,313,000

                	 	
                  Class II-A-4

                
	
                  Class M-1

                	 	
                  (6)

                	 	
                  $  44,752,000

                	 	
                  Class M-1

                
	
                  Class M-2

                	 	
                  (6)

                	 	
                  $  48,915,000

                	 	
                  Class M-2

                
	
                  Class M-3

                	 	
                  (6)

                	 	
                  $  17,695,000

                	 	
                  Class M-3

                
	
                  Class M-4

                	 	
                  (6)

                	 	
                  $  17,693,000

                	 	
                  Class M-4

                

        

         

        
          
            
            

          

          
            -7-
              

            
              

            

          

          
            
            

          

        

         

        
          	
                  Upper
                    Tier REMIC 

                  Class Designation

                	 	
                  Upper
                    Tier REMIC 

                  Interest
                    Rate and 

                  Corresponding
                    

                  Class Interest
                    Rate

                	 	
                  Initial Upper Tier 

                  REMIC Principal 

                  Amount and 

                  Corresponding 

                  Class Certificate 

                  Balance

                	 	
                  Corresponding

                  Class of
                    Certificates

                
	
                  Class M-5

                	 	
                  (6)

                	 	
                  $  18,213,000

                	 	
                  Class M-5

                
	
                  Class M-6

                	 	
                  (6)

                	 	
                  $  13,010,000

                	 	
                  Class M-6

                
	
                  Class M-7

                	 	
                  (6)

                	 	
                  $  10,408,000

                	 	
                  Class M-7

                
	
                  Class M-8

                	 	
                  (6)

                	 	
                  $  10,928,000

                	 	
                  Class M-8

                
	
                  Class M-9

                	 	
                  (6)

                	 	
                  $  14,571,000

                	 	
                  Class M-9

                
	
                  Class M-10

                	 	
                  (6)

                	 	
                  $  16,132,000

                	 	
                  Class M-10

                
	
                  Class X

                	 	
                  (7)

                	 	
                  (7)

                	 	
                  Class X

                
	
                  Class R

                	 	
                  (8)

                	 	
                  (8)

                	 	
                  Class R

                
	
                  Class P

                	 	
                  (9)

                	 	
                  (9)

                	 	
                  Class
                    P

                

        

         

      

      
        	
                (1)

              	
                The
                  Class I-A Interest will bear interest during each Interest Accrual
                  Period
                  at a per annum rate equal to (a) on or prior to the Optional
                  Termination Date, the lesser of (i) LIBOR plus the applicable
                  Interest Margin and (ii) the Group I Available Funds Cap or
                  (b) after the Optional Termination Date, the lesser of (i) LIBOR
                  plus the applicable Interest Margin and (ii) the Group I Available
                  Funds Cap. For purposes of the REMIC Provisions, the reference
                  to “Group I
                  Available Funds Cap” in clause (ii) of the preceding sentence shall be
                  deemed a reference to the REMIC 2 Net Funds Cap; therefore, on
                  any
                  Distribution Date on which the Interest Rate for the Class I-A
                  Certificates exceeds the REMIC 2 Net Funds Cap, interest accruals
                  based on
                  such excess shall be treated as having been paid from the Excess
                  Reserve
                  Fund Account or the Supplemental Interest Trust, as applicable;
                  on any
                  Distribution Date on which the Interest Rate on the Class I-A Certificates
                  is based on the Group I Available Funds Cap, the amount of interest
                  that
                  would have accrued on the Class I-A Certificates if the REMIC 2
                  Net Funds
                  Cap were substituted for the Group I Available Funds Cap shall
                  be treated
                  as having been paid by the Class I-A Certificateholders to the
                  Supplemental Interest Trust, all pursuant to and as further provided
                  in
                  Section 8.11 hereof.

              

      

      

      
        	
                (2)

              	
                The
                  Class II-A-1 Interest will bear interest during each Interest Accrual
                  Period at a per annum rate equal to (a) on or prior to the Optional
                  Termination Date, the lesser of (i) LIBOR plus the applicable
                  Interest Margin and (ii) the Group II Available Funds Cap or
                  (b) after the Optional Termination Date, the lesser of (i) LIBOR
                  plus the applicable Interest Margin and (ii) the Group II Available
                  Funds Cap. For purposes of the REMIC Provisions, the reference
                  to “Group
                  II Available Funds Cap” in clause (ii) of the preceding sentence shall be
                  deemed a reference to the REMIC 2 Net Funds Cap; therefore, on
                  any
                  Distribution Date on which the Interest Rate for the Class II-A-1
                  Certificates exceeds the REMIC 2 Net Funds Cap, interest accruals
                  based on
                  such excess shall be treated as having been paid from the Excess
                  Reserve
                  Fund Account or the Supplemental Interest Trust, as applicable;
                  on any
                  Distribution Date on which the Interest Rate on the Class II-A-1
                  Certificates is based on the Group II Available Funds Cap, the
                  amount of
                  interest that would have accrued on the Class II-A-1 Certificates
                  if the
                  REMIC 2 Net Funds Cap were substituted for the Group II Available
                  Funds
                  Cap shall be treated as having been paid by the Class II-A-1
                  Certificateholders to the Supplemental Interest Trust, all pursuant
                  to and
                  as further provided in Section 8.11
                  hereof.

              

      

      

      
        	
                (3)

              	
                The
                  Class II-A-2 Interest will bear interest during each Interest Accrual
                  Period at a per annum rate equal to (a) on or prior to the Optional
                  Termination Date, the lesser of (i) LIBOR plus the applicable
                  Interest Margin and (ii) the Group II Available Funds Cap or
                  (b) after the Optional Termination Date, the lesser of (i) LIBOR
                  plus the applicable Interest Margin and (ii) the Group II Available
                  Funds Cap. For purposes of the REMIC Provisions, the reference
                  to “Group
                  II Available Funds Cap” in clause (ii) of the preceding sentence shall be
                  deemed a reference to the REMIC 2 Net Funds Cap; therefore, on
                  any
                  Distribution Date on which the Interest Rate for the Class II-A-2
                  Certificates exceeds the REMIC 2 Net Funds Cap, interest accruals
                  based on
                  such excess shall be treated as having been paid from the Excess
                  Reserve
                  Fund Account or the Supplemental Interest Trust, as applicable;
                  on any
                  Distribution Date on which the Interest Rate on the Class II-A-2
                  Certificates is based on the Group II Available Funds Cap, the
                  amount of
                  interest that would have accrued on the Class II-A-2 Certificates
                  if the
                  REMIC 2 Net Funds Cap were substituted for the Group II Available
                  Funds
                  Cap shall be treated as having been paid by the Class II-A-2
                  Certificateholders to the Supplemental Interest Trust, all pursuant
                  to and
                  as further provided in Section 8.11
                  hereof.

              

      

      

      
        
          
          

        

        
          -8-
            

          
            

          

        

        
          
          

        

      

      

      

      
        	
                (4)

              	
                The
                  Class II-A-3 Interest will bear interest during each Interest Accrual
                  Period at a per annum rate equal to (a) on or prior to the Optional
                  Termination Date, the lesser of (i) LIBOR plus the applicable
                  Interest Margin and (ii) the Group II Available Funds Cap or
                  (b) after the Optional Termination Date, the lesser of (i) LIBOR
                  plus the applicable Interest Margin and (ii) the Group II Available
                  Funds Cap. For purposes of the REMIC Provisions, the reference
                  to “Group
                  II Available Funds Cap” in clause (ii) of the preceding sentence shall be
                  deemed a reference to the REMIC 2 Net Funds Cap; therefore, on
                  any
                  Distribution Date on which the Interest Rate for the Class II-A-3
                  Certificates exceeds the REMIC 2 Net Funds Cap, interest accruals
                  based on
                  such excess shall be treated as having been paid from the Excess
                  Reserve
                  Fund Account or the Supplemental Interest Trust, as applicable;
                  on any
                  Distribution Date on which the Interest Rate on the Class II-A-3
                  Certificates is based on the Group II Available Funds Cap, the
                  amount of
                  interest that would have accrued on the Class II-A-3 Certificates
                  if the
                  REMIC 2 Net Funds Cap were substituted for the Group II Available
                  Funds
                  Cap shall be treated as having been paid by the Class II-A-3
                  Certificateholders to the Supplemental Interest Trust, all pursuant
                  to and
                  as further provided in Section 8.11
                  hereof.

              

      

      

      
        	
                (5)

              	
                The
                  Class II-A-4 Interest will bear interest during each Interest Accrual
                  Period at a per annum rate equal to (a) on or prior to the Optional
                  Termination Date, the lesser of (i) LIBOR plus the applicable
                  Interest Margin and (ii) the Group II Available Funds Cap or
                  (b) after the Optional Termination Date, the lesser of (i) LIBOR
                  plus the applicable Interest Margin and (ii) the Group II Available
                  Funds Cap. For purposes of the REMIC Provisions, the reference
                  to “Group
                  II Available Funds Cap” in clause (ii) of the preceding sentence shall be
                  deemed a reference to the REMIC 2 Net Funds Cap; therefore, on
                  any
                  Distribution Date on which the Interest Rate for the Class II-A-4
                  Certificates exceeds the REMIC 2 Net Funds Cap, interest accruals
                  based on
                  such excess shall be treated as having been paid from the Excess
                  Reserve
                  Fund Account or the Supplemental Interest Trust, as applicable;
                  on any
                  Distribution Date on which the Interest Rate on the Class II-A-4
                  Certificates is based on the Group II Available Funds Cap, the
                  amount of
                  interest that would have accrued on the Class II-A-4 Certificates
                  if the
                  REMIC 2 Net Funds Cap were substituted for the Group II Available
                  Funds
                  Cap shall be treated as having been paid by the Class II-A-4
                  Certificateholders to the Supplemental Interest Trust, all pursuant
                  to and
                  as further provided in Section 8.11
                  hereof.

              

      

      

      
        	
                (6)

              	
                The
                  Class M-1, Class M-2, Class M-3, Class M-4,
                  Class M-5, Class M-6, Class M-7, Class M-8,
                  Class M-9 and Class M-10 Interests will bear interest during
                  each Interest Accrual Period at a per annum rate equal to (a) on or
                  prior to the Optional Termination Date, the lesser of (i) LIBOR plus
                  the applicable Interest Margin and (ii) the Class M Available Funds
                  Cap or (b) after the Optional Termination Date, the lesser of
                  (i) LIBOR plus the applicable Interest Margin and (ii) the Class
                  M Available Funds Cap. For purposes of the REMIC Provisions, the
                  reference
                  to Class M Available Funds Cap in clause (ii) of the preceding
                  sentence
                  shall be deemed to be a reference to the REMIC 2 Net Funds Cap;
                  therefore,
                  on any Distribution Date on which the Interest Rate for the Class
                  M-1,
                  M-2, M-3, M-4, M-5, M-6, M-7, M-8, M-9 and M-10 Certificates, as
                  applicable, exceeds the REMIC 2 Net Funds Cap, interest accruals
                  based on
                  such excess shall be treated as having been paid from the Excess
                  Reserve
                  Fund Account or the Supplemental Interest Trust, as applicable;
                  on any
                  Distribution Date on which the Interest Rate on the Class M-1,
                  M-2, M-3,
                  M-4, M-5, M-6, M-7, M-8, M-9 and M-10 Certificates, as applicable,
                  is
                  based on the Class M Available Funds Cap, the amount of interest
                  that
                  would have accrued on each such Class of Certificates if the REMIC
                  2 Net
                  Funds Cap were substituted for the Class M Available Funds Cap
                  shall be
                  treated as having been paid by the Class M-1, M-2, M-3, M-4, M-5,
                  M-6,
                  M-7, M-8, M-9 and M-10 Certificateholders, as applicable, to the
                  Supplemental Interest Trust, all pursuant to and as further provided
                  in
                  Section 8.11 hereof. 

              

      

      

      
        	
                (7)

              	
                For
                  purposes of the REMIC Provisions, the Class X Interest shall have
                  an
                  initial principal balance of $38,506,556.18 (initial overcollateralization
                  of $38,506,656.18 less $100.00 attributable to the Class P Principal
                  Amount), 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
                  Certificate Balances of the Lower Tier Interests in REMIC 2, and,
                  for each
                  Distribution Date (and the related Interest Accrual Period) this
                  notional
                  component shall bear interest at a per annum rate equal to the
                  excess, if
                  any, of (i) (a) the weighted average of the interest rates on the
                  Lower
                  Tier Interests in REMIC 2 (other than any interest-only regular
                  interest)
                  minus (b) the Credit Risk Manager's Fee over (ii) the Adjusted
                  Lower Tier
                  WAC. The second notional component represents the right to receive
                  all
                  distributions in respect of the Class LT2-IO interest in REMIC
                  2 (the
                  “LT3-I” interest). In addition, for purposes of the REMIC Provisions, the
                  Class X Certificate shall represent beneficial ownership of (i)
                  the Excess
                  Reserve Fund Account; (ii) the Supplemental Interest Trust, including
                  the
                  Swap Agreement, Swap Account, Cap Agreement, and Cap Account, and
                  (iii) an
                  interest in the notional principal contracts described in Section
                  8.11
                  hereof.

              

      

      

      
        
          
          

        

        
          -9-
            

          
            

          

        

        
          
          

        

      

      

      

      
        	
                (8)

              	
                The
                  Class R Interest is the sole Class of residual interest in the Upper
                  Tier REMIC. The Class R Interest is issued without a principal amount
                  does not bear a stated Interest Rate. The Class R Certificate will
                  be
                  issued as a single certificate evidencing the initial Percentage
                  Interest
                  of such Class, and shall represent ownership of each of the Class
                  R, Class
                  LT1-R and Class LT2-R Interests.

              

      

      

      
        	
                (9)

              	
                The
                  Class P Interest shall not bear interest at a stated Interest Rate.
                  Prepayment Charges paid with respect to the Mortgage Loans shall
                  be paid
                  to the Class P Certificateholders as provided in Section 4.02(b).
                  For
                  purposes of the REMIC Provisions, the Class P Interest shall represent
                  a
                  regular interest in the Upper Tier REMIC. The Class P Certificate
                  will
                  have a Class P Principal Amount of
                  $100.

              

      

      

      The
        minimum denomination for each Class of Certificates, other than the
        Class P, Class R and the Class X Certificates, will be $25,000 of
        Certificate Balance ($100,000 with respect to initial investors resident
        in a
        Member State of the European Economic Area subject to the EU Prospectus
        Directive 2003/71/EC) with integral multiples of $1 in excess thereof, except
        that one Certificate in each Class may be issued in a different amount. The
        minimum denomination for each of the Class P and Class X Certificates
        will be a 10.00% Percentage Interest in such Class, and the minimum denomination
        for the Class R Certificates shall be 100% Percentage Interest in such
        Class.

      

      Set
        forth
        below are designations of Classes of Certificates to the categories used
        herein:

      

      
        	
                Book-Entry
                  Certificates

              	
                All
                  Classes of Certificates other than the Physical
                  Certificates.

              

      

      

      
        	
                Class A
                  Certificates

              	
                Class
                  I-A, Class II-A-1, Class  II-A-2, Class II-A-3 and Class II-A-4
                  Certificates.

              

      

      

      
        	
                Class M
                  Certificates

              	
                Class M-1,
                  Class M-2, Class M-3, Class M-4, Class M-5,
                  Class M-6, Class M-7, Class M-8, Class M-9 and
                  Class M-10 Certificates.

              

      

      

      ERISA-Restricted

      
        	 	
                Certificates

              	
                Any
                  Class M-10, Class P, Class X and Class R Certificates and any Certificate
                  with a rating which falls below the lowest applicable permitted
                  rating
                  under the Underwriters’ Exemption.

              

      

      

      ERISA-Restricted

      
        	 	
                Trust
                  Certificates

              	
                Any
                  Offered Certificate prior to the termination of the Cap Agreement
                  and the
                  Swap Agreement.

              

      

      

      
        	
                Group
                  I Certificates

              	
                The
                  Class I-A Certificates.

              

      

      

      
        
          
          

        

        
          -10-
            

          
            

          

        

        
          
          

        

      

      

      

      
        	
                Group
                  II Certificates

              	
                Collectively,
                  the Class II-A-1, Class II-A-2, Class II-A-3 and Class II-A-4
                  Certificates.

              

      

      

      
        	
                LIBOR
                  Certificates

              	
                Collectively,
                  the Class A Certificates and the Class M
                  Certificates.

              

      

      

      
        	
                Non-Delay
                  Certificates

              	
                The
                  Class A Certificates, the Class M Certificates and the Class X
                  Certificates.

              

      

      

      
        	
                Offered
                  Certificates

              	
                All
                  Classes of Certificates other than the Private
                  Certificates.

              

      

      

      
        	
                Physical
                  Certificates

              	
                Class P,
                  Class X and Class R
                  Certificates.

              

      

      

      
        	
                Private
                  Certificates

              	
                Class
                  M-10, Class P, Class X and Class R
                  Certificates.

              

      

      

      
        	
                Rating
                  Agencies

              	
                Fitch,
                  Moody’s and Standard &
Poor’s.

              

      

      

      
        	
                Regular
                  Certificates

              	
                All
                  Classes of Certificates other than the Class R
                  Certificates.

              

      

      

      
        	
                Residual
                  Certificates

              	
                Class R
                  Certificates.

              

      

      

      ARTICLE
        I

      

      DEFINITIONS

      

      Whenever
        used in this Agreement, the following words and phrases, unless the context
        otherwise requires, shall have the following meanings:

      

      10-K
        Filing Deadline: As defined in Section 8.12(a)(ii).

      

      Account:
        Any of
        the Collection Accounts, the Distribution Account and any Escrow Account,
        with
        respect to the Supplemental Interest Trust, the Excess Reserve Fund Account
        and
        the Supplemental Interest Trust Account. Each Account shall be an Eligible
        Account.

      

      Additional
        Disclosure Notification:
        The
        form of notice set forth on Exhibit Y.

      

      Additional
        Form 10-D Disclosure:
        As
        defined in Section 8.12(a)(i). 

      

      Additional
        Form 10-K Disclosure:
        As
        defined in Section 8.12(a)(ii). 

      

      Additional
        Termination Event:
        As
        defined in the Cap Agreement or the Swap Agreement, as applicable.

      

      Adjustable
        Rate Mortgage Loan:
        A
        Mortgage Loan which provides for the adjustment of the Mortgage Rate payable
        in
        respect thereto.

      

      
        
          
          

        

        
          -11-
            

          
            

          

        

        
          
          

        

      

      

      

      Adjusted
        Lower Tier WAC: For
        any
        Distribution Date (and the related Interest 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 LT2-I-A, LT2-II-A-1, LT2-II-A-2, LT2-II-A-3,
        LT2-II-A-4, LT2-M-1, LT2-M-2, LT2-M-3, LT2-M-4, LT2-M-5, LT2-M-6, LT2-M-7,
        LT2-M-8, LT2-M-9, LT2-M-10 and LT2-Q Interests, weighted in proportion to
        their
        Class Certificate Balances as of the beginning of the related Interest Accrual
        Period and computed by subjecting the rate on the Class LT2-Q Interest to
        a cap
        of 0.00%, and by subjecting the rate on each of the Class LT2-I-A, LT2-II-A-1,
        LT2-II-A-2, LT2-II-A-3, LT2-II-A-4, LT2-M-1, LT2-M-2, LT2-M-3, LT2-M-4, LT2-M-5,
        LT2-M-6, LT2-M-7, LT2-M-8, LT2-M-9 and LT2-M-10 Interests to a cap that
        corresponds to the Interest Rate (determined by substituting the REMIC 2
        Net
        Funds Cap for the applicable Available Funds Cap) for the Corresponding Class
        of
        Certificates; provided,
        however,
        that
        for each Class of LIBOR Certificates, the Certificate Interest Rate shall
        be
        multiplied by the quotient of (a) the actual number of days in the Interest
        Accrual Period, divided by (b) 30. 

      

      Advance:
        Any
        P&I Advance or Servicing Advance.

      

      Affected
        Party:
        As
        defined in the Swap Agreement.

      

      Affiliate:
        With
        respect to any Person, any other Person controlling, controlled by or under
        common control with such first Person. For the purposes of this definition,
        “control” 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.

      

      Agreement:
        This
        Pooling and Servicing Agreement and all amendments or supplements
        hereto.

      

      Amounts
        Held for Future Distribution:
        As to
        the Certificates on any Distribution Date, the aggregate amount held in the
        Collection Accounts of the Servicers at the close of business on the related
        Determination Date on account of (i) Principal Prepayments, Insurance
        Proceeds, Condemnation Proceeds, Liquidation Proceeds and Subsequent Recoveries
        on the Mortgage Loans received after the end of the related Prepayment Period
        and (ii) all Scheduled Payments on the Mortgage Loans due after the end of
        the related Due Period.

      

      Applied
        Realized Loss Amount:
        With
        respect to any Distribution Date, the amount, if any, by which the aggregate
        Class Certificate Balance of the LIBOR Certificates after distributions of
        principal on such Certificates on such Distribution Date exceeds the aggregate
        Stated Principal Balance of the Mortgage Loans for such Distribution
        Date.

      

      Appraised
        Value:
        The
        value set forth in an appraisal made in connection with the origination of
        the
        related Mortgage Loan as the value of the Mortgaged Property.

      

      Assignment
        of Mortgage:
        An
        assignment of the Mortgage, notice of transfer or equivalent instrument in
        recordable form (other than the assignee’s name and recording information not
        yet returned from the recording office), reflecting the sale of the Mortgage
        to
        the Trustee.

      

      
        
          
          

        

        
          -12-
            

          
            

          

        

        
          
          

        

      

      

      

      Available
        Funds:
        With
        respect to any Distribution Date and the Mortgage Loans to the extent received
        by the Master Servicer (x) the sum of (i) all scheduled installments
        of interest (net of the related Expense Fees) and principal due on the Due
        Date
        on such Mortgage Loans in the related Due Period and received by the Servicers
        on or prior to the related Determination Date, together with any
        P&I Advances in respect thereof; (ii) all Condemnation Proceeds,
        Insurance Proceeds, Liquidation Proceeds and Subsequent Recoveries received
        by
        the Servicers during the related Prepayment Period (in each case, net of
        unreimbursed expenses incurred in connection with a liquidation or foreclosure
        and unreimbursed Advances, if any); (iii) all partial or full prepayments
        on the Mortgage Loans received by the Servicers during the related Prepayment
        Period together with all Compensating Interest paid by the Servicers in
        connection therewith (excluding any Prepayment Charges); (iv) all
        Substitution Adjustment Amounts with respect to the substitutions of Mortgage
        Loans that occur on or prior to the related Determination Date; (v) all
        amounts received with respect to such Distribution Date as the Repurchase
        Price
        in respect of a Mortgage Loan repurchased by a Mortgage Loan Seller or the
        Sponsor on or prior to the related Determination Date; and (vi) the
        proceeds with respect to the termination of the Trust Fund pursuant to
        clause (a) of Section 11.01; reduced by (y) amounts in
        reimbursement for Advances previously made with respect to the Mortgage Loans
        and other amounts as to which a Servicer, the Depositor, the Master Servicer,
        the Securities Administrator, the Credit Risk Manager or the Trustee are
        entitled to be paid or reimbursed pursuant to the Servicing Agreements or
        this
        Agreement.

      

      Back-up
        Certification:
        As
        defined in Section 3.05.

      

      Basic
        Principal Payment Amount:
        With
        respect to any Distribution Date, the excess of (i) the Principal
        Remittance Amount for such Distribution Date over (ii) the Excess
        Overcollateralization Amount, if any, for such Distribution Date.

      

      Basis
        Risk Carryover Amount:
        With
        respect to each Class of LIBOR Certificates, as of any Distribution Date,
        the sum of (A) if on such Distribution Date the Interest Rate for any
        Class of LIBOR Certificates is based upon the Group I Available Funds Cap,
        the Group II Available Funds Cap or the Class M Available Funds Cap, as
        applicable, the excess of (i) the amount of interest such Class of
        Certificates would otherwise be entitled to receive on such Distribution
        Date
        had such Interest Rate been calculated as the sum of LIBOR and the applicable
        Interest Margin on such Class of Certificates for such Distribution Date,
        over (ii) the amount of interest payable on such Class of
        Certificates, in the case of any Group I Certificates, based on the Group
        I
        Available Funds Cap, in the case of any Group II Certificates, based on the
        Group II Available Funds Cap and in the case of any Class of Class M
        Certificates, based on the Class M Available Funds Cap and (B) the portion
        of any such excess described in clause (A) for such Class of
        Certificates from all previous Distribution Dates not previously paid, together
        with interest thereon at a rate equal the applicable Interest Rate for each
        such
        Class of Certificates for such Distribution Date. 

      

      Basis
        Risk Payment:
        For any
        Distribution Date, an amount equal to the lesser of (i) the aggregate of
        the Basis Risk Carryover Amounts of the LIBOR Certificates for such Distribution
        Date and (ii) the Class X Distributable Amount (prior to any reduction
        for Basis Risk Payments).

      

      
        
          
          

        

        
          -13-
            

          
            

          

        

        
          
          

        

      

      

      

      Book-Entry
        Certificates:
        As
        specified in the Preliminary Statement.

      

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

      

      Cap
        Account:
        The
        sub-account of the Supplemental Interest Trust Account created pursuant to
        Section 4.06(a).

      

      Cap
        Agreement:
        The
        interest rate cap agreement entered into by the Supplemental Interest Trust
        and
        the Cap Counterparty, dated March 8, 2007, which agreement provides for the
        monthly payment specified to the Supplemental Interest Trust Trustee (for
        the
        benefit of Certificateholders) commencing with the Distribution Date in
        September 2007 and ending on the Distribution Date in March 2014, by the
        Cap
        Counterparty, but subject to the conditions set forth therein, together with
        any
        schedule, confirmations or other agreements relating thereto, attached as
        Exhibit P.

      

      Cap
        Amount:
        With
        respect to each Distribution Date, the amount of any Cap Payment deposited
        into
        the Cap Account.

      

      Cap
        Counterparty:
        The
        counterparty to the Supplemental Interest Trust under the Cap Agreement,
        and any
        successor in interest or its assigns. Initially, the Cap Counterparty shall
        be
        Wachovia Bank, National Association.

      

      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 Cap
        Agreement.

      

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

      

      Cap
        Replacement Receipts:
        As
        defined in Section 4.08(b)(i).

      

      Cap
        Replacement Receipts Account:
        As
        defined in Section 4.08(b)(i).

      

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

      

      Cap
        Termination Receipts:
        As
        defined in Section 4.08(b)(i).

      

      Cap
        Termination Receipts Account:
        As
        defined in Section 4.08(b)(i).

      

      
        
          
          

        

        
          -14-
            

          
            

          

        

        
          
          

        

      

      

      

      Certificate:
        Any one
        of the Certificates executed and authenticated by the Securities Administrator
        in substantially the forms attached hereto as exhibits.

      

      Certificate
        Balance:
        With
        respect to any Certificate, other than a Class X, Class P or
        Class R Certificate, at any date, the maximum dollar amount of principal to
        which the Holder thereof is then entitled hereunder, such amount being equal
        to
        the Denomination thereof minus all distributions of principal previously
        made
        with respect thereto and in the case of any Class M Certificates, reduced
        by any
        Applied Realized Loss Amounts allocated to such Class of Certificates
        pursuant to Section 4.05; provided,
        however,
        that
        immediately following the Distribution Date on which a Subsequent Recovery
        is
        distributed, the Class Certificate Balances of any Class or Classes of
        Certificates that have been previously reduced by Applied Realized Loss Amounts
        will be increased, in order of seniority, by the amount of any Subsequent
        Recovery distributed on such Distribution Date (up to the amount of Unpaid
        Realized Loss Amount for such Class or Classes for such Distribution Date).
        The Class P Certificates are issued with an initial Class P Principal
        Amount of $100. The Class X and Class R Certificates have no
        Certificate Balance. 

      

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

      

      Certificate
        Register:
        The
        register maintained pursuant to Section 5.02.

      

      Certificateholder
        or
Holder:
        The
        person in whose name a Certificate is registered in the Certificate Register,
        except that, solely for the purpose of giving any consent pursuant to this
        Agreement, any Certificate registered in the name of the Depositor or any
        Affiliate of the Depositor shall be deemed not to be Outstanding and the
        Percentage Interest evidenced thereby shall not be taken into account in
        determining whether the requisite amount of Percentage Interests necessary
        to
        effect such consent has been obtained; provided,
        however,
        that if
        any such Person (including the Depositor) owns 100.00% of the Percentage
        Interests evidenced by a Class of Certificates, such Certificates shall be
        deemed to be Outstanding for purposes of any provision hereof that requires
        the
        consent of the Holders of Certificates of a particular Class as a condition
        to the taking of any action hereunder. The Securities Administrator is entitled
        to rely conclusively on a certification of the Depositor or any Affiliate
        of the
        Depositor in determining which Certificates are registered in the name of
        an
        Affiliate of the Depositor.

      

      Certificate
        Group:
        The
        Group I Certificates or the Group II Certificates, as applicable.

      

      Certification
        Parties:
        As
        defined in Section 3.05.

      

      Certifying
        Person:
        As
        defined in Section 3.05.

      

      Class:
        All
        Certificates bearing the same class designation as set forth in the Preliminary
        Statement.

      

      Class I-A
        Certificates:
        All
        Certificates bearing the Class designation of “Class I-A”.

      

      
        
          
          

        

        
          -15-
            

          
            

          

        

        
          
          

        

      

      

      

      Class II-A-1
        Certificates:
        All
        Certificates bearing the Class designation of “Class II-A-1”.

      

      Class II-A-2
        Certificates:
        All
        Certificates bearing the Class designation of “Class II-A-2”.

      

      Class II-A-3
        Certificates:
        All
        Certificates bearing the Class designation of “Class II-A-3”.

      

      Class II-A-4
        Certificates:
        All
        Certificates bearing the Class designation of “Class II-A-4”.

      

      Class A
        Certificates:
        As
        specified in the Preliminary Statement.

      

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

      

      Class
        I Shortfalls: As
        defined in Section 8.11 hereof. For
        purposes of clarity, the aggregate Class I Shortfall for any Distribution
        Date
        shall equal the amount payable to the Derivative Counterparty on such
        Distribution Date in excess of the amount payable with respect to the Class
        LT3-I interest in the Upper Tier REMIC on such Distribution Date, all as
        further
        provided in Section 8.11 hereof.
        

      

      Class
        M Available Funds Cap:
        With
        respect to the Class M Certificates as of any Distribution Date, a per annum
        rate equal to the weighted average of the Group I Available Funds Cap and
        the
        Group II Available Funds Cap, weighted on the basis of the Group Subordinate
        Amount for the Group I Mortgage Loans and the Group Subordinate Amount for
        the
        Group II Mortgage Loans, respectively.

      

      Class M
        Certificates:
        As
        specified in the Preliminary Statement.

      

      Class M
        Principal Payment Amount:
        With
        respect to any Distribution Date and any Class of Class M
        Certificates, the lesser of (i) the excess of (a) the Principal
        Payment Amount over (b) the aggregate amount distributed on that
        Distribution Date as principal to all Classes of Certificates more senior
        than
        that Class of Class M Certificates (provided,
        however,
        for
        this purpose, the Class M-1, Class M-2 and Class M-3 Certificates will be
        treated as having the same seniority) and (ii) the excess of (a) the sum
        of the
        aggregate Class Certificate Balances of all Class of Certificates more
        senior than that Class of Class M Certificates (after giving effect to
        all amounts distributed on that Distribution Date to those Classes of more
        senior certificates (provided,
        however,
        for
        this purpose, the Class M-1, Class M-2 and Class M-3 Certificates will be
        treated as having the same seniority)) and the Class Certificate Balance of
        that Class of Class M Certificates immediately prior to that
        Distribution Date over (b) the lesser of:

      

      
        
          
          

        

        
          -16-
            

          
            

          

        

        
          
          

        

      

      

      

      (x) the
        percentage set forth in the table below for the applicable Class of
        Class M Certificates multiplied by the aggregate Stated Principal Balance
        of the Mortgage Loans for that Distribution Date:

      

      

      
        	
                Class

              	 	
                Percentage

              
	
                M-1,
                  M-2 and M-3

              	 	
                73.20%*

              
	
                M-4

              	 	
                76.60%

              
	
                M-5

              	 	
                80.10%

              
	
                M-6

              	 	
                82.60%

              
	
                M-7

              	 	
                84.60%

              
	
                M-8

              	 	
                86.70%

              
	
                M-9

              	 	
                89.50%

              
	
                M-10

              	 	
                92.60%

              

      

      and

      

      (y) the
        excess, if any, of the aggregate Stated Principal Balance of the Mortgage
        Loans
        for that Distribution Date over 0.50% of the aggregate Stated Principal Balance
        of the Mortgage Loans as of the Cut-off Date, until the Class Certificate
        Balance of that Class of Class M Certificates has been reduced to
        zero.

      

      _______________

      *   
        The amount calculated according to such percentage will be allocated
        sequentially to the Class M-1, Class M-2 and Class M-3
        Certificates.

      

      Class M-1
        Certificates:
        All
        Certificates bearing the Class designation of “Class M-1”.

      

      Class M-2
        Certificates:
        All
        Certificates bearing the Class designation of “Class M-2”.

      

      Class M-3
        Certificates:
        All
        Certificates bearing the Class designation of “Class M-3”.

      

      Class M-4
        Certificates:
        All
        Certificates bearing the Class designation of “Class M-4”.

      

      Class M-5
        Certificates:
        All
        Certificates bearing the Class designation of “Class M-5”.

      

      Class M-6
        Certificates:
        All
        Certificates bearing the Class designation of “Class M-6”.

      

      Class M-7
        Certificates:
        All
        Certificates bearing the Class designation of “Class M-7”.

      

      
        
          
          

        

        
          -17-
            

          
            

          

        

        
          
          

        

      

      

      

      Class M-8
        Certificates:
        All
        Certificates bearing the Class designation of “Class M-8”.

      

      Class M-9
        Certificates:
        All
        Certificates bearing the Class designation of “Class M-9”.

      

      Class M-10
        Certificates:
        All
        Certificates bearing the Class designation of “Class M-10”.

      

      Class Notional
        Balance:
        Not
        applicable.

      

      Class P
        Certificates:
        All
        Certificates bearing the Class designation of “Class P”.

      

      Class P
        Principal Amount:
        As of
        the Closing Date, $100.00.

      

      Class R
        Certificates:
        All
        Certificates bearing the Class designation of “Class R”.

      

      Class X
        Certificates:
        All
        Certificates bearing the Class designation of “Class X”.

      

      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 $38,506,556.18
        ($38,506,656.18 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 Overcollateralization Reduction Amount.

      

      Class
        X Notional Balance:
        With respect to
        any Distribution Date (and the related Interest Accrual Period) the aggregate
        principal balance of the regular interests in REMIC 2 as specified in the
        Preliminary Statement hereto.

      

      Closing
        Date:
        March
        8, 2007.

      

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

      

      Collateral
        Account:
        The
        account maintained by the Supplemental Interest Trust Trustee in accordance
        with
        the provisions of Section 4.06(b).

      

      Collection
        Account:
        With
        respect to each Servicer, the account defined as a “Custodial Account” in the
        related Servicing Agreement

      

      Commission:
        The
        United States Securities and Exchange Commission.

      

      Compensating
        Interest:
        For any
        Distribution Date, the lesser of (a) the amount, if any, by which the
        Prepayment Interest Shortfall, if any, for such Distribution Date, with respect
        to all voluntary Principal Prepayments (excluding any payments made upon
        liquidation of any Mortgage Loan) exceeds all Prepayment Interest Excesses
        for
        such Distribution Date, and (b) the aggregate amount of the Servicing Fee
        actually retained by or paid to the applicable Servicer for such Distribution
        Date.

      

      
        
          
          

        

        
          -18-
            

          
            

          

        

        
          
          

        

      

      

      

      Condemnation
        Proceeds:
        All
        awards or settlements in respect of a Mortgaged Property, whether permanent
        or
        temporary, partial or entire, by exercise of the power of eminent domain
        or
        condemnation.

      

      Corporate
        Trust Office:
        With
        respect to the Securities Administrator, (i) for transfer, presentation or
        surrender of Certificates, the office at Wells Fargo Center, Sixth Street
        and
        Marquette Avenue, Minneapolis, Minnesota 55479, Attention: Corporate Trust
        Services -HASCO 2007-HE1, and (ii) for all other purposes, 9062 Old Annapolis
        Road, Columbia, Maryland 21045, Attention: Client Manager - HASCO 2007-HE1
        or at
        such other address as the Securities Administrator may designate from time
        to
        time by notice to the Certificateholders, the Depositor, the Master Servicer
        and
        the Trustee. With respect to the Trustee, the designated office of the Trustee
        in the State of California at which any particular time its corporate trust
        business with respect to this Agreement is administered, which office at
        the
        date of the execution of this Agreement is located at 1761 East St. Andrew
        Place, Santa Ana, California 92705-4934, Attention: Trust Administration
        -
        HB07H1, facsimile number (714) 247-6329, and its telephone number is (714)
        247-6000 and which is also the address to which notices to and correspondence
        with the Trustee under this Agreement should be directed. 

      

      Corresponding
        Class:
        As set
        forth in first table under the heading REMIC 2 and in the first table under
        the
        heading Upper Tier REMIC in the Preliminary Statement.

      

      Countrywide
        Servicing:
        Countywide Home Loans Servicing LP.

      

      Credit
        Enhancement Percentage:
        With
        respect to any Distribution Date, the percentage obtained by dividing
        (x) the sum of (i) the aggregate Class Certificate Balance of the
        Class M Certificates and (ii) the Overcollateralization Amount
        (assuming the Overcollateralization Amount is not less than zero and in each
        case after taking into account the distributions of the Principal Payment
        Amount
        for such Distribution Date assuming no Trigger Event has occurred) by
        (y) the aggregate Stated Principal Balance of the Mortgage Loans for such
        Distribution Date.

      

      Credit
        Risk Manager:
        OfficeTiger Global Real Estate Services Inc., formerly known as MortgageRamp,
        Inc., and its successors and assigns. 

      

      Credit
        Risk Management Agreement:
        Each of
        the loan performance management agreements, dated as of the Closing Date,
        entered into by (i) certain of the Servicers and the Credit Risk Manager,
        and
        (ii) the Master Servicer and the Credit Risk Manager.

      

      Credit
        Risk Manager’s Fee:
        With
        respect to any Distribution Date and each Mortgage Loan, an amount equal
        to the
        product of (a) one twelfth, (b) the Credit Risk Manager’s Fee Rate and (c) the
        Stated Principal Balance of such Mortgage Loan as of the first day of the
        related Due Period; provided, however, that such amount shall not be less
        than
        $1,500.00 on each Distribution Date.

      

      Credit
        Risk Manager’s Fee Rate:
        0.014% per
        annum.

      

      
        
          
          

        

        
          -19-
            

          
            

          

        

        
          
          

        

      

      

      

      Credit
        Support Annex:
        The
        credit support annex to the Swap Agreement and the Cap Agreement dated as
        of
        March 8, 2007, between the Supplemental Interest Trust Trustee, on behalf
        of the
        Supplemental Interest Trust, the Swap Counterparty and Cap
        Counterparty.

      

      Cumulative
        Loss Percentage:
        With
        respect to any Distribution Date, the percentage equivalent of a fraction,
        the
        numerator of which is the aggregate amount of Realized Losses incurred from
        the
        Cut-off Date to the last day of the calendar month preceding the month in
        which
        such Distribution Date occurs and the denominator of which is the Cut-off
        Date
        Pool Principal Balance of the Mortgage Loans.

      

      Cumulative
        Loss Trigger Event:
        If,
        with respect to any Distribution Date, the quotient (expressed as a
        percentage) of (x) the aggregate amount of Realized Losses incurred since
        the Cut-off Date through the last day of the related Prepayment Period, divided
        by (y) the Cut-off Date Pool Principal Balance, exceeds the applicable loss
        percentages set forth below with respect to such Distribution Date:

      

      

      
        	
                Distribution
                  Date Occurring In:

              	 	
                Loss
                  Percentage:

              
	
                March
                  2009 through February 2010 

              	 	
                1.55%
                  for the first month, plus an additional 1/12th of 1.90%
                  for each month thereafter 

              
	
                March
                  2010 through February 2011 

              	 	
                3.45%
                  for the first month, plus an additional 1/12th of 2.00%
                  for each month thereafter 

              
	
                March
                  2011 through February 2012

              	 	
                5.45%
                  for the first month, plus an additional 1/12th of 1.60%
                  for each month thereafter 

              
	
                March
                  2012 through February 2013

              	 	
                7.05%
                  for the first month, plus an additional 1/12th of 0.90%
                  for each month thereafter 

              
	
                March
                  2013 through February 2014

              	 	
                7.95%
                  for the first month, plus an additional 1/12th of 0.05%
                  for each month thereafter 

              
	
                March
                  2014 and thereafter

              	 	
                8.00%

              

      

      

      Custodial
        File:
        The
        meaning assigned to such term in Section 2.01(a).

      

      Custodian:
        Initially, Wells Fargo, or any successor custodian appointed
        hereunder.

      

      Cut-off
        Date:
        February 1, 2007.

      

      Cut-off
        Date Pool Principal Balance:
        The
        aggregate Stated Principal Balances of all Mortgage Loans as of the Cut-off
        Date.

      

      Cut-off
        Date Principal Balance:
        As to
        any Mortgage Loan, the Stated Principal Balance thereof as of the close of
        business on the Cut-off Date.

      

      Data
        Tape Information:
        With
        respect to each Mortgage Loan, the same information (provided as of the Cut-off
        Date) included in the data fields specified under the definition of “Mortgage
        Loan Schedule” in the applicable Transfer Agreement, with such additions and
        modifications as agreed upon by the applicable Mortgage Loan Seller and the
        Depositor. A copy of each Transfer Agreement is attached at Exhibit Q
        hereto.

      

      
        
          
          

        

        
          -20-
            

          
            

          

        

        
          
          

        

      

      

      

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

      

      Defaulting
        Party:
        As
        defined in the Swap Agreement or Cap Agreement, as applicable.

      

      Deficient
        Valuation:
        With
        respect to any Mortgage Loan, a valuation of the related Mortgaged Property
        by a
        court of competent jurisdiction in an amount less than then outstanding
        principal balance of the Mortgage Loan, which valuation results from a
        proceeding initiated under the United States Bankruptcy Code.

      

      Definitive
        Certificates:
        Any
        Certificate evidenced by a Physical Certificate and any Certificate issued
        in
        lieu of a Book-Entry Certificate pursuant to Section 5.02(e).

      

      Deleted
        Mortgage Loan:
        A
        Mortgage Loan repurchased by a Mortgage Loan Seller or the Sponsor and removed
        from the Trust Fund.

      

      Delinquency
        Rate:
        For any
        calendar month, a fraction, expressed as a percentage, the numerator of which
        is
        the aggregate Stated Principal Balance of 60+ Day Delinquent Mortgage Loans
        as
        of the close of business on the last day of such month (not including those
        Mortgage Loans that are liquidated as of the end of the related Prepayment
        Period), and the denominator of which is the aggregate Stated Principal Balance
        of the Mortgage Loans as of the close of business on the last day of such
        month
        (not including those Mortgage Loans that are liquidated as of the end of
        the
        related Prepayment Period).

      

      Delinquency
        Trigger Event:
        With
        respect to any Distribution Date on or after the Stepdown Date, the
        circumstances in which the Rolling Three Month Delinquency Rate as of the
        last
        day of the immediately preceding calendar month exceeds the applicable
        percentages of the Credit Enhancement Percentage for the prior Distribution
        Date
        (for the purpose of this definition, the Credit Enhancement Percentage for
        each
        class of the Class M Certificates will be calculated by dividing (x) the
        sum of
        (i) the aggregate Class Certificate Balance of the Class M Certificates with
        a
        lower payment priority than that Class and (ii) the Overcollateralization
        Amount
        (in each case after taking into account distributions of the related Principal
        Payment Amount for that Distribution Date) by (y) the aggregate Stated Principal
        Balance of the Mortgage Loans for that Distribution Date) as
        set
        forth below for the most senior Class of LIBOR Certificates then
        outstanding:

      

      

      
        	
                Class

              	
                Percentage

              
	
                A

              	
                33.20%

              
	
                M-1

              	
                40.40%

              
	
                M-2

              	
                52.98%

              

      

      

      

      
        
          
          

        

        
          -21-
            

          
            

          

        

        
          
          

        

      

      

      
        	
                Class

              	
                Percentage

              
	
                M-3

              	
                59.70%

              
	
                M-4

              	
                68.38%

              
	
                M-5

              	
                80.40%

              
	
                M-6

              	
                91.95%

              
	
                M-7

              	
                103.90%

              
	
                M-8

              	
                120.30%

              
	
                M-9

              	
                152.38%

              
	
                M-10

              	
                216.22%

              

      

       

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

      

      Depositor:
        HSI
        Asset Securitization Corporation, a Delaware corporation, and its successors
        in
        interest.

      

      Depository:
        The
        initial Depository shall be The Depository Trust Company, the nominee of
        which
        is CEDE & Co., as the registered Holder of the Book-Entry Certificates.
        The Depository shall at all times be a “clearing corporation” as defined in
        Section 8-102(a)(5) of the Uniform Commercial Code of the State of New
        York.

      

      Depository
        Institution:
        Any
        depository institution or trust company, including the Trustee and the
        Securities Administrator, that (a) is incorporated under the laws of the
        United States of America or any State thereof, (b) is subject to
        supervision and examination by federal or state banking authorities and
        (c) has outstanding unsecured commercial paper or other short-term
        unsecured debt obligations that are rated P-1 by Moody’s, F1+ by Fitch and A-1
        by Standard & Poor’s.

      

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

      

      Derivative
        Agreement:
        The
        Swap Agreement and the Cap Agreement.

      

      Derivative
        Counterparty:
        Collectively, the Cap Counterparty and the Swap Counterparty.

      

      Derivative
        Payment Date:
        For so
        long as either the Cap Agreement or the Swap Agreement is in effect, the
        Business Day preceding each Distribution Date.

      

      Determination
        Date:
        means,
        for each Remittance Date (i) with respect to Wells Fargo, as Servicer, the
        business day immediately preceding such Remittance Date, (ii) with respect
        to
        Countrywide Servicing, the 15th
        day of
        the calendar month in which such Remittance Date occurs, or if that day is
        not a
        business day, the immediately succeeding business day, and (iii) with respect
        to
        Option One, the 15th
        day of
        the calendar month in which such Remittance Date occurs, or if that day is
        not a
        business day, the immediately preceding business day.

      

      
        
          
          

        

        
          -22-
            

          
            

          

        

        
          
          

        

      

      

      

      Disqualified
        Non-U.S. Person:
        With
        respect to a Class R Certificate, any Non-U.S. Person or agent thereof
        other than (i) a Non-U.S. Person that holds the Class R Certificate in
        connection with the conduct of a trade or business within the United States
        and
        has furnished the transferor and the Securities Administrator with an effective
        IRS Form W-8ECI or (ii) a Non-U.S. Person that has delivered to both the
        transferor and the Securities Administrator an opinion of a nationally
        recognized tax counsel to the effect that the transfer of the Class R
        Certificate to it is in accordance with the requirements of the Code and
        the
        regulations promulgated thereunder and that such transfer of the Class R
        Certificate will not be disregarded for federal income tax
        purposes.

      

      Distribution
        Account:
        The
        separate Eligible Account created and maintained by the Securities Administrator
        pursuant to Section 3.01(c) in the name of the Securities Administrator as
        paying agent for the benefit of the Trustee and the Certificateholders and
        designated “Wells Fargo Bank, N.A. as paying agent in trust for registered
        holders of HSI Asset Securitization Corporation Trust 2007-HE1 Mortgage
        Pass-Through Certificates, Series 2007-HE1”. Funds in the Distribution
        Account shall be held in trust for the Certificateholders for the uses and
        purposes set forth in this Agreement.

      

      Distribution
        Account Deposit Date:
        As to
        any Distribution Date, 12:00 noon New York City time on the third Business
        Day
        immediately preceding such Distribution Date.

      

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

      

      Document
        Certification and Exception Report:
        The
        form of report attached to Exhibit F hereto.

      

      Due
        Date:
        The day
        of the month on which the Scheduled Payment is due on a Mortgage Loan, exclusive
        of any days of grace.

      

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

      

      Early
        Termination Event:
        As
        defined in the Derivative Agreement.

      

      EDGAR:
        The
        Commission’s Electronic Data Gathering and Retrieval System.

      

      Eligible
        Account:
        Either
        (i) an account maintained with a federal or state-chartered depository
        institution or trust company that complies with the definition of Eligible
        Institution, (ii) an account maintained with the corporate trust department
        of a
        federal depository institution or state-chartered depository institution
        subject
        to regulations regarding fiduciary funds on deposit similar to Title 12 of
        the
        U.S. Code of Federal Regulation Section 9.10(b), which, in either case, has
        corporate trust powers and is acting in its fiduciary capacity or (iii) any
        other account acceptable to each Rating Agency. Eligible Accounts may bear
        interest, and may include, if otherwise qualified under this definition,
        accounts maintained with the Securities Administrator.

      

      
        
          
          

        

        
          -23-
            

          
            

          

        

        
          
          

        

      

      

      

      Eligible
        Institution:
        A
        federal or state-chartered depository institution or trust company the
        commercial paper, short-term debt obligations, or other short-term deposits
        of
        which are rated at least “A-1+” by Standard & Poor’s if the amounts on
        deposit are to be held in the account for no more than 365 days (or at least
        “A-2” if the amounts on deposit are to be held in the account for no more than
        30 days), “P-1” by Moody’s and “F1+” by Fitch (or a comparable rating if another
        Rating Agency is specified by the Depositor by written notice to each of
        the
        Servicers and the Securities Administrator) or long-term unsecured debt
        obligations are rated at least “AA-” by Standard & Poor’s if the amounts on
        deposit are to be held in the account for no more than 365 days.

      

      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 Prohibited Transaction Exemption (“PTE”) 96-84,
        61 Fed. Reg. 58234 (1996), as amended by PTE 97-34, 62 Fed. Reg. 39021
        (1997), PTE 2000-58, 65 Fed. Reg. 67765 (2000) and PTE 2002-41, 67 Fed.
        Reg. 54487 (2002) (or any successor thereto), or any substantially
        similar administrative exemption granted by the U.S. Department of
        Labor.

      

      ERISA-Restricted
        Certificate:
        As
        specified in the Preliminary Statement.

      

      ERISA-Restricted
        Trust Certificate:
        As
        specified in the Preliminary Statement.

      

      Escrow
        Account:
        With
        respect to each Servicer, the meaning assigned to such term in the related
        Servicing Agreement.

      

      Event
        of Default:
        With
        respect to each Servicer, the meaning assigned to such term in the related
        Servicing Agreement.

      

      Excess
        Overcollateralization
        Amount:
        With
        respect to any Distribution Date, the excess, if any, of (a) the
        Overcollateralization Amount (for purposes of this calculation only, assuming
        100% of the Principal Remittance Amount is applied as a principal payment
        to the
        LIBOR Certificates on such Distribution Date, but before giving effect to
        any
        other distributions on the LIBOR Certificates in reduction of their respective
        Class Certificate Balances on such Distribution Date) on such Distribution
        Date
        over (b) the Overcollateralization Target Amount for such Distribution
        Date.

      

      Excess
        Reserve Fund Account:
        The
        separate Eligible Account created and maintained by the Securities Administrator
        under the Supplemental Interest Trust pursuant to Sections 3.01(a) and
        3.01(b) in the name of the Securities Administrator as paying agent for the
        benefit of the LIBOR Certificateholders and the Class X Certificateholders
        and
        designated “Wells Fargo Bank, N.A. as paying agent in trust for registered
        holders of HSI Asset Securitization Corporation Trust 2007-HE1, Mortgage
        Pass-Through Certificates, Series 2007-HE1”. Funds in the Excess Reserve
        Fund Account shall be held in trust for such Certificateholders for the uses
        and
        purposes set forth in this Agreement. Amounts on deposit in the Excess Reserve
        Fund Account shall not be invested. The Excess Reserve Fund Account shall
        be
        considered part of the Supplemental Interest Trust but not part of any
        REMIC.

      

      
        
          
          

        

        
          -24-
            

          
            

          

        

        
          
          

        

      

      

      

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

      

      Excluded
        Trust Assets:
        As
        defined in the Preliminary Statement.

      

      Expense
        Adjusted Mortgage Rate:
        With
        respect to any Distribution Date and as to each Mortgage Loan, the per annum
        rate equal to the Mortgage Rate as of the first day of the related Due Period
        less the Expense Fee Rate.

      

      Expense
        Fee Rate:
        As to
        each Mortgage Loan, a per annum rate equal to the Servicing Fee
        Rate.

      

      Expense
        Fees:
        As to
        each Mortgage Loan and any Distribution Date, the Servicing Fee.

      

      Extra
        Principal Payment Amount:
        As of
        any Distribution Date, the lesser of (x) the related Total Monthly Excess
        Spread for such Distribution Date and (y) the related Overcollateralization
        Deficiency for such Distribution Date.

      

      Fannie
        Mae:
        The
        Federal National Mortgage Association, or any successor thereto.

      

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

      

      Final
        Recovery Determination:
        With
        respect to any defaulted Mortgage Loan or any REO Property (other than a
        Mortgage Loan or REO Property purchased by the Mortgage Loan Seller or the
        Sponsor as contemplated by this Agreement, any Transfer Agreement or the
        Purchase Agreement, as applicable), a determination made by any Servicer
        that
        all Insurance Proceeds, Condemnation Proceeds, Liquidation Proceeds and other
        payments or recoveries which the Servicer, in its reasonable good faith
        judgment, expects to be finally recoverable in respect thereof have been
        so
        recovered. 

      

      Final
        Scheduled Distribution Date:
        The
        Final Scheduled Distribution Date for each Class of Certificates is the
        Distribution Date occurring in October 2036.

      

      Fitch:
        Fitch,
        Inc., or any successor thereto. If Fitch is designated as a Rating Agency
        in the
        Preliminary Statement, for purposes of Section 12.05 the address for
        notices to Fitch shall be Fitch, Inc., One State Street Plaza, New York,
        New
        York 10004, Attention: MBS Monitoring - HASCO (HSI Asset Securitization
        Corporation Trust 2007-HE1), or such other address as Fitch may hereafter
        furnish to the Depositor and the Securities Administrator.

      

      Fixed
        Rate Mortgage Loan:
        A
        Mortgage Loan with respect to which the Mortgage Rate set forth in the Mortgage
        Note is fixed for the term of such Mortgage Loan.

      

      Form
        8-K Disclosure Information:
        As
        defined in Section 8.12(a)(iii).

      

      
        
          
          

        

        
          -25-
            

          
            

          

        

        
          
          

        

      

      

      

      Freddie
        Mac:
        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.

      

      Gross
        Margin:
        With
        respect to each Adjustable Rate Mortgage Loan, the fixed percentage amount
        set
        forth in the related Mortgage Note to be added to the Index to determine
        the
        Mortgage Rate.

      

      Group I
        Available Funds Cap:
        With
        respect to the Group I Mortgage Loans as of any Distribution Date, the per
        annum
        rate (subject to adjustment based on the actual number of days elapsed in
        the
        related Interest Accrual Period) equal to (x) the weighted average of the
        Expense Adjusted Mortgage Rate for each Group I Mortgage Loan then in effect
        at
        the beginning of the related Due Period (not including for this purpose any
        Group I Mortgage Loans for which Principal Prepayments in Full have been
        received and distributed in the month prior to that Distribution Date)
minus
        (y) a
        percentage equal to the product of (i) a fraction, the numerator of which
        is
        equal to the portion of the Net Derivative Payment or Swap Termination Payment
        (other than a Swap Termination Payment resulting
        from a Derivative Counterparty Trigger Event)
        made to
        the Swap Counterparty with respect to such Due Period allocated to the Group
        I
        Mortgage Loans based on the applicable Group Percentage, and the denominator
        of
        which is equal to the aggregate Stated Principal Balance of the Group I Mortgage
        Loans as of the beginning of the related Due Period and (ii) 12.

      

      Group I
        Certificates:
        As
        specified in the Preliminary Statement.

      

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

      

      Group I
        Principal Payment Amount:
        With
        respect to any Distribution Date prior to the Stepdown Date, the Principal
        Payment Amount multiplied by the Group Principal Allocation Percentage for
        the Group I Certificates.

      

      Group I
        Senior Principal Payment Amount:
        With
        respect to any Distribution Date, the lesser of (i) the Group I Principal
        Payment Amount for that Distribution Date and (ii) the excess of (a) the
        aggregate Class Certificate Balance of the Group I Certificates
        immediately prior to that Distribution Date over (b) the lesser of
        (x) 51.80% of the aggregate Stated Principal Balance of the Group I
        Mortgage Loans for that Distribution Date and (y) the excess, if any, of
        the aggregate Stated Principal Balance of the Group I Mortgage Loans for
        that Distribution Date over 0.50% of the aggregate State Principal Balance
        of
        the Group I Mortgage Loans as of the Cut-off Date.

      

      Group II
        Available Funds Cap:
        With
        respect to the Group II Mortgage Loans as of any Distribution Date, the per
        annum rate (subject to adjustment based on the actual number of days elapsed
        in
        the related Interest Accrual Period) equal to (x) the weighted average of
        the
        Expense Adjusted Mortgage Rate for each Group II Mortgage Loan then in effect
        at
        the beginning of the related Due Period (not including for this purpose any
        Group II Mortgage Loans for which Principal Prepayments in Full have been
        received and distributed in the month prior to that Distribution Date)
minus
        (y) a
        percentage equal to the product of (i) a fraction, the numerator of which
        is
        equal to the portion of the Net Derivative Payment or Swap Termination Payment
        (other than a Swap Termination Payment resulting from a Derivative Counterparty
        Trigger Event) made to the Swap Counterparty with respect to such Due Period
        allocated to the Group II Mortgage Loans based on the applicable Group
        Percentage, and the denominator of which is equal to the aggregate Stated
        Principal Balance of the Group II Mortgage Loans as of the beginning of the
        related Due Period and (ii) 12.

      

      
        
          
          

        

        
          -26-
            

          
            

          

        

        
          
          

        

      

      

      

      Group II
        Certificates:
        As
        specified in the Preliminary Statement.

      

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

      

      Group II
        Principal Payment Amount:
        With
        respect to any Distribution Date, the Principal Payment Amount multiplied
        by the
        Group Principal Allocation Percentage for the Group II
        Certificates.

      

      Group II
        Senior Principal Payment Amount:
        With
        respect to any Distribution Date, the lesser of (i) the Group II Principal
        Payment Amount for that Distribution Date and (ii) the excess of (a) the
        aggregate Class Certificate Balance of the Group II Certificates
        immediately prior to that Distribution Date over (b) the lesser of
        (x) 51.80% of the aggregate Stated Principal Balance of the Group II
        Mortgage Loans for that Distribution Date and (y) the excess, if any, of
        the aggregate Stated Principal Balance of the Group II Mortgage Loans for
        that Distribution Date over 0.50% of the aggregate State Principal Balance
        of
        the Group II Mortgage Loans as of the Cut-off Date.

      

      Group Available
        Funds Cap:
        The
        Group I Available Funds Cap or the Group II Available Funds Cap, as
        applicable.

      

      Group
        Percentage: For
        any
        Distribution Date and for each of the Group I Mortgage Loans and the
        Group II Mortgage Loans, a fraction (expressed as a percentage) the
        numerator of which is the aggregate Stated Principal Balance of the Mortgage
        Loans in such Loan Group as of the beginning of the related Due Period and
        the
        denominator of which is equal to the aggregate Stated Principal Balance of
        all
        the Mortgage Loans as of such date.

      

      Group Principal
        Allocation Percentage:
        With
        respect to any Distribution Date, the percentage equivalent of a fraction,
        determined as follows:

      

      (i) with
        respect to the Group I Certificates, a fraction, the numerator of which is
        the portion of the Principal Remittance Amount for that Distribution Date
        that
        is attributable to the principal received or advanced on the Group I
        Mortgage Loans and the denominator of which is the Principal Remittance Amount
        for that Distribution Date; and

      

      (ii) with
        respect to the Group II Certificates, a fraction, the numerator of
        which is the portion of the Principal Remittance Amount for that Distribution
        Date that is attributable to the principal received or advanced on the
        Group II Mortgage Loans and the denominator of which is the Principal
        Remittance Amount for that Distribution Date.

      

      
        
          
          

        

        
          -27-
            

          
            

          

        

        
          
          

        

      

      

      

      Group Subordinate
        Amount:
        For any
        Distribution Date and (i) for the Group I Mortgage Loans, the excess
        of the aggregate Stated Principal Balance of the Group I Mortgage Loans as
        of the beginning of the related Due Period over the Class Certificate
        Balance of the Group I Certificates immediately prior to such Distribution
        Date
        and (ii) for the Group II Mortgage Loans, the excess of the aggregate
        Stated Principal Balance of the Group II Mortgage Loans as of the beginning
        of the related Due Period over the aggregate Class Certificate Balance of
        the Group II Certificates immediately prior to the current Distribution Date.
        

      

      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. Independent means,
        when used with respect to any other Person, a Person who (A) is in fact
        independent of another specified Person and any Affiliate of such other Person,
        (B) does not have any material direct or indirect financial interest in such
        other Person or any Affiliate of such other Person, (C) is not connected
        with
        such other Person or any Affiliate of such other Person as an officer, employee,
        promoter, underwriter, 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:
        As to
        each Adjustable Rate Mortgage Loan, the six-month LIBOR index, one-year LIBOR
        index or one-year CMT index, as applicable, from time to time in effect for
        the
        adjustment of the Mortgage Rate as set forth in the related Mortgage
        Note.

      

      Initial
        Certification:
        As
        defined in Section 2.02.

      

      Insurance
        Policy:
        With
        respect to any Mortgage Loan included in the Trust Fund, any insurance policy,
        including, but not limited to, any standard hazard insurance policy, flood
        insurance policy, earthquake insurance policy, title insurance policy or
        Primary
        Mortgage Insurance Policy (if any), including all riders and endorsements
        thereto in effect, including any replacement policy or policies.

