Document:

ACE
      SECURITIES CORP.

    Depositor

     

    OCWEN
      LOAN SERVICING, LLC

    a
      Servicer

     

    GMAC
      MORTGAGE, LLC

    a
      Servicer

     

    WELLS
      FARGO BANK, NATIONAL ASSOCIATION

    Master
      Servicer and Securities Administrator

     

    

    HSBC
      BANK
      USA, NATIONAL ASSOCIATION

    Trustee

     

    

    POOLING
      AND SERVICING AGREEMENT

    Dated
      as
      of February 1, 2007

     

    

     

    ACE
      Securities Corp. Home Equity Loan Trust, Series 2007-SL1

    Asset
      Backed Pass-Through Certificates

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    TABLE
      OF
      CONTENTS

     

    
      	
              ARTICLE
                I DEFINITIONS

            	
              10

            
	 	 	 
	
              SECTION
                1.01.

            	
              Defined
                Terms.

            	
              10

            
	
              SECTION
                1.02.

            	
              Allocation
                of Certain Interest Shortfalls.

            	
              86

            
	 	 
	
              ARTICLE
                II CONVEYANCE OF MORTGAGE LOANS; ORIGINAL ISSUANCE OF
                CERTIFICATES

            	
              89

            
	 	 	 
	
              SECTION
                2.01.

            	
              Conveyance
                of the Mortgage Loans.

            	
              89

            
	
              SECTION
                2.02.

            	
              Acceptance
                of REMIC I by Trustee.

            	
              90

            
	
              SECTION
                2.03.

            	
              Repurchase
                or Substitution of Mortgage Loans.

            	
              90

            
	
              SECTION
                2.04.

            	
              Representations
                and Warranties of the Master Servicer.

            	
              93

            
	
              SECTION
                2.05.

            	
              Representations,
                Warranties and Covenants of the Servicers.

            	
              95

            
	
              SECTION
                2.06.

            	
              Issuance
                of the REMIC I Regular Interests and the Class R-I
                Interest.

            	
              99

            
	
              SECTION
                2.07.

            	
              Conveyance
                of the REMIC I Regular Interests; Acceptance of REMIC II and REMIC
                III by
                the Trustee.

            	
              99

            
	
              SECTION
                2.08.

            	
              Issuance
                of the Residual Certificates.

            	
              100

            
	
              SECTION
                2.09.

            	
              Establishment
                of the Trust.

            	
              100

            
	
              SECTION
                2.10.

            	
              Purpose
                and Powers of the Trust.

            	
              100

            
	
              SECTION
                2.11.

            	
              Representations
                and Warranties of the Trustee.

            	
              101

            
	 	 
	
              ARTICLE
                III ADMINISTRATION AND SERVICING OF THE MORTGAGE LOANS;
                ACCOUNTS

            	
              102

            
	 	 	 
	
              SECTION
                3.01.

            	
              The
                Servicers to Act as Servicer.

            	
              102

            
	
              SECTION
                3.02.

            	
              Sub-Servicing
                Agreements Between a Servicer and Sub-Servicers.

            	
              106

            
	
              SECTION
                3.03.

            	
              Successor
                Sub-Servicers.

            	
              107

            
	
              SECTION
                3.04.

            	
              No
                Contractual Relationship Between Sub-Servicer, Subcontractor, Trustee
                or
                the Certificateholders.

            	
              107

            
	
              SECTION
                3.05.

            	
              Assumption
                or Termination of Sub-Servicing Agreement by Successor
                Servicer.

            	
              108

            
	
              SECTION
                3.06.

            	
              Collection
                of Certain Mortgage Loan Payments.

            	
              108

            
	
              SECTION
                3.07.

            	
              Collection
                of Taxes, Assessments and Similar Items; Servicing
                Accounts.

            	
              109

            
	
              SECTION
                3.08.

            	
              Collection
                Accounts and Distribution Account.

            	
              110

            
	
              SECTION
                3.09.

            	
              Withdrawals
                from the Collection Accounts and Distribution Account.

            	
              112

            
	
              SECTION
                3.10.

            	
              Investment
                of Funds in the Investment Accounts.

            	
              115

            
	
              SECTION
                3.11.

            	
              Maintenance
                of Hazard Insurance, Errors and Omissions and Fidelity Coverage and
                Primary Mortgage Insurance.

            	
              116

            
	
              SECTION
                3.12.

            	
              Enforcement
                of Due-on-Sale Clauses; Assumption Agreements

            	
              118

            
	
              SECTION
                3.13.

            	
              Realization
                Upon Defaulted Mortgage Loans.

            	
              119

            
	
              SECTION
                3.14.

            	
              Trustee
                to Cooperate; Release of Mortgage Files.

            	
              125

            
	
              SECTION
                3.15.

            	
              Servicing
                Compensation.

            	
              126

            
	
              SECTION
                3.16.

            	
              Collection
                Account Statements.

            	
              127

            

    

     

    
      
        
        

      

      
        i

        
          

        

      

      
        
        

      

    

     

    
      	
              SECTION
                3.17.

            	
              Annual
                Statement as to Compliance.

            	
              127

            
	
              SECTION
                3.18.

            	
              Assessments
                of Compliance and Attestation Reports.

            	
              128

            
	
              SECTION
                3.19.

            	
              [Reserved].

            	
              129

            
	
              SECTION
                3.20.

            	
              Annual
                Certification; Additional Information.

            	
              129

            
	
              SECTION
                3.21.

            	
              Access
                to Certain Documentation.

            	
              131

            
	
              SECTION
                3.22.

            	
              Title,
                Management and Disposition of REO Property.

            	
              131

            
	
              SECTION
                3.23.

            	
              Obligations
                of the Servicers in Respect of Prepayment Interest Shortfalls; Relief
                Act
                Interest Shortfalls.

            	
              134

            
	
              SECTION
                3.24.

            	
              Obligations
                of the Servicer in Respect of Mortgage Rates and Monthly
                Payments.

            	
              134

            
	
              SECTION
                3.25.

            	
              Reserve
                Fund.

            	
              135

            
	
              SECTION
                3.26.

            	
              Advance
                Facility.

            	
              136

            
	
              SECTION
                3.27.

            	
              Indemnification.

            	
              138

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

            	
              139

            
	 	 	 
	
              SECTION
                4.01.

            	
              Master
                Servicer.

            	
              139

            
	
              SECTION
                4.02.

            	
              REMIC-Related
                Covenants.

            	
              140

            
	
              SECTION
                4.03.

            	
              Monitoring
                of Servicer.

            	
              140

            
	
              SECTION
                4.04.

            	
              Fidelity
                Bond.

            	
              141

            
	
              SECTION
                4.05.

            	
              Power
                to Act; Procedures.

            	
              141

            
	
              SECTION
                4.06.

            	
              Due-on-Sale
                Clauses; Assumption Agreements.

            	
              142

            
	
              SECTION
                4.07.

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

            	
              142

            
	
              SECTION
                4.08.

            	
              Standard
                Hazard Insurance and Flood Insurance Policies.

            	
              143

            
	
              SECTION
                4.09.

            	
              Presentment
                of Claims and Collection of Proceeds.

            	
              143

            
	
              SECTION
                4.10.

            	
              Reserved.

            	
              144

            
	
              SECTION
                4.11.

            	
              Trustee
                to Retain Possession of Certain Insurance Policies and
                Documents.

            	
              144

            
	
              SECTION
                4.12.

            	
              Realization
                Upon Defaulted Mortgage Loans.

            	
              144

            
	
              SECTION
                4.13.

            	
              Compensation
                for the Master Servicer.

            	
              144

            
	
              SECTION
                4.14.

            	
              REO
                Property.

            	
              144

            
	
              SECTION
                4.15.

            	
              Master
                Servicer Annual Statement of Compliance.

            	
              145

            
	
              SECTION
                4.16.

            	
              Master
                Servicer Assessments of Compliance.

            	
              146

            
	
              SECTION
                4.17.

            	
              Master
                Servicer Attestation Reports.

            	
              147

            
	
              SECTION
                4.18.

            	
              Annual
                Certification.

            	
              148

            
	
              SECTION
                4.19.

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

            	
              149

            
	
              SECTION
                4.20.

            	
              Prepayment
                Penalty Verification.

            	
              149

            
	 	 
	
              ARTICLE
                V PAYMENTS TO CERTIFICATEHOLDERS

            	
              151

            
	 	 	 
	
              SECTION
                5.01.

            	
              Distributions.

            	
              151

            
	
              SECTION
                5.02.

            	
              Statements
                to Certificateholders.

            	
              165

            
	
              SECTION
                5.03.

            	
              Servicer
                Reports; P&I Advances.

            	
              169

            
	
              SECTION
                5.04.

            	
              Allocation
                of Realized Losses.

            	
              171

            
	
              SECTION
                5.05.

            	
              Compliance
                with Withholding Requirements.

            	
              174

            

    

     

    
      
        
        

      

      
        ii

        
          

        

      

      
        
        

      

    

     

    
      	
              SECTION
                5.06.

            	
              Reports
                Filed with Securities and Exchange Commission.

            	
              174

            
	
              SECTION
                5.07.

            	
              Supplemental
                Interest Trust.

            	
              179

            
	
              SECTION
                5.08.

            	
              Tax
                Treatment of Swap Payments and Swap Termination Payments.

            	
              182

            
	
              SECTION
                5.09.

            	
              Swap
                Collateral Account.

            	
              183

            
	 	 
	
              ARTICLE
                VI THE CERTIFICATES

            	
              184

            
	 	 	 
	
              SECTION
                6.01.

            	
              The
                Certificates.

            	
              184

            
	
              SECTION
                6.02.

            	
              Registration
                of Transfer and Exchange of Certificates.

            	
              186

            
	
              SECTION
                6.03.

            	
              Mutilated,
                Destroyed, Lost or Stolen Certificates.

            	
              192

            
	
              SECTION
                6.04.

            	
              Persons
                Deemed Owners.

            	
              192

            
	
              SECTION
                6.05.

            	
              Certain
                Available Information.

            	
              192

            
	 	 
	
              ARTICLE
                VII THE DEPOSITOR, THE SERVICERS AND THE MASTER SERVICER

            	
              194

            
	 	 	 
	
              SECTION
                7.01.

            	
              Liability
                of the Depositor, the Servicers and the Master Servicer.

            	
              194

            
	
              SECTION
                7.02.

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

            	
              194

            
	
              SECTION
                7.03.

            	
              Limitation
                on Liability of the Depositor, the Servicers, the Master Servicer
                and
                Others.

            	
              194

            
	
              SECTION
                7.04.

            	
              Limitation
                on Resignation of the Servicers.

            	
              195

            
	
              SECTION
                7.05.

            	
              Limitation
                on Resignation of the Master Servicer.

            	
              197

            
	
              SECTION
                7.06.

            	
              Assignment
                of Master Servicing.

            	
              197

            
	
              SECTION
                7.07.

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

            	
              197

            
	
              SECTION
                7.08.

            	
              Duties
                of the Credit Risk Manager.

            	
              198

            
	
              SECTION
                7.09.

            	
              Limitation
                Upon Liability of the Credit Risk Manager.

            	
              199

            
	
              SECTION
                7.10.

            	
              Removal
                of the Credit Risk Manager.

            	
              199

            
	
              SECTION
                7.11.

            	
              Transfer
                of Servicing by Sponsor.

            	
              199

            
	 	 
	
              ARTICLE
                VIII DEFAULT

            	
              201

            
	 	 	 
	
              SECTION
                8.01.

            	
              Servicer
                Events of Default.

            	
              201

            
	
              SECTION
                8.02.

            	
              Master
                Servicer to Act; Appointment of Successor.

            	
              206

            
	
              SECTION
                8.03.

            	
              Notification
                to Certificateholders.

            	
              207

            
	
              SECTION
                8.04.

            	
              Waiver
                of Events of Default.

            	
              207

            
	 	 
	
              ARTICLE
                IX CONCERNING THE TRUSTEE AND THE SECURITIES ADMINISTRATOR

            	
              209

            
	 	 	 
	
              SECTION
                9.01.

            	
              Duties
                of Trustee and Securities Administrator.

            	
              209

            
	
              SECTION
                9.02.

            	
              Certain
                Matters Affecting Trustee and Securities Administrator.

            	
              210

            
	
              SECTION
                9.03.

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

            	
              213

            
	
              SECTION
                9.04.

            	
              Trustee
                and Securities Administrator May Own Certificates.

            	
              213

            
	
              SECTION
                9.05.

            	
              Fees
                and Expenses of Trustee, Custodians and Securities
                Administrator.

            	
              213

            
	
              SECTION
                9.06.

            	
              Eligibility
                Requirements for Trustee and Securities Administrator.

            	
              214

            

    

     

    
      
        
        

      

      
        iii

        
          

        

      

      
        
        

      

    

     

    
      	
              SECTION
                9.07.

            	
              Resignation
                and Removal of Trustee and Securities Administrator.

            	
              215

            
	
              SECTION
                9.08.

            	
              Successor
                Trustee or Securities Administrator.

            	
              216

            
	
              SECTION
                9.09.

            	
              Merger
                or Consolidation of Trustee or Securities Administrator.

            	
              217

            
	
              SECTION
                9.10.

            	
              Appointment
                of Co-Trustee or Separate Trustee.

            	
              217

            
	
              SECTION
                9.11.

            	
              Appointment
                of Office or Agency.

            	
              218

            
	
              SECTION
                9.12.

            	
              Representations
                and Warranties.

            	
              218

            
	 	 
	
              ARTICLE
                X TERMINATION

            	
              220

            
	 	 	 
	
              SECTION
                10.01.

            	
              Termination
                Upon Repurchase or Liquidation of All Mortgage Loans.

            	
              220

            
	
              SECTION
                10.02.

            	
              Additional
                Termination Requirements.

            	
              223

            
	 	 
	
              ARTICLE
                XI REMIC PROVISIONS

            	
              225

            
	 	 	 
	
              SECTION
                11.01.

            	
              REMIC
                Administration.

            	
              225

            
	
              SECTION
                11.02.

            	
              Prohibited
                Transactions and Activities.

            	
              227

            
	
              SECTION
                11.03.

            	
              Indemnification.

            	
              228

            
	 	 
	
              ARTICLE
                XII MISCELLANEOUS PROVISIONS

            	
              229

            
	 	 	 
	
              SECTION
                12.01.

            	
              Amendment.

            	
              229

            
	
              SECTION
                12.02.

            	
              Recordation
                of Agreement; Counterparts.

            	
              230

            
	
              SECTION
                12.03.

            	
              Limitation
                on Rights of Certificateholders.

            	
              231

            
	
              SECTION
                12.04.

            	
              Governing
                Law.

            	
              231

            
	
              SECTION
                12.05.

            	
              Notices.

            	
              231

            
	
              SECTION
                12.06.

            	
              Severability
                of Provisions.

            	
              232

            
	
              SECTION
                12.07.

            	
              Notice
                to Rating Agencies.

            	
              232

            
	
              SECTION
                12.08.

            	
              Article
                and Section References.

            	
              233

            
	
              SECTION
                12.09.

            	
              Grant
                of Security Interest.

            	
              233

            
	
              SECTION
                12.10.

            	
              Survival
                of Indemnification.

            	
              234

            
	
              SECTION
                12.11.

            	
              Intention
                of the Parties and Interpretation.

            	
              234

            
	
              SECTION
                12.12.

            	
              Indemnification.

            	
              235

            
	
              SECTION
                12.13.

            	
              Swap
                Provider as a Third Party Beneficiary.

            	
              235

            

    

    

    

    
      
        
        

      

      
        iv

        
          

        

      

      
        
        

      

    

    Exhibits

    

      
        	
                Exhibit
                  A-1

              	
                Form
                  of Class A Certificate

              

      

      
        	
                Exhibit
                  A-2

              	
                Form
                  of Class M Certificate

              

      

      
        	
                Exhibit
                  A-3

              	
                Form
                  of Class CE-1 Certificate and Class CE-2
                  Certificate

              

      

      
        	
                Exhibit
                  A-4

              	
                Form
                  of Class P Certificate

              

      

      
        	
                Exhibit
                  A-5

              	
                Form
                  of Class R Certificate

              

      

      
        	
                Exhibit
                  B-1

              	
                Form
                  of Transferor Representation Letter and Form of Transferee Representation
                  Letter in Connection with Transfer of the Class P Certificates,
                  Class CE-1
                  Certificates, Class CE-2 Certificates and Residual Certificates
                  Pursuant
                  to Rule 144A Under the Securities
                  Act

              

      

      
        	
                Exhibit
                  B-2

              	
                Form
                  of Transferor Representation Letter and Form of Transferee Representation
                  Letter in Connection with Transfer of the Class P Certificates,
                  Class CE-1
                  Certificates, Class CE-2 Certificates and Residual Certificates
                  Pursuant
                  to Rule 501(a) Under the Securities
                  Act

              

      

      
        	
                Exhibit
                  B-3

              	
                Form
                  of Transfer Affidavit and Agreement and Form of Transferor Affidavit
                  in
                  Connection with Transfer of Residual
                  Certificates

              

      

      
        	
                Exhibit
                  C

              	
                Form
                  of Back-Up Certification

              

      

      
        	
                Exhibit
                  D

              	
                Form
                  of Power of Attorney

              

      

      
        	
                Exhibit
                  E

              	
                Servicing
                  Criteria

              

      

      
        	
                Exhibit
                  F

              	
                Mortgage
                  Loan Purchase Agreement 

              

      

      
        	
                Exhibit
                  G

              	
                Form
                  10-D, Form 8-K and Form 10-K Reporting
                  Responsibility

              

      

      
        	
                Exhibit
                  H

              	
                Additional
                  Disclosure Notification

              

      

      
        	
                Exhibit
                  I

              	
                Swap
                  Agreement

              

      

      

      
        	
                Schedule
                  1

              	
                Mortgage
                  Loan Schedule

              

      

      
        	
                Schedule
                  2

              	
                Prepayment
                  Charge Schedule

              

      

      
        	
                Schedule
                  3

              	
                Reserved

              

      

      
        	
                Schedule
                  4

              	
                Standard
                  File Layout - Delinquency Reporting

              

      

      
        	
                Schedule
                  5

              	
                Standard
                  File Layout - Master Servicing

              

      

      
        	
                Schedule
                  6

              	
                Data
                  Requirements of Servicing Advances Incurred Prior to Cut-off
                  Date

              

      

    

    

    
      
        
        

      

      
        v

        
          

        

      

      
        
        

      

    

    This
      Pooling and Servicing Agreement, is dated and effective as of February 1, 2007,
      among ACE SECURITIES CORP., as Depositor, OCWEN LOAN SERVICING, LLC, as a
      Servicer, GMAC MORTGAGE, LLC, as a Servicer, WELLS FARGO BANK, NATIONAL
      ASSOCIATION, as Master Servicer and Securities Administrator and HSBC BANK
      USA,
      NATIONAL ASSOCIATION, as Trustee.

     

    PRELIMINARY
      STATEMENT:

     

    The
      Depositor intends to sell pass-through certificates to be issued hereunder
      in
      multiple classes, which in the aggregate will evidence the entire beneficial
      ownership interest of the Trust Fund created hereunder. The Trust Fund will
      consist of a segregated pool of assets comprised of the Mortgage Loans and
      certain other related assets subject to this Agreement.

     

    REMIC
      I

     

    As
      provided herein, the Securities Administrator will elect to treat the segregated
      pool of assets consisting of the Mortgage Loans and certain other related assets
      subject to this Agreement (other than the Reserve Fund and, for the avoidance
      of
      doubt, the Supplemental Interest Trust and the Swap Agreement) as a REMIC for
      federal income tax purposes, and such segregated pool of assets will be
      designated as “REMIC I”. The Class R-I Interest will be the sole class of
“residual interests” in REMIC I for purposes of the REMIC Provisions (as defined
      herein). The following table irrevocably sets forth the designation, the REMIC
      I
      Remittance Rate, the initial Uncertificated Balance and, for purposes of
      satisfying Treasury regulation Section 1.860G-1(a)(4)(iii), the “latest possible
      maturity date” for each of the REMIC I Regular Interests (as defined herein).
      None of the REMIC I Regular Interests will be certificated.

     

    
      	
              Designation

            	 	
              REMIC
                I

              Remittance
                Rate

            	 	
              Initial

              Uncertificated
                Balance

            	 	
              Latest
                Possible

              Maturity
                Date(1)

            
	
              I

            	 	
              Variable(2)

            	 	 	
              $      
                               16,928,918.21

            	 	
              March
                2037

            
	
              I-1-A

            	 	
              Variable(2)

            	 	 	
              $        
                               1,187,548.88

            	 	
              March
                2037

            
	
              I-1-B

            	 	
              Variable(2)

            	 	 	
              $        
                               1,187,548.88

            	 	
              March
                2037

            
	
              I-2-A

            	 	
              Variable(2)

            	 	 	
              $        
                               1,131,614.37

            	 	
              March
                2037

            
	
              I-2-B

            	 	
              Variable(2)

            	 	 	
              $        
                               1,131,614.37

            	 	
              March
                2037

            
	
              I-3-A

            	 	
              Variable(2)

            	 	 	
              $        
                               1,078,311.22

            	 	
              March
                2037

            
	
              I-3-B

            	 	
              Variable(2)

            	 	 	
              $        
                               1,078,311.22

            	 	
              March
                2037

            
	
              I-4-A

            	 	
              Variable(2)

            	 	 	
              $         
                              1,027,515.68

            	 	
              March
                2037

            
	
              I-4-B

            	 	
              Variable(2)

            	 	 	
              $            
                           1,027,515.68

            	 	
              March
                2037

            
	
              I-5-A

            	 	
              Variable(2)

            	 	 	
              $                           979,110.13

            	 	
              March
                2037

            
	
              I-5-B

            	 	
              Variable(2)

            	 	 	
              $                           979,110.13

            	 	
              March
                2037

            
	
              I-6-A

            	 	
              Variable(2)

            	 	 	
              $                           932,981.94

            	 	
              March
                2037

            
	
              I-6-B

            	 	
              Variable(2)

            	 	 	
              $                           932,981.94

            	 	
              March
                2037

            
	
              I-7-A

            	 	
              Variable(2)

            	 	 	
              $                           889,024.32

            	 	
              March
                2037

            
	
              I-7-B

            	 	
              Variable(2)

            	 	 	
              $                           889,024.32

            	 	
              March
                2037

            
	
              I-8-A

            	 	
              Variable(2)

            	 	 	
              $                           847,135.18

            	 	
              March
                2037

            
	
              I-8-B

            	 	
              Variable(2)

            	 	 	
              $                           847,135.18

            	 	
              March
                2037

            
	
              I-9-A

            	 	
              Variable(2)

            	 	 	
              $                           807,217.10

            	 	
              March
                2037

            
	
              I-9-B

            	 	
              Variable(2)

            	 	 	
              $                           807,217.10

            	 	
              March
                2037

            
	
              I-10-A

            	 	
              Variable(2)

            	 	 	
              $                           769,177.74

            	 	
              March
                2037

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	
              Designation

            	 	
              REMIC
                I

              Remittance
                Rate

            	 	
              Initial

              Uncertificated
                Balance

            	 	
              Latest
                Possible

              Maturity
                Date(1)

            
	
              I-10-B

            	 	
              Variable(2)

            	 	 	
              $                           769,177.74

            	 	
              March
                2037

            
	
              I-11-A

            	 	
              Variable(2)

            	 	 	
              $                           732,928.49

            	 	
              March
                2037

            
	
              I-11-B

            	 	
              Variable(2)

            	 	 	
              $                           732,928.49

            	 	
              March
                2037

            
	
              I-12-A

            	 	
              Variable(2)

            	 	 	
              $                           698,385.34

            	 	
              March
                2037

            
	
              I-12-B

            	 	
              Variable(2)

            	 	 	
              $                           698,385.34

            	 	
              March
                2037

            
	
              I-13-A

            	 	
              Variable(2)

            	 	 	
              $                           665,467.98

            	 	
              March
                2037

            
	
              I-13-B

            	 	
              Variable(2)

            	 	 	
              $                           665,467.98

            	 	
              March
                2037

            
	
              I-14-A

            	 	
              Variable(2)

            	 	 	
              $                           634,100.16

            	 	
              March
                2037

            
	
              I-14-B

            	 	
              Variable(2)

            	 	 	
              $                           634,100.16

            	 	
              March
                2037

            
	
              I-15-A

            	 	
              Variable(2)

            	 	 	
              $                           604,208.73

            	 	
              March
                2037

            
	
              I-15-B

            	 	
              Variable(2)

            	 	 	
              $                           604,208.73

            	 	
              March
                2037

            
	
              I-16-A

            	 	
              Variable(2)

            	 	 	
              $                           575,724.57

            	 	
              March
                2037

            
	
              I-16-B

            	 	
              Variable(2)

            	 	 	
              $                           575,724.57

            	 	
              March
                2037

            
	
              I-17-A

            	 	
              Variable(2)

            	 	 	
              $                           548,581.33

            	 	
              March
                2037

            
	
              I-17-B

            	 	
              Variable(2)

            	 	 	
              $                           548,581.33

            	 	
              March
                2037

            
	
              I-18-A

            	 	
              Variable(2)

            	 	 	
              $                           522,715.96

            	 	
              March
                2037

            
	
              I-18-B

            	 	
              Variable(2)

            	 	 	
              $                           522,715.96

            	 	
              March
                2037

            
	
              I-19-A

            	 	
              Variable(2)

            	 	 	
              $                           498,068.44

            	 	
              March
                2037

            
	
              I-19-B

            	 	
              Variable(2)

            	 	 	
              $                           498,068.44

            	 	
              March
                2037

            
	
              I-20-A

            	 	
              Variable(2)

            	 	 	
              $                           474,581.44

            	 	
              March
                2037

            
	
              I-20-B

            	 	
              Variable(2)

            	 	 	
              $                           474,581.44

            	 	
              March
                2037

            
	
              I-21-A

            	 	
              Variable(2)

            	 	 	
              $                           452,200.40

            	 	
              March
                2037

            
	
              I-21-B

            	 	
              Variable(2)

            	 	 	
              $                           452,200.40

            	 	
              March
                2037

            
	
              I-22-A

            	 	
              Variable(2)

            	 	 	
              $                           430,873.25

            	 	
              March
                2037

            
	
              I-22-B

            	 	
              Variable(2)

            	 	 	
              $                           430,873.25

            	 	
              March
                2037

            
	
              I-23-A

            	 	
              Variable(2)

            	 	 	
              $                           410,550.42

            	 	
              March
                2037

            
	
              I-23-B

            	 	
              Variable(2)

            	 	 	
              $                           410,550.42

            	 	
              March
                2037

            
	
              I-24-A

            	 	
              Variable(2)

            	 	 	
              $                           391,184.86

            	 	
              March
                2037

            
	
              I-24-B

            	 	
              Variable(2)

            	 	 	
              $                           391,184.86

            	 	
              March
                2037

            
	
              I-25-A

            	 	
              Variable(2)

            	 	 	
              $                           372,731.37

            	 	
              March
                2037

            
	
              I-25-B

            	 	
              Variable(2)

            	 	 	
              $                           372,731.37

            	 	
              March
                2037

            
	
              I-26-A

            	 	
              Variable(2)

            	 	 	
              $                           355,146.91

            	 	
              March
                2037

            
	
              I-26-B

            	 	
              Variable(2)

            	 	 	
              $                           355,146.91

            	 	
              March
                2037

            
	
              I-27-A

            	 	
              Variable(2)

            	 	 	
              $                           338,390.85

            	 	
              March
                2037

            
	
              I-27-B

            	 	
              Variable(2)

            	 	 	
              $                           338,390.85

            	 	
              March
                2037

            
	
              I-28-A

            	 	
              Variable(2)

            	 	 	
              $                           322,424.24

            	 	
              March
                2037

            
	
              I-28-B

            	 	
              Variable(2)

            	 	 	
              $                           322,424.24

            	 	
              March
                2037

            
	
              I-29-A

            	 	
              Variable(2)

            	 	 	
              $                           307,209.58

            	 	
              March
                2037

            
	
              I-29-B

            	 	
              Variable(2)

            	 	 	
              $                           307,209.58

            	 	
              March
                2037

            
	
              I-30-A

            	 	
              Variable(2)

            	 	 	
              $                           292,711.96

            	 	
              March
                2037

            
	
              I-30-B

            	 	
              Variable(2)

            	 	 	
              $                           292,711.96

            	 	
              March
                2037

            
	
              I-31-A

            	 	
              Variable(2)

            	 	 	
              $                           278,897.25

            	 	
              March
                2037

            
	
              I-31-B

            	 	
              Variable(2)

            	 	 	
              $                           278,897.25

            	 	
              March
                2037

            
	
              I-32-A

            	 	
              Variable(2)

            	 	 	
              $                           265,733.49

            	 	
              March
                2037

            
	
              I-32-B

            	 	
              Variable(2)

            	 	 	
              $                           265,733.49

            	 	
              March
                2037

            
	
              I-33-A

            	 	
              Variable(2)

            	 	 	
              $                           253,190.12

            	 	
              March
                2037

            

    

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

    
      	
              Designation

            	 	
              REMIC
                I

              Remittance
                Rate

            	 	
              Initial

              Uncertificated
                Balance

            	 	
              Latest
                Possible

              Maturity
                Date(1)

            
	
              I-33-B

            	 	
              Variable(2)

            	 	 	
              $                           253,190.12

            	 	
              March
                2037

            
	
              I-34-A

            	 	
              Variable(2)

            	 	 	
              $                           241,237.79

            	 	
              March
                2037

            
	
              I-34-B

            	 	
              Variable(2)

            	 	 	
              $                           241,237.79

            	 	
              March
                2037

            
	
              I-35-A

            	 	
              Variable(2)

            	 	 	
              $                           229,848.78

            	 	
              March
                2037

            
	
              I-35-B

            	 	
              Variable(2)

            	 	 	
              $                           229,848.78

            	 	
              March
                2037

            
	
              I-36-A

            	 	
              Variable(2)

            	 	 	
              $                           218,996.42

            	 	
              March
                2037

            
	
              I-36-B

            	 	
              Variable(2)

            	 	 	
              $                           218,996.42

            	 	
              March
                2037

            
	
              I-37-A

            	 	
              Variable(2)

            	 	 	
              $                           208,655.77

            	 	
              March
                2037

            
	
              I-37-B

            	 	
              Variable(2)

            	 	 	
              $                           208,655.77

            	 	
              March
                2037

            
	
              I-38-A

            	 	
              Variable(2)

            	 	 	
              $                           198,802.46

            	 	
              March
                2037

            
	
              I-38-B

            	 	
              Variable(2)

            	 	 	
              $                           198,802.46

            	 	
              March
                2037

            
	
              I-39-A

            	 	
              Variable(2)

            	 	 	
              $                           189,413.63

            	 	
              March
                2037

            
	
              I-39-B

            	 	
              Variable(2)

            	 	 	
              $                           189,413.63

            	 	
              March
                2037

            
	
              I-40-A

            	 	
              Variable(2)

            	 	 	
              $                           180,467.48

            	 	
              March
                2037

            
	
              I-40-B

            	 	
              Variable(2)

            	 	 	
              $                           180,467.48

            	 	
              March
                2037

            
	
              I-41-A

            	 	
              Variable(2)

            	 	 	
              $                           171,943.03

            	 	
              March
                2037

            
	
              I-41-B

            	 	
              Variable(2)

            	 	 	
              $                           171,943.03

            	 	
              March
                2037

            
	
              I-42-A

            	 	
              Variable(2)

            	 	 	
              $                           163,820.55

            	 	
              March
                2037

            
	
              I-42-B

            	 	
              Variable(2)