      

      Insurance
        Proceeds:
        With
        respect to each Mortgage Loan, proceeds of Insurance Policies insuring the
        Mortgage Loan or the related Mortgaged Property.

      

      Interest
        Accrual Period:
        With
        respect to each Class of LIBOR Certificates and any Distribution Date, the
        period commencing on the Distribution Date occurring in the month preceding
        the
        month in which the current Distribution Date occurs and ending on the day
        immediately preceding the current Distribution Date (or, in the case of the
        first Distribution Date, the period from and including the Closing Date to
        but
        excluding such first Distribution Date). For purposes of computing interest
        accruals on each Class of LIBOR Certificates, each Interest Accrual Period
        has the actual number of days in such month and each year is assumed to have
        360 days. With respect to each Class of Lower Tier Interests and any
        Distribution Date, the calendar month immediately preceding the month in
        which
        such Distribution Date occurs. 

      

      Interest
        Carry Forward Amount:
        As of
        any Distribution Date and any Class of LIBOR Certificates, the sum of, if
        applicable, (i) the portion of the Interest Payment Amount from Distribution
        Dates prior to the current Distribution Date remaining unpaid immediately
        prior
        to the current Distribution Date (excluding any Basis Risk Carryover Amount
        with
        respect to such Class), and (ii) interest on the amount in clause (i) above
        at
        the applicable Interest Rate (to the extent permitted by applicable
        law).

      

      
        
          
          

        

        
          -28-
            

          
            

          

        

        
          
          

        

      

      

      

      Interest
        Margin:
        Except
        as set forth in the following sentence, with respect to each Class of LIBOR
        Certificates, the following percentages: Class I-A Certificates, 0.140%;
        Class II-A-1 Certificates, 0.100%; Class II-A-2 Certificates, 0.140%;
        Class II-A-3 Certificates, 0.190%; Class II-A-4 Certificates, 0.280%;
        Class M-1 Certificates, 0.300%; Class M-2 Certificates, 0.480%;
        Class M-3 Certificates, 0.530%; Class M-4 Certificates, 0.700%;
        Class M-5 Certificates, 0.850%; Class M-6 Certificates, 1.000%,
        Class M-7 Certificates, 2.000%, Class M-8 Certificates, 2.000%,
        Class M-9 Certificates, 2.000% and Class M-10 Certificates, 2.000%. On the
        first Distribution Date after the Optional Termination Date, the Interest
        Margins shall increase to the following percentages: Class I-A
        Certificates, 0.280%; Class II-A-1 Certificates, 0.200%; Class II-A-2
        Certificates, 0.280%; Class II-A-3 Certificates, 0.380%; Class II-A-4
        Certificates, 0.560%; Class M-1 Certificates, 0.450%; Class M-2
        Certificates, 0.720%; Class M-3 Certificates, 0.795%; Class M-4
        Certificates, 1.050%; Class M-5 Certificates, 1.275%; Class M-6
        Certificates, 1.500%, Class M-7 Certificates, 3.000%, Class M-8
        Certificates, 3.000%, Class M-9 Certificates, 3.000% and Class M-10
        Certificates, 3.000%.

      

      Interest
        Payment Amount:
        With
        respect to any Distribution Date for each Class of LIBOR Certificates, the
        amount of interest accrued during the related Interest Accrual Period at
        the
        applicable Interest Rate on the related Class Certificate Balance
        immediately prior to such Distribution Date, as reduced by such Class’s share of
        Net Prepayment Interest Shortfalls and Relief Act Interest Shortfalls for
        such
        Distribution Date allocated to such Class pursuant to
        Section 4.02.

      

      Interest
        Rate:
        For
        each Class of LIBOR Certificates, each Class of Upper Tier REMIC Regular
        Interest and each class of Lower Tier Interest, the per annum rate set forth
        or
        calculated in the manner described in the Preliminary Statement.

      

      Interest
        Remittance Amount:
        With
        respect to any Distribution Date and the Mortgage Loans in a Loan Group,
        that
        portion of Available Funds attributable to interest relating to the Mortgage
        Loans in that Loan Group.

      

      Investor:
        With
        respect to each MERS Designated Mortgage Loan, the Person named on the MERS
        System as the investor pursuant to the MERS Procedures Manual.

      

      IRS:
        The
        Internal Revenue Service.

      

      Late
        Collections:
        With
        respect to any Mortgage Loan and any Due Period, all amounts received after
        the
        Determination Date immediately following such Due Period, whether as late
        payments of Scheduled Payments or as Insurance Proceeds, Condemnation Proceeds,
        Liquidation Proceeds, Subsequent Recoveries or otherwise, which represent
        late
        payments or collections of principal and/or interest due (without regard
        to any
        acceleration of payments under the related Mortgage and Mortgage Note) but
        delinquent for such Due Period and not previously recovered.

      

      LIBOR:
        With
        respect to any Interest Accrual Period for the LIBOR Certificates, the rate
        determined by the Securities Administrator on the related LIBOR Determination
        Date on the basis of the offered rate for one-month U.S. dollar deposits
        as such
        rate appears on Telerate Page 3750 as of 11:00 a.m. (London time) on such
        date; provided,
        that if
        such rate does not appear on Telerate Page 3750, the rate for such date
        will be determined on the basis of the rates at which one-month U.S. dollar
        deposits are offered by the Reference Banks at approximately 11:00 a.m.
        (London time) on such date to prime banks in the London interbank market.
        In
        such event, the Securities Administrator shall request the principal London
        office of each of the Reference Banks to provide a quotation of its rate.
        If at
        least two such quotations are provided, the rate for that date will be the
        arithmetic mean of the quotations (rounded upwards if necessary to the nearest
        whole multiple of 1/16%). If fewer than two quotations are provided as
        requested, the rate for that date will be the arithmetic mean of the rates
        quoted by major banks in New York City, selected by the Securities Administrator
        (after consultation with the Depositor), at approximately 11:00 a.m. (New
        York City time) on such date for one-month U.S. dollar loans to leading European
        banks.

      

      
        
          
          

        

        
          -29-
            

          
            

          

        

        
          
          

        

      

      

      

      LIBOR
        Certificates:
        As
        specified in the Preliminary Statement.

      

      LIBOR
        Determination Date:
        With
        respect to any Interest Accrual Period for the LIBOR Certificates, the second
        London Business Day preceding the commencement of such Interest Accrual
        Period.

      

      Liquidated
        Mortgage Loan:
        With
        respect to any Distribution Date, a defaulted Mortgage Loan (including any
        REO
        Property) which was liquidated in the calendar month preceding the month
        of such
        Distribution Date and as to which a Servicer has certified to the Securities
        Administrator that it has received all amounts it expects to receive in
        connection with the liquidation of such Mortgage Loan including the final
        disposition of an REO Property.

      

      Liquidation
        Proceeds:
        Cash
        received in connection with the liquidation of a Liquidated Mortgage Loan,
        whether through a trustee’s sale, foreclosure sale or otherwise.

      

      Loan
        Group:
        The
        Group I Mortgage Loans or the Group II Mortgage Loans, as
        applicable.

      

      Loan-to-Value
        Ratio
        or
LTV:
        As of
        any date and as to any Mortgage Loan, the ratio (expressed as a
        percentage) of the outstanding principal balance of the Mortgage Loan to
        (a) in the case of a purchase, the lesser of (i) the sale price of the
        Mortgaged Property and (ii) 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.

      

      London
        Business Day:
        Any day
        on which dealings in deposits of United States dollars are transacted in
        the
        London interbank market.

      

      Lower
        Tier Interest:
        An
        interest in any REMIC formed hereby other than the Upper Tier
        REMIC.

      

      Master
        Agreement:
        The
        ISDA Form Master Agreement, dated March 8, 2007, entered into between the
        Supplemental Interest Trust and the Derivative Counterparty.

      

      
        
          
          

        

        
          -30-
            

          
            

          

        

        
          
          

        

      

      

      

      Master
        Servicer:
        Wells
        Fargo and any successors in interest, and if a successor master servicer
        is
        appointed hereunder, such successor.

      

      Master
        Servicer Event of Default:
        As
        defined in Section 9.06.

      

      Master
        Servicing Officer:
        Any
        officer of the Master Servicer involved in, or responsible for, the
        administration and master servicing of the Mortgage Loans.

      

      MERS:
        Mortgage Electronic Registration Systems, Inc., a Delaware corporation, and
        its
        successors in interest.

      

      MERS
        Designated 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.

      

      MERS
        Procedure Manual:
        The
        MERS Procedures Manual, as it may be amended, supplemented or otherwise modified
        from time to time.

      

      MERS®
        System:
        MERS
        mortgage electronic registry system, as more particularly described in the
        MERS
        Procedures Manual.

      

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

      

      Monthly
        Statement:
        The
        statement made available to the Certificateholders by the Securities
        Administrator through its website pursuant to Section 4.03.

      

      Moody’s:
        Moody’s
        Investors Service, Inc. If Moody’s is designated as a Rating Agency in the
        Preliminary Statement, for purposes of Section 12.05 the address for
        notices to Moody’s shall be Moody’s Investors Service, Inc., 99 Church Street,
        New York, New York 10007, Attention: Residential Mortgage Pass-Through Group,
        HASCO (HSI Asset Securitization Corporation Trust Series 2007-HE1), or such
        other address as Moody’s may hereafter furnish to the Depositor and the
        Securities Administrator.

      

      Mortgage:
        The
        mortgage, deed of trust or other instrument identified on the Mortgage Loan
        Schedule as securing a Mortgage Note.

      

      Mortgage
        File:
        The
        items pertaining to a particular Mortgage Loan contained in either the Servicing
        File or Custodial File.

      

      Mortgage
        Loan:
        An
        individual Mortgage Loan that is the subject of this Agreement, each Mortgage
        Loan originally sold and subject to this Agreement being identified on the
        Mortgage Loan Schedule, which Mortgage Loan includes, without limitation,
        the
        Mortgage File, the Scheduled Payments, Principal Prepayments, Liquidation
        Proceeds, Subsequent Recoveries, Condemnation Proceeds, Insurance Proceeds,
        REO
        Disposition proceeds, Prepayment Charges, and all other rights, benefits,
        proceeds and obligations arising from or in connection with such Mortgage
        Loan,
        excluding replaced or repurchased Mortgage Loans.

      

      
        
          
          

        

        
          -31-
            

          
            

          

        

        
          
          

        

      

      

      

      Mortgage
        Loan Seller:
        Any
        entity which sold Mortgage Loans to the Sponsor pursuant to a Transfer
        Agreement.

      

      Mortgage
        Loan Schedule:
        A
        schedule of Mortgage Loans prepared by the Depositor, delivered to the Trustee
        on the Closing Date and referred to on Schedule I, such schedule setting
        forth the Data Tape Information with respect to each Mortgage Loan.

      

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

      

      Mortgage
        Rate:
        The
        annual rate of interest borne on a Mortgage Note, which shall be adjusted
        from
        time to time.

      

      Mortgaged
        Property:
        With
        respect to each Mortgage Loan, the real property (or leasehold estate, if
        applicable) identified on the Mortgage Loan Schedule as securing repayment
        of
        the debt evidenced by the related Mortgage Note.

      

      Mortgagor:
        The
        obligor(s) on a Mortgage Note.

      

      Net
        Derivative Payment:
        The net
        payment required to be made on the Derivative Payment Date either by (a)
        the
        Supplemental Interest Trust to the Derivative Counterparty, to the extent
        that
        the fixed amount payable by the Supplemental Interest Trust under the terms
        of
        the Swap Agreement exceeds the aggregate amount of the corresponding floating
        amount payable by the Derivative Counterparty under the terms of the Swap
        Agreement and any amounts payable by the Derivative Counterparty under the
        Cap
        Agreement, or (b) the Derivative Counterparty to the Supplemental Interest
        Trust, to the extent that the aggregate amount of the floating amount payable
        by
        the Derivative Counterparty under the terms of the Swap Agreement and any
        such
        amount payable by the Derivative Counterparty under the Cap Agreement exceeds
        the corresponding fixed amount payable by the Supplemental Interest Trust
        under
        the terms of the Swap Agreement, plus in the case of a payment made under
        either
        clause (a) or clause (b) any unpaid amounts due under such clause from previous
        Derivative Payment Dates, and accrued interest thereon as provided in the
        applicable Derivative Agreement, as calculated by the Derivative Counterparty
        and furnished to the Supplemental Interest Trust Trustee. Any Swap Termination
        Payment or Cap Termination Payment will be made exclusive of the Net Derivative
        Payment required to be made by the Derivative Counterparty or Supplemental
        Interest Trust, as applicable, under the Swap Agreement or the Cap
        Agreement.

      

      Net
        Monthly Excess Cash Flow:
        For any
        Distribution Date, the amount of interest and principal remaining for
        distribution pursuant to subsection 4.02(a)(iii) (before giving effect to
        distributions pursuant to such subsection).

      

      Net
        Prepayment Interest Shortfall:
        For any
        Distribution Date, the amount by which the sum of the Prepayment Interest
        Shortfalls for such Distribution Date exceeds the sum of Compensating Interest
        payments made with respect to such Distribution Date.

      

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

      

      
        
          
          

        

        
          -32-
            

          
            

          

        

        
          
          

        

      

      

      

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

      

      NIM
        Issuer:
        The
        entity established as the issuer of the NIM Securities.

      

      NIM
        Securities:
        Any
        debt securities secured or otherwise backed by some or all of the Class X
        and Class P Certificates that are rated by any Rating Agency.

      

      NIM
        Trustee:
        The
        indenture trustee for the NIM Securities.

      

      Non-Delay
        Certificates:
        As
        specified in the Preliminary Statement.

      

      Non-Permitted
        Transferee:
        A
        Person other than a Permitted Transferee.

      

      Non-U.S.
        Person:
        A
        person that is not a U.S. Person.

      

      Nonrecoverable
        P&I Advance:
        Any
        P&I Advance previously made or proposed to be made in respect of a Mortgage
        Loan or REO Property that, in the good faith business judgment (taking into
        account Accepted Servicing Practices) of the related Servicer, the Master
        Servicer, as successor servicer, or any successor master servicer including
        the
        Trustee, as applicable, will not or, in the case of a proposed P&I Advance,
        would not be ultimately recoverable from related Late Collections on such
        Mortgage Loan or REO Property as provided herein.

      

      Nonrecoverable
        Servicing Advance:
        Any
        Servicing Advances previously made or proposed to be made in respect of a
        Mortgage Loan or REO Property, which, in accordance with Accepted Servicing
        Practices, will not or, in the case of a proposed Servicing Advance, would
        not
        be ultimately recoverable from related Late Collections. 

      

      Notice
        of Final Distribution:
        The
        notice to be provided by the Securities Administrator pursuant to
        Section 11.02 to the effect that final distribution on any of the
        Certificates shall be made only upon presentation and surrender
        thereof.

      

      Offered
        Certificates:
        As
        specified in the Preliminary Statement.

      

      Offering
        Documents:
        The
        Prospectus and the Private Placement Memorandum.

      

      Officer’s
        Certificate:
        A
        certificate signed by an officer of a Servicer or the Master Servicer, as
        applicable, with responsibility for the servicing of the Mortgage
        Loans.

      

      Opinion
        of Counsel:
        A
        written opinion of counsel, which may be in-house or outside counsel to the
        Depositor, the Sponsor, the Master Servicer, the Securities Administrator
        or the
        Trustee, acceptable to the Trustee or the Securities Administrator, as
        applicable, except that any opinion of counsel relating to (a) the qualification
        of any REMIC created hereunder as a REMIC or (b) compliance with the REMIC
        Provisions must be an opinion of Independent counsel.

      

      
        
          
          

        

        
          -33-
            

          
            

          

        

        
          
          

        

      

      

      

      Option
        One:
        Option
        One Mortgage Corporation, a California corporation, and its successors in
        interest.

      

      Option
        to Purchase: With
        respect to any Optional Termination Date, the right of the Master Servicer
        at
        its own option to purchase the Mortgage Loans.

      

      Optional
        Termination Date:
        Any
        Distribution Date on which the aggregate Stated Principal Balance of the
        Mortgage Loans, as of the last day of the related Due Period, is less than
        or
        equal to 10.00% of the Cut-off Date Pool Principal Balance.

      

      OTS:
        Office
        of Thrift Supervision, and any successor thereto.

      

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

      

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

      

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

      

      Outstanding
        Mortgage Loan:
        As of
        any Due Date, a Mortgage Loan with a Stated Principal Balance greater than
        zero
        which was not the subject of a Principal Prepayment in Full prior to such
        Due
        Date and which did not become a Liquidated Mortgage Loan prior to such Due
        Date.

      

      Overcollateralization
        Amount:
        As of
        any Distribution Date, the excess, if any, of (a) the aggregate Stated
        Principal Balance of the Mortgage Loans for such Distribution Date over
        (b) the aggregate of the Class Certificate Balances of the LIBOR
        Certificates as of such Distribution Date (after giving effect to the payment
        of
        the Principal Remittance Amount on such Certificates on such Distribution
        Date).

      

      Overcollateralization
        Deficiency:
        With
        respect to any Distribution Date, the excess, if any, of (a) the
        Overcollateralization Target Amount applicable to such Distribution Date
        over
        (b) the Overcollateralization Amount (for purposes of this calculation
        only, assuming 100% of the Principal Remittance Amount is applied as a principal
        payment to the LIBOR Certificates on such Distribution Date, but before giving
        effect to any other distributions on the LIBOR Certificates in reduction
        of
        their respective Class Certificate Balances on such Distribution Date)
        applicable to such Distribution Date.

      

      
        
          
          

        

        
          -34-
            

          
            

          

        

        
          
          

        

      

      

      

      Overcollateralization
        Reduction Amount:
        With
        respect to any Distribution Date, an amount equal to the lesser of (a) the
        Excess Overcollateralization Amount and (b) the Net Monthly Excess Cash
        Flow.

      

      Overcollateralization
        Target Amount:
        Prior
        to the Stepdown Date, an amount equal to 3.70% of the aggregate Stated Principal
        Balance of the Mortgage Loans as of the Cut-off Date. On and after the Stepdown
        Date provided a Trigger Event is not in effect, an amount equal to the greater
        of (i) 7.40% of the aggregate Stated Principal Balance of the Mortgage Loans
        as
        of the last day of the related Due Period and (ii) 0.50% of the aggregate
        Stated
        Principal Balance of the Mortgage Loans as of the Cut-off Date; provided,
        however,
        that
        if, on any Distribution Date a Trigger Event exists, the Overcollateralization
        Target Amount shall not be reduced to the applicable percentage of then current
        aggregate Stated Principal Balance of the Mortgage Loans until the Distribution
        Date on which a Trigger Event no longer exists but rather shall remain the
        Overcollateralization Target Amount as determined for the immediately preceding
        Distribution Date. When the Class Certificate Balance of each Class of
        LIBOR Certificates has been reduced to zero, the Overcollateralization Target
        Amount will thereafter equal zero.

      

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

      

      P&I
        Advance:
        As to
        any Mortgage Loan or REO Property, any advance made by a Servicer in respect
        of
        any Remittance Date representing the aggregate of all payments of principal
        and
        interest, net of the applicable Servicing Fee, that were due during the related
        Due Period on the Mortgage Loans and that were delinquent on the related
        Determination Date, plus certain amounts representing assumed payments not
        covered by any current net income on the Mortgaged Properties acquired by
        foreclosure or deed in lieu of foreclosure as determined pursuant to the
        related
        Servicing Agreement.

      

      Percentage
        Interest:
        As to
        any Certificate, the percentage interest evidenced thereby in distributions
        required to be made on the related Class, such percentage interest being
        set
        forth on the face thereof or equal to the percentage obtained by dividing
        the
        Denomination of such Certificate by the aggregate of the Denominations of
        all
        Certificates of the same Class.

      

      Permitted
        Investments:
        Any one
        or more of the following obligations or securities acquired at a purchase
        price
        of not greater than par, regardless of whether issued by the Securities
        Administrator, the Trustee or any of their respective Affiliates:

      

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

      

      (ii) demand
        and time deposits in, certificates of deposit of, or bankers’ acceptances (which
        shall each have an original maturity of not more than 90 days and, in the
        case of bankers’ acceptances, shall in no event have an original maturity of
        more than 365 days or a remaining maturity of more than 30 days)
        denominated in United States dollars and issued by, any Depository Institution
        and rated F1+ by Fitch, A-1+ by Standard & Poor’s and P-1 by
        Moody’s;

      

      
        
          
          

        

        
          -35-
            

          
            

          

        

        
          
          

        

      

      

      

      (iii) repurchase
        obligations with respect to any security described in clause (i) above
        entered into with a Depository Institution (acting as principal);

      

      (iv) securities
        bearing interest or sold at a discount that are issued by any corporation
        incorporated under the laws of the United States of America or any state
        thereof
        and that are rated by Fitch, Moody’s and Standard & Poor’s (in each case, to
        the extent they are designated as Rating Agencies in the Preliminary Statement),
        and by each other Rating Agency that rates such securities, in its highest
        long-term unsecured rating categories at the time of such investment or
        contractual commitment providing for such investment;

      

      (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 30 days after the date of acquisition thereof) that is rated by Fitch,
        Moody’s and Standard & Poor’s (in each case, to the extent they are
        designated as Rating Agencies in the Preliminary Statement), and by each
        other
        Rating Agency that rates such securities, in its highest short-term unsecured
        debt rating available at the time of such investment;

      

      (vi) units
        of
        money market funds, including money market funds managed or advised by the
        Trustee, the Securities Administrator or an Affiliate thereof, that have
        been
        rated “Aaa” by Moody’s, “AAA” by Standard & Poor’s and, if rated by
        Fitch, “AAA” by Fitch; and

      

      (vii) if
        previously confirmed in writing to the Securities Administrator, any other
        demand, money market or time deposit, or any other obligation, security or
        investment, as may be acceptable to each of the Rating Agencies as a permitted
        investment of funds backing “Aaa” or “AAA” rated securities;

      

      provided,
        however,
        that no
        instrument described hereunder shall evidence either the right to receive
        (a) only interest with respect to the obligations underlying such
        instrument or (b) both principal and interest payments derived from
        obligations underlying such instrument and the interest and principal payments
        with respect to such instrument provide a yield to maturity at par greater
        than
        120.00% of the yield to maturity at par of the underlying
        obligations.

      

      Permitted
        Transferee:
        Any
        Person other than (i) the United States, any State or political subdivision
        thereof, or any agency or instrumentality of any of the foregoing, (ii) a
        foreign government, international organization or any agency or instrumentality
        of either of the foregoing, (iii) an organization (except certain farmers’
cooperatives described in Section 521 of the Code) which is exempt from tax
        imposed by Chapter 1 of the Code (including the tax imposed by Section 511
        of the Code on unrelated business taxable income) on any excess inclusions
        (as
        defined in Section 860E(c)(1) of the Code) with respect to any Residual
        Certificate, (iv) rural electric and telephone cooperatives described in
        Section 1381(a)(2)(C) of the Code, (v) a Person that is a Disqualified
        Non-U.S. Person or a U.S. Person with respect to whom income from a Residual
        Certificate is attributable to a foreign permanent establishment or fixed
        base,
        within the meaning of an applicable income tax treaty, of such Person or
        any
        other U.S. Person, (vi) an “electing large partnership” within the meaning
        of Section 775 of the Code and (vii) any other Person so designated by
        the Depositor based upon an Opinion of Counsel that the Transfer of an Ownership
        Interest in a Residual Certificate to such Person may cause any REMIC formed
        hereby to fail to qualify as a REMIC at any time that the Certificates are
        outstanding. The terms “United States”, “State” and “international organization”
shall have the meanings set forth in Section 7701 of the Code or successor
        provisions. A corporation will not be treated as an instrumentality of the
        United States or of any State or political subdivision thereof for these
        purposes if all of its activities are subject to tax and, with the exception
        of
        Freddie Mac, a majority of its board of directors is not selected by such
        government unit.

      

      
        
          
          

        

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

      

      Physical
        Certificates:
        As
        specified in the Preliminary Statement.

      

      Pool
        Stated Principal Balance:
        As to
        any Distribution Date, the aggregate of the Stated Principal Balances of
        the
        Mortgage Loans for such Distribution Date that were Outstanding Mortgage
        Loans
        on the Due Date in the related Due Period.

      

      Prepayment
        Charge:
        Any
        prepayment premium, penalty or charge collected by a Servicer with respect
        to a
        Mortgage Loan from a Mortgagor in connection with any Principal Prepayment
        pursuant to the terms of the related Mortgage Note.

      

      Prepayment
        Interest Excess:
        With
        respect to each Servicer, as applicable, the meaning assigned to such term
        in
        the related Servicing Agreement

      

      Prepayment
        Interest Shortfall:
        With
        respect to each Servicer, the meaning assigned to such term in the related
        Servicing Agreement.

      

      Prepayment
        Period:
        With
        respect to each Servicer, the meaning assigned to such term (or to the term
        “Principal Prepayment Period” with respect to Wells Fargo) in the related
        Servicing Agreement.

      

      Primary
        Mortgage Insurance Policy:
        Any
        mortgage guaranty insurance, if any, on an individual Mortgage Loan as evidenced
        by a policy or certificate, whether such policy is obtained by the related
        Mortgage Loan Seller, the lender or the borrower.

      

      Principal
        Payment Amount:
        For any
        Distribution Date, the sum of (i) the Basic Principal Payment Amount for
        such Distribution Date and (ii) the Extra Principal Payment Amount for such
        Distribution Date.

      

      Principal
        Prepayment:
        Any
        full or partial payment or other recovery of principal on a Mortgage Loan
        (including upon liquidation of a Mortgage Loan) that is received in advance
        of
        its scheduled Due Date, excluding any Prepayment Charge thereon, and that
        is not
        accompanied by an amount of interest representing scheduled interest due
        on any
        date or dates in any month or months subsequent to the month of prepayment.
        

      

      
        
          
          

        

        
          -37-
            

          
            

          

        

        
          
          

        

      

      

      

      Principal
        Prepayment in Full:
        Any
        Principal Prepayment made by a Mortgagor of the entire principal balance
        of a
        Mortgage Loan.

      

      Principal
        Remittance Amount:
        With
        respect to any Distribution Date, the amount equal to the sum of the following
        amounts (without duplication) with respect to the related Due Period:
        (i) each scheduled payment of principal on a Mortgage Loan due during such
        Due Period and received by the Servicers on or prior to the related
        Determination Date or advanced by the Servicers for the related Remittance
        Date,
        (ii) all Principal Prepayments received during the related Prepayment
        Period; (iii) all net Liquidation Proceeds, Condemnation Proceeds and
        Insurance Proceeds on the Mortgage Loans allocable to principal, and all
        Subsequent Recoveries, actually collected by the Servicers during the related
        Prepayment Period; (iv) the portion of the Repurchase Price allocable to
        principal with respect to each Mortgage Loan repurchased by a Mortgage Loan
        Seller or the Sponsor, as the case may be, that was repurchased on or prior
        to
        the related Determination Date; (v) all Substitution Adjustment Amounts
        allocable to principal with respect to the substitutions of Mortgage Loans
        that
        occur on or prior to the related Determination Date; and (vi) the allocable
        portion of the proceeds received with respect to the termination of the Trust
        Fund pursuant to clause (a) of Section 11.01 (to the extent such
        proceeds relate to principal).

      

      Private
        Certificates:
        As
        specified in the Preliminary Statement.

      

      Private
        Placement Memorandum:
        The
        Private Placement Memorandum, dated March 7, 2007 relating to the offering
        of
        the Class M-10 Certificates.

      

      Prospectus:
        The
        Prospectus, dated December 27, 2006, as supplemented by the Prospectus
        Supplement.

      

      Prospectus
        Supplement:
        The
        Prospectus Supplement, dated March
        7,
        2007
        relating
        to the Offered Certificates.

      

      PTCE:
        As
        defined in Section 5.02(b).

      

      Purchase
        Agreement:
        The
        Mortgage Loan Purchase Agreement, dated as of February 1, 2007, between the
        Depositor and the Sponsor.

      

      Rating
        Agency:
        Each of
        the Rating Agencies specified in the Preliminary Statement. If such organization
        or a successor is no longer in existence, “Rating Agency” shall be such
        nationally recognized statistical rating organization, or other comparable
        Person, as is designated by the Depositor, notice of which designation shall
        be
        given to the Trustee and the Securities Administrator. References herein
        to a
        given rating or rating category of a Rating Agency shall mean such rating
        category without giving effect to any modifiers. For purposes of
        Section 12.05, the addresses for notices to each Rating Agency shall be the
        address specified therefor in the definition corresponding to the name of
        such
        Rating Agency, or such other address as either such Rating Agency may hereafter
        furnish to the Depositor and the Securities Administrator.

      

      
        
          
          

        

        
          -38-
            

          
            

          

        

        
          
          

        

      

      

      

      Realized
        Losses:
        With
        respect to any date of determination and any Liquidated Mortgage Loan, the
        amount, if any, by which (a) the unpaid principal balance of such
        Liquidated Mortgage Loan together with accrued and unpaid interest thereon
        exceeds (b) the Liquidation Proceeds with respect thereto net of the
        expenses incurred by the applicable Servicer in connection with the liquidation
        of such Liquidated Mortgage Loan and net of the amount of unreimbursed Servicing
        Advances with respect to such Liquidated Mortgage Loan.

      

      Record
        Date:
        With
        respect to any Distribution Date and any Certificate (other than a Certificate
        issued in definitive form), the close of business on the Business Day
        immediately preceding such Distribution Date; provided,
        however,
        that,
        for any Certificate issued in definitive form, the Record Date shall be the
        close of business on the last Business Day of the month preceding the month
        in
        which such applicable Distribution Date occurs (or, in the case of the first
        Distribution Date, the Closing Date).

      

      Reference
        Bank:
        As
        defined in Section 4.04.

      

      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 - 1,631 (Jan. 7, 2005)) or by the staff of the
        Commission, or as may be provided by the Commission or its staff from time
        to
        time.

      

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

      

      Regulation
        S Investment Letter:
        As
        defined in Section 5.02(b).

      

      Regular
        Certificates:
        As
        specified in the Preliminary Statement.

      

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

      

      Relief
        Act Interest Shortfall:
        With
        respect to any Distribution Date and any Mortgage Loan, any reduction in
        the
        amount of interest collectible on such Mortgage Loan for the most recently
        ended
        Due Period as a result of the application of the Servicemembers Civil Relief
        Act
        or any applicable similar state statutes.

      

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

      

      
        
          
          

        

        
          -39-
            

          
            

          

        

        
          
          

        

      

      

      

      REMIC
        1:
        As
        described in the Preliminary Statement.

      

      REMIC
        2:
        As
        described in the Preliminary Statement.

      

      REMIC
        2 Net Funds Cap:
        For any
        Distribution Date (and the related Interest Accrual Period) and any Class
        of
        LIBOR Certificates, an amount equal to (i) the weighted average of the interest
        rates on the Lower Tier Interests in REMIC 2 (other than any interest-only
        regular interest), weighted in proportion to their Class Certificate Balances
        as
        of the beginning of the related Interest Accrual Period, multiplied by (ii)
        the
        quotient of (a) 30, divided by (b) the actual number of days in the Interest
        Accrual Period.

      

      REMIC
        3:
        As
        described in the Preliminary Statement.

      

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

      

      Remittance
        Date:
        To the
        extent provided in the related Servicing Agreement, (i) with respect to Wells
        Fargo, as Servicer, the 18th
        calendar
        day of any month, or if such 18th
        day is
        not a Business Day, the first Business Day immediately following, (ii) with
        respect to Countrywide Servicing, the 21st
        day of
        any month, or if such 21st
        day is
        not a Business Day, the first Business Day immediately preceding and (iii)
        with
        respect to Option One, the 20th
        day of
        any month, or if such 20th
        day is
        not a Business Day, the first Business Day immediately preceding.

      

      REO
        Disposition:
        The
        final sale by a Servicer of any REO Property.

      

      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.

      

      Reportable
        Event:
        As
        defined in Section 8.12(a)(iii).

      

      Reporting
        Servicer:
        As
        defined in Section 8.12(a)(ii).

      

      Repurchase
        Price:
        With
        respect to any Mortgage Loan, an amount equal to the sum of (i) the unpaid
        principal balance of such Mortgage Loan as of the date of repurchase,
        (ii) interest on such unpaid principal balance of such Mortgage Loan at the
        Mortgage Rate from the last date through which interest has been paid to
        the
        date of repurchase, (iii) all unreimbursed Servicing Advances, (iv) 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 (v) all expenses incurred by the Master Servicer, the
        related Servicer or Trustee arising out of the Master Servicer’s, the related
        Servicer’s or Trustee’s enforcement of the applicable Mortgage Loan Seller’s or
        Sponsor’s repurchase obligation hereunder. 

      

      
        
          
          

        

        
          -40-
            

          
            

          

        

        
          
          

        

      

      

      

      Request
        for Release:
        The
        Request for Release submitted by a Servicer to the Trustee, substantially
        in the
        form of Exhibit J.

      

      Residual
        Certificates:
        As
        specified in the Preliminary Statement.

      

      Responsible
        Officer:
        When
        used with respect to the Trustee, the Securities Administrator, the Master
        Servicer, any vice president, any assistant vice president, any assistant
        secretary, any assistant treasurer, any associate, or any other officer of
        the
        Trustee, the Securities Administrator or the Master Servicer customarily
        performing functions similar to those performed by any of the above designated
        officers who at such time shall be officers to whom, with respect to a
        particular matter, such matter is referred because of such officer’s knowledge
        of and familiarity with the particular subject and who, in each case, shall
        have
        direct responsibility for the administration of this Agreement.

      

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

      

      Rule 144A
        Investment Letter:
        As
        defined in Section 5.02(b).

      

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

      

      Scheduled
        Payment:
        The
        scheduled monthly payment on a Mortgage Loan due on any Due Date allocable
        to
        principal and/or interest on such Mortgage Loan which, unless otherwise
        specified herein, shall give effect to any related Debt Service Reduction
        and
        any Deficient Valuation that affects the amount of the monthly payment due
        on
        such Mortgage Loan.

      

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

      

      Securities
        Administrator:
        Wells
        Fargo and any successors in interest, and if a successor securities
        administrator is appointed hereunder, such successor. 

      

      
        
          
          

        

        
          -41-
            

          
            

          

        

        
          
          

        

      

      

      

      Securities
        Administrator Float Period:
        With
        respect to the Distribution Date and the related amounts in the Distribution
        Account, the period commencing on the Remittance Date immediately preceding
        such
        Distribution Date and ending on such Distribution Date. 

      

      Senior
        Interest Payment Amount:
        With
        respect to any Distribution Date and any Class of Class A
        Certificates, the sum of the Interest Payment Amount and the Interest Carry
        Forward Amount, if any, for that Distribution Date for that Class.

      

      Servicer:
        Each of
        Wells Fargo, Countrywide Servicing and Option One, and any successors in
        interest.

      

      Service(s)(ing):
        In
        accordance with Regulation AB, the act of servicing and administering the
        Mortgage Loans or any other assets of the Trust Fund by an entity that meets
        the
        definition of “servicer’ set forth in Item 1101 of Regulation AB and is subject
        to the disclosure requirements set forth in Item 1108 of Regulation AB. For
        clarification purposes, any uncapitalized occurrence of this term in this
        Agreement shall have the meaning commonly understood by participants in the
        residential mortgage-backed securitization market.

      

      Servicing
        Advances:
        With
        respect to the Servicers and the Master Servicer (including the Trustee in
        its
        capacity as successor master servicer), all customary and reasonable “out of
        pocket” costs and expenses (including reasonable attorneys’ fees and expenses)
        incurred by the Servicers in the performance of its servicing obligations
        under
        the related Servicing Agreement or by the Master Servicer (including the
        Trustee
        in its capacity as successor master servicer) in the performance of its
        obligations hereunder, including, but not limited to, the cost of (i) the
        preservation, restoration, inspection and protection of the Mortgaged Property,
        (ii) any enforcement or judicial proceedings, including foreclosures, (iii)
        the
        management and liquidation of the REO Property and (iv) any other expenses
        permitted to be reimbursed as Servicing Advances under the related Servicing
        Agreement, as applicable.

      

      Servicing
        Agreement:
        Each
        reconstituted servicing agreement or assignment, assumption and recognition
        agreement set forth on Exhibit M hereto relating to a Servicer and the servicing
        of the related Mortgage Loans by such Servicer, as the same may be amended
        from
        time to time.

      

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

      

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

      

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

      

      Servicing
        Function Participant: Any
        Sub-Servicer or Subcontractor of a Servicer, the Master Servicer, the Custodian
        or the Securities Administrator, respectively.

      

      
        
          
          

        

        
          -42-
            

          
            

          

        

        
          
          

        

      

      

      

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

      

      Similar
        Law:
        As
        defined in Section 5.02(b).

      

      60+
        Day Delinquent Mortgage Loan:
        Each
        Mortgage Loan with respect to which any portion of a Scheduled Payment is,
        as of
        the last day of the prior Due Period, two months or more past due (including
        any
        such Mortgage Loan in foreclosure, any such Mortgage Loan related to REO
        Property and any such Mortgage Loan where the related Mortgagor has filed
        for
        bankruptcy), without giving effect to any grace period.

      

      Sponsor:
        HSBC
        Bank USA, National Association, a national banking association, and its
        successors in interest. 

      

      Standard &
        Poor’s:
        Standard & Poor’s Ratings Services, a division of The McGraw-Hill
        Companies, Inc. If Standard & Poor’s is designated as a Rating Agency
        in the Preliminary Statement, for purposes of Section 12.05 the address for
        notices to Standard & Poor’s shall be Standard & Poor’s, 55
        Water Street, New York, New York 10041, Attention: Residential Mortgage
        Surveillance Group - HASCO (HSI Asset Securitization Corporation Trust,
        Series 2007-HE1), or such other address as Standard & Poor’s may
        hereafter furnish to the Depositor and the Securities
        Administrator.

      

      Standard &
        Poor’s Glossary:
        The
        Standard & Poor’s LEVELS® Glossary, as may be in effect from time to
        time.

      

      Startup
        Day:
        The
        Closing Date.

      

      Stated
        Principal Balance:
        As to
        each Mortgage Loan and as of any date of determination, (i) the principal
        balance of the Mortgage Loan at the Cut-off Date after giving effect to payments
        of principal due on or before such date (whether or not received), minus
        (ii) all amounts previously remitted to the Securities Administrator with
        respect to the related Mortgage Loan representing payments or recoveries
        of
        principal including advances in respect of scheduled payments of principal.
        For
        purposes of any Distribution Date, the Stated Principal Balance of any Mortgage
        Loan will give effect to any scheduled payments of principal received by
        the
        related Servicer on or prior to the related Determination Date or advanced
        by
        the related Servicer for the related Remittance Date and any unscheduled
        principal payments and other unscheduled principal collections received during
        the related Prepayment Period, and the Stated Principal Balance of any Mortgage
        Loan that has prepaid in full or has become a Liquidated Mortgage Loan during
        the related Prepayment Period shall be zero.

      

      Stepdown
        Date:
        The
        earlier to occur of (i) the first Distribution Date following the Distribution
        Date on which the aggregate Class Certificate Balances of the Class A
        Certificates have been reduced to zero and (ii) the later to occur of (a)
        the
        Distribution Date in March 2010 and (b) the first Distribution Date on which
        the
        Credit Enhancement Percentage for the Class A Certificates (calculated for
        this
        purpose only after taking into account payments of principal applied to reduce
        the Stated Principal Balance of the Mortgage Loans for that Distribution
        Date
        but prior to any applications of Principal Payment Amount to the Certificates
        on
        that Distribution Date) is greater than or equal to 48.20%.

      

      
        
          
          

        

        
          -43-
            

          
            

          

        

        
          
          

        

      

      

      

      Subcontractor:
        Any
        vendor, subcontractor or other Person that is not responsible for the overall
        servicing of the Mortgage Loans but performs one or more discrete functions
        identified in Item 1122(d) of Regulation AB with respect to Mortgage Loans
        under
        the direction or authority of any Servicer (or a Sub-Servicer of any Servicer),
        the Master Servicer, the Custodian or the Securities Administrator.

      

      Subsequent
        Recovery:
        With
        respect to any Mortgage Loan or related Mortgaged Property that became a
        Liquidated Mortgage Loan or was otherwise disposed of, all amounts received
        in
        respect of such Liquidated Mortgage Loan after an Applied Realized Loss Amount
        related to such Mortgage Loan or Mortgaged Property is allocated to reduce
        the
        Class Certificate Balance of any Class of Class M Certificates.
        Any Subsequent Recovery that is received during a Prepayment Period will
        be
        included as part of the Principal Remittance Amount for the related Distribution
        Date.

      

      Sub-Servicer:
        Any
        Person that services Mortgage Loans on behalf of a Servicer, and is responsible
        for the performance (whether directly or through sub-servicers or
        Subcontractors) of servicing functions required to be performed under this
        Agreement, any related Servicing Agreement or any sub-servicing agreement
        that
        are identified in Item 1122(d) of Regulation AB.

      

      Substitute
        Mortgage Loan:
        A
        Mortgage Loan substituted by a Mortgage Loan Seller or the Sponsor for a
        Deleted
        Mortgage Loan which must, in the case of a Mortgage Loan substituted by the
        Sponsor, on the date of such substitution, as confirmed in a Request for
        Release, substantially in the form of Exhibit J,
        (i) have a Stated Principal Balance, after deduction of all Scheduled
        Payments due in the month of substitution, not in excess of the Stated Principal
        Balance of the Deleted Mortgage Loan; (ii) be accruing interest at a rate
        not lower than and not more than 1.00% higher than that of the Deleted Mortgage
        Loan; (iii) have a remaining term to maturity not greater than (and not
        more than one year less than) that of the Deleted Mortgage Loan; (iv) be of
        the same type as the Deleted Mortgage Loan; and (v) conforms to each
        representation and warranty applicable to the Deleted Mortgage Loan made
        in the
        Purchase Agreement. 

      

      Substitution
        Adjustment Amount:  As
        defined in Section 2.03.

      

      Supplemental
        Interest Trust:
        The
        corpus of a trust created pursuant to Section 4.06 of this Agreement and
        designated as the “Supplemental Interest Trust,” consisting of the Swap
        Agreement, the Supplemental Interest Trust Account, the Swap Account, the
        Excess
        Reserve Fund Account, the Cap Agreement, the Cap Account, the Collateral
        Account, the right to receive the Class X Distributable Amount as provided
        in
        Section 4.02(a)(iii)(H), the Class LT3-I Interest in REMIC 3 and the right
        to
        receive Class I Shortfalls. 

      

      Supplemental
        Interest Trust Account:
        The
        Account created pursuant to Section 4.06(a).

      

      
        
          
          

        

        
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      Supplemental
        Interest Trust Trustee:
        The
        trustee of the Supplemental Interest Trust appointed pursuant to Section
        4.06(a), which is initially Wells Fargo.

      

      Swap
        Account:
        The
        sub-account of the Supplemental Interest Trust Account created pursuant to
        Section 4.06(a).

      

      Swap
        Agreement:
        The
        interest rate swap agreement entered into by the Supplemental Interest Trust
        and
        the Swap Counterparty, dated March 8, 2007, which agreement provides for,
        among
        other things, a Net Swap Payment to be paid pursuant to the conditions provided
        therein, commencing with the Distribution Date in April 2007 and ending on
        the
        Distribution Date in October 2010, together with any schedules, confirmations
        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 in the Swap
        Account.

      

      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
        Wachovia Bank, National Association.

      

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

      

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

      

      Swap
        LIBOR:
        With
        respect to any Distribution Date (and the 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, (ii) two, and (iii)
        the
        quotient of (a) the actual number of days in the Accrual Period for the LIBOR
        Certificates and (b) 30, as calculated by the Swap Counterparty and furnished
        to
        the Securities Administrator.

      

      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 4.08(a)(i).

      

      Swap
        Replacement Receipts Account:
        As
        defined in Section 4.08(a)(i).

      

      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 Distribution Dates and accrued interest thereon as provided
        in
        the Swap Agreement, as calculated by the Swap Counterparty and furnished
        to the
        Securities Administrator.

      

      
        
          
          

        

        
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      Swap
        Termination Receipts:
        As
        defined in Section 4.08(a)(i).

      

      Swap
        Termination Receipts Account:
        As
        defined in Section 4.08(a)(i).

      

      Tax
        Matters Person:
        The Holder of the Class R Certificates designated as “tax matters person” of
        each REMIC created hereunder in the manner provided under Treasury Regulations
        Section 1.860F-4(d) and Treasury Regulations Section
        301.6231(a)(7)-1.

      

      Telerate
        Page 3750:
        The
        display page currently so designated on the Bridge Telerate Service (or such
        other page as may replace that page on that service for displaying
        comparable rates or prices).

      

      Termination
        Event:
        The
        occurrence of a termination event under the termination provision of the
        Cap
        Agreement or Swap Agreement, as applicable.

      

      Termination
        Price:
        As
        defined in Section 11.01.

      

      Total
        Monthly Excess Spread:
        As to
        any Distribution Date, an amount equal to the excess, if any, of (i) the
        interest on the Mortgage Loans (other than Prepayment Interest Excesses)
        received by the Servicers on or prior to the related Determination Date or
        advanced by the Servicers for the related Remittance Date (net of Expense
        Fees)
        over (ii) the sum of the amounts payable to the Certificates pursuant to
        Section 4.02(a)(i)(A) through (C) on such Distribution Date.

      

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

      

      Transfer
        Affidavit:
        As
        defined in Section 5.02(c).

      

      Transfer
        Agreement:
        The
        various agreements by which
        the
        Sponsor purchased the Mortgage Loans from the Mortgage Loan
        Sellers.

      

      Transferor
        Certificate:
        As
        defined in Section 5.02(b).

      

      Trigger
        Event:
        Either
        a Cumulative Loss Trigger Event or a Delinquency Trigger Event.

      

      Trust:
        The
        express trust created hereunder in Section 2.01(c).

      

      Trust
        Fund:
        The
        corpus of the trust created hereunder consisting of (i) the Mortgage Loans
        and all interest and principal with respect thereto received on or after
        the
        related Cut-off Date, other than such amounts which were due on the Mortgage
        Loans on or prior to the related Cut-off Date; (ii) the Collection Account,
        the Distribution Account, the Cap Termination Receipts Account, the Cap
        Replacement Receipts Account the Swap Termination Receipts Account, the Swap
        Replacement Receipts Account and
        all
        amounts deposited therein pursuant to the applicable provisions of this
        Agreement; (iii) property that secured a Mortgage Loan and has been
        acquired by foreclosure, deed-in-lieu of foreclosure or otherwise; (iv) the
        Depositor’s rights under the Purchase Agreement, each Transfer Agreement and
        each Servicing Agreement; (v) the Insurance Policies; and (vi) all
        proceeds of the conversion, voluntary or involuntary, of any of the
        foregoing.

      

      
        
          
          

        

        
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      Trustee:
        Deutsche Bank National Trust Company, a national banking association, and
        its
        successors in interest and, if a successor trustee is appointed hereunder,
        such
        successor.

      

      Underwriters’
        Exemption:
        Any
        exemption listed under footnote 1 of, and amended by, Prohibited Transaction
        Exemption 96-84, 61 Fed. Reg. 58234 (1996), as amended by PTE 97-34,
        62 Fed. Reg. 39021 (1997), PTE 2000-58, 65 Fed. Reg. 67765 (2000) and
        PTE 2002-41, 67 Fed. Reg. 54487 (2002), or any successor
        exemption.

      

      Unpaid
        Realized Loss Amount:
        With
        respect to any Class of Class M Certificates and as to any
        Distribution Date, is the excess of (i) Applied Realized Loss Amounts with
        respect to such Class over (ii) the sum of (a) all distributions
        in reduction of such Applied Realized Loss Amounts on all previous Distribution
        Dates, and (b) the amount by which the Class Certificate Balance of
        such Class has been increased due to the distribution of any Subsequent
        Recoveries on all previous Distribution Dates. Any amounts distributed to
        a
        Class of Class M Certificates in respect of any Unpaid Realized Loss
        Amount will not be applied to reduce the Class Certificate Balance of such
        Class.

      

      Upper
        Tier REMIC:
        As
        described in the Preliminary Statement.

      

      Upper
        Tier REMIC Regular Interest:
        As
        described in the Preliminary Statement.

      

      U.S.
        Person:
        (i) A citizen or resident of the United States; (ii) a corporation (or
        entity treated as a corporation for tax purposes) created or organized in
        the
        United States or under the laws of the United States or of any State thereof,
        including, for this purpose, the District of Columbia; (iii) a partnership
        (or entity treated as a partnership for tax purposes) organized in the United
        States or under the laws of the United States or of any State thereof,
        including, for this purpose, the District of Columbia (unless provided otherwise
        by future Treasury regulations); (iv) an estate whose income is includible
        in gross income for United States income tax purposes regardless of its source;
        or (v) 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
        U.S.
        Persons have authority to control substantial decisions of the trust.
        Notwithstanding the last clause of the preceding sentence, to the extent
        provided in Treasury regulations, certain trusts in existence on August 20,
        1996, and treated as U.S. Persons prior to such date, may elect to continue
        to
        be U.S. Persons.

      

      Voting
        Rights:
        The
        portion of the voting rights of all of the Certificates which is allocated
        to
        any Certificate. As of any date of determination, 1.00% of all Voting Rights
        shall be allocated to each of the Class X, Class P and Class R
        Certificates, if any (such Voting Rights to be allocated among the holders
        of
        Certificates of each such Class in accordance with their respective
        Percentage Interests) and the remaining Voting Rights shall be allocated
        among
        Holders of the remaining Classes of Certificates in proportion to the
        Certificate Balances of their respective Certificates on such date.

      

      
        
          
          

        

        
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      Wells
        Fargo:
        Wells
        Fargo Bank, N.A., a national banking association, and its successors in
        interest.

      

      ARTICLE
        II

      

      CONVEYANCE
        OF MORTGAGE LOANS;

      REPRESENTATIONS
        AND WARRANTIES

      

      Section
        2.01 Conveyance
        of Mortgage Loans.
        (a) The Depositor, concurrently with the execution and delivery hereof,
        hereby sells, transfers, assigns, sets over and otherwise conveys to the
        Trustee
        for the benefit of the Certificateholders, without recourse, all the right,
        title and interest of the Depositor in and to the Trust Fund including all
        interest and principal received on or with respect to the Mortgage Loans
        on or
        after the Cut-off Date (other than Scheduled Payments due on the Mortgage
        Loans
        on or before the Cut-off Date).

      

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

      

      Concurrently
        with the execution and delivery of this Agreement, the Depositor does hereby
        assign to the Trustee all of its rights and interest under (i) the Purchase
        Agreement, including the right to enforce the Sponsor’s obligation to repurchase
        or substitute defective Mortgage Loans under Section 4 of the Purchase Agreement
        and (ii) each Servicing Agreement and each Transfer Agreement, to the extent
        assigned under the Purchase Agreement. The Trustee hereby accepts such
        assignment, and as set forth herein in Section 2.03(d), shall be entitled
        to
        exercise all the rights of the Depositor under the Purchase Agreement as
        if, for
        such purpose, it were the Depositor.

      

      (b) In
        connection with the transfer and assignment of each Mortgage Loan, the Depositor
        has delivered or caused to be delivered to the Custodian for the benefit
        of the
        Certificateholders the following documents or instruments with respect to
        each
        Mortgage Loan so assigned:

      

      
        
          
          

        

        
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      (i) the
        original Mortgage Note bearing all intervening endorsements necessary to
        show a
        complete chain of endorsements from the original payee, endorsed in blank,
“Pay
        to the order of _____________, without recourse”, and, if previously endorsed,
        signed in the name of the last endorsee by a duly qualified officer of the
        last
        endorsee;

      

      (ii) the
        original Assignment of Mortgage for each Mortgage Loan, in form and substance
        acceptable for recording. The Mortgage shall be assigned, with assignee’s name
        left blank;

      

      (iii) the
        original of each guarantee executed in connection with the Mortgage Note,
        if
        any;

      

      (iv) the
        original recorded Mortgage, with evidence of recording thereon. If in connection
        with any Mortgage Loan, the original Mortgage cannot be delivered 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 has been lost or because such public
        recording office retains the original recorded Mortgage, the Depositor shall
        deliver or cause to be delivered to the Custodian, (A) in the case of a
        delay caused by the public recording office, a copy of such Mortgage certified
        by the applicable Mortgage Loan Seller, escrow agent, title insurer or closing
        attorney to be a true and complete copy of the original recorded Mortgage
        and
        (B) in the case where a public recording office retains the original
        recorded Mortgage or in the case where a Mortgage is lost after recordation
        in a
        public recording office, a copy of such Mortgage certified by such public
        recording office to be a true and complete copy of the original recorded
        Mortgage;

      

      (v) originals
        or a certified copy of each modification agreement, if any;

      

      (vi) the
        originals of all intervening assignments of Mortgage with evidence of recording
        thereon evidencing a complete chain of ownership from the originator of the
        Mortgage Loan to the last assignee, or if any such intervening assignment
        of
        Mortgage has not been returned from the applicable public recording office
        or
        has been lost or if such public recording office retains the original recorded
        intervening assignments of Mortgage, a photocopy of such intervening assignment
        of Mortgage, together with (A) in the case of a delay caused by the public
        recording office, an officer’s certificate of the applicable Mortgage Loan
        Seller, escrow agent, closing attorney or the title insurer insuring the
        Mortgage stating that such intervening assignment of Mortgage has been delivered
        to the appropriate public recording office for recordation and that such
        original recorded intervening assignment of Mortgage or a copy of such
        intervening assignment of Mortgage certified by the appropriate public recording
        office to be a true and complete copy of the original recorded intervening
        assignment of Mortgage will be promptly delivered to the Custodian upon receipt
        thereof by the party delivering the officer’s certificate or by the applicable
        Mortgage Loan Seller; or (B) in the case of an intervening assignment of
        mortgage where a public recording office retains the original recorded
        intervening assignment of Mortgage or in the case where an intervening
        assignment of Mortgage is lost after recordation in a public recording office,
        a
        copy of such intervening assignment of Mortgage with recording information
        thereon certified by such public recording office to be a true and complete
        copy
        of the original recorded intervening assignment of Mortgage;

      

      
        
          
          

        

        
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      (vii) if
        the
        Mortgage Note, the Mortgage, any Assignment of Mortgage or any other related
        document has been signed by a Person on behalf of the Mortgagor, the copy
        of the
        power of attorney or other instrument that authorized and empowered such
        Person
        to sign;

      

      (viii) the
        original lender’s title insurance policy (or a marked title insurance
        commitment, in the event that an original lender’s title insurance policy has
        not yet been issued) in the form of an ALTA mortgage title insurance policy,
        containing all required endorsements and insuring the Trustee and its successors
        and assigns as to the first priority lien of the Mortgage in the original
        principal amount of the Mortgage Loan;

      

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

      

      (x) original
        of any security agreement, chattel mortgage or equivalent document executed
        in
        connection with the Mortgage, if any.

      

      From
        time
        to time, a Mortgage Loan Seller, the Depositor or a Servicer, as applicable,
        shall forward to the Custodian additional original documents, additional
        documents evidencing an assumption, modification, consolidation or extension
        of
        a Mortgage Loan, in accordance with the terms of this Agreement, the Transfer
        Agreements and the Servicing Agreements, upon receipt of such documents.
        All
        such mortgage documents held by the Custodian as to each Mortgage Loan shall
        constitute the “Custodial
        File”.

      

      Assignments
        of Mortgage shall not be required to be completed and submitted for recording
        with respect to any Mortgage Loan if the Trustee and each Rating Agency have
        received an Opinion of Counsel from the Depositor, satisfactory in form and
        substance to the Trustee and each Rating Agency to the effect that the
        recordation of such Assignments of Mortgage in any specific jurisdiction
        is not
        necessary to protect the Trust Fund’s interest in the related Mortgage Note. If
        the Assignment of Mortgage is to be recorded, the Mortgage shall be assigned
        by
        the Mortgage Loan Seller to “Deutsche Bank National Trust Company, as trustee
        under the Pooling and Servicing Agreement dated as of February 1, 2007, for
        HSI
        Asset Securitization Corporation Trust 2007-HE1”.

      

      (c) The
        Depositor does hereby establish, pursuant to the further provisions of this
        Agreement and the laws of the State of New York, an express trust (the
“Trust”)
        to be
        known, for convenience, as “HSI Asset Securitization Corporation Trust 2007-HE1”
and Deutsche Bank National Trust Company is hereby appointed as Trustee and
        Wells Fargo Bank, N.A. is appointed as Securities Administrator in accordance
        with the provisions of this Agreement. The parties hereto acknowledge and
        agree
        that it is the policy and intention of the Trust to acquire only Mortgage
        Loans
        meeting the requirements set forth in the Transfer Agreements and in the
        Purchase Agreement.

      

      
        
          
          

        

        
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      (d) The
        Trust
        shall have the capacity, power and authority, and the Trustee on behalf of
        the
        Trust is hereby authorized, to accept the sale, transfer, assignment, set
        over
        and conveyance by the Depositor to the Trust of all the right, title and
        interest of the Depositor in and to the Trust Fund (including, without
        limitation, the Mortgage Loans) pursuant to Section 2.01(a). 

      

      Section
        2.02 Acceptance
        by the Custodian of the Mortgage Loans.
        The
        Custodian shall acknowledge, on the Closing Date, receipt by the Custodian
        of
        the documents identified in the Initial Certification in the form annexed
        hereto
        as Exhibit E (“Initial
        Certification”),
        and
        declares that it holds and will hold such documents and the other documents
        delivered to it pursuant to Section 2.01, and that it holds or will hold
        such other assets as are included in the Trust Fund, in trust for the exclusive
        use and benefit of all present and future Certificateholders. The Custodian
        shall maintain possession of the related Mortgage Notes in the States of
        Minnesota, California, and Utah unless otherwise permitted by the Rating
        Agencies.

      

      In
        connection with the Closing Date, the Custodian shall be required to deliver
        via
        facsimile (with original to follow the next Business Day) to the Depositor,
        the
        Securities Administrator, the Trustee and the Servicers an Initial Certification
        prior to the Closing Date, or, as the Depositor agrees on the Closing Date,
        certifying receipt of a Mortgage Note and Assignment of Mortgage for each
        Mortgage Loan. The Custodian shall not be responsible to verify the validity,
        sufficiency or genuineness of any document in any Custodian File.

      

      Within
        90 days of the Closing Date, the Custodian shall ascertain that all
        documents identified in the Document Certification and Exception Report in
        the
        form attached hereto as Exhibit F are in its possession, and shall deliver
        to the Depositor, the Securities Administrator, the Trustee and the Servicers,
        a
        Document Certification and Exception Report, in the form annexed hereto as
        Exhibit F, to the effect that, as to each Mortgage Loan listed in the
        Mortgage Loan Schedule (other than any Mortgage Loan paid in full or any
        Mortgage Loan specifically identified in such certification as an exception
        and
        not covered by such certification): (i) all documents identified in the
        Document Certification and Exception Report and required to be reviewed by
        it
        are in its possession; (ii) such documents have been reviewed by it and
        appear regular on their face and relate to such Mortgage Loan; (iii) based
        on its examination and only as to the foregoing documents, the information
        set
        forth in items (1), (2), (3), (15), (18) and (22) of the Data Tape
        Information respecting such Mortgage Loan is correct; and (iv) each
        Mortgage Note has been endorsed as provided in Section 2.01 of this
        Agreement. Neither the Trustee nor the Custodian shall be responsible to
        verify
        the validity, sufficiency or genuineness of any document in any Custodial
        File.

      

      The
        Custodian shall retain possession and custody of each Custodial File in
        accordance with and subject to the terms and conditions set forth
        herein.

      

      Section
        2.03 Remedies
        for Breaches of Representations and Warranties with Respect to the Mortgage
        Loans.
        

      

      
        
          
          

        

        
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      (a) Upon
        the
        removal of a Deleted Mortgage Loan and the substitution of a Substititute
        Mortgage Loan and the deposit to the related Collection Account of the amount
        required to be deposited therein in connection with such substitution, the
        Custodian shall release the Mortgage File held for the benefit of the
        Certificateholders relating to such Deleted Mortgage Loan to the applicable
        Mortgage
        Loan Seller and the Trustee, upon receipt of a Request for Release certifying
        that all amounts required to be deposited in accordance with this Section
        2.03(a) have been deposited in the related Collection Account, shall execute
        and
        deliver at the applicable Mortgage Loan Seller’s direction such instruments of
        transfer or assignment prepared by the applicable Mortgage Loan Seller in
        each
        case without recourse, as shall be necessary to vest title in the applicable
        Mortgage Loan Seller of the Trustee’s interest in any Deleted Mortgage Loan
        substituted for pursuant to this Section 2.03.

      

      (b) In
        addition to the repurchase or substitution obligations referred to in
        Section 2.03(d) below, the Sponsor shall indemnify the Depositor, any of
        its Affiliates, the Master Servicer, each Servicer, the Securities
        Administrator, the Trustee and the Trust and hold such parties harmless against
        any losses, damages, penalties, fines, forfeitures, reasonable and necessary
        legal fees and related costs, judgments and other costs and expenses (including,
        without limitation, any taxes payable by the Trust) resulting from any third
        party claim, demand, defense or assertion based on or grounded upon, or
        resulting from, a breach by the Sponsor of any of its representations and
        warranties or obligations contained in this Agreement.

      

      (c) Upon
        receipt of a Request for Release substantially in the form of Exhibit J
        hereto, the Custodian shall release the related Custodial File held for the
        benefit of the Certificateholders to the related Mortgage Loan Seller or
        the
        Sponsor, as applicable, as directed by the applicable Servicer, and the Trustee
        shall execute and deliver at such Person’s direction such instruments of
        transfer or assignment prepared by such Person, in each case without recourse,
        as shall be necessary to transfer title from the Trustee. In accordance with
        Section 12.05(a), the Securities Administrator shall promptly notify each
        Rating Agency of a purchase of a Mortgage Loan pursuant to this
        Section 2.03 or pursuant to a Transfer Agreement.