            	 	 	
              $                           163,820.55

            	 	
              March
                2037

            
	
              I-43-A

            	 	
              Variable(2)

            	 	 	
              $                           156,081.09

            	 	
              March
                2037

            
	
              I-43-B

            	 	
              Variable(2)

            	 	 	
              $                           156,081.09

            	 	
              March
                2037

            
	
              I-44-A

            	 	
              Variable(2)

            	 	 	
              $                           148,706.54

            	 	
              March
                2037

            
	
              I-44-B

            	 	
              Variable(2)

            	 	 	
              $                           148,706.54

            	 	
              March
                2037

            
	
              I-45-A

            	 	
              Variable(2)

            	 	 	
              $                           141,679.83

            	 	
              March
                2037

            
	
              I-45-B

            	 	
              Variable(2)

            	 	 	
              $                           141,679.83

            	 	
              March
                2037

            
	
              I-46-A

            	 	
              Variable(2)

            	 	 	
              $                           134,984.62

            	 	
              March
                2037

            
	
              I-46-B

            	 	
              Variable(2)

            	 	 	
              $                           134,984.62

            	 	
              March
                2037

            
	
              I-47-A

            	 	
              Variable(2)

            	 	 	
              $                           128,605.01

            	 	
              March
                2037

            
	
              I-47-B

            	 	
              Variable(2)

            	 	 	
              $                           128,605.01

            	 	
              March
                2037

            
	
              I-48-A

            	 	
              Variable(2)

            	 	 	
              $                           122,526.45

            	 	
              March
                2037

            
	
              I-48-B

            	 	
              Variable(2)

            	 	 	
              $                           122,526.45

            	 	
              March
                2037

            
	
              I-49-A

            	 	
              Variable(2)

            	 	 	
              $                           116,734.83

            	 	
              March
                2037

            
	
              I-49-B

            	 	
              Variable(2)

            	 	 	
              $                           116,734.83

            	 	
              March
                2037

            
	
              I-50-A

            	 	
              Variable(2)

            	 	 	
              $                           111,220.68

            	 	
              March
                2037

            
	
              I-50-B

            	 	
              Variable(2)

            	 	 	
              $                           111,220.68

            	 	
              March
                2037

            
	
              I-51-A

            	 	
              Variable(2)

            	 	 	
              $                           105,982.40

            	 	
              March
                2037

            
	
              I-51-B

            	 	
              Variable(2)

            	 	 	
              $                           105,982.40

            	 	
              March
                2037

            
	
              I-52-A

            	 	
              Variable(2)

            	 	 	
              $                           100,970.32

            	 	
              March
                2037

            
	
              I-52-B

            	 	
              Variable(2)

            	 	 	
              $                           100,970.32

            	 	
              March
                2037

            
	
              I-53-A

            	 	
              Variable(2)

            	 	 	
              $                             96,194.91

            	 	
              March
                2037

            
	
              I-53-B

            	 	
              Variable(2)

            	 	 	
              $                             96,194.91

            	 	
              March
                2037

            
	
              I-54-A

            	 	
              Variable(2)

            	 	 	
              $                       1,932,005.96

            	 	
              March
                2037

            
	
              I-54-B

            	 	
              Variable(2)

            	 	 	
              $                       1,932,005.96

            	 	
              March
                2037

            
	
              II

            	 	
              Variable(2)

            	 	 	
              $                     77,852,349.89

            	 	
              March
                2037

            
	
              II-1-A

            	 	
              Variable(2)

            	 	 	
              $                       5,461,274.62

            	 	
              March
                2037

            
	
              II-1-B

            	 	
              Variable(2)

            	 	 	
              $                       5,461,274.62

            	 	
              March
                2037

            

    

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

    
      	
              Designation

            	 	
              REMIC
                I

              Remittance
                Rate

            	 	
              Initial

              Uncertificated
                Balance

            	 	
              Latest
                Possible

              Maturity
                Date(1)

            
	
              II-2-A

            	 	
              Variable(2)

            	 	 	
              $                       5,204,044.13

            	 	
              March
                2037

            
	
              II-2-B

            	 	
              Variable(2)

            	 	 	
              $                       5,204,044.13

            	 	
              March
                2037

            
	
              II-3-A

            	 	
              Variable(2)

            	 	 	
              $                       4,958,914.78

            	 	
              March
                2037

            
	
              II-3-B

            	 	
              Variable(2)

            	 	 	
              $                       4,958,914.78

            	 	
              March
                2037

            
	
              II-4-A

            	 	
              Variable(2)

            	 	 	
              $                       4,725,317.32

            	 	
              March
                2037

            
	
              II-4-B

            	 	
              Variable(2)

            	 	 	
              $                       4,725,317.32

            	 	
              March
                2037

            
	
              II-5-A

            	 	
              Variable(2)

            	 	 	
              $                       4,502,710.87

            	 	
              March
                2037

            
	
              II-5-B

            	 	
              Variable(2)

            	 	 	
              $                       4,502,710.87

            	 	
              March
                2037

            
	
              II-6-A

            	 	
              Variable(2)

            	 	 	
              $                       4,290,577.56

            	 	
              March
                2037

            
	
              II-6-B

            	 	
              Variable(2)

            	 	 	
              $                       4,290,577.56

            	 	
              March
                2037

            
	
              II-7-A

            	 	
              Variable(2)

            	 	 	
              $                       4,088,426.18

            	 	
              March
                2037

            
	
              II-7-B

            	 	
              Variable(2)

            	 	 	
              $                       4,088,426.18

            	 	
              March
                2037

            
	
              II-8-A

            	 	
              Variable(2)

            	 	 	
              $                       3,895,787.32

            	 	
              March
                2037

            
	
              II-8-B

            	 	
              Variable(2)

            	 	 	
              $                       3,895,787.32

            	 	
              March
                2037

            
	
              II-9-A

            	 	
              Variable(2)

            	 	 	
              $                       3,712,212.90

            	 	
              March
                2037

            
	
              II-9-B

            	 	
              Variable(2)

            	 	 	
              $                       3,712,212.90

            	 	
              March
                2037

            
	
              II-10-A

            	 	
              Variable(2)

            	 	 	
              $                       3,537,278.26

            	 	
              March
                2037

            
	
              II-10-B

            	 	
              Variable(2)

            	 	 	
              $                       3,537,278.26

            	 	
              March
                2037

            
	
              II-11-A

            	 	
              Variable(2)

            	 	 	
              $                       3,370,576.01

            	 	
              March
                2037

            
	
              II-11-B

            	 	
              Variable(2)

            	 	 	
              $                       3,370,576.01

            	 	
              March
                2037

            
	
              II-12-A

            	 	
              Variable(2)

            	 	 	
              $                       3,211,719.66

            	 	
              March
                2037

            
	
              II-12-B

            	 	
              Variable(2)

            	 	 	
              $                       3,211,719.66

            	 	
              March
                2037

            
	
              II-13-A

            	 	
              Variable(2)

            	 	 	
              $                       3,060,340.02

            	 	
              March
                2037

            
	
              II-13-B

            	 	
              Variable(2)

            	 	 	
              $                       3,060,340.02

            	 	
              March
                2037

            
	
              II-14-A

            	 	
              Variable(2)

            	 	 	
              $                       2,916,086.34

            	 	
              March
                2037

            
	
              II-14-B

            	 	
              Variable(2)

            	 	 	
              $                       2,916,086.34

            	 	
              March
                2037

            
	
              II-15-A

            	 	
              Variable(2)

            	 	 	
              $                       2,778,622.27

            	 	
              March
                2037

            
	
              II-15-B

            	 	
              Variable(2)

            	 	 	
              $                       2,778,622.27

            	 	
              March
                2037

            
	
              II-16-A

            	 	
              Variable(2)

            	 	 	
              $                       2,647,629.93

            	 	
              March
                2037

            
	
              II-16-B

            	 	
              Variable(2)

            	 	 	
              $                       2,647,629.93

            	 	
              March
                2037

            
	
              II-17-A

            	 	
              Variable(2)

            	 	 	
              $                       2,522,804.17

            	 	
              March
                2037

            
	
              II-17-B

            	 	
              Variable(2)

            	 	 	
              $                       2,522,804.17

            	 	
              March
                2037

            
	
              II-18-A

            	 	
              Variable(2)

            	 	 	
              $                       2,403,855.04

            	 	
              March
                2037

            
	
              II-18-B

            	 	
              Variable(2)

            	 	 	
              $                       2,403,855.04

            	 	
              March
                2037

            
	
              II-19-A

            	 	
              Variable(2)

            	 	 	
              $                       2,290,506.56

            	 	
              March
                2037

            
	
              II-19-B

            	 	
              Variable(2)

            	 	 	
              $                       2,290,506.56

            	 	
              March
                2037

            
	
              II-20-A

            	 	
              Variable(2)

            	 	 	
              $                       2,182,495.06

            	 	
              March
                2037

            
	
              II-20-B

            	 	
              Variable(2)

            	 	 	
              $                       2,182,495.06

            	 	
              March
                2037

            
	
              II-21-A

            	 	
              Variable(2)

            	 	 	
              $                       2,079,569.60

            	 	
              March
                2037

            
	
              II-21-B

            	 	
              Variable(2)

            	 	 	
              $                       2,079,569.60

            	 	
              March
                2037

            
	
              II-22-A

            	 	
              Variable(2)

            	 	 	
              $                       1,981,490.75

            	 	
              March
                2037

            
	
              II-22-B

            	 	
              Variable(2)

            	 	 	
              $                       1,981,490.75

            	 	
              March
                2037

            
	
              II-23-A

            	 	
              Variable(2)

            	 	 	
              $                       1,888,030.58

            	 	
              March
                2037

            
	
              II-23-B

            	 	
              Variable(2)

            	 	 	
              $                       1,888,030.58

            	 	
              March
                2037

            
	
              II-24-A

            	 	
              Variable(2)

            	 	 	
              $                       1,798,972.64

            	 	
              March
                2037

            
	
              II-24-B

            	 	
              Variable(2)

            	 	 	
              $                       1,798,972.64

            	 	
              March
                2037

            

    

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

     

    
      	
              Designation

            	 	
              REMIC
                I

              Remittance
                Rate

            	 	
              Initial

              Uncertificated
                Balance

            	 	
              Latest
                Possible

              Maturity
                Date(1)

            
	
              II-25-A

            	 	
              Variable(2)

            	 	 	
              $                       1,714,109.13

            	 	
              March
                2037

            
	
              II-25-B

            	 	
              Variable(2)

            	 	 	
              $                       1,714,109.13

            	 	
              March
                2037

            
	
              II-26-A

            	 	
              Variable(2)

            	 	 	
              $                       1,633,242.09

            	 	
              March
                2037

            
	
              II-26-B

            	 	
              Variable(2)

            	 	 	
              $                       1,633,242.09

            	 	
              March
                2037

            
	
              II-27-A

            	 	
              Variable(2)

            	 	 	
              $                       1,556,184.65

            	 	
              March
                2037

            
	
              II-27-B

            	 	
              Variable(2)

            	 	 	
              $                       1,556,184.65

            	 	
              March
                2037

            
	
              II-28-A

            	 	
              Variable(2)

            	 	 	
              $                       1,482,757.76

            	 	
              March
                2037

            
	
              II-28-B

            	 	
              Variable(2)

            	 	 	
              $                       1,482,757.76

            	 	
              March
                2037

            
	
              II-29-A

            	 	
              Variable(2)

            	 	 	
              $                       1,412,788.92

            	 	
              March
                2037

            
	
              II-29-B

            	 	
              Variable(2)

            	 	 	
              $                       1,412,788.92

            	 	
              March
                2037

            
	
              II-30-A

            	 	
              Variable(2)

            	 	 	
              $                       1,346,117.54

            	 	
              March
                2037

            
	
              II-30-B

            	 	
              Variable(2)

            	 	 	
              $                       1,346,117.54

            	 	
              March
                2037

            
	
              II-31-A

            	 	
              Variable(2)

            	 	 	
              $                       1,282,586.75

            	 	
              March
                2037

            
	
              II-31-B

            	 	
              Variable(2)

            	 	 	
              $                       1,282,586.75

            	 	
              March
                2037

            
	
              II-32-A

            	 	
              Variable(2)

            	 	 	
              $                       1,222,049.51

            	 	
              March
                2037

            
	
              II-32-B

            	 	
              Variable(2)

            	 	 	
              $                       1,222,049.51

            	 	
              March
                2037

            
	
              II-33-A

            	 	
              Variable(2)

            	 	 	
              $                       1,164,365.38

            	 	
              March
                2037

            
	
              II-33-B

            	 	
              Variable(2)

            	 	 	
              $                       1,164,365.38

            	 	
              March
                2037

            
	
              II-34-A

            	 	
              Variable(2)

            	 	 	
              $                       1,109,399.21

            	 	
              March
                2037

            
	
              II-34-B

            	 	
              Variable(2)

            	 	 	
              $                       1,109,399.21

            	 	
              March
                2037

            
	
              II-35-A

            	 	
              Variable(2)

            	 	 	
              $                       1,057,023.72

            	 	
              March
                2037

            
	
              II-35-B

            	 	
              Variable(2)

            	 	 	
              $                       1,057,023.72

            	 	
              March
                2037

            
	
              II-36-A

            	 	
              Variable(2)

            	 	 	
              $                       1,007,116.08

            	 	
              March
                2037

            
	
              II-36-B

            	 	
              Variable(2)

            	 	 	
              $                       1,007,116.08

            	 	
              March
                2037

            
	
              II-37-A

            	 	
              Variable(2)

            	 	 	
              $                           959,561.73

            	 	
              March
                2037

            
	
              II-37-B

            	 	
              Variable(2)

            	 	 	
              $                           959,561.73

            	 	
              March
                2037

            
	
              II-38-A

            	 	
              Variable(2)

            	 	 	
              $                           914,248.54

            	 	
              March
                2037

            
	
              II-38-B

            	 	
              Variable(2)

            	 	 	
              $                           914,248.54

            	 	
              March
                2037

            
	
              II-39-A

            	 	
              Variable(2)

            	 	 	
              $                           871,071.37

            	 	
              March
                2037

            
	
              II-39-B

            	 	
              Variable(2)

            	 	 	
              $                           871,071.37

            	 	
              March
                2037

            
	
              II-40-A

            	 	
              Variable(2)

            	 	 	
              $                           829,930.02

            	 	
              March
                2037

            
	
              II-40-B

            	 	
              Variable(2)

            	 	 	
              $                           829,930.02

            	 	
              March
                2037

            
	
              II-41-A

            	 	
              Variable(2)

            	 	 	
              $                           790,727.97

            	 	
              March
                2037

            
	
              II-41-B

            	 	
              Variable(2)

            	 	 	
              $                           790,727.97

            	 	
              March
                2037

            
	
              II-42-A

            	 	
              Variable(2)

            	 	 	
              $                           753,374.45

            	 	
              March
                2037

            
	
              II-42-B

            	 	
              Variable(2)

            	 	 	
              $                           753,374.45

            	 	
              March
                2037

            
	
              II-43-A

            	 	
              Variable(2)

            	 	 	
              $                           717,782.41

            	 	
              March
                2037

            
	
              II-43-B

            	 	
              Variable(2)

            	 	 	
              $                           717,782.41

            	 	
              March
                2037

            
	
              II-44-A

            	 	
              Variable(2)

            	 	 	
              $                           683,868.46

            	 	
              March
                2037

            
	
              II-44-B

            	 	
              Variable(2)

            	 	 	
              $                           683,868.46

            	 	
              March
                2037

            
	
              II-45-A

            	 	
              Variable(2)

            	 	 	
              $                           651,554.17

            	 	
              March
                2037

            
	
              II-45-B

            	 	
              Variable(2)

            	 	 	
              $                           651,554.17

            	 	
              March
                2037

            
	
              II-46-A

            	 	
              Variable(2)

            	 	 	
              $                           620,764.38

            	 	
              March
                2037

            
	
              II-46-B

            	 	
              Variable(2)

            	 	 	
              $                           620,764.38

            	 	
              March
                2037

            
	
              II-47-A

            	 	
              Variable(2)

            	 	 	
              $                           591,425.99

            	 	
              March
                2037

            
	
              II-47-B

            	 	
              Variable(2)

            	 	 	
              $                           591,425.99

            	 	
              March
                2037

            

    

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

     

    
      	
              Designation

            	 	
              REMIC
                I

              Remittance
                Rate

            	 	
              Initial

              Uncertificated
                Balance

            	 	
              Latest
                Possible

              Maturity
                Date(1)

            
	
              II-48-A

            	 	
              Variable(2)

            	 	 	
              $                           563,472.05

            	 	
              March
                2037

            
	
              II-48-B

            	 	
              Variable(2)

            	 	 	
              $                           563,472.05

            	 	
              March
                2037

            
	
              II-49-A

            	 	
              Variable(2)

            	 	 	
              $                           536,837.67

            	 	
              March
                2037

            
	
              II-49-B

            	 	
              Variable(2)

            	 	 	
              $                           536,837.67

            	 	
              March
                2037

            
	
              II-50-A

            	 	
              Variable(2)

            	 	 	
              $                           511,479.32

            	 	
              March
                2037

            
	
              II-50-B

            	 	
              Variable(2)

            	 	 	
              $                           511,479.32

            	 	
              March
                2037

            
	
              II-51-A

            	 	
              Variable(2)

            	 	 	
              $                           487,389.60

            	 	
              March
                2037

            
	
              II-51-B

            	 	
              Variable(2)

            	 	 	
              $                           487,389.60

            	 	
              March
                2037

            
	
              II-52-A

            	 	
              Variable(2)

            	 	 	
              $                           464,340.18

            	 	
              March
                2037

            
	
              II-52-B

            	 	
              Variable(2)

            	 	 	
              $                           464,340.18

            	 	
              March
                2037

            
	
              II-53-A

            	 	
              Variable(2)

            	 	 	
              $                           442,379.09

            	 	
              March
                2037

            
	
              II-53-B

            	 	
              Variable(2)

            	 	 	
              $                           442,379.09

            	 	
              March
                2037

            
	
              II-54-A

            	 	
              Variable(2)

            	 	 	
              $                       8,884,868.04

            	 	
              March
                2037

            
	
              II-54-B

            	 	
              Variable(2)

            	 	 	
              $                       8,884,868.04

            	 	
              March
                2037

            
	
              I-CE-2O

            	 	
              Variable(2)

            	 	 	
              (3)

            	 	
              March
                2037

            
	
              I-CE-2G

            	 	
              Variable(2)

            	 	 	
              (4)

            	 	
              March
                2037

            

    

    

     

    __________________________

    
      	
              (1)

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

            

    

     

    
      	
              (2)

            	
              Calculated
                in accordance with the definition of “REMIC I Remittance Rate”
                herein.

            

    

     

    
      	
              (3)

            	
              REMIC
                I Regular Interest I-CE-20 will not have an Uncertificated Balance,
                but
                will accrue interest on its Notional Amount described in accordance
                with
                the definition of “Notional Amount”
herein.

            

    

     

    
      	
              (4)

            	
              REMIC
                I Regular Interest I-CE-2G will not have an Uncertificated Balance,
                but
                will accrue interest on its Notional Amount described in accordance
                with
                the definition of “Notional Amount”
herein.

            

    

    

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

    

    REMIC
      II

     

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

     

    
      	
              Designation

            	 	
              REMIC
                II 

              Remittance
                Rate

            	 	
              Initial

              Uncertificated Balance

            	 	
              Latest
                Possible

              Maturity
                Date (1)

            
	
              AA

            	 	
              Variable(2)

            	 	
              $                       184,570,421.75

            	 	
              March
                2037

            
	
              A-1

            	 	
              Variable(2)

            	 	
              $                              243,040.00

            	 	
              March
                2037

            
	
              A-2

            	 	
              Variable(2)

            	 	
              $                           1,117,690.00

            	 	
              March
                2037

            
	
              M-1

            	 	
              Variable(2)

            	 	
              $                                95,110.00

            	 	
              March
                2037

            
	
              M-2

            	 	
              Variable(2)

            	 	
              $                                93,225.00

            	 	
              March
                2037

            
	
              M-3

            	 	
              Variable(2)

            	 	
              $                                42,375.00

            	 	
              March
                2037

            
	
              M-4

            	 	
              Variable(2)

            	 	
              $                                45,200.00

            	 	
              March
                2037

            
	
              M-5

            	 	
              Variable(2)

            	 	
              $                                31,075.00

            	 	
              March
                2037

            
	
              M-6

            	 	
              Variable(2)

            	 	
              $                                25,425.00

            	 	
              March
                2037

            
	
              M-7

            	 	
              Variable(2)

            	 	
              $                                24,485.00

            	 	
              March
                2037

            
	
              M-8

            	 	
              Variable(2)

            	 	
              $                                19,775.00

            	 	
              March
                2037

            
	
              M-9

            	 	
              Variable(2)

            	 	
              $                                20,715.00

            	 	
              March
                2037

            
	
              M-10

            	 	
              Variable(2)

            	 	
              $                                22,600.00

            	 	
              March
                2037

            
	
              ZZ

            	 	
              Variable(2)

            	 	
              $                           1,986,028.30

            	 	
              March
                2037

            
	
              P

            	 	
              Variable(2)(3)

            	 	
              $                                     100.00

            	 	
              March
                2037

            
	
              IO

            	 	
              Variable(2)

            	 	
              (4)

            	 	
              March
                2037

            
	
              I-SUB

            	 	
              Variable(2)

            	 	
              $        
                          
                             1,866.99

            	 	
              March
                2037

            
	
              I-GRP

            	 	
              Variable(2)

            	 	
              $         
                        
                               6,727.80

            	 	
              March
                2037

            
	
              II-SUB

            	 	
              Variable(2)

            	 	
              $          
                     
                                8,585.85

            	 	
              March
                2037

            
	
              II-GRP

            	 	
              Variable(2)

            	 	
              $           
                   
                               30,939.65

            	 	
              March
                2037

            
	
              XX

            	 	
              Variable(2)

            	 	
              $              
                       188,289,044.77

            	 	
              March
                2037

            
	
              CE-2

            	 	
              (5)

            	 	
              (6)

            	 	
              March
                2037

            

    

    __________________________

     

    
      	
              (1)

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

            

    

     

    
      	
              (2)

            	
              Calculated
                in accordance with the definition of “REMIC II Remittance Rate”
                herein.

            

    

     

    
      	
              (3)

            	
              REMIC
                II Regular Interest P will be entitled to 100% of the Prepayment
                Charges.

            

    

     

    
      	
              (4)

            	
              REMIC
                II Regular Interest IO will not have an Uncertificated Balance, but
                will
                accrue interest on its Notional
                Amount.

            

    

     

    
      	
              (5)

            	
              REMIC
                II Regular Interest CE-2 will not have a REMIC II Remittance Rate,
                but
                will be entitled to 100% of the amounts distributed on REMIC I Regular
                Interest I-CE-20 and REMIC I Regular Interest
                I-CE-2G.

            

    

     

    
      	
              (6)

            	
              For
                federal income tax purposes, the REMIC II Regular Interest CE-2 will
                not
                have an Uncertificated Balance, but will have a Notional Amount equal
                to
                the Notional Amounts of REMIC I Regular Interest I-CE-20 and REMIC
                I
                Regular Interest I-CE-2G.

            

    

     

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

    

    REMIC
      III

     

    As
      provided herein, the Securities Administrator will elect to treat the segregated
      pool of assets consisting of the REMIC II Regular Interests as a REMIC for
      federal income tax purposes, and such segregated pool of assets will be
      designated as “REMIC III.” The Class R-III Interest will evidence the sole class
      of “residual interests” in REMIC III for purposes of the REMIC Provisions. The
      following table irrevocably sets forth the designation, the Pass-Through Rate,
      the initial aggregate Certificate Principal Balance and, for purposes of
      satisfying Treasury regulation Section 1.860G-1(a)(4)(iii), the “latest possible
      maturity date” for the indicated Classes of Certificates.

     

    
      	
              Designation

            	 	
              Pass-Through
                Rate

            	 	
              Initial Aggregate Certificate Principal Balance

            	 	
              Latest
                Possible

              Maturity
                Date (1)

            
	
              Class
                A-1

            	 	
              Variable(2)

            	 	
              $                
                      48,608,000.00

            	 	
              March
                2037

            
	
              Class
                A-2

            	 	
              Variable(2)

            	 	
              $               
                     223,538,000.00

            	 	
              March
                2037

            
	
              Class
                M-1

            	 	
              Variable(2)

            	 	
              $              
                        19,022,000.00

            	 	
              March
                2037

            
	
              Class
                M-2

            	 	
              Variable(2)

            	 	
              $             
                         18,645,000.00

            	 	
              March
                2037

            
	
              Class
                M-3

            	 	
              Variable(2)

            	 	
              $            
                            8,475,000.00

            	 	
              March
                2037

            
	
              Class
                M-4

            	 	
              Variable(2)

            	 	
              $           
                             9,040,000.00

            	 	
              March
                2037

            
	
              Class
                M-5

            	 	
              Variable(2)

            	 	
              $          
                              6,215,000.00

            	 	
              March
                2037

            
	
              Class
                M-6

            	 	
              Variable(2)

            	 	
              $         
                               5,085,000.00

            	 	
              March
                2037

            
	
              Class
                M-7

            	 	
              Variable(2)

            	 	
              $        
                                4,897,000.00

            	 	
              March
                2037

            
	
              Class
                M-8

            	 	
              Variable(2)

            	 	
              $      
                                  3,955,000.00

            	 	
              March
                2037

            
	
              Class
                M-9

            	 	
              Variable(2)

            	 	
              $      
                                  4,143,000.00

            	 	
              March
                2037

            
	
              Class
                M-10

            	 	
              Variable(2)

            	 	
              $      
                                  4,520,000.00

            	 	
              March
                2037

            
	
              Class
                P 

            	 	
              N/A(3)

            	 	
              $                                  100.00

            	 	
              March
                2037

            
	
              Class
                CE-1

            	 	
              (4)

            	 	
              $                      20,531,330.10

            	 	
              March
                2037

            
	
              Class
                CE-2

            	 	
              (5)

            	 	
              (6)

            	 	
              March
                2037

            
	
              Class
                IO Interest 

            	 	
              (7)

            	 	
              (7)

            	 	
              March
                2037

            

    

    

    __________________________

    
      	
              (1)

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

            

    

     

    
      	
              (2)

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

            

    

     

    
      	
              (3)

            	
              The
                Class P Certificates will not accrue
                interest.

            

    

     

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

    
      	
              (4)

            	
              The
                Class CE-1 Certificates will accrue interest at their variable
                Pass-Through Rate on the Notional Amount of the Class CE-1 Certificates
                outstanding from time to time which shall equal the Uncertificated
                Balance
                of the REMIC II Regular Interests (other than REMIC II Regular Interest
                P). The Class CE-1 Certificates will not accrue interest on their
                Certificate Principal Balance.

            

    

     

    
      	
              (5)

            	
              The
                Class CE-2 Certificates are an interest only class and for each
                Distribution Date the Class CE-2 Certificates will be entitled to
                receive
                100% of the amounts distributed on REMIC II Regular Interest
                CE-2.

            

    

     

    
      	
              (6)

            	
              For
                federal income tax purposes, the Class CE-2 Certificates will not
                have a
                Certificate Principal Balance, but will have a Notional Amount equal
                to
                the Notional Amount of REMIC II Regular Interest
                CE-2.

            

    

     

    
      	
              (7)

            	
              The
                Class IO Interest will not have a Pass-Through Rate or a Certificate
                Principal Balance, but will be entitled to 100% of amounts distributed
                on
                REMIC II Regular Interest IO.

            

    

     

    The
      Mortgage Loans had an aggregate Scheduled Principal Balance as of the Cut-off
      Date, after deducting all Monthly Payments due on or before the Cut-off Date,
      of
      $376,674,430.10. As of the Cut-off Date, the Group I Mortgage Loans had an
      aggregate Scheduled Principal Balance equal to $67,277,962.68 and the Group
      II
      Mortgage Loans had an aggregate Scheduled Principal Balance equal to
      $309,396,467.42.

     

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

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

    

    ARTICLE
      I

    

    DEFINITIONS

    

    SECTION
      1.01. Defined
      Terms.

    

    Whenever
      used in this Agreement, including, without limitation, in the Preliminary
      Statement hereto, the following words and phrases, unless the context otherwise
      requires, shall have the meanings specified in this Article. Unless otherwise
      specified, all calculations described herein shall be made on the basis of
      a
      360-day year consisting of twelve 30-day months.

    

    “Accepted
      Master Servicing Practices”:
      With
      respect to any Mortgage Loan, as applicable, either (x) those customary mortgage
      master servicing practices of prudent mortgage servicing institutions that
      master service mortgage loans of the same type and quality as such Mortgage
      Loan
      in the jurisdiction where the related Mortgaged Property is located, to the
      extent applicable to the Master Servicer (except in its capacity as successor
      to
      a Servicer), or (y) as provided in Section 3.01 hereof, but in no event below
      the standard set forth in clause (x).

    

    “Accepted
      Servicing Practices”:
      As
      defined in Section 3.01.

    

    “Account”:
      The
      Collection Account and the Distribution Account as the context may
      require.

    

    “Accrued
      Certificate Interest”:
      With
      respect to any Class A Certificate, Mezzanine Certificate, Class CE-1
      Certificate or CE-2 Certificate and each Distribution Date, interest accrued
      during the related Interest Accrual Period at the Pass-Through Rate for such
      Certificate for such Distribution Date on the Certificate Principal Balance,
      in
      the case of the Class A Certificates and the Mezzanine Certificates, or on
      the
      Notional Amount in the case of the Class CE-1 Certificates and Class CE-2
      Certificates, of such Certificate immediately prior to such Distribution Date.
      The Class P Certificates are not entitled to distributions in respect of
      interest and, accordingly, will not accrue interest. All distributions of
      interest on the Class A Certificates and the Mezzanine Certificates will be
      calculated on the basis of a 360-day year and the actual number of days in
      the
      applicable Interest Accrual Period. All distributions of interest on the Class
      CE-1 Certificates will be based on a 360-day year consisting of twelve 30-day
      months. Accrued Certificate Interest with respect to each Distribution Date,
      as
      to any Class A Certificate, Mezzanine Certificate or Class CE-1 Certificate
      shall be reduced by an amount equal to the portion allocable to such Certificate
      pursuant to Section 1.02 hereof, if any, of the sum of (a) the aggregate
      Prepayment Interest Shortfall, if any, for such Distribution Date to the extent
      not covered by payments pursuant to Section 3.23 or Section 4.19 of this
      Agreement and (b) the aggregate amount of any Relief Act Interest Shortfall,
      if
      any, for such Distribution Date. In addition, Accrued Certificate Interest
      with
      respect to each Distribution Date, as to any Class CE-1 Certificate, shall
      be
      reduced by an amount equal to the portion allocable to such Class CE-1
      Certificate of Realized Losses, if any, pursuant to Section 1.02 and Section
      5.04 hereof.

    

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

    “Additional
      Disclosure Notification”:
      Has
      the meaning set forth in Section 5.06(a). 

    

    “Additional
      Form 10-D Disclosure”:
      Has
      the meaning set forth in Section 5.06(a) of this Agreement.

    

    “Additional
      Form 10-K Disclosure”:
      Has
      the meaning set forth in Section 5.06(d) of this Agreement. 

    

    “Additional
      Servicer”:
      Means
      each affiliate of a Servicer that Services any of the Mortgage Loans and each
      Person who is not an affiliate of the related Servicer. For clarification
      purposes, the Master Servicer and the Securities Administrator are Additional
      Servicers.

    

    “Administration
      Fees”:
      The
      sum of (i) the related Servicing Fee, (ii) the Master Servicing Fee and (iii)
      the Credit Risk Management Fee.

    

    “Administration
      Fee Rate”:
      The
      sum of (i) the Servicing Fee Rate, (ii) the Master Servicing Fee Rate and (iii)
      the Credit Risk Management Fee Rate. 

    

    “Advance
      Facility”:
      As
      defined in Section 3.26(a).

    

    “Advance
      Financing Person”:
      As
      defined in Section 3.26(a).

    

    “Advance
      Reimbursement Amounts”:
      As
      defined in Section 3.26(b).

    

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

    

    “Aggregate
      Loss Severity 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 on any
      Mortgage Loans from the Cut-off Date to the last day of the preceding calendar
      month and the denominator of which is the aggregate principal balance of such
      Mortgage Loans immediately prior to the liquidation of such Mortgage
      Loans.

    

    “Agreement”:
      This
      Pooling and Servicing Agreement, including all exhibits and schedules hereto
      and
      all amendments hereof and supplements hereto.

    

    “Allocated
      Realized Loss Amount”:
      With
      respect to any Class of Mezzanine Certificates and any Distribution Date, an
      amount equal to the sum of any Realized Loss allocated to that Class of
      Certificates on the Distribution Date and any Allocated Realized Loss Amount
      for
      that Class remaining unpaid from the previous Distribution Date.

    

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

    

    
      
        
        

      

      
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    “Ancillary
      Income”:
      All
      income derived from the Mortgage Loans, other than Servicing Fees and Prepayment
      Charges, including but not limited to, late charges, fees received with respect
      to checks or bank drafts returned by the related bank for non sufficient funds,
      assumption fees, optional insurance administrative fees and all other incidental
      fees and charges.

    

    “Assignment”:
      An
      assignment of Mortgage, notice of transfer or equivalent instrument, in
      recordable form, which is sufficient under the laws of the jurisdiction where
      the related Mortgaged Property is located to reflect of record the sale and
      assignment of the Mortgage, which assignment, notice of transfer or equivalent
      instrument may be in the form of one or more blanket assignments covering
      Mortgages secured by Mortgaged Properties located in the same county, if
      permitted by law.

    

    “Authorized
      Officers”:
      A
      managing director of the whole loan trading desk and a managing director in
      global markets.

    

    “Available
      Distribution Amount”:
      With
      respect to any Distribution Date, an amount equal to (1) the sum of (a) the
      aggregate of the amounts on deposit in the Collection Accounts and the
      Distribution Account as of the close of business on the related Servicer
      Remittance Date, (b) the aggregate of any amounts deposited in the Distribution
      Account by the Servicer or the Master Servicer in respect of Prepayment Interest
      Shortfalls for such Distribution Date pursuant to Section 3.23 or Section 4.19
      of this Agreement, (c) the aggregate of any P&I Advances for such
      Distribution Date made by the Servicers pursuant to Section 5.03 of this
      Agreement and (d) the aggregate of any P&I Advances made by a successor to a
      Servicer (including the Master Servicer) for such Distribution Date pursuant
      to
      Section 8.02 of this Agreement, reduced (to not less than zero) by (2) the
      portion of the amount described in clause (1)(a) above that represents (i)
      Amounts Held for Future Distribution, (ii) Principal Prepayments on the Mortgage
      Loans received after the related Prepayment Period (together with any interest
      payments received with such Principal Prepayments to the extent they represent
      the payment of interest accrued on the Mortgage Loans during a period subsequent
      to the related Prepayment Period), (iii) Liquidation Proceeds, Insurance
      Proceeds and Subsequent Recoveries received in respect of the Mortgage Loans
      after the related Prepayment Period, (iv) amounts reimbursable or payable to
      the
      Depositor, the Servicers, the Trustee, the Master Servicer, the Securities
      Administrator, the Credit Risk Manager or the Custodians pursuant to Section
      3.09 or 9.05 of this Agreement or otherwise payable in respect of Extraordinary
      Trust Fund Expenses, (v) the Credit Risk Management Fee, (vi) amounts deposited
      in a Collection Account or the Distribution Account in error, (vii) the amount
      of any Prepayment Charges collected by the Servicers in connection with the
      Principal Prepayment of any of the Mortgage Loans and (viii) amounts
      reimbursable to a successor Servicer (including the Master Servicer) pursuant
      to
      Section 8.02 of this Agreement. 

    

    
      
        
        

      

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

    

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

    

    “Bankruptcy
      Code”:
      The
      Bankruptcy Reform Act of 1978 (Title 11 of the United States Code), as
      amended.

    

    “Book-Entry
      Certificates”:
      The
      Class A Certificates and Mezzanine Certificates for so long as the Certificates
      of such Class shall be registered in the name of the Depository or its
      nominee.

    

    “Book-Entry
      Custodian”:
      The
      custodian appointed pursuant to Section 6.01.

    

    “Business
      Day”:
      Any
      day other than a Saturday, a Sunday or a day on which banking or savings and
      loan institutions in the States of New York, Maryland, Minnesota, Florida or
      in
      the city in which the Corporate Trust Office of the Trustee is located, are
      authorized or obligated by law or executive order to be closed.

    

    “Cash-Out
      Refinancing”:
      A
      Refinanced Mortgage Loan the proceeds of which are more than a nominal amount
      in
      excess of the principal balance of any existing first mortgage plus any
      subordinate mortgage on the related Mortgaged Property and related closing
      costs.

    

    “Certificate”:
      Any
      one of ACE Securities Corp., Asset Backed Pass-Through Certificates, Series
      2007-SL1, Class A-1, Class A-2, 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, Class M-10, Class P,
      Class CE-1, Class CE-2 and Class R Certificates issued under this Agreement.
      

    

    “Certificate
      Factor”:
      With
      respect to any Class of Certificates (other than the Residual Certificates)
      as
      of any Distribution Date, a fraction, expressed as a decimal carried to six
      places, the numerator of which is the aggregate Certificate Principal Balance
      (or Notional Amount, in the case of the Class CE-1 Certificates and Class CE-2
      Certificates) of such Class of Certificates on such Distribution Date (after
      giving effect to any distributions of principal and allocations of Realized
      Losses resulting in reduction of the Certificate Principal Balance (or Notional
      Amount, in the case of the Class CE-1 Certificates and Class CE-2 Certificates)
      of such Class of Certificates to be made on such Distribution Date), and the
      denominator of which is the initial aggregate Certificate Principal Balance
      (or
      Notional Amount, in the case of the Class CE-1 Certificates and Class CE-2
      Certificates) of such Class of Certificates as of the Closing Date.

    

    “Certificate
      Margin”:
      With
      respect to the Class A-1 Certificates and, for purposes of the definition of
      “Marker Rate”, REMIC II Regular Interest A-1, 0.15% in the case of each
      Distribution Date through and including the Optional Termination Date and 0.30%
      in the case of each Distribution Date thereafter.

    

    
      
        
        

      

      
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    With
      respect to the Class A-2 Certificates and, for purposes of the definition of
      “Marker Rate”, REMIC II Regular Interest A-2, 0.21% in the case of each
      Distribution Date through and including the Optional Termination Date and 0.42%
      in the case of each Distribution Date thereafter.

    

    With
      respect to the Class M-1 Certificates and, for purposes of the definition of
      “Marker Rate”, REMIC II Regular Interest M-1, 0.450% in the case of each
      Distribution Date through and including the Optional Termination Date and 0.675%
      in the case of each Distribution Date thereafter.

    

    With
      respect to the Class M-2 Certificates and, for purposes of the definition of
      “Marker Rate”, REMIC II Regular Interest M-2, 0.70% in the case of each
      Distribution Date through and including the Optional Termination Date and 1.05%
      in the case of each Distribution Date thereafter.

    

    With
      respect to the Class M-3 Certificates and, for purposes of the definition of
      “Marker Rate”, REMIC II Regular Interest M-3, 0.550% in the case of each
      Distribution Date through and including the Optional Termination Date and 0.825%
      in the case of each Distribution Date thereafter.

    

    With
      respect to the Class M-4 Certificates and, for purposes of the definition of
      “Marker Rate”, REMIC II Regular Interest M-4, 0.950% in the case of each
      Distribution Date through and including the Optional Termination Date and 1.425%
      in the case of each Distribution Date thereafter.

    

    With
      respect to the Class M-5 Certificates and, for purposes of the definition of
      “Marker Rate”, REMIC II Regular Interest M-5, 1.05% in the case of each
      Distribution Date through and including the Optional Termination Date and 1.55%
      in the case of each Distribution Date thereafter.

    

    With
      respect to the Class M-6 Certificates and, for purposes of the definition of
      “Marker Rate”, REMIC II Regular Interest M-6, 1.15% in the case of each
      Distribution Date through and including the Optional Termination Date and 1.65%
      in the case of each Distribution Date thereafter.

    

    With
      respect to the Class M-7 Certificates and, for purposes of the definition of
      “Marker Rate”, REMIC II Regular Interest M-7, 2.75% in the case of each
      Distribution Date through and including the Optional Termination Date and 3.25%
      in the case of each Distribution Date thereafter.

    

    With
      respect to the Class M-8 Certificates and, for purposes of the definition of
      “Marker Rate”, REMIC II Regular Interest 3.50% in the case of each Distribution
      Date through and including the Optional Termination Date and 4.00% in the case
      of each Distribution Date thereafter.

    

    With
      respect to the Class M-9 Certificates and, for purposes of the definition of
      “Marker Rate”, REMIC II Regular Interest M-9, 3.50% in the case of each
      Distribution Date through and including the Optional Termination Date and 4.00%
      in the case of each Distribution Date thereafter.

    

    
      
        
        

      

      
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    With
      respect to the Class M-10 Certificates and, for purposes of the definition
      of
“Marker Rate”, REMIC II Regular Interest M-10, 3.50% in the case of each
      Distribution Date through and including the Optional Termination Date and 4.00%
      in the case of each Distribution Date thereafter.

    

    “Certificateholder”
or
      “Holder”:
      The
      Person in whose name a Certificate is registered in the Certificate Register,
      except that a Disqualified Organization or a Non-United States Person shall
      not
      be a Holder of a Residual Certificate for any purposes hereof, and solely for
      the purposes of giving any consent pursuant to this Agreement, any Certificate
      registered in the name of or beneficially owned by the Depositor, the Sponsor,
      a
      Servicer, the Master Servicer, the Securities Administrator, the Trustee or
      any
      Affiliate thereof shall be deemed not to be outstanding and the Voting Rights
      to
      which it is entitled shall not be taken into account in determining whether
      the
      requisite percentage of Voting Rights necessary to effect any such consent
      has
      been obtained, except as otherwise provided in Section 12.01. The Trustee and
      the Securities Administrator may conclusively rely upon a certificate of the
      Depositor, the Sponsor, the Master Servicer, the Securities Administrator or
      a
      Servicer in determining whether a Certificate is held by an Affiliate thereof.
      All references herein to “Holders” or “Certificateholders” shall reflect the
      rights of Certificate Owners as they may indirectly exercise such rights through
      the Depository and participating members thereof, except as otherwise specified
      herein; provided, however, that the Trustee and the Securities Administrator
      shall be required to recognize as a “Holder” or “Certificateholder” only the
      Person in whose name a Certificate is registered in the Certificate
      Register.

    

    “Certificate
      Owner”:
      With
      respect to a Book-Entry Certificate, the Person who is the beneficial owner
      of
      such Certificate as reflected on the books of the Depository or on the books
      of
      a Depository Participant or on the books of an indirect participating brokerage
      firm for which a Depository Participant acts as agent.

    

    “Certificate
      Principal Balance”:
      With
      respect to each Class A Certificate, Mezzanine Certificate or Class P
      Certificate as of any date of determination, the Certificate Principal Balance
      of such Certificate on the Distribution Date immediately prior to such date
      of
      determination plus any Subsequent Recoveries added to the Certificate Principal
      Balance of such Certificate (other than a Class P Certificate) pursuant to
      Section 5.04, minus (i) all distributions allocable to principal made thereon
      and (ii) Realized Losses allocated thereto, if any, on such immediately prior
      Distribution Date (or, in the case of any date of determination up to and
      including the first Distribution Date, the initial Certificate Principal Balance
      of such Certificate, as stated on the face thereof). With respect to each Class
      CE-1 Certificate as of any date of determination, an amount equal to the
      Percentage Interest evidenced by such Certificate times the excess, if any,
      of
      (A) the then aggregate Uncertificated Balances of the REMIC II Regular Interests
      over (B) the then aggregate Certificate Principal Balances of the Class A
      Certificates, the Mezzanine Certificates and the Class P Certificates then
      outstanding. The aggregate initial Certificate Principal Balance of each Class
      of Regular Certificates is set forth in the Preliminary Statement
      hereto.

    

    
      
        
        

      

      
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    “Certificate
      Register”:
      The
      register maintained pursuant to Section 6.02.

    

    “Certification
      Parties”:
      Has
      the meaning set forth in Section 3.20 of this Agreement.

    

    “Certifying
      Person”:
      Has
      the meaning set forth in Section 3.20 of this Agreement.

    

    “Charged
      Off Loan”:
      With
      respect to any Distribution Date, a defaulted Mortgage Loan that the related
      Servicer is required to charge off once such Mortgage Loan becomes 180 days
      delinquent pursuant to Section 3.13, provided that such Mortgage Loan is not
      a
      Liquidated Mortgage Loan and provided further, that the related Servicer has
      determined, based on a broker’s price opinion and other relevant considerations,
      that there will be (i) no Significant Subsequent Recoveries with respect to
      such
      Mortgage Loan or (ii) the potential Subsequent Recoveries are anticipated to
      be
      an amount, determined by such Servicer in its good faith judgment and in light
      of other mitigating circumstances, that is insufficient to warrant proceeding
      through foreclosure or other liquidation of the related Mortgaged
      Property.

    

    “Class”:
      Collectively, all of the Certificates bearing the same class
      designation.

    

    “Class
      A Certificate”:
      Any
      Class A-1 Certificate or Class A-2 Certificate.

    

    “Class
      A Principal Distribution Amount”:
      The
      Class A Principal Distribution Amount is an amount equal to the sum of: (i)
      the
      Class A-1 Principal Distribution Amount and (ii) the Class A-2 Principal
      Distribution Amount.

    

    “Class
      A-1 Allocation Percentage”:
      With
      respect to any Distribution Date is the percentage equivalent of a fraction,
      the
      numerator of which is (x) the Group I Principal Remittance Amount for such
      Distribution Date and the denominator of which is (y) the Principal Remittance
      Amount for such Distribution Date.

    

    “Class
      A-1 Certificate”:
      Any
      one of the Class A-1 Certificates executed and authenticated by the Securities
      Administrator and delivered by the Trustee, substantially in the form annexed
      hereto as Exhibit A-1 and evidencing (i) a Regular Interest in REMIC III, (ii)
      the right to receive the related Net WAC Rate Carryover Amount and (iii) the
      obligation to pay any Class IO Distribution Amount.

    

    “Class
      A-1 Principal Distribution Amount”:
      With
      respect to any Distribution Date on or after the Stepdown Date and on which
      a
      Trigger Event is not in effect, the excess of (x) the Certificate Principal
      Balance of the Class A-1 Certificates immediately prior to such Distribution
      Date over (y) the lesser of (A) the product of (i) 44.50% and (ii) the aggregate
      Stated Principal Balance of the Group I Mortgage Loans as of the last day of
      the
      related Due Period (after giving effect to scheduled payments of principal
      due
      during the related Due Period, to the extent received or advanced and
      unscheduled collections of principal received during the related Prepayment
      Period) and (B) the aggregate Stated Principal Balance of the Group I Mortgage
      Loans as of the last day of the related Due Period (after giving effect to
      scheduled payments of principal due during the related Due Period, to the extent
      received or advanced and unscheduled collections of principal received during
      the related Prepayment Period) minus the product of (i) 0.50% and (ii) the
      aggregate principal balance of the Group I Mortgage Loans as of the Cut-off
      Date.

    

    
      
        
        

      

      
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    “Class
      A-2 Allocation Percentage”:
      With
      respect to any Distribution Date is the percentage equivalent of a fraction,
      the
      numerator of which is (x) the Group II Principal Remittance Amount for such
      Distribution Date and the denominator of which is (y) the Principal Remittance
      Amount for such Distribution Date.

    

    “Class
      A-2 Certificate”:
      Any
      one of the Class A-2 Certificates executed and authenticated by the Securities
      Administrator and delivered by the Trustee, substantially in the form annexed
      hereto as Exhibit A-1 and evidencing (i) a Regular Interest in REMIC III, (ii)
      the right to receive the related Net WAC Rate Carryover Amount and (iii) the
      obligation to pay any Class IO Distribution Amount.

    

    “Class
      A-2 Principal Distribution Amount”:
      With
      respect to any Distribution Date on or after the Stepdown Date and on which
      a
      Trigger Event is not in effect, the excess of (x) the Certificate Principal
      Balance of the Class A-2 Certificates immediately prior to such Distribution
      Date over (y) the lesser of (A) the product of (i) 44.50% and (ii) the aggregate
      Stated Principal Balance of the Group II Mortgage Loans as of the last day
      of
      the related Due Period (after giving effect to scheduled payments of principal
      due during the related Due Period, to the extent received or advanced and
      unscheduled collections of principal received during the related Prepayment
      Period) and (B) the aggregate Stated Principal Balance of the Group II Mortgage
      Loans as of the last day of the related Due Period (after giving effect to
      scheduled payments of principal due during the related Due Period, to the extent
      received or advanced and unscheduled collections of principal received during
      the related Prepayment Period) minus the product of (i) 0.50% and (ii) the
      aggregate principal balance of the Group II Mortgage Loans as of the Cut-off
      Date.

    

    “Class
      CE-1 Certificate”:
      Any
      one of the Class CE-1 Certificates executed and authenticated by the Securities
      Administrator and delivered by the Trustee, substantially in the form annexed
      hereto as Exhibit A-3 and evidencing (i) a Regular Interest in REMIC III, (ii)
      beneficial ownership of the Reserve Fund and (iii) beneficial ownership of
      the
      Supplemental Interest Trust.

    

    “Class
      CE-2 Certificate”:
      Any
      one of the Class CE-2 Certificates executed and authenticated by the Securities
      Administrator and delivered by the Trustee, substantially in the form annexed
      hereto as Exhibit A-3 and evidencing a Regular Interest in REMIC III for
      purposes of the REMIC Provisions.

    

    “Class
      IO Distribution Amount”:
      As defined in Section 5.07(f) hereof. For
      purposes of clarity, the Class IO Distribution Amount for any Distribution
      Date
      shall equal the amount payable to the Supplemental Interest Trust on such
      Distribution Date in excess of the amount payable on the Class IO Interest
      on
      such Distribution Date, all as further provided in Section 5.07(f)
      hereof.

    

    
      
        
        

      

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

    

    “Class
      M-1 Certificate”:
      Any
      one of the Class M-1 Certificates executed and authenticated by the Securities
      Administrator and delivered by the Trustee, substantially in the form annexed
      hereto as Exhibit A-2 and evidencing (i) a Regular Interest in REMIC III, (ii)
      the right to receive the related Net WAC Rate Carryover Amount and (iii) the
      obligation to pay any Class IO Distribution Amount.

    

    “Class
      M-1 Principal Distribution Amount”:
      With
      respect to any Distribution Date on or after the Stepdown Date and on which
      a
      Trigger Event is not in effect, the excess of (x) the sum of (i) the aggregate
      Certificate Principal Balance of the Class A Certificates after taking into
      account the payment of the Class A Principal Distribution Amount on the
      Distribution Date and (ii) the Certificate Principal Balance of the Class M-1
      Certificates immediately prior to the Distribution Date over (y) the lesser
      of
      (A) the product of (i) 54.60% and (ii) the aggregate Stated Principal Balance
      of
      the Mortgage Loans as of the last day of the related Due Period (after giving
      effect to scheduled payments of principal due during the related Due Period,
      to
      the extent received or advanced, and unscheduled collections of principal
      received during the related Prepayment Period) and (B) the aggregate Stated
      Principal Balance of the Mortgage Loans as of the last day of the related Due
      Period (after giving effect to scheduled payments of principal due during the
      related Due Period, to the extent received or advanced, and unscheduled
      collections of principal received during the related Prepayment Period) minus
      the product of (i) 0.50% and (ii) the aggregate principal balance of the
      Mortgage Loans as of the Cut-off Date.

    

    “Class
      M-2 Certificate”:
      Any
      one of the Class M-2 Certificates executed and authenticated by the Securities
      Administrator and delivered by the Trustee, substantially in the form annexed
      hereto as Exhibit A-2 and evidencing (i) a Regular Interest in REMIC III, (ii)
      the right to receive the related Net WAC Rate Carryover Amount and (iii) the
      obligation to pay any Class IO Distribution Amount.

    

    “Class
      M-2 Principal Distribution Amount”:
      With
      respect to any Distribution Date on or after the Stepdown Date and on which
      a
      Trigger Event is not in effect, the excess of (x) the sum of (i) the aggregate
      Certificate Principal Balance of the Class A Certificates after taking into
      account the payment of the Class A Principal Distribution Amount on the
      Distribution Date, (ii) the Certificate Principal Balance of the Class M-1
      Certificates after taking into account the payment of the Class M-1 Principal
      Distribution Amount on the Distribution Date and (iii) the Certificate Principal
      Balance of the Class M-2 Certificates immediately prior to the Distribution
      Date
      over (y) the lesser of (A) the product of (i) 64.50% and (ii) the aggregate
      Stated Principal Balance of the Mortgage Loans as of the last day of the related
      Due Period (after giving effect to scheduled payments of principal due during
      the related Due Period, to the extent received or advanced, and unscheduled
      collections of principal received during the related Prepayment Period) and
      (B)
      the aggregate Stated Principal Balance of the Mortgage Loans as of the last
      day
      of the related Due Period (after giving effect to scheduled payments of
      principal due during the related Due Period, to the extent received or advanced,
      and unscheduled collections of principal received during the related Prepayment
      Period) minus the product of (i) 0.50% and (ii) the aggregate principal balance
      of the Mortgage Loans as of the Cut-off Date.

    

    
      
        
        

      

      
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    “Class
      M-3 Certificate”:
      Any
      one of the Class M-3 Certificates executed and authenticated by the Securities
      Administrator and delivered by the Trustee, substantially in the form annexed
      hereto as Exhibit A-2 and evidencing (i) a Regular Interest in REMIC III, (ii)
      the right to receive the related Net WAC Rate Carryover Amount and (iii) the
      obligation to pay any Class IO Distribution Amount.

    

    “Class
      M-3 Principal Distribution Amount”:
      With
      respect to any Distribution Date on or after the Stepdown Date and on which
      a
      Trigger Event is not in effect, the excess of (x) the sum of (i) the aggregate
      Certificate Principal Balance of the Class A Certificates after taking into
      account the payment of the Class A Principal Distribution Amount on the
      Distribution Date, (ii) the Certificate Principal Balance of the Class M-1
      Certificates after taking into account the payment of the Class M-1 Principal
      Distribution Amount on the Distribution Date, (iii) the Certificate Principal
      Balance of the Class M-2 Certificates after taking into account the payment
      of
      the Class M-2 Principal Distribution Amount on the Distribution Date and (iv)
      the Certificate Principal Balance of the Class M-3 Certificates immediately
      prior to the Distribution Date over (y) the lesser of (A) the product of (i)
      69.00% and (ii) the aggregate Stated Principal Balance of the Mortgage Loans
      as
      of the last day of the related Due Period (after giving effect to scheduled
      payments of principal due during the related Due Period, to the extent received
      or advanced, and unscheduled collections of principal received during the
      related Prepayment Period) and (B) the aggregate Stated Principal Balance of
      the
      Mortgage Loans as of the last day of the related Due Period (after giving effect
      to scheduled payments of principal due during the related Due Period, to the
      extent received or advanced, and unscheduled collections of principal received
      during the related Prepayment Period) minus the product of (i) 0.50% and (ii)
      the aggregate principal balance of the Mortgage Loans as of the Cut-off Date.
      

    

    “Class
      M-4 Certificate”:
      Any
      one of the Class M-4 Certificates executed and authenticated by the Securities
      Administrator and delivered by the Trustee, substantially in the form annexed
      hereto as Exhibit A-2 and evidencing (i) a Regular Interest in REMIC III, (ii)
      the right to receive the related Net WAC Rate Carryover Amount and (iii) the
      obligation to pay any Class IO Distribution Amount.

    

    “Class
      M-4 Principal Distribution Amount”:
      With
      respect to any Distribution Date on or after the Stepdown Date and on which
      a
      Trigger Event is not in effect, the excess of (x) the sum of (i) the aggregate
      Certificate Principal Balance of the Class A Certificates after taking into
      account the payment of the Class A Principal Distribution Amount on the
      Distribution Date, (ii) the Certificate Principal Balance of the Class M-1
      Certificates after taking into account the payment of the Class M-1 Principal
      Distribution Amount on the Distribution Date, (iii) the Certificate Principal
      Balance of the Class M-2 Certificates after taking into account the payment
      of
      the Class M-2 Principal Distribution Amount on the Distribution Date, (iv)
      the
      Certificate Principal Balance of the Class M-3 Certificates after taking into
      account the payment of the Class M-3 Principal Distribution Amount on the
      Distribution Date and (v) the Certificate Principal Balance of the Class M-4
      Certificates immediately prior to the Distribution Date over (y) the lesser
      of
      (A) the product of (i) 73.80% and (ii) the aggregate Stated Principal Balance
      of
      the Mortgage Loans as of the last day of the related Due Period (after giving
      effect to scheduled payments of principal due during the related Due Period,
      to
      the extent received or advanced, and unscheduled collections of principal
      received during the related Prepayment Period) and (B) the aggregate Stated
      Principal Balance of the Mortgage Loans as of the last day of the related Due
      Period (after giving effect to scheduled payments of principal due during the
      related Due Period, to the extent received or advanced, and unscheduled
      collections of principal received during the related Prepayment Period) minus
      the product of (i) 0.50% and (ii) the aggregate principal balance of the
      Mortgage Loans as of the Cut-off Date. 

    

    
      
        
        

      

      
        19

        
          

        

      

      
        
        

      

    

    “Class
      M-5 Certificate”:
      Any
      one of the Class M-5 Certificates executed and authenticated by the Securities
      Administrator and delivered by the Trustee, substantially in the form annexed
      hereto as Exhibit A-2 and evidencing (i) a Regular Interest in REMIC III, (ii)
      the right to receive the related Net WAC Rate Carryover Amount and (iii) the
      obligation to pay any Class IO Distribution Amount.

    

    “Class
      M-5 Principal Distribution Amount”:
      With
      respect to any Distribution Date on or after the Stepdown Date and on which
      a
      Trigger Event is not in effect, the excess of (x) the sum of (i) the aggregate
      Certificate Principal Balance of the Class A Certificates after taking into
      account the payment of the Class A Principal Distribution Amount on the
      Distribution Date, (ii) the Certificate Principal Balance of the Class M-1
      Certificates after taking into account the payment of the Class M-1 Principal
      Distribution Amount on the Distribution Date, (iii) the Certificate Principal
      Balance of the Class M-2 Certificates after taking into account the payment
      of
      the Class M-2 Principal Distribution Amount on the Distribution Date, (iv)
      the
      Certificate Principal Balance of the Class M-3 Certificates after taking into
      account the payment of the Class M-3 Principal Distribution Amount on the
      Distribution Date, (v) the Certificate Principal Balance of the Class M-4
      Certificates after taking into account the payment of the Class M-4 Principal
      Distribution Amount on the Distribution Date and (vi) the Certificate Principal
      Balance of the Class M-5 Certificates immediately prior to the Distribution
      Date
      over (y) the lesser of (A) the product of (i) 77.10% and (ii) the aggregate
      Stated Principal Balance of the Mortgage Loans as of the last day of the related
      Due Period (after giving effect to scheduled payments of principal due during
      the related Due Period, to the extent received or advanced, and unscheduled
      collections of principal received during the related Prepayment Period) and
      (B)
      the aggregate Stated Principal Balance of the Mortgage Loans as of the last
      day
      of the related Due Period (after giving effect to scheduled payments of
      principal due during the related Due Period, to the extent received or advanced,
      and unscheduled collections of principal received during the related Prepayment
      Period) minus the product of (i) 0.50% and (ii) the aggregate principal balance
      of the Mortgage Loans as of the Cut-off Date. 

    

    “Class
      M-6 Certificate”:
      Any
      one of the Class M-6 Certificates executed and authenticated by the Securities
      Administrator and delivered by the Trustee, substantially in the form annexed
      hereto as Exhibit A-2 and evidencing (i) a Regular Interest in REMIC III, (ii)
      the right to receive the related Net WAC Rate Carryover Amount and (iii) the
      obligation to pay any Class IO Distribution Amount.

    

    “Class
      M-6 Principal Distribution Amount”:
      With
      respect to any Distribution Date on or after the Stepdown Date and on which
      a
      Trigger Event is not in effect, the excess of (x) the sum of (i) the aggregate
      Certificate Principal Balance of the Class A Certificates after taking into
      account the payment of the Class A Principal Distribution Amount on the
      Distribution Date, (ii) the Certificate Principal Balance of the Class M-1
      Certificates after taking into account the payment of the Class M-1 Principal
      Distribution Amount on the Distribution Date, (iii) the Certificate Principal
      Balance of the Class M-2 Certificates after taking into account the payment
      of
      the Class M-2 Principal Distribution Amount on the Distribution Date, (iv)
      the
      Certificate Principal Balance of the Class M-3 Certificates after taking into
      account the payment of the Class M-3 Principal Distribution Amount on the
      Distribution Date, (v) the Certificate Principal Balance of the Class M-4
      Certificates after taking into account the payment of the Class M-4 Principal
      Distribution Amount on the Distribution Date, (vi) the Certificate Principal
      Balance of the Class M-5 Certificates after taking into account the payment
      of
      the Class M-5 Principal Distribution Amount on the Distribution Date and (vii)
      the Certificate Principal Balance of the Class M-6 Certificates immediately
      prior to the Distribution Date over (y) the lesser of (A) the product of (i)
      79.80% and (ii) the aggregate Stated Principal Balance of the Mortgage Loans
      as
      of the last day of the related Due Period (after giving effect to scheduled
      payments of principal due during the related Due Period, to the extent received
      or advanced, and unscheduled collections of principal received during the
      related Prepayment Period) and (B) the aggregate Stated Principal Balance of
      the
      Mortgage Loans as of the last day of the related Due Period (after giving effect
      to scheduled payments of principal due during the related Due Period, to the
      extent received or advanced, and unscheduled collections of principal received
      during the related Prepayment Period) minus the product of (i) 0.50% and (ii)
      the aggregate principal balance of the Mortgage Loans as of the Cut-off
      Date.

    

    
      
        
        

      

      
        20

        
          

        

      

      
        
        

      

    

    “Class
      M-7 Certificate”:
      Any
      one of the Class M-7 Certificates executed and authenticated by the Securities
      Administrator and delivered by the Trustee, substantially in the form annexed
      hereto as Exhibit A-2 and evidencing (i) a Regular Interest in REMIC III, (ii)
      the right to receive the related Net WAC Rate Carryover Amount and (iii) the
      obligation to pay any Class IO Distribution Amount.