      

      (d) The
        Trustee acknowledges that, except as provided in Section 5 of the Purchase
        Agreement, the Sponsor shall not have any obligation or liability with respect
        to any breach of a representation or warranty made by it with respect to
        a
        Mortgage Loan sold by it, provided that such representation or warranty was
        also
        made by a Mortgage Loan Seller with respect to the related Mortgage Loan.
        It is
        understood and agreed that the representations and warranties of the Sponsor
        set
        forth in Section 4 of the Purchase Agreement and assigned to the Trustee
        by the
        Depositor hereunder shall survive the transfer of the Mortgage Loans by the
        Depositor to the Trustee on the Closing Date, and shall inure to the benefit
        of
        the Trustee and the Certificateholders notwithstanding any restrictive or
        qualified endorsement on any Mortgage Note or Assignment of Mortgage and
        shall
        continue throughout the term of this Agreement. Upon the discovery by any
        of the
        Sponsor, the Depositor, the Securities Administrator, the Trustee, the Master
        Servicer or any Servicer of a breach of any of the Sponsor’s representations and
        warranties set forth in Section 4 of the Purchase Agreement, the party
        discovering the breach shall give prompt written notice to the others. Within
        30 days of the earlier of either discovery by or notice to the Sponsor of
        any breach of any of the foregoing representations or warranties that materially
        and adversely affects the value of any Mortgage Loan or the interest of the
        Trustee or the Certificateholders therein, the Sponsor shall use its best
        efforts to cure such breach in all material respects and, if such defect
        or
        breach cannot be remedied, the Sponsor shall, at the Depositor’s instructions as
        specified in writing and provided to the Sponsor and the Trustee, (i) if
        such 30-day period expires prior to the second anniversary of the Closing
        Date,
        remove such Mortgage Loan from the Trust Fund and substitute in its place
        a
        Substitute Mortgage Loan, in the same manner and subject to the same conditions
        set forth in this Section 2.03 or (ii) repurchase such Mortgage Loan
        at the Repurchase Price; provided,
        however,
        that
        any such substitution pursuant to clause (i) above shall not be
        effected prior to the delivery to the Custodian of a Request for Release
        substantially in the form of Exhibit J, and the delivery of the Mortgage
        File to the Custodian for any such Substitute Mortgage Loan. It is understood
        and agreed that the obligations of the Sponsor under this Agreement to cure,
        repurchase or substitute any Mortgage Loan as to which a breach of a
        representation and warranty has occurred and is continuing, together with
        any
        related indemnification obligations of the Sponsor set forth in Section 2.03(b),
        shall constitute the sole remedies against the Sponsor available to the
        Certificateholders, the Depositor and any of its affiliates, or the Trustee
        on
        their behalf.

      

      
        
          
          

        

        
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      The
        provisions of this Section 2.03 shall survive delivery of the respective
        Custodial Files to the Custodian for the benefit of the
        Certificateholders.

      

      Section
        2.04 Execution
        and Delivery of Certificates.
        The
        Trustee acknowledges the transfer and assignment to it of the Trust Fund
        and,
        concurrently with such transfer and assignment, the Securities Administrator
        has
        executed and delivered to, or upon the order of the Depositor, the Certificates
        in authorized denominations evidencing directly or indirectly the entire
        ownership of the Trust Fund. The Trustee agrees to hold the Trust Fund and
        exercise the rights referred to above for the benefit of all present and
        future
        Holders of the Certificates.

      

      Section
        2.05 REMIC
        Matters.
        The
        Preliminary Statement sets forth the designations for federal income tax
        purposes of all interests created hereby.  The “Startup
        Day”
for
        purposes of the REMIC Provisions shall be the Closing Date.  The
“latest
        possible maturity date”
is
        the
        Distribution Date occurring three years after the month in which the
        latest Mortgage Loan maturity date (of the Mortgage Loans held in the Trust
        on
        the Closing Date) occurs.

      

      Section
        2.06 Representations
        and Warranties of the Depositor.
        The
        Depositor hereby represents, warrants and covenants to the other parties
        to this
        agreement that as of the date of this Agreement or as of such date specifically
        provided herein:

      

      (a) The
        Depositor is a corporation duly organized, validly existing and in good standing
        under the laws of the State of Delaware;

      

      (b) The
        Depositor has the power and authority to convey the Mortgage Loans and to
        execute, deliver and perform, and to enter into and consummate transactions
        contemplated by, this Agreement;

      

      (c) This
        Agreement has been duly and validly authorized, executed and delivered by
        the
        Depositor, all requisite company action having been taken, and, assuming
        the due
        authorization, execution and delivery hereof by the other parties hereto,
        constitutes or will constitute the legal, valid and binding agreement of
        the
        Depositor, enforceable against the Depositor in accordance with its terms,
        except as such enforcement may be limited by bankruptcy, insolvency,
        reorganization, moratorium or other similar laws relating to or affecting
        the
        rights of creditors generally, and by general equity principles (regardless
        of
        whether such enforcement is considered in a proceeding in equity or at
        law);

      

      
        
          
          

        

        
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      (d) No
        consent, approval, authorization or order of, or registration or filing with,
        or
        notice to, any governmental authority or court is required for the execution,
        delivery and performance of or compliance by the Depositor with this Agreement
        or the consummation by the Depositor of any of the transactions contemplated
        hereby, except as have been received or obtained on or prior to the Closing
        Date;

      

      (e) None
        of
        the execution and delivery of this Agreement, the consummation of the
        transactions contemplated hereby or thereby, or the fulfillment of or compliance
        with the terms and conditions of this Agreement, (i) conflicts or will
        conflict with or results or will result in a breach of, or constitutes or
        will
        constitute a default or results or will result in an acceleration under
        (A) the charter or bylaws of the Depositor, or (B) of any term,
        condition or provision of any material indenture, deed of trust, contract
        or
        other agreement or instrument to which the Depositor or any of its subsidiaries
        is a party or by which it or any of its subsidiaries is bound; (ii) results
        or will result in a violation of any law, rule, regulation, order, judgment
        or
        decree applicable to the Depositor of any court or governmental authority
        having
        jurisdiction over the Depositor or its subsidiaries; or (iii) results in
        the creation or imposition of any lien, charge or encumbrance which would
        have a
        material adverse effect upon the Mortgage Loans or any documents or instruments
        evidencing or securing the Mortgage Loans;

      

      (f) There
        are
        no actions, suits or proceedings before or against or investigations of,
        the
        Depositor pending, or to the knowledge of the Depositor, threatened, before
        any
        court, administrative agency or other tribunal, and no notice of any such
        action, which, in the Depositor’s reasonable judgment, might materially and
        adversely affect the performance by the Depositor of its obligations under
        this
        Agreement, or the validity or enforceability of this Agreement;

      

      (g) The
        Depositor is not in default with respect to any order or decree of any court
        or
        any order, regulation or demand of any federal, state, municipal or governmental
        agency that would materially and adversely affect its performance hereunder;
        and

      

      (h) Immediately
        prior to the transfer and assignment by the Depositor to the Trustee on the
        Closing Date, the Depositor had good title to, and was the sole owner of
        each
        Mortgage Loan, free of any interest of any other Person, and the Depositor
        has
        transferred all right, title and interest in each Mortgage Loan to the Trustee.
        The transfer of the Mortgage Note and the Mortgage as and in the manner
        contemplated by this Agreement is sufficient either (i) fully to transfer
        to the Trustee, for the benefit of the Certificateholders, all right, title,
        and
        interest of the Depositor thereto as note holder and mortgagee or (ii) to
        grant to the Trustee, for the benefit of the Certificateholders, the security
        interest referred to in Section 12.04.

      

      It
        is
        understood and agreed that the representations, warranties and covenants
        set
        forth in this Section 2.06 shall survive delivery of the respective
        Mortgage Files to the Custodian and shall inure to the benefit of the
        Trustee.

      

      
        
          
          

        

        
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      ARTICLE
        III

      

      ADMINISTRATION
        AND SERVICING

      OF
        MORTGAGE LOANS

      

      Section
        3.01 Establishment
        of Certain Accounts.
        (a)   (i) The Securities Administrator shall establish and maintain
        the Excess Reserve Fund Account as an asset of the Supplemental Interest
        Trust,
        on behalf of the Class X Certificateholders, to receive any Basis Risk
        Payment and to secure their limited recourse obligation to pay to the LIBOR
        Certificateholders any Basis Risk Carryover Amounts. The Excess Reserve Fund
        Account shall be funded on the Closing Date with an initial deposit of $1,000
        by
        the Depositor.

      

      (ii) On
        each
        Distribution Date, the Securities Administrator shall deposit the amount
        of any
        Basis Risk Payment for such date into the Excess Reserve Fund
        Account.

      

      (b) (i) On
        each
        Distribution Date on which there exists a Basis Risk Carryover Amount on
        any
        Class of LIBOR Certificates, the Securities Administrator shall
        (1) withdraw from the Distribution Account and deposit in the Excess
        Reserve Fund Account, as set forth in Section 4.02(a)(iii)(C), the lesser
        of (x) the Class X Distributable Amount (without regard to the
        reduction in the definition thereof with respect to the Basis Risk Payment
        (to
        the extent remaining after the distributions specified in
        Sections  4.02(a)(iii)(A)
        through (G)) and (y) the aggregate Basis Risk Carryover Amounts for such
        Distribution Date and (2) withdraw from the Excess Reserve Fund Account
        amounts necessary to pay to such Class or Classes of LIBOR Certificates the
        applicable Basis Risk Carryover Amount. Such payments shall be allocated
        to
        those Classes on a pro rata
        basis
        based upon the amount of Basis Risk Carryover Amount owed to each such
        Class and shall be paid in the priority set forth in
        Sections 4.02(a)(iii)(D).

      

      (ii) The
        Securities Administrator shall account for the Excess Reserve Fund Account
        as an
        asset of a grantor trust under subpart E, Part I of subchapter J
        of the Code and not as an asset of any REMIC created pursuant to this Agreement.
        The beneficial owners of the Excess Reserve Fund Account are the Class X
        Certificateholders. For all federal tax purposes, amounts transferred by
        the
        Upper Tier REMIC to the Excess Reserve Fund Account shall be treated as
        distributions by the Securities Administrator to the Class X
        Certificateholders.

      

      (iii) Any
        Basis
        Risk Carryover Amounts paid by the Securities Administrator to the LIBOR
        Certificateholders shall be accounted for by the Securities Administrator
        as
        amounts paid first to the Holders of the Class X Certificates and then to
        the respective Class or Classes of LIBOR Certificates. In addition, the
        Securities Administrator shall account for such Certificateholders’ rights to
        receive payments of Basis Risk Carryover Amounts as rights in a limited recourse
        notional principal contract written by the Class X Certificateholders in
        favor of such Certificateholders.

      

      (iv) Notwithstanding
        any provision contained in this Agreement, the Securities Administrator shall
        not be required to make any payments to and from the Excess Reserve Fund
        Account
        except as expressly set forth in this Section 3.01(b) and
        Sections 4.02(a)(iii)(C), (D) and (H).

      

      
        
          
          

        

        
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      (c) The
        Securities Administrator shall establish and maintain the Distribution Account
        on behalf of the Certificateholders. The Master Servicer shall, promptly
        upon
        receipt, deposit in the Distribution Account and retain therein the
        following:

      

      (i) the
        aggregate amount remitted by the Servicers to the Master Servicer pursuant
        to
        the Servicing Agreements ;

      

      (ii) any
        amount deposited by the Servicers pursuant to the Servicing Agreements in
        connection with any losses on Permitted Investments; and

      

      (iii) any
        other
        amounts deposited hereunder which are required to be deposited in the
        Distribution Account.

      

      In
        the
        event that a Servicer shall remit any amount not required to be remitted,
        it may
        at any time direct the Securities Administrator in writing to withdraw such
        amount from the Distribution Account, any provision herein to the contrary
        notwithstanding. Such direction may be accomplished by delivering notice
        to the
        Securities Administrator which describes the amounts deposited in error in
        the
        Distribution Account. All funds deposited in the Distribution Account shall
        be
        held by the Securities Administrator in trust for the Certificateholders
        until
        disbursed in accordance with this Agreement or withdrawn in accordance with
        Section 4.02. 

      

      Section
        3.02 Investment
        of Funds in the Distribution Account.
        (a)  The Securities Administrator may invest funds in the Distribution
        Account during the Securities Administrator’s Float Period, in one or more
        Permitted Investments bearing interest or sold at a discount, and maturing,
        unless payable on demand, no later than the Business Day immediately preceding
        the date on which such funds are required to be withdrawn from such account
        pursuant to this Agreement; provided,
        however,
        that
        any such Permitted Investment managed by or advised by the Securities
        Administrator or any of its Affiliates may mature, unless payable on demand,
        no
        later than the date on which such funds are required to be withdrawn from
        such
        account pursuant to this Agreement. All such Permitted Investments shall
        be held
        to maturity, unless payable on demand. Any investment of funds in the
        Distribution Account shall be made in the name of the Securities Administrator.
        The Securities Administrator shall be entitled to sole possession over each
        such
        investment, and any certificate or other instrument evidencing any such
        investment shall be delivered directly to the Securities Administrator or
        its
        agent, as applicable, together with any document of transfer necessary to
        transfer title to such investment to the Securities Administrator or its
        agent,
        as applicable. In the event amounts on deposit in the Distribution Account
        are
        at any time invested in a Permitted Investment payable on demand, the Securities
        Administrator may:

      

      
        	 	
                (x)

              	
                consistent
                  with any notice required to be given thereunder, demand that payment
                  thereon be made on the last day such Permitted Investment may otherwise
                  mature hereunder in an amount equal to the lesser of (1) all amounts
                  then payable thereunder and (2) the amount required to be withdrawn
                  on such date; and

              

      

      

      
        
          
          

        

        
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                (y)

              	
                demand
                  payment of all amounts due thereunder that such Permitted Investment
                  would
                  not constitute a Permitted Investment in respect of funds thereafter
                  on
                  deposit in the Distribution
                  Account.

              

      

      

      (b) All
        income and gain realized from the investment of funds deposited in the
        Distribution Account held by the Securities Administrator during the Securities
        Administrator’s Float Period, shall be for the benefit of the Securities
        Administrator, and shall be subject to the Securities Administrator’s withdrawal
        in the manner set forth in Section 4.01. Notwithstanding anything in this
        Section 3.02(b), the Securities Administrator shall be liable to the Trust
        for
        any loss on any funds it has invested under this Section 3.02(b) only during
        the
        Securities Administrator Float Period, and the Securities Administrator shall
        deposit in the Distribution Account the amount of any loss of principal incurred
        in respect of any such Permitted Investment made with funds in such account
        immediately upon realization of such loss.

      

      (c) The
        Securities Administrator or its Affiliates are permitted to receive additional
        compensation that could be deemed to be in the Securities Administrator’s
        economic self-interest for (i) serving as investment adviser,
        administrator, shareholder, servicing agent, custodian or sub-custodian with
        respect to certain of the Permitted Investments, (ii) using Affiliates to
        effect transactions in certain Permitted Investments and (iii) effecting
        transactions in certain Permitted Investments. Such compensation shall not
        be
        considered an amount that is reimbursable for payable pursuant to this
        Agreement.

      

      Section
        3.03 Report
        on Assessment of Compliance with Relevant Servicing Criteria.
        On or
        before March 15th
        of each
        calendar year, commencing in March 2008, the Master Servicer, the Securities
        Administrator and the Custodian, each at its own expense, shall furnish or
        otherwise make available, and each such party shall cause any Servicing Function
        Participant engaged by it to furnish, each at its own expense, to the Securities
        Administrator and the Depositor, a report on an assessment of compliance
        with
        the Relevant Servicing Criteria set forth in Exhibit S that contains (A)
        a
        statement by such party of its responsibility for assessing compliance with
        the
        Relevant Servicing Criteria, (B) a statement that such party used the Relevant
        Servicing Criteria to assess compliance with the Relevant Servicing Criteria,
        (C) such party’s assessment of compliance with the Relevant Servicing Criteria
        as of and for the fiscal year covered by the Form 10-K required to be filed
        pursuant to Section 8.12, 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. 

      

      Promptly
        after receipt of each such report on assessment of compliance as well as
        the
        reports on assessment of compliance provided to the Depositor under the
        Servicing Agreements, (i) the Depositor shall review each such report and,
        if
        applicable, consult with the Master Servicer, the Securities Administrator,
        the
        Custodian, any Servicer and any Servicing Function Participant engaged by
        any
        such party as to the nature of any material instance of noncompliance with
        the
        Relevant Servicing Criteria by each such party, and (ii) the Securities
        Administrator shall confirm that the assessments, taken as a whole, address
        all
        of the Servicing Criteria and taken individually address the Relevant Servicing
        Criteria for each party as set forth on Exhibit S or as set forth in the
        applicable Servicing Agreement.

      

      
        
          
          

        

        
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      The
        Master Servicer shall enforce any obligation of each Servicer to cause to
        be
        delivered to the Securities Administrator an annual report on assessment
        of
        compliance within the time frame set
        forth
        in the applicable Servicing Agreement, and in such form and
        substance as may be required by the applicable Servicing Agreement.

      

      In
        the
        event the Master Servicer, the Securities Administrator, the Custodian or
        any
        Servicing Function Participant engaged by any such party is terminated, assigns
        its rights and obligations under, or resigns pursuant to, the terms of this
        Agreement, or any other applicable agreement, as the case may be, such party
        shall provide a report on assessment of compliance pursuant to this Section
        3.03, or to such other applicable agreement, notwithstanding any such
        termination, assignment or resignation.

      

      Section
        3.04 Report
        on Attestation of Compliance with Relevant Servicing Criteria.
        On or
        before March 15th
        of each
        calendar year, commencing in March 2008, the Master Servicer, the Securities
        Administrator and the Custodian, 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 Securities Administrator,
        the Custodian or such other Servicing Function Participants, as the case
        may be)
        that is a member of the American Institute of Certified Public Accountants
        to
        furnish an attestation report to the Securities Administrator and the Depositor,
        to the effect that (i) it has obtained a representation regarding certain
        matters from the management of such party, which includes an assertion that
        such
        party has complied with the Relevant Servicing Criteria, and (ii) on the
        basis
        of an examination conducted by such firm in accordance with standards for
        attestation engagements issued or adopted by the Public Company Accounting
        Oversight Board, it is expressing an opinion as to whether such party’s
        compliance with the Relevant Servicing Criteria was fairly stated in all
        material respects, or it cannot express an overall opinion regarding such
        party’s assessment of compliance with the Relevant Servicing Criteria. In the
        event that an overall opinion cannot be expressed, such registered public
        accounting firm shall state in such report why it was unable to express such
        an
        opinion. Such report must be available for general use and not contain
        restricted use language. 

      

      Promptly
        after receipt of each such assessment of compliance and attestation report
        as
        well as the assessment of compliance and attestation report provided the
        Depositor under the Servicing Agreements, the Securities Administrator shall
        confirm that each assessment submitted pursuant to Section 3.03 and the
        Servicing Agreements is coupled with an attestation meeting the requirements
        of
        this Section and notify the Depositor of any exceptions. 

      

      The
        Master Servicer shall enforce any obligation of each Servicer to cause to
        be
        delivered to the Master Servicer an attestation within the time
        frame set
        forth
        in the applicable Servicing Agreement, and in such form and
        substance as may be required by the applicable Servicing Agreement.

      

      In
        the
        event the Master Servicer, the Securities Administrator, the Custodian or
        any
        Servicing Function Participant engaged by any such party, is terminated,
        assigns
        its rights and duties under, or resigns pursuant to the terms of, this Agreement
        or any other applicable agreement, as the case may be, such party shall cause
        a
        registered public accounting firm to provide an attestation pursuant to this
        Section 3.04, or to such other applicable agreement, notwithstanding any
        such
        termination, assignment or resignation. 

      

      
        
          
          

        

        
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      Section
        3.05 Annual
        Officer’s Certificates.
        (a) Each
        Form 10-K filed with the Commission shall include a Sarbanes-Oxley Certification
        exactly as set forth in Exhibit L attached hereto, required to be included
        therewith pursuant to the Sarbanes-Oxley Act. Each of the Master Servicer,
        the
        Custodian and the Securities Administrator shall, and 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 10th
        of each
        year in which the Trust is subject to the reporting requirements of the Exchange
        Act, commencing in March 2008, and otherwise within a reasonable period of
        time
        upon request, a certification (each, a “Back-Up
        Certification”),
        upon
        which the Certifying Person, the entity for which the Certifying Person acts
        as
        an officer, and such entity’s officers, directors and Affiliates (collectively
        with the Certifying Person, “Certification
        Parties”)
        can
        reasonably rely. The senior officer of the Master Servicer in charge of the
        master servicing function shall serve as the Certifying Person on behalf
        of the
        Trust. Such officer of the Certifying Person can be contacted by e-mail at
        cts.sec.notifications@wellsfargo.com
        or by
        facsimile at 410-715-2380. In the event any such party or any Servicing Function
        Participant engaged by any such party is terminated or resigns pursuant to
        the
        terms of this Agreement, or any applicable sub-servicing agreement, as the
        case
        may be, such party shall provide a Back-Up Certification to the Certifying
        Person pursuant to this Section 3.05 with respect to the period of time it
        was
        subject to this Agreement or any applicable sub-servicing agreement, as the
        case
        may be. Notwithstanding the foregoing, (i) the Master Servicer and the
        Securities Administrator shall not be required to deliver a Back-Up
        Certification to each other if both are the same Person and the Master Servicer
        is the Certifying Person and (ii) the Master Servicer shall not be obligated
        to
        sign the Sarbanes-Oxley Certification in the event that it does not receive
        any
        Back-Up Certification required to be furnished to it pursuant to this section
        or
        any Servicing Agreement.

      

      (b) On
        or
        before March 15th
        of each
        calendar year, commencing in March 2008, the Master Servicer and the Securities
        Administrator shall deliver (or otherwise make available) (and the Master
        Servicer and Securities Administrator shall cause any Servicing Function
        Participant engaged by it to deliver) to the Depositor and the Securities
        Administrator, an Officer’s Certificate substantially in the form of Exhibit U
        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 a Servicing Function Participant, has been made under such officer’s
        supervision and (B) to the best of such officer’s knowledge, based on such
        review, such party has fulfilled all its obligations under this Agreement,
        or
        such other applicable agreement in the case of a Servicing Function Participant,
        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.

      

      In
        the
        event the Master Servicer, the Securities Administrator or any Servicing
        Function Participant engaged by any such party is terminated or resigns pursuant
        to the terms of this Agreement, or any applicable agreement in the case of
        a
        Servicing Function Participant, as the case may be, such party shall provide
        an
        Officer’s Certificate pursuant to this Section 3.05 or to such applicable
        agreement, as the case may be, notwithstanding any such termination, assignment
        or resignation. 

      

      
        
          
          

        

        
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      Section
        3.06 Indemnification.
        (a) Each
        of
        the Depositor, the Master Servicer, the Securities Administrator, the Custodian,
        the Trustee (only in the case of any failure to deliver any information,
        data or
        materials required to be included in any Additional Form 10-D Disclosure,
        Additional Form 10-K Disclosure or Form 8-K Disclosure Information that the
        Trustee is obligated to provide, and only with respect to the Depositor,
        the
        Master Servicer and the Securities Administrator) and any Servicing Function
        Participant (each, an “Indemnifying Party”) engaged by any such party, shall
        indemnify and hold harmless each other Indemnifying Party, and each of its
        directors, officers, employees, agents, and affiliates from and against any
        and
        all claims, losses, damages, penalties, fines, forfeitures, reasonable legal
        fees and related costs, judgments and other costs and expenses arising out
        of or
        based upon (a) any breach by such party of any if its obligations hereunder,
        including particularly its obligations to provide any annual statement of
        compliance, annual assessment of compliance with Servicing Criteria or
        attestation report 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 such party including any material
        misstatement or material omission in (i) any annual statement of compliance,
        annual assessment of compliance with Servicing Criteria or attestation report
        delivered by it, or by any Servicing Function Participant engaged by it,
        pursuant to this Agreement, or (ii) any Additional Form 10-D Disclosure,
        Additional Form 10-K Disclosure or Form 8-K Disclosure Information provided
        by
        it, or (c) the negligence, bad faith or willful misconduct of such indemnifying
        party in connection with its performance hereunder. If the indemnification
        provided for herein is unavailable or insufficient to hold harmless the Master
        Servicer, the Securities Administrator, the Trustee, the Custodian or the
        Depositor, as the case may be, then each Indemnifying Party agrees that it
        shall
        contribute to the amount paid or payable by the Master Servicer, the Securities
        Administrator, the Trustee, the Custodian or the Depositor, as applicable,
        as a
        result of any claims, losses, damages or liabilities incurred by such party
        in
        such proportion as is appropriate to reflect the relative fault of the
        indemnified party on the one hand and the indemnifying party on the other.
        This
        indemnification shall survive the termination of this Agreement or the
        termination of any party to this Agreement.

      

      (b) The
        Depositor, the Securities Administrator,
        the
        Custodian
        and the Trustee shall immediately notify the Master Servicer if a claim is
        made
        by a third party with respect to this Agreement or the Mortgage Loans which
        would entitle the Depositor, the Securities Administrator,
        the
        Custodian,
        the Trustee or the Trust to indemnification from the Master Servicer, 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. If the Master Servicer and any such indemnified
        party have a conflict of interest with respect to any such claim, the
        indemnified party shall have the right to retain separate counsel.

      

      Section
        3.07 Advances.
        (a)  To the extent provided in the related Servicing Agreement, the
        amount of P&I Advances to be made by each Servicer for any Remittance Date
        shall equal, subject to Section 3.07(c), the sum of (i) the aggregate
        amount of Scheduled Payments (with each interest portion thereof net of the
        related Servicing Fee), due during the Due Period immediately preceding such
        Remittance Date in respect of the Mortgage Loans, which Scheduled Payments
        were
        not received as of the close of business on the related Determination Date,
        plus
        (ii) with respect to each REO Property, which REO Property was acquired
        during or prior to the related Prepayment Period and as to which such REO
        Property an REO Disposition did not occur during the related Prepayment Period,
        an amount equal to the excess, if any, of the Scheduled Payments (with each
        interest portion thereof net of the related Servicing Fee) that would have
        been
        due on the related Due Date in respect of the related Mortgage Loans, over
        the
        net income from such REO Property transferred to the Collection Account for
        distribution on such Remittance Date.

      

      
        
          
          

        

        
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      (b) To
        the
        extent provided in the related Servicing Agreement, on each Remittance Date,
        each Servicer shall remit in immediately available funds to the Master Servicer
        an amount equal to the aggregate amount of P&I Advances, if any, to be made
        in respect of the Mortgage Loans and REO Properties for the related Remittance
        Date either (i) from its own funds or (ii) from the Collection
        Account, to the extent of funds held therein for future distribution (in
        which
        case, it will cause to be made an appropriate entry in the records of the
        Collection Account that Amounts Held for Future Distribution have been, as
        permitted by this Section 3.07, used by it in discharge of any such P&I
        Advance) or (iii) in the form of any combination of (i) and
        (ii) aggregating the total amount of P&I Advances to be made by the
        applicable Servicer with respect to the Mortgage Loans and REO Properties.
        To
        the extent provided in the related Servicing Agreement, any Amounts Held
        for
        Future Distribution and so used shall be appropriately reflected in the
        applicable Servicer’s records and replaced by such Servicer by deposit in the
        Collection Account on or before any future Remittance Date to the extent
        required.

      

      (c) To
        the
        extent provided in the related Servicing Agreement, the obligation of each
        Servicer to make such P&I Advances is mandatory, notwithstanding any other
        provision of this Agreement but subject to (d) below, and, with respect to
        any Mortgage Loan or REO Property, shall continue until a Final Recovery
        Determination in connection therewith or the removal thereof from coverage
        under
        this Agreement, except as otherwise provided in this Section.

      

      (d) To
        the
        extent provided in the related Servicing Agreement, notwithstanding anything
        herein to the contrary, no P&I Advance or Servicing Advance shall be
        required to be made hereunder by any Servicer if such P&I Advance or
        Servicing Advance would, if made, constitute a Nonrecoverable P&I Advance or
        Nonrecoverable Servicing Advance. To the extent provided in the related
        Servicing Agreement, the determination by any Servicer that it has made a
        Nonrecoverable P&I Advance or a Nonrecoverable Servicing Advance or that any
        proposed P&I Advance or Servicing Advance, if made, would constitute a
        Nonrecoverable P&I Advance or a Nonrecoverable Servicing Advance,
        respectively, shall be evidenced by a Servicing Officer’s certificate of the
        applicable Servicer delivered to the Master Servicer. In addition, to the
        extent
        provided in the related Servicing Agreement, the Servicer shall not be required
        to advance any Relief Act Interest Shortfalls.

      

      (e) To
        the
        extent provided in the related Servicing Agreement, except as otherwise provided
        herein, the Servicer shall be entitled to reimbursement pursuant the applicable
        section of its related Servicing Agreement for Servicing Advances from
        recoveries from the related Mortgagor or from all Liquidation Proceeds and
        other
        payments or recoveries (including Insurance Proceeds, Condemnation Proceeds
        and
        Subsequent Recoveries) with respect to the related Mortgage Loan.

      

      
        
          
          

        

        
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      ARTICLE
        IV

      

      DISTRIBUTIONS

      

      Section
        4.01 The
        Distribution Account.
        On each
        Remittance Date, the Master Servicer shall deposit in the Distribution Account
        all funds remitted to it by the Servicers pursuant to the Servicing Agreements.
        The Securities Administrator may retain or withdraw from the Distribution
        Account, (i) the Master Servicing Fee, (ii) amounts necessary to reimburse
        the
        Servicers pursuant to the Servicing Agreements, (iii) amounts necessary to
        reimburse the Master Servicer for any previously unreimbursed Advances and
        any
        Advances the Master Servicer deems to be nonrecoverable from the related
        Mortgage Loan proceeds, (iv) an amount to indemnify the Master Servicer or
        the
        Servicers for amounts due in accordance with this Agreement, (v) all amounts
        representing Prepayment Charges (payable to the Class P
        Certificateholders), (vi) to reimburse the Master Servicer, any Servicer
        or the
        Trustee, as the case may be, for expenses reasonably incurred in respect
        of any
        breach or defect giving rise to the repurchase obligation of a Mortgage Loan
        Seller under a Transfer Agreement or the Sponsor under this Agreement that
        were
        included in the Repurchase Price of the Mortgage Loan, including any expenses
        arising out of the enforcement of the repurchase obligation, to the extent
        not
        otherwise paid pursuant to the terms hereof and (vii) any other amounts that
        each of the Depositor, Trustee, Master Servicer and the Securities Administrator
        is entitled to receive hereunder for reimbursement, indemnification or
        otherwise.

      

      Section
        4.02 Priorities
        of Distribution.
        (a)  On each Distribution Date (or, in the case of deposits into the
        Supplemental Interest Trust, on the Derivative Payment Date), the Securities
        Administrator shall make the disbursements and transfers from amounts then
        on
        deposit in the Distribution Account and from amounts that are available for
        payment to the Swap Counterparty, and shall allocate such amounts to the
        interests issued in respect of each REMIC created pursuant to this Agreement
        and
        shall distribute such amounts in the following order of priority and to the
        extent of the Available Funds remaining:

      

      (i) to
        the
        Supplemental Interest Trust and the holders of each Class of LIBOR
        Certificates in the following order of priority:

      

      (A) from
        the
        Interest Remittance Amount related to both Loan Groups, for deposit into
        the
        Supplemental Interest Trust Account, the amount of any Net Derivative Payment
        or
        Swap Termination Payment (other than a Swap Termination Payment resulting
        from a
        Swap Counterparty Trigger Event) owed to the Derivative Counterparty, including
        any such amounts remaining unpaid from previous Distribution Dates;

      

      (B) concurrently:

      

      (1)
        from
        the remaining Interest Remittance Amount related to the Group I Mortgage
        Loans,
        to the Class I-A Certificates, the related Senior Interest Payment Amount
        for
        such Class of Certificates on such Distribution Date; and 

      

      
        
          
          

        

        
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      (2)
        from
        the remaining Interest Remittance Amount related to the Group II Mortgage
        Loans,
        to the Class II-A-1, Class II-A-2, Class II-A-3 and Class II-A-4 Certificates,
        pro
        rata,
        based
        on the amounts distributable under this clause (i)(B)(2), the related Senior
        Interest Payment Amount for each such Class of Certificates on such Distribution
        Date;

      

      provided, that,
        if the
        Interest Remittance Amount for either Loan Group is insufficient to make
        the
        related payments set forth in clauses (i)(B)(1) or (i)(B)(2) above, any Interest
        Remittance Amount relating to the other Loan Group remaining after payment
        of
        the Senior Interest Payment Amount to the related Certificate Group will
        be
        available to cover that shortfall, such amounts to be allocated to those
        Classes
        experiencing such shortfall on a pro
        rata
        basis in
        proportion to the amounts of such shortfall; and

      

      (C) from
        any
        remaining Interest Remittance Amount after taking into account the distributions
        made under clauses (i)(A) and (i)(B) above, sequentially, to each Class of
        Class
        M Certificates, in ascending order by numerical Class designation, the Interest
        Payment Amount for such Class and such Distribution Date;

      

      (ii) (A)  on
        each Distribution Date (or, in the case of deposits into the Supplemental
        Interest Trust, on the Derivative Payment Date) (1) before the Stepdown
        Date or (2) with respect to which a Trigger Event is in effect, to the
        Supplemental Interest Trust and to the holders of the Class or Classes of
        LIBOR Certificates then entitled to distributions of principal as set forth
        below, from amounts remaining on deposit in the Distribution Account after
        making distributions pursuant to paragraph (a)(i) of this Section 4.02, an
        amount equal to, in the aggregate, the Principal Payment Amount, in the
        following amounts and order of priority:

      

      (a) for
        deposit into the Supplemental Interest Trust Account, any Net Derivative
        Payment
        or Swap Termination Payment (other than a Swap Termination Payment resulting
        from a Swap Counterparty Trigger Event) owed to the Derivative Counterparty
        to
        the extent unpaid pursuant to clause (a)(i)(A) of this Section
        4.02;

      

      (b) concurrently,
        (1) to the Class I-A Certificates, the Group I Principal Payment Amount,
        until
        the Class Certificate Balance of the Class I-A Certificates is reduced to
        zero
        and (2) to the Group II Certificates, the Group II Principal Payment Amount,
        until their respective Class Certificate Balances are reduced to zero, allocated
        in each case among such Classes of a Certificate Group as set forth in Section
        4.02(c);

      

      (c) sequentially,
        to each Class of Class M Certificates, in ascending order by numerical
        Class designation, until their respective Class Certificate Balances are
        reduced to zero; and

      

      (B) on
        each
        Distribution Date (or, in the case of deposits into the Supplemental Interest
        Trust, on the Derivative Payment Date) on and after the Stepdown Date and
        as
        long as a Trigger Event is not in effect, to the Supplemental Interest Trust
        and
        to the holders of the Class or Classes of LIBOR Certificates then entitled
        to distributions of principal, from amounts remaining on deposit in the
        Distribution Account after making distributions pursuant to paragraph (a)(i)
        of
        this Section 4.02, an amount equal to, in the aggregate, the Principal Payment
        Amount, in the following amounts and order of priority:

      

      (a) for
        deposit into the Supplemental Interest Trust Account, any Net Derivative
        Payment
        or Swap Termination Payment (other than a Swap Termination Payment resulting
        from a Swap Counterparty Trigger Event) owed to the Derivative Counterparty
        to
        the extent unpaid pursuant to clause (a)(i)(A) of this Section
        4.02;

      

      (b) concurrently
        (1) to the Class I-A Certificates, the Group I Senior Principal Payment Amount,
        until the Class Certificate Balance of the Class I-A Certificates is reduced
        to
        zero and (2) to the Group II Certificates, the Group II Senior Principal
        Payment
        Amount, until their respective Class Certificate Balances are reduced to
        zero,
        allocated in each case among such Classes of a Certificate Group as described
        in
        Section 4.02(c);

      
        
          
          

        

        
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      (c) sequentially,
        to each Class of Class M Certificates, in the order set forth in the
        definition of Class M Principal Payment Amount, the Class M Principal
        Payment Amount for the related Class of Class M certificates, until their
        respective Class Certificate Balances are reduced to zero;

      

      (iii) any
        amounts remaining after the distributions in paragraphs (i) and (ii) of
        this Section 4.02(a), plus, as specifically indicated below, from amounts
        on
        deposit in the Excess Reserve Fund Account, shall be distributed in the
        following order of priority:

      

      (A) to
        the
        Class A Certificates, any Senior Interest Payment Amount not paid pursuant
        to
        clause (a)(i)(B) of this Section 4.02 allocated pro
        rata
        among
        such Classes in proportion to the amount of the unpaid Senior Interest Payment
        Amount for such Classes;

      

      (B) sequentially,
        to the holders of the Class M Certificates, in ascending order by numerical
        Class designation, first,
        any
        Interest Payment Amount for any such Class not paid for such Distribution
        Date
        pursuant to clause (a)(i)(C) of this Section 4.02, second,
        any
        Interest Carry Forward Amount for any such Class, and third,
        any
        Unpaid Realized Loss Amount for any such Class;

      

      (C) to
        the
        Excess Reserve Fund Account, the amount of any Basis Risk Payment for such
        Distribution Date;

      

      
        
          
          

        

        
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      (D) from
        amounts on deposit in the Excess Reserve Fund Account with respect to such
        Distribution Date, an amount equal to any unpaid Basis Risk Carryover Amount
        with respect to each Class of LIBOR Certificates for such Distribution Date,
        allocated in the same order and priority as set forth in clauses (a)(i)(B)
        and
        (a)(i)(C) of this Section 4.02;

      

      (E) to
        the
        Credit Risk Manager, the Credit Risk Manager Fee;

      

      (F) On
        the
        Distribution Date occurring in December 2009 (or the next succeeding
        Distribution Date on which sufficient funds are available in the Distribution
        Account to make such distributions to the Class P Certificates), $100 to
        the
        Class P Certificates in payment of its Class P Principal Amount;

      

      (G) to
        the
        Swap Counterparty, any Swap Termination Payment resulting from a Swap
        Counterparty Trigger Event;

      

      (H) to
        the
        holders of the Class X Certificates, the remainder of the Class X
        Distributable Amount not distributed pursuant to Sections 4.02(a)(iii)(A)
        through (G); and

      

      (I) to
        the
        holders of the Class R Certificates, any remaining amount;

      

      If
        on any
        Distribution Date, as a result of the foregoing allocation rules, any
        Class of Class A Certificates does not receive in full the related
        Senior Interest Payment Amount, then such shortfall will be allocated to
        the
        Holders of such Class, with interest thereon, on future Distribution Dates,
        as
        Interest Carry Forward Amounts, subject to the priorities described
        above.

      

      (b) On
        each
        Distribution Date, prior to any distributions on any other Class of
        Certificates, all amounts representing Prepayment Charges from the Mortgage
        Loans received during the related Prepayment Period shall be distributed
        by the
        Securities Administrator to the holders of the Class P
        Certificates.

      

      (c) All
        principal distributions to the holders of the Class A Certificates on any
        Distribution Date prior to the Stepdown Date will be allocated concurrently
        to
        (i) the Group I Certificates and (ii) the Group II Certificates based on
        the
        Group Principal Allocation Percentage for the Group I Certificates and the
        Group
        II Certificates, as applicable, for that Distribution Date. On or after the
        Stepdown Date, as long as no Trigger Event is in effect, principal distributions
        to the holders of the Certificates of either Certificate Group will be
        determined based on the Group I Senior Principal Payment Amount or Group
        II
        Senior Principal Payment Amount, as applicable. However, if the Class
        Certificate Balances of the Certificates in either Certificate Group are
        reduced
        to zero before the Stepdown Date, then the remaining amount of principal
        distributions distributable to the Certificates of the retired Certificate
        Group
        on that Distribution Date, and on all subsequent Distribution Dates, will
        be
        distributed to the holders of the Certificates in the other Certificate Group
        remaining outstanding, in accordance with the principal distribution priorities
        described in Section 4.02(a)(ii)(A)(b) for such Certificate Group and this
        Section 4.02(c). If the Class Certificate Balances of the Certificates in
        either
        Certificate Group are reduced to zero on or after the Stepdown Date, then
        the
        remaining Principal Payment Amount distributable to the Certificates of the
        retired Certificate Group on that Distribution Date, and all subsequent
        Distribution Dates, will be distributed to the holders of the Certificates
        of
        the Certificate Group remaining outstanding, in accordance with the priorities
        described in Section 4.02(a)(ii)(B)(b) for such Certificate Group and this
        Section 4.02(c), except that the remaining Certificate Group’s Senior Principal
        Payment Amount will be computed without regard to that Certificate Group’s
        Principal Payment Amount.

      

      
        
          
          

        

        
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      Any
        principal distributions allocated to the Group II Certificates will be allocated
        sequentially as follows:

      

      (i) to
        the
        Class II-A-1 Certificates, until the Class Certificate Balance of such Class
        has
        been reduced to zero;

      

      (ii) 
        to the
        Class II-A-2 Certificates, until the Class Certificate Balance of such Class
        has
        been reduced to zero;

      

      (iii) to
        the
        Class II-A-3 Certificates, until the Class Certificate Balance of such Class
        has
        been reduced to zero; and

      

      (iv) to
        the
        Class II-A-4 Certificates, until the Class Certificate Balance of such Class
        has
        been reduced to zero.

      

      Notwithstanding
        the above paragraph, on and after the Distribution Date on which the aggregate
        Class Certificate Balances of the Class M Certificates and the
        Overcollateralization Amount have been reduced to zero, any principal
        distributions allocated to the Group II Certificates are required to be
        allocated pro
        rata
        among
        the Classes of Group II Certificates, based upon their respective Class
        Certificate Balances.

      

      (d) On
        any
        Distribution Date, any Relief Act Shortfalls and Net Prepayment Interest
        Shortfalls for such Distribution Date shall be allocated by the Securities
        Administrator as a reduction in the following order:

      

      (i) First,
        to the
        amount of interest payable to the Class X Certificates; and

      

      (ii) Second,
        pro
        rata,
        as a
        reduction of the Interest Payment Amount for the Class A and Class M
        Certificates, based on the amount of interest to which such Classes would
        otherwise be entitled.

      

      (e) On
        any
        Distribution Date (or any Derivative Payment Date, as applicable), the
        Securities Administrator shall distribute any Swap Amount and Cap Amount
        for
        such date as follows:

      

      (i) to
        the
        Derivative Counterparty, any Net Derivative Payment owed to the Derivative
        Counterparty pursuant to the Swap Agreement for such Derivative Payment Date
        to
        the extent not previously paid pursuant to Sections 4.02(a)(i)(A),
        4.02(a)(ii)(A) or 4.02(a)(ii)(B);

      

      
        
          
          

        

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

      

      (iii) to
        the
        extent not paid and in the order of priority provided in clauses (a)(i)(B)
        and
        (a)(i)(C) of this Section 4.02, to the Class A Certificates any Senior Interest
        Payment Amounts, and to the Class M Certificates, in ascending order by
        numerical class designation, any Interest Payment Amounts;

      

      (iv) to
        the
        Class A Certificates and the Class M Certificates in the order of priority
        set
        forth in clauses (a)(ii)(A)(b), (a)(ii)(A)(c), (a)(ii)(B)(b) and (a)(ii)(B)(c)
        of this Section 4.02, an amount necessary to maintain the Overcollateralization
        Target Amount for such Distribution Date after giving effect to distributions
        pursuant to such clauses;

      

      (v) to
        the
        extent not paid pursuant to clause (a)(iii)(B) of this Section 4.02,
        sequentially, to the each Class of Class M Certificates, in ascending order
        by
        numerical Class designation, first,
        any
        Interest Carry Forward Amount for that Class, and second,
        any
        Unpaid Realized Loss Amount for that Class;

      

      (vi) to
        the
        extent not paid pursuant to clause (a)(iii)(C) of this Section 4.02, to the
        Excess Reserve Fund Account, the amount of any Basis Risk Payment for such
        Distribution Date;

      

      (vii) to
        the
        extent not paid pursuant to clause (a)(iii)(D) of this Section 4.02, to the
        LIBOR Certificates, any remaining unpaid Basis Risk Carryover Amount with
        respect to such Certificates for that Distribution Date, allocated in the
        same
        order and priority as set forth in such clause;

      

      (viii) to
        the
        extent not paid pursuant to clause (a)(iii)(E) of this Section 4.02, to the
        Credit Risk Manager, the Credit Risk Manager Fee;

      

      (ix) if
        applicable, to the Swap Termination Receipts Account or Cap Termination Receipts
        Account for application to the purchase of a replacement swap agreement or
        replacement cap agreement pursuant to Section 4.08;

      

      (x) to
        the
        extent not paid pursuant to clause (a)(iii)(G) of this Section 4.02, to the
        Swap
        Counterparty, any Swap Termination Payment resulting from a Swap Counterparty
        Trigger Event; and

      

      (xi) to
        the
        extent not paid pursuant to clause (a)(iii)(I) of this Section 4.02, to the
        holders of the Class X Certificates, the remainder of the Class X
        Distributable Amount.

      

      With
        respect to each Distribution Date, the sum of all amounts distributed pursuant
        to priorities (e)(iv) and (e)(v) second
        of this
        Section 4.02(e) cannot exceed the amount of cumulative Realized Losses incurred
        up to such Distribution Date minus any distributions made on previous
        Distribution Dates pursuant to such priorities.

      

      
        
          
          

        

        
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      Section
        4.03 Monthly
        Statements to Certificateholders.
        (a)  Not
        later than each Distribution Date, the Securities Administrator shall make
        available to each Certificateholder, the Master Servicer, the Servicers,
        the
        Credit Risk Manager, the Depositor, the Trustee, the Derivative Counterparty
        and
        each Rating Agency a statement, based on information provided by the Servicers
        and the Derivative Counterparty, setting forth with respect to the related
        distribution:

      

      (i) the
        amount thereof allocable to principal, separately identifying the aggregate
        amount of any Principal Prepayments, Liquidation Proceeds and Subsequent
        Recoveries;

      

      (ii) the
        amount thereof allocable to interest, any Interest Carry Forward Amounts
        included in such distribution and any remaining Interest Carry Forward Amounts
        after giving effect to such distribution, any Basis Risk Carryover Amount
        for
        such Distribution Date and the amount of all Basis Risk Carryover Amount
        covered
        by withdrawals from the Excess Reserve Fund Account on such Distribution
        Date;

      

      (iii) if
        the
        distribution to the Holders of such Class of Certificates is less than the
        full amount that would be distributable to such Holders if there were sufficient
        funds available therefor, the amount of the shortfall and the allocation
        thereof
        as between principal and interest, including any Basis Risk Carryover Amount
        not
        covered by amounts in the Excess Reserve Fund Account;

      

      (iv) the
        Class Certificate Balance of each Class of Certificates after giving
        effect to the distribution of principal on such Distribution Date;

      

      (v) the
        Pool
        Stated Principal Balance for the following Distribution Date;

      

      (vi) the
        amount of the Expense Fees (in the aggregate and separately stated) paid
        to or
        retained by the Servicers and any Subservicer with respect to such Distribution
        Date;

      

      (vii) the
        Interest Rate for each such Class of Certificates) with respect to such
        Distribution Date;

      

      (viii) the
        amount of P&I Advances included in the distribution on such Distribution
        Date and the aggregate amount of P&I Advances outstanding as of the close of
        business on the Determination Date immediately preceding such Distribution
        Date;

      

      (ix) by
        Loan
        Group and in the aggregate, the number and aggregate outstanding principal
        balances of Mortgage Loans (except those Mortgage Loans that are liquidated
        as
        of the end of the related Prepayment Period) (1) as to which the Scheduled
        Payment is delinquent 31 to 60 days, 61 to 90 days and 91 or
        more days, (2) that have become REO Property, (3) that are in
        foreclosure and (4) that are in bankruptcy, in each case as of the close of
        business on the last Business Day of the immediately preceding
        month;

      

      (x) by
        Loan
        Group and in the aggregate, with respect to Mortgage Loans that became REO
        Properties during the preceding calendar month, the number and the aggregate
        Stated Principal Balance of such Mortgage Loans as of the close of business
        on
        the Determination Date preceding such Distribution Date and the date of
        acquisition thereof;

      

      
        
          
          

        

        
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      (xi) by
        Loan
        Group and in the aggregate, the total number and aggregate principal balance
        of
        any REO Properties as of the close of business on the Determination Date
        preceding such Distribution Date;

      

      (xii) whether
        a
        Trigger Event has occurred and is continuing;

      

      (xiii) the
        amount on deposit in the Excess Reserve Fund Account (after giving effect
        to
        distributions on such Distribution Date);

      

      (xiv) in
        the
        aggregate and for each Class of Certificates, the aggregate amount of
        Applied Realized Loss Amounts incurred during the preceding calendar month
        and
        aggregate Applied Realized Loss Amounts through such Distribution
        Date;

      

      (xv) the
        amount of any Net Monthly Excess Cash Flow on such Distribution Date and
        the
        allocation thereof to the Certificateholders with respect to Applied Realized
        Loss Amounts and Interest Carry Forward Amounts;

      

      (xvi) the
        Overcollateralization Amount and Overcollateralization Target
        Amount;

      

      (xvii) Prepayment
        Charges collected by the Servicers;

      

      (xviii) the
        Cumulative Loss Percentage and the Rolling Three Month Delinquency
        Rate;

      

      (xix) the
        amount of Credit Risk Management Fees paid during the Due Period to which
        such
        Distribution Date relates; and

      

      (xx) the
        amount of any Net Derivative Payment made to the Supplemental Interest Trust
        pursuant to Section 4.02, any Net Derivative Payment made to the Derivative
        Counterparty pursuant to Section 4.02, any Swap Termination Payment or Cap
        Termination Payment made to the Supplemental Interest Trust pursuant to Section
        4.02 and any Swap Termination Payment made to the Swap Counterparty pursuant
        to
        Section 4.02.

      

      (b) For
        purposes of preparing the Monthly Statement, delinquencies shall be determined
        and reported by the Master Servicer based on the so-called “OTS” methodology
        irrespective of the method for determining delinquencies utilized by the
        Servicers on mortgage loans similar to the Mortgage Loans. By way of example,
        a
        Mortgage Loan would be delinquent with respect to a Scheduled Payment due
        on a
        Due Date if such Scheduled Payment is not made by the close of business on
        the
        Mortgage Loan’s next succeeding Due Date, and a Mortgage Loan would be more than
        30-days Delinquent with respect to such Scheduled Payment if such Scheduled
        Payment were not made by the close of business on the Mortgage Loan’s second
        succeeding Due Date. 

      

      
        
          
          

        

        
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      (c) The
        Securities Administrator’s responsibility for making available the above
        statement to the Certificateholders, each Rating Agency, the Master Servicer,
        each Servicer, the Trustee and the Depositor is limited to the availability,
        timeliness and accuracy of the information derived from the Master Servicer
        and
        the Servicers. The Securities Administrator will provide the above statement
        via
        the Securities Administrator’s internet website. The Securities Administrator’s
        website will initially be located at https://www.ctslink.com
        and
        assistance in using the website can be obtained by calling the Securities
        Administrator’s customer service desk at (301) 815-6600. Parties that are unable
        to use the above distribution method are entitled to have a paper copy mailed
        to
        them via first Class mail by calling the customer service desk and indicating
        such. The Securities Administrator shall have the right to change the manner
        in
        which the above statement is distributed in order to make such distribution
        more
        convenient and/or more accessible, and the Securities Administrator shall
        provide timely and adequate notification to the Certificateholders and the
        parties hereto regarding any such changes. A paper copy of the statement
        will
        also be made available upon request.

      

      (d) Within
        a
        reasonable period of time after the end of each calendar year, the Securities
        Administrator shall, upon request, cause to be furnished to each Person who
        at
        any time during the calendar year was a Certificateholder, a statement
        containing the information set forth in clauses (a)(i), (a)(ii) and (a)(vi)
        of this Section 4.03 aggregated for such calendar year or applicable
        portion thereof during which such Person was a Certificateholder. Such
        obligation of the Securities Administrator shall be deemed to have been
        satisfied to the extent that substantially comparable information shall have
        previously been provided by the Securities Administrator pursuant to any
        requirements of the Code as from time to time in effect.

      

      Section
        4.04 Certain
        Matters Relating to the Determination of LIBOR.
        LIBOR
        shall be calculated by the Securities Administrator in accordance with the
        definition of LIBOR. Until all of the LIBOR Certificates are paid in full,
        the
        Securities Administrator will at all times retain at least four Reference
        Banks
        for the purpose of determining LIBOR with respect to each LIBOR Determination
        Date. The Securities Administrator initially shall designate the Reference
        Banks
        (after consultation with the Depositor). Each “Reference
        Bank”
shall
        be a leading bank engaged in transactions in Eurodollar deposits in the
        international Eurocurrency market, shall not control, be controlled by, or
        be
        under common control with, the Securities Administrator and shall have an
        established place of business in London. If any such Reference Bank should
        be
        unwilling or unable to act as such or if the Securities Administrator should
        terminate its appointment as Reference Bank, the Securities Administrator
        shall
        promptly appoint or cause to be appointed another Reference Bank (after
        consultation with the Depositor). The Securities Administrator shall have
        no
        liability or responsibility to any Person for (i) the selection of any
        Reference Bank for purposes of determining LIBOR or (ii) any inability to
        retain at least four Reference Banks which is caused by circumstances beyond
        its
        reasonable control.

      

      The
        Interest Rate for each Class of LIBOR Certificates for each Interest
        Accrual Period shall be determined by the Securities Administrator on each
        LIBOR
        Determination Date so long as the LIBOR Certificates are outstanding on the
        basis of LIBOR and the respective formulae appearing in footnotes corresponding
        to the LIBOR Certificates in the table relating to the Certificates in the
        Preliminary Statement. The Securities Administrator shall not have any liability
        or responsibility to any Person for its inability, following a good-faith
        reasonable effort, to obtain quotations from the Reference Banks or to determine
        the arithmetic mean referred to in the definition of LIBOR, all as provided
        for
        in this Section 4.04 and the definition of LIBOR. The establishment of
        LIBOR and each Interest Rate for the LIBOR Certificates by the Securities
        Administrator shall (in the absence of manifest error) be final, conclusive
        and
        binding upon each Holder of a Certificate and the Trustee.

      

      
        
          
          

        

        
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      Section
        4.05 Allocation
        of Applied Realized Loss Amounts.
        Any
        Applied Realized Loss Amounts shall be allocated by the Securities Administrator
        to the most junior Class of Class M Certificates then outstanding in
        reduction of the Class Certificate Balance thereof.

      

      Section
        4.06 Supplemental
        Interest Trust.
        (a) A
        separate trust is hereby established (the “Supplemental
        Interest Trust”),
        the
        corpus of which shall be held by the Supplemental Interest Trust Trustee
        for the
        benefit of the Class X Certificateholders. The Securities Administrator is
        hereby appointed Supplemental Interest Trust Trustee. The Supplemental Interest
        Trust Trustee shall establish an account (the “Supplemental Interest Trust
        Account”) consisting of two sub-accounts (the “Swap
        Account”
and
        the
“Cap
        Account,”
        respectively), into each of which the Depositor shall deposit $500 on the
        Closing Date. The Supplemental Interest Trust 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 Securities Administrator held pursuant to this Agreement.
        

      

      (b) In
        addition, the Supplemental Interest Trust Trustee shall establish a collateral
        account (the “Collateral
        Account”).
        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 Securities
        Administrator held pursuant to this Agreement.

      

      (c) The
        Supplemental Interest Trust Trustee shall deposit into the Swap Account any
        Net
        Derivative Payment required pursuant to Sections 4.02(a)(i)(A),
        4.02(a)(ii)(A)(a) and 4.02(a)(ii)(B)(a), any Swap Termination Payment required
        pursuant to Sections 4.02(a)(i)(A), 4.02(a)(ii)(A)(a), 4.02(a)(ii)(B)(a)
        and
        4.02(a)(iii)(G), and any amounts received from the Swap Counterparty under
        the
        Swap Agreement, and shall distribute from the Supplemental Interest Trust
        Account any Net Derivative Payment required pursuant to Section 4.02(e)(i)
        or
        any Swap Termination Payment required pursuant to Sections 4.02(e)(ii) or
        4.02(e)(x), as applicable.

      

      (d) The
        Supplemental Interest Trust Trustee shall deposit into the Cap Account any
        amounts received from the Cap Counterparty under the Cap Agreement.

      

      (e) Funds
        in
        the Swap Account shall be invested in Permitted Investments constituting
        time
        deposits under clause (ii) of the definition thereof. Any earnings on such
        amounts shall be distributed on each Distribution Date pursuant to Section
        4.02(e). The Class X Certificates shall evidence ownership of the Swap Account
        for federal income tax purposes and the Holder thereof shall direct the
        Supplemental Interest Trust Trustee, in writing, as to investment of amounts
        on
        deposit therein. The Sponsor shall be liable for any losses incurred on such
        investments. In the absence of written instructions from the Class X
        Certificateholders as to investment of funds on deposit in the Swap Account,
        such funds shall be invested in the Wells Fargo Advantage Prime Investment
        Money
        Market Fund or a 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 4.02(e) on the following Distribution
        Date.

      

      
        
          
          

        

        
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      (f) Funds
        in
        the Cap Account shall be invested in Permitted Investments constituting time
        deposits under clause (ii) of the definition thereof. Any earnings on such
        amounts shall be distributed on each Distribution Date pursuant to Section
        4.02(e). The Class X Certificates shall evidence ownership of the Cap Account
        for federal income tax purposes and the Holder thereof shall direct the
        Supplemental Interest Trust Trustee, in writing, as to investment of amounts
        on
        deposit therein. The Sponsor 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 Cap Account,
        such
        funds shall be invested in the Wells Fargo Advantage Prime Investment Money
        Market Fund or a comparable investment vehicle. Any amounts on deposit in
        the
        Cap Account in excess of the Cap Amount on any Distribution Date shall be
        held
        for distribution pursuant to Section 4.02(e) on the following Distribution
        Date.

      

      (g) Funds
        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 Permitted Investments at the
        written direction of the Cap Counterparty and/or Swap Counterparty, as
        applicable. Any interest earnings on such amounts shall be remitted to the
        Cap
        Counterparty and/or Swap Counterparty, as applicable, pursuant to the terms
        of
        the Credit Support Annex. The Supplemental Interest Trust Trustee shall not
        be
        liable for any losses incurred on such investments. In the absence of prior
        written instructions from the Cap Counterparty (or its credit support provider)
        and/or the Swap Counterparty (or its credit support provider) as to investment
        of funds on deposit in the Collateral Account, such funds shall be invested
        in
        the Wells Fargo Advantage Prime Investment Money Market Fund or a comparable
        investment vehicle. On the Distribution Date immediately following a Swap
        Payment Date where 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 4.02(e). On the Distribution
        Date
        where a shortfall exists with respect to Cap Amounts owed by the Cap
        Counterparty as a result of its failure to make payments pursuant to the
        Cap
        Agreement, amounts necessary to cover such shortfall shall be removed from
        the
        Collateral Account, remitted to the Cap Account and distributed as all or
        a
        portion of such Cap Amount pursuant to Section 4.02(e). 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 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

      

      
        
          
          

        

        
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      (h) Upon
        termination of the Trust Fund, any amounts remaining in the Swap Account
        or the
        Cap Account shall be distributed pursuant to the priorities set forth in
        Section
        4.02(e).

      

      (i) 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 (i) there is more than one Class X Certificateholder
        or
        (ii) any Class of Certificates in addition to the Class X Certificates is
        recharacterized as an equity interest in the Supplemental Interest Trust
        for
        federal income tax purposes. Neither the Securities Administrator nor the
        Trustee shall be responsible for any entity level tax reporting for the
        Supplemental Interest Trust.

      

      (j) Any
        obligation of the Securities Administrator with respect to the Supplemental
        Interest Trust under the Swap Agreement or Cap Agreement shall be deemed
        to be
        an obligation of the Supplemental Interest Trust.

      

      (k) In
        the
        event that the Swap Counterparty or the Cap Counterparty fails to perform
        any of
        its obligations under the Swap Agreement and the Cap Agreement, respectively,
        (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 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 and the Cap Agreement), the
        Supplemental Interest Trust Trustee shall, no later than the next Business
        Day
        following such failure, breach or occurrence, notify the Swap Counterparty
        or
        Cap Counterparty, as applicable, and make any demand for payment pursuant
        to the
        Swap Agreement or Cap Agreement, as applicable. In the event that the Swap
        Counterparty’s or Cap Counterparty’s obligations 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 Cap Agreement, as applicable, the Supplemental Interest Trust Trustee
        shall, no later than the next Business Day following such failure, demand
        that
        such guarantor make any and all payments then required to be made by the
        applicable guarantor.

      

      Section
        4.07 Rights
        of the Swap Counterparty.
        The Swap
        Counterparty shall be deemed a third-party beneficiary of this Agreement
        to the
        same extent as if it were a party hereto and shall have the right to enforce
        its
        rights under this Agreement, which rights include but are not limited to
        the
        obligation of the Supplemental Interest Trust Trustee (A) to deposit any
        Net
        Derivative Payment required pursuant to Sections 4.02(a)(i)(A),
        4.02(a)(ii)(A)(a) and 4.02(a)(ii)(B)(a), and any Swap Termination Payment
        required pursuant to Sections 4.02(a)(i)(A), 4.02(a)(ii)(A)(a),
        4.02(a)(ii)(B)(a) and 4.02(a)(iii)(G), into the Supplemental Interest Trust
        Account (B) to pay any Net Derivative Payment required pursuant to Section
        4.02(e)(i) or Swap Termination Payment required pursuant to Sections 4.02(e)(ii)
        or Section 4.02(e)(x), as applicable, to the Swap Counterparty and (C) to
        establish and maintain the Swap Account, to make such deposits thereto,
        investments therein and distributions therefrom as are required pursuant
        to
        Section 4.06. 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.