    

    “Class
      M-7 Principal Distribution Amount”:
      With
      respect to any Distribution Date on or after the Stepdown Date and on which
      a
      Trigger Event is not in effect, the excess of (x) the sum of (i) the aggregate
      Certificate Principal Balance of the Class A Certificates after taking into
      account the payment of the Class A Principal Distribution Amount on the
      Distribution Date, (ii) the Certificate Principal Balance of the Class M-1
      Certificates after taking into account the payment of the Class M-1 Principal
      Distribution Amount on the Distribution Date, (iii) the Certificate Principal
      Balance of the Class M-2 Certificates after taking into account the payment
      of
      the Class M-2 Principal Distribution Amount on the Distribution Date, (iv)
      the
      Certificate Principal Balance of the Class M-3 Certificates after taking into
      account the payment of the Class M-3 Principal Distribution Amount on the
      Distribution Date, (v) the Certificate Principal Balance of the Class M-4
      Certificates after taking into account the payment of the Class M-4 Principal
      Distribution Amount on the Distribution Date, (vi) the Certificate Principal
      Balance of the Class M-5 Certificates after taking into account the payment
      of
      the Class M-5 Principal Distribution Amount on the Distribution Date, (vii)
      the
      Certificate Principal Balance of the Class M-6 Certificates after taking into
      account the payment of the Class M-6 Principal Distribution Amount on the
      Distribution Date and (viii) the Certificate Principal Balance of the Class
      M-7
      Certificates immediately prior to the Distribution Date over (y) the lesser
      of
      (A) the product of (i) 82.40% and (ii) the aggregate Stated Principal Balance
      of
      the Mortgage Loans as of the last day of the related Due Period (after giving
      effect to scheduled payments of principal due during the related Due Period,
      to
      the extent received or advanced, and unscheduled collections of principal
      received during the related Prepayment Period) and (B) the aggregate Stated
      Principal Balance of the Mortgage Loans as of the last day of the related Due
      Period (after giving effect to scheduled payments of principal due during the
      related Due Period, to the extent received or advanced, and unscheduled
      collections of principal received during the related Prepayment Period) minus
      the product of (i) 0.50% and (ii) the aggregate principal balance of the
      Mortgage Loans as of the Cut-off Date. 

    

    
      
        
        

      

      
        21

        
          

        

      

      
        
        

      

    

    “Class
      M-8 Certificate”:
      Any
      one of the Class M-8 Certificates executed and authenticated by the Securities
      Administrator and delivered by the Trustee, substantially in the form annexed
      hereto as Exhibit A-2 and evidencing (i) a Regular Interest in REMIC III, (ii)
      the right to receive the related Net WAC Rate Carryover Amount and (iii) the
      obligation to pay any Class IO Distribution Amount.

    

    “Class
      M-8 Principal Distribution Amount”:
      With
      respect to any Distribution Date on or after the Stepdown Date and on which
      a
      Trigger Event is not in effect, the excess of (x) the sum of (i) the aggregate
      Certificate Principal Balance of the Class A Certificates after taking into
      account the payment of the Class A Principal Distribution Amount on the
      Distribution Date, (ii) the Certificate Principal Balance of the Class M-1
      Certificates after taking into account the payment of the Class M-1 Principal
      Distribution Amount on the Distribution Date, (iii) the Certificate Principal
      Balance of the Class M-2 Certificates after taking into account the payment
      of
      the Class M-2 Principal Distribution Amount on the Distribution Date, (iv)
      the
      Certificate Principal Balance of the Class M-3 Certificates after taking into
      account the payment of the Class M-3 Principal Distribution Amount on the
      Distribution Date, (v) the Certificate Principal Balance of the Class M-4
      Certificates after taking into account the payment of the Class M-4 Principal
      Distribution Amount on the Distribution Date, (vi) the Certificate Principal
      Balance of the Class M-5 Certificates after taking into account the payment
      of
      the Class M-5 Principal Distribution Amount on the Distribution Date, (vii)
      the
      Certificate Principal Balance of the Class M-6 Certificates after taking into
      account the payment of the Class M-6 Principal Distribution Amount on the
      Distribution Date, (viii) the Certificate Principal Balance of the Class M-7
      Certificates after taking into account the payment of the Class M-7 Principal
      Distribution Amount on the Distribution Date and (ix) the Certificate Principal
      Balance of the Class M-8 Certificates immediately prior to the Distribution
      Date
      over (y) the lesser of (A) the product of (i) 84.50% and (ii) the aggregate
      Stated Principal Balance of the Mortgage Loans as of the last day of the related
      Due Period (after giving effect to scheduled payments of principal due during
      the related Due Period, to the extent received or advanced, and unscheduled
      collections of principal received during the related Prepayment Period) and
      (B)
      the aggregate Stated Principal Balance of the Mortgage Loans as of the last
      day
      of the related Due Period (after giving effect to scheduled payments of
      principal due during the related Due Period, to the extent received or advanced,
      and unscheduled collections of principal received during the related Prepayment
      Period) minus the product of (i) 0.50% and (ii) the aggregate principal balance
      of the Mortgage Loans as of the Cut-off Date.

    

    “Class
      M-9 Certificate”:
      Any
      one of the Class M-9 Certificates executed and authenticated by the Securities
      Administrator and delivered by the Trustee, substantially in the form annexed
      hereto as Exhibit A-2 and evidencing (i) a Regular Interest in REMIC III, (ii)
      the right to receive the related Net WAC Rate Carryover Amount and (iii) the
      obligation to pay any Class IO Distribution Amount.

    

    
      
        
        

      

      
        22

        
          

        

      

      
        
        

      

    

    “Class
      M-9 Principal Distribution Amount”:
      With
      respect to any Distribution Date on or after the Stepdown Date and on which
      a
      Trigger Event is not in effect, the excess of (x) the sum of (i) the aggregate
      Certificate Principal Balance of the Class A Certificates after taking into
      account the payment of the Class A Principal Distribution Amount on the
      Distribution Date, (ii) the Certificate Principal Balance of the Class M-1
      Certificates after taking into account the payment of the Class M-1 Principal
      Distribution Amount on the Distribution Date, (iii) the Certificate Principal
      Balance of the Class M-2 Certificates after taking into account the payment
      of
      the Class M-2 Principal Distribution Amount on the Distribution Date, (iv)
      the
      Certificate Principal Balance of the Class M-3 Certificates after taking into
      account the payment of the Class M-3 Principal Distribution Amount on the
      Distribution Date, (v) the Certificate Principal Balance of the Class M-4
      Certificates after taking into account the payment of the Class M-4 Principal
      Distribution Amount on the Distribution Date, (vi) the Certificate Principal
      Balance of the Class M-5 Certificates after taking into account the payment
      of
      the Class M-5 Principal Distribution Amount on the Distribution Date, (vii)
      the
      Certificate Principal Balance of the Class M-6 Certificates after taking into
      account the payment of the Class M-6 Principal Distribution Amount on the
      Distribution Date, (viii) the Certificate Principal Balance of the Class M-7
      Certificates after taking into account the payment of the Class M-7 Principal
      Distribution Amount on the Distribution Date, (ix) the Certificate Principal
      Balance of the Class M-8 Certificates after taking into account the payment
      of
      the Class M-8 Principal Distribution Amount on the Distribution Date and (x)
      the
      Certificate Principal Balance of the Class M-9 Certificates immediately prior
      to
      the Distribution Date over (y) the lesser of (A) the product of (i) 86.70%
      and
      (ii) the aggregate Stated Principal Balance of the Mortgage Loans as of the
      last
      day of the related Due Period (after giving effect to scheduled payments of
      principal due during the related Due Period, to the extent received or advanced,
      and unscheduled collections of principal received during the related Prepayment
      Period) and (B) the aggregate Stated Principal Balance of the Mortgage Loans
      as
      of the last day of the related Due Period (after giving effect to scheduled
      payments of principal due during the related Due Period, to the extent received
      or advanced, and unscheduled collections of principal received during the
      related Prepayment Period) minus the product of (i) 0.50% and (ii) the aggregate
      principal balance of the Mortgage Loans as of the Cut-off Date. 

    

    “Class
      M-10 Certificate”:
      Any
      one of the Class M-10 Certificates executed and authenticated by the Securities
      Administrator and delivered by the Trustee, substantially in the form annexed
      hereto as Exhibit A-2 and evidencing (i) a Regular Interest in REMIC III, (ii)
      the right to receive the related Net WAC Rate Carryover Amount and (iii) the
      obligation to pay any Class IO Distribution Amount.

    

    “Class
      M-10 Principal Distribution Amount”:
      With
      respect to any Distribution Date on or after the Stepdown Date and on which
      a
      Trigger Event is not in effect, the excess of (x) the sum of (i) the aggregate
      Certificate Principal Balance of the Class A Certificates after taking into
      account the payment of the Class A Principal Distribution Amount on the
      Distribution Date, (ii) the Certificate Principal Balance of the Class M-1
      Certificates after taking into account the payment of the Class M-1 Principal
      Distribution Amount on the Distribution Date, (iii) the Certificate Principal
      Balance of the Class M-2 Certificates after taking into account the payment
      of
      the Class M-2 Principal Distribution Amount on the Distribution Date, (iv)
      the
      Certificate Principal Balance of the Class M-3 Certificates after taking into
      account the payment of the Class M-3 Principal Distribution Amount on the
      Distribution Date, (v) the Certificate Principal Balance of the Class M-4
      Certificates after taking into account the payment of the Class M-4 Principal
      Distribution Amount on the Distribution Date, (vi) the Certificate Principal
      Balance of the Class M-5 Certificates after taking into account the payment
      of
      the Class M-5 Principal Distribution Amount on the Distribution Date, (vii)
      the
      Certificate Principal Balance of the Class M-6 Certificates after taking into
      account the payment of the Class M-6 Principal Distribution Amount on the
      Distribution Date, (viii) the Certificate Principal Balance of the Class M-7
      Certificates after taking into account the payment of the Class M-7 Principal
      Distribution Amount on the Distribution Date, (ix) the Certificate Principal
      Balance of the Class M-8 Certificates after taking into account the payment
      of
      the Class M-8 Principal Distribution Amount on the Distribution Date, (x) the
      Certificate Principal Balance of the Class M-9 Certificates after taking into
      account the payment of the Class M-9 Principal Distribution Amount on the
      Distribution Date and (xi) the Certificate Principal Balance of the Class M-10
      Certificates immediately prior to the Distribution Date over (y) the lesser
      of
      (A) the product of (i) 89.10% and (ii) the aggregate Stated Principal Balance
      of
      the Mortgage Loans as of the last day of the related Due Period (after giving
      effect to scheduled payments of principal due during the related Due Period,
      to
      the extent received or advanced, and unscheduled collections of principal
      received during the related Prepayment Period) and (B) the aggregate Stated
      Principal Balance of the Mortgage Loans as of the last day of the related Due
      Period (after giving effect to scheduled payments of principal due during the
      related Due Period, to the extent received or advanced, and unscheduled
      collections of principal received during the related Prepayment Period) minus
      the product of (i) 0.50% and (ii) the aggregate principal balance of the
      Mortgage Loans as of the Cut-off Date.

    

    
      
        
        

      

      
        23

        
          

        

      

      
        
        

      

    

    “Class
      P Certificate”:
      Any
      one of the Class P Certificates executed and authenticated by the Securities
      Administrator and delivered by the Trustee, substantially in the form annexed
      hereto as Exhibit A-4 and evidencing a Regular Interest in REMIC III for
      purposes of the REMIC Provisions.

    

    “Class
      R Certificates”:
      Any
      one of the Class R Certificates executed and authenticated by the Securities
      Administrator and delivered by the Trustee, substantially in the form annexed
      hereto as Exhibit A-5, and evidencing the Class R-I Interest, the Class R-II
      Interest and the Class R-III Interest.

    

    “Class
      R-I Interest”:
      The
      uncertificated residual interest in REMIC I.

    

    “Class
      R-II Interest”:
      The
      uncertificated residual interest in REMIC II.

    

    “Class
      R-III Interest”:
      The
      uncertificated residual interest in REMIC III.

    

    “Closing
      Date”:
      March
      2, 2007.

    

    “Code”:
      The
      Internal Revenue Code of 1986 as amended from time to time.

    

    “Collection
      Account”:
      The
      separate account or accounts created and maintained, or caused to be created
      and
      maintained, by each Servicer pursuant to Section 3.08(a) of this Agreement
      for
      the benefit of the Certificateholders, which shall be entitled (i) with respect
      to the Ocwen Mortgage Loans, “Ocwen Loan Servicing, LLC, as Servicer for HSBC
      Bank USA, National Association as Trustee, in trust for the registered holders
      of ACE Securities Corp., Home Equity Loan Trust, Series 2007-SL1, Asset Backed
      Pass-Through Certificates” and (ii) with respect to the GMAC Mortgage Loans,
“GMAC Mortgage, LLC, as Servicer for HSBC Bank USA, National Association as
      Trustee, in trust for the registered holders of ACE Securities Corp., Home
      Equity Loan Trust, Series 2007-SL1, Asset Backed Pass-Through Certificates.
      Each
      Collection Account must be an Eligible Account.

    

    
      
        
        

      

      
        24

        
          

        

      

      
        
        

      

    

    “Combined
      Loan-to-Value Ratio”:
      With
      respect to any Mortgage Loan and as of any date of determination, the fraction
      (expressed as a percentage) the numerator of which is the sum of (i) original
      principal balance of the related Mortgage Loan at such date of determination
      and
      (ii) the unpaid principal balance of the related First Mortgage Loan as of
      the
      date of origination of that Mortgage Loan and the denominator of which is (a)
      with respect to a Refinanced Mortgage Loan, the Value of the related Mortgaged
      Property at origination and (b) with respect to all other Mortgage Loans, the
      lesser of (i) the Value of the related Mortgage Property at origination and
      (ii)
      the purchase price of the related Mortgaged Property.

    

    “Commission”:
      The
      Securities and Exchange Commission.

    

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

    

    “Corporate
      Trust Office”:
      The
      principal corporate trust office of the Trustee or the Securities Administrator,
      as the case may be, at which, at any particular time, its corporate trust
      business in connection with this Agreement shall be administered, which office
      at the date of the execution of this instrument is located at (i) with respect
      to the Trustee, HSBC Bank USA, National Association, 452 Fifth Avenue, New
      York,
      New York 10018, Attention: ACE Securities Corp., 2007-SL1, or at such other
      address as the Trustee may designate from time to time by notice to the
      Certificateholders, the Depositor, the Master Servicer, the Securities
      Administrator and the Servicers, or (ii) with respect to the Securities
      Administrator, (A) for purposes of Certificate transfers and surrender, Wells
      Fargo Bank, National Association, Sixth Street and Marquette Avenue,
      Minneapolis, Minnesota 55479, Attention: Corporate Trust (ACE 2007-SL1), and
      (B)
      for all other purposes, Wells Fargo Bank, National Association, P.O. Box 98,
      Columbia, Maryland 21046, Attention: Corporate Trust (ACE 2007-SL1) (or for
      overnight deliveries, at 9062 Old Annapolis Road, Columbia, Maryland 21045,
      Attention: Corporate Trust (ACE 2007-SL1)), or at such other address as the
      Securities Administrator may designate from time to time by notice to the
      Certificateholders, the Depositor, the Master Servicer, the Servicer and the
      Trustee.

    

    “Corresponding
      Certificate”:
      With
      respect to each REMIC II Regular Interest, as follows:

    

    
      	
              REMIC
                II REGULAR INTEREST

            	 	
              CLASS

            
	
              REMIC
                II REGULAR INTEREST A-1

            	 	
              A-1

            
	
              REMIC
                II REGULAR INTEREST A-2

            	 	
              A-2

            
	
              REMIC
                II REGULAR INTEREST M-1

            	 	
              M-1

            
	
              REMIC
                II REGULAR INTEREST M-2

            	 	
              M-2

            
	
              REMIC
                II REGULAR INTEREST M-3

            	 	
              M-3

            
	
              REMIC
                II REGULAR INTEREST M-4

            	 	
              M-4

            

    

    

    
      
        
        

      

      
        25

        
          

        

      

      
        
        

      

    

    

    
      	
              REMIC
                II REGULAR INTEREST

            	 	
              CLASS

            
	
              REMIC
                II REGULAR INTEREST M-5

            	 	
              M-5

            
	
              REMIC
                II REGULAR INTEREST M-6

            	 	
              M-6

            
	
              REMIC
                II REGULAR INTEREST M-7

            	 	
              M-7

            
	
              REMIC
                II REGULAR INTEREST M-8

            	 	
              M-8

            
	
              REMIC
                II REGULAR INTEREST M-9

            	 	
              M-9

            
	
              REMIC
                II REGULAR INTEREST M-10

            	 	
              M-10

            
	
              REMIC
                II REGULAR INTEREST P

            	 	
              P

            
	
              REMIC
                II REGULAR INTEREST CE-2

            	 	
              CE-2

            

    

    

    “Credit
      Enhancement Percentage”:
      For
      any Distribution Date, the percentage equivalent of a fraction, the numerator
      of
      which is the sum of the aggregate Certificate Principal Balances of the
      Mezzanine Certificates and the Class CE-1 Certificates (which includes the
      Overcollateralization Amount), and the denominator of which is the aggregate
      Stated Principal Balance of the Mortgage Loans, calculated after taking into
      account distributions of principal on the Mortgage Loans and distribution of
      the
      Principal Distribution Amount to the Certificates then entitled to distributions
      of principal on such Distribution Date.

    

    “Credit
      Risk Management Agreements”:
      The
      agreements between the Credit Risk Manager and each Servicer and/or Master
      Servicer, each regarding the loss mitigation and advisory services to be
      provided by the Credit Risk Manager.

    

    “Credit
      Risk Management Fee”:
      The
      amount payable to the Credit Risk Manager on each Distribution Date as
      compensation for all services rendered by it in the exercise and performance
      of
      any and all powers and duties of the Credit Risk Manager under the Credit Risk
      Management Agreements, which amount shall equal one twelfth of the product
      of
      (i) the Credit Risk Management Fee Rate multiplied by (ii) the Stated Principal
      Balance of the Mortgage Loans and any related REO Properties as of the first
      day
      of the related Due Period.

    

    “Credit
      Risk Management Fee Rate”:
      0.0135% per annum.

    

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

    

    “Custodial
      Agreement”:
      Either
      of (i) the DBNTC Custodial Agreement or (ii) the Wells Fargo Custodial
      Agreement, or any other custodial agreement entered into after the date hereof
      with respect to any Mortgage Loan subject to this Agreement.

    

    “Custodian”:
      Either
      Wells Fargo or DBNTC or any other custodian appointed under any custodial
      agreement entered into after the date of this Agreement.

    

    “Cut-off
      Date”:
      With
      respect to each Mortgage Loan, February 1, 2007. With respect to all Qualified
      Substitute Mortgage Loans, their respective dates of substitution. References
      herein to the “Cut-off Date,” when used with respect to more than one Mortgage
      Loan, shall be to the respective Cut-off Dates for such Mortgage
      Loans.

    

    
      
        
        

      

      
        26

        
          

        

      

      
        
        

      

    

    “DBNTC”:
      Deutsche Bank National Trust Company, a national banking association, or its
      successor in interest.

    

    “DBNTC
      Custodial Agreement”:
      The
      Custodial Agreement, dated as of February 1, 2007, among the Trustee, DBNTC
      and
      the Servicers, as may be amended or supplemented from time to time.

    

    “Debt
      Service Reduction”:
      With
      respect to any Mortgage Loan, a reduction in the scheduled Monthly Payment
      for
      such Mortgage Loan by a court of competent jurisdiction in a proceeding under
      the Bankruptcy Code, except such a reduction resulting from a Deficient
      Valuation.

    

    “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 the then outstanding
      principal balance of the Mortgage Loan, which valuation results from a
      proceeding initiated under the Bankruptcy Code.

    

    “Definitive
      Certificates”:
      As
      defined in Section 6.01(b).

    

    “Deleted
      Mortgage Loan”:
      A
      Mortgage Loan replaced or to be replaced by a Qualified Substitute Mortgage
      Loan.

    

    “Delinquency
      Percentage”:
      As of
      the last day of the related Due Period, the percentage equivalent of a fraction,
      the numerator of which is the aggregate Stated Principal Balance of all Mortgage
      Loans that, as of the last day of the previous calendar month, are sixty (60)
      or
      more days delinquent, are in foreclosure, have been converted to REO Properties
      or have been discharged by reason of bankruptcy, and the denominator of which
      is
      the aggregate Stated Principal Balance of the Mortgage Loans and REO Properties
      as of the last day of the previous calendar month.

    

    “Depositor”:
      ACE
      Securities Corp., a Delaware corporation, or its successor in
      interest.

    

    “Depository”:
      The
      Depository Trust Company, or any successor Depository hereafter named. The
      nominee of the initial Depository, for purposes of registering those
      Certificates that are to be Book-Entry Certificates, is Cede & Co. The
      Depository shall at all times be a “clearing corporation” as defined in Section
      8-102(3) of the Uniform Commercial Code of the State of New York and a “clearing
      agency” registered pursuant to the provisions of Section 17A of the Exchange
      Act.

    

    “Depository
      Institution”:
      Any
      depository institution or trust company, including the Trustee, 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 (or, in the case of a depository
      institution that is the principal subsidiary of a holding company, such holding
      company has unsecured commercial paper or other short-term unsecured debt
      obligations) that are rated at least A-1+ by S&P, F-1+ by Fitch and P-1 by
      Moody’s (or, if such Rating Agencies are no longer rating the Offered
      Certificates, comparable ratings by any other nationally recognized statistical
      rating agency then rating the Offered Certificates).

    

    
      
        
        

      

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

    

    “Determination
      Date”:
      With
      respect to each Distribution Date, the 15th
      day of
      the calendar month in which such Distribution Date occurs, or if such
      15th
      day is
      not a Business Day, the Business Day immediately preceding such 15th
      day. The
      Determination Date for purposes of Article X hereof shall mean the
      15th
      day of
      the month, or if such 15th
      day is
      not a Business Day, the first Business Day following such 15th
      day.

    

    “Directly
      Operate”:
      With
      respect to any REO Property, the furnishing or rendering of services to the
      tenants thereof, the management or operation of such REO Property, the holding
      of such REO Property primarily for sale to customers, the performance of any
      construction work thereon or any use of such REO Property in a trade or business
      conducted by REMIC I other than through an Independent Contractor; provided,
      however, that the Servicer, on behalf of the Trustee, shall not be considered
      to
      Directly Operate an REO Property solely because the Servicer establishes rental
      terms, chooses tenants, enters into or renews leases, deals with taxes and
      insurance, or makes decisions as to repairs or capital expenditures with respect
      to such REO Property.

    

    “Disqualified
      Organization”:
      Any of
      the following: (i) the United States, any State or political subdivision
      thereof, any possession of the United States, or any agency or instrumentality
      of any of the foregoing (other than an instrumentality which is a corporation
      if
      all of its activities are subject to tax and, except for Freddie Mac, a majority
      of its board of directors is not selected by such governmental unit), (ii)
      any
      foreign government, any international organization, or any agency or
      instrumentality of any of the foregoing, (iii) any organization (other than
      certain farmers’ cooperatives described in Section 521 of the Code) which is
      exempt from the tax imposed by Chapter 1 of the Code (including the tax imposed
      by Section 511 of the Code on unrelated business taxable income), (iv) rural
      electric and telephone cooperatives described in Section 1381(a)(2)(C) of the
      Code, (v) an “electing large partnership” and (vi) any other Person so
      designated by the Trustee based upon an Opinion of Counsel that the holding
      of
      an Ownership Interest in a Residual Certificate by such Person may cause any
      Trust REMIC or any Person having an Ownership Interest in any Class of
      Certificates (other than such Person) to incur a liability for any federal
      tax
      imposed under the Code that would not otherwise be imposed but for the Transfer
      of an Ownership Interest in a Residual Certificate to such Person. The terms
      “United States,” “State” and “international organization” shall have the
      meanings set forth in Section 7701 of the Code or successor
      provisions.

    

    “Distribution
      Account”:
      The
      separate trust account or accounts created and maintained by the Securities
      Administrator pursuant to Section 3.08(b) in the name of the Securities
      Administrator for the benefit of the Certificateholders and designated “Wells
      Fargo Bank, National Association, in trust for registered holders of ACE
      Securities Corp. Home Equity Loan Trust, Series 2007-SL1”. Funds in the
      Distribution Account shall be held in trust for the Certificateholders for
      the
      uses and purposes set forth in this Agreement. The Distribution Account must
      be
      an Eligible Account.

    

    
      
        
        

      

      
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    “Distribution
      Date”:
      The
      25th day of any month, or if such 25th day is not a Business Day, the Business
      Day immediately following such 25th day, commencing in March 2007.

    

    “Due
      Date”:
      With
      respect to each Distribution Date, the day of the month on which the Monthly
      Payment is due on a Mortgage Loan during the related Due Period, exclusive
      of
      any days of grace.

    

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

    

    “Eligible
      Account”:
      Any of
      (i) an account or accounts maintained with a Depository Institution, (ii) an
      account or accounts the deposits in which are fully insured by the FDIC, (iii)
      a
      trust account or accounts maintained with a federal depository institution
      or
      state chartered depository institution acting in its fiduciary capacity or
      (iv)
      an account of accounts acceptable to each Rating Agency as confirmed and
      approved in writing by each Rating Agency. Eligible Accounts may bear
      interest.

    

    “ERISA”:
      The
      Employee Retirement Income Security Act of 1974, as amended from time to
      time.

    

    “Escrow
      Account”:
      an
      account established by the related Servicer for Escrow Payments on any Mortgage
      Loan.

    

    “Escrow
      Mortgage Loan”:
      Any
      Mortgage Loan for which the related Servicer has established an Escrow Account
      for items constituting Escrow Payments.

    

    “Escrow
      Payments”:
      With
      respect to any Mortgage Loan, the amounts constituting ground rents, taxes,
      mortgage insurance premiums, fire and hazard insurance premiums, and any other
      payments required to be escrowed by the Mortgagor with the mortgagee pursuant
      to
      the Mortgage, applicable law or any other related document.

    

    “Estate
      in Real Property”:
      A fee
      simple estate in a parcel of land.

    

    “Excess
      Liquidation Proceeds”:
      To the
      extent that such amount is not required by law to be paid to the related
      Mortgagor, the amount, if any, by which Liquidation Proceeds with respect to
      a
      liquidated Mortgage Loan exceed the sum of (i) the outstanding principal balance
      of such Mortgage Loan and accrued but unpaid interest at the related Net
      Mortgage Rate through the last day of the month in which the related Liquidation
      Event occurs, plus (ii) related liquidation expenses or other amounts to which
      the related Servicer is entitled to be reimbursed from Liquidation Proceeds
      with
      respect to such liquidated Mortgage Loan pursuant to Section 3.09 of this
      Agreement.

    

    “Excess
      Servicing Fee”:
      Shall
      have the meaning set forth in Section 5.01(e).

    

    
      
        
        

      

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

    

    “Extraordinary
      Trust Fund Expense”:
      Any
      amounts payable or reimbursable to the Trustee, the Master Servicer, the
      Securities Administrator, the Custodians or any director, officer, employee
      or
      agent of any such Person from the Trust Fund pursuant to the terms of this
      Agreement and any amounts payable from the Distribution Account in respect
      of
      taxes pursuant to Section 11.01(g)(v).

    

    “Fannie
      Mae”:
      Fannie
      Mae, formerly known as the Federal National Mortgage Association, or any
      successor thereto.

    

    “FDIC”:
      Federal Deposit Insurance Corporation or any successor thereto.

    

    “Final
      Maturity Date”:
      The
      Distribution Date occurring in March 2037.

    

    “Final
      Recovery Determination”:
      With
      respect to any defaulted Mortgage Loan or any REO Property (other than a
      Mortgage Loan or REO Property purchased by an originator, the Sponsor or the
      Terminator pursuant to or as contemplated by Section 2.03, 3.13(c) or Section
      10.01), a determination made by the Servicer that all Insurance 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, which determination shall be evidenced by a
      certificate of a Servicing Officer of the Servicer delivered to the Master
      Servicer and maintained in its records.

    

    “First
      Mortgage Loan”:
      A
      mortgage loan that is secured by a first lien on the related Mortgaged
      Property.

    

    “Fitch”:
      Fitch
      Ratings or any successor in interest. 

    

    “Form
      8-K Disclosure Information”:
      Has
      the meaning set forth in Section 5.06(b) of this Agreement.

    

    “Freddie
      Mac”:
      Freddie Mac, formerly known as the Federal Home Loan Mortgage Corporation,
      or
      any successor thereto.

    

    “GMAC”:
      GMAC
      Mortgage, LLC or any successor thereto appointed hereunder in connection with
      the servicing and administration of the GMAC Mortgage Loans.

    

    “GMAC
      Mortgage Loans”:
      The
      Mortgage Loans serviced by GMAC pursuant to the terms of this Agreement as
      specified on the Mortgage Loan Schedule.

    

    “GMAC
      Servicing Fee Rate”:
      With
      respect to each GMAC Mortgage Loan, 0.24% per annum. 

    

    “Group
      I Allocation Percentage”:
      The
      aggregate principal balance of the Group I Mortgage Loans divided by the sum
      of
      the aggregate principal balance of the Group I Mortgage Loans and Group II
      Mortgage Loans.

    

    
      
        
        

      

      
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    “Group
      I Interest Remittance Amount”:
      With
      respect to any Distribution Date is that portion of the Available Distribution
      Amount for such Distribution Date that represents interest received or advanced
      on the Group I Mortgage Loans (net of the Administration Fees and any Prepayment
      Charges and after taking into account amounts payable or reimbursable to the
      Trustee, the Custodians, the Securities Administrator, the Master Servicer,
      the
      Servicers or the Credit Risk Manager pursuant to this Agreement or the Custodial
      Agreements with respect to the Group I Mortgage Loans).

    

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

    

    “Group
      I Principal Distribution Amount”:
      With
      respect to any Distribution Date the sum of (i) the principal portion of all
      Monthly Payments on the Group I Mortgage Loans due during the related Due
      Period, whether or not received on or prior to the related Determination Date;
      (ii) the principal portion of all proceeds received in respect of the repurchase
      of a Group I Mortgage Loan or, in the case of a substitution, certain amounts
      representing a principal adjustment, during the related Prepayment Period
      pursuant to or as contemplated by Section 2.03, Section 3.13(c) and Section
      10.01 of this Agreement; (iii) the principal portion of all other unscheduled
      collections, including Insurance Proceeds, Liquidation Proceeds and all
      Principal Prepayments in full and in part, received during the related
      Prepayment Period, to the extent applied as recoveries of principal on the
      Group
      I Mortgage Loans, net in each case of payments or reimbursements to the Trustee,
      the Custodians, the Master Servicer, the Securities Administrator, the Servicers
      or the Credit Risk Manager and (iv) the Class A-1 Allocation Percentage of
      the
      amount of any Overcollateralization Increase Amount for such Distribution Date
      minus
      (v) the
      Class A-1 Allocation Percentage of the amount of any Overcollateralization
      Reduction Amount for such Distribution Date.

    

    “Group
      I Principal Remittance Amount”:
      With
      respect to any Distribution Date the sum of the amounts described in clauses
      (i)
      through (iii) of the definition of Group I Principal Distribution
      Amount.

    

    “Group
      II Allocation Percentage”:
      The
      aggregate principal balance of the Group II Mortgage Loans divided by the sum
      of
      the aggregate principal balance of the Group I Mortgage Loans and Group II
      Mortgage Loans.

    

    “Group
      II Interest Remittance Amount”:
      With
      respect to any Distribution Date is that portion of the Available Distribution
      Amount for such Distribution Date that represents interest received or advanced
      on the Group II Mortgage Loans (net of the Administration Fees and any
      Prepayment Charges and after taking into account amounts payable or reimbursable
      to the Trustee, the Custodians, the Securities Administrator, the Master
      Servicer, the Servicers or the Credit Risk Manager pursuant to this Agreement
      or
      the Custodial Agreements with respect to the Group II Mortgage
      Loans).

    

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

    

    
      
        
        

      

      
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    “Group
      II Principal Distribution Amount”:
      With
      respect to any Distribution Date the sum of (i) the principal portion of all
      Monthly Payments on the Group II Mortgage Loans due during the related Due
      Period, whether or not received on or prior to the related Determination Date;
      (ii) the principal portion of all proceeds received in respect of the repurchase
      of a Group II Mortgage Loan or, in the case of a substitution, certain amounts
      representing a principal adjustment, during the related Prepayment Period
      pursuant to or as contemplated by Section 2.03, Section 3.13(c) and Section
      10.01 of this Agreement; (iii) the principal portion of all other unscheduled
      collections, including Insurance Proceeds, Liquidation Proceeds and all
      Principal Prepayments in full and in part, received during the related
      Prepayment Period, to the extent applied as recoveries of principal on the
      Group
      II Mortgage Loans, net in each case of payments or reimbursements to the
      Trustee, the Custodians, the Master Servicer, the Securities Administrator,
      the
      Servicers or the Credit Risk Manager and (iv) the Class A-2 Allocation
      Percentage of the amount of any Overcollateralization Increase Amount for such
      Distribution Date minus
      (v) the
      Class A-2 Allocation Percentage of the amount of any Overcollateralization
      Reduction Amount for such Distribution Date.

    

    “Group
      II Principal Remittance Amount”:
      With
      respect to any Distribution Date will be the sum of the amounts described in
      clauses (i) through (iii) of the definition of Group II Principal Distribution
      Amount.

    

    “Independent”:
      When
      used with respect to any accountants, a Person who is “independent” within the
      meaning of Rule 2-01(B) of the Commission’s Regulation S-X. When used with
      respect to any specified Person, any such Person who (a) is in fact independent
      of the Depositor, the Master Servicer, the Securities Administrator, the
      Servicers, the Sponsor, any originator and their respective Affiliates, (b)
      does
      not have any direct financial interest in or any material indirect financial
      interest in the Depositor, the Master Servicer, the Securities Administrator,
      the Servicers, the Sponsor, any originator or any Affiliate thereof, (c) is
      not
      connected with the Depositor, the Master Servicer, the Securities Administrator,
      the Servicers, the Sponsor, any originator or any Affiliate thereof 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 on clause (b) or (c) above.

    

    “Independent
      Contractor”:
      Either
      (i) any Person (other than a Servicer) that would be an “independent contractor”
with respect to REMIC I within the meaning of Section 856(d)(3) of the Code
      if
      REMIC I were a real estate investment trust (except that the ownership tests
      set
      forth in that section shall be considered to be met by any Person that owns,
      directly or indirectly, 35% or more of any Class of Certificates), so long
      as
      REMIC I does not receive or derive any income from such Person and provided
      that
      the relationship between such Person and REMIC I is at arm’s length, all within
      the meaning of Treasury Regulation Section 1.856-4(b)(5), or (ii) any other
      Person (including the Servicer) if the Trustee has received an Opinion of
      Counsel to the effect that the taking of any action in respect of any REO
      Property by such Person, subject to any conditions therein specified, that
      is
      otherwise herein contemplated to be taken by an Independent Contractor will
      not
      cause such REO Property to cease to qualify as “foreclosure property” within the
      meaning of Section 860G(a)(8) of the Code (determined without regard to the
      exception applicable for purposes of Section 860D(a) of the Code), or cause
      any
      income realized in respect of such REO Property to fail to qualify as Rents
      from
      Real Property.

    

    
      
        
        

      

      
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    “Insurance
      Proceeds”:
      Proceeds of any title policy, hazard policy or other insurance policy, covering
      a Mortgage Loan or the related Mortgaged Property, to the extent such proceeds
      are not to be applied to the restoration of the related Mortgaged Property
      or
      released to the Mortgagor or a senior lienholder in accordance with Accepted
      Servicing Practices, subject to the terms and conditions of the related Mortgage
      Note and Mortgage.

    

    “Interest
      Accrual Period”:
      With
      respect to any Distribution Date and the Class A Certificates and the Mezzanine
      Certificates, the period commencing on the Distribution Date of the month
      immediately preceding the month in which such Distribution Date occurs (or,
      in
      the case of the first Distribution Date, commencing on the Closing Date) and
      ending on the day preceding such Distribution Date. With respect to any
      Distribution Date and the Class CE-1 Certificates and Class CE-2 Certificates
      and the REMIC I Regular Interests, the one-month period commencing on the first
      day of the month prior to the month in which the Distribution Date occurs and
      ending on the last day of the calendar month immediately preceding the month
      in
      which such Distribution Date occurs.

    

    “Interest
      Carry Forward Amount”:
      With
      respect to any Distribution Date and any Class A Certificate or Mezzanine
      Certificate, the sum of (i) the amount, if any, by which (a) the Interest
      Distribution Amount for such Class as of the immediately preceding Distribution
      Date exceeded (b) the actual amount distributed on such Class in respect of
      interest on such immediately preceding Distribution Date and (ii) the amount
      of
      any Interest Carry Forward Amount for such Class remaining unpaid from the
      previous Distribution Date, plus accrued interest on such sum calculated at
      the
      related Pass-Through Rate for the most recently ended Interest Accrual
      Period.

    

    “Interest
      Determination Date”:
      With
      respect to the Class A Certificates, the Mezzanine Certificates, REMIC I Regular
      Interests and REMIC II Regular Interests (other than REMIC II Regular Interest
      P) and any Interest Accrual Period therefor, the second London Business Day
      preceding the commencement of such Interest Accrual Period.

    

    “Interest
      Distribution Amount”:
      With
      respect to any Distribution Date and any Class A Certificates, any Mezzanine
      Certificates and any Class CE-1 Certificates, the aggregate Accrued Certificate
      Interest on the Certificates of such Class for such Distribution
      Date.

    

    “Interest
      Remittance Amount”:
      With
      respect to any Distribution Date, the sum of (i) the Group I Interest Remittance
      Amount and (ii) the Group II Interest Remittance Amount.

    

    “Last
      Scheduled Distribution Date”:
      The
      Distribution Date occurring in March 2037, which is the Distribution Date
      immediately following the maturity date for the Mortgage Loan with the latest
      maturity date.

    

    “Late
      Collections”:
      With
      respect to any Mortgage Loan and any Due Period, all amounts received subsequent
      to the Determination Date immediately following such Due Period with respect
      to
      such Mortgage Loan, whether as late payments of Monthly Payments or as Insurance
      Proceeds, Liquidation Proceeds 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.

    

    
      
        
        

      

      
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    “Liquidated
      Mortgage Loan”:
      A
      Liquidated Mortgage Loan is a Mortgage Loan that was liquidated and for which
      the related Servicer has determined that it has received all amounts it expects
      to receive in connection with such liquidation, including payments under any
      related private mortgage insurance policy, hazard insurance policy or any
      condemnation proceeds and amounts received in connection with the final
      disposition of the related REO Property.

    

    “Liquidation
      Event”:
      With
      respect to any Mortgage Loan, any of the following events: (i) such Mortgage
      Loan is paid in full; (ii) a Final Recovery Determination is made as to such
      Mortgage Loan or (iii) such Mortgage Loan is removed from REMIC I by reason
      of
      its being purchased, sold or replaced pursuant to or as contemplated by Section
      2.03, Section 3.13(c) or Section 10.01 of this Agreement. With respect to any
      REO Property, either of the following events: (i) a Final Recovery Determination
      is made as to such REO Property or (ii) such REO Property is removed from REMIC
      I by reason of its being purchased pursuant to Section 10.01.

    

    “Liquidation
      Proceeds”:
      The
      amount (other than Insurance Proceeds, amounts received in respect of the rental
      of any REO Property prior to REO Disposition, or required to be released to
      a
      Mortgagor or a senior lienholder in accordance with applicable law or the terms
      of the related Mortgage Loan Documents) received by the related Servicer in
      connection with (i) the taking of all or a part of a Mortgaged Property by
      exercise of the power of eminent domain or condemnation (other than amounts
      required to be released to the Mortgagor or a senior lienholder), (ii) the
      liquidation of a defaulted Mortgage Loan through a trustee’s sale, foreclosure
      sale or otherwise, (iii) the repurchase, substitution or sale of a Mortgage
      Loan
      or an REO Property pursuant to or as contemplated by Section 2.03, Section
      3.13(c), Section 3.22 or Section 10.01 of this Agreement or (iv) any Subsequent
      Recoveries. 

    

    “Loan-to-Value
      Ratio”:
      As of
      any date of determination, the fraction, expressed as a percentage, the
      numerator of which is the principal balance of the related Mortgage Loan at
      such
      date and the denominator of which is the Value of the related Mortgaged
      Property.

    

    “London
      Business Day”:
      Any
      day on which banks in the Cities of London and New York are open and conducting
      transactions in United States dollars.

    

    “Loss
      Severity Percentage”:
      With
      respect to any Distribution Date, the percentage equivalent of a fraction,
      the
      numerator of which is the amount of Realized Losses incurred on a Mortgage
      Loan
      and the denominator of which is the principal balance of such Mortgage Loan
      immediately prior to the liquidation of such Mortgage Loan.

    

    “Marker
      Rate”:
      With
      respect to the Class CE-1 Certificates and any Distribution Date, a per annum
      rate equal to two (2) times the weighted average of the REMIC II Remittance
      Rate
      for each of REMIC II Regular Interest A-1, REMIC II Regular Interest A-2, REMIC
      II Regular Interest M-1, REMIC II Regular Interest M-2, REMIC II Regular
      Interest M-3, REMIC II Regular Interest M-4, REMIC II Regular Interest M-5,
      REMIC II Regular Interest M-6, REMIC II Regular Interest M-7, REMIC II Regular
      Interest M-8, REMIC
      II
      Regular Interest M-9,
      REMIC
      II Regular Interest M-10 and REMIC II Regular Interest ZZ, with the rate on
      each
      such REMIC II Regular Interest (other than REMIC II Regular Interest ZZ) subject
      to a cap equal to the lesser of (i) the related One-Month LIBOR Pass-Through
      Rate and (ii) the related Net WAC Pass-Through Rate for the Corresponding
      Certificate for the purpose of this calculation for such Distribution Date
      and
      with the rate on REMIC II Regular Interest ZZ subject to a cap of zero for
      the
      purpose of this calculation; provided however, each such cap for each REMIC
      II
      Regular Interest (other than REMIC II Regular Interest ZZ) shall be multiplied
      by a fraction the numerator of which is the actual number of days in the related
      Interest Accrual Period and the denominator of which is 30.

    

    
      
        
        

      

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

    

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

    

    “Master
      Servicing Fee”:
      With
      respect to each Mortgage Loan and for any calendar month, an amount equal to
      one-twelfth of the product of the Master Servicing Fee Rate multiplied by the
      Scheduled Principal Balance of the Mortgage Loans as of the Due Date in the
      preceding calendar month.

    

    “Master
      Servicing Fee Rate”:
      0.015%
      per annum.

    

    “Maximum
      ZZ Uncertificated Interest Deferral Amount”:
      With
      respect to any Distribution Date, the excess of (i) accrued interest at the
      REMIC II Remittance Rate applicable to REMIC II Regular Interest ZZ for such
      Distribution Date on a balance equal to the Uncertificated Balance of REMIC
      II
      Regular Interest ZZ minus the REMIC II Overcollateralization Amount, in each
      case for such Distribution Date, over (ii) Uncertificated Interest on REMIC
      II
      Regular Interest A-1, REMIC II Regular Interest A-2, REMIC II Regular Interest
      M-1, REMIC II Regular Interest M-2, REMIC II Regular Interest M-3, REMIC II
      Regular Interest M-4, REMIC II Regular Interest M-5, REMIC II Regular Interest
      M-6, REMIC II Regular Interest M-7, REMIC II Regular Interest M-8, REMIC II
      Regular Interest M-9 and REMIC II Regular Interest M-10 for such Distribution
      Date, with the rate on each such REMIC II Regular Interest subject to a cap
      equal to the lesser of (i) the related One-Month LIBOR Pass-Through Rate and
      (ii) the related Net WAC Pass-Through Rate for the Corresponding Certificate
      for
      the purpose of this calculation for such Distribution Date; provided however,
      each such cap for each REMIC II Regular Interest shall be multiplied by a
      fraction the numerator of which is the actual number of days in the related
      Interest Accrual Period and the denominator of which is 30.

    

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

    

    
      
        
        

      

      
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    “MERS®
      System”:
      The
      system of recording transfers of mortgages electronically maintained by
      MERS.

    

    “Mezzanine
      Certificate”:
      Any
      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 or Class M-10 Certificate.

    

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

    

    “MOM
      Loan”:
      With
      respect to any Mortgage Loan, MERS acting as the mortgagee of such Mortgage
      Loan, solely as nominee for the originator of such Mortgage Loan and its
      successors and assigns, at the origination thereof.

    

    “Monthly
      Payment”:
      With
      respect to any Mortgage Loan, the scheduled monthly payment of principal and
      interest on such Mortgage Loan which is payable by the related Mortgagor from
      time to time under the related Mortgage Note, determined: (a) after giving
      effect to (i) any Deficient Valuation and/or Debt Service Reduction with respect
      to such Mortgage Loan and (ii) any reduction in the amount of interest
      collectible from the related Mortgagor pursuant to the Relief Act or similar
      state or local laws; (b) without giving effect to any extension granted or
      agreed to by the related Servicer pursuant to Section 3.01 of this Agreement;
      and (c) on the assumption that all other amounts, if any, due under such
      Mortgage Loan are paid when due.

    

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

    

    “Mortgage”:
      The
      mortgage, deed of trust or other instrument creating a second lien on, or second
      priority security interest in, a Mortgaged Property securing a Mortgage
      Note.

    

    “Mortgage
      File”:
      The
      Mortgage Loan Documents pertaining to a particular Mortgage Loan.

    

    “Mortgage
      Loan”:
      Each
      mortgage loan transferred and assigned to the Trustee and the Mortgage Loan
      Documents for which have been delivered to the related Custodian pursuant to
      Section 2.01 of this Agreement and pursuant to the related Custodial Agreement,
      as held from time to time as a part of the Trust Fund, the Mortgage Loans so
      held being identified in the Mortgage Loan Schedule.

    

    “Mortgage
      Loan Documents”:
      The
      documents evidencing or relating to each Mortgage Loan delivered to the
      applicable Custodian under the related Custodial Agreement on behalf of the
      Trustee.

    

    “Mortgage
      Loan Purchase Agreement”:
      Shall
      mean the Mortgage Loan Purchase Agreement dated as of March 2, 2007, between
      the
      Depositor and the Sponsor, a copy of which is attached hereto as
      Exhibit F.

    

    “Mortgage
      Loan Schedule”:
      As of
      any date, the list of Mortgage Loans included in REMIC I on such date,
      separately identifying the Group I Mortgage Loans and Group II Mortgage Loans,
      attached hereto as Schedule
      1.
      The
      Depositor shall deliver or cause the delivery of the initial Mortgage Loan
      Schedule to the Servicers, the Master Servicer, the Custodians and the Trustee
      on the Closing Date. The Mortgage Loan Schedule shall set forth the following
      information with respect to each Mortgage Loan:

    

    
      
        
        

      

      
        36

        
          

        

      

      
        
        

      

    

    (i) the
      Mortgage Loan identifying number;

    

    (ii) the
      Mortgagor’s first and last name;

    

    (iii) the
      street address of the Mortgaged Property including the state and zip
      code;

    

    (iv) a
      code
      indicating whether the Mortgaged Property is owner-occupied;

    

    (v) the
      type
      of Residential Dwelling constituting the Mortgaged Property;

    

    (vi) the
      original months to maturity;

    

    (vii) the
      original date of the Mortgage Loan and the remaining months to maturity from
      the
      Cut-off Date, based on the original amortization schedule;

    

    (viii) the
      Combined Loan-to-Value Ratio at origination;

    

    (ix) the
      Mortgage Rate in effect immediately following the Cut-off Date;

    

    (x) the
      date
      on which the first Monthly Payment was due on the Mortgage Loan;

    

    (xi) the
      stated maturity date;

    

    (xii) the
      amount of the Monthly Payment at origination;

    

    (xiii) the
      amount of the Monthly Payment as of the Cut-off Date;

    

    (xiv) the
      last
      Due Date on which a Monthly Payment was actually applied to the unpaid Stated
      Principal Balance;

    

    (xv) the
      original principal amount of the Mortgage Loan;

    

    (xvi) the
      Stated Principal Balance of the Mortgage Loan as of the close of business on
      the
      Cut-off Date;

    

    (xvii) a
      code
      indicating the purpose of the loan (i.e., purchase financing, rate/term
      refinancing, cash-out refinancing);

    

    (xviii) the
      Mortgage Rate at origination;

    

    
      
        
        

      

      
        37

        
          

        

      

      
        
        

      

    

    (xix) the
      date
      on which the first Monthly Payment was due on the Mortgage Loan and, if such
      date is not consistent with the Due Date currently in effect, such Due
      Date;

    

    (xx) a
      code
      indicating the documentation style (i.e., full, stated or limited);

    

    (xxi) a
      code
      indicating if the Mortgage Loan is subject to a primary insurance policy or
      lender paid mortgage insurance policy and the name of the insurer, and if
      applicable, the rate payable in connection therewith;

    

    (xxii) the
      Appraised Value of the Mortgaged Property;

    

    (xxiii) the
      sale
      price of the Mortgaged Property, if applicable;

    

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

    

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

    

    (xxvi) the
      Mortgagor’s debt to income ratio; 

    

    (xxvii) the
      FICO
      score at origination;

    

    (xxviii) with
      respect to each Mortgage Loan registered on MERS, the MIN; 

    

    (xxix) the
      applicable Custodian; and

    

    (xxx) the
      applicable Servicer.

    

    The
      Mortgage Loan Schedule shall set forth the following information with respect
      to
      the Mortgage Loans in the aggregate as of the Cut-off Date: (1) the number
      of
      Mortgage Loans; (2) the current principal balance of the Mortgage Loans; (3)
      the
      weighted average Mortgage Rate of the Mortgage Loans; and (4) the weighted
      average maturity of the Mortgage Loans. The Mortgage Loan Schedule shall be
      amended from time to time by the Depositor in accordance with the provisions
      of
      this Agreement. With respect to any Qualified Substitute Mortgage Loan, the
      Cut-off Date shall refer to the related Cut-off Date for such Mortgage Loan,
      determined in accordance with the definition of Cut-off Date
      herein.

    

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

    

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

    

    
      
        
        

      

      
        38

        
          

        

      

      
        
        

      

    

    “Mortgaged
      Property”:
      The
      underlying property securing a Mortgage Loan, including any REO Property,
      consisting of an Estate in Real Property improved by a Residential
      Dwelling.

    

    “Mortgagor”:
      The
      obligor on a Mortgage Note.

    

    “Net
      Monthly Excess Cashflow”:
      With
      respect to any Distribution Date, the sum of (i) any Overcollateralization
      Reduction Amount for such Distribution Date and (ii) the excess of (x) the
      Available Distribution Amount for such Distribution Date over (y) the sum for
      such Distribution Date of (A) the aggregate Senior Interest Distribution Amounts
      payable to the Holders of the Class A Certificates, (B) the aggregate Interest
      Distribution Amounts payable to the holders of the Mezzanine Certificates,
      (C)
      the Principal Remittance Amount and (D) any Net Swap Payment or Swap Termination
      Payment (not caused by the occurrence of a Swap Provider Trigger Event) owed
      to
      the Swap Provider (to the extent such amount has not been paid by the Securities
      Administrator from any upfront payment received pursuant to any related
      replacement interest rate swap agreement that may be entered into by the Trustee
      on behalf of the Supplemental Interest Trust).

    

    “Net
      Mortgage Rate”:
      With
      respect to any Mortgage Loan (or the related REO Property) as of any date of
      determination, a per annum rate of interest equal to the then applicable
      Mortgage Rate for such Mortgage Loan minus the Administration Fee
      Rate.

    

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

    

    “Net
      WAC Pass-Through Rate”:
      With
      respect to the Class A-1 Certificates and any Distribution Date, a rate per
      annum (adjusted for the actual number of days elapsed in the related Interest
      Accrual Period) equal to the product of (i) twelve and (ii) a fraction,
      expressed as a percentage, the numerator of which is the amount of interest
      which accrued on the Group I Mortgage Loans in the related Due Period minus
      the
      fees payable to the Servicers, the Master Servicer and the Credit Risk Manager
      at the Administrative Fee Rate with respect to the Group I Mortgage Loans for
      such Distribution Date and the Group I Allocation Percentage of any Net Swap
      Payment payable to the Swap Provider and Swap Termination Payment payable to
      the
      Swap Provider which was not caused by the occurrence of a Swap Provider Trigger
      Event (to the extent such amount has not been paid by the Securities
      Administrator from any upfront payment received pursuant to any related
      replacement interest rate swap agreement that may be entered into by the Trustee
      on behalf of the Supplemental Interest Trust), in each case for such
      Distribution Date and the denominator of which is the aggregate principal
      balance of the Group I Mortgage Loans as of the last day of the immediately
      preceding Due Period (or as of the Cut-off Date with respect to the first
      Distribution Date) after giving effect to principal prepayments received during
      the related Prepayment Period which were distributed on the immediately
      preceding Distribution Date. For federal income tax purposes, such rate shall
      be
      expressed as the weighted average of (adjusted for the actual number of days
      elapsed in the related Interest Accrual Period) the REMIC II Remittance Rate
      on
      REMIC II Regular Interest I-GRP, weighted on the basis of the Uncertificated
      Balance of such REMIC II Regular Interest.

    

    
      
        
        

      

      
        39

        
          

        

      

      
        
        

      

    

    With
      respect to the Class A-2 Certificates and any Distribution Date, a rate per
      annum (adjusted for the actual number of days elapsed in the related Interest
      Accrual Period) equal to the product of (i) twelve and (ii) a fraction,
      expressed as a percentage, the numerator of which is the amount of interest
      which accrued on the Group II Mortgage Loans in the related Due Period minus
      the
      fees payable to the Servicers, the Master Servicer and the Credit Risk Manager
      at the Administrative Fee Rate with respect to the Group II Mortgage Loans
      for
      such Distribution Date and the Group II Allocation Percentage of any Net Swap
      Payment payable to the Swap Provider and Swap Termination Payment payable to
      the
      Swap Provider which was not caused by the occurrence of a Swap Provider Trigger
      Event (to the extent such amount has not been paid by the Securities
      Administrator from any upfront payment received pursuant to any related
      replacement interest rate swap agreement that may be entered into by the Trustee
      on behalf of the Supplemental Interest Trust), in each case for such
      Distribution Date and the denominator of which is the aggregate principal
      balance of the Group II Mortgage Loans as of the last day of the immediately
      preceding Due Period (or as of the Cut-off Date with respect to the first
      Distribution Date) after giving effect to principal prepayments received during
      the related Prepayment Period which were distributed on the immediately
      preceding Distribution Date. For federal income tax purposes, such rate shall
      be
      expressed as the weighted average of (adjusted for the actual number of days
      elapsed in the related Interest Accrual Period) the REMIC II Remittance Rate
      on
      REMIC II Regular Interest II-GRP, weighted on the basis of the Uncertificated
      Balance of such REMIC II Regular Interest.

    

    With
      respect to the Mezzanine Certificates and any Distribution Date a rate per
      annum
      equal to the weighted average (weighted in proportion to the results of
      subtracting from the Scheduled Principal Balance of each loan group, the
      Certificate Principal Balance of the related Class A Certificates), of (i)
      the
      Net WAC Pass-Through Rate for the Class A-1 Certificates, and (ii) the Net
      WAC
      Pass-Through Rate for the Class A-2 Certificates. For federal income tax
      purposes, such rate shall be expressed as the weighted average of (adjusted
      for
      the actual number of days elapsed in the related Interest Accrual Period) the
      REMIC II Remittance Rates on (a) REMIC II Regular Interest I-SUB, subject to
      a
      cap and a floor equal to the REMIC II Remittance Rate on REMIC II Regular
      Interest I-GRP and (b) REMIC II Regular Interest II-SUB, subject to a cap and
      a
      floor equal to the REMIC II Remittance Rate on REMIC II Regular Interest II-GRP,
      weighted on the basis of the Uncertificated Balance of each such REMIC II
      Regular Interest.

    

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

    

    
      
        
        

      

      
        40

        
          

        

      

      
        
        

      

    

    “New
      Lease”:
      Any
      lease of REO Property entered into on behalf of REMIC I, including any lease
      renewed or extended on behalf of REMIC I, if REMIC I has the right to
      renegotiate the terms of such lease.

    

    “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 of the related
      Servicer or a successor to the Servicer (including the Master Servicer) will
      not
      or, in the case of a proposed P&I Advance, would not be ultimately
      recoverable from related Late Collections, Insurance Proceeds or Liquidation
      Proceeds on such Mortgage Loan or REO Property as provided herein.

    

    “Nonrecoverable
      Servicing Advance”:
      Any
      Servicing Advance previously made or proposed to be made in respect of a
      Mortgage Loan or REO Property that, in the good faith business judgment of
      the
      related Servicer or a successor to the related Servicer (including the Master
      Servicer) will not or, in the case of a proposed Servicing Advance, would not
      be
      ultimately recoverable from related Late Collections, Insurance Proceeds or
      Liquidation Proceeds on such Mortgage Loan or REO Property as provided
      herein.

    

    “Non-United
      States Person”:
      Any
      Person other than a United States Person.

    

    “Notional
      Amount”:
      With
      respect to the Class CE-1 Certificates and any Distribution Date, the
      Uncertificated Balance of the REMIC II Regular Interests (other than REMIC
      II
      Regular Interest P) for such Distribution Date. As of the Closing Date, the
      Notional Amount of the Class CE-1 Certificates is equal to $376,674,330.10.
      With
      respect to the Class CE-2 Certificates and any Distribution Date, the Notional
      Amount of the REMIC II Regular Interest CE-2 for such Distribution Date. With
      respect to the REMIC II Regular Interest CE-2 and any Distribution Date, the
      Notional Amounts of the REMIC I Regular Interest I-CE-20 and REMIC I Regular
      Interest I-CE-2G. With respect to REMIC I Regular Interest I-CE-20 and any
      Distribution Date, the sum of the aggregate principal balances of the Ocwen
      Mortgage Loans for such Distribution Date. With respect to REMIC I Regular
      Interest I-CE-2G and any Distribution Date, the sum of the aggregate principal
      balances of the GMAC Mortgage Loans for such Distribution Date.

    

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

    

    
      	
              Distribution
                

              Date

            	
              REMIC
                I Regular Interests

            
	
              1st
                through 7th 

            	
              I-1-A
                through I-54-A and II-1-A through II-54-A 

            
	
              8

            	
              I-2-A
                through I-54-A and II-2-A through II-54-A 

            
	
              9

            	
              I-3-A
                through I-54-A and II-3-A through II-54-A 

            
	
              10

            	
              I-4-A
                through I-54-A and II-4-A through II-54-A 

            
	
              11

            	
              I-5-A
                through I-54-A and II-5-A through II-54-A 

            
	
              12

            	
              I-6-A
                through I-54-A and II-6-A through II-54-A 

            
	
              13

            	
              I-7-A
                through I-54-A and II-7-A through II-54-A

            

    

    

    
      
        
        

      

      
        41

        
          

        

      

      
        
        

      

    

    

    
      	
              Distribution
                Date

            	
              REMIC
                I Regular Interests

            
	
              14

            	
              I-8-A
                through I-54-A and II-8-A through II-54-A

            
	
              15

            	
              I-9-A
                through I-54-A and II-9-A through II-54-A 

            
	
              16

            	
              I-10-A
                through I-54-A and II-10-A through II-54-A 

            
	
              17

            	
              I-11-A
                through I-54-A and II-11-A through II-54-A 

            
	
              18

            	
              I-12-A
                through I-54-A and II-12-A through II-54-A 

            
	
              19

            	
              I-13-A
                through I-54-A and II-13-A through II-54-A 

            
	
              20

            	
              I-14-A
                through I-54-A and II-14-A through II-54-A 

            
	
              21

            	
              I-15-A
                through I-54-A and II-15-A through II-54-A 

            
	
              22

            	
              I-16-A
                through I-54-A and II-16-A through II-54-A 

            
	
              23

            	
              I-17-A
                through I-54-A and II-17-A through II-54-A 

            
	
              24

            	
              I-18-A
                through I-54-A and II-18-A through II-54-A 

            
	
              25
                

            	
              I-19-A
                through I-54-A and II-19-A through II-54-A 

            
	
              26

            	
              I-20-A
                through I-54-A and II-20-A through II-54-A 

            
	
              27

            	
              I-21-A
                through I-54-A and II-21-A through II-54-A 

            
	
              28

            	
              I-22-A
                through I-54-A and II-22-A through II-54-A 

            
	
              29

            	
              I-23-A
                through I-54-A and II-23-A through II-54-A 

            
	
              30

            	
              I-24-A
                through I-54-A and II-24-A through II-54-A 

            
	
              31

            	
              I-25-A
                through I-54-A and II-25-A through II-54-A 

            
	
              32

            	
              I-26-A
                through I-54-A and II-26-A through II-54-A 

            
	
              33

            	
              I-27-A
                through I-54-A and II-27-A through II-54-A 

            
	
              34

            	
              I-28-A
                through I-54-A and II-28-A through II-54-A 

            
	
              35

            	
              I-29-A
                through I-54-A and II-29-A through II-54-A

            
	
              36

            	
              I-30-A
                through I-54-A and II-30-A through II-54-A 

            
	
              37

            	
              I-31-A
                through I-54-A and II-31-A through II-54-A 

            
	
              38

            	
              I-32-A
                through I-54-A and II-32-A through II-54-A 

            
	
              39

            	
              I-33-A
                through I-54-A and II-33-A through II-54-A 

            
	
              40

            	
              I-34-A
                through I-54-A and II-34-A through II-54-A 

            
	
              41

            	
              I-35-A
                through I-54-A and II-35-A through II-54-A 

            
	
              42

            	
              I-36-A
                through I-54-A and II-36-A through II-54-A 

            
	
              43

            	
              I-37-A
                through I-54-A and II-37-A through II-54-A 

            
	
              44

            	
              I-38-A
                through I-54-A and II-38-A through II-54-A 

            
	
              45

            	
              I-39-A
                through I-54-A and II-39-A through II-54-A 

            
	
              46

            	
              I-40-A
                through I-54-A and II-40-A through II-54-A 

            
	
              47

            	
              I-41-A
                through I-54-A and II-41-A through II-54-A 

            
	
              48

            	
              I-42-A
                through I-54-A and II-42-A through II-54-A 

            
	
              49

            	
              I-43-A
                through I-54-A and II-43-A through II-54-A 

            
	
              50

            	
              I-44-A
                through I-54-A and II-44-A through II-54-A 

            
	
              51

            	
              I-45-A
                through I-54-A and II-45-A through II-54-A 

            
	
              52

            	
              I-46-A
                through I-54-A and II-46-A through II-54-A 

            
	
              51

            	
              I-47-A
                through I-54-A and II-47-A through II-54-A 

            
	
              51

            	
              I-48-A
                through I-54-A and II-48-A through II-54-A 

            
	
              55

            	
              I-49-A
                through I-54-A and II-49-A through II-54-A 

            
	
              56

            	
              I-50-A
                through I-54-A and II-50-A through II-54-A 

            
	
              57

            	
              I-51-A
                through I-54-A and II-51-A through II-54-A 

            
	
              58

            	
              I-52-A
                through I-54-A and II-52-A through II-54-A 

            
	
              59

            	
              I-53-A
                and I-54-A and II-53-A and II-54-A 

            
	
              60

            	
              I-54-A
                and II-54-A 

            
	
              thereafter

            	
              $0.00

            

    

    

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

    

    “Ocwen”:
      Ocwen
      Loan Servicing, LLC or any successor thereto appointed hereunder in connection
      with the servicing and administration of the Ocwen Mortgage Loans.