      

      
        
          
          

        

        
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      Section
        4.08 Termination
        Receipts.
        (a)(i)
        In the event of an “Early Termination Event” as defined under the Swap
        Agreement, (a) any Swap Termination Payment made by the Swap Counterparty
        to the
        Swap Account and paid pursuant to Section 4.02(e)(ix) (“Swap
        Termination Receipts”)
        will
        be deposited in a segregated non-interest bearing account which shall be
        an
        Eligible Account established by the Securities Administrator (the “Swap
        Termination Receipts Account”)
        and
        (b) any amounts received from a replacement swap counterparty (“Swap
        Replacement Receipts”)
        will
        be deposited in a segregated non-interest bearing account which shall be
        an
        Eligible Account established by the Securities Administrator (the “Swap
        Replacement Receipts Account”).
        The
        Securities Administrator 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 Securities Administrator as permitted pursuant to
        clause
        (ii) of the definition of Permitted Investments or as otherwise directed
        in
        writing by a majority of the Certificateholders. All such Permitted Investments
        must be payable on demand or mature on a Distribution Date or such other
        date as
        directed by the Certificateholders. All such Permitted Investments will be
        made
        in the name of the Supplemental Interest Trust Trustee (in its capacity as
        such)
        or its nominee. All income and gain realized from any such investment shall
        be
        deposited in the Termination Receipts Account or the Replacement Receipts
        Account, as applicable, and all losses, if any, shall be borne by the related
        account. 

      

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

      

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

      

      (b) (i)
        In
        the event of an “Early Termination Event” as defined under the Cap Agreement,
        (a) any Cap Termination Payment made by the Cap Counterparty to the Cap Account
        and paid pursuant to Section 4.02(e)(ix) (“Cap Termination Receipts”) shall be
        deposited in a segregated non-interest bearing account which shall be an
        Eligible Account established by the Securities Administrator (the “Cap
        Termination Receipts Account”) and (b) any amounts received from a replacement
        cap counterparty (“Cap Replacement Receipts”) will be deposited in a segregated
        non-interest bearing account which shall be an Eligible Account established
        by
        the Securities Administrator (the “Cap Replacement Receipts Account”). The
        Securities Administrator shall invest, or cause to be invested, funds held
        in
        the Cap Termination Receipts Account in time deposits of the Securities
        Administrator as permitted by clause (ii) of the definition of Permitted
        Investments or as otherwise directed in writing by a majority of the
        Certificateholders. All such Permitted Investments must be payable on demand
        or
        mature on a Cap Payment Date, a Distribution Date or such other date as directed
        by the Certificateholders. All such Permitted Investments shall be made in
        the
        name of the Supplemental Interest Trust Trustee (in its capacity as such)
        or its
        nominee. All income and gain realized from any such investment shall be
        deposited in the Cap Termination Receipts Account and all losses, if any,
        shall
        be borne by such account. 

      

      
        
          
          

        

        
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      (ii) Unless
        otherwise permitted by the Rating Agencies as evidenced in a written
        confirmation, the Depositor shall arrange for one or more replacement interest
        rate cap agreements and the Securities Administrator 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 any such replacement
        interest rate cap agreement which shall be executed and delivered by the
        Supplemental Interest Trust Trustee upon receipt of written confirmation
        from
        each Rating Agency that any such replacement interest rate cap agreement
        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.

      

      ARTICLE
        V

      

      THE
        CERTIFICATES

      

      Section
        5.01 The
        Certificates.
        The
        Certificates shall be substantially in the forms attached hereto as exhibits.
        The Certificates shall be issuable in registered form, in the minimum
        denominations, integral multiples in excess thereof (except that one Certificate
        in each Class may be issued in a different amount) and aggregate
        denominations per Class set forth in the Preliminary
        Statement.

      

      The
        Depositor hereby directs the Securities Administrator to register the
        Class X, Class P and Class R Certificates in the name of HSBC
        Securities (USA) Inc. or its designee. On a date as to which the Depositor
        notifies the Securities Administrator, the Securities Administrator shall
        transfer the Class X and Class P Certificates in the name of the NIM
        Trustee, or such other name or names as the Depositor shall request, and
        to
        deliver the Class X and Class P Certificates to the NIM Trustee or to
        such other Person or Persons as the Depositor shall request.

      

      Subject
        to Section 11.02 respecting the final distribution on the Certificates, on
        each Distribution Date the Securities Administrator shall make distributions
        to
        each Certificateholder of record on the preceding Record Date either (x) by
        wire transfer in immediately available funds to the account of such holder
        at a
        bank or other entity having appropriate facilities therefor, if such Holder
        has
        so notified the Securities Administrator at least five Business Days prior
        to
        the related Record Date or (y) by check mailed by first Class mail to such
        Certificateholder at the address of such holder appearing in the Certificate
        Register; provided,
        however,
        so long
        as such Certificate is a Book-Entry Certificate, all distributions on such
        Certificate will be made through the Depository or the Depository
        Participant.

      

      
        
          
          

        

        
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      The
        Certificates shall be executed by manual or facsimile signature on behalf
        of the
        Securities Administrator by an authorized officer. Certificates bearing the
        manual or facsimile signatures of individuals who were, at the time such
        signatures were affixed, authorized to sign on behalf of the Securities
        Administrator shall bind the Securities Administrator, notwithstanding that
        such
        individuals or any of them have ceased to be so authorized prior to the
        authentication and delivery of any such Certificates or did not hold such
        offices at the date of such Certificate. No Certificate shall be entitled
        to any
        benefit under this Agreement, or be valid for any purpose, unless authenticated
        by the Securities Administrator by manual signature, and such authentication
        upon any Certificate shall be conclusive evidence, and the only evidence,
        that
        such Certificate has been duly executed and delivered hereunder. All
        Certificates shall be dated the date of their authentication. On the Closing
        Date, the Securities Administrator shall authenticate the Certificates to
        be
        issued at the direction of the Depositor, or any affiliate thereof.

      

      Section
        5.02 Certificate
        Register; Registration of Transfer and Exchange of Certificates.
        (a)  The Securities Administrator shall maintain, or cause to be
        maintained in accordance with the provisions of Section 5.06, a Certificate
        Register for the Trust Fund in which, subject to the provisions of subsections
        (b) and (c) below and to such reasonable regulations as it may prescribe,
        the Securities Administrator shall provide for the registration of Certificates
        and of transfers and exchanges of Certificates as herein provided. Upon
        surrender for registration of transfer of any Certificate, the Securities
        Administrator shall execute and deliver, in the name of the designated
        transferee or transferees, one or more new Certificates of the same
        Class and aggregate Percentage Interest.

      

      At
        the
        option of a Certificateholder, Certificates may be exchanged for other
        Certificates of the same Class in authorized denominations and evidencing
        the same aggregate Percentage Interest upon surrender of the Certificates
        to be
        exchanged at the office or agency of the Securities Administrator. Whenever
        any
        Certificates are so surrendered for exchange, the Securities Administrator
        shall
        execute, authenticate, and deliver the Certificates which the Certificateholder
        making the exchange is entitled to receive. Every Certificate presented or
        surrendered for registration of transfer or exchange shall be accompanied
        by a
        written instrument of transfer in form satisfactory to the Securities
        Administrator duly executed by the holder thereof or his attorney duly
        authorized in writing.

      

      No
        service charge to the Certificateholders shall be made for any registration
        of
        transfer or exchange of Certificates, but payment of a sum sufficient to
        cover
        any tax or governmental charge that may be imposed in connection with any
        transfer or exchange of Certificates may be required.

      

      All
        Certificates surrendered for registration of transfer or exchange shall be
        cancelled and subsequently destroyed by the Securities Administrator in
        accordance with the Securities Administrator’s customary
        procedures.

      

      
        
          
          

        

        
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      (b) No
        transfer of a Private Certificate shall be made unless such transfer is made
        pursuant to an effective registration statement under the Securities Act
        and any
        applicable state securities laws or is exempt from the registration requirements
        under said Act and such state securities laws. In determining whether a transfer
        is being made pursuant to an effective registration statement, the Securities
        Administrator shall be entitled to rely solely upon a written notice to such
        effect from the Depositor. Except with respect to (i) the transfer of the
        Class X, Class P or Class R Certificates to the Depositor or an
        Affiliate of the Depositor, (ii) the transfer of the Class X or
        Class P Certificates to the NIM Issuer or the NIM Trustee, or (iii) a
        transfer of the Class X or Class P Certificates from the NIM Issuer or
        the NIM Trustee to the Depositor or an Affiliate of the Depositor, in the
        event
        that a transfer of a Private Certificate which is a Physical Certificate
        is to
        be made in reliance upon an exemption from the Securities Act and such laws,
        in
        order to assure compliance with the Securities Act and such laws, the
        Certificateholder desiring to effect such transfer shall certify to the
        Securities Administrator in writing the facts surrounding the transfer in
        substantially the form set forth in Exhibit H (the “Transferor
        Certificate”)
        and
        either (i) there shall be delivered to the Securities Administrator a
        letter in substantially the form of Exhibit I-A (the “Rule 144A
        Investment Letter”)
        or
        Exhibit I-B (the “Regulation
        S Investment Letter”)
        or
        (ii) there shall be delivered to the Securities Administrator at the
        expense of the transferor an Opinion of Counsel stating that such transfer
        may
        be made without registration under the Securities Act. In the event that
        a
        transfer of a Private Certificate which is a Book-Entry Certificate is to
        be
        made in reliance upon an exemption from the Securities Act and such laws,
        in
        order to assure compliance with the Securities Act and such laws, the
        Certificateholder desiring to effect such transfer will be deemed to have
        made
        as of the transfer date each of the certifications set forth in the Transferor
        Certificate in respect of such Certificate and the transferee will be deemed
        to
        have made as of the transfer date each of the certifications set forth in
        the
        Rule 144A Investment Letter or Regulation S Investment Letter, as
        applicable, in respect of such Certificate, in each case as if such Certificate
        were evidenced by a Physical Certificate. As directed by the Depositor, the
        Securities Administrator shall provide to any Holder of a Private Certificate
        and any prospective transferee designated by any such Holder, information
        regarding the related Certificates and the Mortgage Loans and such other
        information as shall be necessary to satisfy the condition to eligibility
        set
        forth in Rule 144A(d)(4) for transfer of any such Certificate without
        registration thereof under the Securities Act pursuant to the registration
        exemption provided by Rule 144A. The Depositor, the Master Servicer and the
        Trustee shall cooperate with the Securities Administrator in providing the
        Rule 144A information referenced in the preceding sentence, including
        providing to the Securities Administrator such information regarding the
        Certificates, the Mortgage Loans and other matters regarding the Trust Fund
        as
        the Securities Administrator shall reasonably determine to meet its obligation
        under the preceding sentence. Each Holder of a Private Certificate desiring
        to
        effect such transfer shall, and does hereby agree to, indemnify the Securities
        Administrator, the Trustee, each Servicer, the Master Servicer and the Depositor
        against any liability that may result if the transfer is not so exempt or
        is not
        made in accordance with such federal and state laws.

      

      
        
          
          

        

        
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      Except
        with respect to (i) the transfer of the Class X, Class P or
        Class R Certificates to the Depositor or an Affiliate of the Depositor,
        (ii) the transfer of the Class X or Class P Certificates to the
        NIM Issuer or the NIM Trustee, or (iii) a transfer of the Class X or
        Class P Certificates from the NIM Issuer or the NIM Trustee to the
        Depositor or an Affiliate of the Depositor, no transfer of an ERISA-Restricted
        Certificate shall be made unless the Securities Administrator shall have
        received either (i) a representation from the transferee of such
        Certificate acceptable to and in form and substance satisfactory to the
        Securities Administrator (in the event such Certificate is a Private Certificate
        or a Residual Certificate, such requirement is satisfied only by the Securities
        Administrator’s receipt of a representation letter from the transferee
        substantially in the form of Exhibit I-A or Exhibit I-B), to the effect
        that such transferee is not an employee benefit plan or arrangement subject
        to
        Section 406 of ERISA, a plan subject to Section 4975 of the Code or a
        plan subject to any Federal, state or local law (“Similar
        Law”)
        materially similar to the foregoing provisions of ERISA or the Code, nor
        a
        person acting on behalf of any such plan or arrangement nor using the assets
        of
        any such plan or arrangement to effect such transfer, or (ii) in the case
        of an ERISA-Restricted Certificate (other than a Residual Certificate, Class
        X
        Certificate or a Class P Certificate) that has been the subject of an
        ERISA-Qualifying Underwriting, and the purchaser is an insurance company,
        a
        representation that the purchaser is an insurance company that is purchasing
        such Certificates with funds contained in an “insurance company general account”
(as such term is defined in Section V(e) of Prohibited Transaction
        Class Exemption (“PTCE”)
        95-60)
        and that the purchase and holding of such Certificates are covered under
        Sections I and III of PTCE 95-60 or (iii) in the case of any such
        ERISA-Restricted Certificate other than a Residual Certificate, Class X
        Certificate or Class P Certificate presented for registration in the name
        of an employee benefit plan subject to Title I of ERISA, a plan or
        arrangement subject to Section 4975 of the Code (or comparable provisions
        of any subsequent enactments), or a plan subject to Similar Law, or a trustee
        of
        any such plan or any other person acting on behalf of any such plan or
        arrangement or using such plan’s or arrangement’s assets, an Opinion of Counsel
        satisfactory to the Securities Administrator, which Opinion of Counsel shall
        not
        be an expense of the Depositor, the Trustee, the Master Servicer, any Servicer,
        the Securities Administrator or the Trust Fund, addressed to the Securities
        Administrator, to the effect that the purchase or holding of such
        ERISA-Restricted Certificate will not constitute or result in a non-exempt
        prohibited transaction within the meaning of ERISA, Section 4975 of the
        Code or any Similar Law and will not subject the Trustee, the Depositor,
        the
        Securities Administrator, the Master Servicer or any Servicer to any obligation
        in addition to those expressly undertaken in this Agreement or to any liability.
        For purposes of the preceding sentence, with respect to an ERISA-Restricted
        Certificate that is not a Physical Certificate or a Residual Certificate,
        in the
        event the representation letter referred to in the preceding sentence is
        not
        furnished, such representation shall be deemed to have been made to the
        Securities Administrator by the transferee’s (including an initial acquirer’s)
        acceptance of the ERISA-Restricted Certificates. Notwithstanding anything
        else
        to the contrary herein, (a) any purported transfer of an ERISA-Restricted
        Certificate that is a Physical Certificate, other than a Class P
        Certificate, Class X Certificate or Residual Certificate, to or on behalf
        of an
        employee benefit plan subject to ERISA, the Code or Similar Law without the
        delivery to the Securities Administrator of a representation letter or an
        Opinion of Counsel satisfactory to the Securities Administrator as described
        above shall be void and of no effect and (b) any purported transfer of a
        Class P Certificate, Class X Certificate or Residual Certificate to a
        transferee that does not make the representation in clause (i) above
        shall be void and of no effect.

      

      None
        of
        the Class R, Class X or Class P Certificates may be sold to any
        employee benefit plan subject to Title I of ERISA, any plan subject to
        Section 4975 of the Code, or any plan subject to any Similar Law or any
        person investing on behalf or with plan assets of such plan.

      

      No
        transfer of an ERISA-Restricted Trust Certificate prior to the termination
        of
        the Cap Agreement and the Swap Agreement shall be made unless the Securities
        Administrator shall have received a representation letter from the transferee
        of
        such Certificate, substantially in the form set forth in Exhibit I-A or Exhibit
        I-B, to the effect that either (i) such transferee is neither an employee
        benefit plan or arrangement subject to Section 406 of ERISA, a plan subject
        to
        Section 4975 of the Code or a plan subject to Similar Law 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
        non-fiduciary 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. Notwithstanding anything else to
        the
        contrary herein, any purported transfer of an ERISA-Restricted Trust Certificate
        prior to the termination of the Cap Agreement and the Swap Agreement on behalf
        of such Plan without the delivery to the Securities Administrator 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, the transferee
        will be deemed to have made a representation as provided in clause (i) or
        (ii)
        of this paragraph, as applicable.

      

      
        
          
          

        

        
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      If
        any
        ERISA-Restricted Trust Certificate, or any interest therein, is acquired
        or held
        in violation of the provisions of the preceding paragraph, the next preceding
        permitted beneficial owner will be treated as the beneficial owner of that
        Certificate, retroactive to the date of transfer to the purported beneficial
        owner. Any purported beneficial owner whose acquisition or holding of an
        ERISA-Restricted Trust Certificate, or interest therein, was effected in
        violation of the provisions of the preceding paragraph shall indemnify to
        the
        extent permitted by law and hold harmless the Depositor, the Securities
        Administrator, the Trustee, each Servicer 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 Securities Administrator shall be under no liability to any Person for
        any
        registration of transfer of any ERISA-Restricted Certificate or ERISA-Restricted
        Trust Certificate that is in fact not permitted by this Section 5.02(b) or
        for making any payments due on such Certificate to the Holder thereof or
        taking
        any other action with respect to such Holder under the provisions of this
        Agreement so long as, in the case of a Physical Certificate, the transfer
        was
        registered by the Securities Administrator in accordance with the foregoing
        requirements.

      

      (c) Each
        Person who has or who acquires any Ownership Interest in a Residual Certificate
        shall be deemed by the acceptance or acquisition of such Ownership Interest
        to
        have agreed to be bound by the following provisions, and the rights of each
        Person acquiring any Ownership Interest in a Residual Certificate are expressly
        subject to the following provisions:

      

      (i) Each
        Person holding or acquiring any Ownership Interest in a Residual Certificate
        shall be a Permitted Transferee and shall promptly notify the Securities
        Administrator of any change or impending change in its status as a Permitted
        Transferee;

      

      (ii) No
        Ownership Interest in a Residual Certificate may be registered on the Closing
        Date or thereafter transferred, and the Securities Administrator shall not
        register the Transfer of any Residual Certificate unless, in addition to
        the
        certificates required to be delivered to the Securities Administrator under
        subparagraph (b) above, the Securities Administrator shall have been
        furnished with an affidavit (a “Transfer
        Affidavit”)
        of the
        initial owner or the proposed transferee in the form attached hereto as
        Exhibit G;

      

      
        
          
          

        

        
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      (iii) Each
        Person holding or acquiring any Ownership Interest in a Residual Certificate
        shall agree (A) to obtain a Transfer Affidavit from any other Person to
        whom such Person attempts to Transfer its Ownership Interest in a Residual
        Certificate, (B) to obtain a Transfer Affidavit from any Person for whom
        such Person is acting as nominee, trustee or agent in connection with any
        Transfer of a Residual Certificate and (C) not to Transfer its Ownership
        Interest in a Residual Certificate or to cause the Transfer of an Ownership
        Interest in a Residual Certificate to any other Person if it has actual
        knowledge that such Person is a Non-Permitted Transferee;

      

      (iv) Any
        attempted or purported Transfer of any Ownership Interest in a Residual
        Certificate in violation of the provisions of this Section 5.02(c) shall be
        absolutely null and void and shall vest no rights in the purported Transferee.
        If any purported transferee shall become a Holder of a Residual Certificate
        in
        violation of the provisions of this Section 5.02(c), then the last
        preceding Permitted Transferee shall be restored to all rights as Holder
        thereof
        retroactive to the date of registration of Transfer of such Residual
        Certificate. The Securities Administrator shall be under no liability to
        any
        Person for any registration of Transfer of a Residual Certificate that is
        in
        fact not permitted by Section 5.02(a) and this Section 5.02(c) 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 after receipt of the related Transfer
        Affidavit, Transferor Certificate and the Rule 144A Investment Letter. The
        Securities Administrator shall be entitled but not obligated to recover from
        any
        Holder of a Residual Certificate that was in fact a Non-Permitted Transferee
        at
        the time it became a Holder or, at such subsequent time as it became a
        Non-Permitted Transferee, all payments made on such Residual Certificate
        at and
        after either such time. Any such payments so recovered by the Securities
        Administrator shall be paid and delivered by the Securities Administrator
        to the
        last preceding Permitted Transferee of such Certificate; and

      

      (v) The
        Depositor shall use its best efforts to make available, upon receipt of written
        request from the Securities Administrator, all information necessary to compute
        any tax imposed under Section 860E(e) of the Code as a result of a Transfer
        of an Ownership Interest in a Residual Certificate to any Holder who is a
        Non-Permitted Transferee.

      

      The
        restrictions on Transfers of a Residual Certificate set forth in this
        Section 5.02(c) shall cease to apply (and the applicable portions of the
        legend on a Residual Certificate may be deleted) with respect to Transfers
        occurring after delivery to the Securities Administrator of an Opinion of
        Counsel, which Opinion of Counsel shall not be an expense of the Trust Fund,
        the
        Trustee, the Securities Administrator or any Servicer, to the effect that
        the
        elimination of such restrictions will not cause any REMIC created hereunder
        to
        fail to qualify as a REMIC at any time that the Certificates are outstanding
        or
        result in the imposition of any tax on the Trust Fund, a Certificateholder
        or
        another Person. Each Person holding or acquiring any Ownership Interest in
        a
        Residual Certificate hereby consents to any amendment of this Agreement which,
        based on an Opinion of Counsel furnished to the Securities Administrator,
        is
        reasonably necessary (a) to ensure that the record ownership of, or any
        beneficial interest in, a Residual Certificate is not transferred, directly
        or
        indirectly, to a Person that is a Non-Permitted Transferee and (b) to
        provide for a means to compel the Transfer of a Residual Certificate which
        is
        held by a Person that is a Non-Permitted Transferee to a Holder that is a
        Permitted Transferee.

      

      
        
          
          

        

        
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      (d) The
        preparation and delivery of all certificates and opinions referred to above
        in
        this Section 5.02 in connection with transfer shall be at the expense of
        the parties to such transfers.

      

      (e) Except
        as
        provided below, the Book-Entry Certificates shall at all times remain registered
        in the name of the Depository or its nominee and at all times:
        (i) registration of the Certificates may not be transferred by the
        Securities Administrator except to another Depository; (ii) the Depository
        shall maintain book-entry records with respect to the Certificate Owners
        and
        with respect to ownership and transfers of such Book-Entry Certificates;
        (iii) ownership and transfers of registration of the Book-Entry
        Certificates on the books of the Depository shall be governed by applicable
        rules established by the Depository; (iv) the Depository may collect its
        usual and customary fees, charges and expenses from its Depository Participants;
        (v) the Securities Administrator shall deal with the Depository, Depository
        Participants and indirect participating firms as representatives of the
        Certificate Owners of the Book-Entry Certificates for purposes of exercising
        the
        rights of holders under this Agreement, and requests and directions for and
        votes of such representatives shall not be deemed to be inconsistent if they
        are
        made with respect to different Certificate Owners; and (vi) the Securities
        Administrator may rely and shall be fully protected in relying upon information
        furnished by the Depository with respect to its Depository Participants and
        furnished by the Depository Participants with respect to indirect participating
        firms and persons shown on the books of such indirect participating firms
        as
        direct or indirect Certificate Owners.

      

      All
        transfers by Certificate Owners of Book-Entry Certificates shall be made
        in
        accordance with the procedures established by the Depository Participant
        or
        brokerage firm representing such Certificate Owner. Each Depository Participant
        shall only transfer Book-Entry Certificates of Certificate Owners it represents
        or of brokerage firms for which it acts as agent in accordance with the
        Depository’s normal procedures.

      

      If
        (x) (i) the Depository or the Depositor advises the Securities
        Administrator in writing that the Depository is no longer willing or able
        to
        properly discharge its responsibilities as Depository, and (ii) the
        Securities Administrator or the Depositor is unable to locate a qualified
        successor, or (y) the Depositor notifies the Depository (and the Securities
        Administrator consents) of its intent to terminate the book-entry system
        through
        the Depository and, upon receipt of notice of such intent from the Depository,
        the Depository Participants holding beneficial interests in the Book-Entry
        Certificates agree to initiate such termination, the Securities Administrator
        shall notify all Certificate Owners, through the Depository, of the occurrence
        of any such event and of the availability of definitive, fully registered
        Certificates (the “Definitive
        Certificates”)
        to
        Certificate Owners requesting the same. Upon surrender to the Securities
        Administrator of the related Class of Certificates by the Depository,
        accompanied by the instructions from the Depository for registration, the
        Securities Administrator shall issue the Definitive Certificates. None of
        the
        Servicers, the Depositor or the Securities Administrator shall be liable
        for any
        delay in delivery of such instruction and each may conclusively rely on,
        and
        shall be protected in relying on, such instructions. The Depositor shall
        provide
        the Securities Administrator with an adequate inventory of Certificates to
        facilitate the issuance and transfer of Definitive Certificates. Upon the
        issuance of Definitive Certificates all references herein to obligations
        imposed
        upon or to be performed by the Depository shall be deemed to be imposed upon
        and
        performed by the Securities Administrator, to the extent applicable with
        respect
        to such Definitive Certificates and the Securities Administrator shall recognize
        the Holders of the Definitive Certificates as Certificateholders hereunder;
        provided,
        that
        the Securities Administrator shall not by virtue of its assumption of such
        obligations become liable to any party for any act or failure to act of the
        Depository.

      

      
        
          
          

        

        
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      (f) Each
        Private Certificate presented or surrendered for registration of transfer
        or
        exchange shall be accompanied by a written instrument of transfer and
        accompanied by IRS Form W-8ECI, W-8BEN, W-8IMY (and all appropriate attachments)
        or W-9 in form satisfactory to the Securities Administrator, duly executed
        by
        the Certificateholder or his attorney duly authorized in writing. Each
        Certificate presented or surrendered for registration of transfer or exchange
        shall be canceled and subsequently disposed of by the Securities Administrator
        in accordance with its customary practice. No service charge shall be made
        for
        any registration of transfer or exchange of Private Certificates, but the
        Securities Administrator may require payment of a sum sufficient to cover
        any
        tax or governmental charge that may be imposed in connection with any transfer
        or exchange of Private Certificates.

      

      Section
        5.03 Mutilated,
        Destroyed, Lost or Stolen Certificates.
        If
        (a) any mutilated Certificate is surrendered to the Securities
        Administrator, or the Securities Administrator receives evidence to its
        satisfaction of the destruction, loss or theft of any Certificate and
        (b) there is delivered to the Depositor, the Securities Administrator and
        the Trustee such security or indemnity as may be required by them to hold
        each
        of them harmless, then, in the absence of notice to the Securities Administrator
        that such Certificate has been acquired by a bona fide purchaser, the Securities
        Administrator shall execute, authenticate and deliver, in exchange for or
        in
        lieu of any such mutilated, destroyed, lost or stolen Certificate, a new
        Certificate of like Class, tenor and Percentage Interest. In connection with
        the
        issuance of any new Certificate under this Section 5.03, the Securities
        Administrator may require the payment of a sum sufficient to cover any tax
        or
        other governmental charge that may be imposed in relation thereto and any
        other
        expenses (including the fees and expenses of the Securities Administrator)
        connected therewith. Any replacement Certificate issued pursuant to this
        Section 5.03 shall constitute complete and indefeasible evidence of
        ownership, as if originally issued, whether or not the lost, stolen or destroyed
        Certificate shall be found at any time.

      

      Section
        5.04 Persons
        Deemed Owners.
        The
        Trustee, the Depositor, the Securities Administrator and any agent of the
        Trustee, the Depositor or the Securities Administrator may treat the Person
        in
        whose name any Certificate is registered as the owner of such Certificate
        for
        the purpose of receiving distributions as provided in this Agreement and
        for all
        other purposes whatsoever, and neither the Trustee, the Depositor, the
        Securities Administrator nor any agent of the Trustee, the Depositor or the
        Securities Administrator shall be affected by any notice to the
        contrary.

      

      
        
          
          

        

        
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      Section
        5.05 Access
        to List of Certificateholders’ Names and Addresses.
        If
        three or more Certificateholders (a) request such information in writing
        from the Securities Administrator, (b) state that such Certificateholders
        desire to communicate with other Certificateholders with respect to their
        rights
        under this Agreement or under the Certificates and (c) provide a copy of
        the communication which such Certificateholders propose to transmit, or if
        the
        Depositor or any Servicer shall request such information in writing from
        the
        Securities Administrator, then the Securities Administrator shall, within
        ten
        Business Days after the receipt of such request, provide the Depositor, the
        applicable Servicer or such Certificateholders at such recipients’ expense the
        most recent list of the Certificateholders of such Trust Fund held by the
        Securities Administrator, if any. The Depositor and every Certificateholder,
        by
        receiving and holding a Certificate, agree that the Securities Administrator
        shall not be held accountable by reason of the disclosure of any such
        information as to the list of the Certificateholders hereunder, regardless
        of
        the source from which such information was derived.

      

      Section
        5.06 Maintenance
        of Office or Agency.
        The
        Securities Administrator will maintain or cause to be maintained at its expense
        an office or offices or agency or agencies where Certificates may be surrendered
        for registration of transfer or exchange. The Securities Administrator initially
        designates its offices located at Sixth Street and Marquette Avenue,
        Minneapolis, Minnesota 55479. The Securities Administrator shall give prompt
        written notice to the Certificateholders of any change in such location of
        any
        such office or agency.

      

      ARTICLE
        VI

      

      THE
        DEPOSITOR

      

      Section
        6.01 Liabilities
        of the Depositor.
        The
        Depositor shall be liable in accordance herewith only to the extent of the
        obligations specifically and respectively imposed upon and undertaken by
        it
        herein.

      

      Section
        6.02 Merger
        or Consolidation of the Depositor.
        (a) The Depositor will keep in full effect its existence, rights and
        franchises as a corporation, under the laws of the United States or under
        the
        laws of one of the states thereof and will each obtain and preserve its
        qualification to do business as a foreign corporation in each jurisdiction
        in
        which such qualification is or shall be necessary to protect the validity
        and
        enforceability of this Agreement, or any of the Mortgage Loans and to perform
        its respective duties under this Agreement.

      

      (b) Any
        Person into which the Depositor may be merged or consolidated, or any Person
        resulting from any merger or consolidation to which the Depositor shall be
        a
        party, or any person succeeding to the business of the Depositor, shall be
        the
        successor of the Depositor 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.

      

      Section
        6.03 Limitation
        on Liability of the Depositor and Others.
        Neither
        the Depositor nor any of its respective directors, officers, employees or
        agents, shall be under any liability to 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 Depositor or any such Person against
        any
        breach of representations or warranties made by it herein or protect the
        Depositor or any such Person from any liability which would otherwise be
        imposed
        by reasons of willful misfeasance, bad faith or negligence (or gross negligence
        in the case of the Depositor) in the performance of duties or by reason of
        reckless disregard of obligations and duties hereunder. The Depositor, its
        Affiliates and any of their respective directors, officers, employees or
        agents
        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
        Depositor, its Affiliates, and any of their respective directors, officers,
        employees or agents shall be indemnified by the Trust Fund and held harmless
        against any loss, liability or expense incurred in connection with any audit,
        controversy or judicial proceeding relating to a governmental taxing authority
        or any legal action relating to this Agreement or the Certificates other
        than
        any loss, liability or expense related to any specific Mortgage Loan or Mortgage
        Loans (except as any such loss, liability or expense shall be otherwise
        reimbursable pursuant to this Agreement and any loss, liability or expense
        incurred by reason of willful misfeasance, bad faith or gross negligence
        in the
        performance of duties hereunder or by reason of reckless disregard of
        obligations and duties hereunder. The Depositor shall not be under any
        obligation to appear in, prosecute or defend any legal action that is not
        incidental to its respective duties hereunder and which in its opinion may
        involve it in any expense or liability; provided,
        however,
        that
        the Depositor may in its discretion undertake any such action (or direct
        the
        Trustee to undertake such actions pursuant to Section 2.03 for the benefit
        of the Certificateholders) that it may deem necessary or desirable in respect
        of
        this Agreement and the rights and duties of the parties hereto and interests
        of
        the Trustee and 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 Depositor shall
        be
        entitled to be reimbursed therefor out of the Distribution Account.

      

      
        
          
          

        

        
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      ARTICLE
        VII

      

      DEFAULT

      

      Section
        7.01 Master
        Servicer to Act; Appointment of Successor.
        (a) The
        Master Servicer or the Trustee (as successor master servicer), as applicable,
        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. Upon termination of a Servicer under the applicable Servicing
        Agreement, the Master Servicer or the Trustee (as successor master servicer),
        as
        applicable, shall, subject to the rights of the Master Servicer or the Trustee
        (as successor master servicer), as applicable, to appoint a successor servicer
        pursuant to this Section 7.01, be the successor to such Servicer in its capacity
        as servicer under the applicable Servicing Agreement, provided,
        however,
        that
        the
        Master Servicer or the Trustee (as successor master servicer), as applicable,
        shall not be (i) liable for losses of the predecessor Servicer with respect
        to
        such predecessor’s investment of funds in its Collection Account; (ii) obligated
        to effectuate repurchases or substitutions of Mortgage Loans hereunder,
        including but not limited to repurchases or substitutions pursuant to Section
        2.03, (iii) responsible for expenses of the predecessor servicer related
        to any
        repurchase or substitution of Mortgage Loans hereunder, including but not
        limited to repurchases or substitutions pursuant to Section 2.03, (iv) deemed
        to
        have made any of the representations and warranties of the terminated Servicer
        under the 

      

      
        
          
          

        

        
          -84-
            

          
            

          

        

        
          
          

        

      

      applicable
        Servicing Agreement or (v) liable for any obligations of the predecessor
        Servicer incurred prior to its termination. It is understood and acknowledged
        by
        the parties hereto that there will be a period of transition before the transfer
        of servicing obligations is fully effective. Notwithstanding the foregoing,
        the
        Master Servicer or the Trustee (as successor master servicer), as applicable,
        will have a period (not to exceed 90 days) to complete the transfer of all
        servicing data and correct or manipulate such servicing data as may be required
        by the Master Servicer or the Trustee (as successor master servicer), as
        applicable, to correct any errors or insufficiencies in the servicing data
        or
        otherwise enable the Master Servicer or the Trustee (as successor master
        servicer), as applicable, to service the Mortgage Loans in accordance with
        the
        applicable Servicing Agreement. Except as provided in Section 7.01(c) below,
        the
        Master Servicer or the Trustee (as successor master servicer), as applicable,
        shall be entitled to be reimbursed from each Servicer (or by the Trust Fund,
        if
        such Servicer is unable to fulfill such obligation) 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 or the Trustee (as successor
        master servicer), as applicable, to correct any errors or insufficiencies
        in the
        servicing data or otherwise to enable the Master Servicer or the Trustee
        (as
        successor master servicer), as applicable, to service the Mortgage Loans
        properly and effectively. As compensation in its role as successor servicer,
        the
        Master Servicer or the Trustee (as successor master servicer), as applicable,
        shall be entitled to the applicable Servicing Fee and any income on investments
        or gain related to the related Collection Account. Notwithstanding the
        foregoing, if the Master Servicer or the Trustee (as successor master servicer),
        as applicable, has become the successor to a Servicer pursuant to an Event
        of
        Default, the Master Servicer or the Trustee (as successor master servicer),
        as
        applicable, may, if it shall be unwilling to so act, or shall, if it is
        prohibited by applicable law from making P&I Advances and Servicing Advances
        pursuant to the applicable Servicing Agreement, if it is otherwise unable
        to so
        act, or at the written request of Certificateholders entitled to at least
        a
        majority of the Voting Rights, appoint, or petition a court of competent
        jurisdiction to appoint, any established mortgage loan servicing institution
        the
        appointment of which does not adversely affect the then current rating of
        the
        Certificates by each Rating Agency, as the successor to the Servicer under
        the
        applicable Servicing Agreement in the assumption of all or any part of the
        responsibilities, duties or liabilities of such Servicer thereunder. Any
        successor to a Servicer shall be an institution which is willing to service
        the
        Mortgage Loans and which executes and delivers to the Depositor, the Master
        Servicer and the Trustee (as successor master servicer) an agreement accepting
        such delegation and assignment, containing an assumption by such Person of
        the
        rights, powers, duties, responsibilities, obligations and liabilities of
        the
        applicable Servicer (other than liabilities of the predecessor servicer incurred
        prior to its termination), with like effect as if originally named as a party
        to
        such Servicing Agreement; provided,
        that
        each Rating Agency acknowledges that its rating of the Certificates in effect
        immediately prior to such assignment and delegation will not be qualified
        or
        reduced, as a result of such assignment and delegation. Pending appointment
        of a
        successor to a Servicer under any Servicing Agreement, the Master Servicer
        or
        the Trustee (as successor master servicer), as applicable, unless such party
        is
        prohibited by law from so acting, shall act in such capacity as hereinabove
        provided. In connection with such appointment and assumption, the Master
        Servicer or the Trustee (as successor master servicer), as applicable, may
        make
        such arrangements for the compensation of such successor out of payments
        on
        Mortgage Loans as it and such successor shall agree in accordance with the
        applicable Servicing Agreement; provided,
        however,
        that no
        such compensation shall be in excess of the applicable Servicing Fee and
        any
        income on investments or gain related to the related Collection Account.
        The
        Master Servicer or the Trustee (as successor master servicer), as applicable,
        and such successor servicer shall take such action, consistent with this
        Agreement and the applicable Servicing Agreement, as shall be necessary to
        effectuate any such succession. Neither the Master Servicer nor the Trustee
        (as
        successor master servicer) shall be deemed to be in default hereunder by
        reason
        of any failure to make, or any delay in making, any distribution hereunder
        or
        any portion thereof or any failure to perform, or any delay in performing,
        any
        duties or responsibilities hereunder, in either case caused by the failure
        of
        any Servicer to deliver or provide, or any delay in delivering or providing,
        any
        cash, information, documents or records to it.

      

      
        
          
          

        

        
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      (b) Notwithstanding
        the foregoing, the parties hereto agree that the Master Servicer
        or the
        Trustee (as successor master servicer),
        as
        applicable, in its capacity as successor servicer, immediately shall assume
        all
        of the obligations of such terminated Servicer to make Advances and the Master
        Servicer or the Trustee (as successor master servicer), as applicable, will
        assume the other duties of such Servicer as soon as practicable, but in no
        event
        later than 90 days after the Master Servicer or the Trustee (as successor
        master
        servicer), as applicable, becomes successor servicer pursuant to the preceding
        paragraph. If the Master Servicer or the Trustee (as successor master servicer),
        as applicable, acts as a successor servicer, it will have no obligation to
        make
        an Advance if it determines in its reasonable judgment that such Advance
        is
        non-recoverable. To the extent that the Master Servicer or the Trustee (as
        successor 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 applicable Servicer to make Advances regardless of whether
        such Advance is recoverable, the applicable Servicing Agreement may be amended
        to provide that the successor servicer shall have no obligation to make an
        Advance if it determines in its reasonable judgment that such Advance is
        non-recoverable and provides an Officer’s Certificate to such effect to the
        Master Servicer and the Trustee. Notwithstanding the foregoing, the Master
        Servicer or the Trustee (as successor master servicer), as applicable, in
        its
        capacity as successor servicer, shall not be responsible for the lack of
        information and/or documents that it cannot obtain through reasonable efforts;
        provided,
        however,
        that
        any failure to perform any duties or responsibilities caused by such Servicer’s
        failure to provide information required by this Agreement shall not be
        considered a default by the Trustee (as successor master servicer) hereunder.
        In
        the Trustee’s capacity as such successor, the Trustee (as successor master
        servicer) shall have the same limitations on liability granted to the Servicer
        under this Agreement and the related Servicing Agreement. 

      

      (c) In
        the
        event that the Master Servicer or the Trustee (as successor master servicer),
        as
        applicable, is the terminated Servicer (except in the case where the Master
        Servicer in its role as successor servicer is being terminated pursuant to
        an
        Event of Default caused solely by the Master Servicer as the successor servicer
        and not by the predecessor Servicer’s actions or omissions), such costs shall be
        paid by such prior terminated Servicer promptly upon presentation of reasonable
        documentation of such costs.

      

      Section
        7.02 Notification
        to Certificateholders.
        (a)  Upon any termination of or appointment of a successor to any
        Servicer, the Securities Administrator shall give prompt written notice thereof
        to Certificateholders, each Rating Agency and the Derivative
        Counterparty.

      

      
        
          
          

        

        
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      (b) Within
        60 days after the occurrence of any Event of Default, the Securities
        Administrator shall transmit by mail to all Certificateholders, each Rating
        Agency and the Derivative Counterparty notice of each such Event of Default
        hereunder known to the Securities Administrator, unless such event shall
        have
        been cured or waived.

      

      ARTICLE
        VIII

      

      CONCERNING
        THE TRUSTEE

      

      Section
        8.01 Duties
        of the Trustee.
        The
        Trustee, before the occurrence of a Master Servicer Event of Default and
        after
        the curing of all Master Servicer Events of Default that may have occurred,
        shall undertake to perform such duties and only such duties as are specifically
        set forth in this Agreement. In case a Master Servicer Event of Default has
        occurred and remains uncured, 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.

      

      The
        Trustee, upon receipt of all resolutions, certificates, statements, opinions,
        reports, documents, orders or other instruments furnished to the Trustee
        that
        are specifically required to be furnished pursuant to any provision of this
        Agreement, shall examine them to determine whether they are in the form required
        by this Agreement. The Trustee shall not be responsible for the accuracy
        or
        content of any resolution, certificate, statement, opinion, report, document,
        order, or other instrument.

      

      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.

      

      Unless
        an
        Event of Default known to the Trustee has occurred and is
        continuing:

      

      (a) the
        duties and obligations of the Trustee shall be determined solely by the express
        provisions of this Agreement, the Trustee shall not be liable except for
        the
        performance of the duties and obligations specifically set forth in this
        Agreement, no implied covenants or obligations shall be read into this Agreement
        against the Trustee, and the Trustee 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 Trustee and conforming to the
        requirements of this Agreement which it believes in good faith to be genuine
        and
        to have been duly executed by the proper authorities respecting any matters
        arising hereunder;

      

      (b) the
        Trustee shall not be liable for an error of judgment made in good faith by
        a
        Responsible Officer or Responsible Officers of the Trustee, unless it is
        finally
        proven that the Trustee was negligent in ascertaining the pertinent facts;
        and

      

      (c) 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 of Certificates evidencing not less than 25.00% of the Voting Rights
        of
        Certificates relating 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.

      

      
        
          
          

        

        
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      Section
        8.02 Certain
        Matters Affecting the Trustee.
        Except
        as otherwise provided in Section 8.01:

      

      (a) the
        Trustee may rely upon and shall be protected in acting or refraining from
        acting
        upon any resolution, Officer’s Certificate, certificate of auditors or any other
        certificate, statement, instrument, opinion, report, notice, request, consent,
        order, appraisal, bond or other paper or document believed by it to be genuine
        and to have been signed or presented by the proper party or parties and the
        Trustee shall have no responsibility to ascertain or confirm the genuineness
        of
        any signature of any such party or parties;

      

      (b) the
        Trustee may consult with counsel, financial advisers or accountants and the
        advice of any such counsel, financial advisers or accountants and any 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 liable for any action taken, suffered or omitted by
        it in
        good faith and believed by it to be authorized or within the discretion or
        rights or powers conferred upon it by this Agreement;

      

      (d) 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,
        unless requested in writing to do so by the Holders of Certificates evidencing
        not less than 25.00% of the Voting Rights allocated to each Class of
        Certificates;

      

      (e) the
        Trustee may execute any of the trusts or powers hereunder or perform any
        duties
        hereunder either directly or by or through agents, accountants, custodians,
        nominees or attorneys and the Trustee shall not be responsible for any
        misconduct or negligence on the part of any agents, accountants or attorneys
        appointed with due care by it hereunder;

      

      (f) the
        Trustee shall not be required to risk or expend its own funds or otherwise
        incur
        any financial liability in the performance of any of its duties or in the
        exercise of any of its rights or powers hereunder if it shall have reasonable
        grounds for believing that repayment of such funds or indemnity satisfactory
        to
        it against such risk or liability is not assured to it;

      

      (g) the
        Trustee shall not be liable for any loss on any investment of funds pursuant
        to
        this Agreement;

      

      (h) unless
        a
        Responsible Officer of the Trustee has actual knowledge of the occurrence
        of a
        Master Servicer Event of Default or an Event of Default, the Trustee shall
        not
        be deemed to have knowledge of a Master Servicer Event of Default or an Event
        of
        Default until a Responsible Officer of the Trustee shall have received written
        notice thereof;

      

      
        
          
          

        

        
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      (i) the
        Trustee shall be under no obligation to exercise any of the trusts, rights
        or
        powers vested in it by this Agreement or to institute, conduct or defend
        any
        litigation hereunder or in relation hereto at the request, order or direction
        of
        any of the Certificateholders, pursuant to this Agreement, unless such
        Certificateholders shall have offered to the Trustee reasonable security
        or
        indemnity satisfactory to the Trustee against the costs, expenses and
        liabilities which may be incurred therein or thereby; 

      

      (j) if
        the
        Trustee, in its role as successor master servicer under this Agreement, assumes
        the servicing or master servicing with respect to any of the Mortgage Loans,
        it
        shall not assume liability for the representations and warranties of a Servicer
        or Master Servicer, as applicable, or for any errors or omissions of a Servicer
        or Master Servicer, as applicable;

      

      (k) in
        order
        to comply with laws, rules, regulations and executive orders in effect from
        time
        to time applicable to banking institutions, including those relating to the
        funding of terrorist activities and money laundering (“Applicable Law”), the
        Trustee is required to obtain, verify and record certain information relating
        to
        individuals and entities which maintain a business relationship with the
        Trustee. Accordingly, each of the parties agrees to provide to the Trustee
        upon
        its request from time to time such identifying information and documentation
        as
        may be available to such party in order to enable the Trustee to comply with
        Applicable Law; and

      

      (l) the
        Depositor hereby authorizes and directs the Trustee to execute each of the
        Servicing Agreements.

      

      Section
        8.03 Trustee
        Not Liable for Certificates or Mortgage Loans.
        The
        recitals contained herein and in the Certificates shall be taken as the
        statements of the Depositor and the Trustee assumes no responsibility for
        their
        correctness. The Trustee makes no representations as to the validity or
        sufficiency of this Agreement, the Cap Agreement, the Swap Agreement, or
        of the
        Certificates or of any Mortgage Loan or related document. The Trustee shall
        not
        be accountable for the use or application by the Depositor, the Master Servicer,
        a Servicer, the Securities Administrator or the Derivative Counterparty of
        any
        funds paid to the Depositor, the Master Servicer, a Servicer, the Securities
        Administrator or the Derivative Counterparty in respect of the Mortgage Loans
        or
        deposited in or withdrawn from any Collection Account, the Distribution Account
        or any other fund or account with respect to the Certificates by the Depositor,
        the Master Servicer, a Servicer, the Securities Administrator or the Derivative
        Counterparty.

      

      The
        Trustee shall have no responsibility for filing or recording 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.

      

      Section
        8.04 Trustee
        May Own Certificates.
        The
        Trustee in its individual or any other capacity may become the owner or pledgee
        of Certificates with the same rights as it would have if it were not the
        Trustee.

      

      Section
        8.05 Trustee’s
        Fees Indemnification and Expenses.
        (a) As compensation for its activities under this Agreement, the Trustee
        shall be paid its fee by the Master Servicer from the Master Servicer’s own
        funds pursuant to a separate agreement. The Trustee shall have no lien on
        the
        Trust Fund for the payment of such fees. 

      

      
        
          
          

        

        
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      (b) The
        Trustee shall be entitled to be reimbursed, from funds on deposit in the
        Distribution Account, amounts sufficient to indemnify and hold harmless the
        Trustee and any director, officer, employee, or agent of the Trustee against
        any
        loss, liability, or expense (including reasonable attorneys’ fees) incurred in
        connection with any claim or legal action relating to:

      

      (i) this
        Agreement or any Servicing Agreement, and any other document executed in
        connection therewith,

      

      (ii) the
        Certificates, or

      

      (iii) the
        performance of any of the Trustee’s duties under this Agreement or any Servicing
        Agreement, and any other document executed in connection therewith,

      

      other
        than any loss, liability, or expense (i) resulting from any breach of a
        Servicer’s obligations in connection with its respective Servicing Agreement for
        which such Servicer has performed its obligation to indemnify the Trustee,
        (ii) resulting from any breach of a Mortgage Loan Seller’s obligations in
        connection with its respective Transfer Agreement for which such Mortgage
        Loan
        Seller has performed its obligation to indemnify the Trustee,
        (iii) resulting from any breach of the Master Servicer’s obligation
        hereunder for which the Master Servicer has performed its obligation to
        indemnify the Trustee pursuant to this Agreement or (iv) incurred because
        of willful misconduct, bad faith, or negligence in the performance of any
        of the
        Trustee’s duties under this Agreement or any Servicing Agreement. Without
        limiting the foregoing, except as otherwise agreed upon in writing by the
        Depositor and the Trustee, and except for any expense, disbursement, or advance
        arising from the Trustee’s negligence, bad faith, or willful misconduct, the
        Trust Fund shall pay or reimburse the Trustee for all reasonable expenses,
        disbursements, and advances incurred or made by the Trustee in accordance
        with
        this Agreement with respect to:

      

      (A) the
        reasonable compensation, expenses, and disbursements of its counsel not
        associated with the closing of the issuance of the Certificates,
        and

      

      (B) the
        reasonable compensation, expenses, and disbursements of any accountant,
        engineer, or appraiser that is not regularly employed by the Trustee, to
        the
        extent that the Trustee must engage them to perform services under this
        Agreement.

      

      The
        Trustee’s right to indemnity and reimbursement under this Section 8.05(b) shall
        survive the termination of this Agreement and the resignation or removal
        of the
        Trustee under this Agreement. 

      

      Except
        as
        otherwise provided in this Agreement or a separate letter agreement between
        the
        Trustee and the Depositor, the Trustee shall not be entitled to payment or
        reimbursement for any routine ongoing expenses incurred by the Trustee in
        the
        ordinary course of its duties as Trustee under this Agreement or for any
        other
        routine expenses incurred by the Trustee; provided,
        further,
        that no
        expense shall be reimbursed hereunder if it would not constitute an
“unanticipated expense incurred by the REMIC” within the meaning of the REMIC
        Provisions.

      

      
        
          
          

        

        
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      The
        Trustee shall not be (a) liable for any acts or omissions of any Servicer
        (other
        than where the Trustee (as successor master servicer) is such Servicer),
        (b)
        obligated to make any Advance if it is prohibited from doing so under applicable
        law, (c) responsible for expenses of any Servicer (other than where the Trustee
        (as successor master servicer) is such Servicer) pursuant to the terms a
        Servicing Agreement, (d) liable for any amount necessary to induce any successor
        servicer to act as successor servicer under a Servicing Agreement and enter
        into
        the transactions set forth or provided for therein.

      

      Section
        8.06 Eligibility
        Requirements for the Trustee.
        The
        Trustee hereunder shall at all times be a corporation or association organized
        and doing business under the laws of a state or the United States of America,
        authorized under such laws to exercise corporate trust powers, having a combined
        capital and surplus of at least $50,000,000, subject to supervision or
        examination by federal or state authority and with a credit rating which
        would
        not cause any of the Rating Agencies to reduce their respective then current
        ratings of the Certificates (or having provided such security from time to
        time
        as is sufficient to avoid such reduction) as evidenced in writing by each
        Rating
        Agency. If such corporation or 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 8.06 the combined capital and surplus of such corporation or
        association shall be deemed to be its combined capital and surplus as set
        forth
        in its most recent report of condition so published. In case at any time
        the
        Trustee shall cease to be eligible in accordance with this Section 8.06,
        the Trustee shall resign immediately in the manner and with the effect specified
        in Section 8.07. The entity serving as Trustee may have normal banking and
        trust relationships with the Depositor and its affiliates, the Master Servicer,
        the Securities Administrator or any Servicer and its affiliates; provided,
        however,
        that
        such entity cannot be an affiliate of the Depositor or any Servicer other
        than
        the Trustee in its role as successor to the Master Servicer.

      

      Section
        8.07 Resignation
        and Removal of the Trustee.
        The
        Trustee may at any time resign and be discharged from the trusts hereby created
        by giving written notice of resignation to the Depositor, the Master Servicer,
        the Securities Administrator and each Rating Agency not less than 60 days
        before the date specified in such notice, when, subject to Section 8.08,
        such resignation is to take effect and acceptance by a successor trustee
        in
        accordance with Section 8.08 meeting the qualifications set forth in
        Section 8.06. If no successor trustee meeting such qualifications shall
        have been so appointed and have accepted appointment within 30 days after
        the giving of such notice or resignation, the resigning Trustee may petition
        any
        court of competent jurisdiction for the appointment of a successor
        trustee.

      

      If
        at any
        time the Trustee shall cease to be eligible in accordance with Section 8.06
        and shall fail to resign after written request thereto by the Depositor,
        or if
        at any time the Trustee shall become incapable of acting, or shall be adjudged
        as bankrupt or insolvent, or a receiver of the Trustee or of its property
        shall
        be appointed, or any public officer shall take charge or control of the Trustee
        or of its property or affairs for the purpose of rehabilitation, conservation
        or
        liquidation, or a tax is imposed with respect to the Trust Fund by any state
        in
        which the Trustee or the Trust Fund is located and the imposition of such
        tax
        would be avoided by the appointment of a different trustee, then the Depositor
        may remove the Trustee and, subject
        to the approval of the Rating Agencies,
        appoint
        a successor trustee by written instrument, in triplicate, one copy of which
        shall be delivered to the Trustee, one copy to each of the Servicers and
        one
        copy to the successor trustee.

      

      
        
          
          

        

        
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      The
        Holders of Certificates entitled to at least a majority of the Voting Rights
        may
        at any time remove the Trustee and, subject to the approval of the Rating
        Agencies, appoint a successor trustee by written instrument or instruments,
        in
        triplicate, signed by such Holders or their attorneys-in-fact duly authorized,
        one complete set of which shall be delivered by the successor Trustee to
        each
        Servicer, one complete set to the Trustee so removed and one complete set
        to the
        successor so appointed. The successor trustee shall notify each Rating Agency
        of
        any removal of the Trustee.

      

      Any
        resignation or removal of the Trustee and appointment of a successor trustee
        pursuant to this Section 8.07 shall become effective upon acceptance of
        appointment by the successor trustee as provided in
        Section 8.08.

      

      Section
        8.08 Successor
        Trustee.
        Any
        successor trustee appointed as provided in Section 8.07 shall execute,
        acknowledge and deliver to the Depositor and to its predecessor trustee and
        each
        Servicer an instrument accepting such appointment hereunder and thereupon
        the
        resignation or removal of the predecessor trustee shall become effective
        and
        such successor trustee, without any further act, deed or conveyance, shall
        become fully vested with all the rights, powers, duties and obligations of
        its
        predecessor hereunder, with like effect as if originally named as trustee
        herein. The Depositor and the predecessor trustee shall execute and deliver
        such
        instruments and do such other things as may reasonably be required for more
        fully and certainly vesting and confirming in the successor trustee all such
        rights, powers, duties, and obligations.

      

      No
        successor trustee shall accept appointment as provided in this Section 8.08
        unless at the time of its acceptance, the successor trustee is eligible under
        Section 8.06 and its appointment does not adversely affect then the current
        rating of the Certificates.

      

      Upon
        acceptance of appointment by a successor trustee as provided in this
        Section 8.08, the Depositor shall mail notice of the succession of such
        trustee hereunder to all Holders of Certificates. If the Depositor fails
        to mail
        such notice within 10 days after acceptance of appointment by the successor
        trustee, the successor trustee shall cause such notice to be mailed at the
        expense of the Depositor.

      

      Section
        8.09 Merger
        or Consolidation of the Trustee.
        Any
        corporation into which the Trustee may be merged or converted or with which
        it
        may be consolidated or any corporation resulting from any merger, conversion
        or
        consolidation to which the Trustee shall be a party, or any corporation
        succeeding to the business of the Trustee, shall be the successor of the
        Trustee
        hereunder; provided,
        that
        such corporation shall be eligible under Section 8.06 without the execution
        or filing of any paper or further act on the part of any of the parties hereto,
        anything herein to the contrary notwithstanding.

      

      Section
        8.10 Appointment
        of Co-Trustee or Separate Trustee.
        Notwithstanding any other provisions of this Agreement, at any time, for
        the
        purpose of meeting any legal requirements of any jurisdiction in which any
        part
        of the Trust Fund or property securing any Mortgage Note may at the time
        be
        located, the Trustee shall have the power and shall execute and deliver all
        instruments to appoint one or more Persons approved by the Trustee to act
        as
        co-trustee or co-trustees jointly with the Trustee, or separate trustee or
        separate trustees, of all or any part of the Trust Fund, and to vest in such
        Person or Persons, in such capacity and for the benefit of the
        Certificateholders, such title to the Trust Fund or any part thereof, whichever
        is applicable, and, subject to the other provisions of this Section 8.10,
        such powers, duties, obligations, rights and trusts as the Trustee may consider
        appropriate. No co-trustee or separate trustee hereunder shall be required
        to
        meet the terms of eligibility as a successor trustee under Section 8.06 and
        no notice to Certificateholders of the appointment of any co-trustee or separate
        trustee shall be required under Section 8.08.

      

      
        
          
          

        

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

      

      (a) To
        the
        extent necessary to effectuate the purposes of this Section 8.10, all
        rights, powers, duties and obligations conferred or imposed upon the Trustee,
        except for the obligation of the Trustee (as successor master servicer) under
        this Agreement to advance funds on behalf of the Master Servicer, shall be
        conferred or imposed upon and exercised or performed by the Trustee and such
        separate trustee or co-trustee jointly (it being understood that such separate
        trustee or co-trustee is not authorized to act separately without the Trustee
        joining in such act), except to the extent that under any law of any
        jurisdiction in which any particular act or acts are to be performed (whether
        as
        Trustee hereunder or as successor to the Master Servicer hereunder), the
        Trustee
        shall be incompetent or unqualified to perform such act or acts, in which
        event
        such rights, powers, duties and obligations (including the holding of title
        to
        the applicable Trust Fund or any portion thereof in any such jurisdiction)
        shall
        be exercised and performed singly by such separate trustee or co-trustee,
        but
        solely at the direction of the Trustee;

      

      (b) No
        trustee hereunder shall be held personally liable because of any act or omission
        of any other trustee hereunder and such appointment shall not, and shall
        not be
        deemed to, constitute any such separate trustee or co-trustee as agent of
        the
        Trustee;

      

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

      

      (d) The
        Trust
        Fund, and not the Trustee, shall be liable for the payment of reasonable
        compensation, reimbursement and indemnification to any such separate trustee
        or
        co-trustee.

      

      Any
        notice, request or other writing given to the Trustee shall be deemed to
        have
        been given to each of the separate trustees and co-trustees, when and as
        effectively as if given to each of them. Every instrument appointing any
        separate trustee or co-trustee shall refer to this Agreement and the conditions
        of this Article VIII. 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 and
        indemnity to, the Trustee. Every such instrument shall be filed with the
        Trustee
        and a copy thereof given to the Master Servicer and the Depositor.

      

      
        
          
          

        

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

      

      Section
        8.11 Tax
        Matters.
        It is
        intended that the assets with respect to which any REMIC election pertaining
        to
        the Trust Fund is to be made, as set forth in the Preliminary Statement,
        shall
        constitute, and that the conduct of matters relating to such assets shall
        be
        such as to qualify such assets as, a “real estate mortgage investment conduit”
as defined in and in accordance with the REMIC Provisions. In furtherance
        of
        such intention, the Securities Administrator covenants and agrees that it
        shall
        act as agent (and the Securities Administrator is hereby appointed to act
        as
        agent) on behalf of each REMIC created hereunder and that in such capacity
        it
        shall:

      

      (a) prepare
        and file in a timely manner, a U.S. Real Estate Mortgage Investment Conduit
        (REMIC) Income Tax Return (Form 1066 or any successor form adopted by the
        Internal Revenue Service), which return the Trustee shall sign upon receipt
        from
        the Securities Administrator, and the Securities Administrator shall prepare
        and
        file with the Internal Revenue Service and applicable state or local tax
        authorities income tax or information returns for each taxable year with
        respect
        to each REMIC hereunder containing such information and at the times and
        in the
        manner as may be required by the Code or state or local tax laws, regulations,
        or rules, and furnish to Certificateholders the schedules, statements or
        information at such times and in such manner as may be required
        thereby;

      

      (b) within
        thirty days of the Closing Date, apply for an employer identification
        number from the Internal Revenue Service via Form SS-4 or any other
        acceptable method for all tax entities and shall also furnish to the Internal
        Revenue Service, on Form 8811 or as otherwise may be required by the Code,
        the name, title, address, and telephone number of the person that the holders
        of
        the Certificates may contact for tax information relating thereto, together
        with
        such additional information as may be required by such Form, and update such
        information at the time or times in the manner required by the
        Code;

      

      (c) make
        an
        election that each REMIC created hereunder be treated as a REMIC on the federal
        tax return for its first taxable year (and, if necessary, under applicable
        state
        law);

      

      (d) prepare
        and forward to the Certificateholders and to the Internal Revenue Service
        and,
        if necessary, state tax authorities, all information returns and reports
        as and
        when required to be provided to them in accordance with the REMIC Provisions,
        including the calculation of any original issue discount using the prepayment
        assumption (as described in the Prospectus Supplement);

      

      
        
          
          

        

        
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      (e) provide
        information necessary for the computation of tax imposed on the transfer
        of a
        Residual Certificate to a Person that is a Non-Permitted Transferee, or an
        agent
        (including a broker, nominee or other middleman) of a Non-Permitted Transferee,
        or a pass-through entity in which a Non-Permitted Transferee is the record
        holder of an interest (the reasonable cost of computing and furnishing such
        information may be charged to the Person liable for such tax);

      

      (f) to
        the
        extent that they are under its control, conduct matters relating to such
        assets
        at all times that any Certificates are outstanding so as to maintain the
        status
        of each REMIC created hereunder as a REMIC under the REMIC
        Provisions;

      

      (g) not
        knowingly or intentionally take any action or omit to take any action that
        would
        cause the termination of the REMIC status of any of the REMICs created
        hereunder;

      

      (h) pay,
        from
        the sources specified in the last paragraph of this Section 8.11, the
        amount of any federal or state tax, including prohibited transaction taxes
        as
        described below, imposed on each REMIC created hereunder before its termination
        when and as the same shall be due and payable (but such obligation shall
        not
        prevent the Securities Administrator or any other appropriate Person from
        contesting any such tax in appropriate proceedings and shall not prevent
        the
        Securities Administrator from withholding payment of such tax, if permitted
        by
        law, pending the outcome of such proceedings);

      

      (i) cause
        federal, state or local income tax or information returns to be signed by
        the
        Securities Administrator or, if required by applicable tax law, the Trustee
        or
        such other person as may be required to sign such returns by the Code or
        state
        or local laws, regulations or rules; and

      

      (j) maintain
        records relating to each REMIC created hereunder, including the income,
        expenses, assets, and liabilities thereof on a calendar year basis and on
        the
        accrual method of accounting and the adjusted basis of the assets determined
        at
        such intervals as may be required by the Code, as may be necessary to prepare
        the foregoing returns, schedules, statements or information.