    

    
      
        
        

      

      
        42

        
          

        

      

      
        
        

      

    

    “Ocwen
      Mortgage Loans”:
      The
      Mortgage Loans serviced by Ocwen pursuant to the terms of this Agreement as
      specified on the Mortgage Loan Schedule.

    

    “Ocwen
      Servicing Fee Rate”:
      With
      respect to each Ocwen Mortgage Loan, 0.25% per annum. 

    

    “Offered
      Certificates”:
      The
      Class A Certificates and the Mezzanine Certificates, collectively.

    

    “Officer’s
      Certificate”:
      With
      respect to any Person, a certificate signed by the Chairman of the Board, the
      Vice Chairman of the Board, the President or a vice president (however
      denominated), or by the Treasurer, the Secretary, or one of the assistant
      treasurers or assistant secretaries of such Person (or, in the case of a Person
      that is not a corporation, signed by the person or persons having like
      responsibilities).

    

    “One-Month
      LIBOR”:
      With
      respect to the Class A Certificates, the Mezzanine Certificates, REMIC II
      Regular Interests (other than REMIC II Regular Interest P) and any Interest
      Accrual Period therefor, the rate determined by the Securities Administrator
      on
      the related Interest 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 Interest Determination 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 offered rates of the Reference Banks for
      one-month U.S. dollar deposits, as of 11:00 a.m. (London time) on such Interest
      Determination Date. In such event, the Securities Administrator will request
      the
      principal London office of each of the Reference Banks to provide a quotation
      of
      its rate. If on such Interest Determination Date, two or more Reference Banks
      provide such offered quotations, One-Month LIBOR for the related Interest
      Accrual Period shall be the arithmetic mean of such offered quotations (rounded
      upwards if necessary to the nearest whole multiple of 1/16). If on such Interest
      Determination Date, fewer than two Reference Banks provide such offered
      quotations, One-Month LIBOR for the related Interest Accrual Period shall be
      the
      higher of (i) LIBOR as determined on the previous Interest Determination Date
      and (ii) the Reserve Interest Rate. Notwithstanding the foregoing, if, under
      the
      priorities described above, LIBOR for an Interest Determination Date would
      be
      based on LIBOR for the previous Interest Determination Date for the third
      consecutive Interest Determination Date, the Securities Administrator shall
      select an alternative comparable index (over which the Securities Administrator
      has no control), used for determining one-month Eurodollar lending rates that
      is
      calculated and published (or otherwise made available) by an independent party.
      The establishment of One-Month LIBOR by the Securities Administrator and the
      Securities Administrator’s subsequent calculation of the One-Month LIBOR
      Pass-Through Rates for the relevant Interest Accrual Period, shall, in the
      absence of manifest error, be final and binding.

    

    “One-Month
      LIBOR Pass-Through Rate”:
      With
      respect to the Class A-1 Certificates and, for purposes of the definition of
      “Marker Rate”, REMIC II Regular Interest A-1, a per annum rate equal to
      One-Month LIBOR plus the related Certificate Margin.

    

    
      
        
        

      

      
        43

        
          

        

      

      
        
        

      

    

    With
      respect to the Class A-2 Certificates and, for purposes of the definition of
      “Marker Rate”, REMIC II Regular Interest A-2, a per annum rate equal to
      One-Month LIBOR plus the related Certificate Margin.

    

    With
      respect to the Class M-1 Certificates and, for purposes of the definition of
      “Marker Rate”, REMIC II Regular Interest M-1, a per annum rate equal to
      One-Month LIBOR plus the related Certificate Margin.

    

    With
      respect to the Class M-2 Certificates and, for purposes of the definition of
      “Marker Rate”, REMIC II Regular Interest M-2, a per annum rate equal to
      One-Month LIBOR plus the related Certificate Margin.

    

    With
      respect to the Class M-3 Certificates and, for purposes of the definition of
      “Marker Rate”, REMIC II Regular Interest M-3, a per annum rate equal to
      One-Month LIBOR plus the related Certificate Margin.

    

    With
      respect to the Class M-4 Certificates and, for purposes of the definition of
      “Marker Rate”, REMIC II Regular Interest M-4, a per annum rate equal to
      One-Month LIBOR plus the related Certificate Margin.

    

    With
      respect to the Class M-5 Certificates and, for purposes of the definition of
      “Marker Rate”, REMIC II Regular Interest M-5, a per annum rate equal to
      One-Month LIBOR plus the related Certificate Margin.

    

    With
      respect to the Class M-6 Certificates and, for purposes of the definition of
      “Marker Rate”, REMIC II Regular Interest M-6, a per annum rate equal to
      One-Month LIBOR plus the related Certificate Margin.

    

    With
      respect to the Class M-7 Certificates and, for purposes of the definition of
      “Marker Rate”, REMIC II Regular Interest M-7, a per annum rate equal to
      One-Month LIBOR plus the related Certificate Margin.

    

    With
      respect to the Class M-8 Certificates and, for purposes of the definition of
      “Marker Rate”, REMIC II Regular Interest M-8, a per annum rate equal to
      One-Month LIBOR plus the related Certificate Margin.

    

    With
      respect to the Class M-9 Certificates and, for purposes of the definition of
      “Marker Rate”, REMIC II Regular Interest M-9, a per annum rate equal to
      One-Month LIBOR plus the related Certificate Margin.

    

    With
      respect to the Class M-10 Certificates and, for purposes of the definition
      of
“Marker Rate”, REMIC II Regular Interest M-10, a per annum rate equal to
      One-Month LIBOR plus the related Certificate Margin.

    

    “Opinion
      of Counsel”:
      A
      written opinion of counsel, who may, without limitation, be salaried counsel
      for
      the Depositor, the Servicers, the Securities Administrator or the Master
      Servicer, acceptable to the Trustee, except that any opinion of counsel relating
      to (a) the qualification of any REMIC as a REMIC or (b) compliance with the
      REMIC Provisions must be an opinion of Independent counsel.

    

    
      
        
        

      

      
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    “Optional
      Termination Date”:
      The
      first Distribution Date on which the aggregate principal balance of the Mortgage
      Loans (and properties acquired in respect thereof) remaining in the Trust Fund
      as of the last day of the related Due Period has been reduced to less than
      or
      equal to 10% of the aggregate principal balance of the Mortgage Loans as of
      the
      Cut-off Date.

    

    “Originator”:
      American Home Mortgage Corp., Residential Funding Company, LLC or Chapel Funding
      Corporation.

    

    “Overcollateralization
      Amount”:
      With
      respect to any Distribution Date, the excess, if any, of (a) the aggregate
      Stated Principal Balances of the Mortgage Loans and REO Properties immediately
      following such Distribution Date over (b) the sum of the aggregate Certificate
      Principal Balances of the Class A Certificates, the Mezzanine Certificates
      and
      the Class P Certificates as of such Distribution Date (after taking into account
      the payment of the Principal Remittance Amount on such Distribution
      Date).

    

    “Overcollateralization
      Increase Amount”:
      With
      respect to any Distribution Date, the amount of Net Monthly Excess Cashflow
      actually applied as an accelerated payment of principal to the Class A
      Certificates and the Mezzanine Certificates then entitled to distributions
      of
      principal to the extent the Required Overcollateralization Amount exceeds the
      Overcollateralization Amount.

    

    “Overcollateralization
      Reduction Amount”:
      With
      respect to any Distribution Date, the lesser of (i) the amount by which the
      Overcollateralization Amount exceeds the Required Overcollateralization Amount
      and (ii) the Principal Remittance Amount; provided however that on any
      Distribution Date on which a Trigger Event is in effect, the
      Overcollateralization Reduction Amount shall equal zero.

    

    “Ownership
      Interest”:
      As to
      any Certificate, any ownership or security 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, as owner
      or
      as pledgee.

    

    “P&I
      Advance”:
      As to
      any Mortgage Loan or REO Property, any advance made by the related Servicer
      in
      respect of any Determination Date pursuant to Section 5.03 of this Agreement,
      an
      Advance Financing Person pursuant to Section 3.26 of this Agreement or in
      respect of any Distribution Date by a successor Servicer pursuant to Section
      8.02 of this Agreement (which advances shall not include principal or interest
      shortfalls due to bankruptcy proceedings or application of the Relief Act or
      similar state or local laws.)

    

    “Pass-Through
      Rate”:
      With
      respect to the Class A Certificates and the Mezzanine Certificates, and any
      Distribution Date, a rate per annum equal to the lesser of (i) the related
      One-Month LIBOR Pass-Through Rate for such Distribution Date and (ii) the
      related Net WAC Pass-Through Rate for such Distribution Date.

    

    With
      respect to the Class CE-1 Certificates and any Distribution Date, a rate per
      annum equal to the percentage equivalent of a fraction, the numerator of which
      is the sum of the amounts calculated pursuant to clauses (i) through (xv) below,
      and the denominator of which is the aggregate Uncertificated Balances of REMIC
      II Regular Interest AA, REMIC II Regular Interest A-1, REMIC II Regular Interest
      A-2, REMIC II Regular Interest M-1, REMIC II Regular Interest M-2, REMIC II
      Regular Interest M-3, REMIC II Regular Interest M-4, REMIC II Regular Interest
      M-5, REMIC II Regular Interest M-6, REMIC II Regular Interest M-7, REMIC II
      Regular Interest M-8, REMIC II Regular Interest M-9, REMIC II Regular Interest
      M-10 and REMIC II Regular Interest ZZ. For purposes of calculating the
      Pass-Through Rate for the Class CE-1 Certificates, the numerator is equal to
      the
      sum of the following components:

    

    
      
        
        

      

      
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    (i) the
      REMIC
      II Remittance Rate for REMIC II Regular Interest AA minus the Marker Rate,
      applied to an amount equal to the Uncertificated Balance of REMIC II Regular
      Interest AA;

    

    (ii) the
      REMIC
      II Remittance Rate for REMIC II Regular Interest A-1 minus the Marker Rate,
      applied to an amount equal to the Uncertificated Balance of REMIC II Regular
      Interest A-1;

    

    (iii) the
      REMIC
      II Remittance Rate for REMIC II Regular Interest A-2 minus the Marker Rate,
      applied to an amount equal to the Uncertificated Balance of REMIC II Regular
      Interest A-2;

    

    (iv) the
      REMIC
      II Remittance Rate for REMIC II Regular Interest M-1 minus the Marker Rate,
      applied to an amount equal to the Uncertificated Balance of REMIC II Regular
      Interest M-1;

    

    (v) the
      REMIC
      II Remittance Rate for REMIC II Regular Interest M-2 minus the Marker Rate,
      applied to an amount equal to the Uncertificated Balance of REMIC II Regular
      Interest M-2;

    

    (vi) the
      REMIC
      II Remittance Rate for REMIC II Regular Interest M-3 minus the Marker Rate,
      applied to an amount equal to the Uncertificated Balance of REMIC II Regular
      Interest M-3;

    

    (vii) the
      REMIC
      II Remittance Rate for REMIC II Regular Interest M-4 minus the Marker Rate,
      applied to an amount equal to the Uncertificated Balance of REMIC II Regular
      Interest M-4;

    

    (viii) the
      REMIC
      II Remittance Rate for REMIC II Regular Interest M-5 minus the Marker Rate,
      applied to an amount equal to the Uncertificated Balance of REMIC II Regular
      Interest M-5;

    

    (ix) the
      REMIC
      II Remittance Rate for REMIC II Regular Interest M-6 minus the Marker Rate,
      applied to an amount equal to the Uncertificated Balance of REMIC II Regular
      Interest M-6;

    

    (x) the
      REMIC
      II Remittance Rate for REMIC II Regular Interest M-7 minus the Marker Rate,
      applied to an amount equal to the Uncertificated Balance of REMIC II Regular
      Interest M-7;

    

    
      
        
        

      

      
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    (xi) the
      REMIC
      II Remittance Rate for REMIC II Regular Interest M-8 minus the Marker Rate,
      applied to an amount equal to the Uncertificated Balance of REMIC II Regular
      Interest M-8;

    

    (xii) the
      REMIC
      II Remittance Rate for REMIC II Regular Interest M-9 minus the Marker Rate,
      applied to an amount equal to the Uncertificated Balance of REMIC II Regular
      Interest M-9;

    

    (xiii) the
      REMIC
      II Remittance Rate for REMIC II Regular Interest M-9 minus the Marker Rate,
      applied to an amount equal to the Uncertificated Balance of REMIC II Regular
      Interest M-10;

    

    (xiv) the
      REMIC
      II Remittance Rate for REMIC II Regular Interest ZZ minus the Marker Rate,
      applied to an amount equal to the Uncertificated Balance of REMIC II Regular
      Interest ZZ; and

    

    (xv) 100%
      of
      the interest on REMIC II Regular Interest P.

    

    With
      respect to the Class CE-2 Certificates and any Distribution Date, an amount
      equal to 100% of the amounts distributed on REMIC II Regular Interest
      CE-2.

    

    The
      Class
      IO Interest shall not have a Pass-Through Rate, but current interest for the
      Class IO Interest and each Distribution Date shall be an amount equal to 100%
      of
      the amounts distributable to REMIC II Regular Interest IO for such Distribution
      Date.

    

    “PCAOB”:
       Means
      the
      Public Company Accounting Oversight Board.

    

    “Percentage
      Interest”:
      With
      respect to any Class of Certificates (other than the Residual Certificates),
      the
      undivided percentage ownership in such Class evidenced by such Certificate,
      expressed as a percentage, the numerator of which is the initial Certificate
      Principal Balance represented by such Certificate and the denominator of which
      is the aggregate initial Certificate Principal Balance or Notional Amount of
      all
      of the Certificates of such Class. The Class A Certificates and the Mezzanine
      Certificates are issuable only in minimum Percentage Interests corresponding
      to
      minimum initial Certificate Principal Balances of $25,000 and integral multiples
      of $1.00 in excess thereof. The Class P Certificates are issuable only in
      Percentage Interests corresponding to initial Certificate Principal Balances
      of
      $20 and integral multiples thereof. The Class CE-1 Certificates and Class CE-2
      Certificates are issuable only in minimum Percentage Interests corresponding
      to
      minimum initial Notional Amounts of $10,000 and integral multiples of $1.00
      in
      excess thereof; provided, however, that a single Certificate of each such Class
      of Certificates may be issued having a Percentage Interest corresponding to
      the
      remainder of the aggregate initial Notional Amount of such Class or to an
      otherwise authorized denomination for such Class plus such remainder. With
      respect to any Residual Certificate, the undivided percentage ownership in
      such
      Class evidenced by such Certificate, as set forth on the face of such
      Certificate. The Residual Certificates are issuable in Percentage Interests
      of
      20% and integral multiples of 5% in excess thereof.

    

    
      
        
        

      

      
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    “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 Depositor,
      the Servicers, the Master Servicer, 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) (A)
      demand and time deposits in, certificates of deposit of, bankers’ acceptances
      issued by or federal funds sold by any depository institution or trust company
      (including the Trustee or its agent acting in their respective commercial
      capacities) incorporated under the laws of the United States of America or
      any
      state thereof and subject to supervision and examination by federal and/or
      state
      authorities, so long as, at the time of such investment or contractual
      commitment providing for such investment, such depository institution or trust
      company (or, if the only Rating Agency is S&P, in the case of the principal
      depository institution in a depository institution holding company, debt
      obligations of the depository institution holding company) or its ultimate
      parent has a short-term uninsured debt rating in the highest available rating
      category of Moody’s and S&P and provided that each such investment has an
      original maturity of no more than 365 days; and provided further that, if the
      only Rating Agency is S&P and if the depository or trust company is a
      principal subsidiary of a bank holding company and the debt obligations of
      such
      subsidiary are not separately rated, the applicable rating shall be that of
      the
      bank holding company; and, provided further that, if the original maturity
      of
      such short-term obligations of a domestic branch of a foreign depository
      institution or trust company shall exceed 30 days, the short-term rating of
      such
      institution shall be A-1+ in the case of S&P if S&P is the Rating
      Agency; and (B) any other demand or time deposit or deposit which is fully
      insured by the FDIC;

    

    (iii) repurchase
      obligations with a term not to exceed 30 days with respect to any security
      described in clause (i) above and entered into with a depository institution
      or
      trust company (acting as principal) rated A-1+ or higher by S&P, and A2 or
      higher by Moody’s, provided, however, that collateral transferred pursuant to
      such repurchase obligation must be of the type described in clause (i) above
      and
      must (A) be valued daily at current market prices plus accrued interest, (B)
      pursuant to such valuation, be equal, at all times, to 105% of the cash
      transferred by a party in exchange for such collateral and (C) be delivered
      to
      such party or, if such party is supplying the collateral, an agent for such
      party, in such a manner as to accomplish perfection of a security interest
      in
      the collateral by possession of certificated securities;

    

    (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 each 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;

    

    
      
        
        

      

      
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    (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 each 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 that have been rated “AAAm” or “AAAm-G” by S&P or “Aaa”
by Moody’s including any such money market fund managed or advised by the Master
      Servicer, the Trustee or any of their Affiliates; and

    

    (vii) if
      previously confirmed in writing to the Trustee, any other demand, money market
      or time deposit, or any other obligation, security or investment, as may be
      acceptable to the Rating Agencies as a permitted investment of funds backing
      securities having ratings equivalent to its highest initial rating of the Class
      A Certificates;

    

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

    

    “Permitted
      Transferee”:
      Any
      Transferee of a Residual Certificate other than a Disqualified Organization
      or
      Non-United States Person.

    

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

    

    “Plan”:
      Any
      employee benefit plan or certain other retirement plans and arrangements,
      including individual retirement accounts and annuities, Keogh plans and bank
      collective investment funds and insurance company general or separate accounts
      in which such plans, accounts or arrangements are invested, that are subject
      to
      ERISA or Section 4975 of the Code.

    

    “Prepayment
      Assumption”:
      A
      prepayment rate of 35% CPR. The Prepayment Assumption is used solely for
      determining the accrual of original issue discount on the Certificates for
      federal income tax purposes. A CPR (or Constant Prepayment Rate) represents
      an
      annualized constant assumed rate of prepayment each month of a pool of mortgage
      loans relative to its outstanding principal balance for the life of such
      pool.

    

    “Prepayment
      Charge”:
      With
      respect to any Principal Prepayment, any prepayment premium, penalty or charge
      payable by a Mortgagor in connection with any Principal Prepayment on a Mortgage
      Loan pursuant to the terms of the related Mortgage Note.

    

    “Prepayment
      Charge Schedule”:
      As of
      any date, the list of Mortgage Loans providing for a Prepayment Charge included
      in the Trust Fund on such date, attached hereto as Schedule 2 (including the
      prepayment charge summary attached thereto). The Depositor shall deliver or
      cause the delivery of the Prepayment Charge Schedule to the Servicers, the
      Master Servicer and the Trustee on the Closing Date. The Prepayment Charge
      Schedule shall set forth the following information with respect to each
      Prepayment Charge:

    

    
      
        
        

      

      
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    (i) the
      Mortgage Loan identifying number;

    

    (ii) a
      code
      indicating the type of Prepayment Charge;

    

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

    

    (iv) the
      term
      of the related Prepayment Charge;

    

    (v) the
      original Stated Principal Balance of the related Mortgage Loan; and

    

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

    

    “Prepayment
      Interest Excess”:
      With
      respect to each Mortgage Loan that was the subject of a Principal Prepayment
      in
      full during the portion of the related Prepayment Period occurring between
      the
      first day of the calendar month in which such Distribution Date occurs and
      the
      fifteenth (15th)
      day of
      the calendar month in which such Distribution Date occurs, an amount equal
      to
      interest (to the extent received) at the applicable Net Mortgage Rate on the
      amount of such Principal Prepayment for the number of days commencing on the
      first day of the calendar month in which such Distribution Date occurs and
      ending on the last date through which interest is collected from the related
      Mortgagor. Each Servicer may withdraw such Prepayment Interest Excess from
      the
      related Collection Account in accordance with Section 3.09(a)(x).

    

    “Prepayment
      Interest Shortfall”:
      With
      respect to any Distribution Date, for each such Mortgage Loan that was the
      subject of a Principal Prepayment in full or in part during the portion of
      the
      related Prepayment Period occurring between the first day of the related
      Prepayment Period and the last day of the calendar month preceding the month
      in
      which such Distribution Date occurs that was applied by the related Servicer
      to
      reduce the outstanding principal balance of such Mortgage Loan on a date
      preceding the Due Date in the succeeding Prepayment Period, an amount equal
      to
      interest at the applicable Net Mortgage Rate on the amount of such Principal
      Prepayment for the number of days commencing on the date on which the prepayment
      is applied and ending on the last day of the calendar month preceding such
      Distribution Date. The obligations of the Servicers and the Master Servicer
      in
      respect of any Prepayment Interest Shortfall are set forth in Section 3.23
      and
      Section 4.19, respectively of this Agreement. 

    

    “Prepayment
      Period”:
      For
      any
      Distribution Date and (A) the Ocwen Mortgage Loans (i) with respect to Principal
      Prepayments in part, the calendar month immediately preceding the month in
      which
      the related Distribution Date occurs and (ii) with respect to Principal
      Prepayments in full, the period from the 16th day of the month immediately
      preceding the month in which the related Distribution Date occurs (or with
      respect to the first Prepayment Period, the period commencing on the Cut-off
      Date) to the 15th day of the month in which such Distribution Date occurs and
      (B) the GMAC Mortgage Loans the period from the 16th day of the month
      immediately preceding the month in which the related Distribution Date occurs
      (or with respect to the first Prepayment Period, the period commencing on the
      Cut-off Date) to the 15th day of the month in which such Distribution Date
      occurs.

    

    
      
        
        

      

      
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    “Principal
      Prepayment”:
      Any
      voluntary payment of principal made by the Mortgagor on a Mortgage Loan which
      is
      received in advance of its scheduled Due Date and which is not accompanied
      by an
      amount of interest representing the full amount of scheduled interest due on
      any
      Due Date in any month or months subsequent to the month of
      prepayment.

    

    “Principal
      Distribution Amount”:
      With
      respect to any Distribution Date is the sum of the Group I Principal
      Distribution Amount and the Group II Principal Distribution Amount.

    

    “Principal
      Remittance Amount”:
      With
      respect to any Distribution Date is the sum of the Group I Principal Remittance
      Amount and the Group II Principal Remittance Amount.

    

    “Purchase
      Price”:
      With
      respect to any Mortgage Loan or REO Property to be purchased pursuant to or
      as
      contemplated by Section 2.03, Section 3.13(c) or Section 10.01 of this
      Agreement, and as confirmed by a certification of a Servicing Officer to the
      Trustee, an amount equal to the sum of (i) 100% of the Stated Principal Balance
      thereof as of the date of purchase (or such other price as provided in Section
      10.01), (ii) in the case of (x) a Mortgage Loan, accrued interest on such Stated
      Principal Balance at the applicable Net Mortgage Rate in effect from time to
      time from the Due Date as to which interest was last covered by a payment by
      the
      Mortgagor or a P&I Advance by the related Servicer, which payment or P&I
      Advance had as of the date of purchase been distributed pursuant to Section
      5.01, through the end of the calendar month in which the purchase is to be
      effected and (y) an REO Property, the sum of (1) accrued interest on such Stated
      Principal Balance at the applicable Net Mortgage Rate in effect from time to
      time from the Due Date as to which interest was last covered by a payment by
      the
      Mortgagor or a P&I Advance by the related Servicer through the end of the
      calendar month immediately preceding the calendar month in which such REO
      Property was acquired, plus (2) REO Imputed Interest for such REO Property
      for
      each calendar month commencing with the calendar month in which such REO
      Property was acquired and ending with the calendar month in which such purchase
      is to be effected, net of the total of all net rental income, Insurance
      Proceeds, Liquidation Proceeds and P&I Advances that as of the date of
      purchase had been distributed as or to cover REO Imputed Interest pursuant
      to
      Section 5.01, (iii) any unreimbursed Servicing Advances and P&I Advances
      (including Nonrecoverable P&I Advances and Nonrecoverable Servicing
      Advances) and any unpaid Servicing Fees allocable to such Mortgage Loan or
      REO
      Property and (iv) in the case of a Mortgage Loan required to be purchased
      pursuant to Section 2.03, expenses reasonably incurred or to be incurred by
      the
      related Servicer or the Trustee in respect of the breach or defect giving rise
      to the purchase obligation and any costs and damages incurred by the Trust
      Fund
      and the Trustee in connection with any violation by any such Mortgage Loan
      of
      any predatory or abusive lending law.

    

    “Qualified
      Substitute Mortgage Loan”:
      A
      mortgage loan substituted for a Deleted Mortgage Loan pursuant to the terms
      of
      this Agreement which must, on the date of such substitution, (i) have an
      outstanding principal balance, after application of all scheduled payments
      of
      principal and interest due during or prior to the month of substitution, not
      in
      excess of the Scheduled Principal Balance of the Deleted Mortgage Loan as of
      the
      Due Date in the calendar month during which the substitution occurs, (ii) have
      a
      Mortgage Rate not less than (and not more than one percentage point in excess
      of) the Mortgage Rate 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) have the same Due Date as the Due Date on the
      Deleted Mortgage Loan, (v) have a Combined Loan-to-Value Ratio as of the date
      of
      substitution equal to or lower than the Combined Loan-to-Value Ratio of the
      Deleted Mortgage Loan as of such date, (vi) be secured by the same lien priority
      on the related Mortgaged Property as the Deleted Mortgage Loan, (vii) have
      a
      credit grade at least equal to the credit grading assigned on the Deleted
      Mortgage Loan, (viii) be a “qualified mortgage” as defined in the REMIC
      Provisions and (ix) conform to each representation and warranty set forth in
      Section 6 of the Mortgage Loan Purchase Agreement applicable to the Deleted
      Mortgage Loan. In the event that one or more mortgage loans are substituted
      for
      one or more Deleted Mortgage Loans, the amounts described in clause (i) hereof
      shall be determined on the basis of aggregate principal balances, the Mortgage
      Rates described in clause (ii) hereof shall be determined on the basis of
      weighted average Mortgage Rates, the terms described in clause (iii) hereof
      shall be determined on the basis of weighted average remaining term to maturity,
      the Combined Loan-to-Value Ratios described in clause (v) hereof shall be
      satisfied as to each such mortgage loan, the credit grades described in clause
      (vii) hereof shall be satisfied as to each such mortgage loan and, except to
      the
      extent otherwise provided in this sentence, the representations and warranties
      described in clause (ix) hereof must be satisfied as to each Qualified
      Substitute Mortgage Loan or in the aggregate, as the case may be.

    

    
      
        
        

      

      
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    “Rate/Term
      Refinancing”:
      A
      Refinanced Mortgage Loan, the proceeds of which are not more than a nominal
      amount in excess of the existing first mortgage loan and any subordinate
      mortgage loan on the related Mortgaged Property and related closing costs,
      and
      were used exclusively (except for such nominal amount) to satisfy the then
      existing first mortgage loan and any subordinate mortgage loan of the Mortgagor
      on the related Mortgaged Property and to pay related closing costs.

    

    “Rating
      Agency or Rating Agencies”:
      Moody’s and S&P or their successors. If such agencies or their successors
      are no longer in existence, “Rating Agencies” shall be such nationally
      recognized statistical rating agencies, or other comparable Persons, designated
      by the Depositor, notice of which designation shall be given to the Trustee
      and
      the Servicers.

    

    “Realized
      Loss”:
      With
      respect to each Mortgage Loan as to which a Final Recovery Determination has
      been made, an amount (not less than zero), as reported by the Servicer to the
      Master Servicer (in substantially the form of Schedule 4 hereto) equal to (i)
      the unpaid principal balance of such Mortgage Loan as of the commencement of
      the
      calendar month in which the Final Recovery Determination was made, plus (ii)
      accrued interest from the Due Date as to which interest was last paid by the
      Mortgagor through the end of the calendar month in which such Final Recovery
      Determination was made, calculated in the case of each calendar month during
      such period (A) at an annual rate equal to the annual rate at which interest
      was
      then accruing on such Mortgage Loan and (B) on a principal amount equal to
      the
      Stated Principal Balance of such Mortgage Loan as of the close of business
      on
      the Distribution Date during such calendar month, plus (iii) any amounts
      previously withdrawn from the Collection Account in respect of such Mortgage
      Loan pursuant to Section 3.09(a)(ix) and Section 3.13(b) of this Agreement,
      minus (iv) the proceeds, if any, received in respect of such Mortgage Loan
      during the calendar month in which such Final Recovery Determination was made,
      net of amounts that are payable therefrom to the related Servicer with respect
      to such Mortgage Loan pursuant to Section 3.09(a)(iii) of this Agreement. Any
      Charged Off Loan will give rise to a Realized Loss (calculated as if clause
      (iv)
      of the previous sentence is equal to zero) at the time it is charged off, as
      described in Section 3.13(a)(iii) hereof.

    

    
      
        
        

      

      
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    With
      respect to any REO Property as to which a Final Recovery Determination has
      been
      made, an amount (not less than zero) equal to (i) the unpaid principal balance
      of the related Mortgage Loan as of the date of acquisition of such REO Property
      on behalf of REMIC I, plus (ii) accrued interest from the Due Date as to which
      interest was last paid by the Mortgagor in respect of the related Mortgage
      Loan
      through the end of the calendar month immediately preceding the calendar month
      in which such REO Property was acquired, calculated in the case of each calendar
      month during such period (A) at an annual rate equal to the annual rate at
      which
      interest was then accruing on the related Mortgage Loan and (B) on a principal
      amount equal to the Stated Principal Balance of the related Mortgage Loan as
      of
      the close of business on the Distribution Date during such calendar month,
      plus
      (iii) REO Imputed Interest for such REO Property for each calendar month
      commencing with the calendar month in which such REO Property was acquired
      and
      ending with the calendar month in which such Final Recovery Determination was
      made, plus (iv) any amounts previously withdrawn from the Collection Account
      in
      respect of the related Mortgage Loan pursuant to Section 3.09(a)(ix) and Section
      3.13(b) of this Agreement, minus (v) the aggregate of all P&I Advances and
      Servicing Advances (in the case of Servicing Advances, without duplication
      of
      amounts netted out of the rental income, Insurance Proceeds and Liquidation
      Proceeds described in clause (vi) below) made by the related Servicer in respect
      of such REO Property or the related Mortgage Loan for which the related Servicer
      has been or, in connection with such Final Recovery Determination, will be
      reimbursed pursuant to Section 3.22 of this Agreement out of rental income,
      Insurance Proceeds and Liquidation Proceeds received in respect of such REO
      Property, minus (vi) the total of all net rental income, Insurance Proceeds
      and
      Liquidation Proceeds received in respect of such REO Property that has been,
      or
      in connection with such Final Recovery Determination, will be transferred to
      the
      Distribution Account pursuant to Section 3.22 of this Agreement.

    

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

    

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

    

    To
      the
      extent a Servicer receives Subsequent Recoveries with respect to any Mortgage
      Loan, the amount of Realized Loss with respect to that Mortgage Loan will be
      reduced to the extent such recoveries are applied to reduce the Certificate
      Principal Balance of any Class of Certificates on any Distribution
      Date.