      

      The
        Holder of the largest Percentage Interest of the Class R Certificates shall
        act as Tax Matters Person for each REMIC created hereunder, within the meaning
        of Treasury Regulations Section 1.860F-4(d), and the Securities
        Administrator is hereby designated as agent of such Certificateholder for
        such
        purpose (or if the Securities Administrator is not so permitted, such Holder
        shall be the Tax Matters Person in accordance with the REMIC Provisions).
        In
        such capacity, the Securities Administrator shall, as and when necessary
        and
        appropriate, represent each REMIC created hereunder in any administrative
        or
        judicial proceedings relating to an examination or audit by any governmental
        taxing authority, request an administrative adjustment as to any taxable
        year of
        each REMIC created hereunder, enter into settlement agreements with any
        governmental taxing agency, extend any statute of limitations relating to
        any
        tax item of each REMIC created hereunder, and otherwise act on behalf of
        each
        REMIC in relation to any tax matter or controversy involving it.

      

      
        
          
          

        

        
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      The
        Securities Administrator shall treat the beneficial owners of the Certificates
        (other than the Class P, Class X and Class R Certificates) as having entered
        into a notional principal contract with the beneficial owners of the Class
        X
        Certificates. Pursuant to each such notional principal contract, all beneficial
        owners of the 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 (other than the Class P, Class X and Class R Certificates) to
        the
        extent that interest accrued on such Class for the related Interest Accrual
        Period at the Interest Rate for a Class, computed by substituting “REMIC 2 Net
        Funds Cap” for “Group I Available Funds Cap,” “Group II Available Funds Cap” or
“Class M Available Funds Cap,” as applicable, exceeds the amount of interest
        accrued for the related Interest Accrual Period based on the applicable
        Available 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 Carryover
        Amounts 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 and Class R Certificate) 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 Carryover Amounts of $10,000 as of the Closing Date.

      

      Notwithstanding
        the priority and sources of payments set forth in Article IV hereof or
        otherwise, the Securities Administrator shall account for all distributions
        on
        the Certificates as set forth in this Section 8.11. In no event shall any
        payments of Basis Risk Carryover Amounts provided for in this Section 8.11
        be
        treated as payments
        with respect to a “regular interest” in a REMIC within the meaning of Code
        Section 860G(a)(1). The
        Securities Administrator shall file or cause to be filed with the IRS together
        with Form 1041 or such other form as may be applicable and shall furnish
        or
        cause to be furnished, to the Class X Certificateholders and the LIBOR
        Certificateholders, the respective amounts described above that are received,
        in
        the time or times and in the manner required by the Code.

      

      To
        enable
        the Securities Administrator to perform its duties under this Agreement,
        the
        Depositor shall provide to the Securities Administrator within ten days
        after the Closing Date all information or data that the Securities Administrator
        requests in writing and determines to be relevant for tax purposes to the
        valuations and offering prices of the Certificates, including the price,
        yield,
        prepayment assumption, and projected cash flows of the Certificates and the
        Mortgage Loans. Moreover, the Depositor shall provide information to the
        Securities Administrator concerning the value to each Class of Certificates
        of the right to receive Basis Risk Carryover Amounts from the Excess Reserve
        Fund Account. Unless otherwise advised by the Depositor, for federal income
        tax
        purposes, the Securities Administrator is hereby directed to assign a value
        of
        zero to the right of each Holder allocating the purchase price of an initial
        Offered Certificateholder between such right and the related Upper Tier Regular
        Interest. Thereafter, the Depositor shall provide to the Securities
        Administrator promptly upon written request therefor any additional information
        or data that the Securities Administrator may, from time to time, reasonably
        request to enable the Securities Administrator to perform its duties under
        this
        Agreement; provided,
        however,
        that
        the Depositor shall not be required to provide any information regarding
        the
        Mortgage Loans that a Servicer is required to provide to the Securities
        Administrator pursuant to any Servicing Agreement. The Depositor hereby
        indemnifies the Securities Administrator for any losses, liabilities, damages,
        claims, or expenses of the Securities Administrator arising from any errors
        or
        miscalculations of the Securities Administrator that result from any failure
        of
        the Depositor to provide, pursuant to this paragraph, accurate information
        or
        data to the Securities Administrator on a timely basis.

      

      
        
          
          

        

        
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      None
        of the Master Servicer, the Securities Administrator or the Trustee shall
        (i)
        permit the creation of any interests in any REMIC other than the regular
        and
        residual interests set forth in the Preliminary Statement, (ii) receive any
        amount representing a fee or other compensation for services (except as
        otherwise permitted by this Agreement or the related Mortgage Loan documents)
        or
        (iii) otherwise knowingly or intentionally take any action, cause the Trust
        Fund
        to take any action or fail to take (or fail to cause to be taken) any action
        reasonably within its control and the scope of duties more specifically set
        forth herein, that, under the REMIC Provisions, if taken or not taken, as
        the
        case may be, could (i) endanger the status of any REMIC as a REMIC or (ii)
        result in the imposition of a tax upon any REMIC or the Trust Fund (including
        but not limited to the tax on “prohibited transactions” as defined in Section
        860F(a)(2) of the Code and the tax on contributions to a REMIC set forth
        in
        Section 860G(d) of the Code, or the tax on “net income from foreclosure
        property”) unless the Securities Administrator receives an Opinion of Counsel
        (at the expense of the party seeking to take such action or, if such party
        fails
        to pay such expense, and the Securities Administrator determines that taking
        such action is in the best interest of the Trust Fund and the
        Certificateholders, at the expense of the Trust Fund, but in no event at
        the
        expense of the Securities Administrator) to the effect that the contemplated
        action will not, with respect to the Trust Fund or any REMIC created hereunder,
        endanger such status or result in the imposition of such a tax).

      

      If
        any
        tax is imposed on “prohibited transactions” of a REMIC created hereunder as
        defined in Section 860F(a)(2) of the Code, on the “net income from
        foreclosure property” of any REMIC created hereunder as defined in
        Section 860G(c) of the Code, on any contribution to any REMIC created
        hereunder after the Startup Day pursuant to Section 860G(d) of the Code, or
        any other tax is imposed, including any minimum tax imposed on either REMIC
        pursuant to Sections 23153 and 24874 of the California Revenue and Taxation
        Code, if not paid as otherwise provided for herein, the tax shall be paid
        by
        (i) the Master Servicer, the Trustee, or the Securities Administrator, as
        applicable, if such tax arises out of or results from negligence of the Master
        Servicer, the Trustee or the Securities Administrator, as applicable, in
        the
        performance of any of its obligations under this Agreement, (ii) the Sponsor,
        if
        such tax arises out of or results from the Sponsor’s obligation to repurchase a
        Mortgage Loan pursuant to Section 2.03(k), or (iii) in all other cases, or
        if the Master Servicer, the Trustee or the Securities Administrator fails
        to
        honor its obligations under the preceding clause (i) or (ii), any such
        tax will be paid with amounts otherwise to be distributed to the
        Certificateholders, as provided in Section 4.02(a).

      

      
        
          
          

        

        
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      Section
        8.12 Commission
        Reporting.
        (a) The
        Securities Administrator shall, in accordance with industry standards, prepare
        and file with the Commission, via EDGAR, the following reports in respect
        of the
        Trust as and to the extent required under the Exchange Act: 

      

      (i) (A)
        Within 15 days after each Distribution Date (subject to permitted extensions
        under the Exchange Act), the Securities Administrator shall prepare and file
        on
        behalf of the Trust any Form 10-D required by the Exchange Act, in form and
        substance as required by the Exchange Act. The Securities Administrator shall
        file each Form 10-D with a copy of the related Monthly Statement attached
        thereto. Any disclosure in addition to the Monthly Statement that is required
        to
        be included on Form 10-D (“Additional Form 10-D Disclosure”) shall be reported
        by the parties set forth on Exhibit V to the Depositor and the Securities
        Administrator and directed and approved by the Depositor pursuant to the
        following paragraph and the Securities Administrator will have no duty or
        liability for any failure hereunder to determine or prepare any Additional
        Form
        10-D Disclosure, except to the extent of its obligations set forth in the
        next
        paragraph. 

      

      (B)
        As
        set forth on Exhibit V hereto, within 5 calendar days after the related
        Distribution Date, (i) the parties specified in Exhibit V hereto, shall be
        required to provide to the Securities Administrator and to the Depositor,
        to the
        extent known, in EDGAR-compatible format, or in such other format as agreed
        upon
        by the Securities Administrator and such party, the form and substance of
        any
        Additional Form 10-D Disclosure, if applicable, together with an Additional
        Disclosure Notification, and (ii) the Depositor will approve, as to form
        and
        substance, or disapprove, as the case may be, the inclusion of the Additional
        Form 10-D Disclosure on Form 10-D. The Securities Administrator has no duty
        under this Agreement to monitor or enforce the performance by the parties
        listed
        on Exhibit V of their duties under this paragraph or proactively solicit
        or
        procure from such parties any Additional Form 10-D Disclosure information.
        The
        Depositor shall be responsible for any reasonable fees and expenses assessed
        or
        incurred by the Securities Administrator in connection with including any
        Additional Form 10-D Disclosure on Form 10-D pursuant to this paragraph.
        

      

      
        
          
          

        

        
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      (C)
        After
        preparing the Form 10-D, the Securities Administrator shall, upon request,
        forward electronically a copy of the Form 10-D to the Depositor (provided
        that
        such Form 10-D includes any Additional Form 10-D Disclosure). Within two
        Business Days after receipt of such copy, but no later than the 12th
        calendar
        day after the Distribution Date, the Depositor shall notify the Securities
        Administrator in writing (which may be furnished electronically) of any changes
        to or approval of such Form 10-D. In the absence of receipt of any written
        changes or approval, or if the Depositor does not request a copy of a Form
        10-D,
        the Securities Administrator shall be entitled to assume that such Form 10-D
        is
        in final form and the Securities Administrator may proceed with the process
        for
        execution and filing of the Form 10-D. A duly authorized representative of
        the
        Master Servicer shall sign each Form 10-D. If a Form 10-D cannot be filed
        on
        time or if a previously filed Form 10-D needs to be amended, the Securities
        Administrator will follow the procedures set forth in paragraph (d) of this
        Section 8.12. Promptly (but no later than one Business Day) after filing
        with
        the Commission, the Securities Administrator will make available on its internet
        website (located at www.ctslink.com)
        a final
        executed copy of each Form 10-D prepared and filed by the Securities
        Administrator. Each party to this Agreement acknowledges that the performance
        by
        each of the Master Servicer and the Securities Administrator of its duties
        under
        this Section 8.12(a)(i) related to the timely preparation, execution and
        filing
        of Form 10-D is contingent upon such parties strictly observing all applicable
        deadlines in the performance of their duties under this Section 8.12(a)(i).
        The
        Depositor acknowledges that the performance by each of the Master Servicer
        and
        the Securities Administrator of its duties under this Section 8.12(i) related
        to
        the timely preparation, execution and filing of Form 10-D is also contingent
        upon any Servicing Function Participant strictly observing deadlines no later
        than those set forth in this paragraph that are applicable to the parties
        to
        this Agreement in the delivery to the Securities Administrator of any necessary
        Additional Form 10-D Disclosure pursuant to any applicable agreement. Neither
        the Master Servicer nor the Securities Administrator shall have any liability
        for any loss, expense, damage, claim arising out of or with respect to any
        failure to properly prepare, execute and/or timely file such Form 10-D, where
        such failure results from the Securities Administrator’s inability or failure to
        receive, on a timely basis, any information from any other party hereto or
        any
        Servicing Function Participant needed to prepare, arrange for execution or
        file
        such Form 10-D, not resulting from its own negligence, bad faith or willful
        misconduct. 

      

      (D)
         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.” The Depositor hereby instructs the
        Securities Administrator to check “Yes” for each item, unless the Depositor
        shall notify the Securities Administrator in writing, no later than the fifth
        calendar day after the related Distribution Date with respect to the filing
        of a
        report on Form 10-D, that the answer to either item should be “no.” The
        Depositor 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 Depositor was required to file such reports) and it has been subject
        to such
        filing requirement for the past 90 days.” The Securities Administrator shall be
        entitled to rely on such representations in preparing, executing and/or filing
        any such Form 10-D.

      

      
        
          
          

        

        
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      (ii) (A)
        On or
        prior to the 90th
        day
        after the end of each fiscal year of the Trust 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 ends on December
        31st
        of each
        year), for so long as the Depositor is required to file reports with respect
        to
        the Trust under the Exchange Act, commencing in March 2008, the Securities
        Administrator shall prepare and file on behalf of the Trust a Form 10-K,
        in form
        and substance as required by the Exchange Act. Each such Form 10-K shall
        include
        the following items, in each case to the extent they have been delivered
        to the
        Securities Administrator within the applicable time frames set forth in this
        Agreement or the Servicing Agreements, (i) an annual compliance statement
        for
        each Servicer, the Master Servicer and the Securities Administrator and any
        Servicing Function Participant engaged by any such party (together with the
        Custodian, each a “Reporting
        Servicer”)
        as
        described under Section 3.05(b), (ii)(A) the annual reports on assessment
        of
        compliance with Servicing Criteria for each Reporting Servicer, as described
        under Section 3.03, and (B) if each Reporting Servicer’s report on assessment of
        compliance with Servicing Criteria described under Section 3.03 identifies
        any
        material instance of noncompliance, disclosure identifying such instance
        of
        noncompliance, or if each Reporting Servicer’s report on assessment of
        compliance with Servicing Criteria described under Section 3.03 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, provided,
        however,
        that
        the Securities Administrator, at its discretion, may omit from the Form 10-K
        any
        assessment of compliance or attestation report described in clause (iii)
        below
        that is not required to be filed with such Form 10-K pursuant to Regulation
        AB;
        (iii)(A) the registered public accounting firm attestation report for each
        Reporting Servicer, as described under Section 3.04,
        and (B)
        if any registered public accounting firm attestation report described under
        Section 3.04 identifies any material instance of noncompliance, disclosure
        identifying such instance of noncompliance, or if any such registered public
        accounting firm attestation report is not included as an exhibit to such
        Form
        10-K, disclosure that such report is not included and an explanation why
        such
        report is not included, and (iv) a Sarbanes-Oxley Certification as described
        in
        Section 3.05. Any disclosure or information in addition to (i) through (iv)
        above that is required to be included on Form 10-K (“Additional
        Form 10-K Disclosure”)
        shall
        be reported by the parties set forth on Exhibit W to the Depositor and the
        Securities Administrator and directed and approved by the Depositor pursuant
        to
        the following paragraph and the Securities Administrator will have no duty
        or
        liability for any failure hereunder to determine or prepare any Additional
        Form
        10-K Disclosure, except to the extent of its obligations set forth in the
        next
        paragraph. 

      

      (B)
        As
        set forth on Exhibit W hereto, no later than March 10 (with a 5 calendar
        day
        cure period, but in no event later than March 15) of each year that the Trust
        is
        subject to the Exchange Act reporting requirements, commencing in 2008, (i)
        the
        parties specified on Exhibit W shall be required to provide to the Securities
        Administrator and to the Depositor, to the extent known, in EDGAR-compatible
        format, or in such other format as agreed upon by the Securities Administrator
        and such party, the form and substance of any Additional Form 10-K Disclosure,
        if applicable, together with an Additional Disclosure Notification, and (ii)
        the
        Depositor will approve, as to form and substance, or disapprove, as the case
        may
        be, the inclusion of the Additional Form 10-K Disclosure on Form 10-K. The
        Securities Administrator has no duty under this Agreement to monitor or enforce
        the performance by the parties listed on Exhibit W of their duties under
        this
        paragraph or proactively solicit or procure from such parties any Additional
        Form 10-K Disclosure information. The Depositor will be responsible for any
        reasonable fees and expenses assessed or incurred by the Securities
        Administrator in connection with including any Additional Form 10-K Disclosure
        on Form 10-K pursuant to this Section 8.12 (a) (ii) (B).

      

      
        
          
          

        

        
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      (C)
        After
        preparing the Form 10-K, the Securities Administrator shall, upon request,
        forward electronically a copy of the Form 10-K to the Depositor. Within three
        Business Days after receipt of such copy, but no later than March 25th
        in each
        year that the Trust is subject to the reporting requirements of the Exchange
        Act, commencing in March 2008, the Depositor shall notify the Securities
        Administrator in writing (which may be furnished electronically) of any changes
        to or approval of such Form 10-K. In the absence of receipt of any written
        changes or approval, or if the Depositor does not request a copy of a Form
        10-K,
        the Securities Administrator shall be entitled to assume that such Form 10-K
        is
        in final form and the Securities Administrator may proceed with the process
        for
        execution and filing of the Form 10-K. A senior officer of the Master Servicer
        in charge of the master servicing function shall sign the Form 10-K. If a
        Form
        10-K cannot be filed on time or if a previously filed Form 10-K needs to
        be
        amended, the Securities Administrator will follow the procedures set forth
        in
        paragraph (d) of this Section 8.12. Promptly (but no later than one Business
        Day) after filing with the Commission, the Securities Administrator will
        make
        available on its internet website a final executed copy of each Form 10-K
        prepared and filed by the Securities Administrator. The parties to this
        Agreement acknowledge that the performance by the Securities Administrator
        of
        its duties under this Section 8.12(a)(ii) related to the timely preparation,
        execution and filing of Form 10-K is contingent upon such parties strictly
        observing all applicable deadlines in the performance of their duties under
        this
        Section 8.12(a)(ii) and Sections 3.03, 3.04 and 3.05. The Depositor acknowledges
        that the performance by the Master Servicer and the Securities Administrator
        of
        its duties under this Section 8.12(ii) related to the timely preparation,
        execution and filing of Form 10-K is also contingent upon any Servicing Function
        Participant strictly observing deadlines no later than those set forth in
        this
        paragraph that are applicable to the parties to this Agreement in the delivery
        to the Securities Administrator of any necessary Additional Form 10-K
        Disclosure, any annual statement of compliance and any assessment of compliance
        and attestation pursuant to any applicable agreement. Neither the Master
        Servicer nor the Securities Administrator shall have any liability for any
        loss,
        expense, damage, claim arising out of or with respect to any failure to properly
        prepare, execute and/or timely file such Form 10-K, where such failure results
        from the Securities Administrator’s inability or failure to obtain or receive,
        on a timely basis, any information from any other party hereto or any Servicing
        Function Participant needed to prepare, arrange for execution or file such
        Form
        10-K, not resulting from its own negligence, bad faith or willful
        misconduct.

      

      
        
          
          

        

        
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      (D) 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 requirement for the past 90 days.” The Depositor hereby instructs the
        Securities Administrator to check “Yes” for each item, unless the Depositor
        shall notify the Securities Administrator in writing, no later than the
        15th
        calendar
        day of March in any year in which the Trust is subject to the reporting
        requirements of the Exchange Act, commencing in March 2008, that the answer
        to
        either item should be “no.” The Depositor 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 Depositor was required to file such
        reports) and it has been subject to such filing requirement for the past
        90
        days.” The Securities Administrator shall be entitled to rely on such
        representations in preparing, executing and/or filing any such Form 10-K.
        

      

      (iii) (A)
        Within four (4) Business Days after the occurrence of an event requiring
        disclosure on Form 8-K (each such event, a “Reportable
        Event”),
        if
        directed by the Depositor, the Securities Administrator shall prepare and
        file
        on behalf of the Trust Fund any Form 8-K, as required by the Exchange Act,
        provided
        that the
        Depositor shall file the initial Form 8-K in connection with the issuance
        of the
        Certificates. Any disclosure or information related to a Reportable Event
        or
        that is otherwise required to be included on Form 8-K (“Form
        8-K Disclosure Information”)
        shall
        be reported by the parties set forth on Exhibit X to the Depositor and the
        Securities Administrator and directed and approved by the Depositor pursuant
        to
        the following paragraph and the Securities Administrator will have no duty
        or
        liability for any failure hereunder to determine or prepare any Form 8-K
        Disclosure Information or any Form 8-K, except to the extent of its obligations
        set forth in the next paragraph. 

      

      (B)
        As
        set forth on Exhibit X hereto, for so long as the Trust is subject to the
        Exchange Act reporting requirements, no later than the close of business
        New
        York City time on the 2nd Business Day after the occurrence of a Reportable
        Event (i) the parties hereto shall be required to provide to the Securities
        Administrator and the Depositor, to the extent known, in EDGAR-compatible
        format, or in such other format as agreed upon by the Securities Administrator
        and such party, the form and substance of any Form 8-K Disclosure Information,
        if applicable, together with an Additional Disclosure Notification, and (ii)
        the
        Depositor will approve, as to form and substance, or disapprove, as the case
        may
        be, the inclusion of the Form 8-K Disclosure Information. The Depositor will
        be
        responsible for any reasonable fees and expenses assessed or incurred by
        the
        Securities Administrator in connection with including any Form 8-K Disclosure
        Information on Form 8-K pursuant to this paragraph. 

      

      
        
          
          

        

        
          -102-
            

          
            

          

        

        
          
          

        

      

      

      

      (C)
        After
        preparing the Form 8-K, the Securities Administrator shall, upon request,
        forward electronically a copy of the Form 8-K to the Depositor. Promptly,
        but no
        later than the close of business on the third Business Day after the Reportable
        Event, the Depositor shall notify the Securities Administrator in writing
        (which
        may be furnished electronically) of any changes to or approval of such Form
        8-K.
        In the absence of receipt of any written changes or approval, or if the
        Depositor does not request a copy of a Form 8-K, the Securities Administrator
        shall be entitled to assume that such Form 8-K is in final form and the
        Securities Administrator may proceed with the process for execution and filing
        of the Form 8-K. A duly authorized representative of the Master Servicer
        shall
        sign each Form 8-K. If a Form 8-K cannot be filed on time or if a previously
        filed Form 8-K needs to be amended, the Securities Administrator will follow
        the
        procedures set forth in paragraph (d) of this Section 8.12. Promptly (but
        no
        later than one Business Day) after filing with the Commission, the Securities
        Administrator will make available on its internet website (located at
www.ctslink.com)
        a final
        executed copy of each Form 8-K prepared and filed by the Securities
        Administrator. The parties to this Agreement acknowledge that the performance
        by
        the Securities Administrator of its duties under this Section 8.12(d)(iii)
        related to the timely preparation, execution and filing of Form 8-K is
        contingent upon such parties strictly observing all applicable deadlines
        in the
        performance of their duties under this Section 8.12(d)(iii). The Depositor
        acknowledges that the performance by the Master Servicer and the Securities
        Administrator of its duties under this Section 8.12(iii) related to the timely
        preparation, execution and filing of Form 8-K is also contingent upon any
        Servicing Function Participant strictly observing deadlines no later than
        those
        set forth in this paragraph that are applicable to the parties to this Agreement
        in the delivery to the Securities Administrator of any necessary Form 8-K
        Disclosure Information pursuant to the related any applicable agreement.
        The
        Securities Administrator shall have no liability for any loss, expense, damage,
        claim arising out of or with respect to any failure to properly prepare and/or
        timely file such Form 8-K, where such failure results from the Securities
        Administrator’s inability or failure to obtain or receive, on a timely basis,
        any information from any other party hereto or any Servicing Function
        Participant needed to prepare, arrange for execution or file such Form 8-K,
        not
        resulting from its own negligence, bad faith or willful misconduct.

      

      (b) The
        Depositor acknowledges and agrees that the Securities Administrator may include
        in any Exchange Act report all relevant information, data, and exhibits as
        the
        Securities Administrator may receive in connection with such report irrespective
        of any provision or Regulation AB that may permit the exclusion of such
        material. By the way of example, the Securities Administrator may file all
        assessments of compliance, attestation reports and compliance statements
        timely
        received from any Item 1122 Servicing Function Participant irrespective of
        any
        applicable minimum pool asset percentage requirement for disclosure related
        to
        such Servicing Function Participant.

      
        
          
          

        

        
          -103-
            

          
            

          

        

        
          
          

        

      

      

      (c) The
        Depositor agrees to furnish promptly to the Securities Administrator, from
        time
        to time upon request, such additional information, data, reports, documents,
        and
        financial statements within the Depositor’s possession or control as the
        Securities Administrator reasonably requests as necessary or appropriate
        to
        prepare and file the foregoing reports. The Securities Administrator shall
        make
        available to the Depositor copies of all Exchange Act reports filed
        hereunder.

       

      (d)
        (i) On
        or
        before January 30 of the first year in which the Securities Administrator
        is
        able to do so under applicable law, the Securities Administrator shall prepare
        and file a Form 15 relating to the automatic suspension of reporting in respect
        of the Trust under the Exchange Act. 

      

      (ii)
        In
        the event that the Securities Administrator is unable to timely file with
        the
        Commission all or any required portion of any Form 8-K, 10-D or 10-K required
        to
        be filed by this Agreement because required disclosure information was either
        not delivered to it or delivered to it after the delivery deadlines set forth
        in
        this Agreement or for any other reason, the Securities Administrator will
        promptly notify electronically the Depositor. In the case of Form 10-D and
        10-K,
        the parties to this Agreement will cooperate to prepare and file a Form 12b-25
        and a 10-DA and 10-KA as applicable, pursuant to Rule 12b-25 of the Exchange
        Act. In the case of Form 8-K, the Securities Administrator will, upon receipt
        of
        all required Form 8-K Disclosure Information and upon the approval and direction
        of the Depositor, include such disclosure information on the next Form 10-D.
        In
        the event that any previously filed Form 8-K, 10-D or 10-K needs to be amended
        in connection with any Additional Form 10-D Disclosure (other than, in the
        case
        of Form 10-D, for the purpose of restating any Monthly Statement), Additional
        Form 10-K Disclosure or Form 8-K Disclosure Information, the Securities
        Administrator will notify electronically the Depositor and such other parties
        to
        this Agreement as are affected by this Amendment and such parties will cooperate
        to prepare any necessary 8-KA, 10-DA or 10-KA. Any Form 15, Form 12b-25 or
        any
        amendment to Form 8-K, 10-D or 10-K shall be signed by a duly authorized
        representative or senior officer in charge of master servicing, as applicable,
        of the Master Servicer. The parties to this Agreement acknowledge that the
        performance by each of the Master Servicer and the Securities Administrator
        of
        its duties under this Section 8.12(d) related to the timely preparation,
        execution and filing of Form 15, a Form 12b-25 or any amendment to Form 8-K,
        10-D or 10-K is contingent upon each such party performing its duties under
        this
        Section. Neither the Master Servicer nor the Securities Administrator shall
        have
        any liability for any loss, expense, damage, claim arising out of or with
        respect to any failure to properly prepare, execute and/or timely file any
        such
        Form 15, Form 12b-25 or any amendments to Forms 8-K, 10-D or 10-K, where
        such
        failure results from the Securities Administrator’s inability or failure to
        obtain or receive, on a timely basis, any information from any other party
        hereto or any Servicing Function Participant 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.
        The Depositor shall be responsible for all costs and expenses of the Securities
        Administrator related to the preparation and filing of any such amendment.
        Notwithstanding the foregoing, if any Form 10-D needs to be amended solely
        to
        change the information contained in the Monthly Statement, the Securities
        Administrator shall not be required to notify the Depositor of such
        amendment.

      
        
          
          

        

        
          -104-
            

          
            

          

        

        
          
          

        

      

      

      (e) Other
        than the Exchange Act reports specified above, the Securities Administrator
        shall have no responsibility to file any items or reports with the Commission
        under the Exchange Act or otherwise; provided,
        however,
        the
        Securities Administrator and Master Servicer will cooperate with the Depositor
        in connection with any additional filings with respect to the Trust as the
        Depositor deems necessary under the Exchange Act.

       

      (f) The
        Depositor shall pay all costs and expenses of the Securities Administrator
        related to the preparation and filing of any current report on Form 8-K,
        any
        periodic report on Form 10-D (other than the costs and expense of the Securities
        Administrator associated with the preparation and filing of the Monthly
        Statement), or any amendment to any Exchange Act report. Except as otherwise
        provided herein, all expenses incurred by the Securities Administrator in
        connection with its preparation and filing of Exchange Act reports hereunder
        shall not be reimbursable from the Trust.

      

      (g) Any
        notice required under this Section 8.12 may be given by facsimile or by
        electronic mail.

      

      Section
        8.13 Tax
        Classification of the Excess Reserve Fund Account and the Supplemental Interest
        Trust.
        For
        federal income tax purposes, the Securities Administrator shall treat the
        Excess
        Reserve Fund Account and the Supplemental Interest Trust as beneficially
        owned
        by the holders of the Class X Certificates and shall treat such portion of
        the Trust Fund as a grantor trust, within the meaning of subpart E,
        Part I of subchapter J of the Code. 

      

      ARTICLE
        IX

      

      ADMINISTRATION
        OF THE MORTGAGE LOANS

      BY
        THE MASTER SERVICER 

      

      Section
        9.01 Duties
        of the Master Servicer; Enforcement of Servicer’s Obligations.
        (a)  The Master Servicer, on behalf of the Trustee, the Securities
        Administrator, the Depositor and the Certificateholders, shall monitor the
        performance of the obligations of the Servicers under their respective Servicing
        Agreements, and (except as set forth below) shall use its reasonable good
        faith
        efforts to cause each Servicer to duly and punctually perform its duties
        and
        obligations under its related Servicing Agreement. Upon the occurrence of
        an
        Event of Default of which a Responsible Officer of the Master Servicer or,
        if
        the Master Servicer and a Servicer are the same entity, the Trustee, has
        actual
        knowledge, the Master Servicer or the Trustee, as applicable, shall promptly
        notify the Securities Administrator and the Trustee, as applicable, and shall
        specify in such notice the action, if any, the Master Servicer or the Trustee,
        as applicable, plans to take in respect of such default. So long as an Event
        of
        Default shall occur and be continuing, the Master Servicer or the Trustee,
        as
        applicable, shall take the actions specified in Article VII.
        Notwithstanding anything in this Agreement or any Credit Risk Management
        Agreement to the contrary, the Master Servicer or the Trustee, as applicable,
        shall have no duty or obligation to enforce any such Credit Risk Management
        Agreement or to supervise, monitor or oversee the activities of a Servicer
        under
        such Credit Risk Management Agreement with respect to any action taken or
        not
        taken by such Servicer at the direction of the Sponsor or pursuant to a
        recommendation of the Credit Risk Manager.

      
        
          
          

        

        
          -105-
            

          
            

          

        

        
          
          

        

      

      

      If
        (i) a Servicer reports a delinquency on a monthly report and (ii) such
        Servicer, by 11 a.m. (New York Time) on the related Remittance Date, neither
        makes an Advance nor provides the Securities Administrator, the Master Servicer
        and the Trustee with an Officer’s Certificate certifying that such an Advance
        would be a Nonrecoverable P&I Advance or Nonrecoverable Servicing Advance,
        then the Master Servicer or, if the Master Servicer and such Servicer are
        the
        same entity, the Trustee, shall deposit in the Distribution Account not later
        than the Business Day immediately preceding the related Distribution Date
        an
        Advance in an amount equal to the difference between (x) with respect to
        each Monthly Payment due on a Mortgage Loan that is delinquent (other than
        Relief Act Interest Shortfalls) and for which such Servicer was required
        to make
        an Advance pursuant to the related Servicing Agreement and (y) amounts
        deposited in the related Collection Account to be used for Advances with
        respect
        to such Mortgage Loan, except to the extent the Master Servicer or the Trustee,
        as applicable, determines any such Advance to be a Nonrecoverable P&I
        Advance or Nonrecoverable Servicing Advance. Subject to the foregoing and
        Section 7.01, the Master Servicer or the Trustee, as applicable, shall
        continue to make such Advances for so long as such Servicer is required to
        do so
        under its respective Servicing Agreement. If applicable, on the Business
        Day
        immediately preceding the Distribution Date, the Master Servicer shall deliver
        an Officer’s Certificate to the Trustee stating that the Master Servicer elects
        not to make an Advance in a stated amount and detailing the reason(s) it
        deems
        the Advance to be a Nonrecoverable P&I Advance or Nonrecoverable Servicing
        Advance. Any amounts deposited by the Master Servicer or the Trustee, as
        applicable, pursuant to this Section 9.01 shall be net of the Servicing Fee
        for the related Mortgage Loans.

       

      (b) The
        Master Servicer or the Trustee (as successor master servicer), as applicable,
        shall pay the costs of monitoring the Servicers (including costs associated
        with
        (i) termination of a Servicer, (ii) the appointment of a successor
        servicer or (iii) the transfer to and assumption of the servicing by the
        Master Servicer or the Trustee, as applicable) and shall, to the extent
        permitted under the related Servicing Agreement, seek reimbursement therefor
        initially from the terminated Servicer. In the event the full costs associated
        with the transition of servicing responsibilities to the Master Servicer
        or the
        Trustee (as successor master servicer), as applicable, are not paid for by
        the
        predecessor or successor servicer (provided such successor servicer is not
        the
        Master Servicer or the Trustee (as successor master servicer)), the Master
        Servicer or the Trustee, as applicable, may be reimbursed therefor by the
        Trust
        for all costs incurred by the Master Servicer or the Trustee (as successor
        master servicer), as applicable, associated with any such transfer of servicing
        duties from a Servicer to the Master Servicer or the Trustee, as applicable,
        or
        any other successor servicer.

      

      (c) If
        the
        Master Servicer or the Trustee (as successor master servicer), as applicable,
        assumes the servicing with respect to any of the Mortgage Loans, it will
        not
        assume liability for the representations and warranties of the Servicer it
        replaces or for any errors or omissions of such Servicer.

      

      (d) Neither
        the Depositor nor the Securities Administrator shall consent to the assignment
        by any Servicer of such Servicer’s rights and obligations under that Servicer’s
        Servicing Agreement without the prior written consent of the Master Servicer
        and
        the Trustee, which consent shall not be unreasonably withheld.

      
        
          
          

        

        
          -106-
            

          
            

          

        

        
          
          

        

      

      

      Section
        9.02 [Reserved].
        

      

      Section
        9.03 [Reserved].
        

       

      Section
        9.04 Maintenance
        of Fidelity Bond and Errors and Omissions Insurance.
        The
        Master Servicer, at its expense, shall maintain in effect a blanket fidelity
        bond and an errors and omissions insurance policy, affording coverage with
        respect to all directors, officers, directors, 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 errors and
        omissions insurance policy and the fidelity bond shall be in such form and
        amount generally acceptable for entities serving as master servicers or
        trustees. 

      

      Section
        9.05 Representations
        and Warranties of the Master Servicer.
        (a) The
        Master Servicer hereby represents and warrants to the Depositor, the Securities
        Administrator and the Trustee, for the benefit of the Certificateholders,
        as of
        the Closing Date that:

      

      (i) it
        is a
        national banking association validly existing and in good standing under
        the
        laws of the United States of America, 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 corporate 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 charter or bylaws, (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;

      
        
          
          

        

        
          -107-
            

          
            

          

        

        
          
          

        

      

      

      (v) the
        Master Servicer is not a party to or bound by any agreement or instrument
        or
        subject to any charter provision, bylaw or any other corporate 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) 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;
        and

      

      (viii) the
        consummation of the transactions contemplated by this Agreement are in the
        ordinary course of business of the Master Servicer.

      

      (b) It
        is
        understood and agreed that the representations and warranties set forth in
        this
        Section shall survive the execution and delivery of this Agreement. The Master
        Servicer shall indemnify the Depositor, Securities Administrator, the Trustee
        and the Trust and hold them harmless against any loss, damages, penalties,
        fines, forfeitures, reasonable legal fees and related costs, judgments, and
        other reasonable costs and expenses resulting from any claim, demand, defense
        or
        assertion based on or grounded upon, or resulting from, a material breach
        of the
        Master Servicer’s representations and warranties contained in
        Section 9.05(a) above. It is understood and agreed that the enforcement of
        the obligation of the Master Servicer set forth in this Section 9.05 to
        indemnify the Depositor, the Securities Administrator, the Trustee and the
        Trust
        constitutes the sole remedy of the Depositor, the Securities Administrator,
        the
        Trustee and the Trust respecting a breach of the foregoing representations
        and
        warranties. Such indemnification shall survive any termination of the Master
        Servicer as Master Servicer hereunder, any termination of this Agreement
        and
        resignation or removal of the Trustee.

      

      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,
        Securities Administrator or the Trustee or notice thereof by any one of such
        parties to the other parties.

      

      Section
        9.06 Master
        Servicer Events of Default.
        Each of
        the following shall constitute a “Master
        Servicer Event of Default”:

      

      (a) any
        failure by the Master Servicer to deposit in the Distribution Account any
        payment received by it from a Servicer to make any P&I Advance or required
        to be made by the Master Servicer under the terms of this Agreement which
        continues unremedied for a period of two (2) Business Days after the date
        upon which written notice of such failure, requiring the same to be remedied,
        shall have been given to the Master Servicer by any other party
        hereto;

      
        
          
          

        

        
          -108-
            

          
            

          

        

        
          
          

        

      

      

      (b) failure
        by the Master Servicer to duly observe or perform, in any material respect,
        any
        other covenants, obligations or agreements of the Master Servicer as set
        forth
        in this Agreement which failure continues unremedied for a period of thirty
        (30) days after the date on which written notice of such failure, requiring
        the same to be remedied, shall have been given to the Master Servicer by
        the
        Trustee or to the Master Servicer and Trustee by the holders of Certificates
        evidencing at least 25.00% of the Voting Rights;

      (c) a
        decree
        or order of a court or agency or supervisory authority having jurisdiction
        for
        the appointment of a conservator or receiver or liquidator in any insolvency,
        bankruptcy, readjustment of debt, marshaling of assets and liabilities or
        similar proceedings, or for the winding-up or liquidation of its affairs,
        shall
        have been entered against the Master Servicer and such decree or order shall
        have remained in force, undischarged or unstayed for a period of sixty
        (60) days;

      

      (d) the
        Master Servicer shall consent to the appointment of a conservator or receiver
        or
        liquidator in any insolvency, bankruptcy, readjustment of debt, marshaling
        of
        assets and liabilities or similar proceedings of or relating to the Master
        Servicer or relating to all or substantially all of its property;

      

      (e) the
        Master Servicer shall admit in writing its inability to pay its debts 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 for three (3) Business
        Days;

      

      (f) Except
        as
        otherwise set forth herein, the Master Servicer attempts to assign this
        Agreement or its responsibilities hereunder or to delegate its duties hereunder
        (or any portion thereof) without the consent of the Securities Administrator
        and
        the Depositor; 

      

      (g) the
        indictment of the Master Servicer for the taking of any action by the Master
        Servicer, any Affiliate or any director or employee thereof that constitutes
        fraud or criminal activity in the performance of its obligations under this
        Agreement, in each case, where such indictment materially and adversely affects
        the ability of the Master Servicer to perform its obligations under this
        Agreement (subject to the condition that such indictment is not dismissed
        within
        ninety (90) days); or

      

      (h) failure
        of the Master Servicer to timely provide the Depositor with the assessment,
        attestation and annual statement of compliance required by Item 1122 of
        Regulation AB in accordance with Sections 3.03, 3.04 and 3.05.

      

      In
        each
        and every such case, so long as a Master Servicer Event of Default shall
        not
        have been remedied, in addition to whatever rights the Trustee may have at
        law
        or equity or to damages, including injunctive relief and specific performance,
        the Trustee, by notice in writing to the Master Servicer, may, and upon the
        request of the Holders of Certificates representing at least 51.00% of the
        Voting Rights shall, terminate with cause all the rights and obligations
        of the
        Master Servicer under this Agreement.

      
        
          
          

        

        
          -109-
            

          
            

          

        

        
          
          

        

      

      

      Upon
        receipt by the Master Servicer of such written notice, all authority and
        power
        of the Master Servicer under this Agreement, shall pass to and be vested
        in any
        successor master servicer appointed hereunder which accepts such appointments.
        Upon written request from the Trustee or the Depositor, the Master Servicer
        shall prepare, execute and deliver to the successor entity designated by
        the
        Trustee any and all documents and other instruments related to the performance
        of its duties hereunder as the Master Servicer and, place in such successor’s
        possession all such documents with respect to the master servicing of the
        Mortgage Loans and do or cause to be done all other acts or things necessary
        or
        appropriate to effect the purposes of such notice of termination, at the
        Master
        Servicer’s sole expense. The Master Servicer shall cooperate with the Trustee
        and such successor master servicer in effecting the termination of the Master
        Servicer’s responsibilities and rights hereunder, including without limitation,
        the transfer to such successor master servicer for administration by it of
        all
        cash amounts which shall at the time be credited to the Distribution Account
        or
        are thereafter received with respect to the Mortgage Loans.

       

      Section
        9.07 Waiver
        of Default.
        By a
        written notice, the Trustee may at the direction of Holders of Certificates
        evidencing at least 51.00% of the Voting Rights waive any default by the
        Master
        Servicer in the performance of its obligations hereunder and its consequences.
        Upon any waiver of a past default, such default shall cease to exist, and
        any
        Master Servicer Event of Default arising therefrom shall be deemed to have
        been
        remedied for every purpose of this Agreement. No such waiver shall extend
        to any
        subsequent or other default or impair any right consequent thereon except
        to the
        extent expressly so waived.

      

      Section
        9.08 Successor
        to the Master Servicer.
        Upon
        termination of the Master Servicer’s responsibilities and duties under this
        Agreement, the Depositor shall use its reasonable good faith efforts to appoint
        a successor, which shall succeed to all rights and assume all of the
        responsibilities, duties and liabilities of the Master Servicer under this
        Agreement prior to the termination of the Master Servicer. Any successor
        shall
        be a Fannie Mae and Freddie Mac approved servicer in good standing and
        acceptable to the Depositor and the Rating Agencies. In connection with such
        appointment and assumption, the Depositor may make such arrangements for
        the
        compensation of such successor as it and such successor shall agree. In the
        event that the Master Servicer’s duties, responsibilities and liabilities under
        this Agreement are terminated, the Master Servicer shall continue to discharge
        its duties and responsibilities hereunder until the effective date of such
        termination with the same degree of diligence and prudence which it is obligated
        to exercise under this Agreement and shall take no action whatsoever that
        might
        impair or prejudice the rights of its successor. The termination of the Master
        Servicer shall not become effective until a successor shall be appointed
        pursuant hereto and shall in no event (i) relieve the Master Servicer of
        responsibility for the representations and warranties made pursuant to
        Section 9.05(a) hereof and the remedies available to the Trustee under
        Section 9.05(b) hereof, it being understood and agreed that the provisions
        of Section 9.05 hereof shall be applicable to the Master Servicer
        notwithstanding any such sale, assignment, resignation or termination of
        the
        Master Servicer or the termination of this Agreement; or (ii) affect the
        right of the Master Servicer to receive payment and/or reimbursement of any
        amounts accruing to it hereunder prior to the date of termination (or during
        any
        transition period in which the Master Servicer continues to perform its duties
        hereunder prior to the date the successor master servicer fully assumes its
        duties).

      
        
          
          

        

        
          -110-
            

          
            

          

        

        
          
          

        

      

      

      If
        no
        successor master servicer has accepted its appointment within 90 days of
        the time the Trustee receives the resignation of the Master Servicer, the
        Trustee shall be the successor master servicer in all respects under this
        Agreement and shall have all the rights and powers and be subject to all
        the
        responsibilities, duties and liabilities relating thereto, including the
        obligation to make Advances; provided,
        however,
        that
        any failure to perform any duties or responsibilities caused by the Master
        Servicer’s failure to provide information required by this Agreement shall not
        be considered a default by the Trustee hereunder. In the Trustee’s capacity as
        such successor, the Trustee shall have the same limitations on liability
        herein
        granted to the Master Servicer. Notwithstanding anything herein to the contrary,
        the Trustee in its role as successor master servicer shall have no obligation
        to
        monitor or supervise any Servicer, shall only have the obligation to make
        Advances if it terminates the Servicer pursuant to an Event of Default (in
        its
        role as successor master servicer), and shall make such Advances only pursuant
        to Section 7.01. As compensation therefor, the Trustee shall be entitled
        to
        receive the compensation, reimbursement and indemnities otherwise payable
        to the
        Master Servicer, including the fees and other amounts payable pursuant to
        Section 9.09 hereof. 

       

      Any
        successor master servicer appointed as provided herein, shall execute,
        acknowledge and deliver to the Master Servicer, the Depositor and to the
        Trustee
        an instrument accepting such appointment, wherein the successor shall make
        the
        representations and warranties set forth in Section 9.05 hereof, and
        whereupon such successor shall become fully vested with all of the rights,
        powers, duties, responsibilities, obligations and liabilities of the Master
        Servicer, with like effect as if originally named as a party to this Agreement.
        Any termination or resignation of the Master Servicer or termination of this
        Agreement shall not affect any claims that the Trustee may have against the
        Master Servicer arising out of the Master Servicer’s actions or failure to act
        prior to any such termination or resignation or in connection with the Trustee’s
        assumption of such obligations, duties and responsibilities. 

      

      Upon
        a
        successor’s acceptance of appointment as such, the Master Servicer shall notify
        by mail the Trustee and the Depositor of such appointment.

      

      Section
        9.09 [Reserved].

      

      Section
        9.10 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 (i) be a
        Person (or have an Affiliate) that is qualified and approved to service mortgage
        loans for Fannie Mae and Freddie Mac (provided further
        that a
        successor master servicer that satisfies subclause (i) through an
        Affiliate agrees to service the Mortgage Loans in accordance with all applicable
        Fannie Mae and Freddie Mac guidelines) and (ii) have a net worth of not
        less than $25,000,000.

      

      Section
        9.11 Resignation
        of the Master Servicer.
        Except
        as otherwise provided in Sections 9.08 and 9.10 hereof, the Master Servicer
        shall not resign from the obligations and duties hereby imposed on it unless
        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. No such resignation shall become effective until the Trustee shall
        have
        assumed, or a successor master servicer satisfactory to the Trustee and the
        Depositor 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.

      

      
        
          
          

        

        
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      If
        at any
        time, Wells Fargo, as Master Servicer, resigns under this Section 9.11, or
        is removed as Master Servicer pursuant to Section 9.06, then at such time
        Wells Fargo shall also resign (and shall be entitled to resign) as Securities
        Administrator under this Agreement.

      

      Section
        9.12 Assignment
        or Delegation of Duties by the Master Servicer.
        Except
        as expressly provided herein, the Master Servicer shall not assign or transfer
        any of its rights, benefits or privileges hereunder to any other Person,
        or
        delegate to or subcontract with, or authorize or appoint any other Person
        to
        perform any of the duties, covenants or obligations to be performed by the
        Master Servicer; provided,
        however,
        that
        the Master Servicer shall have the right with the prior written consent of
        the
        Depositor (which shall not be unreasonably withheld or delayed), and upon
        delivery to the Trustee and the Depositor of a letter from each Rating Agency
        to
        the effect that such action shall not result in a downgrade of the ratings
        assigned to any of the Certificates, to delegate or assign to or subcontract
        with or authorize or appoint any qualified Person to perform and carry out
        any
        duties, covenants or obligations to be performed and carried out by the Master
        Servicer hereunder. Notice of such permitted assignment shall be given promptly
        by the Master Servicer to the Depositor and the Trustee. If, pursuant to
        any
        provision hereof, the duties of the Master Servicer are transferred to a
        successor master servicer, the entire compensation payable to the Master
        Servicer pursuant hereto shall thereafter be payable to such successor master
        servicer but in no event shall the fee payable to the successor master servicer
        exceed that payable to the predecessor master servicer.

      

      Section
        9.13 Limitation
        on Liability of the Master Servicer.
        Neither
        the Master Servicer nor any of the directors, officers, employees or agents
        of
        the Master Servicer 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 or any such person against
        any liability that would otherwise be imposed by reason of willful malfeasance,
        bad faith or negligence in the 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 the Master
        Servicer may rely in good faith on any document prima facie properly executed
        and submitted by any Person respecting any matters arising hereunder. The
        Master
        Servicer shall be under no obligation to appear in, prosecute or defend any
        legal action that is not incidental to its duties as Master Servicer with
        respect to the Mortgage Loans under 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 liabilities of the Trust, and the
        Master
        Servicer shall be entitled to be reimbursed therefor out of the Distribution
        Account in accordance with the provisions of Section 9.09 and
        Section 9.14.

      
        
          
          

        

        
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      The
        Master Servicer shall not be liable under this Agreement for any acts or
        omissions of any Servicer except to the extent that damages or expenses are
        incurred as a result of such acts or omissions and such damages and expenses
        would not have been incurred but for the negligence, willful malfeasance,
        bad
        faith or recklessness of the Master Servicer in supervising, monitoring and
        overseeing the performance of the obligations of any Servicer as required
        under
        this Agreement. 

       

      Section
        9.14 Indemnification;
        Third Party Claims.
        The
        Master Servicer agrees to indemnify and hold harmless the Trustee as successor
        master servicer from and against any and all claims, losses, penalties, fines,
        forfeitures, legal fees and related costs, judgments, and any other costs,
        liability, fees and expenses (including reasonable attorneys’ fees) that the
        Trustee may sustain as a result of such liability or obligations of the Master
        Servicer and in connection with the Trustee’s assumption (not including the
        Trustee’s performance, except to the extent that costs or liability of the
        Trustee are created or increased as a result of negligent or wrongful acts
        or
        omissions of the Master Servicer prior to its replacement as Master Servicer)
        of
        the Master Servicer’s obligations, duties or responsibilities under such
        agreement. 

      

      The
        Trust
        will indemnify the Master Servicer and hold it harmless against any and all
        claims, losses, penalties, fines, forfeitures, legal fees and related costs,
        judgments, and any other costs, liabilities, fees and expenses that the Master
        Servicer may incur or sustain in connection with, arising out of or related
        to
        this Agreement or the Certificates, except to the extent that any such loss,
        liability or expense is related to (i) a material breach of the Master
        Servicer’s representations and warranties in this Agreement, (ii) the
        Master Servicer’s willful malfeasance, bad faith or negligence or by reason of
        its reckless disregard of its duties and obligations under this Agreement
        or
        (iii) failure to provide the assessment, attestation and annual statement
        of
        compliance in accordance with Sections 3.03, 3.04 and 3.05; provided that
        any
        such loss, liability or expense constitutes an “unanticipated expense incurred
        by the REMIC” within the meaning of Treasury Regulations
        Section 1.860G-1(b)(3)(ii). The Master Servicer shall be entitled to
        reimbursement for any such indemnified amount from funds on deposit in the
        Distribution Account. The Master Servicer shall not be liable for any course
        of
        action taken by a Servicer with respect to loss mitigation of defaulted Mortgage
        Loans at the direction of the Credit Risk Manager or the Sponsor pursuant
        to a
        Credit Risk Management Agreement or otherwise. Further, the Master Servicer
        shall not be liable for the performance by a Servicer under any Credit Risk
        Management Agreement.

      

      Section
        9.15 Duties
        of the Credit Risk Manager.

      

      (a) The
        Certificateholders, by their purchase and acceptance of the Certificates,
        appoint OfficeTiger Global Real Estate Services Inc., formerly known as
        MortgageRamp, Inc., as Credit Risk Manager. For and on behalf of the Depositor
        and the Trust, the Credit Risk Manager will provide reports and recommendations
        concerning certain delinquent and defaulted Mortgage Loans, and as to the
        collection of any Prepayment Charges with respect to the Mortgage Loans.
        Such
        reports and recommendations will be based upon the Monthly Statement and
        information provided by the Servicers (other than Countrywide Servicing)
        and the
        Master Servicer pursuant to the Credit Risk Management Agreements. The Credit
        Risk Manager shall look solely to the Servicers, the Master Servicer and
        to the
        Monthly Statement for all information and data (including loss and delinquency
        information and data) and loan level information and data relating to the
        servicing of the Mortgage Loans and neither the Securities Administrator
        nor the
        Trustee shall have any obligation to provide any such information to the
        Credit
        Risk Manager and shall not otherwise have any responsibility under any Credit
        Risk Management Agreement. The Credit Risk Manager shall be entitled to
        compensation from the Trust equal to the Credit Risk Manager Fee.

      

      
        
          
          

        

        
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      (b) On
        or
        about the 15th calendar day of each month, the Credit Risk Manager shall
        have
        prepared and shall make available to the Depositor, the following
        reports:

      

      (i) Executive
        Summary:
        The Executive Summary will consist of a brief high level summary of certain
        key
        performance metrics as well as a narrative summary of loans identified and
        reviewed for follow-up actions by the Servicer.

      

      (ii) General
        Pool Characteristics:
        This report will contain a listing of various characteristics of the mortgage
        loan pool (including history and stratification) such as documentation levels,
        occupancy status, weighted aging, CLTV, NOO rate, junior lien percentage,
        etc.

      

      (iii) Performance
        Report:
        This report will graphically summarize the delinquency rates as well as the
        loss
        mitigation, foreclosure, REO, CPR and loss severity and related summary
        information.

      

      (iv) Prepayment
        Analysis:
        This report will consist of a compilation and summary of various loan
        characteristics for Mortgage Loans that have prepaid, along with prepayment
        premium analytics.

      

      (v) Servicer
        Remittance Report:
        This report will consist of an analysis of any discrepancy between the monthly
        servicer remittance file and the final monthly trust report including, without
        limitation, the collection of prepayment premiums.

      

      (vi) OfficeTiger
        Loan Review Report:
        This report will consist of a narrative summary with respect to the individual
        loans that have been flagged for manual review and follow-up consultation
        with
        the Servicer. This report may also include narrative summaries of the
        recommendation of the Credit Risk Manager. 

      

      Section
        9.16 Limitation
        Upon Liability of the Credit Risk Manager.
        Neither
        the Credit Risk Manager, nor any of the directors, officers, employees or
        agents
        of the Credit Risk Manager, shall be under any liability to the Trustee,
        the
        Securities Administrator, the Certificateholders or the Depositor for any
        action
        taken or for refraining from the taking of any action in good faith pursuant
        to
        this Agreement, in reliance upon information provided by any Servicer (other
        than Countrywide Servicing) and the Master Servicer under the Credit Risk
        Management Agreements or for errors in judgment; provided, however,
        that
        this provision shall not protect the Credit Risk Manager or any such person
        against liability that would otherwise be imposed by reason of willful
        malfeasance, bad faith or gross negligence in its performance of its duties
        or
        by reason of reckless disregard for its obligations and duties under this
        Agreement or the Credit Risk Management Agreements. The Credit Risk Manager
        and
        any director, officer, employee or agent of the Credit Risk Manager may rely
        in
        good faith on any document of any kind prima facie properly executed and
        submitted by any Person respecting any matters arising hereunder, and may
        rely
        in good faith upon the accuracy of information furnished by the Servicers
        (other
        than Countrywide Servicing) and the Master Servicer pursuant to the Credit
        Risk
        Management Agreements in the performance of its duties thereunder and
        hereunder.

      

      
        
          
          

        

        
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      Section
        9.17 Removal
        and Resignation of Credit Risk Manager.
        The
        Credit Risk Manager may be removed as Credit Risk Manager by Certificateholders
        holding not less than 66-2/3% of the Voting Rights of Certificates, in the
        exercise of its or their sole discretion, at any time, without cause, upon
        ten
        (10) days prior written notice. The Certificateholders shall provide such
        written notice to the Trustee and upon receipt of such notice, the Trustee
        shall
        provide written notice to the Credit Risk Manager of its removal, effective
        upon
        receipt of such notice. In addition, on March 8, 2012 and each anniversary
        date
        thereafter, upon thirty (30) days prior written notice, the Credit Risk Manager
        will have the option to resign as Credit Risk Manager and the Depositor shall
        have the option to terminate the Credit Risk Manager without cause.

      

      ARTICLE
        X

      

      CONCERNING
        THE SECURITIES ADMINISTRATOR

      

      Section
        10.01 Duties
        of Securities Administrator.
        The
        Securities Administrator shall undertake to perform such duties and only
        such
        duties as are specifically set forth in this Agreement.

      

      The
        Securities Administrator, upon receipt of all resolutions, certificates,
        statements, opinions, reports, documents, orders or other instruments furnished
        to the Securities Administrator that are specifically required to be furnished
        pursuant to any provision of this Agreement, shall examine them to determine
        whether they are in the form required by this Agreement; provided,
        however,
        that
        the Securities Administrator shall not be responsible for the accuracy or
        content of any such resolution, certificate, statement, opinion, report,
        document, order or other instrument. If any such instrument is found not
        to
        conform in any material respect to the requirements of this Agreement, the
        Securities Administrator shall notify the Certificateholders of such
        non-conforming instrument in the event the Securities Administrator, after
        so
        requesting, does not receive a satisfactorily corrected instrument.

      

      No
        provision of this Agreement shall be construed to relieve the Securities
        Administrator of liability for its own negligent action, its own negligent
        failure to act or its own willful misconduct; provided,
        however,
        that:

      

      (i) the
        duties and obligations of the Securities Administrator shall be determined
        solely by the express provisions of this Agreement, the Securities Administrator
        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 Securities
        Administrator and the Securities Administrator 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 Securities Administrator
        and
        conforming to the requirements of this Agreement which it believed in good
        faith
        to be genuine and to have been duly executed by the proper authorities
        respecting any matters arising hereunder;

      

      
        
          
          

        

        
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      (ii) the
        Securities Administrator shall not be liable for any error of judgment made
        in
        good faith by a Responsible Officer or Responsible Officers of the Securities
        Administrator, unless it shall be conclusively determined by a court of
        competent jurisdiction, such determination not subject to appeal, that the
        Securities Administrator was negligent in ascertaining the pertinent
        facts;

      

      (iii) the
        Securities Administrator shall not be liable with respect to any action or
        inaction taken, suffered or omitted to be taken by it in good faith in
        accordance with the direction of Holders of Certificates evidencing not less
        than 25.00% of the Voting Rights of Certificates relating to the time, method
        and place of conducting any proceeding for any remedy available to the
        Securities Administrator, or exercising or omitting to exercise any trust
        or
        power conferred upon the Securities Administrator under this Agreement;
        and

      

      (iv) the
        Securities Administrator shall not be accountable, shall have no liability
        and
        makes no representation as to any acts or omissions hereunder of the Master
        Servicer or the Trustee.

      

      Section
        10.02 Certain
        Matters Affecting the Securities Administrator.
        Except
        as otherwise provided in Section 10.01:

      

      (i) the
        Securities Administrator may request and conclusively rely upon and shall
        be
        fully 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,
        appraisal, bond or other paper or document believed by it to be genuine and
        to
        have been signed or presented by the proper party or parties and the Securities
        Administrator shall have no responsibility to ascertain or confirm the
        genuineness of any signature of any such party or parties;

      

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

      

      (iii) the
        Securities Administrator shall not be liable for any action or inaction taken,
        suffered or omitted by it in good faith and believed by it to be authorized
        or
        within the discretion or rights or powers conferred upon it by this
        Agreement;

      

      (iv) the
        Securities Administrator 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, unless requested in writing so to do by Holders of Certificates
        evidencing not less than 25.00% of the Voting Rights allocated to each
        Class of Certificates; provided,
        however,
        that if
        the payment within a reasonable time to the Securities Administrator of the
        costs, expenses or liabilities likely to be incurred by it in the making
        of such
        investigation is, in the opinion of the Securities Administrator, not reasonably
        assured to the Securities Administrator by the security afforded to it by
        the
        terms of this Agreement, the Securities Administrator may require reasonable
        indemnity against such expense or liability as a condition to so proceeding.
        Nothing in this clause (iv) shall derogate from the obligation of the
        Securities Administrator to observe any applicable law prohibiting disclosure
        of
        information regarding the Mortgagors, provided that the Securities Administrator
        shall have no liability for disclosure required by this Agreement;

      

      
        
          
          

        

        
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      (v) the
        Securities Administrator may execute any of the trusts or powers hereunder
        or
        perform any duties hereunder either directly or by or through agents or
        attorneys or a custodian and the Securities Administrator shall not be
        responsible for any misconduct or negligence on the part of any such agent,
        attorney or custodian appointed by the Securities Administrator with due
        care;

      

      (vi) the
        Securities Administrator shall not be required to risk or expend its own
        funds
        or otherwise incur any financial liability in the performance of any of its
        duties or in the exercise of any of its rights or powers hereunder if it
        shall
        have reasonable grounds for believing that repayment of such funds or adequate
        indemnity against such risk or liability is not assured to it, and none of
        the
        provisions contained in this Agreement shall in any event require the Securities
        Administrator to perform, or be responsible for the manner of performance
        of,
        any of the obligations of the Master Servicer or the Trustee under this
        Agreement;

      

      (vii) the
        Securities Administrator shall be under no obligation to exercise any of
        the
        trusts, rights or powers vested in it by this Agreement or to institute,
        conduct
        or defend any litigation hereunder or in relation hereto at the request,
        order
        or direction of any of the Certificateholders, pursuant to the provisions
        of
        this Agreement, unless such Certificateholders shall have offered to the
        Securities Administrator reasonable security or indemnity satisfactory to
        the
        Securities Administrator against the costs, expenses and liabilities which
        may
        be incurred therein or thereby; and

      

      (viii) the
        Securities Administrator shall have no obligation to appear in, prosecute
        or
        defend any legal action that is not incidental to its duties hereunder and
        which
        in its opinion may involve it in any expense or liability; provided,
        however,
        that in the event of a breach or default by the Derivative
        Counterparty
        under the Cap Agreement or the Swap Agreement, the Securities Administrator
        shall pursue all legal remedies available against the Derivative
        Counterparty
        under the Cap Agreement or the Swap Agreement, as applicable, in consultation
        with the Depositor; provided,
        further,
        that
        the Securities Administrator may in its discretion undertake any such action
        that it may deem necessary or desirable in respect of this Agreement and
        the
        rights and duties of the parties hereto and the interests of the Trustee,
        the
        Securities Administrator and 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
        Securities Administrator shall be entitled to be reimbursed therefor out
        of the
        Collection Account.