    

    
      
        
        

      

      
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    “Record
      Date”:
      With
      respect to each Distribution Date and the Class A Certificates and the Mezzanine
      Certificates, the Business Day immediately preceding such Distribution Date
      for
      so long as such Certificates are Book-Entry Certificates. With respect to each
      Distribution Date and any other Class of Certificates, including any Definitive
      Certificates, the last day of the calendar month immediately preceding the
      month
      in which such Distribution Date occurs.

    

    “Reference
      Banks”:
      Barclays Bank PLC, The Tokyo Mitsubishi Bank and National Westminster Bank
      PLC
      and their successors in interest; provided, however, that if any of the
      foregoing banks are not suitable to serve as a Reference Bank, then any leading
      banks selected by the Securities Administrator which are engaged in transactions
      in Eurodollar deposits in the International Eurocurrency market (i) with an
      established place of business in London, (ii) not controlling, under the control
      of or under common control with the Depositor or any Affiliate thereof and
      (iii)
      which have been designated as such by the Securities Administrator.

    

    “Refinanced
      Mortgage Loan”:
      A
      Mortgage Loan the proceeds of which were not used to purchase the related
      Mortgaged Property.

    

    “Regular
      Certificate”:
      Any
      Class A Certificate, Mezzanine Certificate, Class CE-1 Certificate, Class CE-2
      Certificate or Class P Certificate.

    

    “Regular
      Interest”:
      A
“regular interest” in a REMIC within the meaning of Section 860G(a)(1) of the
      Code.

    

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

    

    “Released
      Loan”:
      Any
      Charged Off Loan that is released by a Servicer to the Class CE-2
      Certificateholders pursuant to Section 3.13(a)(iv), generally on the date that
      is six months after the date on which the related Servicer begins using Special
      Servicing Practices on such Charged Off Loans. Any Released Loan will no longer
      be an asset of any Trust REMIC or the Trust Fund.

    

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

    

    
      
        
        

      

      
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    “Relief
      Act”:
      The
      Servicemembers Civil Relief Act, as amended, or similar state or local
      laws.

    

    “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 Relief Act. 

    

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

    

    “REMIC
      I”:
      The
      segregated pool of assets subject hereto, constituting the primary trust created
      hereby and to be administered hereunder, with respect to which a REMIC election
      is to be made, consisting of: (i) such Mortgage Loans and Prepayment Charges
      as
      from time to time are subject to this Agreement, together with the Mortgage
      Files relating thereto, and together with all collections thereon and proceeds
      thereof; (ii) any REO Property, together with all collections thereon and
      proceeds thereof; (iii) the Trustee’s rights with respect to the Mortgage Loans
      under all insurance policies required to be maintained pursuant to this
      Agreement and any proceeds thereof; (iv) the Depositor’s rights under the
      Mortgage Loan Purchase Agreement (including any security interest created
      thereby); and (v) the Collection Accounts, the Distribution Account and any
      REO
      Account, and such assets that are deposited therein from time to time and any
      investments thereof, together with any and all income, proceeds and payments
      with respect thereto. Notwithstanding the foregoing, however, REMIC I
      specifically excludes (i) all payments and other collections of principal and
      interest due on the Mortgage Loans on or before the Cut-off Date and all
      Prepayment Charges payable in connection with Principal Prepayments made before
      the Cut-off Date; (ii) the Reserve Fund and any amounts on deposit therein
      from
      time to time and any proceeds thereof; (iii) the Swap Agreement; and (iv) the
      Supplemental Interest Trust.

    

    “REMIC
      I Group I Regular Interests”:
      REMIC
      I Regular Interest I and REMIC I Regular Interest I-1-A through REMIC I Regular
      Interest I-54-B as designated in the Preliminary Statement hereto.

    

    “REMIC
      I Group II Regular Interests”:
      REMIC
      I Regular Interest II and REMIC I Regular Interest II-1-A through REMIC II
      Regular Interest II-54-B as designated in the Preliminary Statement
      hereto.

    

    “REMIC
      I Regular Interest”:
      Any of
      the separate non-certificated beneficial ownership interests in REMIC I issued
      hereunder and designated as a “regular interest” in REMIC I. Each REMIC I
      Regular Interest shall accrue interest at the related REMIC I Remittance Rate
      in
      effect from time to time, and shall be entitled to distributions of principal,
      subject to the terms and conditions hereof, in an aggregate amount equal to
      its
      initial Uncertificated Balance as set forth in the Preliminary Statement hereto.
      

    

    “REMIC
      I Remittance Rate”:
      With
      respect to REMIC I Regular Interest I, a per annum rate equal to the weighted
      average of the Net Mortgage Rates of the Group I Mortgage Loans. With respect
      to
      each REMIC I Group I Regular Interest ending with the designation “A”, a per
      annum rate equal to the weighted average of the Net Mortgage Rates of the Group
      I Mortgage Loans multiplied by 2, subject to a maximum rate of 10.040%. With
      respect to each REMIC I Group I Regular Interest ending with the designation
      “B”, the greater of (x) a per annum rate equal to the excess, if any, of (i) 2
      multiplied by the weighted average of the Net Mortgage Rates of the Group I
      Mortgage Loans over (ii) 10.040% and (y) 0.00%. With respect to REMIC I Regular
      Interest II, a per annum rate equal to the weighted average of the Net Mortgage
      Rates of the Group II Mortgage Loans. With respect to each REMIC I Group II
      Regular Interest ending with the designation “A”, a per annum rate equal to the
      weighted average of the Net Mortgage Rates of the Group II Mortgage Loans
      multiplied by 2, subject to a maximum rate of 10.040%. With respect to each
      REMIC I Group II Regular Interest ending with the designation “B”, the greater
      of (x) a per annum rate equal to the excess, if any, of (i) 2 multiplied by
      the
      weighted average of the Net Mortgage Rates of the Group II Mortgage Loans over
      (ii) 10.040% and (y) 0.00%. With respect to REMIC I Regular Interest I-CE-20,
      a
      weighted average per annum rate, determined on a Mortgage Loan by Mortgage
      Loan
      basis (and solely with respect to the Ocwen Mortgage Loans), equal to the
      excess, if any, of (i) the excess of (a) the Mortgage Rate for each such
      Mortgage Loan over (b) the sum of the (w) Ocwen Servicing Fee Rate, provided,
      however, that the Ocwen Servicing Fee Rate shall be subject to a cap equal
      to
      the Servicing Fee Rate, (x) Master Servicing Fee Rate and (y) Credit Risk
      Manager Fee Rate, over (ii) the Net Mortgage Rate of each such Mortgage Loan.
      With respect to REMIC I Regular Interest I-CE-2G, a weighted average per annum
      rate, determined on a Mortgage Loan by Mortgage Loan basis (and solely with
      respect to the Ocwen Mortgage Loans), equal to the excess, if any, of (i) the
      excess of (a) the Mortgage Rate for each such Mortgage Loan over (b) the sum
      of
      the (x) GMAC Servicing Fee Rate, provided, however, that the GMAC Servicing
      Fee
      Rate shall be subject to a cap equal to the Servicing Fee Rate (y) Master
      Servicing Fee Rate and (z) Credit Risk Manager Fee Rate, over (ii) the Net
      Mortgage Rate of each such Mortgage Loan.

    

    
      
        
        

      

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

    

    “REMIC
      II Interest Loss Allocation Amount”:
      With
      respect to any Distribution Date, an amount equal to (a) the product of (i)
      50%
      of the aggregate Stated Principal Balance of the Mortgage Loans and REO
      Properties then outstanding and (ii) the REMIC II Remittance Rate for REMIC
      II
      Regular Interest AA minus the Marker Rate, divided by (b) 12.

    

    “REMIC
      II Marker Allocation Percentage”:
      50% of
      any amount payable or loss attributable from the Mortgage Loans, which shall
      be
      allocated to REMIC II Regular Interest AA, REMIC II Regular Interest A-1, REMIC
      II Regular Interest A-2, REMIC II Regular Interest M-1, REMIC II Regular
      Interest M-2, REMIC II Regular Interest M-3, REMIC II Regular Interest M-4,
      REMIC II Regular Interest M-5, REMIC II Regular Interest M-6, REMIC II Regular
      Interest M-7, REMIC II Regular Interest M-8, REMIC II Regular Interest M-9,
      REMIC II Regular Interest M-10, REMIC II Regular Interest ZZ and REMIC II
      Regular Interest P.

    

    “REMIC
      II Overcollateralization Amount”:
      With
      respect to any date of determination, (i) 0.50% of the aggregate Uncertificated
      Balances of the REMIC II Regular Interests (other than REMIC II Regular Interest
      P) minus (ii) the aggregate of the Uncertificated Balances of REMIC II Regular
      Interest A-1, REMIC II Regular Interest A-2, REMIC II Regular Interest M-1,
      REMIC II Regular Interest M-2, REMIC II Regular Interest M-3, REMIC II Regular
      Interest M-4, REMIC II Regular Interest M-5, REMIC II Regular Interest M-6,
      REMIC II Regular Interest M-7, REMIC II Regular Interest M-8, REMIC II Regular
      Interest M-9 and REMIC II Regular Interest M-10, in each case as of such date
      of
      determination.

    

    
      
        
        

      

      
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    “REMIC
      II Principal Loss Allocation Amount”:
      With
      respect to any Distribution Date, an amount equal to (a) the product of (i)
      50%
      of the aggregate Stated Principal Balance of the Mortgage Loans and REO
      Properties then outstanding and (ii) 1 minus a fraction, the numerator of which
      is two times the aggregate of the Uncertificated Balances of REMIC II Regular
      Interest A-1, REMIC II Regular Interest A-2, REMIC II Regular Interest M-1,
      REMIC II Regular Interest M-2, REMIC II Regular Interest M-3, REMIC II Regular
      Interest M-4, REMIC II Regular Interest M-5, REMIC II Regular Interest M-6,
      REMIC II Regular Interest M-7, REMIC II Regular Interest M-8, REMIC II Regular
      Interest M-9 and REMIC II Regular Interest M-10 and the denominator of which
      is
      the aggregate of the Uncertificated Balances of REMIC II Regular Interest A-1,
      REMIC II Regular Interest A-2, REMIC II Regular Interest M-1, REMIC II Regular
      Interest M-2, REMIC II Regular Interest M-3, REMIC II Regular Interest M-4,
      REMIC II Regular Interest M-5, REMIC II Regular Interest M-6, REMIC II Regular
      Interest M-7, REMIC II Regular Interest M-8, REMIC II Regular Interest M-9,
      REMIC II Regular Interest M-10 and REMIC II Regular Interest ZZ.

    

    “REMIC
      II Regular Interest”:
      Any of
      the separate non-certificated beneficial ownership interests in REMIC II issued
      hereunder and designated as a “regular interest” in REMIC II. Each REMIC II
      Regular Interest shall accrue interest at the related REMIC II Remittance Rate
      in effect from time to time, and shall be entitled to distributions of
      principal, subject to the terms and conditions hereof, in an aggregate amount
      equal to its initial Uncertificated Balance as set forth in the Preliminary
      Statement hereto. The designations for the respective REMIC II Regular Interests
      are set forth in the Preliminary Statement hereto.

    

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

    

    “REMIC
      II Regular Interest A-1”:
      One of
      the separate non-certificated beneficial ownership interests in REMIC II issued
      hereunder and designated as a Regular Interest in REMIC II. REMIC II Regular
      Interest A-1 shall accrue interest at the related REMIC II Remittance Rate
      in
      effect from time to time, and shall be entitled to distributions of principal,
      subject to the terms and conditions hereof, in an aggregate amount equal to
      its
      initial Uncertificated Balance as set forth in the Preliminary Statement
      hereto.

    

    “REMIC
      II Regular Interest A-2”:
      One of
      the separate non-certificated beneficial ownership interests in REMIC II issued
      hereunder and designated as a Regular Interest in REMIC II. REMIC II Regular
      Interest A-2 shall accrue interest at the related REMIC II Remittance Rate
      in
      effect from time to time, and shall be entitled to distributions of principal,
      subject to the terms and conditions hereof, in an aggregate amount equal to
      its
      initial Uncertificated Balance as set forth in the Preliminary Statement
      hereto.

    

    
      
        
        

      

      
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    “REMIC
      II Regular Interest CE-2”:
      One of
      the separate non-certificated beneficial ownership interests in REMIC II issued
      hereunder and designated as a Regular Interest in REMIC II. REMIC II Regular
      Interest CE-2 will be entitled to 100% of the amounts distributed on REMIC
      I
      Regular Interest I-CE-20 and REMIC I Regular Interest I-CE-2G.

    

    “REMIC
      II Regular Interest IO”:
      One of
      the separate non-certificated beneficial ownership interests in REMIC II issued
      hereunder and designated as a Regular Interest in REMIC II. REMIC II Regular
      Interest IO shall accrue interest at the related REMIC II Remittance Rate in
      effect from time to time and shall not be entitled to distributions of
      principal. 

    

    “REMIC
      II Regular Interest M-1”:
      One of
      the separate non-certificated beneficial ownership interests in REMIC II issued
      hereunder and designated as a Regular Interest in REMIC II. REMIC II Regular
      Interest M-1 shall accrue interest at the related REMIC II Remittance Rate
      in
      effect from time to time, and shall be entitled to distributions of principal,
      subject to the terms and conditions hereof, in an aggregate amount equal to
      its
      initial Uncertificated Balance as set forth in the Preliminary Statement
      hereto.

    

    “REMIC
      II Regular Interest M-2”:
      One of
      the separate non-certificated beneficial ownership interests in REMIC II issued
      hereunder and designated as a Regular Interest in REMIC II. REMIC II Regular
      Interest M-2 shall accrue interest at the related REMIC II Remittance Rate
      in
      effect from time to time, and shall be entitled to distributions of principal,
      subject to the terms and conditions hereof, in an aggregate amount equal to
      its
      initial Uncertificated Balance as set forth in the Preliminary Statement
      hereto.

    

    “REMIC
      II Regular Interest M-3”:
      One of
      the separate non-certificated beneficial ownership interests in REMIC II issued
      hereunder and designated as a Regular Interest in REMIC II. REMIC II Regular
      Interest M-3 shall accrue interest at the related REMIC II Remittance Rate
      in
      effect from time to time, and shall be entitled to distributions of principal,
      subject to the terms and conditions hereof, in an aggregate amount equal to
      its
      initial Uncertificated Balance as set forth in the Preliminary Statement
      hereto.

    

    “REMIC
      II Regular Interest M-4”:
      One of
      the separate non-certificated beneficial ownership interests in REMIC II issued
      hereunder and designated as a Regular Interest in REMIC II. REMIC II Regular
      Interest M-4 shall accrue interest at the related REMIC II Remittance Rate
      in
      effect from time to time, and shall be entitled to distributions of principal,
      subject to the terms and conditions hereof, in an aggregate amount equal to
      its
      initial Uncertificated Balance as set forth in the Preliminary Statement
      hereto.

    

    “REMIC
      II Regular Interest M-5”:
      One of
      the separate non-certificated beneficial ownership interests in REMIC II issued
      hereunder and designated as a Regular Interest in REMIC II. REMIC II Regular
      Interest M-5 shall accrue interest at the related REMIC II Remittance Rate
      in
      effect from time to time, and shall be entitled to distributions of principal,
      subject to the terms and conditions hereof, in an aggregate amount equal to
      its
      initial Uncertificated Balance as set forth in the Preliminary Statement
      hereto.

    

    
      
        
        

      

      
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    “REMIC
      II Regular Interest M-6”:
      One of
      the separate non-certificated beneficial ownership interests in REMIC II issued
      hereunder and designated as a Regular Interest in REMIC II. REMIC II Regular
      Interest M-6 shall accrue interest at the related REMIC II Remittance Rate
      in
      effect from time to time, and shall be entitled to distributions of principal,
      subject to the terms and conditions hereof, in an aggregate amount equal to
      its
      initial Uncertificated Balance as set forth in the Preliminary Statement
      hereto.

    

    “REMIC
      II Regular Interest M-7”:
      One of
      the separate non-certificated beneficial ownership interests in REMIC II issued
      hereunder and designated as a Regular Interest in REMIC II. REMIC II Regular
      Interest M-7 shall accrue interest at the related REMIC II Remittance Rate
      in
      effect from time to time, and shall be entitled to distributions of principal,
      subject to the terms and conditions hereof, in an aggregate amount equal to
      its
      initial Uncertificated Balance as set forth in the Preliminary Statement
      hereto.

    

    “REMIC
      II Regular Interest M-8”:
      One of
      the separate non-certificated beneficial ownership interests in REMIC II issued
      hereunder and designated as a Regular Interest in REMIC II. REMIC II Regular
      Interest M-8 shall accrue interest at the related REMIC II Remittance Rate
      in
      effect from time to time, and shall be entitled to distributions of principal,
      subject to the terms and conditions hereof, in an aggregate amount equal to
      its
      initial Uncertificated Balance as set forth in the Preliminary Statement
      hereto.

    

    “REMIC
      II Regular Interest M-9”:
      One of
      the separate non-certificated beneficial ownership interests in REMIC II issued
      hereunder and designated as a Regular Interest in REMIC II. REMIC II Regular
      Interest M-9 shall accrue interest at the related REMIC II Remittance Rate
      in
      effect from time to time, and shall be entitled to distributions of principal,
      subject to the terms and conditions hereof, in an aggregate amount equal to
      its
      initial Uncertificated Balance as set forth in the Preliminary Statement
      hereto.

    

    “REMIC
      II Regular Interest M-10”:
      One of
      the separate non-certificated beneficial ownership interests in REMIC II issued
      hereunder and designated as a Regular Interest in REMIC II. REMIC II Regular
      Interest M-10 shall accrue interest at the related REMIC II Remittance Rate
      in
      effect from time to time, and shall be entitled to distributions of principal,
      subject to the terms and conditions hereof, in an aggregate amount equal to
      its
      initial Uncertificated Balance as set forth in the Preliminary Statement
      hereto.

    

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

    

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

    

    
      
        
        

      

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

    

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

    

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

    

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

    

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

    

    “REMIC
      II Remittance Rate”:
      With
      respect to REMIC II Regular Interest AA, REMIC II Regular Interest A-1, REMIC
      II
      Regular Interest A-2, REMIC II Regular Interest M-1, REMIC II Regular Interest
      M-2, REMIC II Regular Interest M-3, REMIC II Regular Interest M-4, REMIC II
      Regular Interest M-5, REMIC II Regular Interest M-6, REMIC II Regular Interest
      M-7, REMIC II Regular Interest M-8, REMIC II Regular Interest M-9, REMIC II
      Regular Interest M-10, REMIC II Regular Interest ZZ, REMIC II Regular Interest
      P, REMIC II Regular Interest I-SUB, REMIC II Regular Interest II-SUB and REMIC
      II Regular Interest XX, a per annum rate (but not less than zero) equal to
      the
      weighted average of: (w) with respect to REMIC I Regular Interest I and REMIC
      I
      Regular Interest II, the REMIC I Remittance Rate for each such REMIC I Regular
      Interest for each such Distribution Date, (x) with respect to each REMIC I
      Regular Interest ending with the designation “B”, the weighted average of the
      REMIC I Remittance Rates for such REMIC I Regular Interests, weighted on the
      basis of the Uncertificated Balances of such REMIC I Regular Interests for
      each
      such Distribution Date and (y) with respect to REMIC I Regular Interests ending
      with the designation “A”, for each Distribution Date listed below, the weighted
      average of the rates listed below for each such REMIC I Regular Interest listed
      below, weighted on the basis of the Uncertificated Balances of each such REMIC
      I
      Regular Interest for each such Distribution Date:

    

    
      
        
        

      

      
        60

        
          

        

      

      
        
        

      

    

    

    
      	
              Distribution
                

              Date

            	 	
              REMIC
                I Regular Interest

            	 	
              Rate

            
	
              1st
                through 6th

            	 	
              I-1-A
                through I-54-A

            	 	
              REMIC
                I Remittance Rate

            
	 	 	
              II-1-A
                through II-54-A

            	 	
              REMIC
                I Remittance Rate

            
	
              7

            	 	
              I-1-A
                through I-54-A

            	 	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC I Remittance
                Rate

            
	 	 	
              II-1-A
                through II-54-A

            	 	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC I Remittance
                Rate

            
	
              8

            	 	
              I-2-A
                through I-54-A

            	 	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC I Remittance
                Rate

            
	 	 	
              II-2-A
                through II-54-A

            	 	
              2
                multiplied by Swap LIBOR, subject to a maximum rate REMIC I Remittance
                Rate

            
	 	 	
              I-1-A

            	 	
              REMIC
                I Remittance Rate

            
	 	 	
              II-1-A

            	 	
              REMIC
                I Remittance Rate

            
	
              9

            	 	
              I-3-A
                through I-54-A

            	 	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC I Remittance
                Rate

            
	 	 	
              II-3-A
                through II-54-A

            	 	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC I Remittance
                Rate

            
	 	 	
              I-1-A
                and I-2-A

            	 	
              REMIC
                I Remittance Rate

            
	 	 	
              II-1-A
                and II-2-A

            	 	
              REMIC
                I Remittance Rate

            
	
              10

            	 	
              I-4-A
                through I-54-A

            	 	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC I Remittance
                Rate

            
	 	 	
              II-4-A
                through II-54-A

            	 	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC I Remittance
                Rate

            
	 	 	
              I-1-A
                through I-3-A

            	 	
              REMIC
                I Remittance Rate

            
	 	 	
              II-1-A
                through II-3-A

            	 	
              REMIC
                I Remittance Rate

            
	
              11

            	 	
              I-5-A
                through I-54-A

            	 	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC I Remittance
                Rate

            
	 	 	
              II-5-A
                through II-54-A

            	 	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC I Remittance
                Rate

            
	 	 	
              I-1-A
                through I-4-A

            	 	
              REMIC
                I Remittance Rate

            
	 	 	
              II-1-A
                through II-4-A

            	 	
              REMIC
                I Remittance Rate

            
	
              12

            	 	
              I-6-A
                through I-54-A

            	 	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC I Remittance
                Rate

            
	 	 	
              II-6-A
                through II-54-A

            	 	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC I Remittance
                Rate

            
	 	 	
              I-1-A
                through I-5-A

            	 	
              REMIC
                I Remittance Rate

            
	 	 	
              II-1-A
                through II-5-A

            	 	
              REMIC
                I Remittance Rate

            
	
              13

            	 	
              I-7-A
                through I-54-A

            	 	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC I Remittance
                Rate

            
	 	 	
              II-7-A
                through II-54-A

            	 	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC I Remittance
                Rate

            
	 	 	
              I-1-A
                through I-6-A

            	 	
              REMIC
                I Remittance Rate

            
	 	 	
              II-1-A
                through II-6-A

            	 	
              REMIC
                I Remittance Rate

            
	
              14

            	 	
              I-8-A
                through I-54-A

            	 	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC I Remittance
                Rate

            
	 	 	
              II-8-A
                through II-54-A

            	 	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC I Remittance
                Rate

            
	 	 	
              I-1-A
                through I-7-A

            	 	
              REMIC
                I Remittance Rate

            
	 	 	
              II-1-A
                through II-7-A

            	 	
              REMIC
                I Remittance Rate

            
	
              15

            	 	
              I-9-A
                through I-54-A

            	 	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC I Remittance
                Rate

            
	 	 	
              II-9-A
                through II-54-A

            	 	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC I Remittance
                Rate

            

    

    

    
      
        
        

      

      
        61

        
          

        

      

      
        
        

      

    

    

    
      	
              Distribution
                

              Date

            	 	
              REMIC
                I Regular Interest

            	 	
              Rate

            
	 	 	
              I-1-A
                through I-8-A

            	 	
              REMIC
                I Remittance Rate

            
	 	 	
              II-1-A
                through II-8-A

            	 	
              REMIC
                I Remittance Rate

            
	
              16

            	 	
              I-10-A
                through I-54-A

            	 	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC I Remittance
                Rate

            
	 	 	
              II-10-A
                through II-54-A

            	 	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC I Remittance
                Rate

            
	 	 	
              I-1-A
                through I-9-A

            	 	
              REMIC
                I Remittance Rate

            
	 	 	
              II-1-A
                through II-9-A

            	 	
              REMIC
                I Remittance Rate

            
	
              17

            	 	
              I-11-A
                through I-54-A

            	 	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC I Remittance
                Rate

            
	 	 	
              II-11-A
                through II-54-A

            	 	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC I Remittance
                Rate

            
	 	 	
              I-1-A
                through I-10-A

            	 	
              REMIC
                I Remittance Rate

            
	 	 	
              II-1-A
                through II-10-A

            	 	
              REMIC
                I Remittance Rate

            
	
              18

            	 	
              I-12-A
                through I-54-A

            	 	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC I Remittance
                Rate

            
	 	 	
              II-12-A
                through II-54-A

            	 	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC I Remittance
                Rate

            
	 	 	
              I-1-A
                through I-11-A

            	 	
              REMIC
                I Remittance Rate

            
	 	 	
              II-1-A
                through II-11-A

            	 	
              REMIC
                I Remittance Rate

            
	
              19

            	 	
              I-13-A
                through I-54-A

            	 	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC I Remittance
                Rate

            
	 	 	
              II-13-A
                through II-54-A

            	 	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC I Remittance
                Rate

            
	 	 	
              I-1-A
                through I-12-A

            	 	
              REMIC
                I Remittance Rate

            
	 	 	
              II-1-A
                through II-12-A

            	 	
              REMIC
                I Remittance Rate

            
	
              20

            	 	
              I-14-A
                through I-54-A

            	 	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC I Remittance
                Rate

            
	 	 	
              II-14-A
                through II-54-A

            	 	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC I Remittance
                Rate

            
	 	 	
              I-1-A
                through I-13-A

            	 	
              REMIC
                I Remittance Rate

            
	 	 	
              II-1-A
                through II-13-A

            	 	
              REMIC
                I Remittance Rate

            
	
              21

            	 	
              I-15-A
                through I-54-A

            	 	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC I Remittance
                Rate

            
	 	 	
              II-15-A
                through II-54-A

            	 	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC I Remittance
                Rate

            
	 	 	
              I-1-A
                through I-14-A

            	 	
              REMIC
                I Remittance Rate

            
	 	 	
              II-1-A
                through II-14-A

            	 	
              REMIC
                I Remittance Rate

            
	
              22

            	 	
              I-16-A
                through I-54-A

            	 	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC I Remittance
                Rate

            
	 	 	
              II-16-A
                through II-54-A

            	 	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC I Remittance
                Rate

            
	 	 	
              I-1-A
                through I-15-A

            	 	
              REMIC
                I Remittance Rate

            
	 	 	
              II-1-A
                through II-15-A

            	 	
              REMIC
                I Remittance Rate

            
	
              23

            	 	
              I-17-A
                through I-54-A

            	 	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC I Remittance
                Rate

            
	 	 	
              II-17-A
                through II-54-A

            	 	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC I Remittance
                Rate

            
	 	 	
              I-1-A
                through I-16-A

            	 	
              REMIC
                I Remittance Rate

            
	 	 	
              II-1-A
                through II-16-A

            	 	
              REMIC
                I Remittance Rate

            
	
              24

            	 	
              I-18-A
                through I-54-A

            	 	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC I Remittance
                Rate

            
	 	 	
              II-18-A
                through II-54-A

            	 	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC I Remittance
                Rate

            
	 	 	
              I-1-A
                through I-17-A

            	 	
              REMIC
                I Remittance Rate

            
	 	 	
              II-1-A
                through II-17-A

            	 	
              REMIC
                I Remittance Rate

            
	
              25

            	 	
              I-19-A
                through I-54-A

            	 	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC I Remittance
                Rate

            
	 	 	
              II-19-A
                through II-54-A

            	 	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC I Remittance
                Rate

            
	 	 	
              I-1-A
                through I-18-A

            	 	
              REMIC
                I Remittance Rate

            
	 	 	
              II-1-A
                through II-18-A

            	 	
              REMIC
                I Remittance Rate

            
	
              26

            	 	
              I-20-A
                through I-54-A

            	 	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC I Remittance
                Rate

            

    

    

    
      
        
        

      

      
        62

        
          

        

      

      
        
        

      

    

    

    
      	
              Distribution
                

              Date

            	 	
              REMIC
                I Regular Interest

            	 	
              Rate

            
	 	 	
              II-20-A
                through II-54-A

            	 	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC I Remittance
                Rate

            
	 	 	
              I-1-A
                through I-19-A

            	 	
              REMIC
                I Remittance Rate

            
	 	 	
              II-1-A
                through II-19-A

            	 	
              REMIC
                I Remittance Rate

            
	
              27

            	 	
              I-21-A
                through I-54-A

            	 	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC I Remittance
                Rate

            
	 	 	
              II-21-A
                through II-54-A

            	 	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC I Remittance
                Rate

            
	 	 	
              I-1-A
                through I-20-A

            	 	
              REMIC
                I Remittance Rate

            
	 	 	
              II-1-A
                through II-20-A

            	 	
              REMIC
                I Remittance Rate

            
	
              28

            	 	
              I-22-A
                through I-54-A

            	 	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC I Remittance
                Rate

            
	 	 	
              II-22-A
                through II-54-A

            	 	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC I Remittance
                Rate

            
	 	 	
              I-1-A
                through I-21-A

            	 	
              REMIC
                I Remittance Rate

            
	 	 	
              II-1-A
                through II-21-A

            	 	
              REMIC
                I Remittance Rate

            
	
              29

            	 	
              I-23-A
                through I-54-A

            	 	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC I Remittance
                Rate

            
	 	 	
              II-23-A
                through II-54-A

            	 	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC I Remittance
                Rate

            
	 	 	
              I-1-A
                through I-22-A

            	 	
              REMIC
                I Remittance Rate

            
	 	 	
              II-1-A
                through II-22-A

            	 	
              REMIC
                I Remittance Rate

            
	
              30

            	 	
              I-24-A
                through I-54-A

            	 	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC I Remittance
                Rate

            
	 	 	
              II-24-A
                through II-54-A

            	 	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC I Remittance
                Rate

            
	 	 	
              I-1-A
                through I-23-A

            	 	
              REMIC
                I Remittance Rate

            
	 	 	
              II-1-A
                through II-23-A

            	 	
              REMIC
                I Remittance Rate

            
	
              31

            	 	
              I-25-A
                through I-54-A

            	 	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC I Remittance
                Rate

            
	 	 	
              II-25-A
                through II-54-A

            	 	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC I Remittance
                Rate

            
	 	 	
              I-1-A
                through I-24-A

            	 	
              REMIC
                I Remittance Rate

            
	 	 	
              II-1-A
                through II-24-A

            	 	
              REMIC
                I Remittance Rate

            
	
              32

            	 	
              I-26-A
                through I-54-A

            	 	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC I Remittance
                Rate

            
	 	 	
              II-26-A
                through II-54-A

            	 	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC I Remittance
                Rate

            
	 	 	
              I-1-A
                through I-25-A

            	 	
              REMIC
                I Remittance Rate

            
	 	 	
              II-1-A
                through II-25-A

            	 	
              REMIC
                I Remittance Rate

            
	
              33

            	 	
              I-27-A
                through I-54-A

            	 	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC I Remittance
                Rate

            
	 	 	
              II-27-A
                through II-54-A

            	 	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC I Remittance
                Rate

            
	 	 	
              I-1-A
                through I-26-A

            	 	
              REMIC
                I Remittance Rate

            
	 	 	
              II-1-A
                through II-26-A

            	 	
              REMIC
                I Remittance Rate

            
	
              34

            	 	
              I-28-A
                through I-54-A

            	 	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC I Remittance
                Rate

            
	 	 	
              II-28-A
                through II-54-A

            	 	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC I Remittance
                Rate

            
	 	 	