      
        
          
          

        

        
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      The
        Securities Administrator shall have no duty (A) to undertake or ensure 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 thereof,
        (B) to procure or maintain any insurance or (C) to pay or discharge
        any tax, assessment, or other governmental charge or any lien or encumbrance
        of
        any kind owing with respect to, assessed or levied against, any part of the
        Trust Fund other than from funds available in the Distribution
        Account.

       

      Section
        10.03 Securities
        Administrator Not Liable for Certificates or Mortgage Loans.
        The
        recitals contained herein and in the Certificates shall be taken as the
        statements of the Depositor or the transferor, as the case may be, and the
        Securities Administrator assumes no responsibility for their correctness.
        The
        Securities Administrator makes no representations as to the validity or
        sufficiency of this Agreement, the Cap Agreement, the Swap Agreement, or
        of the
        Certificates or of any Mortgage Loan or related document other than with
        respect
        to the Securities Administrator’s execution and authentication of the
        Certificates. The Securities Administrator shall not be accountable for the
        use
        or application by the Depositor, the Trustee, the Master Servicer, or the
        Derivative Counterparty of any funds paid to the Depositor, the Trustee,
        the
        Master Servicer or the Derivative Counterparty in respect of the Mortgage
        Loans
        or deposited in or withdrawn from any Collection Account or any other fund
        or
        account with respect to the Certificates by the Depositor, the Trustee, the
        Master Servicer or the Derivative Counterparty.

      

      The
        Securities Administrator executes and authenticates the Certificates not
        in its
        individual capacity but solely as Securities Administrator of the Trust Fund
        created by this Agreement, in the exercise of the powers and authority conferred
        and vested in it by this Agreement. Each of the undertakings and agreements
        made
        on the part of the Securities Administrator on behalf of the Trust Fund in
        the
        Certificates is made and intended not as a personal undertaking or agreement
        by
        the Securities Administrator but is made and intended for the purpose of
        binding
        only the Trust Fund.

      

      Section
        10.04 Securities
        Administrator May Own Certificates.
        The
        Securities Administrator in its individual or any other capacity may become
        the
        owner or pledgee of Certificates and may transact business with the parties
        hereto and their Affiliates with the same rights as it would have if it were
        not
        the Securities Administrator.

      

      Section
        10.05 Securities
        Administrator’s Fees and Expenses.
        The
        Securities Administrator shall be entitled to the investment income earned
        on
        amounts in the Distribution Account during the Securities Administrator Float
        Period. The Securities Administrator and any director, officer, employee,
        agent
        or “control person” within the meaning of the Securities Act of 1933, as
        amended, and the Securities Exchange Act of 1934, as amended (“Control
        Person”),
        of
        the Securities Administrator shall be indemnified by the Trust and held harmless
        against any loss, liability or expense (including reasonable attorney’s fees)
        (i) incurred in connection with any claim or legal action relating to
        (a) this Agreement, (b) the Mortgage Loans or (c) the
        Certificates, other than any loss, liability or expense incurred by reason
        of
        willful misfeasance, bad faith or negligence in the performance of any of
        the
        Securities Administrator’s duties hereunder, (ii) incurred in connection
        with the performance of any of the Securities Administrator’s duties hereunder,
        other than any loss, liability or expense incurred by reason of willful
        misfeasance, bad faith or negligence in the performance of any of the Securities
        Administrator’s duties hereunder or (iii) incurred by reason of any action
        of the Securities Administrator taken at the direction of the
        Certificateholders, provided that any such loss, liability or expense
        constitutes an “unanticipated expense incurred by the REMIC” within the meaning
        of Treasury Regulations Section 1.860G 1(b)(3)(ii). Such indemnity shall
        survive the termination of this Agreement or the resignation or removal of
        the
        Securities Administrator hereunder. Without limiting the foregoing, and except
        for any such expense, disbursement or advance as may arise from the Securities
        Administrator’s negligence, bad faith or willful misconduct, or which would not
        be an “unanticipated expense” within the meaning of the second preceding
        sentence, the Securities Administrator shall be reimbursed by the Trust for
        all
        reasonable expenses, disbursements and advances incurred or made by the
        Securities Administrator in accordance with any of the provisions of this
        Agreement with respect to: (A) the reasonable compensation and the expenses
        and disbursements of its counsel not associated with the closing of the issuance
        of the Certificates, (B) the reasonable compensation, expenses and
        disbursements of any accountant, engineer, appraiser or other agent that
        is not
        regularly employed by the Securities Administrator, to the extent that the
        Securities Administrator must engage such Persons to perform acts or services
        hereunder and (C) printing and engraving expenses in connection with
        preparing any Definitive Certificates. The Trust shall fulfill its obligations
        under this paragraph from amounts on deposit from time to time in the
        Distribution Account.

      

      
        
          
          

        

        
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      The
        Securities Administrator 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.

      

      Section
        10.06 Eligibility
        Requirements for Securities Administrator.
        The
        Securities Administrator hereunder shall at all times be a corporation or
        association organized and doing business under the laws the United States
        of
        America or any state thereof, authorized under such laws to exercise corporate
        trust powers, having a combined capital and surplus of at least $50,000,000,
        subject to supervision or examination by federal or state authority and with
        a
        credit rating of at least investment grade. If such corporation or 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 10.06 the combined capital and surplus of such
        corporation or association shall be deemed to be its combined capital and
        surplus as set forth in its most recent report of condition so published.
        In
        case at any time the Securities Administrator shall cease to be eligible
        in
        accordance with the provisions of this Section 10.06, the Securities
        Administrator shall resign immediately in the manner and with the effect
        specified in Section 10.07 hereof. The entity serving as Securities
        Administrator may have normal banking and trust relationships with the Depositor
        and its affiliates or the Trustee and its affiliates.

      
        
          
          

        

        
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      Any
        successor securities administrator (i) may not be a Mortgage Loan Seller,
        the Master Servicer, a Servicer, the Depositor or an affiliate of the Depositor
        unless such successor securities administrator’s functions are operated through
        an institutional trust department of the Securities Administrator,
        (ii) must be authorized to exercise corporate trust powers under the laws
        of its jurisdiction of organization, and (iii) must be rated at least
“A/F1” by Fitch, if Fitch is a Rating Agency and if rated by Fitch, or the
        equivalent rating by Standard & Poor’s or Moody’s. If no successor
        securities administrator shall have been appointed and shall have accepted
        appointment within 60 days after the Securities Administrator ceases to be
        the Securities Administrator pursuant to Section 10.07, then the Trustee
        may (but shall not be obligated to) become the successor securities
        administrator. The Depositor shall appoint a successor to the Securities
        Administrator in accordance with Section 10.07. The Trustee shall notify
        the Rating Agencies of any change of Securities Administrator.

      
 

      Section
        10.07 Resignation
        and Removal of Securities Administrator.
        The
        Securities Administrator may at any time resign by giving written notice
        of
        resignation to the Depositor and the Trustee and each Rating Agency not less
        than 60 days before the date specified in such notice when, subject to
        Section 10.08, such resignation is to take effect, and acceptance by a
        successor securities administrator in accordance with Section 10.08 meeting
        the qualifications set forth in Section 10.06. If no successor securities
        administrator meeting such qualifications shall have been so appointed by
        the
        Depositor and have accepted appointment within 30 days after the giving of
        such notice of resignation, the resigning Securities Administrator may petition
        any court of competent jurisdiction for the appointment of a successor
        securities administrator.

      

      If
        at any
        time the Securities Administrator shall cease to be eligible in accordance
        with
        the provisions of Section 10.06 hereof and shall fail to resign after
        written request thereto by the Depositor, or if at any time the Securities
        Administrator shall become incapable of acting, or shall be adjudged as bankrupt
        or insolvent, or a receiver of the Securities Administrator or of its property
        shall be appointed, or any public officer shall take charge or control of
        the
        Securities Administrator or of its property or affairs for the purpose of
        rehabilitation, conservation or liquidation, or a tax is imposed with respect
        to
        the Trust Fund by any state in which the Securities Administrator or the
        Trust
        Fund is located and the imposition of such tax would be avoided by the
        appointment of a different securities administrator, then the Depositor may
        remove the Securities Administrator and appoint a successor securities
        administrator by written instrument, in triplicate, one copy of which instrument
        shall be delivered to the Securities Administrator so removed, one copy of
        which
        shall be delivered to the Master Servicer and one copy to the successor
        securities administrator.

      

      The
        Holders of Certificates entitled to at least 51.00% of the Voting Rights
        may at
        any time remove the Securities Administrator and appoint a successor securities
        administrator by written instrument or instruments, in triplicate, signed
        by
        such Holders or their attorneys in fact duly authorized, one complete set
        of
        which instruments shall be delivered by the successor securities administrator
        to the Trustee, one complete set to the Securities Administrator so removed
        and
        one complete set to the successor so appointed. Notice of any removal of
        the
        Securities Administrator shall be given to the Derivative Counterparty and
        each
        Rating Agency by the successor securities administrator.

      
        
          
          

        

        
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      Any
        resignation or removal of the Securities Administrator and appointment of
        a
        successor securities administrator pursuant to any of the provisions of this
        Section 10.07 shall become effective upon acceptance by the successor
        securities administrator of appointment as provided in Section 10.08
        hereof.

      

      If
        at any
        time, Wells Fargo, as Securities Administrator, resigns under this
        Section 10.07, or is removed as Securities Administrator pursuant to this
        Section 10.07, then at such time Wells Fargo shall also resign (and shall
        be entitled to resign) as Master Servicer under this Agreement.

      Section
        10.08 Successor
        Securities Administrator.
        Any
        successor securities administrator (which may be the Trustee) appointed as
        provided in Section 10.07 hereof shall execute, acknowledge and deliver to
        the Depositor and to its predecessor Securities Administrator and the Trustee
        an
        instrument accepting such appointment hereunder and thereupon the resignation
        or
        removal of the predecessor Securities Administrator shall become effective
        and
        such successor securities administrator, without any further act, deed or
        conveyance, shall become fully vested with all the rights, powers, duties
        and
        obligations of its predecessor hereunder, with the like effect as if originally
        named as Securities Administrator herein. The Depositor, the Trustee, the
        Master
        Servicer and the predecessor Securities Administrator shall execute and deliver
        such instruments and do such other things as may reasonably be required for
        more
        fully and certainly vesting and confirming in the successor securities
        administrator all such rights, powers, duties, and obligations.

      

      No
        successor securities administrator shall accept appointment as provided in
        this
        Section 10.08 unless at the time of such acceptance such successor
        securities administrator shall be eligible under the provisions of
        Section 10.06 hereof and its appointment shall not adversely affect then
        current rating of the Certificates, as confirmed in writing by each Rating
        Agency.

      

      Upon
        acceptance by a successor securities administrator of appointment as provided
        in
        this Section 10.08, the Depositor shall mail notice of the succession of
        such Securities Administrator hereunder to all Holders of Certificates and
        the
        Derivative Counterparty. If the Depositor fails to mail such notice within
        10 days after acceptance by the successor securities administrator of
        appointment, the successor securities administrator shall cause such notice
        to
        be mailed at the expense of the Depositor.

      

      Section
        10.09 Merger
        or Consolidation of Securities Administrator.
        Any
        corporation or other entity into which the Securities Administrator may be
        merged or converted or with which it may be consolidated or any corporation
        or
        other entity resulting from any merger, conversion or consolidation to which
        the
        Securities Administrator shall be a party, or any corporation or other entity
        succeeding to the business of the Securities Administrator, shall be the
        successor of the Securities Administrator hereunder, provided that such
        corporation or other entity shall be eligible under the provisions of
        Section 10.06 hereof, without the execution or filing of any paper or
        further act on the part of any of the parties hereto, anything herein to
        the
        contrary notwithstanding.

      

      Section
        10.10 Assignment
        or Delegation of Duties by the Securities Administrator.
        Except
        as expressly provided herein, the Securities Administrator shall not assign
        or
        transfer any of its rights, benefits or privileges hereunder to any other
        Person, or delegate to or subcontract with, or authorize or appoint any other
        Person to perform any of the duties, covenants or obligations to be performed
        by
        the Securities Administrator; provided,
        however,
        that
        the Securities Administrator shall have the right with the prior written
        consent
        of the Depositor (which shall not be unreasonably withheld or delayed), and
        upon
        delivery to the Trustee, the Derivative Counterparty and the Depositor of
        a
        letter from each Rating Agency to the effect that such action shall not result
        in a downgrade of the ratings assigned to any of the Certificates, to delegate
        or assign to or subcontract with or authorize or appoint any qualified Person
        to
        perform and carry out any duties, covenants or obligations to be performed
        and
        carried out by the Securities Administrator hereunder. Notice of such permitted
        assignment shall be given promptly by the Securities Administrator to the
        Depositor and the Trustee. If, pursuant to any provision hereof, the duties
        of
        the Securities Administrator are transferred to a successor securities
        administrator, the entire compensation payable to the Securities Administrator
        pursuant hereto shall thereafter be payable to such successor securities
        administrator but in no event shall the fee payable to the successor securities
        administrator exceed that payable to the predecessor securities
        administrator.

      

      
        
          
          

        

        
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      ARTICLE
        XI

      

      TERMINATION

      

      Section
        11.01 Termination
        upon Liquidation or Purchase of the Mortgage Loans.
        Subject
        to Section 11.03, the obligations and responsibilities of the Depositor,
        the Master Servicer, the Credit Risk Manager, the Securities Administrator
        and
        the Trustee created hereby with respect to the Trust Fund shall terminate
        upon
        the earlier of (a) the exercise of an Option to Purchase, on or after the
        Optional Termination Date, in the aggregate of all Mortgage Loans (and REO
        Properties) at the price (the “Termination
        Price”)
        equal
        to the sum of (i) 100.00% of the unpaid principal balance of each Mortgage
        Loan (other than in respect of REO Property) plus accrued and unpaid interest
        thereon at the applicable Mortgage Rate, (ii) the lesser of (x) the
        appraised value of any REO Property as determined by the higher of two
        appraisals completed by two independent appraisers selected by the Master
        Servicer at the expense of that Trust Fund and (y) the unpaid principal
        balance of each Mortgage Loan related to any REO Property, in each case plus
        accrued and unpaid interest thereon at the applicable Mortgage Rate,
        (iii) amounts in reimbursement for Advances previously made with respect to
        the Mortgage Loans and other amounts as to which the Servicer, the Depositor,
        the Master Servicer, the Securities Administrator, the Credit Risk Manager
        or
        the Trustee are entitled to be paid or reimbursed pursuant to this Agreement
        and
        (iv) any Net Swap Payments remaining unpaid and any Swap Termination Payments
        payable to the Swap Counterparty as a result of a termination pursuant to
        this
        Section 11.01 and (b) the later of (i) the maturity or other
        liquidation (or any Advance with respect thereto) of the last Mortgage Loan
        remaining in the Trust Fund and the disposition of all REO Property and
        (ii) the distribution to Certificateholders of all amounts required to be
        distributed to them pursuant to this Agreement. In no event shall the trusts
        created hereby continue beyond the expiration of 21 years from the death of
        the survivor of the descendants of Joseph P. Kennedy, the late Ambassador
        of the
        United States to the Court of St. James’s, living on the date
        hereof.

      
        
          
          

        

        
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      Notwithstanding
        anything to the contrary contained herein, no such purchase by the Master
        Servicer (either upon instruction from the Depositor or voluntarily) shall
        be
        permitted unless (i) after distribution of the proceeds thereof to the
        Certificateholders (other than the Holders of the Class X, Class P and
        Residual Certificates and any other Classes of Certificates which constitute
        NIM
        Securities) pursuant to Section 11.02, the distribution of the remaining
        proceeds to the Class X and Class P Certificates is sufficient to pay
        the outstanding principal amount of and accrued and unpaid interest on the
        NIM
        Securities, to the extent the NIM Securities are then outstanding, or
        (ii) prior to such purchase, the Master Servicer, remits to the Securities
        Administrator an amount that, together with such remaining proceeds, will
        be
        sufficient to pay the outstanding principal amount of, and accrued and unpaid
        interest on, the NIM Securities, to the extent the NIM Securities are then
        outstanding.

       

      Section
        11.02 Final
        Distribution on the Certificates.
        If on
        any Remittance Date, the Master Servicer determines that there are no
        Outstanding Mortgage Loans and no other funds or assets in the Trust Fund
        other
        than the funds in any Collection Account, the Master Servicer shall direct
        the
        Securities Administrator promptly to send a Notice of Final Distribution
        to each
        Certificateholder and to the Swap Counterparty. If the Master Servicer (upon
        instruction from the Depositor or voluntarily) elects to exercise their option
        to purchase the Mortgage Loans pursuant to clause (a) of
        Section 11.01, at least 20 days prior to the date the Notice of Final
        Distribution is to be mailed to the affected Certificateholders, the Master
        Servicer shall notify the Depositor, the Derivative Counterparty and the
        Securities Administrator of (a) the date on which the Master Servicer
        intends to exercise such purchase option and (b) the Termination
        Price.

      

      A
        Notice
        of Final Distribution, specifying the Distribution Date on which
        Certificateholders may surrender their Certificates for payment of the final
        distribution and cancellation, shall be given promptly by the Securities
        Administrator by letter to Certificateholders mailed not earlier than the
        10th
        day and not later than the 15th day of the month of such final distribution.
        Any
        such Notice of Final Distribution shall specify (a) the Distribution Date
        upon which final distribution on the Certificates will be made upon presentation
        and surrender of Certificates at the office therein designated, (b) the
        amount of such final distribution, (c) the location of the office or agency
        at which such presentation and surrender must be made and (d) that the
        Record Date otherwise applicable to such Distribution Date is not applicable,
        distributions being made only upon presentation and surrender of the
        Certificates at the office therein specified. The Securities Administrator
        will
        give such Notice of Final Distribution to the Swap Counterparty and to each
        Rating Agency at the time such Notice of Final Distribution is given to
        Certificateholders.

      

      Upon
        the
        final deposit with respect to the Trust Fund and the receipt by the Custodian
        of
        a Request for Release therefor, the Custodian shall promptly release to the
        Servicers the Custodial Files for the Mortgage Loans.

      

      Upon
        presentation and surrender of the Certificates, the Securities Administrator
        shall cause to be distributed to the Certificateholders of each
        Class (after reimbursement of all amounts due to the Servicers under the
        Servicing Agreements and the Master Servicer, the Securities Administrator,
        the
        Depositor, the Trustee and the Swap Counterparty hereunder and payment of
        any
        amounts due to the Supplemental Interest Trust as provided under Section
        4.02),
        in each case on the final Distribution Date and in the order set forth in
        Section 4.02, in proportion to their respective Percentage Interests, with
        respect to Certificateholders of the same Class, up to an amount equal to
        (i) as to each Class of Regular Certificates (except the Class X
        Certificates), the Certificate Balance thereof plus for each such Class and
        the Class X Certificates accrued interest thereon in the case of an
        interest-bearing Certificate and all other amounts to which such Classes
        are
        entitled pursuant to Section 4.02 and (ii) as to the Residual
        Certificates, the amount, if any, which remains on deposit in the Distribution
        Account (other than the amounts retained to meet claims) after application
        pursuant to clause (i) above.

      
        
          
          

        

        
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      In
        the
        event that any affected Certificateholders shall not surrender Certificates
        for
        cancellation within six months after the date specified in the Notice of
        Final
        Distribution, the Securities Administrator 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
        six months after such second notice all the applicable Certificates shall
        not
        have been surrendered for cancellation, the Securities Administrator may
        take
        appropriate steps, or may appoint an agent to take appropriate steps, to
        contact
        the remaining Certificateholders concerning surrender of their Certificates,
        and
        the cost thereof shall be paid out of the funds and other assets which remain
        a
        part of the Trust Fund. If within one year after the second notice all
        Certificates shall not have been surrendered for cancellation, the Class R
        Certificateholders shall be entitled to all unclaimed funds and other assets
        of
        the Trust Fund which remain subject hereto.

       

      Section
        11.03 Additional
        Termination Requirements.
        In the
        event an Option to Purchase is exercised with respect to the Mortgage Loans
        as
        provided in Section 11.01, the Trust Fund shall be terminated in accordance
        with the following additional requirements, unless the Trustee has been supplied
        with an Opinion of Counsel, at the expense of the party upon whose instruction
        causes the exercise of an Option to Purchase, to the effect that the failure
        to
        comply with the requirements of this Section 11.03 will not (i) result
        in the imposition of taxes on “prohibited transactions” on any REMIC formed
        hereby as defined in Section 860F of the Code or (ii) cause any REMIC
        formed hereby to fail to qualify as a REMIC at any time that any Certificates
        are outstanding:

      

      (a) The
        Securities Administrator on behalf of the Trustee shall sell all of the assets
        of the Trust Fund to the party exercising the Option to Purchase, and, within
        90 days of such sale, shall distribute to the Certificateholders the
        proceeds of such sale in complete liquidation of each REMIC formed hereby;
        and

      

      (b) The
        Securities Administrator shall attach a statement to the final federal income
        tax return for each REMIC formed hereby stating that pursuant to Treasury
        Regulations Section 1.860F-1, the first day of the 90-day liquidation
        period for each such REMIC was the date on which the Securities Administrator
        on
        behalf of the Trustee sold the assets of the Trust Fund to the Master
        Servicer.

      

      ARTICLE
        XII

      

      MISCELLANEOUS
        PROVISIONS

      

      Section
        12.01 Amendment.
        (a)
        This Agreement may be amended from time to time by the Depositor, the Master
        Servicer, the Securities Administrator and the Trustee, without the consent
        of
        any of the Certificateholders or the Derivative Counterparty (except to the
        extent that the rights or obligations of the Derivative Counterparty under
        the
        Cap Agreement or the Swap Agreement are affected thereby, and except to the
        extent that the ability of the Securities Administrator to perform fully
        and
        timely its obligations under the Cap Agreement or the Swap Agreement is
        adversely affected, in which case prior written consent of the Derivative
        Counterparty is required) (i) to cure any ambiguity or mistake,
        (ii) to correct any defective provision herein or to supplement any
        provision herein which may be inconsistent with any other provision herein,
        (iii) to add to the duties of the Depositor, the Master Servicer, the
        Securities Administrator or the Trustee, (iv) to add any other provisions
        with respect to matters or questions arising hereunder, (v) to modify,
        alter, amend, add to or rescind any of the terms or provisions contained
        in this
        Agreement, (vi) to comply with the requirements of the Internal Revenue Code
        or
        (vii) to conform this agreement to the Offering Documents provided to investors
        in connection with the offering of the Certificates; provided,
        that
        any action pursuant to clause (iv) or (v) above shall not, as
        evidenced by an Opinion of Counsel (which Opinion of Counsel shall not be
        an
        expense of the Trustee, the Master Servicer, the Securities Administrator
        or the
        Trust Fund), adversely affect in any material respect the interests of any
        Certificateholder; provided,
        further,
        that
        any such action pursuant to clause (iv) or (v) above shall not be
        deemed to adversely affect in any material respect the interests of the
        Certificateholders if the Person requesting the amendment obtains a letter
        from
        each Rating Agency stating that the amendment would not result in the
        downgrading or withdrawal of the respective ratings then assigned to the
        Certificates; it being understood and agreed that any such letter in and
        of
        itself will not represent a determination as to the materiality of any such
        amendment and will represent a determination only as to the credit issues
        affecting any such rating. The Trustee, the Depositor, the Master Servicer
        and
        the Securities Administrator also may at any time and from time to time amend
        this Agreement, but without the consent of the Certificateholders or the
        Derivative Counterparty (except to the extent that the rights or obligations
        of
        the Derivative Counterparty hereunder or under the Cap Agreement or the Swap
        Agreement are affected thereby, and except to the extent that the ability
        of the
        Supplemental Interest Trust Trustee to perform fully and timely its obligations
        under the Cap Agreement or the Swap Agreement is adversely affected, in which
        case prior written consent of the Derivative Counterparty is required) to
        modify, eliminate or add to any of its provisions to such extent as shall
        be
        necessary or helpful to (i) maintain the qualification of each REMIC
        created hereunder under the Code, (ii) avoid or minimize the risk of the
        imposition of any tax on any REMIC created hereunder pursuant to the Code
        that
        would be a claim at any time prior to the final redemption of the Certificates
        or (iii) comply with any other requirements of the Code; provided,
        that
        the Trustee and the Master Servicer have been provided an Opinion of Counsel,
        which opinion shall be an expense of the party requesting such opinion but
        in
        any case shall not be an expense of the Trustee or the Trust Fund, to the
        effect
        that such action is necessary or helpful to, as applicable, (i) maintain
        such qualification, (ii) avoid or minimize the risk of the imposition of
        such a tax or (iii) comply with any such requirements of the
        Code.

      

      
        
          
          

        

        
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      This
        Agreement may also be amended from time to time by the Depositor, the Master
        Servicer, the Securities Administrator and the Trustee, but with the consent
        of
        the Holders of Certificates evidencing Percentage Interests aggregating not
        less
        than 662/3%
        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 of
        Certificates; provided,
        however,
        that no
        such amendment shall (i) reduce in any manner the amount of, or delay the
        timing of, payments required to be distributed on any Certificate without
        the
        consent of the Holder of such Certificate, (ii) adversely affect in any
        material respect the interests of the Holders of any Class of Certificates
        in a manner other than as described in clause (i), without the consent of
        the Holders of Certificates of such Class evidencing, as to such Class,
        Percentage Interests aggregating not less than 662/3%,
        (iii) reduce the aforesaid percentages of Certificates the Holders of which
        are required to consent to any such amendment, without the consent of the
        Holders of all such Certificates then outstanding or (iv) adversely affect
        the
        rights or obligations of the Derivative Counterparty hereunder or under the
        Cap
        Agreement or the Swap Agreement or the rights of the Securities Administrator,
        as the Supplemental Interest Trust Trustee, to fully and timely perform its
        obligations under the Cap Agreement or the Swap Agreement without obtaining
        the
        prior written consent of the Derivative Counterparty.

      

      
        
          
          

        

        
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      Notwithstanding
        any contrary provision of this Agreement, the Trustee and the Master Servicer
        shall not consent to any amendment to this Agreement unless (i) it shall
        have first received an Opinion of Counsel, which opinion shall not be an
        expense
        of the Trustee, the Master Servicer or the Trust Fund, to the effect that
        such
        amendment will not cause the imposition of any tax on any REMIC created
        hereunder or the Certificateholders or cause any such REMIC to fail to qualify
        as a REMIC or the grantor trust to fail to qualify as a grantor trust at
        any
        time that any Certificates are outstanding and (ii) the party seeking such
        amendment shall have provided written notice to the Rating Agencies (with
        a copy
        of such notice to the Trustee, the Master Servicer and the Derivative
        Counterparty) of such amendment, stating the provisions of the Agreement
        to be
        amended.

      

      Notwithstanding
        the foregoing provisions of this Section 12.01(a), with respect to any
        amendment that significantly modifies the permitted activities of the Trustee,
        any Certificate beneficially owned by the Depositor shall be deemed not to
        be
        outstanding (and shall not be considered when determining the percentage
        of
        Certificateholders consenting or when calculating the total number of
        Certificates entitled to consent) for purposes of determining if the requisite
        consents of Certificateholders under this Section 12.01(a) have been
        obtained.

      

      Promptly
        after the execution of any amendment to this Agreement requiring the consent
        of
        Certificateholders, the Trustee shall furnish written notification of the
        substance or a copy of such amendment to each Certificateholder and each
        Rating
        Agency.

      

      It
        shall
        not be necessary for the consent of Certificateholders under this
        Section 12.01 to approve the particular form of any proposed amendment, but
        it shall be sufficient if such consent shall approve the substance thereof.
        The
        manner of obtaining such consents and of evidencing the authorization of
        the
        execution thereof by Certificateholders shall be subject to such reasonable
        regulations as the Trustee may prescribe.

      

      Nothing
        in this Agreement shall require the Trustee, the Master Servicer or the
        Securities Administrator to enter into an amendment without receiving an
        Opinion
        of Counsel (which opinion shall not be an expense of the Trustee, the Master
        Servicer, the Securities Administrator or the Trust Fund), satisfactory to
        the
        Trustee, the Master Servicer and the Securities Administrator, as applicable,
        that (i) such amendment is permitted and is not prohibited by this
        Agreement and that all requirements for amending this Agreement have been
        complied with and (ii) either (A) the amendment does not adversely
        affect in any material respect the interests of any Certificateholder or
        (B) the conclusion set forth in the immediately preceding
        clause (A) is not required to be reached pursuant to this
        Section 12.01(a).

      
        
          
          

        

        
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      (b)
        No
        party hereto shall agree to amend any Servicing Agreement unless the party
        requesting such amendment, at such party’s expense, has delivered to the Trustee
        and the Master Servicer an Opinion of Counsel that such amendment (i) is
        permitted under the terms of the applicable Servicing Agreement and (ii)
        will
        not materially adversely affect the interest of the Certificateholders in
        the
        Mortgage Loans or the NIM Securities to be issued in the NIMS
        Transaction.

      

      Section
        12.02 Recordation
        of Agreement; Counterparts.
        This
        Agreement is subject to recordation in all appropriate public offices for
        real
        property records in all the counties or other comparable jurisdictions in
        which
        any or all of the Mortgaged Properties are situated, and in any other
        appropriate public recording office or elsewhere, such recordation to be
        effected by the Securities Administrator at the direction and expense of
        the
        Depositor, but only upon receipt of an Opinion of Counsel to the effect that
        such recordation materially and beneficially affects the interests of the
        Certificateholders.

       

      For
        the
        purpose of facilitating the recordation of this Agreement as herein provided
        and
        for other purposes, this Agreement may be executed simultaneously in any
        number
        of counterparts, each of which counterparts shall be deemed to be an original,
        and such counterparts shall constitute but one and the same
        instrument.

      

      Section
        12.03 Governing
        Law.
        THIS
        AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE SUBSTANTIVE
        LAWS OF THE STATE OF NEW YORK APPLICABLE TO AGREEMENTS MADE AND TO BE PERFORMED
        IN THE STATE OF NEW YORK AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE
        PARTIES
        HERETO AND THE CERTIFICATEHOLDERS SHALL BE DETERMINED IN ACCORDANCE WITH
        SUCH
        LAWS.

      

      Section
        12.04 Intention
        of Parties.
        (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 Certificate Balances
        of the
        Certificates in all of the Depositor’s right, title and interest in, to and
        under, whether now owned or hereafter acquired, the Trust Fund and the
        Supplemental Interest Trust and all proceeds of any and all property
        constituting the Trust Fund and the Supplemental Interest Trust to secure
        payment of the Certificates (such security interest being, to the extent
        of the
        assets that constitute the Supplemental Interest Trust, pari
        passu
        with the
        security interest as provided in clause (4) below); (3) this Agreement shall
        constitute a security agreement under applicable law; and (4) the Derivative
        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 Derivative Counterparty’s right to payment under the Derivative
        Agreements (such security interest being pari
        passu
        with the
        security interest as provided in clause (2) above). If such conveyance is
        deemed
        to be in respect of a loan and the trust created by this Agreement terminates
        prior to the satisfaction of the claims of any Person holding any Certificate,
        the security interest created hereby shall continue in full force and effect
        and
        the Trustee shall be deemed to be the collateral agent for the benefit of
        such
        Person, and all proceeds shall be distributed by the Securities Administrator
        as
        herein provided.

      
        
          
          

        

        
          -127-
            

          
            

          

        

        
          
          

        

      

      

      (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 Sponsor, the Depositor or the Trustee, (2)
        any
        change of location of the jurisdiction of organization of the Sponsor or
        the
        Depositor, (3) any transfer of any interest of the Sponsor or the Depositor
        in
        any Mortgage Loan or (4) any change under the relevant UCC or other applicable
        laws. Neither the Sponsor 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 Sponsor 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 Sponsor 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).

       

      Section
        12.05 Notices.
        (a)  The Securities Administrator shall use its best efforts to
        promptly provide notice to each Rating Agency with respect to each of the
        following of which it has actual knowledge:

      

      1. Any
        material change or amendment to this Agreement;

      

      2. The
        occurrence of any Event of Default that has not been cured;

      

      3. The
        resignation or termination of a Servicer, the Master Servicer, the Securities
        Administrator or the Trustee and the appointment of any successor;

      
        
          
          

        

        
          -128-
            

          
            

          

        

        
          
          

        

      

      

      4. The
        repurchase or substitution of Mortgage Loans pursuant to Section 2.03 or
        pursuant to a Transfer Agreement; 

      

      5. The
        final
        payment to Certificateholders; and

      

      6. An
        Early
        Termination Event with respect to the Cap Agreement or the Swap
        Agreement.

      

      (b) In
        addition, the Securities Administrator shall promptly make available on its
        internet website to each Rating Agency copies of the following:

      

      1. Each
        report to Certificateholders described in Section 4.03; and

       

      2. Any
        notice of a purchase of a Mortgage Loan pursuant to
        Section 2.03.

      

      (c) All
        directions, demands, consents and notices hereunder shall be in writing and
        shall be deemed to have been duly given when delivered to: 

      

      (i) in
        the
        case of the Depositor,
        HSI
        Asset Securitization Corporation, 452 Fifth Avenue, 10th
        Floor,
        New York, New York 10018, Attention: Head MBS Principal Finance, or such
        other
        address as may be hereafter furnished to the other parties by the Depositor
        in
        writing;

      

      (ii) in
        the
        case of the Master Servicer,
        Wells
        Fargo Bank, N.A., P.O. Box 98, Columbia, Maryland 21046, Attention: Client
        Manager - HASCO 2007-HE1, with a copy to 9062 Old Annapolis Road, Columbia,
        Maryland 21045, Attention: Client Manager - HASCO 2007-HE1, or such other
        address as may be hereafter furnished to the other parties by Wells Fargo
        in
        writing;

      

      (iii) in
        the
        case of the Trustee,
        the
        Corporate Trust Office (Attention: Corporate Trust Services - HB07H1), or
        such
        other address as may be hereafter furnished to the to the other parties by
        the
        Trustee in writing;

      

      (iv) in
        the
        case of the Derivative Counterparty,
        Bear
        Stearns Financial Products, Inc., 383 Madison Avenue, New York, New York
        10179,
        Attention: DPC Manager, with a copy to One Metrotech Center North, Brooklyn,
        New
        York 10179, Attention: Derivative Operations—7th
        Floor;

      

      (v) in
        the
        case of the Credit Risk Manager,
        OfficeTiger Global Real Estate Services Inc., One Glenlake Parkway, Suite
        1400,
        Atlanta, Ga. 30328, Attention: General Counsel. Notices to Certificateholders
        shall be deemed given when mailed, first class postage prepaid, to their
        respective addresses appearing in the Certificate Register; and

      

      (vi) in
        the
        case of each of the Rating Agencies,
        the
        address specified therefor in the definition corresponding to the name of
        such
        Rating Agency; 

      
        
          
          

        

        
          -129-
            

          
            

          

        

        
          
          

        

      

      

      Section
        12.06 Severability
        of Provisions.
        If any
        one or more of the covenants, agreements, provisions or terms of this Agreement
        shall be for any reason whatsoever held invalid, then such covenants,
        agreements, provisions or terms shall be deemed severable from the remaining
        covenants, agreements, provisions or terms of this Agreement and shall in
        no way
        affect the validity or enforceability of the other provisions of this Agreement
        or of the Certificates or the rights of the Holders thereof.

      

      Section
        12.07 Limitation
        on Rights of Certificateholders.
        The
        death or incapacity of any Certificateholder shall not operate to terminate
        this
        Agreement or the trust created hereby, nor entitle such Certificateholder’s
        legal representative or heirs to claim an accounting or to take any action
        or
        commence any proceeding in any court for a petition or winding up of the
        trust
        created hereby, or otherwise affect the rights, obligations and liabilities
        of
        the parties hereto or any of them.

       

      No
        Certificateholder shall have any right to vote (except as provided herein)
        or in
        any manner otherwise control the operation and management of the Trust Fund,
        or
        the obligations of the parties hereto, nor shall anything herein set forth
        or
        contained in the terms of the Certificates be construed so as to constitute
        the
        Certificateholders from time to time as partners or members of an association;
        nor shall any Certificateholder be under any liability to any third party
        by
        reason of any action taken by the parties to this Agreement pursuant to any
        provision hereof.

      

      No
        Certificateholder shall have any right by virtue or by availing itself of
        any
        provisions of this Agreement to institute any suit, action or proceeding
        in
        equity or at law upon or under or with respect to this Agreement, unless
        such
        Holder previously shall have given to the Trustee a written notice of an
        Event
        of Default and of the continuance thereof, as herein provided, and unless
        the
        Holders of Certificates evidencing not less than 25.00% of the Voting Rights
        evidenced by the Certificates shall also have made written request to the
        Trustee to institute such action, suit or proceeding in its own name as Trustee
        hereunder and shall have offered to the Trustee such reasonable indemnity
        as it
        may require against the costs, expenses, and liabilities to be incurred therein
        or thereby, and the Trustee, for 60 days after its receipt of such notice,
        request and offer of indemnity shall have neglected or refused to institute
        any
        such action, suit or proceeding; it being understood and intended, and being
        expressly covenanted by each Certificateholder with every other
        Certificateholder and the Trustee, that no one or more Holders of Certificates
        shall have any right in any manner whatever by virtue or by availing itself
        or
        themselves of any provisions of this Agreement to affect, disturb or prejudice
        the rights of the Holders of any other of the Certificates, or to obtain
        or seek
        to obtain priority over or preference to any other such Holder or to enforce
        any
        right under this Agreement, except in the manner herein provided and for
        the
        common benefit of all Certificateholders. For the protection and enforcement
        of
        the provisions of this Section 12.08, each and every Certificateholder and
        the Trustee shall be entitled to such relief as can be given either at law
        or in
        equity.

      

      Section
        12.08 Certificates
        Nonassessable and Fully Paid.
        It is
        the intention of the Depositor that Certificateholders shall not be personally
        liable for obligations of the Trust Fund, that the interests in the Trust
        Fund
        represented by the Certificates shall be nonassessable for any reason
        whatsoever, and that the Certificates, upon due authentication thereof by
        the
        Securities Administrator pursuant to this Agreement, are and shall be deemed
        fully paid.

      
        
          
          

        

        
          -130-
            

          
            

          

        

        
          
          

        

      

      

      Section
        12.09 Rule of
        Construction.
        Article
        and section headings are for the convenience of the reader and shall not
        be
        considered in interpreting this Agreement or the intent of the parties
        hereto.

      

      Section
        12.10 Waiver
        of Jury Trial.
        EACH
        PARTY HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY, WAIVES (TO THE EXTENT
        PERMITTED BY APPLICABLE LAW) ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY OF
        ANY
        DISPUTE ARISING UNDER OR RELATING TO THIS AGREEMENT AND AGREES THAT ANY SUCH
        DISPUTE SHALL BE TRIED BEFORE A JUDGE SITTING WITHOUT A JURY.

      

       

      [SIGNATURE
        PAGE FOLLOWS]

       

      

       

      
        
          
          

        

        
          -131-
            

          
            

          

        

        
          
          

        

      

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

       

      HSI
        ASSET
        SECURITIZATION 
CORPORATION, as Depositor

       

      By  
        /s/
        Andrea Lenox            
Name:
        Andrea Lenox
Title:
        Vice President

       

      DEUTSCHE
        BANK NATIONAL TRUST 
COMPANY, as Trustee 

       

      By:  /s/Melissa
        Wilman            
Name:
        Melissa Wilman
Title:
        Vice President

       

      DEUTSCHE
        BANK NATIONAL TRUST 
COMPANY, as Trustee

       

      By: 
        /s/
        Ronaldo Reyes            
Name:
        Ronaldo Reyes
Title:
        Vice President

       

      WELLS
        FARGO BANK, N.A., as Master Servicer

       

      By: 
        /s/
        Martin Reed            
Name:
        Martin Reed
Title:
        Vice President

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      WELLS
        FARGO BANK, N.A., as Securities Administrator

       

       

      By: 
        /s/
        Martin Reed            
Name:
        Martin Reed
Title:
        Vice President

       

      WELLS
        FARGO BANK, N.A., as Custodian

       

       

      By: 
        /s/
        Patrick M. Gorrien        
Name:
        Patrick M. Gorrien
Title:
        Vice President

       

      OFFICETIGER
        GLOBAL REAL ESTATE 
SERVICES INC., as Credit Risk Manager

       

      By: 
        /s/
        Ken N. Beyer            
Name:
        Ken
        N. Beyer
Title:
        President

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      ACKNOWLEDGED
        BY HSBC BANK USA, NATIONAL ASSOCIATION,

      as
        Sponsor, solely for the purposes of Section 2.03(d). 

       

      By: 
        /s/
        Mark Wirth                

      Name:
        Mark Wirth

      Title:
        Officer #1525

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      SCHEDULE
        I

       

      Mortgage
        Loan Schedule

      

      

      [To
        be
        retained in a separate closing binder entitled “HASCO 2007-HE1 Mortgage Loan
        Schedules” at the Washington, D.C. offices of McKee Nelson LLP]

      

      
        
          
          

        

        
          SCH.
            I-1

          
            

          

        

        
          
          

        

      

       

      EXHIBIT
        A

       

      [IF
        THIS
        CERTIFICATE IS A PHYSICAL CERTIFICATE, NEITHER THIS CERTIFICATE NOR ANY INTEREST
        HEREIN MAY BE TRANSFERRED UNLESS THE PROPOSED TRANSFEROR DELIVERS TO THE
        SECURITIES ADMINISTRATOR A TRANSFEROR LETTER (THE “TRANSFEROR
        LETTER”)
        IN THE
        FORM OF EXHIBIT H TO THE AGREEMENT REFERRED TO HEREIN AND EITHER
        (I) THE SECURITIES ADMINISTRATOR RECEIVES A RULE 144A INVESTMENT LETTER
        (THE “144A
        INVESTMENT
        LETTER”)
        OR A
        REGULATION S INVESTMENT LETTER (THE “REGULATION S INVESTMENT LETTER”) IN THE
        FORM OF EXHIBIT I-A AND EXHIBIT I-B, RESPECTIVELY, TO THE AGREEMENT
        REFERRED TO HEREIN OR (II) THE SECURITIES ADMINISTRATOR RECEIVES AN OPINION
        OF COUNSEL, DELIVERED AT THE EXPENSE OF THE TRANSFEROR, THAT SUCH TRANSFER
        MAY
        BE MADE WITHOUT REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED.]
        [To
        be added to the Class M-10 Certificates while such Certificates remain
        Private Certificates.]

       

      [IF
        THIS
        CERTIFICATE IS A BOOK-ENTRY CERTIFICATE, THE PROPOSED TRANSFEROR WILL BE
        DEEMED
        TO HAVE MADE EACH OF THE CERTIFICATIONS SET FORTH IN THE TRANSFEROR LETTER
        AND
        THE PROPOSED TRANSFEREE WILL BE DEEMED TO HAVE MADE EACH OF THE CERTIFICATIONS
        SET FORTH IN THE RULE 144A INVESTMENT LETTER OR REGULATION S INVESTMENT LETTER,
        AS APPLICABLE, IN EACH CASE AS IF SUCH CERTIFICATE WERE EVIDENCED BY A PHYSICAL
        CERTIFICATE.] [To be added to the Class M-10 Certificates while such
        Certificates remain Private Certificates.]

       

      UNLESS
        THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
        TRUST COMPANY, A NEW YORK CORPORATION (“DTC”),
        TO
        ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND
        ANY
        CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER
        NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT
        IS
        MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
        REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE
        OR
        OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
        HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

       

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

       

      [PRIOR
        TO TERMINATION OF THE SWAP AGREEMENT AND THE CAP AGREEMENT, NO TRANSFER OF
        THIS
        CERTIFICATE SHALL BE MADE UNLESS THE SECURITIES ADMINISTRATOR SHALL HAVE
        RECEIVED A REPRESENTATION LETTER FROM THE TRANSFEREE OF THIS CERTIFICATE
        TO THE
        EFFECT THAT EITHER (I) SUCH TRANSFEREE IS NEITHER 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 (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
        THIS CERTIFICATE ARE ELIGIBLE FOR EXEMPTIVE RELIEF UNDER THE
        STATUTORY EXEMPTION FOR NON-FIDUCIARY SERVICE PROVIDERS UNDER SECTION
        408(b)(17)
        OF ERISA AND SECTION 4975(d)(20)
        OF THE CODE, PROHIBITED TRANSACTION CLASS EXEMPTION (“PTCE”) 84-14, PTCE 90-1,
        PTCE 91-38, PTCE 95-60 OR PTCE 96-23 OR ANOTHER EXEMPTION.
        ANY PURPORTED TRANSFER OF THIS CERTIFICATE PRIOR TO THE TERMINATION OF THE
        SWAP
        AGREEMENT AND THE CAP AGREEMENT TO OR ON BEHALF OF A PLAN WITHOUT THE DELIVERY
        TO THE SECURITIES ADMINISTRATOR OF A REPRESENTATION LETTER AS DESCRIBED ABOVE
        SHALL BE VOID AND OF NO EFFECT. IF THIS CERTIFICATE IS A BOOK-ENTRY CERTIFICATE,
        THE TRANSFEREE WILL BE DEEMED TO HAVE MADE A REPRESENTATION AS PROVIDED IN
        CLAUSE (I) OR (II) OF THIS PARAGRAPH, AS APPLICABLE.] [To
        be
        added to all Offered Certificates.]

       

      
        
          
          

        

        
          EXHIBIT
            A-1

          
            

          

        

        
          
          

        

      

       

      [NEITHER
        THIS CERTIFICATE NOR ANY INTEREST HEREIN MAY BE TRANSFERRED UNLESS THE
        TRANSFEREE DELIVERS TO THE SECURITIES ADMINISTRATOR EITHER A REPRESENTATION
        LETTER TO THE EFFECT THAT SUCH TRANSFEREE IS NOT AN EMPLOYEE BENEFIT PLAN
        SUBJECT TO TITLE I OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974,
        AS
        AMENDED (“ERISA”),
        OR A
        PLAN SUBJECT TO SECTION 4975 OF THE CODE, OR A PLAN SUBJECT TO APPLICABLE
        FEDERAL, STATE OR LOCAL LAW (“SIMILAR
        LAW”)
        MATERIALLY SIMILAR TO THE FOREGOING PROVISIONS OF ERISA OR THE CODE OR A
        PERSON
        INVESTING ON BEHALF OF OR WITH PLAN ASSETS OF SUCH A PLAN, OR, IF THE TRANSFEREE
        IS AN INSURANCE COMPANY, A REPRESENTATION LETTER THAT IT IS USING THE ASSETS
        OF
        ITS GENERAL ACCOUNT AND THAT THE PURCHASE AND HOLDING OF THIS CERTIFICATE
        ARE
        COVERED UNDER SECTIONS I AND III OF PROHIBITED TRANSACTION CLASS EXEMPTION
        95-60
        OR AN OPINION OF COUNSEL SATISFACTORY TO THE SECURITIES ADMINISTRATOR, TO
        THE
        EFFECT THAT THE PURCHASE OR HOLDING OF THIS CERTIFICATE WILL NOT CONSTITUTE
        OR
        RESULT IN A PROHIBITED TRANSACTION WITHIN THE MEANING OF ERISA, SECTION 4975
        OF
        THE CODE OR ANY SIMILAR LAW AND WILL NOT SUBJECT THE TRUSTEE, THE DEPOSITOR,
        THE
        SECURITIES ADMINISTRATOR, THE MASTER SERVICER OR ANY SERVICER TO ANY OBLIGATION
        IN ADDITION TO THOSE EXPRESSLY UNDERTAKEN IN THE AGREEMENT OR TO ANY LIABILITY.
        NOTWITHSTANDING ANYTHING ELSE TO THE CONTRARY HEREIN, ANY PURPORTED TRANSFER
        OF
        THIS CERTIFICATE TO OR ON BEHALF OF AN EMPLOYEE BENEFIT PLAN SUBJECT TO TITLE
        I
        OF ERISA, SECTION 4975 OF THE CODE OR SIMILAR LAW WITHOUT THE REPRESENTATION
        LETTER OR OPINION OF COUNSEL SATISFACTORY TO THE SECURITIES ADMINISTRATOR
        AS
        DESCRIBED ABOVE SHALL BE VOID AND OF NO EFFECT.] [To be added to the
        Class M-10 Certificates.]

       

      
        
          
          

        

        
          EXHIBIT
            A-2

          
            

          

        

        
          
          

        

      

       

      [THE
        HOLDER OF THIS CERTIFICATE BY ITS ACCEPTANCE HEREOF REPRESENTS AND WARRANTS
        THAT
        (A) UNTIL THE EXPIRATION OF THE APPLICABLE “DISTRIBUTION COMPLIANCE PERIOD”
WITHIN THE MEANING OF REGULATION S, ANY OFFER, SALE, PLEDGE OR OTHER TRANSFER
        OF
        THIS CERTIFICATE SHALL NOT BE MADE IN THE UNITED STATES OR TO, OR FOR THE
        ACCOUNT OR BENEFIT OF, ANY U.S. PERSON (EACH AS DEFINED IN REGULATION S)
        AND (B)
        IF THIS CERTIFICATE IS HELD WITHIN THE UNITED STATES OR SUCH HOLDER IS A
        U.S.
        PERSON OR THIS CERTIFICATE IS HELD FOR THE ACCOUNT OR SUCH BENEFIT OF, A
        U.S.
        PERSON (EACH AS DEFINED IN REGULATION S) SUCH CERTIFICATE WAS ACQUIRED ONLY
        (1)
        PURSUANT TO A REGISTRATION STATEMENT WHICH HAS BEEN DECLARED EFFECTIVE UNDER
        THE
        1933 ACT OR (2) BY SUCH HOLDER AS A “QUALIFIED INSTITUTIONAL BUYER” AS DEFINED
        IN RULE 144A UNDER THE 1933 ACT THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR
        THE
        ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER TO WHOM NOTICE IS GIVEN THAT THE
        TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A.][For any Private Certificate
        to
        be acquired or transferred pursuant to Regulation S.]

      

      
        	
                Certificate
                  No:

              	 	 	 	
                1

              
	 	 	 	 	 
	
                Cut-off
                  Date:

              	 	 	 	
                February
                  1, 2007

              
	 	 	 	 	 
	
                First
                  Distribution Date:

              	 	 	 	
                March
                  26, 2007

              
	 	 	 	 	 
	
                Initial
                  Certificate Balance of this Certificate (“Denomination”):

              	 	 	 	
                $[                          ]

              
	 	 	 	 	 
	
                Initial
                  Certificate Balances of all Certificates of this Class:

              	 	
                I-A

              	 	
                $371,150,000

              
	 	 	
                II-A-1

              	 	
                $253,725,000

              
	 	 	
                II-A-2

              	 	
                $
                  30,548,000

              
	 	 	
                II-A-3

              	 	
                $126,204,000

              
	 	 	
                II-A-4

              	 	
                $
                  8,313,000

              
	 	 	
                M-1

              	 	
                $
                  44,752,000

              
	 	 	
                M-2

              	 	
                $
                  48,915,000

              
	 	 	
                M-3

              	 	
                $
                  17,695,000

              
	 	 	
                M-4

              	 	
                $
                  17,693,000

              
	 	 	
                M-5

              	 	
                $
                  18,213,000

              
	 	 	
                M-6

              	 	
                $
                  13,010,000

              
	 	 	
                M-7

              	 	
                $
                  10,408,000

              
	 	 	
                M-8

              	 	
                $
                  10,928,000

              
	 	 	
                M-9

              	 	
                $
                  14,571,000

              
	 	 	
                M-10

              	 	
                $
                  16,132,000

              

      

       

      
        
          
          

        

        
          EXHIBIT
            A-3

          
            

          

        

        
          
          

        

      

       

      
        	
                *
                  Notional Amount

              	 	 	 	 
	
                Interest
                  Rate:

              	 	
                I-A-1

              	 	
                Variable

              
	 	 	
                II-A-1

              	 	
                Variable

              
	 	 	
                II-A-2

              	 	
                Variable

              
	 	 	
                II-A-3

              	 	
                Variable

              
	 	 	
                II-A-4

              	 	
                Variable

              
	 	 	
                M-1

              	 	
                Variable

              
	 	 	
                M-2

              	 	
                Variable

              
	 	 	
                M-3

              	 	
                Variable

              
	 	 	
                M-4

              	 	
                Variable

              
	 	 	
                M-5

              	 	
                Variable

              
	 	 	
                M-6

              	 	
                Variable

              
	 	 	
                M-7

              	 	
                Variable

              
	 	 	
                M-8

              	 	
                Variable

              
	 	 	
                M-9

              	 	
                Variable

              
	 	 	
                M-10

              	 	
                Variable

              
	 	 	 	 	 
	
                CUSIP:

              	 	
                I-A-1

              	 	
                40430F
                  AA0

              
	 	 	
                II-A-1

              	 	
                40430F
                  AB8

              
	 	 	
                II-A-2

              	 	
                40430F
                  AC6

              
	 	 	
                II-A-3

              	 	
                40430F
                  AD4

              
	 	 	
                II-A-4

              	 	
                40430F
                  AE2

              
	 	 	
                M-1

              	 	
                40430F
                  AF9

              
	 	 	
                M-2

              	 	
                40430F
                  AG7

              
	 	 	
                M-3

              	 	
                40430F
                  AH5

              
	 	 	
                M-4

              	 	
                40430F
                  AJ1

              
	 	 	
                M-5

              	 	
                40430F
                  AK8

              
	 	 	
                M-6

              	 	
                40430F
                  AL6

              
	 	 	
                M-7

              	 	
                40430F
                  AM4

              
	 	 	
                M-8

              	 	
                40430F
                  AN2

              
	 	 	
                M-9

              	 	
                40430F
                  AP7

              
	 	 	
                M-10

              	 	
                40430F
                  AQ5

              
	 	 	 	 	 
	
                ISIN:

              	 	
                I-A-1

              	 	
                US40430FAA03

              
	 	 	
                II-A-1

              	 	
                US40430FAB85

              
	 	 	
                II-A-2

              	 	
                US40430FAC68

              
	 	 	
                II-A-3

              	 	
                US40430FAD42

              
	 	 	
                II-A-4

              	 	
                US40430FAE25

              
	 	 	
                M-1

              	 	
                US40430FAF99

              
	 	 	
                M-2

              	 	
                US40430FAG72

              
	 	 	
                M-3

              	 	
                US40430FAH55

              
	 	 	
                M-4

              	 	
                US40430FAJ12

              

      

       

      
        
          
          

        

        
          EXHIBIT
            A-4

          
            

          

        

        
          
          

        

      

       

      
        	 	 	
                M-5

              	 	
                US40430FAK84

              
	 	 	
                M-6

              	 	
                US40430FAL67

              
	 	 	
                M-7

              	 	
                US40430FAM41

              
	 	 	
                M-8

              	 	
                US40430FAN24

              
	 	 	
                M-9

              	 	
                US40430FAP71

              
	 	 	
                M-10

              	 	
                US40430FAQ54

              

      

       

      

      
        
          
          

        

        
          EXHIBIT
            A-5

          
            

          

        

        
          
          

        

      

      HSI
        ASSET
        SECURITIZATION CORPORATION

      

      HSI
        Asset
        Securitization Corporation Trust, 2007-HE1

      Mortgage
        Pass-Through Certificates, Series 2007-HE1

      Class
        [A-__][M-__]

      

      evidencing
        a percentage interest in the distributions allocable to the Certificates
        of the
        above-referenced Class.

      

      Principal
        in respect of this Certificate is distributable monthly as set forth herein.
        Accordingly, the Certificate Balance at any time may be less than the
        Certificate Balance as set forth herein. This Certificate does not evidence
        an
        obligation of, or an interest in, and is not guaranteed by the Depositor,
        the
        Trustee or any other party to the Agreement referred to below or any of their
        respective affiliates. Neither this Certificate nor the Mortgage Loans are
        guaranteed or insured by any governmental agency or
        instrumentality.

      

      This
        certifies that [____________]is the registered owner of the Percentage Interest
        evidenced by this Certificate (obtained by dividing the denomination of this
        Certificate by the aggregate of the denominations of all Certificates of
        the
        Class to which this Certificate belongs) in certain monthly distributions
        of
        principal and interest pursuant to a Pooling and Servicing Agreement dated
        as of
        the Cut-off Date specified above (the “Agreement”)
        among
        HSI Asset Securitization Corporation, as depositor (the “Depositor”),
        Wells
        Fargo Bank, N.A., as master servicer, (in such capacity, the “Master
        Servicer”)
        securities administrator (in such capacity, the “Securities
        Administrator”)
        and
        custodian, OfficeTiger Global Real Estate Services Inc., as credit risk manager,
        and Deutsche Bank National Trust Company, as trustee (the “Trustee”).
        To
        the extent not defined herein, the capitalized terms used herein have the
        meanings assigned in the Agreement. This Certificate is issued under and
        is
        subject to the terms, provisions and conditions of the Agreement, to which
        Agreement the Holder of this Certificate by virtue of the acceptance hereof
        assents and by which such Holder is bound.

      

      Reference
        is hereby made to the further provisions of this Certificate set forth on
        the
        reverse hereof, which further provisions shall for all purposes have the
        same
        effect as if set forth at this place.

      

      This
        Certificate shall not be entitled to any benefit under the Agreement or be
        valid
        for any purpose unless manually authenticated by an authorized signatory
        of the
        Securities Administrator.

      

      * * *

      

      IN
        WITNESS WHEREOF, the Securities Administrator has caused this Certificate
        to be
        duly executed.

      

       

      
        	
                Dated:

              	 

      

      
        
          
          

        

        
          EXHIBIT
            A-6

          
            

          

        

        
          
          

        

      

       

      WELLS
        FARGO BANK, N.A.,
not
        in
        its individual capacity, but solely as
Securities
        Administrator

       

      By:
        ______________________________________

       

      Authenticated:

       

       

      By: 
        ________________________________________
Authorized
        Signatory of
WELLS
        FARGO BANK, N.A.,
not
        in
        its individual capacity,
but
        solely as Securities Administrator

      
        
          
          

        

        
          EXHIBIT
            A-7

          
            

          

        

        
          
          

        

      

      HSI
        ASSET
        SECURITIZATION CORPORATION 

      

      HSI
        Asset
        Securitization Corporation Trust 2007-HE1

      Mortgage
        Pass-Through Certificates

      

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as HSI
        Asset Securitization Corporation Trust 2007-HE1 Mortgage Pass-Through
        Certificates, of the Series specified on the face hereof (herein collectively
        called the “Certificates”),
        and
        representing a beneficial ownership interest in the Trust Fund created by
        the
        Agreement.

      

      The
        Certificateholder, by its acceptance of this Certificate, agrees that it
        will
        look solely
        to the
        funds on deposit in the Distribution Account or Supplemental Interest Trust
        Account for payment hereunder and that neither the Trustee nor the Securities
        Administrator is liable to the Certificateholders for any amount payable
        under
        this Certificate or the Agreement or, except as expressly provided in the
        Agreement, subject to any liability under the Agreement.

      

      This
        Certificate does not purport to summarize the Agreement and reference is
        made to
        the Agreement for the interests, rights and limitations of rights, benefits,
        obligations and duties evidenced thereby, and the rights, duties and immunities
        of the Trustee.

      

      Pursuant
        to the terms of the Agreement, a distribution will be made on the 25th day
        of
        each month or, if such day is not a Business Day, the Business Day immediately
        following (the “Distribution
        Date”),
        commencing on the first Distribution Date specified on the face hereof, to
        the
        Person in whose name this Certificate is registered at the close of business
        on
        the applicable Record Date in an amount equal to the product of the Percentage
        Interest evidenced by this Certificate and the amount required to be distributed
        to Holders of Certificates of the Class to which this Certificate belongs
        on
        such Distribution Date pursuant to the Agreement. The Record Date applicable
        to
        each Distribution Date is the Business Day immediately preceding such
        Distribution Date.

      

      Distributions
        on this Certificate shall be made by wire transfer of immediately available
        funds to the account of the Holder hereof at a bank or other entity having
        appropriate facilities therefor, if such Certificateholder shall have so
        notified the Securities Administrator in writing at least five Business Days
        prior to the related Record Date and such Certificateholder shall satisfy
        the
        conditions to receive such form of payment set forth in the Agreement, or,
        if
        not, by check mailed by first class mail to the address of such
        Certificateholder appearing in the Certificate Register. The final distribution
        on each Certificate will be made in like manner, but only upon presentment
        and
        surrender of such Certificate at the offices designated by the Securities
        Administrator for such purposes or such other location specified in the notice
        to Certificateholders of such final distribution.

      

      The
        Agreement permits, with certain exceptions therein provided, the amendment
        thereof and the modification of the rights and obligations of the Trustee
        and
        the rights of the Certificateholders under the Agreement at any time by the
        parties to the Agreement with the consent of the Holders of Certificates
        affected by such amendment evidencing the requisite Percentage Interest,
        as
        provided in the Agreement. Any such consent by the Holder of this Certificate
        shall be conclusive and binding on such Holder and upon all future Holders
        of
        this Certificate and of any Certificate issued upon the transfer hereof or
        in
        exchange therefor or in lieu hereof whether or not notation of such consent
        is
        made upon this Certificate. The Agreement also permits the amendment thereof,
        in
        certain limited circumstances, without the consent of the Holders of any
        of the
        Certificates.

      

      
        
          
          

        

        
          EXHIBIT
            A-8

          
            

          

        

        
          
          

        

      

       

      As
        provided in the Agreement and subject to certain limitations therein set
        forth,
        the transfer of this Certificate is registrable in the Certificate Register
        of
        the Securities Administrator upon surrender of this Certificate for registration
        of transfer at the offices designated by the Securities Administrator for
        such
        purposes, accompanied by a written instrument of transfer in form satisfactory
        to the Securities Administrator duly executed by the holder hereof or such
        holder’s attorney duly authorized in writing, and thereupon one or more new
        Certificates of the same Class in authorized denominations and evidencing
        the
        same aggregate Percentage Interest in the Trust Fund will be issued to the
        designated transferee or transferees.

       

      The
        Certificates are issuable only as registered Certificates without coupons
        in
        denominations specified in the Agreement. As provided in the Agreement and
        subject to certain limitations therein set forth, Certificates are exchangeable
        for new Certificates of the same Class in authorized denominations and
        evidencing the same aggregate Percentage Interest, as requested by the Holder
        surrendering the same.

       

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

       

      The
        Trustee, the Depositor and the Securities Administrator and any agent of
        the
        Trustee, the Depositor or the Securities Administrator may treat the Person
        in
        whose name this Certificate is registered as the owner hereof for all purposes,
        and neither the Trustee, the Depositor, the Securities Administrator nor
        any
        such agent shall be affected by any notice to the contrary.

       

      The
        Master Servicer shall have the option to purchase the Mortgage Loans and
        therefore cause the termination of the Trust on any Optional Termination
        Date,
        which is any Distribution Date in which the aggregate Stated Principal Balance
        of the Mortgage Loans as of the last day of the related Due Period is less
        than
        or equal to 10% of the aggregate Stated Principal Balance of the Mortgage
        Loans
        as of the Cut-off Date. 

       

      The
        obligations and responsibilities created by the Agreement will terminate
        as
        provided in Section 11.01 of the Agreement.

       

      Any
        term
        used herein that is defined in the Agreement shall have the meaning assigned
        in
        the Agreement, and nothing herein shall be deemed inconsistent with that
        meaning.

      
        
          
          

        

        
          EXHIBIT
            A-9

          
            

          

        

        
          
          

        

      

      

         

        ASSIGNMENT

         

        FOR
          VALUE
          RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s)
          unto

        ______________________________________________________________________________

        ______________________________________________________________________________

        ______________________________________________________________________________

        ______________________________________________________________________________

         

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

         

        the
          Percentage Interest evidenced by the within Certificate and hereby authorizes
          the transfer of registration of such Percentage Interest to assignee on
          the
          Certificate Register of the Trust Fund.

         

        I
          (We)
          further direct the Securities Administrator to issue a new Certificate
          of a like
          denomination and Class, to the above named assignee and deliver such Certificate
          to the following address:

        ______________________________________________________________________________

         

        
          	
                  Dated:

                	 

        

        

        

        _______________________________________

        Signature
          by or on behalf of assignor

        

         

        DISTRIBUTION
          INSTRUCTIONS

        

        The
          assignee should include the following for purposes of distribution:

        

        Distributions
          shall be made, by wire transfer or otherwise, in immediately 

        available
          funds to ______________________________________________________________,
          

        _____________________________________________________________________________,

        for
          the
          account of
          ______________________________________________________________,

        account
          number __________, or, if mailed by check, to
          ________________________________.

        Applicable
          statements should be mailed to
          ___________________________________________,

        ______________________________________________________________________________

        This
          information is provided by
          ___________________________________________________,

        the
          assignee named above, or
          _____________________________________________________,

        as
          its
          agent.

         

        
          
            
              
              

            

            
              EXHIBIT
                A-10

              
                

              

            

            
              
              

            

          

        

        
 

      

      EXHIBIT
        B

       

      NEITHER
        THIS CERTIFICATE NOR ANY INTEREST HEREIN MAY BE TRANSFERRED UNLESS THE PROPOSED
        TRANSFEROR DELIVERS TO THE SECURITIES ADMINISTRATOR A TRANSFEROR LETTER IN
        THE
        FORM OF EXHIBIT H TO THE AGREEMENT REFERRED TO HEREIN AND EITHER
        (I) THE SECURITIES ADMINISTRATOR RECEIVES EITHER A RULE 144A INVESTMENT
        LETTER OR REGULATION S INVESTMENT LETTER IN THE FORM OF EXHIBIT I-A AND
        EXHIBIT I-B, RESPECTIVELY, TO THE AGREEMENT REFERRED TO HEREIN OR (II) THE
        SECURITIES ADMINISTRATOR RECEIVES AN OPINION OF COUNSEL, DELIVERED AT THE
        EXPENSE OF THE TRANSFEROR, STATING THAT SUCH TRANSFER MAY BE MADE WITHOUT
        REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED.

       

      NEITHER
        THIS CERTIFICATE NOR ANY INTEREST HEREIN MAY BE TRANSFERRED UNLESS THE
        TRANSFEREE DELIVERS TO THE SECURITIES ADMINISTRATOR A REPRESENTATION LETTER
        TO
        THE EFFECT THAT SUCH TRANSFEREE IS NOT AN EMPLOYEE BENEFIT PLAN SUBJECT TO
        TITLE I OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED
        (“ERISA”),
        OR A
        PLAN SUBJECT TO SECTION 4975 OF THE CODE OR A PLAN SUBJECT TO MATERIALLY
        SIMILAR PROVISIONS OF APPLICABLE FEDERAL, STATE OR LOCAL LAW (“SIMILAR
        LAW”)
        OR A
        PERSON INVESTING ON BEHALF OF OR WITH PLAN ASSETS OF SUCH A PLAN. IN THE
        EVENT
        THAT SUCH REPRESENTATION IS VIOLATED, OR ANY ATTEMPT IS MADE TO TRANSFER
        TO A
        PLAN OR ARRANGEMENT SUBJECT TO SECTION 406 OF ERISA, A PLAN SUBJECT TO
        SECTION 4975 OF THE CODE OR A PLAN SUBJECT TO SIMILAR LAW, OR A PERSON
        ACTING ON BEHALF OF ANY SUCH PLAN OR ARRANGEMENT OR USING THE ASSETS OF ANY
        SUCH
        PLAN OR ARRANGEMENT, SUCH ATTEMPTED TRANSFER OR ACQUISITION SHALL BE VOID
        AND OF
        NO EFFECT.

       

      
        	
                Certificate
                  No.

              	
                :

              	
                P-1

              
	 	 	 
	
                Cut-off
                  Date

              	
                :

              	
                February
                  1, 2007

              
	 	 	 
	
                First
                  Distribution Date

              	
                :

              	
                March
                  26, 2007

              
	 	 	 
	
                Percentage
                  Interest of this Certificate 

              	
                :

              	
                100%

              
	 	 	 
	
                Interest

              	
                :

              	
                None

              
	 	 	 
	
                CUSIP

              	
                :

              	
                40430F
                  AR3

              
	 	 	 
	
                ISIN

              	
                :

              	
                US40430FAR38

              

      

       

      

      
        
          
          

        

        
          EXHIBIT
            B-1

          
            

          

        

        
          
          

        

      

       

      HSI
        ASSET
        SECURITIZATION CORPORATION

       

      HSI
        Asset
        Securitization Corporation Trust 2007-HE1

      Mortgage
        Pass-Through Certificates, Series 2007-HE1

       

      Class
        P

       

      evidencing
        a percentage interest in the distribution of Prepayment Charges allocable
        to the
        Certificates of the above-referenced Class.

       

      Distributions
        in respect of this Certificate are distributable monthly as set forth herein.
        This Certificate does not evidence an obligation of, or an interest in, and
        is
        not guaranteed by the Depositor, the Trustee or any other party to the Agreement
        referred to below or any of their respective affiliates. Neither this
        Certificate nor the Mortgage Loans are guaranteed or insured by any governmental
        agency or instrumentality.

       

      This
        certifies that HSBC SECURITIES (USA) INC. is the registered owner of the
        Percentage Interest evidenced by this Certificate in certain monthly
        distributions of Prepayment Charges pursuant to a Pooling and Servicing
        Agreement dated as of the Cut-off Date specified above (the “Agreement”)
        among
        HSI Asset Securitization Corporation, as depositor (the “Depositor”),
        Wells
        Fargo Bank, N.A., as master servicer, (in such capacity, the “Master
        Servicer”)
        securities administrator (in such capacity, the “Securities
        Administrator”)
        and
        custodian, OfficeTiger Global Real Estate Services Inc., as credit risk manager,
        and Deutsche Bank National Trust Company, as trustee (the “Trustee”).
        To
        the extent not defined herein, the capitalized terms used herein have the
        meanings assigned in the Agreement. This Certificate is issued under and
        is
        subject to the terms, provisions and conditions of the Agreement, to which
        Agreement the Holder of this Certificate by virtue of the acceptance hereof
        assents and by which such Holder is bound.

       

      This
        Certificate does not have an Interest Rate and will solely be entitled to
        receive distributions of Prepayment Charges to the extent set forth in the
        Agreement. In addition, any distribution of the proceeds of any remaining
        assets
        of the Trust will be made only upon presentment and surrender of this
        Certificate at the offices designated by the Securities Administrator for
        such
        purpose, or such other location specified in the notice to
        Certificateholders.

       

      No
        transfer of a Certificate of this Class shall be made unless such disposition
        is
        exempt from the registration requirements of the Securities Act of 1933,
        as
        amended (the “1933 Act”),
        and
        any applicable state securities laws or is made in accordance with the 1933
        Act
        and such laws. In the event of any such transfer, the Securities Administrator
        shall require the transferor to execute a transferor certificate (in
        substantially the form attached to the Agreement) and deliver either (i) a
        Rule 144A Investment Letter or a Regulation S Investment Letter, as
        applicable, in either case substantially in the form attached as Exhibit
        I-A and
        Exhibit I-B, respectively, to the Agreement, or (ii) a written Opinion of
        Counsel to the Securities Administrator that such transfer may be made pursuant
        to an exemption, describing the applicable exemption and the basis therefor,
        from the 1933 Act or is being made pursuant to the 1933 Act, which Opinion
        of
        Counsel shall be an expense of the transferor.

      
        
          
          

        

        
          EXHIBIT
            B-2

          
            

          

        

        
          
          

        

      

       

      No
        transfer of a Certificate of this Class shall be made unless the Securities
        Administrator shall have received a representation letter from the transferee
        of
        such Certificate, acceptable to and in form and substance satisfactory to
        the
        Securities Administrator, to the effect that such transferee is not an employee
        benefit plan subject to Section 406 of ERISA, Section 4975 of the Code
        or any materially similar provisions of applicable federal, state or local
        law
        (“Similar
        Law”),
        or a
        person acting on behalf of or investing plan assets of any such plan, which
        representation letter shall not be an expense of the Securities
        Administrator.

       

      Reference
        is hereby made to the further provisions of this Certificate set forth on
        the
        reverse hereof, which further provisions shall for all purposes have the
        same
        effect as if set forth at this place.

       

      This
        Certificate shall not be entitled to any benefit under the Agreement or be
        valid
        for any purpose unless manually authenticated by an authorized signatory
        of the
        Securities Administrator.

       

      * * *

      

      

      
        
          
          

        

        
          EXHIBIT
            B-3

          
            

          

        

        
          
          

        

      

       

      IN
        WITNESS WHEREOF, the Securities Administrator has caused this Certificate
        to be
        duly executed.

      
         

        WELLS
          FARGO BANK, N.A.,
not
          in
          its individual capacity, but solely as
Securities
          Administrator

         

        By:
          ______________________________________

         

        Authenticated:

         

         

        By: 
          ________________________________________
Authorized
          Signatory of
WELLS
          FARGO BANK, N.A.,
not
          in
          its individual capacity,
but
          solely as Securities Administrator

      

      
        
          
          

        

        
          EXHIBIT
            B-4

          
            

          

        

        
          
          

        

      

       

      HSI
        ASSET
        SECURITIZATION CORPORATION

       

      HSI
        Asset
        Securitization Corporation Trust 2007-HE1

      Mortgage
        Pass-Through Certificates

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as HSI
        Asset Securitization Corporation Trust 2007-HE1 Mortgage Pass-Through
        Certificates, of the Series specified on the face hereof (herein collectively
        called the “Certificates”),
        and
        representing a beneficial ownership interest in the Trust Fund created by
        the
        Agreement.

       

      The
        Certificateholder, by its acceptance of this Certificate, agrees that it
        will
        look solely
        to the
        funds on deposit in the Distribution Account or constituting Prepayment Charges
        for payment hereunder and that neither the Trustee nor the Securities
        Administrator is liable to the Certificateholders for any amount payable
        under
        this Certificate or the Agreement or, except as expressly provided in the
        Agreement, subject to any liability under the Agreement.

       

      This
        Certificate does not purport to summarize the Agreement and reference is
        made to
        the Agreement for the interests, rights and limitations of rights, benefits,
        obligations and duties evidenced thereby, and the rights, duties and immunities
        of the Trustee.

       

      Pursuant
        to the terms of the Agreement, a distribution will be made on the 25th day
        of
        each month or, if such day is not a Business Day, the Business Day immediately
        following (the “Distribution
        Date”),
        commencing on the first Distribution Date specified on the face hereof, to
        the
        Person in whose name this Certificate is registered at the close of business
        on
        the applicable Record Date in an amount equal to the product of the Percentage
        Interest evidenced by this Certificate and the amount required to be distributed
        to Holders of Certificates of the Class to which this Certificate belongs
        on
        such Distribution Date pursuant to the Agreement. The Record Date applicable
        to
        each Distribution Date is the last Business Day of the month next preceding
        the
        month of such Distribution Date.

       

      Distributions
        on this Certificate shall be made by wire transfer of immediately available
        funds to the account of the Holder hereof at a bank or other entity having
        appropriate facilities therefor, if such Certificateholder shall have so
        notified the Securities Administrator in writing at least five Business Days
        prior to the related Record Date and such Certificateholder shall satisfy
        the
        conditions to receive such form of payment set forth in the Agreement, or,
        if
        not, by check mailed by first class mail to the address of such
        Certificateholder appearing in the Certificate Register. The final distribution
        on each Certificate will be made in like manner, but only upon presentment
        and
        surrender of such Certificate at the offices designated by the Securities
        Administrator for such purposes or such other location specified in the notice
        to Certificateholders of such final distribution.

       

      The
        Agreement permits, with certain exceptions therein provided, the amendment
        thereof and the modification of the rights and obligations of the Trustee
        and
        the rights of the Certificateholders under the Agreement at any time by the
        parties to the Agreement with the consent of the Holders of Certificates
        affected by such amendment evidencing the requisite Percentage Interest,
        as
        provided in the Agreement. Any such consent by the Holder of this Certificate
        shall be conclusive and binding on such Holder and upon all future Holders
        of
        this Certificate and of any Certificate issued upon the transfer hereof or
        in
        exchange therefor or in lieu hereof whether or not notation of such consent
        is
        made upon this Certificate. The Agreement also permits the amendment thereof,
        in
        certain limited circumstances, without the consent of the Holders of any
        of the
        Certificates.

      
        
          
          

        

        
          EXHIBIT
            B-5

          
            

          

        

        
          
          

        

      

       

      As
        provided in the Agreement and subject to certain limitations therein set
        forth,
        the transfer of this Certificate is registrable in the Certificate Register
        of
        the Securities Administrator upon surrender of this Certificate for registration
        of transfer at the offices designated by the Securities Administrator for
        such
        purposes, accompanied by a written instrument of transfer in form satisfactory
        to the Securities Administrator duly executed by the holder hereof or such
        holder’s attorney duly authorized in writing, and thereupon one or more new
        Certificates of the same Class in authorized denominations and evidencing
        the
        same aggregate Percentage Interest in the Trust Fund will be issued to the
        designated transferee or transferees.

       

      The
        Certificates are issuable only as registered Certificates without coupons
        in
        denominations specified in the Agreement. As provided in the Agreement and
        subject to certain limitations therein set forth, Certificates are exchangeable
        for new Certificates of the same Class in authorized denominations and
        evidencing the same aggregate Percentage Interest, as requested by the Holder
        surrendering the same.

       

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

       

      The
        Trustee, the Depositor and the Securities Administrator and any agent of
        the
        Trustee, the Depositor or the Securities Administrator may treat the Person
        in
        whose name this Certificate is registered as the owner hereof for all purposes,
        and neither the Trustee, the Depositor, the Securities Administrator nor
        any
        such agent shall be affected by any notice to the contrary.

       

      The
        Master Servicer shall have the option to purchase the Mortgage Loans and
        therefore cause the termination of the Trust on any Optional Termination
        Date,
        which is any Distribution Date in which the aggregate Stated Principal Balance
        of the Mortgage Loans as of the last day of the related Due Period is less
        than
        or equal to 10% of the aggregate Stated Principal Balance of the Mortgage
        Loans
        as of the Cut-off Date. 

       

      The
        obligations and responsibilities created by the Agreement will terminate
        as
        provided in Section 11.01 of the Agreement.

       

      Any
        term
        used herein that is defined in the Agreement shall have the meaning assigned
        in
        the Agreement, and nothing herein shall be deemed inconsistent with that
        meaning.

      

      
        
          
          

        

        
          EXHIBIT
            B-6

          
            

          

        

        
          
          

        

      

      
         

        ASSIGNMENT

         

        FOR
          VALUE
          RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s)
          unto

        ______________________________________________________________________________

        ______________________________________________________________________________

        ______________________________________________________________________________

        ______________________________________________________________________________

         

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

         

        the
          Percentage Interest evidenced by the within Certificate and hereby authorizes
          the transfer of registration of such Percentage Interest to assignee on
          the
          Certificate Register of the Trust Fund.

         

        I
          (We)
          further direct the Securities Administrator to issue a new Certificate
          of a like
          denomination and Class, to the above named assignee and deliver such Certificate
          to the following address:

        ______________________________________________________________________________

         

        
          	
                  Dated:

                	 

        

        

        

        _______________________________________

        Signature
          by or on behalf of assignor

        

         

        DISTRIBUTION
          INSTRUCTIONS

        

        The
          assignee should include the following for purposes of distribution:

        

        Distributions
          shall be made, by wire transfer or otherwise, in immediately 

        available
          funds to ______________________________________________________________,
          

        _____________________________________________________________________________,

        for
          the
          account of
          ______________________________________________________________,

        account
          number __________, or, if mailed by check, to
          ________________________________.

        Applicable
          statements should be mailed to
          ___________________________________________,

        ______________________________________________________________________________

        This
          information is provided by
          ___________________________________________________,

        the
          assignee named above, or
          _____________________________________________________,

        as
          its
          agent.

         

      

      

        
          
            
            

          

          
            EXHIBIT
              B-7

            
              

            

          

          
            
            

          

        

       

      EXHIBIT
        C

       

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

       

      NEITHER
        THIS CERTIFICATE NOR ANY INTEREST HEREIN MAY BE TRANSFERRED UNLESS THE PROPOSED
        TRANSFEREE DELIVERS TO THE SECURITIES ADMINISTRATOR A TRANSFER AFFIDAVIT
        IN
        ACCORDANCE WITH THE PROVISIONS OF THE AGREEMENT REFERRED TO HEREIN.

       

      NEITHER
        THIS CERTIFICATE NOR ANY INTEREST HEREIN MAY BE TRANSFERRED (I) TO A PERSON
        OTHER THAN A PERMITTED TRANSFEREE IN COMPLIANCE WITH SECTION 5.02I OF THE
        AGREEMENT OR (II) UNLESS THE TRANSFEREE DELIVERS TO THE SECURITIES
        ADMINISTRATOR A REPRESENTATION LETTER TO THE EFFECT THAT SUCH TRANSFEREE
        IS NOT
        AN EMPLOYEE BENEFIT PLAN SUBJECT TO TITLE I OF THE EMPLOYEE RETIREMENT INCOME
        SECURITY ACT OF 1974, AS AMENDED (“ERISA”),
        OR A
        PLAN SUBJECT TO SECTION 4975 OF THE CODE OR A PLAN SUBJECT TO MATERIALLY
        SIMILAR PROVISIONS OF APPLICABLE FEDERAL, STATE OR LOCAL LAW (“SIMILAR
        LAW”)
        OR A
        PERSON INVESTING ON BEHALF OF OR WITH PLAN ASSETS OF SUCH A PLAN. IN THE
        EVENT
        THAT SUCH REPRESENTATION IS VIOLATED, OR ANY ATTEMPT IS MADE TO TRANSFER
        TO A
        PLAN OR ARRANGEMENT SUBJECT TO SECTION 406 OF ERISA, A PLAN SUBJECT TO
        SECTION 4975 OF THE CODE OR A PLAN SUBJECT TO SIMILAR LAW, OR A PERSON
        ACTING ON BEHALF OF ANY SUCH PLAN OR ARRANGEMENT OR USING THE ASSETS OF ANY
        SUCH
        PLAN OR ARRANGEMENT, SUCH ATTEMPTED TRANSFER OR ACQUISITION SHALL BE VOID
        AND OF
        NO EFFECT.

       

      
        	
                Certificate
                  No.

              	
                :

              	
                R-1

              
	 	 	 
	
                Cut-off
                  Date

              	
                :

              	
                February
                  1, 2007

              
	 	 	 
	
                First
                  Distribution Date

              	
                :

              	
                March
                  26, 2007

              
	 	 	 
	
                Percentage
                  Interest of this Certificate

              	
                :

              	
                100.00%

              
	 	 	 
	
                Interest
                  Rate

              	
                :

              	
                None

              
	 	 	 
	
                CUSIP

              	
                :

              	
                40430F
                  AT9

              
	 	 	 
	
                ISN

              	
                :

              	
                US40430FAT93

              

      

       

      

      
        
          
          

        

        
          EXHIBIT
            C-1

          
            

          

        

        
          
          

        

      

       

      HSI
        ASSET
        SECURITIZATION CORPORATION

       

      HSI
        Asset
        Securitization Corporation Trust 2007-HE1

      Mortgage
        Pass-Through Certificates, Series 2007-HE1

       

      Class
        R

       

      evidencing
        a percentage interest in the distributions allocable to the Certificates
        of the
        above-referenced Class.

       

      Distributions
        in respect of this Certificate are distributable monthly as set forth herein.
        This Class R Certificate has no Certificate Balance and is not entitled to
        distributions in respect of principal or interest. This Certificate does
        not
        evidence an obligation of, or an interest in, and is not guaranteed by the
        Depositor, the Trustee or any other party to the Agreement referred to below
        or
        any of their respective affiliates. Neither this Certificate nor the Mortgage
        Loans are guaranteed or insured by any governmental agency or
        instrumentality.

       

      This
        certifies that [HSBC SECURITIES (USA) INC.] is the registered owner of the
        Percentage Interest specified above of any monthly distributions due to the
        Class R Certificates pursuant to a Pooling and Servicing Agreement dated as
        of the Cut-off Date specified above (the “Agreement”)
        among
        HSI Asset Securitization Corporation, as depositor (the “Depositor”),
        Wells
        Fargo Bank, N.A., as master servicer, (in such capacity, the “Master
        Servicer”)
        securities administrator (in such capacity, the “Securities
        Administrator”)
        and
        custodian, OfficeTiger Global Real Estate Services Inc., as credit risk manager,
        and Deutsche Bank National Trust Company, as trustee (the “Trustee”).
        To
        the extent not defined herein, the capitalized terms used herein have the
        meanings assigned in the Agreement. This Certificate is issued under and
        is
        subject to the terms, provisions and conditions of the Agreement, to which
        Agreement the Holder of this Certificate by virtue of the acceptance hereof
        assents and by which such Holder is bound.

       

      Any
        distribution of the proceeds of any remaining assets of the Trust will be
        made
        only upon presentment and surrender of this Class R Certificate at the
        offices designated by the Securities Administrator for such purpose, or such
        other location specified in the notice to Certificateholders.

       

      No
        transfer of a Class R Certificate shall be made unless the Securities
        Administrator shall have received a representation letter from the transferee
        of
        such Certificate, acceptable to and in form and substance satisfactory to
        the
        Securities Administrator, to the effect that such transferee is not an employee
        benefit plan or arrangement subject to Section 406 of ERISA, a plan or
        arrangement subject to Section 4975 of the Code or a plan subject to
        Similar Law, or a person acting on behalf of any such plan or arrangement
        nor
        using the assets of any such plan or arrangement to effect such transfer,
        which
        representation letter shall not be an expense of the Trustee, the Securities
        Administrator, the Depositor, the Master Servicer or the Trust Fund. In the
        event that such representation is violated, or any attempt is made to transfer
        to a plan or arrangement subject to Section 406 of ERISA or a plan subject
        to Section 4975 of the Code or a plan subject to Similar Law, or a person
        acting on behalf of any such plan or arrangement or using the assets of any
        such
        plan or arrangement, such attempted transfer or acquisition shall be void
        and of
        no effect.

      
        
          
          

        

        
          EXHIBIT
            C-2

          
            

          

        

        
          
          

        

      

       

      Each
        Holder of this Class R Certificate shall be deemed by the acceptance or
        acquisition an Ownership Interest in this Class R Certificate to have
        agreed to be bound by the following provisions, and the rights of each Person
        acquiring any Ownership Interest in this Class R Certificate are expressly
        subject to the following provisions: (i) each Person holding or acquiring
        any Ownership Interest in this Class R Certificate shall be a Permitted
        Transferee and shall promptly notify the Securities Administrator of any
        change
        or impending change in its status as a Permitted Transferee, (ii) no
        Ownership Interest in this Class R Certificate may be registered on the
        Closing Date or thereafter transferred, and the Securities Administrator
        shall
        not register the Transfer of this Certificate unless, in addition to the
        certificates required to be delivered to the Securities Administrator under
        Section 5.02(b) of the Agreement, the Securities Administrator shall have
        been furnished with a Transfer Affidavit of the initial owner or the proposed
        transferee in the form attached as Exhibit G to the Agreement,
        (iii) each Person holding or acquiring any Ownership Interest in this
        Class R Certificate shall agree (A) to obtain a Transfer Affidavit
        from any other Person to whom such Person attempts to Transfer its Ownership
        Interest this Class R Certificate, (B) to obtain a Transfer Affidavit
        from any Person for whom such Person is acting as nominee, trustee or agent
        in
        connection with any Transfer of this Class R Certificate, (C) not to
        cause income with respect to the Class R Certificate to be attributable to
        a foreign permanent establishment or fixed base, within the meaning of an
        applicable income tax treaty, of such Person or any other U.S. Person and
        (D) not to Transfer the Ownership Interest in this Class R Certificate
        or to cause the Transfer of the Ownership Interest in this Class R
        Certificate to any other Person if it has actual knowledge that such Person
        is a
        Non-Permitted Transferee and (iv) any attempted or purported Transfer of
        the Ownership Interest in this Class R Certificate in violation of the
        provisions herein shall be absolutely null and void and shall vest no rights
        in
        the purported Transferee.

       

      Reference
        is hereby made to the further provisions of this Certificate set forth on
        the
        reverse hereof, which further provisions shall for all purposes have the
        same
        effect as if set forth at this place.

       

      This
        Certificate shall not be entitled to any benefit under the Agreement or be
        valid
        for any purpose unless manually authenticated by an authorized signatory
        of the
        Securities Administrator.

       

      * * *

      
        
          
          

        

        
          EXHIBIT
            C-3

          
            

          

        

        
          
          

        

      

       

      IN
        WITNESS WHEREOF, the Securities Administrator has caused this Certificate
        to be
        duly executed.

      
         

        WELLS
          FARGO BANK, N.A.,
not
          in
          its individual capacity, but solely as
Securities
          Administrator

         

        By:
          ______________________________________

         

        Authenticated:

         

         

        By: 
          ________________________________________
Authorized
          Signatory of
WELLS
          FARGO BANK, N.A.,
not
          in
          its individual capacity,
but
          solely as Securities Administrator

      

      
        
          
          

        

        
          EXHIBIT
            C-4

          
            

          

        

        
          
          

        

      

       

      HSI
        ASSET
        SECURITIZATION CORPORATION

       

      HSI
        Asset
        Securitization Corporation Trust 2007-HE1

      Mortgage
        Pass-Through Certificates

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as HSI
        Asset Securitization Corporation Trust 2007-HE1 Mortgage Pass-Through
        Certificates, of the Series specified on the face hereof (herein collectively
        called the “Certificates”),
        and
        representing a beneficial ownership interest in the Trust Fund created by
        the
        Agreement.

       

      The
        Certificateholder, by its acceptance of this Certificate, agrees that it
        will
        look solely
        to the
        funds on deposit in the Distribution Account or Supplemental Interest Trust
        Account for payment hereunder and that neither the Trustee nor the Securities
        Administrator is liable to the Certificateholders for any amount payable
        under
        this Certificate or the Agreement or, except as expressly provided in the
        Agreement, subject to any liability under the Agreement.

       

      This
        Certificate does not purport to summarize the Agreement and reference is
        made to
        the Agreement for the interests, rights and limitations of rights, benefits,
        obligations and duties evidenced thereby, and the rights, duties and immunities
        of the Trustee.

       

      Pursuant
        to the terms of the Agreement, a distribution will be made on the 25th day
        of
        each month or, if such day is not a Business Day, the Business Day immediately
        following (the “Distribution
        Date”),
        commencing on the first Distribution Date specified on the face hereof, to
        the
        Person in whose name this Certificate is registered at the close of business
        on
        the applicable Record Date in an amount equal to the product of the Percentage
        Interest evidenced by this Certificate and the amount required to be distributed
        to Holders of Certificates of the Class to which this Certificate belongs
        on
        such Distribution Date pursuant to the Agreement. The Record Date applicable
        to
        each Distribution Date is the last Business Day of the month next preceding
        the
        month of such Distribution Date.

       

      Distributions
        on this Certificate shall be made by wire transfer of immediately available
        funds to the account of the Holder hereof at a bank or other entity having
        appropriate facilities therefor, if such Certificateholder shall have so
        notified the Securities Administrator in writing at least five Business Days
        prior to the related Record Date and such Certificateholder shall satisfy
        the
        conditions to receive such form of payment set forth in the Agreement, or,
        if
        not, by check mailed by first class mail to the address of such
        Certificateholder appearing in the Certificate Register. The final distribution
        on each Certificate will be made in like manner, but only upon presentment
        and
        surrender of such Certificate at the offices designated by the Securities
        Administrator for such purpose, or such other location specified in the notice
        to Certificateholders of such final distribution.

       

      The
        Agreement permits, with certain exceptions therein provided, the amendment
        thereof and the modification of the rights and obligations of the Trustee
        and
        the rights of the Certificateholders under the Agreement at any time by the
        parties to the Agreement with the consent of the Holders of Certificates
        affected by such amendment evidencing the requisite Percentage Interest,
        as
        provided in the Agreement. Any such consent by the Holder of this Certificate
        shall be conclusive and binding on such Holder and upon all future Holders
        of
        this Certificate and of any Certificate issued upon the transfer hereof or
        in
        exchange therefor or in lieu hereof whether or not notation of such consent
        is
        made upon this Certificate. The Agreement also permits the amendment thereof,
        in
        certain limited circumstances, without the consent of the Holders of any
        of the
        Certificates.

      
        
          
          

        

        
          EXHIBIT
            C-5

          
            

          

        

        
          
          

        

      

       

      As
        provided in the Agreement and subject to certain limitations therein set
        forth,
        the transfer of this Certificate is registrable in the Certificate Register
        of
        the Securities Administrator upon surrender of this Certificate for registration
        of transfer at the offices designated by the Securities Administrator for
        such
        purposes, accompanied by a written instrument of transfer in form satisfactory
        to the Securities Administrator duly executed by the holder hereof or such
        holder’s attorney duly authorized in writing, and thereupon one or more new
        Certificates of the same Class in authorized denominations and evidencing
        the
        same aggregate Percentage Interest in the Trust Fund will be issued to the
        designated transferee or transferees.

       

      The
        Certificates are issuable only as registered Certificates without coupons
        in
        denominations specified in the Agreement. As provided in the Agreement and
        subject to certain limitations therein set forth, Certificates are exchangeable
        for new Certificates of the same Class in authorized denominations and
        evidencing the same aggregate Percentage Interest, as requested by the Holder
        surrendering the same.

       

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

       

      The
        Trustee, the Depositor and the Securities Administrator and any agent of
        the
        Trustee, the Depositor or the Securities Administrator may treat the Person
        in
        whose name this Certificate is registered as the owner hereof for all purposes,
        and neither the Trustee, the Depositor, the Securities Administrator nor
        any
        such agent shall be affected by any notice to the contrary.

       

      The
        Master Servicer shall have the option to purchase the Mortgage Loans and
        therefore cause the termination of the Trust on any Optional Termination
        Date,
        which is any Distribution Date in which the aggregate Stated Principal Balance
        of the Mortgage Loans as of the last day of the related Due Period is less
        than
        or equal to 10% of the aggregate Stated Principal Balance of the Mortgage
        Loans
        as of the Cut-off Date. 

       

      The
        obligations and responsibilities created by the Agreement will terminate
        as
        provided in Section 11.01 of the Agreement.

       

      Any
        term
        used herein that is defined in the Agreement shall have the meaning assigned
        in
        the Agreement, and nothing herein shall be deemed inconsistent with that
        meaning.

      

      
        
          
          

        

        
          EXHIBIT
            C-6

          
            

          

        

        
          
          

        

      

      
        ASSIGNMENT

         

        FOR
          VALUE
          RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s)
          unto

        ______________________________________________________________________________

        ______________________________________________________________________________

        ______________________________________________________________________________

        ______________________________________________________________________________

         

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

         

        the
          Percentage Interest evidenced by the within Certificate and hereby authorizes
          the transfer of registration of such Percentage Interest to assignee on
          the
          Certificate Register of the Trust Fund.

         

        I
          (We)
          further direct the Securities Administrator to issue a new Certificate
          of a like
          denomination and Class, to the above named assignee and deliver such Certificate
          to the following address:

        ______________________________________________________________________________

         

        
          	
                  Dated:

                	 

        

        

        

        _______________________________________

        Signature
          by or on behalf of assignor

        

         

        DISTRIBUTION
          INSTRUCTIONS

        

        The
          assignee should include the following for purposes of distribution:

        

        Distributions
          shall be made, by wire transfer or otherwise, in immediately 

        available
          funds to ______________________________________________________________,
          

        _____________________________________________________________________________,

        for
          the
          account of
          ______________________________________________________________,

        account
          number __________, or, if mailed by check, to
          ________________________________.

        Applicable
          statements should be mailed to
          ___________________________________________,

        ______________________________________________________________________________

        This
          information is provided by
          ___________________________________________________,

        the
          assignee named above, or
          _____________________________________________________,

        as
          its
          agent.

      

      

      
        
          
          

        

        
          EXHIBIT
            C-7

          
            

          

        

        
          
          

        

      

       

      EXHIBIT
        D

       

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

       

      NEITHER
        THIS CERTIFICATE NOR ANY INTEREST HEREIN MAY BE TRANSFERRED UNLESS THE PROPOSED
        TRANSFEROR DELIVERS TO THE SECURITIES ADMINISTRATOR A TRANSFEROR LETTER IN
        THE
        FORM OF EXHIBIT H TO THE AGREEMENT REFERRED TO HEREIN AND EITHER
        (I) THE SECURITIES ADMINISTRATOR RECEIVES EITHER A RULE 144A INVESTMENT
        LETTER OR A REGULATION S INVESTMENT LETTER IN THE FORM OF EXHIBIT I-A AND
        EXHIBIT I-B, RESPECTIVELY, TO THE AGREEMENT REFERRED TO HEREIN OR (II) THE
        SECURITIES ADMINISTRATOR RECEIVES AN OPINION OF COUNSEL, DELIVERED AT THE
        EXPENSE OF THE TRANSFEROR, THAT SUCH TRANSFER MAY BE MADE WITHOUT REGISTRATION
        UNDER THE SECURITIES ACT OF 1933, AS AMENDED.

       

      NEITHER
        THIS CERTIFICATE NOR ANY INTEREST HEREIN MAY BE TRANSFERRED UNLESS THE
        TRANSFEREE DELIVERS TO THE SECURITIES ADMINISTRATOR A REPRESENTATION LETTER
        TO
        THE EFFECT THAT SUCH TRANSFEREE IS NOT AN EMPLOYEE BENEFIT PLAN SUBJECT TO
        TITLE I OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED
        (“ERISA”),
        OR A
        PLAN SUBJECT TO SECTION 4975 OF THE CODE OR A PLAN SUBJECT TO MATERIALLY
        SIMILAR PROVISIONS OF APPLICABLE FEDERAL, STATE OR LOCAL LAW (“SIMILAR
        LAW”)
        OR A
        PERSON INVESTING ON BEHALF OF OR WITH PLAN ASSETS OF SUCH A PLAN. IN THE
        EVENT
        THAT SUCH REPRESENTATION IS VIOLATED, OR ANY ATTEMPT IS MADE TO TRANSFER
        TO A
        PLAN OR ARRANGEMENT SUBJECT TO SECTION 406 OF ERISA, A PLAN SUBJECT TO
        SECTION 4975 OF THE CODE OR A PLAN SUBJECT TO SIMILAR LAW, OR A PERSON
        ACTING ON BEHALF OF ANY SUCH PLAN OR ARRANGEMENT OR USING THE ASSETS OF ANY
        SUCH
        PLAN OR ARRANGEMENT, SUCH ATTEMPTED TRANSFER OR ACQUISITION SHALL BE VOID
        AND OF
        NO EFFECT.

       

      
        	
                Certificate
                  No.

              	
                :

              	
                X-1

              
	 	 	 
	
                Cut-off
                  Date

              	
                :

              	
                February
                  1, 2007

              
	 	 	 
	
                First
                  Distribution Date

              	
                :

              	
                March
                  26, 2007

              
	 	 	 
	
                Percentage
                  Interest of this Certificate

              	
                :

              	
                100%

              
	 	 	 
	
                Interest
                  Rate

              	
                :

              	
                None

              
	 	 	 
	
                CUSIP

              	
                :

              	
                40430F
                  AS1

              
	 	 	 
	
                ISIN

              	
                :

              	
                US40430FAS11

              

      

       

       

      
        
          
          

        

        
          EXHIBIT
            D-1

          
            

          

        

        
          
          

        

      

      HSI
        ASSET
        SECURITIZATION CORPORATION

       

      HSI
        Asset
        Securitization Corporation Trust 2007-HE1

      Mortgage
        Pass-Through Certificates, Series 2007-HE1

       

      Class
        X

       

      evidencing
        a percentage interest in the distributions allocable to the Certificates
        of the
        above-referenced Class.

       

      Distributions
        in respect of this Certificate are distributable monthly as set forth herein.
        This Certificate does not evidence an obligation of, or an interest in, and
        is
        not guaranteed by the Depositor, the Trustee or any other party to the Agreement
        referred to below or any of their respective affiliates. Neither this
        Certificate nor the Mortgage Loans are guaranteed or insured by any governmental
        agency or instrumentality.

       

      This
        certifies that [____________________] is the registered owner of the Percentage
        Interest evidenced by this Certificate (obtained by dividing the denomination
        of
        this Certificate by the aggregate of the denominations of all Certificates
        of
        the Class to which this Certificate belongs) in certain monthly distributions
        pursuant to a Pooling and Servicing Agreement dated as of the Cut-off Date
        specified above (the “Agreement”)
        among
        HSI Asset Securitization Corporation, as depositor (the “Depositor”),
        Wells
        Fargo Bank, N.A., as master servicer, (in such capacity, the “Master
        Servicer”)
        securities administrator (in such capacity, the “Securities
        Administrator”)
        and
        custodian, OfficeTiger Global Real Estate Services Inc., as credit risk manager,
        and Deutsche Bank National Trust Company, as trustee (the “Trustee”).
        To
        the extent not defined herein, the capitalized terms used herein have the
        meanings assigned in the Agreement. This Certificate is issued under and
        is
        subject to the terms, provisions and conditions of the Agreement, to which
        Agreement the Holder of this Certificate by virtue of the acceptance hereof
        assents and by which such Holder is bound.

       

      This
        Certificate does not have a Certificate Balance or an Interest Rate and will
        be
        entitled to distributions only to the extent set forth in the Agreement.
        In
        addition, any distribution of the proceeds of any remaining assets of the
        Trust
        will be made only upon presentment and surrender of this Certificate at the
        offices designated by the Securities Administrator for such purpose, or such
        other location specified in the notice to Certificateholders.

       

      No
        transfer of a Certificate of this Class shall be made unless such disposition
        is
        exempt from the registration requirements of the Securities Act of 1933,
        as
        amended (the “1933 Act”),
        and
        any applicable state securities laws or is made in accordance with the 1933
        Act
        and such laws. In the event of any such transfer, the Securities Administrator
        shall require the transferor to execute a transferor certificate (in
        substantially the form attached to the Agreement) and deliver either (i) a
        Rule 144A Investment Letter or Regulation S Investment Letter, as
        applicable, in either case substantially in the form attached to the Agreement,
        or (ii) a written Opinion of Counsel to the Securities Administrator that
        such transfer may be made pursuant to an exemption, describing the applicable
        exemption and the basis therefor, from the 1933 Act or is being made pursuant
        to
        the 1933 Act, which Opinion of Counsel shall be an expense of the
        transferor.

      
        
          
          

        

        
          EXHIBIT
            D-2

          
            

          

        

        
          
          

        

      

       

      No
        transfer of a Certificate of this Class shall be made unless the Securities
        Administrator shall have received a representation letter from the transferee
        of
        such Certificate, acceptable to and in form and substance satisfactory to
        the
        Securities Administrator, to the effect that such transferee is not an employee
        benefit plan subject to Section 406 of ERISA, Section 4975 of the Code
        or any materially similar provisions of applicable federal, state or local
        law
        (“Similar
        Law”),
        or a
        person acting on behalf of or investing plan assets of any such plan, which
        representation letter shall not be an expense of the Securities
        Administrator.

       

      Reference
        is hereby made to the further provisions of this Certificate set forth on
        the
        reverse hereof, which further provisions shall for all purposes have the
        same
        effect as if set forth at this place.

       

      This
        Certificate shall not be entitled to any benefit under the Agreement or be
        valid
        for any purpose unless manually authenticated by an authorized signatory
        of the
        Securities Administrator.

       

      * * *

      
        
          
          

        

        
          EXHIBIT
            D-3

          
            

          

        

        
          
          

        

      

       

      IN
        WITNESS WHEREOF, the Securities Administrator has caused this Certificate
        to be
        duly executed.

       

      
        	
                Dated:

              	 

        
           

          WELLS
            FARGO BANK, N.A.,
not
            in
            its individual capacity, but solely as
Securities
            Administrator

           

          By:
            ______________________________________

           

          Authenticated:

           

           

          By: 
            ________________________________________
Authorized
            Signatory of
WELLS
            FARGO BANK, N.A.,
not
            in
            its individual capacity,
but
            solely as Securities Administrator

        

        
          
            
            

          

          
            EXHIBIT
              D-4

            
              

            

          

          
            
            

          

        

       

      HSI
        ASSET
        SECURITIZATION CORPORATION

       

      HSI
        Asset
        Securitization Corporation Trust 2007-HE1

      Mortgage
        Pass-Through Certificates

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as HSI
        Asset Securitization Corporation Trust 2007-HE1 Mortgage Pass-Through
        Certificates, of the Series specified on the face hereof (herein collectively
        called the “Certificates”),
        and
        representing a beneficial ownership interest in the Trust Fund created by
        the
        Agreement.

       

      The
        Certificateholder, by its acceptance of this Certificate, agrees that it
        will
        look solely
        to the
        funds on deposit in the Distribution Account or Supplemental Interest Trust
        Account for payment hereunder and that neither the Trustee nor the Securities
        Administrator is liable to the Certificateholders for any amount payable
        under
        this Certificate or the Agreement or, except as expressly provided in the
        Agreement, subject to any liability under the Agreement.

       

      This
        Certificate does not purport to summarize the Agreement and reference is
        made to
        the Agreement for the interests, rights and limitations of rights, benefits,
        obligations and duties evidenced thereby, and the rights, duties and immunities
        of the Trustee.

       

      Pursuant
        to the terms of the Agreement, a distribution will be made on the 25th day
        of
        each month or, if such 25th day is not a Business Day, the Business Day
        immediately following (the “Distribution
        Date”),
        commencing on the first Distribution Date specified on the face hereof, to
        the
        Person in whose name this Certificate is registered at the close of business
        on
        the applicable Record Date in an amount equal to the product of the Percentage
        Interest evidenced by this Certificate and the amount required to be distributed
        to Holders of Certificates of the Class to which this Certificate belongs
        on
        such Distribution Date pursuant to the Agreement. The Record Date applicable
        to
        each Distribution Date is the last Business Day of the month next preceding
        the
        month of such Distribution Date.

       

      Distributions
        on this Certificate shall be made by wire transfer of immediately available
        funds to the account of the Holder hereof at a bank or other entity having
        appropriate facilities therefor, if such Certificateholder shall have so
        notified the Securities Administrator in writing at least five Business Days
        prior to the related Record Date and such Certificateholder shall satisfy
        the
        conditions to receive such form of payment set forth in the Agreement, or,
        if
        not, by check mailed by first class mail to the address of such
        Certificateholder appearing in the Certificate Register. The final distribution
        on each Certificate will be made in like manner, but only upon presentment
        and
        surrender of such Certificate at the offices designated by the Securities
        Administrator for such purposes or such other location specified in the notice
        to Certificateholders of such final distribution.

       

      The
        Agreement permits, with certain exceptions therein provided, the amendment
        thereof and the modification of the rights and obligations of the Trustee
        and
        the rights of the Certificateholders under the Agreement at any time by the
        parties to the Agreement with the consent of the Holders of Certificates
        affected by such amendment evidencing the requisite Percentage Interest,
        as
        provided in the Agreement. Any such consent by the Holder of this Certificate
        shall be conclusive and binding on such Holder and upon all future Holders
        of
        this Certificate and of any Certificate issued upon the transfer hereof or
        in
        exchange therefor or in lieu hereof whether or not notation of such consent
        is
        made upon this Certificate. The Agreement also permits the amendment thereof,
        in
        certain limited circumstances, without the consent of the Holders of any
        of the
        Certificates.

      
        
          
          

        

        
          EXHIBIT
            D-5

          
            

          

        

        
          
          

        

      

       

      As
        provided in the Agreement and subject to certain limitations therein set
        forth,
        the transfer of this Certificate is registrable in the Certificate Register
        of
        the Securities Administrator upon surrender of this Certificate for registration
        of transfer at the offices designated by the Securities Administrator for
        such
        purposes, accompanied by a written instrument of transfer in form satisfactory
        to the Securities Administrator duly executed by the holder hereof or such
        holder’s attorney duly authorized in writing, and thereupon one or more new
        Certificates of the same Class in authorized denominations and evidencing
        the
        same aggregate Percentage Interest in the Trust Fund will be issued to the
        designated transferee or transferees.

       

      The
        Certificates are issuable only as registered Certificates without coupons
        in
        denominations specified in the Agreement. As provided in the Agreement and
        subject to certain limitations therein set forth, Certificates are exchangeable
        for new Certificates of the same Class in authorized denominations and
        evidencing the same aggregate Percentage Interest, as requested by the Holder
        surrendering the same.

       

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

       

      The
        Trustee, the Depositor and the Securities Administrator and any agent of
        the
        Trustee, the Depositor or the Securities Administrator may treat the Person
        in
        whose name this Certificate is registered as the owner hereof for all purposes,
        and neither the Trustee, the Depositor, the Securities Administrator nor
        any
        such agent shall be affected by any notice to the contrary.

       

      The
        Master Servicer shall have the option to purchase the Mortgage Loans and
        therefore cause the termination of the Trust on any Optional Termination
        Date,
        which is any Distribution Date in which the aggregate Stated Principal Balance
        of the Mortgage Loans as of the last day of the related Due Period is less
        than
        or equal to 10% of the aggregate Stated Principal Balance of the Mortgage
        Loans
        as of the Cut-off Date. 

       

      The
        obligations and responsibilities created by the Agreement will terminate
        as
        provided in Section 11.01 of the Agreement.

       

      Any
        term
        used herein that is defined in the Agreement shall have the meaning assigned
        in
        the Agreement, and nothing herein shall be deemed inconsistent with that
        meaning

      
        
          
          

        

        
          EXHIBIT
            D-6

          
            

          

        

        
          
          

        

      

       

      
        ASSIGNMENT

         

        FOR
          VALUE
          RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s)
          unto

        ______________________________________________________________________________

        ______________________________________________________________________________

        ______________________________________________________________________________

        ______________________________________________________________________________

         

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

         

        the
          Percentage Interest evidenced by the within Certificate and hereby authorizes
          the transfer of registration of such Percentage Interest to assignee on
          the
          Certificate Register of the Trust Fund.

         

        I
          (We)
          further direct the Securities Administrator to issue a new Certificate
          of a like
          denomination and Class, to the above named assignee and deliver such Certificate
          to the following address:

        ______________________________________________________________________________

         

        
          	
                  Dated:

                	 

        

        

        

        _______________________________________

        Signature
          by or on behalf of assignor

        

         

        DISTRIBUTION
          INSTRUCTIONS

        

        The
          assignee should include the following for purposes of distribution:

        

        Distributions
          shall be made, by wire transfer or otherwise, in immediately 

        available
          funds to ______________________________________________________________,
          

        _____________________________________________________________________________,

        for
          the
          account of
          ______________________________________________________________,

        account
          number __________, or, if mailed by check, to
          ________________________________.

        Applicable
          statements should be mailed to
          ___________________________________________,

        ______________________________________________________________________________

        This
          information is provided by
          ___________________________________________________,

        the
          assignee named above, or
          _____________________________________________________,

        as
          its
          agent.

      

      
        
          
          

        

        
          EXHIBIT
            D-7

          
            

          

        

        
          
          

        

      

       

      EXHIBIT
        E

       

      FORM
        OF
        INITIAL CERTIFICATION OF CUSTODIAN

       

      [date]

      
        	
                HSI
                  Asset Securitization Corporation

                452
                  Fifth Avenue

                New
                  York, New York 10018

              	
                Wells
                  Fargo Bank, N.A.

                1
                  Home Campus

                Des
                  Moines, Iowa 50328-0001

              
	 	 
	
                Wells
                  Fargo Bank, N.A.

                1015
                  10th Avenue SE

                Minneapolis,
                  Minnesota 55414

              	
                Countrywide
                  Home Loans Servicing LP

                4500
                  Park Granada

                Calabas,
                  California 91302

              
	 	 
	
                Deutsche
                  Bank National Trust Company

                1761
                  East St. Andrew Place

                Santa
                  Ana, California 92705-4934

              	
                Option
                  One Mortgage Corporation

                3
                  Ida

                Irvine,
                  California 92618

              

      

       

      
        	 	
                Re:

              	
                HSI
                  Asset Securitization Corporation, Series
                  2007-HE1

              

      

       

      Ladies
        and Gentlemen:

       

      In
        accordance with Section 2.02 of the Pooling and Servicing Agreement (the
“Pooling
        and Servicing Agreement”)
        dated
        as of February 1, 2007 among HSI Asset Securitization Corporation, as depositor,
        Wells Fargo Bank, N.A., as master servicer, securities administrator and
        custodian, OfficeTiger Global Real Estate Services Inc., as credit risk manager,
        and Deutsche Bank National Trust Company, as trustee, for each Mortgage Loan
        listed in the Mortgage Loan Schedule (other than any Mortgage Loan listed
        in the
        attached schedule), it has received:

       

      (i) the
        original Mortgage Note, endorsed as provided in the following form: “Pay to the
        order of ________, without recourse”; and

       

      (ii) a
        duly
        executed assignment of the Mortgage (which may be included in a blanket
        assignment or assignments).

       

      Based
        on
        its review and examination and only as to the foregoing documents, such
        documents appear regular on their face and related to such Mortgage
        Loan.

       

      The
        Custodian has made no independent examination of any documents contained
        in each
        Mortgage File beyond the review specifically required in the Pooling and
        Servicing Agreement. The Custodian makes no representations as to: (i) the
        validity, legality, sufficiency, enforceability or genuineness of any of
        the
        documents contained in each Mortgage File of any of the Mortgage Loans
        identified on the Mortgage Loan Schedule, or (ii) the collectability,
        insurability, effectiveness or suitability of any such Mortgage
        Loan.

      
        
          
          

        

        
          EXHIBIT
            E-1

          
            

          

        

        
          
          

        

      

       

      Capitalized
        words and phrases used herein shall have the respective meanings assigned
        to
        them in the Pooling and Servicing Agreement.

       

      WELLS
        FARGO BANK, N.A., as Custodian

       

       

      By: 
        _____________________________
Name:
        ________________________
Title:
        _________________________

      

      

      
        
          
          

        

        
          EXHIBIT
            E-2

          
            

          

        

        
          
          

        

      

       

      EXHIBIT
        F

       

      FORM
        OF
        DOCUMENT CERTIFICATION

      AND
        EXCEPTION REPORT OF CUSTODIAN

       

      ______,
        20___

       

      
        	
                HSI
                  Asset Securitization Corporation

                452
                  Fifth Avenue

                New
                  York, New York 10018

              	
                Wells
                  Fargo Bank, N.A.

                1
                  Home Campus

                Des
                  Moines, Iowa 50328-0001

              
	 	 
	
                Wells
                  Fargo Bank, N.A.

                1015
                  10th Avenue SE

                Minneapolis,
                  Minnesota 55414

              	
                Countrywide
                  Home Loans Servicing LP

                4500
                  Park Granada

                Calabas,
                  California 91302

              
	 	 
	
                Deutsche
                  Bank National Trust Company

                1761
                  East St. Andrew Place

                Santa
                  Ana, California 92705-4934

              	
                Option
                  One Mortgage Corporation

                3
                  Ida

                Irvine,
                  California 92618

              
	 	 

      

       

      
        	 	
                Re:

              	
                HSI
                  Asset Securitization Corporation, Series
                  2007-HE1

              

      

       

      Ladies
        and Gentlemen:

       

      In
        accordance with Section 2.02 of the Pooling and Servicing Agreement (the
“Pooling
        and Servicing Agreement”)
        dated
        as of February 1, 2007 among HSI Asset Securitization Corporation, as depositor,
        Wells Fargo Bank, N.A., as master servicer, securities administrator and
        custodian, OfficeTiger Global Real Estate Services Inc., as credit risk manager,
        and Deutsche Bank National Trust Company, as trustee, 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 the
        attached Document Exception Report) it has received:

       

      (i) The
        original Mortgage Note, endorsed in the form provided in Section 2.01 of
        the Pooling and Servicing Agreement, with all intervening endorsements showing
        a
        complete chain of endorsement from the mortgage loan seller to the last
        endorsee.

       

      (ii) The
        original recorded Mortgage.

       

      (iii) A
        duly
        executed assignment of the Mortgage in the form provided in Section 2.01 of
        the Pooling and Servicing Agreement; or, if the Mortgage Loan Seller has
        certified or the Custodian otherwise knows that the related Mortgage has
        not
        been returned from the applicable recording office, a copy of the assignment
        of
        the Mortgage (excluding information to be provided by the recording
        office).

      
        
          
          

        

        
          EXHIBIT
            F-1

          
            

          

        

        
          
          

        

      

       

      (iv) The
        original or duplicate original recorded assignment or assignments of the
        Mortgage showing a complete chain of assignment from the mortgage loan seller
        to
        the last endorsee.

       

      (v) The
        original or duplicate original lender’s title policy and all riders thereto or,
        any one of an original title binder, an original preliminary title report
        or an
        original title commitment, or a copy thereof certified by the title
        company.

       

      Based
        on
        its review and examination and only as to the foregoing documents, (a) such
        documents appear regular on their face and related to such Mortgage Loan,
        and
        (b) the information set forth in items (1), (2), (3), (15), (18) and
        (22) of the Data Tape Information accurately reflects information set forth
        in
        the Custodial File.

       

      The
        Custodian has made no independent examination of any documents contained
        in each
        Mortgage File beyond the review of the Custodial File specifically required
        in
        the Pooling and Servicing Agreement. The Custodian makes no representation
        as
        to: (i) the validity, legality, sufficiency, enforceability or genuineness
        of any of the documents contained in each Mortgage File of any of the Mortgage
        Loans identified on the Mortgage Loan Schedule, or (ii) the collectability,
        insurability, effectiveness or suitability of any such Mortgage Loan.
        Notwithstanding anything herein to the contrary, the Custodian has made no
        determination and makes no representations as to whether (i) any
        endorsement is sufficient to transfer all right, title and interest of the
        party
        so endorsing, as noteholder or assignee thereof, in and to that Mortgage
        Note or
        (ii) any assignment is in recordable form or sufficient to effect the
        assignment of and transfer to the assignee thereof, under the Mortgage to
        which
        the assignment relates.

       

      Capitalized
        words and phrases used herein shall have the respective meanings assigned
        to
        them in the Pooling and Servicing Agreement.

       

      WELLS
        FARGO BANK, N.A., as Custodian

      
         

         

        By: 
          _____________________________
Name:
          ________________________
Title:
          _________________________

      

      

      

      
        
          
          

        

        
          EXHIBIT
            F-2

          
            

          

        

        
          
          

        

      

       

      EXHIBIT
        G

       

      FORM
        OF
        RESIDUAL TRANSFER AFFIDAVIT

       

      HSI
        Asset
        Securitization Corporation Trust 2007-HE1

      Mortgage
        Pass-Through Certificates, Series 2007-HE1

      

      
        	
                STATE
                  OF

              	
                )

              
	 	
                )      ss.:

              
	
                COUNTY
                  OF

              	
                )

              

      

      

       

      The
        undersigned, being first duly sworn, deposes and says as follows:

       

      1. The
        undersigned is an officer of ___________________, the proposed Transferee
        of an
        Ownership Interest in a Class R Certificate (the “Certificate”)
        issued
        pursuant to the Pooling and Servicing Agreement (the “Agreement”),
        relating to the above-referenced Series, dated as of February 1, 2007 among
        HSI
        Asset Securitization Corporation, as depositor, Wells Fargo Bank, N.A., as
        master servicer, securities administrator and custodian, OfficeTiger Global
        Real
        Estate Services Inc., as credit risk manager, and Deutsche Bank National
        Trust
        Company, as trustee. Capitalized terms used, but not defined herein, shall
        have
        the meanings ascribed to such terms in the Agreement. The Transferee has
        authorized the undersigned to make this affidavit on behalf of the Transferee
        for the benefit of the Depositor, the Securities Administrator and the
        Trustee.

       

      2. The
        Transferee is, as of the date hereof, and will be, as of the date of the
        Transfer, a Permitted Transferee. The Transferee is acquiring its Ownership
        Interest in the Certificate for its own account. The Transferee has no knowledge
        that any such affidavit is false.

       

      3. The
        Transferee has been advised of, and understands that (i) a tax will be
        imposed on Transfers of the Certificate to Persons that are Non-Permitted
        Transferees; (ii) such tax will be imposed on the transferor, or, if such
        Transfer is through an agent (which includes a broker, nominee or middleman)
        for
        a Person that is a Non-Permitted Transferee, on the agent; and (iii) the
        Person otherwise liable for the tax shall be relieved of liability for the
        tax
        if the subsequent Transferee furnished to such Person an affidavit that such
        subsequent Transferee is a Permitted Transferee and, at the time of Transfer,
        such Person does not have actual knowledge that the affidavit is
        false.

       

      4. The
        Transferee has been advised of, and understands that a tax will be imposed
        on a
“pass-through entity” holding the Certificate if at any time during the taxable
        year of the pass-through entity a Person that is a Non-Permitted Transferee
        is
        the record holder of an interest in such entity. The Transferee understands
        that
        such tax will not be imposed for any period with respect to which the record
        holder furnishes to the pass-through entity an affidavit that such record
        holder
        is a Permitted Transferee and the pass-through entity does not have actual
        knowledge that such affidavit is false. (For this purpose, a “pass-through
        entity” includes a regulated investment company, a real estate investment trust
        or common trust fund, a partnership, trust or estate, and certain cooperatives
        and, except as may be provided in Treasury Regulations, persons holding
        interests in pass-through entities as a nominee for another
        Person.)

      
        
          
          

        

        
          EXHIBIT
            G-1

          
            

          

        

        
          
          

        

      

       

      5. The
        Transferee has reviewed the provisions of Section 5.02(c) of the Agreement
        and understands the legal consequences of the acquisition of an Ownership
        Interest in the Certificate including, without limitation, the restrictions
        on
        subsequent Transfers and the provisions regarding voiding the Transfer and
        mandatory sales. The Transferee expressly agrees to be bound by and to abide
        by
        the provisions of Section 5.02(c) of the Agreement and the restrictions
        noted on the face of the Certificate. The Transferee understands and agrees
        that
        any breach of any of the representations included herein shall render the
        Transfer to the Transferee contemplated hereby null and void.

       

      6. The
        Transferee agrees to require a Transfer Affidavit from any Person to whom
        the
        Transferee attempts to Transfer its Ownership Interest in the Certificate,
        and
        in connection with any Transfer by a Person for whom the Transferee is acting
        as
        nominee, trustee or agent, and the Transferee will not Transfer its Ownership
        Interest or cause any Ownership Interest to be Transferred to any Person
        that
        the Transferee knows is a Non-Permitted Transferee. In connection with any
        such
        Transfer by the Transferee, the Transferee agrees to deliver to the Securities
        Administrator a certificate substantially in the form set forth as
        Exhibit H to the Agreement (a “Transferor
        Certificate”)
        to the
        effect that, among other things, such Transferee has no actual knowledge
        that
        the Person to which the Transfer is to be made is a Non-Permitted
        Transferee.

       

      7. The
        Transferee does not have the intention to impede the assessment or collection
        of
        any tax legally required to be paid with respect to the Certificate. The
        Transferee has historically paid its debts as they have come due and intends
        to
        pay its debts as they come due in the future. The Transferee intends to pay
        all
        taxes due with respect to the Certificate as they become due.

       

      8. The
        Transferee’s taxpayer identification number is __________.

       

      9. The
        Transferee is not a Disqualified Non-U.S. Person as defined in the
        Agreement.

       

      10. The
        Transferee is aware that the Certificate may be a “noneconomic residual
        interest” within the meaning of proposed Treasury regulations promulgated
        pursuant to the Code and that the transferor of a noneconomic residual interest
        will remain liable for any taxes due with respect to the income on such residual
        interest, unless no significant purpose of the transfer was to impede the
        assessment or collection of tax.

       

      11. The
        Transferee will not cause income from the Residual Certificate to be
        attributable to a foreign permanent establishment or fixed base, within the
        meaning of an applicable income tax treaty, of the Transferee or any other
        U.S.
        Person.

      
        
          
          

        

        
          EXHIBIT
            G-2

          
            

          

        

        
          
          

        

      

       

      12. Check
        the
        applicable paragraph:

       

      o    The
        present value of
        the anticipated tax liabilities associated with holding the Certificate,
        as
        applicable, does not exceed the sum of:

       

      (i) the
        present value of any consideration given to the Transferee to acquire such
        Certificate;

       

      (ii) the
        present value of the expected future distributions on such Certificate;
        and

       

      (iii) the
        present value of the anticipated tax savings associated with holding such
        Certificate as the related REMIC generates losses.

       

      For
        purposes of this calculation, (i) the Transferee is assumed to pay tax at
        the highest rate currently specified in Section 11(b) of the Code (but the
        tax rate in Section 55(b)(1)(B) of the Code may be used in lieu of the highest
        rate specified in Section 11(b) of the Code if the Transferee has been
        subject to the alternative minimum tax under Section 55 of the Code in the
        preceding two years and will compute its taxable income in the current taxable
        year using the alternative minimum tax rate) and (ii) present values are
        computed using a discount rate equal to the short-term Federal rate prescribed
        by Section 1274(d) of the Code for the month of the transfer and the
        compounding period used by the Transferee.

       

      o    The
        transfer of the Certificate complies with U.S. Treasury Regulations Sections
        1.860E-1(c)(5) and (6) and, accordingly,

       

      (i) the
        Transferee is an “eligible corporation,” as defined in U.S. Treasury Regulations
        Section 1.860E-1(c)(6)(i), as to which income from the Certificate will only
        be
        taxed in the United States;

       

      (ii) at
        the
        time of the transfer, and at the close of the Transferee’s two fiscal years
        preceding the year of the transfer, the Transferee had gross assets for
        financial reporting purposes (excluding any obligation of a person related
        to
        the Transferee within the meaning of U.S. Treasury Regulations Section
        1.860E-1(c)(6)(ii)) in excess of $100 million and net assets in excess of
        $10 million;

       

      (iii) the
        Transferee will transfer the Certificate only to another “eligible corporation,”
as defined in U.S. Treasury Regulations Section 1.860E-1(c)(6)(i), in a
        transaction that satisfies the requirements of Sections 1.860E-1(c)(4)(i),
        (ii)
        and (iii) and Section 1.860E-1(c)(5) of the U.S. Treasury Regulations;
        and

       

      (iv) the
        Transferee determined the consideration paid to it to acquire the Certificate
        based on reasonable market assumptions (including, but not limited to, borrowing
        and investment rates, prepayment and loss assumptions, expense and reinvestment
        assumptions, tax rates and other factors specific to the Transferee) that
        it has
        determined in good faith.

       

      o    None
        of
        the above.

      
        
          
          

        

        
          EXHIBIT
            G-3

          
            

          

        

        
          
          

        

      

       

      13. The
        Transferee is not an employee benefit plan that is subject to Title I of
        ERISA or a plan that is subject to Section 4975 of the Code or a plan
        subject to any Federal, state or local law that is substantially similar
        to
        Title I of ERISA or Section 4975 of the Code, and the Transferee is
        not acting on behalf of or investing plan assets of such a plan.

       

      * * *

       

      IN
        WITNESS WHEREOF, the Transferee has caused this instrument to be executed
        on its
        behalf, pursuant to authority of its Board of Directors, by its duly authorized
        officer and its corporate seal to be hereunto affixed, duly attested, this
        ___
        day of _______, 20__.

       

       

       

      _______________________________________

      Print
        Name of Transferee

       

      By: 
        ____________________________________
Name:
Title:

       

      [Corporate
        Seal]

       

      ATTEST:

       

       

      ____________________________________

      [Assistant]
        Secretary

       

      Personally
        appeared before me the above-named __________, known or proved to me to be
        the
        same person who executed the foregoing instrument and to be the ___________
        of
        the Transferee, and acknowledged that he executed the same as his free act
        and
        deed and the free act and deed of the Transferee.

       

      Subscribed
        and sworn before me this ___ day of _______, 20__.

       

       

       

      ______________________________________________
NOTARY
        PUBLIC

       

      My
        Commission expires the __ day

      of
        _________, 20__

      

      

      
        
          
          

        

        
          EXHIBIT
            G-4

          
            

          

        

        
          
          

        

      

       

      EXHIBIT
        H

       

      FORM
        OF
        TRANSFEROR CERTIFICATE

       

      __________,
        20__

      HSI
        Asset
        Securitization Corporation

      452
        Fifth
        Avenue

      New
        York,
        New York 10018

      Attention:
        Head MBS Principal Finance

      

      Wells
        Fargo Bank, N.A.,

      as
        Securities Administrator

      Sixth
        Street and Marquette Avenue

      Minneapolis,
        Minnesota 55479

      Attention:
        Corporate Trust Services - HASCO 2007-HE1

      

      
        	 	
                Re:

              	
                HSI
                  Asset Securitization Corporation Trust 2007-HE1 Mortgage Pass-Through
                  Certificates, Series 2007-HE1, Class
                  [__]

              

      

      

      Ladies
        and Gentlemen:

      

       

      In
        connection with our disposition of the above Certificates we certify that
        (a) we understand that the Certificates have not been registered under the
        Securities Act of 1933, as amended (the “Act”),
        and
        are being disposed by us in a transaction that is exempt from the registration
        requirements of the Act, (b) we have not offered or sold any Certificates
        to, or solicited offers to buy any Certificates from, any person, or otherwise
        approached or negotiated with any person with respect thereto, in a manner
        that
        would be deemed, or taken any other action which would result in, a violation
        of
        Section 5 of the Act and (c) to the extent we are disposing of a
        Residual Certificate, (i) we have no knowledge the Transferee is a
        Non-Permitted Transferee, (ii) after conducting a reasonable investigation
        of the financial condition of the Transferee, we have no knowledge and no
        reason
        to believe that the Transferee will not pay all taxes with respect to the
        Residual Certificates as they become due and (iii) we have no reason to
        believe that the statements made in paragraphs 7, 10 and 11 of the
        Transferee’s Residual Transfer Affidavit are false.

       

      In
        connection with any disposition of the above Certificates in accordance with
        Rule 904 of Regulation S we hereby certify that:

       

      
        	 	
                a.
                  

              	
                the
                  offer of the Certificates was not made to a person in the United
                  States;

              

      

       

      
        	 	
                b.
                  

              	
                at
                  the time the buy order was originated, the transferee was outside
                  the
                  United States or the Transferor and any person acting on its behalf
                  responsibly believed
                  the transferee was outside the United
                  States;

              

      

      
        
          
          

        

        
          EXHIBIT
            H-1

          
            

          

        

        
          
          

        

      

       

      
        	 	
                c.

              	
                no
                  directed selling efforts have been made in contravention of the
                  requirements of Rule 903 or Rule 904 of Regulation S, as
                  applicable;

              

      

       

      
        	 	
                d.
                  

              	
                the
                  transaction is not part of a plan or scheme to
                  evade the registration requirements of the Securities Act, as amended;
                  and

              

      

       

      
        	 	
                e.

              	
                the
                  transferee is not a U.S. person (as defined in Regulation
                  S).

              

      

       

      

       

      Very
        truly yours,

       

      ________________________________________

      Print
        Name of Transferor

       

      By:
        ______________________________________
Authorized
        Officer

      

      
        
          
          

        

        
          EXHIBIT
            H-2

          
            

          

        

        
          
          

        

      

       

      EXHIBIT
        I-A

       

      FORM
        OF
        RULE 144A INVESTMENT LETTER

       

      ____________,
        20__

      HSI
        Asset
        Securitization Corporation

      452
        Fifth
        Avenue

      New
        York,
        New York 10018

      Attention:
        Head MBS Principal Finance

      

      Wells
        Fargo Bank, N.A.,

      as
        Securities Administrator

      Sixth
        Street and Marquette Avenue

      Minneapolis,
        Minnesota 55479

      Attention:
        Corporate Trust Services - HASCO 2007-HE1

      

      
        	 	
                Re:

              	
                HSI
                  Asset Securitization Corporation Trust
                  2007-HE1

              

      

      
        	 	 	
                Mortgage
                  Pass-Through Certificates, Series 2007-HE1, Class
                  [__]

              

      

      

       

      Ladies
        and Gentlemen:

      

      In
        connection with our acquisition of the above Certificates we certify that
        (a) we understand that the Certificates are not being registered under the
        Securities Act of 1933, as amended (the “Act”),
        or
        any state securities laws and are being transferred to us in a transaction
        that
        is exempt from the registration requirements of the Act and any such laws,
        (b) we have such knowledge and experience in financial and business matters
        that we are capable of evaluating the merits and risks of investments in
        the
        Certificates, (c) we have had the opportunity to ask questions of and
        receive answers from the Depositor concerning the purchase of the Certificates
        and all matters relating thereto or any additional information deemed necessary
        to our decision to purchase the Certificates, (d) in the case of an
        ERISA-Restricted Certificate, we are not an employee benefit plan that is
        subject to Title I of the Employee Retirement Income Security Act of 1974,
        as amended (“ERISA”),
        or a
        plan or arrangement that is subject to Section 4975 of the Internal Revenue
        Code of 1986, as amended, or a plan subject to materially similar provisions
        of
        applicable federal, state or local law, nor are we acting on behalf of any
        such
        plan or arrangement nor using the assets of any such plan or arrangement
        to
        effect such acquisition or, with respect to an ERISA-Restricted Certificate
        other than a Class P Certificate, a Class X Certificate or a Residual
        Certificate, such Certificate has been the subject of an ERISA-Qualifying
        Underwriting and the purchaser is an insurance company that is purchasing
        this
        certificate with funds contained in an “insurance company general account” (as
        such term is defined in Section V(e) of Prohibited Transaction Class
        Exemption (“PTCE”)
        95-60)
        and that the purchase and holding of such Certificates are covered under
        Sections I and III of PTCE 95-60, (e)  in the case of an
        ERISA-Restricted Trust Certificate prior to the termination of the swap
        agreement and the cap agreement, either (i) we are not an employee benefit
        plan
        that is subject to Title I of ERISA, or a plan or arrangement that is
        subject to Section 4975 of the Internal Revenue 

      
        
          
          

        

        
          EXHIBIT
            I-A-1

          
            

          

        

        
          
          

        

      

      Code
        of
        1986, as amended, nor a person acting on behalf of any such plan, nor are
        we
        using the assets of any such plan to effect such transfer or (ii) our
        acquisition and holding of the ERISA-Restricted Trust Certificate is eligible
        for exemptive relief under the statutory exemption for non-fiduciary 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, (f) we have not, nor has anyone acting on our behalf
        offered, transferred, pledged, sold or otherwise disposed of the Certificates,
        any interest in the Certificates or any other similar security to, or solicited
        any offer to buy or accept a transfer, pledge or other disposition of the
        Certificates, any interest in the Certificates or any other similar security
        from, or otherwise approached or negotiated with respect to the Certificates,
        any interest in the Certificates or any other similar security with, any
        person
        in any manner, or made any general solicitation by means of general advertising
        or in any other manner, or taken any other action, that would constitute
        a
        distribution of the Certificates under the Securities Act or that would render
        the disposition of the Certificates a violation of Section 5 of the
        Securities Act or require registration pursuant thereto, nor will act, nor
        has
        authorized or will authorize any person to act, in such manner with respect
        to
        the Certificates, and (g) we are a “qualified institutional buyer” as that
        term is defined in Rule 144A under the Securities Act and have completed
        either of the forms of certification to that effect attached hereto as
        Annex 1 or Annex 2. We are aware that the sale to us is being made in
        reliance on Rule 144A. We are acquiring the Certificates for our own
        account or for resale pursuant to Rule 144A and further, understand that
        such Certificates may be resold, pledged or transferred only (i) to a
        person reasonably believed to be a qualified institutional buyer that purchases
        for its own account or for the account of a qualified institutional buyer
        to
        whom notice is given that the resale, pledge or transfer is being made in
        reliance on Rule 144A, or (ii) pursuant to another exemption from
        registration under the Securities Act.

      
        
          
          

        

        
          EXHIBIT
            I-A-2

          
            

          

        

        
          
          

        

      

       

      ANNEX
        1 TO EXHIBIT I

       

      QUALIFIED
        INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A

       

      [For
        Transferees Other Than Registered Investment Companies]

       

      The
        undersigned (the “Buyer”)
        hereby
        certifies as follows to the parties listed in the Rule 144A Transferee
        Certificate to which this certification relates with respect to the Certificates
        described therein:

       

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

       

      2. In
        connection with purchases by the Buyer, the Buyer is a “qualified institutional
        buyer” as that term is defined in Rule 144A under the Securities Act of
        1933, as amended (“Rule 144A”),
        because (i) the Buyer owned and/or invested on a discretionary basis
        $________1
        in
        securities (except for the excluded securities referred to below) as of the
        end
        of the Buyer’s most recent fiscal year (such amount being calculated in
        accordance with Rule 144A and (ii) the Buyer satisfies the criteria in
        the category marked below.

       

      
        	 	
                ____

              	
                Corporation,
                  etc.
                  The Buyer is a corporation (other than a bank, savings and loan
                  association or similar institution), Massachusetts or similar business
                  trust, partnership, or charitable organization described in
                  Section 501(c)(3) of the Internal Revenue Code of 1986, as
                  amended.

              

      

       

      
        	 	
                ____

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

              

      

       

      
        	 	
                ____

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

              

      

       

      
        	 	
                ____

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

              

      

      ___________________

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

            
              
                
                

              

              
                EXHIBIT
                  I-A-3

                
                  

                

              

              
                
                

              

            

        

      

       

      
        	 	
                ____

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

              

      

       

      
        	 	
                ____

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

              

      

       

      
        	 	
                ____

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

              

      

       

      
        	 	
                ____

              	
                Investment
                  Advisor.
                  The Buyer is an investment advisor registered under the Investment
                  Advisors Act of 1940.

              

      

       

      
        	 	
                ____

              	
                Small
                  Business Investment Company.
                  Buyer is a small business investment company licensed by the U.S.
                  Small
                  Business Administration under Section 301(c) or (d) of the Small
                  Business
                  Investment Act of 1958.

              

      

       

      
        	 	
                ____

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

              

      

       

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

       

      4. For
        purposes of determining the aggregate amount of securities owned and/or invested
        on a discretionary basis by the Buyer, the Buyer used the cost of such
        securities to the Buyer and did not include any of the securities referred
        to in
        the preceding paragraph, except (i) where the Buyer reports its securities
        holdings in its financial statements on the basis of their market value,
        and
        (ii) no current information with respect to the cost of those securities
        has been published. If clause (ii) in the preceding sentence applies, the
        securities may be valued at market. Further, in determining such aggregate
        amount, the Buyer may have included securities owned by subsidiaries of the
        Buyer, but only if such subsidiaries are consolidated with the Buyer in its
        financial statements prepared in accordance with generally accepted accounting
        principles and if the investments of such subsidiaries are managed under
        the
        Buyer’s direction. However, such securities were not included if the Buyer is a
        majority-owned, consolidated subsidiary of another enterprise and the Buyer
        is
        not itself a reporting company under the Securities Exchange Act of 1934,
        as
        amended.

       

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

      
        
          
          

        

        
          EXHIBIT
            I-A-4

          
            

          

        

        
          
          

        

      

       

      6. Until
        the
        date of purchase of the Rule 144A Securities, the Buyer will notify each of
        the parties to which this certification is made of any changes in the
        information and conclusions herein. Until such notice is given, the Buyer’s
        purchase of the Certificates will constitute a reaffirmation of this
        certification as of the date of such purchase. In addition, if the Buyer
        is a
        bank or savings and loan is provided above, the Buyer agrees that it will
        furnish to such parties updated annual financial statements promptly after
        they
        become available.

       

       

       

      __________________________________________

      Print
        Name of Transferee

       

       

      By: 
        _______________________________________
Name:
Title:

       

       

      Date:
        ______________________________________

      

      
        
          
          

        

        
          EXHIBIT
            I-A-5

          
            

          

        

        
          
          

        

      

       

      ANNEX
        2 TO EXHIBIT I

       

      QUALIFIED
        INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A

       

      [For
        Transferees That Are Registered Investment Companies]

       

      The
        undersigned (the “Buyer”)
        hereby
        certifies as follows to the parties listed in the Rule 144A Transferee
        Certificate to which this certification relates with respect to the Certificates
        described therein:

       

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

       

      2. In
        connection with purchases by Buyer, the Buyer is a “qualified institutional
        buyer” as defined in SEC Rule 144A because (i) the Buyer is an
        investment company registered under the Investment Company Act of 1940, as
        amended, and (ii) as marked below, the Buyer alone, or the Buyer’s Family
        of Investment Companies, owned at least $100,000,000 in securities (other
        than
        the excluded securities referred to below) as of the end of the Buyer’s most
        recent fiscal year. For purposes of determining the amount of securities
        owned
        by the Buyer or the Buyer’s Family of Investment Companies, the cost of such
        securities was used, except (i) where the Buyer or the Buyer’s Family of
        Investment Companies reports its securities holdings in its financial statements
        on the basis of their market value, and (ii) no current information with
        respect to the cost of those securities has been published. If clause (ii)
        in the preceding sentence applies, the securities may be valued at
        market.

       

      
        	 	
                ____

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

              

      

       

      
        	 	
                ____

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

              

      

       

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

       

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

      
        
          
          

        

        
          EXHIBIT
            I-A-6

          
            

          

        

        
          
          

        

      

       

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

       

      6. Until
        the
        date of purchase of the Certificates, the undersigned will notify the parties
        listed in the Rule 144A Transferee Certificate to which this certification
        relates of any changes in the information and conclusions herein. Until such
        notice is given, the Buyer’s purchase of the Certificates will constitute a
        reaffirmation of this certification by the undersigned as of the date of
        such
        purchase.

       

       

       

      _______________________________________

      Print
        Name of Transferee

       

       

      By: 
        ____________________________________
Name:
Title:

       

       

      IF
        AN
        ADVISER:

       

       

      _________________________________________

      Print
        Name of Buyer

       

       

      Date:
        _____________________________________

      

      

      
        
          
          

        

        
          EXHIBIT
            I-A-7

          
            

          

        

        
          
          

        

      

       

      EXHIBIT
        I-B

       

      FORM
        OF
        REGULATION S INVESTMENT LETTER

       

      ____________,
        20__

      HSI
        Asset
        Securitization Corporation

      452
        Fifth
        Avenue

      New
        York,
        New York 10018

      Attention:
        Head MBS Principal Finance

      

      Wells
        Fargo Bank, N.A.,

        as
        Securities Administrator

      Sixth
        Street and Marquette Avenue

      Minneapolis,
        Minnesota 55479

      Attention:
        Corporate Trust Services - HASCO 2007-HE1

      

      
        	 	
                Re:

              	
                HSI
                  Asset Securitization Corporation Trust 2007-HE1

              

      

      
        	 	 	
                Mortgage
                  Pass-Through Certificates, Series 2007-HE1, Class
                  [__]

              

      

      

       

      Ladies
        and Gentlemen:

       

      In
        connection with our acquisition of the above Certificates we certify that
        (a) we understand that the Certificates are not being registered under the
        Securities Act of 1933, as amended (the “Act”),
        or
        any state securities laws and are being transferred to us in a transaction
        that
        is exempt from the registration requirements of the Act and any such laws,
        (b) we have such knowledge and experience in financial and business matters
        that we are capable of evaluating the merits and risks of investments in
        the
        Certificates, (c) we have had the opportunity to ask questions of and
        receive answers from the Depositor concerning the purchase of the Certificates
        and all matters relating thereto or any additional information deemed necessary
        to our decision to purchase the Certificates, (d) in the case of an
        ERISA-Restricted Certificate, we are not an employee benefit plan that is
        subject to Title I of the Employee Retirement Income Security Act of 1974,
        as amended (“ERISA”),
        or a
        plan or arrangement that is subject to Section 4975 of the Internal Revenue
        Code of 1986, as amended, or a plan subject to materially similar provisions
        of
        applicable federal, state or local law, nor are we acting on behalf of any
        such
        plan or arrangement nor using the assets of any such plan or arrangement
        to
        effect such acquisition or, with respect to an ERISA-Restricted Certificate
        other than a Class P Certificate, a Class X Certificate or a Residual
        Certificate, such Certificate has been the subject of an ERISA-Qualifying
        Underwriting and the purchaser is an insurance company that is purchasing
        this
        certificate with funds contained in an “insurance company general account” (as
        such term is defined in Section V(e) of Prohibited Transaction Class
        Exemption (“PTCE”)
        95-60)
        and that the purchase and holding of such Certificates are covered under
        Sections I and III of PTCE 95-60, (e)  in the case of an
        ERISA-Restricted Trust Certificate prior to the termination of the swap
        agreement and the cap agreement, either (i) we are not an employee benefit
        plan
        that is subject to Title I of ERISA, or a plan or arrangement that is
        subject to Section 4975 of the Internal Revenue 

      
        
          
          

        

        
          EXHIBIT
            I-B-1

          
            

          

        

        
          
          

        

      

       

      Code
        of
        1986, as amended, nor a person acting on behalf of any such plan, nor are
        we
        using the assets of any such plan to effect such transfer or (ii) our
        acquisition and holding of the ERISA-Restricted Trust Certificate is eligible
        for exemptive relief under the statutory exemption for non-fiduciary 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, (f) we have not, nor has anyone acting on our behalf
        offered, transferred, pledged, sold or otherwise disposed of the Certificates,
        any interest in the Certificates or any other similar security to, or solicited
        any offer to buy or accept a transfer, pledge or other disposition of the
        Certificates, any interest in the Certificates or any other similar security
        from, or otherwise approached or negotiated with respect to the Certificates,
        any interest in the Certificates or any other similar security with, any
        person
        in any manner, or made any general solicitation by means of general advertising
        or in any other manner, or taken any other action, that would constitute
        a
        distribution of the Certificates under the Securities Act or that would render
        the disposition of the Certificates a violation of Section 5 of the
        Securities Act or require registration pursuant thereto, nor will act, nor
        has
        authorized or will authorize any person to act, in such manner with respect
        to
        the Certificates, and (g) we are not a U.S. person within the meaning of
        Regulation S of the Securities Act and was at the time the buy order was
        originated for the Class [ ] Certificates outside the United States. We are
        aware that the sale to us is being made in reliance on Regulation S of the
        Securities Act and we understand (x) that 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 we decide to offer, resell,
        pledge or otherwise transfer such Certificates, such Certificates may be
        offered, resold, pledged or transferred only to (A) 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 Certificate for
        its
        own account or for the account of a QIB 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
        the Agreement; and we will notify such transferee of the transfer restrictions
        specified in the Agreement. 

      
        
          
          

        

        
          EXHIBIT
            I-B-2

          
            

          

        

        
          
          

        

      

       

      

         

        _______________________________________

        Print
          Name of Transferee

         

         

        By: 
          ____________________________________
Name:
Title:

         

         

        IF
          AN
          ADVISER:

         

         

        _________________________________________

        Print
          Name of Buyer

         

         

        Date:
          

        

      

       

      
        
          
          

        

        
          EXHIBIT
            I-B-3

          
            

          

        

        
          
          

        

      

       

      EXHIBIT
        J

       

      FORM
        OF
        REQUEST FOR RELEASE

      (for
        Custodian)

       

      
        	
                To:

              	
                Wells
                  Fargo Bank, N.A.

              

      

      
        	 	
                1015
                  10th Avenue SE

              

      

      Minneapolis,
        Minnesota 55414

      

      
        	 	
                Re:

              	
                Pooling
                  and Servicing Agreement (the “Pooling and Servicing Agreement”) dated as
                  of February 1, 2007 among HSI Asset Securitization Corporation,
                  as
                  depositor, Wells Fargo Bank, N.A., as master servicer, securities
                  administrator and custodian, OfficeTiger Global Real Estate Services
                  Inc.,
                  as credit risk manager, and Deutsche Bank National Trust Company,
                  as
                  trustee.

              

      

      

      In
        connection with the administration of the Mortgage Loans held by you as the
        Custodian on behalf of the Certificateholders, we request the release, and
        acknowledge receipt, of the (Custodial File/[specify documents]) for the
        Mortgage Loan described below, for the reason indicated.

      

       

      Mortgagor’s
        Name, Address & Zip Code:

       

      Mortgage
        Loan Number:

       

      Send
        Custodial File to:

       

      Delivery
        Method (check one)

       

      
        	
                ____1.

              	
                Regular
                  mail

              

      

       

      
        	
                ____2.

              	
                Overnight
                  courier (Tracking information:
                                     )

              

      

       

      If
        neither box 1 nor 2 is checked, regular mail shall be assumed.

       

      Reason
        for Requesting Documents
        (check
        one)

       

      
        	
                ____1.

              	
                Mortgage
                  Loan Paid in Full.
                  (The Servicer hereby certifies that all amounts received in connection
                  therewith have been credited to the Collection Account as provided
                  in the
                  Pooling and Servicing Agreement.)

              

      

       

      
        	
                ____2.

              	
                Mortgage
                  Loan Repurchase Pursuant to Subsection 2.03 of the Pooling and
                  Servicing
                  Agreement.
                  (The Servicer hereby certifies that the repurchase price has been
                  credited
                  to the Collection Account as provided in the Pooling and Servicing
                  Agreement.)

              

      

       

      
        	
                ____3.

              	
                Mortgage
                  Loan Liquidated by _________________. (The Servicer hereby certifies
                  that
                  all proceeds of foreclosure, insurance, condemnation or other liquidation
                  have been finally received and credited to the Collection Account
                  pursuant
                  to the Pooling and Servicing
                  Agreement.)

              

      

      
        
          
          

        

        
          EXHIBIT
            J-1

          
            

          

        

        
          
          

        

      

       

      
        	
                ____4.

              	
                Mortgage
                  Loan in Foreclosure.

              

      

       

      
        	
                ____5.

              	
                Other
                  (explain). ____________________________________________________

              

      

       

      If
        box 1,
        2 or 3 above is checked, and if all or part of the Custodial File was previously
        released to us, please release to us our previous request and receipt on
        file
        with you, as well as any additional documents in your possession relating
        to the
        specified Mortgage Loan.

       

      If
        box 4
        or 5 above is checked, upon our return of all of the above documents to you
        as
        the Trustee, please acknowledge your receipt by signing in the space indicated
        below, and returning this form if requested by us.

       

      [                              ]

       

      By: 
        __________________________________________
Name:
Title:
Date:

       

      ACKNOWLEDGED
        AND AGREED:

       

      WELLS
        FARGO BANK, N.A.

       

       

      By: 
        _______________________________________
Name:
Title:
Date:

      

      

      
        
          
          

        

        
          EXHIBIT
            J-2

          
            

          

        

        
          
          

        

      

       

      EXHIBIT
        K

       

      CONTENTS
        OF EACH MORTGAGE FILE

       

      With
        respect to each Mortgage Loan, the Mortgage File shall include each of the
        following items, which shall be available for inspection by the Depositor
        and
        which shall be retained by the Servicer or delivered to and retained by the
        Custodian:

       

      (a) The
        documents or instruments set forth as items (i) to (ix) in Section 2.01(b)
        of the Pooling and Servicing Agreement.

       

      (b) Residential
        loan application.

       

      (c) Mortgage
        Loan closing statement.

       

      (d) Verification
        of employment and income.

       

      (e) Verification
        of acceptable evidence of source and amount of downpayment.

       

      (f) Credit
        report on Mortgagor.

       

      (g) Residential
        appraisal report.

       

      (h) Photograph
        of the Mortgaged Property.

       

      (i) Survey
        of
        the Mortgaged Property.

       

      (j) Copy
        of
        each instrument necessary to complete identification of any exception set
        forth
        in the exception schedule in the title policy, i.e., map or plat, restrictions,
        easements, sewer agreements, home association declarations, etc.

       

      (k) All
        required disclosure statements and statement of Mortgagor confirming receipt
        thereof.

       

      (l) If
        available, termite report, structural engineer’s report, water potability and
        septic certification.

       

      (m) Sales
        contract, if applicable.

       

      (n) Hazard
        insurance policy.

       

      (o) Tax
        receipts, insurance premium receipts, ledger sheets, payment history from
        date
        of origination, insurance claim files, correspondence, current and historical
        computerized data files, and all other processing, underwriting and closing
        papers and records which are customarily contained in a mortgage loan file
        and
        which are required to document the Mortgage Loan or to service the Mortgage
        Loan.

      
        
          
          

        

        
          EXHIBIT
            K-1

          
            

          

        

        
          
          

        

      

       

      (p) Amortization
        schedule, if available.

       

      (q) Payment
        history for Mortgage Loans that have been closed for more than 90
        days.

      

      
        
          
          

        

        
          EXHIBIT
            K-2

          
            

          

        

        
          
          

        

      

      EXHIBIT
        L

      

      FORM
        OF
        SARBANES-OXLEY CERTIFICATION TO BE

      PROVIDED
        BY MASTER SERVICER (OR OTHER 

      CERTIFICATION
        PARTY) WITH FORM 10-K

      

      HSI
        Asset
        Securitization Corporation Trust 2007-HE1

      Mortgage
        Pass-Through Certificates

      Series
        2007-HE1

      

       

      This
        Certification is being made pursuant to Section 3.05 and Section 8.12 of
        the Pooling and Servicing Agreement dated as of February 1, 2007 (the
“Pooling
        and Servicing Agreement”)
        relating to the above-referenced Series, among HSI Asset Securitization
        Corporation, as depositor, Wells Fargo Bank, N.A., as master servicer,
        securities administrator and custodian, OfficeTiger Global Real Estate Services
        Inc., as credit risk manager, and Deutsche Bank National Trust Company, as
        trustee. Capitalized terms used but not defined herein shall have the meanings
        assigned in the Pooling and Servicing Agreement.

       

      1. I
        have
        reviewed this annual report on Form 10-K, and all reports on Form 10-D
        required to be filed in respect of the period covered by this report on Form
        10-K of HSI Asset Securitization Corporation Trust 2007-HE1 (the “Exchange Act
        periodic reports”);

       

      2. Based
        on
        my knowledge, the Exchange Act periodic 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
        this report;

       

      3. Based
        on
        my knowledge, all of the distribution, servicing and other information required
        to be provided under Form 10-D for the period covered by this report is included
        in the Exchange Act periodic reports;

       

      4. I
        am
        responsible for reviewing the activities performed by each Servicer and based
        on
        my knowledge and the compliance review conducted in preparing the Servicer
        compliance statement required in this report under Item 1123 of Regulation
        AB,
        and except as disclosed in the Exchange Act periodic reports, each Servicer
        has
        fulfilled its obligations under its related Servicing Agreement;
        and

       

      5. All
        of
        the reports on assessment of compliance with servicing criteria for asset-backed
        securities and their related attestation reports on assessment of compliance
        with servicing criteria for asset-backed securities required to be included
        in
        this report in accordance with Item 1122 of Regulation AB and Exchange Act
        Rules
        13a-18 and 15d-18 have been included as an exhibit to this report, except
        as
        otherwise disclosed in this report. Any material instances of noncompliance
        described in such reports have been disclosed in this report on Form
        10-K.

      
        
          
          

        

        
          EXHIBIT
            L-1

          
            

          

        

        
          
          

        

      

       

      

       

      In
        giving
        the certifications above, I have reasonably relied on information provided
        to me
        by the following parties: [  ]

      

       

      WELLS
        FARGO BANK, N.A.

      as
        Master
        Servicer

       

       

      By: 
        ___________________________________
Name:
Title:
Date:

      

      

      
        
          
          

        

        
          EXHIBIT
            L-2

          
            

          

        

        
          
          

        

      

       

      EXHIBIT
        M

       

      LIST
        OF
        SERVICING AGREEMENTS

       

      

      1. Servicing
        Agreement, dated as of June 30, 2006, by and among HSBC Bank (USA) Inc. and
        Wells Fargo Bank, N.A., as servicer, as reconstituted pursuant to a
        Reconstituted Servicing Agreement, dated as of February 1, 2007, by and among
        HSBC Bank USA, National Association, HSI Asset Securitization Corporation
        and
        Wells Fargo Bank, N.A., as servicer,
        and
        acknowledged by Wells Fargo Bank, N.A., as master servicer, and Deutsche
        Bank
        National Trust Company, as trustee.

       

      2. Seller’s
        Warranties and Servicing Agreement, dated as of November 1, 2006, by and
        among
        HSBC Bank USA, National Association and Wells Fargo Bank, N.A., as servicer,
        as
        reconstituted pursuant to a Reconstituted Servicing Agreement, dated as of
        February 1, 2007, by and among HSBC Bank USA, National Association, HSI Asset
        Securitization Corporation and Wells Fargo Bank, N.A., as servicer, and
        acknowledged by Wells
        Fargo Bank, N.A., as master servicer,
        and
        Deutsche Bank National Trust Company, as trustee.

       

      3. Mortgage
        Loan Servicing Rights Purchase and Servicing Agreement as amended by Amendment
        Reg AB, each dated as of December 1, 2006, each among HSBC Bank USA, National
        Association, Countrywide Home Loans, Inc. and Countrywide Home Loans Servicing
        LP, each as reconstituted pursuant to an Assignment, Assumption and Recognition
        Agreement, dated as of February 1, 2007, among HSBC Bank (USA), National
        Association, HSI Asset Securitization Corporation, Countrywide Home Loans,
        Inc.,
        Countrywide Home Loans Servicing LP, Wells Fargo Bank, N.A., as master servicer,
        and Deutsche Bank National Trust Company, as trustee.

       

      4. Second
        Amended and Restated Master Mortgage Loan Purchase and Servicing Agreement,
        dated as of November 1, 2006, among Option One Mortgage Corporation, various
        Option One Owner Trusts and HSBC Bank USA, National Association, as
        reconstituted pursuant to a Reconstituted Servicing Agreement, dated as of
        February 1, 2007, by and among HSBC Bank USA, National Association, HSI Asset
        Securitization Corporation and Option One Mortgage Corporation, as servicer,
        and
        acknowledged by Wells Fargo Bank, N.A., as master servicer, and Deutsche
        Bank
        National Trust Company, as trustee.

       

      

      
        
          
          

        

        
          EXHIBIT
            M-1

          
            

          

        

        
          
          

        

      

       

      EXHIBIT
        N-1

       

      [RESERVED]

      

      

      
        
          
          

        

        
          EXHIBIT
            N-1-1

          
            

          

        

        
          
          

        

      

      EXHIBIT
        N-2

       

      [RESERVED]

       

      

      

      
        
          
          

        

        
          EXHIBIT
            N-2-1

          
            

          

        

        
          
          

        

      

      EXHIBIT
        N-3

       

      [RESERVED]

      

      

      
        
          
          

        

        
          EXHIBIT
            N-3-1

          
            

          

        

        
          
          

        

      

       

      EXHIBIT
        O

       

      FORM
        OF SWAP AGREEMENT

      

      
        
          
          

        

        
          EXHIBIT
            O-1

          
            

          

        

        
          
          

        

      

       

      EXHIBIT
        P

       

      FORM
        OF CAP AGREEMENT

      
        
          
          

        

        
          EXHIBIT
            P-1

          
            

          

        

        
          
          

        

      

       

      EXHIBIT
        Q

       

      TRANSFER
        AGREEMENTS

      

      

      
        
          
          

        

        
          EXHIBIT
            Q-1

          
            

          

        

        
          
          

        

      

      EXHIBIT
        R

      

      [Reserved]

      

      

      
        
          
          

        

        
          EXHIBIT
            R-1

          
            

          

        

        
          
          

        

      

      EXHIBIT
        S

      

      SERVICING
        CRITERIA MATRIX

      

      The
        assessment of compliance to be delivered by Wells Fargo Bank, N.A. (“Wells
        Fargo”), in its capacities as Master Servicer, Securities Administrator and
        Custodian, shall address, at a minimum, the criteria identified as below
        as
“Applicable Servicing Criteria.”

       

      Capitalized
        terms used herein but not defined herein shall have the meanings assigned
        to
        them in the Pooling and Servicing Agreement dated as of February 1, 2007
        (the
“Pooling and Servicing Agreement”), by and among HSI Asset Securitization
        Corporation, as depositor, Wells Fargo Bank, N.A., as master servicer,
        securities administrator and custodian, OfficeTiger Global Real Estate Services
        Inc., as credit risk manager, and Deutsche Bank National Trust Company, as
        trustee. 

      

      

      
        	
                Reg
                  AB Reference

              	
                Servicing
                  Criteria

              	
                Wells
                  Fargo

              
	 	
                General Servicing
                   Considerations

              	 
	
                1122(d)(1)(i)

              	
                Policies
                  and procedures are instituted to monitor any performance or other
                  triggers
                  and events of default in accordance with the transaction
                  agreements.

              	
                X

              
	
                1122(d)(1)(ii)

              	
                If
                  any material servicing activities are outsourced to third parties,
                  policies and procedures are instituted to monitor the third party’s
                  performance and compliance with such servicing activities.

              	
                X

              
	
                1122(d)(1)(iii)

              	
                Any
                  requirements in the transaction agreements to maintain a back-up
                  servicer
                  for the pool assets are maintained. 

              	 
	
                1122(d)(1)(iv)

              	
                A
                  fidelity bond and errors and omissions policy is in effect on the
                  party
                  participating in the servicing function throughout the reporting
                  period in
                  the amount of coverage required by and otherwise in accordance
                  with the
                  terms of the transaction agreements. 

              	
                X

              
	 	
                Cash Collection and Administration

              	 
	
                1122(d)(2)(i)

              	
                Payments
                  on pool assets are deposited into the appropriate custodial bank
                  accounts
                  and related bank clearing accounts no more than two business days
                  following receipt, or such other number of days specified in the
                  transaction agreements. 

              	
                X

              
	
                1122(d)(2)(ii)

              	
                Disbursements
                  made via wire transfer on behalf of an obligor or to an investor
                  are made
                  only by authorized personnel. 

              	
                X

              
	
                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

              
	
                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

              

      

       

      
        
          
          

        

        
          EXHIBIT
            S-1

          
            

          

        

        
          
          

        

      

       

      
        	
                Reg
                  AB Reference

              	
                Servicing
                  Criteria

              	
                Wells
                  Fargo

              
	
                1122(d)(2)(vii)
                  

              	
                Reconciliations
                  are prepared on a monthly basis for all asset-backed securities
                  related
                  bank accounts, including custodial accounts and related bank clearing
                  accounts. These reconciliations are (A) mathematically accurate;
                  (B)
                  prepared within 30 calendar days after the bank statement cutoff
                  date, or
                  such other number of days specified in the transaction agreements;
                  (C)
                  reviewed and approved by someone other than the person who prepared
                  the
                  reconciliation; and (D) contain explanations for reconciling items.
                  These
                  reconciling items are resolved within 90 calendar days of their
                  original
                  identification, or such other number of days specified in the transaction
                  agreements. 

              	
                X

              
	 	
                Investor
                  Remittances and Reporting

              	 
	
                1122(d)(3)(i)

              	
                Reports
                  to investors, including those to be filed with the Commission,
                  are
                  maintained in accordance with the transaction agreements and applicable
                  Commission requirements. Specifically, such reports (A) are prepared
                  in
                  accordance with timeframes and other terms set forth in the transaction
                  agreements; (B) provide information calculated in accordance with
                  the
                  terms specified in the transaction agreements; (C) are filed with
                  the
                  Commission as required by its rules and regulations; and (D) agree
                  with
                  investors’ or the trustee’s records as to the total unpaid principal
                  balance and number of pool assets serviced by the Servicer.
                  

              	
                X

              
	
                1122(d)(3)(ii)

              	
                Amounts
                  due to investors are allocated and remitted in accordance with
                  timeframes,
                  distribution priority and other terms set forth in the transaction
                  agreements. 

              	
                X

              
	
                1122(d)(3)(iii)

              	
                Disbursements
                  made to an investor are posted within two business days to the
                  Servicer’s
                  investor records, or such other number of days specified in the
                  transaction agreements. 

              	
                X

              
	
                1122(d)(3)(iv)

              	
                Amounts
                      remitted to investors per the investor reports agree with cancelled
                  checks, or other form of payment, or custodial bank statements.
                  

              	
                X

              
	 	
                Pool
                  Asset Administration

              	 
	
                1122(d)(4)(i)
                  

              	
                Collateral
                  or security on pool assets is maintained as required by the transaction
                  agreements or related pool asset documents. 

              	
                X

              
	
                1122(d)(4)(ii)

              	
                Pool
                  assets and related documents are safeguarded as required by the
                  transaction agreements 

              	
                X

              
	
                1122(d)(4)(iii)

              	
                Any
                  additions, removals or substitutions to the asset pool are made,
                  reviewed
                  and approved in accordance with any conditions or requirements
                  in the
                  transaction agreements. 

              	 
	
                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. 

              	 
	
                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. 

              	 

      

       

      
        
          
          

        

        
          EXHIBIT
            S-2

          
            

          

        

        
          
          

        

      

       

      
        	
                Reg
                  AB Reference

              	
                Servicing
                  Criteria

              	
                Wells
                  Fargo

              
	
                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]

                if
                  obligated under transaction documents

              
	 	 	 

      

      

      
        
          
          

        

        
          EXHIBIT
            S-3

          
            

          

        

        
          
          

        

      

      EXHIBIT
        T

      

      

      Trustee:
        Deutsche Bank National Trust Company

      

      Securities
        Administrator:
        Wells
        Fargo Bank, N.A.

      

      Master
        Servicer:
        Wells
        Fargo Bank, N.A. 

      

      Derivative
        Counterparty:
        Bear
        Stearns Financial Products, Inc.

      

      Servicers:
        Wells
        Fargo Bank, N.A., Countrywide Home Loans Servicing LP and Option One Mortgage
        Corporation

      

      Primary
        Originator:
        Accredited Home Lending, Inc.

      

      Custodian:
        Wells
        Fargo Bank, N.A.

      

      Sponsor:
        HSBC
        Bank USA, National Association

      

      Credit
        Risk Manager:
        OfficeTiger Global Real Estate Services Inc.

      

      

      

      

      
        
          
          

        

        
          EXHIBIT
            T-1

          
            

          

        

        
          
          

        

      

      EXHIBIT
        U

      

      FORM
        OF ANNUAL COMPLIANCE CERTIFICATE

      

      Via
        Overnight Delivery

      

      [DATE]

      

      HSI
        Asset
        Securitization Corporation,

      452
        Fifth
        Avenue

      New
        York,
        New York 10018

      Attention:
        Head MBS Principal Finance

      

      Wells
        Fargo Bank, N.A., 

      9062
        Old
        Annapolis Road

      Columbia,
        Maryland 21045

      Attention:
        Client Manager - HASCO 2007-HE1

      

      
        	
                RE:

              	
                Annual
                  officer’s certificate delivered pursuant to Section 3.05 of that certain
                  Pooling Servicing Agreement, dated as of February 1, 2007 (the
                  “Pooling
                  and Servicing Agreement”),
                  among HSI Asset Securitization Corporation, as depositor (the
                  “Depositor”),
                  Wells Fargo Bank, N.A., master servicer (the “Master
                  Servicer”),
                  securities administrator (the “Securities
                  Administrator”)
                  and custodian, OfficeTiger Global Real Estate Services Inc., as
                  credit
                  risk manager, and Deutsche Bank National Trust Company, as trustee
                  (the
                  “Trustee”)

              

      

      

      [_______],
        the undersigned, a duly authorized [_______] of [Master Servicer] [Securities
        Administrator] [Subservicer], does hereby certify the following for the
        [calendar year][identify other period] ending on December 31,
        20[__]:

      

      
        	
                1.

              	
                A
                  review of the activities of the [Master Servicer] [Securities
                  Administrator] during the preceding calendar year (or portion thereof)
                  and
                  of its performance under the Agreement for such period has been
                  made under
                  my supervision.

              

      

      

      
        	
                2.

              	
                To
                  the best of my knowledge, based on such review, the [Master Servicer]
                  [Securities Administrator] [Subservicer] has fulfilled all of its
                  obligations under the Agreement in all material respects throughout
                  such
                  year (or applicable portion thereof), or, if there has been a failure
                  to
                  fulfill any such obligation in any material respect, I have specifically
                  identified to the Depositor and the Securities Administrator each
                  such
                  failure known to me and the nature and status thereof, including
                  the steps
                  being taken by the [Master Servicer] [Securities Administrator]
                  [Subservicer] to remedy such
                  default.

              

      

      

      
        
          
          

        

        
          EXHIBIT
            U-1

          
            

          

        

        
          
          

        

      

      Certified
        By:

      

      

      

      ______________________________

      Name:

      Title:
        

      

      
        
          
          

        

        
          EXHIBIT
            U-2

          
            

          

        

        
          
          

        

      

      EXHIBIT
        V

       

      ADDITIONAL
        FORM 10-D DISCLOSURE

      

      

      
        	
                ADDITIONAL
                  FORM 10-D DISCLOSURE

              
	
                Item
                  on Form 10-D

              	
                Party
                  Responsible 

              
	
                Item
                  1: Distribution and Pool Performance Information

              	 
	
                Information
                  included in the [Monthly Statement]

              	
                Master
                  Servicer, Servicer(1)

                Securities
                  Administrator

              
	
                Any
                  information required by 1121 which is NOT included on the [Monthly
                  Statement]

              	
                Depositor

              
	
                Item
                  2: Legal Proceedings

                 

                Any
                  legal proceeding pending against the following entities or their
                  respective property, that is material to Certificateholders, including
                  any
                  proceeding known to be contemplated by governmental
                  authorities:

              	 
	
                ▪
                  Issuing Entity (Trust Fund)

              	
                Master
                  Servicer, Securities Administrator, Servicer(1)
                  and Depositor

              
	
                ▪
                  Sponsor (Seller)

              	
                Seller
                  (if a party to the Pooling and Servicing Agreement) or
                  Depositor

              
	
                ▪
                  Depositor

              	
                Depositor

              
	
                ▪
                  Trustee

              	
                Trustee

              
	
                ▪
                  Securities Administrator

              	
                Securities
                  Administrator

              
	
                ▪
                  Master Servicer

              	
                Master
                  Servicer

              
	
                ▪
                  Servicer

              	
                Servicer(1)

              
	
                ▪
                  Custodian

              	
                Custodian

              
	
                ▪
                  1110(b) Originator

              	
                Depositor

              
	
                ▪
                  Any 1108(a)(2) Servicer (other than the Master Servicer or Securities
                  Administrator)

              	
                Servicer(1)

              
	
                ▪
                  Any other party contemplated by 1100(d)(1)

              	
                Depositor

              
	
                Item
                  3: Sale of Securities and Use of Proceeds

                Information
                  from Item 2(a) of Part II of Form 10-Q:

                 

                With
                  respect to any sale of securities by the sponsor, depositor or
                  issuing
                  entity, that are backed by the same asset pool or are otherwise
                  issued by
                  the issuing entity, whether or not registered, provide the sales
                  and use
                  of proceeds information in Item 701 of Regulation S-K. Pricing
                  information
                  can be omitted if securities were not registered.

              	
                Depositor

              

      

       

      
        
          
          

        

        
          EXHIBIT
            V-1

          
            

          

        

        
          
          

        

      

       

      
        	
                ADDITIONAL
                  FORM 10-D DISCLOSURE

              
	
                Item
                  on Form 10-D

              	
                Party
                  Responsible 

              
	
                 

                Item
                  4: Defaults Upon Senior Securities

                 

                Information
                  from Item 3 of Part II of Form 10-Q:

                 

                Report
                  the occurrence of any Event of Default (after expiration of any
                  grace
                  period and provision of any required notice)

              	
                 

                Securities
                  Administrator

              
	
                Item
                  5: Submission of Matters to a Vote of Security
                  Holders

                 

                Information
                  from Item 4 of Part II of Form 10-Q

              	
                Securities
                  Administrator

              
	
                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.

              	 

      

       

      
        
          
          

        

        
          EXHIBIT
            V-2

          
            

          

        

        
          
          

        

      

       

      
        	
                ADDITIONAL
                  FORM 10-D DISCLOSURE

              
	
                Item
                  on Form 10-D

              	
                Party
                  Responsible 

              
	
                Item
                  8: Other Information

                 

                Disclose
                  any information required to be reported on Form 8-K during the
                  period
                  covered by the Form 10-D but not reported

              	
                 

                 

                 

                Any
                  party responsible for the applicable Form 8-K Disclosure
                  item

              
	
                Item
                  9: Exhibits

                Monthly
                  Statement to Certificateholders

              	
                 

                Securities
                  Administrator

              
	
                Exhibits
                  required by Item 601 of Regulation S-K, such as material
                  agreements

              	
                Depositor

              
	 	 

      

      (1)
        This
        information is provided pursuant to the applicable Servicing
        Agreement.

      
        
          
          

        

        
          EXHIBIT
            V-3

          
            

          

        

        
          
          

        

      

      EXHIBIT
        W

      

      ADDITIONAL
        FORM 10-K DISCLOSURE

      

      

      
        	
                ADDITIONAL
                  FORM 10-K DISCLOSURE

              
	
                Item
                  on Form 10-K

              	
                Party
                  Responsible 

              
	
                Item
                  1B: Unresolved Staff Comments

              	
                Depositor

              
	
                Item
                  9B: Other Information

                Disclose
                  any information required to be reported on Form 8-K during the
                  fourth
                  quarter covered by the Form 10-K but not reported

              	
                Any
                  party responsible for disclosure items on Form 8-K

              
	
                Item
                  15: Exhibits, Financial Statement Schedules

              	
                Securities
                  Administrator

                Depositor

              
	
                Reg
                  AB Item 1112(b): Significant Obligors of Pool
                  Assets

              	 
	
                Significant
                  Obligor Financial Information*

              	
                Depositor

              
	
                *This
                  information need only be reported on the Form 10-K if 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-K if updated information
                  is required pursuant to the Item.

              	 
	
                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-K if updated information
                  is required pursuant to the Item.

              	 

      

       

      
        
          
          

        

        
          EXHIBIT
            W-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
                  proceeding known to be contemplated by governmental
                  authorities:

              	 
	
                ▪
                  Issuing Entity (Trust Fund)

              	
                Master
                  Servicer, Securities Administrator, Servicer(1)
                  and
                  Depositor

              
	
                ▪
                  Sponsor (Seller)

              	
                Seller
                  (if a party to the Pooling and Servicing Agreement) or
                  Depositor

              
	
                ▪
                  Depositor

              	
                Depositor

              
	
                ▪
                  Trustee

              	
                Trustee

              
	
                ▪
                  Securities Administrator

              	
                Securities
                  Administrator

              
	
                ▪
                  Master Servicer

              	
                Master
                  Servicer

              
	
                ▪
                  Servicer

              	
                Servicer(1)

              
	
                ▪
                  Custodian

              	
                Custodian

              
	
                ▪
                  1110(b) Originator

              	
                Depositor

              
	
                ▪
                  Any 1108(a)(2) Servicer (other than the Servicer, Master Servicer
                  or
                  Securities Administrator)

              	
                Servicer

              
	
                ▪
                  Any other party contemplated by 1100(d)(1)

              	
                Depositor

              
	
                Reg
                  AB Item 1119: Affiliations and Relationships

              	 
	
                Whether
                  (a) the Sponsor (Seller), Depositor or Issuing Entity is an affiliate
                  of
                  the following parties, and (b) to the extent known and material,
                  any of
                  the following parties are affiliated with one another:

              	
                Depositor
                  as to (a) 

                Sponsor/Seller
                  as to (a)

              
	
                ▪
                  Master Servicer

              	
                Master
                  Servicer 

              
	
                ▪
                  Servicer

              	
                Servicer(1)

              
	
                ▪
                  Securities Administrator

              	
                Securities
                  Administrator

              
	
                ▪
                  Trustee

              	
                Trustee

              
	
                ▪
                  Any other 1108(a)(3) servicer

              	
                Servicer(1)

              
	
                ▪
                  Any 1110 Originator

              	
                Depositor/Sponsor

              
	
                ▪
                  Any 1112(b) Significant Obligor

              	
                Depositor/Sponsor

              
	
                ▪
                  Any 1114 Credit Enhancement Provider

              	
                Depositor/Sponsor

              
	
                ▪
                  Any 1115 Derivative Counterparty Provider

              	
                Depositor/Sponsor

              
	
                ▪
                  Any other 1101(d)(1) material party

              	
                Depositor/Sponsor

              
	
                Whether
                  there are any “outside the ordinary course business arrangements” other
                  than would be obtained in an arm’s length transaction between (a) the
                  Sponsor (Seller), Depositor or Issuing Entity on the one hand,
                  and (b) any
                  of the following parties (or their affiliates) on the other hand,
                  that
                  exist currently or within the past two years and that are material
                  to a
                  Certificateholder’s understanding of the Certificates:

              	
                Depositor
                  as to (a) 

                Sponsor/Seller
                  as to (a)

              

      

       

      
        
          
          

        

        
          EXHIBIT
            W-2

          
            

          

        

        
          
          

        

      

       

      
        	
                ADDITIONAL
                  FORM 10-K DISCLOSURE

              
	
                Item
                  on Form 10-K

              	
                Party
                  Responsible 

              
	
                ▪
                  Master Servicer

              	
                Master
                  Servicer 

              
	
                ▪
                  Servicer

              	
                Servicer(1)

              
	
                ▪
                  Securities Administrator

              	
                Securities
                  Administrator

              
	
                ▪
                  Trustee

              	
                Depositor/Sponsor

              
	
                ▪
                  Any other 1108(a)(3) servicer

              	
                Depositor/Sponsor

              
	
                ▪
                  Any 1110 Originator

              	
                Depositor/Sponsor

              
	
                ▪
                  Any 1112(b) Significant Obligor

              	
                Depositor/Sponsor

              
	
                ▪
                  Any 1114 Credit Enhancement Provider

              	
                Depositor/Sponsor

              
	
                ▪
                  Any 1115 Derivative Counterparty Provider

              	
                Depositor/Sponsor

              
	
                ▪
                  Any other 1101(d)(1) material party

              	
                Depositor/Sponsor

              
	
                Whether
                  there are any specific relationships involving the transaction
                  or the pool
                  assets between (a) the Sponsor (Seller), Depositor or Issuing Entity
                  on
                  the one hand, and (b) any of the following parties (or their affiliates)
                  on the other hand, that exist currently or within the past two
                  years and
                  that are material:

              	
                Depositor
                  as to (a) 

                Sponsor/Seller
                  as to (a)

              
	
                ▪
                  Master Servicer

              	
                Master
                  Servicer 

              
	
                ▪
                  Servicer

              	
                Servicer(1)

              
	
                ▪
                  Securities Administrator

              	
                Securities
                  Administrator

              
	
                ▪
                  Trustee

              	
                Depositor/Sponsor

              
	
                ▪
                  Any other 1108(a)(3) servicer

              	
                Servicer(1)

              
	
                ▪
                  Any 1110 Originator

              	
                Depositor/Sponsor

              
	
                ▪
                  Any 1112(b) Significant Obligor

              	
                Depositor/Sponsor

              
	
                ▪
                  Any 1114 Credit Enhancement Provider

              	
                Depositor/Sponsor

              
	
                ▪
                  Any 1115 Derivate Counterparty Provider

              	
                Depositor/Sponsor

              
	
                ▪
                  Any other 1101(d)(1) material party

              	
                Depositor/Sponsor

              

      

      (1)
        This
        information is provided pursuant to the applicable Servicing
        Agreement.

      

      

      
        
          
          

        

        
          EXHIBIT
            W-3

          
            

          

        

        
          
          

        

      

      EXHIBIT
        X

      

      FORM
        8-K DISCLOSURE INFORMATION

      

      

      
        	
                FORM
                  8-K DISCLOSURE INFORMATION

              
	
                Item
                  on Form 8-K

              	
                Party
                  Responsible 

              
	
                Item
                  1.01- Entry into a Material Definitive Agreement

                 

                Disclosure
                  is required regarding entry into or amendment of any definitive
                  agreement
                  that is material to the securitization, even if depositor is not
                  a party.
                  

                 

                Examples:
                  servicing agreement, custodial agreement.

                 

                Note:
                  disclosure not required as to definitive agreements that are fully
                  disclosed in the prospectus

              	
                All
                  parties other than the Trustee

              
	
                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 other than the Trustee

              
	
                Item
                  1.03- Bankruptcy or Receivership

                 

                Disclosure
                  is required regarding the bankruptcy or receivership, with respect
                  to any
                  of the following: 

              	
                Depositor

              
	
                ▪
                  Sponsor (Seller)

              	
                Depositor/Sponsor
                  (Seller)

              
	
                ▪
                  Depositor

              	
                Depositor

              
	
                ▪
                  Master Servicer

              	
                Master
                  Servicer

              
	
                ▪
                  Affiliated Servicer

              	
                Servicer(1)

              
	
                ▪
                  Other Servicer servicing 20% or more of the pool assets at the
                  time of the
                  report

              	
                Servicer(1)

              
	
                ▪
                  Other material servicers

              	
                Servicer(1)

              
	
                ▪
                  Trustee

              	
                Trustee

              
	
                ▪
                  Securities Administrator

              	
                Securities
                  Administrator

              

      

       

      
        
          
          

        

        
          EXHIBIT
            X-1

          
            

          

        

        
          
          

        

      

       

      
        	
                FORM
                  8-K DISCLOSURE INFORMATION

              
	
                Item
                  on Form 8-K

              	
                Party
                  Responsible 

              
	
                ▪
                  Significant Obligor

              	
                Depositor

              
	
                ▪
                  Credit Enhancer (10% or more)

              	
                Depositor

              
	
                ▪
                  Derivative Counterparty

              	
                Depositor

              
	
                ▪
                  Custodian

              	
                Custodian

              
	
                Item
                  2.04- Triggering Events that Accelerate or Increase a Direct Financial
                  Obligation or an Obligation under an Off-Balance Sheet
                  Arrangement

                 

                Includes
                  an early amortization, performance trigger or other event, including
                  event
                  of default, that would materially alter the payment priority/distribution
                  of cash flows/amortization schedule.

                 

                Disclosure
                  will be made of events other than waterfall triggers which are
                  disclosed
                  in the monthly statements to the certificateholders.

              	
                Depositor

                Master
                  Servicer

                Securities
                  Administrator

              
	
                Item
                  3.03- Material Modification to Rights of Security
                  Holders

                 

                Disclosure
                  is required of any material modification to documents defining
                  the rights
                  of Certificateholders, including the Pooling and Servicing
                  Agreement.

              	
                Securities
                  Administrator

                Depositor

              
	
                Item
                  5.03- Amendments of Articles of Incorporation or Bylaws; Change
                  of Fiscal
                  Year

                Disclosure
                  is required of any amendment “to the governing documents of the issuing
                  entity”.

              	
                Depositor

              
	
                Item
                  6.01- ABS Informational and Computational
                  Material

              	
                Depositor

              
	
                Item
                  6.02- Change of Servicer or Securities Administrator

                 

                Requires
                  disclosure of any removal, replacement, substitution or addition
                  of any
                  master servicer, affiliated servicer, other servicer servicing
                  10% or more
                  of pool assets at time of report, other material servicers or
                  trustee.

              	
                Master
                  Servicer/Securities Administrator/Depositor/

                Servicer(1)

              
	
                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.

              	
                Trustee

              

      

       

      
        
          
          

        

        
          EXHIBIT
            X-2

          
            

          

        

        
          
          

        

      

       

      
        	
                FORM
                  8-K DISCLOSURE INFORMATION

              
	
                Item
                  on Form 8-K

              	
                Party
                  Responsible 

              
	
                Item
                  6.03- Change in Credit Enhancement or External
                  Support

                Covers
                  termination of any enhancement in manner other than by its terms,
                  the
                  addition of an enhancement, or a material change in the enhancement
                  provided. Applies to external credit enhancements as well as derivatives.
                  

              	
                Depositor/Securities
                  Administrator

              
	
                Reg
                  AB disclosure about any new enhancement provider is also
                  required.

              	
                Depositor

              
	
                Item
                  6.04- Failure to Make a Required Distribution

              	
                Securities
                  Administrator

              
	
                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 other than the Trustee

              
	
                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 is provided pursuant to the applicable Servicing
        Agreement.

      

      

      
        
          
          

        

        
          EXHIBIT
            X-3

          
            

          

        

        
          
          

        

      

      EXHIBIT
        Y

      

      ADDITIONAL
        DISCLOSURE NOTIFICATION

       

      **SEND
        TO WELLS FARGO VIA FAX TO 410-715-2380 AND VIA EMAIL TO
        cts.sec.notifications@wellsfargo.com AND VIA OVERNIGHT MAIL TO THE ADDRESS
        IMMEDIATELY BELOW. SEND TO THE DEPOSITOR AT THE ADDRESS
        BELOW**

      

       

      Wells
        Fargo Bank, N.A. as Securities Administrator 

      Old
        Annapolis Road

      Columbia,
        Maryland 21045

      Fax:
        (410) 715-2380

      E-mail:
        cts.sec.notifications@wellsfargo.com

       

      HSI
        Asset
        Securitization Corporation

      452
        Fifth
        Avenue

      New
        York,
        New York 10018

      Attention:
        Head MBS Principal Finance

      

      Attn:
        Corporate Trust Services - [DEAL NAME]-SEC REPORT PROCESSING

       

      RE:
        **Additional Form [ ] Disclosure**Required

       

      Ladies
        and Gentlemen:

       

      In
        accordance with Section [ ] of the Pooling and Servicing Agreement, dated
        as of
        [ ] [ ], 2007, among [ ], as [ ], [ ], as [ ], [ ], as [ ] and [ ], as [
        ]. The
        Undersigned, as [ ], hereby notifies you that certain events have come to
        our
        attention that [will][may] need to be disclosed on Form [ ].

       

      Description
        of Additional Form [ ] Disclosure:

      

       

      List
        of
        Any Attachments hereto to be included in the Additional Form [ ]
        Disclosure:

       

       

      Any
        inquiries related to this notification should be directed to [ ], phone number:
        [ ]; email address: [ ].

       

      
        
          
          

        

        
          EXHIBIT
            Y-1

          
            

          

        

        
          
          

        

      

       

       

      

       

      [NAME
        OF
        PARTY]

      as
        [role]

       

       

      By: 
        __________________
Name:
Title: 

       

      
        
          
          

        

        
          EXHIBIT
            Y-2

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