              I-1-A
                through I-27-A

            	 	
              REMIC
                I Remittance Rate

            
	 	 	
              II-1-A
                through II-27-A

            	 	
              REMIC
                I Remittance Rate

            
	
              35

            	 	
              I-29-A
                through I-54-A

            	 	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC I Remittance
                Rate

            
	 	 	
              II-29-A
                through II-54-A

            	 	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC I Remittance
                Rate

            
	 	 	
              I-1-A
                through I-28-A

            	 	
              REMIC
                I Remittance Rate

            
	 	 	
              II-1-A
                through II-28-A

            	 	
              REMIC
                I Remittance Rate

            
	
              36

            	 	
              I-30-A
                through I-54-A

            	 	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC I Remittance
                Rate

            
	 	 	
              II-30-A
                through II-54-A

            	 	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC I Remittance
                Rate

            
	 	 	
              I-1-A
                through I-29-A

            	 	
              REMIC
                I Remittance Rate

            
	 	 	
              II-1-A
                through II-29-A

            	 	
              REMIC
                I Remittance Rate

            
	
              37

            	 	
              I-31-A
                through I-54-A

            	 	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC I Remittance
                Rate

            

    

    

    
      
        
        

      

      
        63

        
          

        

      

      
        
        

      

    

    

    
      	
              Distribution
                

              Date

            	 	
              REMIC
                I Regular Interest

            	 	
              Rate

            
	 	 	
              II-31-A
                through II-54-A

            	 	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC I Remittance
                Rate

            
	 	 	
              I-1-A
                through I-30-A

            	 	
              REMIC
                I Remittance Rate

            
	 	 	
              II-1-A
                through II-30-A

            	 	
              REMIC
                I Remittance Rate

            
	
              38

            	 	
              I-32-A
                through I-54-A

            	 	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC I Remittance
                Rate

            
	 	 	
              II-32-A
                through II-54-A

            	 	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC I Remittance
                Rate

            
	 	 	
              I-1-A
                through I-31-A

            	 	
              REMIC
                I Remittance Rate

            
	 	 	
              II-1-A
                through II-31-A

            	 	
              REMIC
                I Remittance Rate

            
	
              39

            	 	
              I-33-A
                through I-54-A

            	 	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC I Remittance
                Rate

            
	 	 	
              II-33-A
                through II-54-A

            	 	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC I Remittance
                Rate

            
	 	 	
              I-1-A
                through I-32-A

            	 	
              REMIC
                I Remittance Rate

            
	 	 	
              II-1-A
                through II-32-A

            	 	
              REMIC
                I Remittance Rate

            
	
              40

            	 	
              I-34-A
                through I-54-A

            	 	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC I Remittance
                Rate

            
	 	 	
              II-34-A
                through II-54-A

            	 	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC I Remittance
                Rate

            
	 	 	
              I-1-A
                through I-33-A

            	 	
              REMIC
                I Remittance Rate

            
	 	 	
              II-1-A
                through II-33-A

            	 	
              REMIC
                I Remittance Rate

            
	
              41

            	 	
              I-35-A
                through I-54-A

            	 	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC I Remittance
                Rate

            
	 	 	
              II-35-A
                through II-54-A

            	 	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC I Remittance
                Rate

            
	 	 	
              I-1-A
                through I-34-A

            	 	
              REMIC
                I Remittance Rate

            
	 	 	
              II-1-A
                through II-34-A

            	 	
              REMIC
                I Remittance Rate

            
	
              42

            	 	
              I-36-A
                through I-54-A

            	 	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC I Remittance
                Rate

            
	 	 	
              II-36-A
                through II-54-A

            	 	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC I Remittance
                Rate

            
	 	 	
              I-1-A
                through I-35-A

            	 	
              REMIC
                I Remittance Rate

            
	 	 	
              II-1-A
                through II-35-A

            	 	
              REMIC
                I Remittance Rate

            
	
              43

            	 	
              I-37-A
                through I-54-A

            	 	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC I Remittance
                Rate

            
	 	 	
              II-37-A
                through II-54-A

            	 	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC I Remittance
                Rate

            
	 	 	
              I-1-A
                through I-36-A

            	 	
              REMIC
                I Remittance Rate

            
	 	 	
              II-1-A
                through II-36-A

            	 	
              REMIC
                I Remittance Rate

            
	
              44

            	 	
              I-38-A
                through I-54-A

            	 	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC I Remittance
                Rate

            
	 	 	
              II-38-A
                through II-54-A

            	 	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC I Remittance
                Rate

            
	 	 	
              I-1-A
                through I-37-A

            	 	
              REMIC
                I Remittance Rate

            
	 	 	
              II-1-A
                through II-37-A

            	 	
              REMIC
                I Remittance Rate

            
	
              45

            	 	
              I-39-A
                through I-54-A

            	 	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC I Remittance
                Rate

            
	 	 	
              II-39-A
                through II-54-A

            	 	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC I Remittance
                Rate

            
	 	 	
              I-1-A
                through I-38-A

            	 	
              REMIC
                I Remittance Rate

            
	 	 	
              II-1-A
                through II-38-A

            	 	
              REMIC
                I Remittance Rate

            
	
              46

            	 	
              I-40-A
                through I-54-A

            	 	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC I Remittance
                Rate

            
	 	 	
              II-40-A
                through II-54-A

            	 	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC I Remittance
                Rate

            
	 	 	
              I-1-A
                through I-39-A

            	 	
              REMIC
                I Remittance Rate

            
	 	 	
              II-1-A
                through II-39-A

            	 	
              REMIC
                I Remittance Rate

            
	
              47

            	 	
              I-41-A
                through I-54-A

            	 	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC I Remittance
                Rate

            
	 	 	
              II-41-A
                through II-54-A

            	 	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC I Remittance
                Rate

            
	 	 	
              I-1-A
                through I-40-A

            	 	
              REMIC
                I Remittance Rate

            
	 	 	
              II-1-A
                through II-40-A

            	 	
              REMIC
                I Remittance Rate

            

    

     

    
      
        
        

      

      
        64

        
          

        

      

      
        
        

      

    

     

    
      	
              Distribution
                

              Date

            	 	
              REMIC
                I Regular Interest

            	 	
              Rate

            
	
              48

            	 	
              I-42-A
                through I-54-A

            	 	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC I Remittance
                Rate

            
	 	 	
              II-42-A
                through II-41-A

            	 	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC I Remittance
                Rate

            
	 	 	
              I-1-A
                through I-41-A

            	 	
              REMIC
                I Remittance Rate

            
	 	 	
              II-1-A
                through II-21-A

            	 	
              REMIC
                I Remittance Rate

            
	
              49

            	 	
              I-43-A
                through I-54-A

            	 	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC I Remittance
                Rate

            
	 	 	
              II-43-A
                through II-54-A

            	 	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC I Remittance
                Rate

            
	 	 	
              I-1-A
                through I-42-A

            	 	
              REMIC
                I Remittance Rate

            
	 	 	
              II-1-A
                through II-42-A

            	 	
              REMIC
                I Remittance Rate

            
	
              50

            	 	
              I-44-A
                through I-54-A

            	 	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC I Remittance
                Rate

            
	 	 	
              II-44-A
                through II-54-A

            	 	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC I Remittance
                Rate

            
	 	 	
              I-1-A
                through I-43-A

            	 	
              REMIC
                I Remittance Rate

            
	 	 	
              II-1-A
                through II-43-A

            	 	
              REMIC
                I Remittance Rate

            
	
              51

            	 	
              I-45-A
                through I-54-A

            	 	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC I Remittance
                Rate

            
	 	 	
              II-45-A
                through II-54-A

            	 	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC I Remittance
                Rate

            
	 	 	
              I-1-A
                through I-44-A

            	 	
              REMIC
                I Remittance Rate

            
	 	 	
              II-1-A
                through II-44-A

            	 	
              REMIC
                I Remittance Rate

            
	
              52

            	 	
              I-46-A
                through I-54-A

            	 	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC I Remittance
                Rate

            
	 	 	
              II-46-A
                through II-54-A

            	 	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC I Remittance
                Rate

            
	 	 	
              I-1-A
                through I-45-A

            	 	
              REMIC
                I Remittance Rate

            
	 	 	
              II-1-A
                through II-45-A

            	 	
              REMIC
                I Remittance Rate

            
	
              51

            	 	
              I-47-A
                through I-54-A

            	 	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC I Remittance
                Rate

            
	 	 	
              II-47-A
                through II-54-A

            	 	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC I Remittance
                Rate

            
	 	 	
              I-1-A
                through I-46-A

            	 	
              REMIC
                I Remittance Rate

            
	 	 	
              II-1-A
                through II-46-A

            	 	
              REMIC
                I Remittance Rate

            
	
              51

            	 	
              I-48-A
                through I-54-A

            	 	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC I Remittance
                Rate

            
	 	 	
              II-48-A
                through II-54-A

            	 	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC I Remittance
                Rate

            
	 	 	
              I-1-A
                through I-47-A

            	 	
              REMIC
                I Remittance Rate

            
	 	 	
              II-1-A
                through II-47-A

            	 	
              REMIC
                I Remittance Rate

            
	
              55

            	 	
              I-49-A
                through I-54-A

            	 	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC I Remittance
                Rate

            
	 	 	
              II-49-A
                through II-54-A

            	 	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC I Remittance
                Rate

            
	 	 	
              I-1-A
                through I-48-A

            	 	
              REMIC
                I Remittance Rate

            
	 	 	
              II-1-A
                through II-48-A

            	 	
              REMIC
                I Remittance Rate

            
	
              56

            	 	
              I-50-A
                through I-54-A

            	 	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC I Remittance
                Rate

            
	 	 	
              II-50-A
                through II-54-A

            	 	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC I Remittance
                Rate

            
	 	 	
              I-1-A
                through I-49-A

            	 	
              REMIC
                I Remittance Rate

            
	 	 	
              II-1-A
                through II-49-A

            	 	
              REMIC
                I Remittance Rate

            
	
              57

            	 	
              I-51-A
                through I-54-A

            	 	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC I Remittance
                Rate

            
	 	 	
              II-51-A
                through II-54-A

            	 	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC I Remittance
                Rate

            
	 	 	
              I-1-A
                through I-50-A

            	 	
              REMIC
                I Remittance Rate

            
	 	 	
              II-1-A
                through II-50-A

            	 	
              REMIC
                I Remittance Rate

            
	
              58

            	 	
              I-52-A
                through I-54-A

            	 	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC I Remittance
                Rate

            
	 	 	
              II-52-A
                through II-54-A

            	 	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC I Remittance
                Rate

            
	 	 	
              I-1-A
                through I-51-A

            	 	
              REMIC
                I Remittance Rate

            

    

    

    
      
        
        

      

      
        65

        
          

        

      

      
        
        

      

    

    

    
      	
              Distribution
                

              Date

            	 	
              REMIC
                I Regular Interest

            	 	
              Rate

            
	 	 	
              II-1-A
                through II-51-A

            	 	
              REMIC
                I Remittance Rate

            
	
              59

            	 	
              I-53-A
                and I-54-A

            	 	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC I Remittance
                Rate

            
	 	 	
              II-53-A
                and II-54-A

            	 	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC I Remittance
                Rate

            
	 	 	
              I-1-A
                through I-52-A

            	 	
              REMIC
                I Remittance Rate

            
	 	 	
              II-1-A
                through II-52-A

            	 	
              REMIC
                I Remittance Rate

            
	
              60

            	 	
              I-54-A
                

            	 	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC I Remittance
                Rate

            
	 	 	
              II-54-A

            	 	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC I Remittance
                Rate

            
	 	 	
              I-1-A
                through I-50-A

            	 	
              REMIC
                I Remittance Rate

            
	 	 	
              II-1-A
                through II-50-A

            	 	
              REMIC
                I Remittance Rate

            
	
              thereafter

            	 	
              I-1-A
                through I-54-A

            	 	
              REMIC
                I Remittance Rate

            
	 	 	
              II-1-A
                through II-54-A

            	 	
              REMIC
                I Remittance Rate

            

    

    

    With
      respect to REMIC II Regular Interest I-GRP, a per annum rate (but not less
      than
      zero) equal to the weighted average of: (w) with respect to REMIC I Regular
      Interest I, the REMIC I Remittance Rate for such REMIC I Regular Interest for
      each such Distribution Date, (x) with respect to REMIC I Group I Regular
      Interests ending with the designation “B”, the weighted average of the REMIC I
      Remittance Rates for such REMIC I Regular Interests, weighted on the basis
      of
      the Uncertificated Balances of each such REMIC I Regular Interest for each
      such
      Distribution Date and (y) with respect to REMIC I Group I Regular Interests
      ending with the designation “A”, for each Distribution Date listed below, the
      weighted average of the rates listed below for such REMIC I Regular Interests
      listed below, weighted on the basis of the Uncertificated Balances of each
      such
      REMIC I Regular Interest for each such Distribution Date:

     

    
      	
              Distribution
                Date

            	 	
              REMIC
                I Regular Interest

            	 	
              Rate

            
	
              1st
                through 6th 

            	 	
              I-1-A
                through I-54-A

            	 	
              REMIC
                I Remittance Rate

            
	 	 	 	 	 
	
              7

            	 	
              I-1-A
                through I-54-A

            	 	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC I Remittance
                Rate

            
	 	 	 	 	 
	
              8

            	 	
              I-2-A
                through I-54-A

            	 	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC I Remittance
                Rate

            
	 	 	
              I-1-A

            	 	
              REMIC
                I Remittance Rate

            
	 	 	 	 	 
	
              9

            	 	
              I-3-A
                through I-54-A

            	 	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC I Remittance
                Rate

            
	 	 	
              I-1-A
                and I-2-A

            	 	
              REMIC
                I Remittance Rate

            
	 	 	 	 	 
	
              10

            	 	
              I-4-A
                through I-54-A

            	 	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC I Remittance
                Rate

            
	 	 	
              I-1-A
                through I-3-A

            	 	
              REMIC
                I Remittance Rate

            
	 	 	 	 	 
	
              11

            	 	
              I-5-A
                through I-54-A

            	 	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC I Remittance
                Rate

            
	 	 	
              I-1-A
                through I-4-A

            	 	
              REMIC
                I Remittance Rate

            
	 	 	 	 	 
	
              12

            	 	
              I-6-A
                through I-54-A

            	 	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC I Remittance
                Rate

            
	 	 	
              I-1-A
                through I-5-A

            	 	
              REMIC
                I Remittance Rate

            
	 	 	 	 	 
	
              13

            	 	
              I-7-A
                through I-54-A

            	 	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC I Remittance
                Rate

            
	 	 	
              I-1-A
                through I-6-A

            	 	
              REMIC
                I Remittance Rate

            

    

     

    
      
        
        

      

      
        66

        
          

        

      

      
        
        

      

    

     

    
      	
              Distribution
                

              Date

            	 	
              REMIC
                I Regular Interest

            	 	
              Rate

            
	 	 	 	 	 
	
              14

            	 	
              I-8-A
                through I-54-A

            	 	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC I Remittance
                Rate

            
	 	 	
              I-1-A
                through I-7-A

            	 	
              REMIC
                I Remittance Rate

            
	 	 	 	 	 
	
              15

            	 	
              I-9-A
                through I-54-A

            	 	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC I Remittance
                Rate

            
	 	 	
              I-1-A
                through I-8-A

            	 	
              REMIC
                I Remittance Rate

            
	 	 	 	 	 
	
              16

            	 	
              I-10-A
                through I-54-A

            	 	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC I Remittance
                Rate

            
	 	 	
              I-1-A
                through I-9-A

            	 	
              REMIC
                I Remittance Rate

            
	 	 	 	 	 
	
              17

            	 	
              I-11-A
                through I-54-A

            	 	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC I Remittance
                Rate

            
	 	 	
              I-1-A
                through I-10-A

            	 	
              REMIC
                I Remittance Rate

            
	 	 	 	 	 
	
              18

            	 	
              I-12-A
                through I-54-A

            	 	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC I Remittance
                Rate

            
	 	 	
              I-1-A
                through I-11-A

            	 	
              REMIC
                I Remittance Rate

            
	 	 	 	 	 
	
              19

            	 	
              I-13-A
                through I-54-A

            	 	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC I Remittance
                Rate

            
	 	 	
              I-1-A
                through I-12-A

            	 	
              REMIC
                I Remittance Rate

            
	 	 	 	 	 
	
              20

            	 	
              I-14-A
                through I-54-A

            	 	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC I Remittance
                Rate

            
	 	 	
              I-1-A
                through I-13-A

            	 	
              REMIC
                I Remittance Rate

            
	 	 	 	 	 
	
              21

            	 	
              I-15-A
                through I-54-A

            	 	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC I Remittance
                Rate

            
	 	 	
              I-1-A
                through I-14-A

            	 	
              REMIC
                I Remittance Rate

            
	 	 	 	 	 
	
              22

            	 	
              I-16-A
                through I-54-A

            	 	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC I Remittance
                Rate

            
	 	 	
              I-1-A
                through I-15-A

            	 	
              REMIC
                I Remittance Rate

            
	 	 	 	 	 
	
              23

            	 	
              I-17-A
                through I-54-A

            	 	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC I Remittance
                Rate

            
	 	 	
              I-1-A
                through I-16-A

            	 	
              REMIC
                I Remittance Rate

            
	 	 	 	 	 
	
              24

            	 	
              I-18-A
                through I-54-A

            	 	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC I Remittance
                Rate

            
	 	 	
              I-1-A
                through I-17-A

            	 	
              REMIC
                I Remittance Rate

            
	 	 	 	 	 
	
              25

            	 	
              I-19-A
                through I-54-A

            	 	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC I Remittance
                Rate

            
	 	 	
              I-1-A
                through I-18-A

            	 	
              REMIC
                I Remittance Rate

            
	 	 	 	 	 
	
              26

            	 	
              I-20-A
                through I-54-A

            	 	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC I Remittance
                Rate

            
	 	 	
              I-1-A
                through I-19-A

            	 	
              REMIC
                I Remittance Rate

            
	 	 	 	 	 
	
              27

            	 	
              I-21-A
                through I-54-A

            	 	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC I Remittance
                Rate

            
	 	 	
              I-1-A
                through I-20-A

            	 	
              REMIC
                I Remittance Rate

            
	 	 	 	 	 
	
              28

            	 	
              I-22-A
                through I-54-A

            	 	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC I Remittance
                Rate

            
	 	 	
              I-1-A
                through I-21-A

            	 	
              REMIC
                I Remittance Rate

            

    

     

    
      
        
        

      

      
        67

        
          

        

      

      
        
        

      

    

     

    
      	
              Distribution
                

              Date

            	 	
              REMIC
                I Regular Interest

            	 	
              Rate

            
	 	 	 	 	 
	
              29

            	 	
              I-23-A
                through I-54-A

            	 	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC I Remittance
                Rate

            
	 	 	
              I-1-A
                through I-22-A

            	 	
              REMIC
                I Remittance Rate

            
	 	 	 	 	 
	
              30

            	 	
              I-24-A
                through I-54-A

            	 	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC I Remittance
                Rate

            
	 	 	
              I-1-A
                through I-23-A

            	 	
              REMIC
                I Remittance Rate

            
	 	 	 	 	 
	
              31

            	 	
              I-25-A
                through I-54-A

            	 	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC I Remittance
                Rate

            
	 	 	
              I-1-A
                through I-24-A

            	 	
              REMIC
                I Remittance Rate

            
	 	 	 	 	 
	
              32

            	 	
              I-26-A
                through I-54-A

            	 	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC I Remittance
                Rate

            
	 	 	
              I-1-A
                through I-25-A

            	 	
              REMIC
                I Remittance Rate

            
	 	 	 	 	 
	
              33

            	 	
              I-27-A
                through I-54-A

            	 	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC I Remittance
                Rate

            
	 	 	
              I-1-A
                through I-26-A

            	 	
              REMIC
                I Remittance Rate

            
	 	 	 	 	 
	
              34

            	 	
              I-28-A
                through I-54-A

            	 	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC I Remittance
                Rate

            
	 	 	
              I-1-A
                through I-27-A

            	 	
              REMIC
                I Remittance Rate

            
	 	 	 	 	 
	
              35

            	 	
              I-29-A
                through I-54-A

            	 	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC I Remittance
                Rate

            
	 	 	
              I-1-A
                through I-28-A

            	 	
              REMIC
                I Remittance Rate

            
	 	 	 	 	 
	
              36

            	 	
              I-30-A
                through I-54-A

            	 	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC I Remittance
                Rate

            
	 	 	
              I-1-A
                through I-29-A

            	 	
              REMIC
                I Remittance Rate

            
	 	 	 	 	 
	
              37

            	 	
              I-31-A
                through I-54-A

            	 	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC I Remittance
                Rate

            
	 	 	
              I-1-A
                through I-30-A

            	 	
              REMIC
                I Remittance Rate

            
	 	 	 	 	 
	
              38

            	 	
              I-32-A
                through I-54-A

            	 	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC I Remittance
                Rate

            
	 	 	
              I-1-A
                through I-31-A

            	 	
              REMIC
                I Remittance Rate

            
	 	 	 	 	 
	
              39

            	 	
              I-33-A
                through I-54-A

            	 	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC I Remittance
                Rate

            
	 	 	
              I-1-A
                through I-32-A

            	 	
              REMIC
                I Remittance Rate

            
	 	 	 	 	 
	
              40

            	 	
              I-34-A
                through I-54-A

            	 	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC I Remittance
                Rate

            
	 	 	
              I-1-A
                through I-33-A

            	 	
              REMIC
                I Remittance Rate

            
	 	 	 	 	 
	
              41

            	 	
              I-35-A
                through I-54-A

            	 	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC I Remittance
                Rate

            
	 	 	
              I-1-A
                through I-34-A

            	 	
              REMIC
                I Remittance Rate

            
	 	 	 	 	 
	
              42

            	 	
              I-36-A
                through I-54-A

            	 	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC I Remittance
                Rate

            
	 	 	
              I-1-A
                through I-35-A

            	 	
              REMIC
                I Remittance Rate

            
	 	 	 	 	 
	
              43

            	 	
              I-37-A
                through I-54-A

            	 	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC I Remittance
                Rate

            
	 	 	
              I-1-A
                through I-36-A

            	 	
              REMIC
                I Remittance Rate

            

    

     

    
      
        
        

      

      
        68

        
          

        

      

      
        
        

      

    

     

    
      	
              Distribution
                

              Date

            	 	
              REMIC
                I Regular Interest

            	 	
              Rate

            
	 	 	 	 	 
	
              44

            	 	
              I-38-A
                through I-54-A

            	 	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC I Remittance
                Rate

            
	 	 	
              I-1-A
                through I-37-A

            	 	
              REMIC
                I Remittance Rate

            
	 	 	 	 	 
	
              45

            	 	
              I-39-A
                through I-54-A

            	 	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC I Remittance
                Rate

            
	 	 	
              I-1-A
                through I-38-A

            	 	
              REMIC
                I Remittance Rate

            
	 	 	 	 	 
	
              46

            	 	
              I-40-A
                through I-54-A

            	 	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC I Remittance
                Rate

            
	 	 	
              I-1-A
                through I-39-A

            	 	
              REMIC
                I Remittance Rate

            
	 	 	 	 	 
	
              47

            	 	
              I-41-A
                through I-54-A

            	 	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC I Remittance
                Rate

            
	 	 	
              I-1-A
                through I-40-A

            	 	
              REMIC
                I Remittance Rate

            
	 	 	 	 	 
	
              48

            	 	
              I-42-A
                through I-54-A

            	 	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC I Remittance
                Rate

            
	 	 	
              I-1-A
                through I-41-A

            	 	
              REMIC
                I Remittance Rate

            
	 	 	 	 	 
	
              59

            	 	
              I-43-A
                through I-54-A

            	 	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC I Remittance
                Rate

            
	 	 	
              I-1-A
                through I-42-A

            	 	
              REMIC
                I Remittance Rate

            
	 	 	 	 	 
	
              50

            	 	
              I-44-A
                through I-54-A

            	 	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC I Remittance
                Rate

            
	 	 	
              I-1-A
                through I-43-A

            	 	
              REMIC
                I Remittance Rate

            
	 	 	 	 	 
	
              51

            	 	
              I-45-A
                through I-54-A

            	 	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC I Remittance
                Rate

            
	 	 	
              I-1-A
                through I-44-A

            	 	
              REMIC
                I Remittance Rate

            
	 	 	 	 	 
	
              52

            	 	
              I-46-A
                through I-54-A

            	 	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC I Remittance
                Rate

            
	 	 	
              I-1-A
                through I-45-A

            	 	
              REMIC
                I Remittance Rate

            
	 	 	 	 	 
	
              51

            	 	
              I-47-A
                through I-54-A

            	 	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC I Remittance
                Rate

            
	 	 	
              I-1-A
                through I-46-A

            	 	
              REMIC
                I Remittance Rate

            
	 	 	 	 	 
	
              51

            	 	
              I-48-A
                through I-54-A

            	 	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC I Remittance
                Rate

            
	 	 	
              I-1-A
                through I-47-A

            	 	
              REMIC
                I Remittance Rate

            
	 	 	 	 	 
	
              55

            	 	
              I-49-A
                through I-54-A

            	 	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC I Remittance
                Rate

            
	 	 	
              I-1-A
                through I-48-A

            	 	
              REMIC
                I Remittance Rate

            
	 	 	 	 	 
	
              56

            	 	
              I-50-A
                through I-54-A

            	 	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC I Remittance
                Rate

            
	 	 	
              I-1-A
                through I-49-A

            	 	
              REMIC
                I Remittance Rate

            
	
              57

            	 	
              I-51-A
                through I-54-A

            	 	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC I Remittance
                Rate

            
	 	 	
              I-1-A
                through I-50-A

            	 	
              REMIC
                I Remittance Rate

            
	
              58

            	 	
              I-52-A
                through I-54-A

            	 	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC I Remittance
                Rate

            
	 	 	
              I-1-A
                through I-51-A

            	 	
              REMIC
                I Remittance Rate

            
	
              59

            	 	
              I-53-A
                and I-54-A

            	 	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC I Remittance
                Rate

            

    

     

    
      
        
        

      

      
        69

        
          

        

      

      
        
        

      

    

     

    
      	
              Distribution
                

              Date

            	 	
              REMIC
                I Regular Interest

            	 	
              Rate

            
	 	 	
              I-1-A
                through I-52-A

            	 	
              REMIC
                I Remittance Rate

            
	
              60

            	 	
              I-54-A
                

            	 	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC I Remittance
                Rate

            
	 	 	
              I-1-A
                through I-50-A

            	 	
              REMIC
                I Remittance Rate

            
	 	 	 	 	 
	
              thereafter

            	 	
              I-1-A
                through I-54-A

            	 	
              REMIC
                I Remittance Rate

            

    

    

    With
      respect to REMIC II Regular Interest II-GRP, a per annum rate (but not less
      than
      zero) equal to the weighted average of: (w) with respect to REMIC I Regular
      Interest II, the REMIC I Remittance Rate for such REMIC I Regular Interest
      for
      each such Distribution Date, (x) with respect to REMIC I Group II Regular
      Interests ending with the designation “B”, the weighted average of the REMIC I
      Remittance Rates for such REMIC I Regular Interests, weighted on the basis
      of
      the Uncertificated Balances of each such REMIC I Regular Interest for each
      such
      Distribution Date and (y) with respect to REMIC I Group II Regular Interests
      ending with the designation “A”, for each Distribution Date listed below, the
      weighted average of the rates listed below for such REMIC I Regular Interests
      listed below, weighted on the basis of the Uncertificated Balances of each
      such
      REMIC I Regular Interest for each such Distribution Date:

     

    
      	
              Distribution
                

              Date

            	 	
              REMIC
                I Regular Interest

            	 	
              Rate

            
	
              1st
                through 6th 

            	 	
              II-1-A
                through II-54-A

            	 	
              REMIC
                I Remittance Rate

            
	 	 	 	 	 
	
              7

            	 	
              II-1-A
                through II-54-A

            	 	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC I Remittance
                Rate

            
	 	 	 	 	 
	
              8

            	 	
              II-2-A
                through II-54-A

            	 	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC I Remittance
                Rate

            
	 	 	
              II-1-A

            	 	
              REMIC
                I Remittance Rate

            
	 	 	 	 	 
	
              9

            	 	
              II-3-A
                through II-54-A

            	 	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC I Remittance
                Rate

            
	 	 	
              II-1-A
                and II-2-A

            	 	
              REMIC
                I Remittance Rate

            
	 	 	 	 	 
	
              10

            	 	
              II-4-A
                through II-54-A

            	 	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC I Remittance
                Rate

            
	 	 	
              II-1-A
                through II-3-A

            	 	
              REMIC
                I Remittance Rate

            
	 	 	 	 	 
	
              11

            	 	
              II-5-A
                through II-54-A

            	 	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC I Remittance
                Rate

            
	 	 	
              II-1-A
                through II-4-A

            	 	
              REMIC
                I Remittance Rate

            
	 	 	 	 	 
	
              12

            	 	
              II-6-A
                through II-54-A

            	 	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC I Remittance
                Rate

            
	 	 	
              II-1-A
                through II-5-A

            	 	
              REMIC
                I Remittance Rate

            
	 	 	 	 	 
	
              13

            	 	
              II-7-A
                through II-54-A

            	 	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC I Remittance
                Rate

            
	 	 	
              II-1-A
                through II-6-A

            	 	
              REMIC
                I Remittance Rate

            
	 	 	 	 	 
	
              14

            	 	
              II-8-A
                through II-54-A

            	 	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC I Remittance
                Rate

            
	 	 	
              II-1-A
                through II-7-A

            	 	
              REMIC
                I Remittance Rate

            
	 	 	 	 	 
	
              15

            	 	
              II-9-A
                through II-54-A

            	 	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC I Remittance
                Rate

            
	 	 	
              II-1-A
                through II-8-A

            	 	
              REMIC
                I Remittance Rate

            

    

     

    
      
        
        

      

      
        70

        
          

        

      

      
        
        

      

    

     

    
      	
              Distribution
                

              Date

            	 	
              REMIC
                I Regular Interest

            	 	
              Rate

            
	 	 	 	 	 
	
              16

            	 	
              II-10-A
                through II-54-A

            	 	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC I Remittance
                Rate

            
	 	 	
              II-1-A
                through II-9-A

            	 	
              REMIC
                I Remittance Rate

            
	 	 	 	 	 
	
              17

            	 	
              II-11-A
                through II-54-A

            	 	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC I Remittance
                Rate

            
	 	 	
              II-1-A
                through II-10-A

            	 	
              REMIC
                I Remittance Rate

            
	 	 	 	 	 
	
              18

            	 	
              II-12-A
                through II-54-A

            	 	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC I Remittance
                Rate

            
	 	 	
              II-1-A
                through II-11-A

            	 	
              REMIC
                I Remittance Rate

            
	 	 	 	 	 
	
              19

            	 	
              II-13-A
                through II-54-A

            	 	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC I Remittance
                Rate

            
	 	 	
              II-1-A
                through II-12-A

            	 	
              REMIC
                I Remittance Rate

            
	 	 	 	 	 
	
              20

            	 	
              II-14-A
                through II-54-A

            	 	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC I Remittance
                Rate

            
	 	 	
              II-1-A
                through II-13-A

            	 	
              REMIC
                I Remittance Rate

            
	 	 	 	 	 
	
              21

            	 	
              II-15-A
                through II-54-A

            	 	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC I Remittance
                Rate

            
	 	 	
              II-1-A
                through II-14-A

            	 	
              REMIC
                I Remittance Rate

            
	 	 	 	 	 
	
              22

            	 	
              II-16-A
                through II-54-A

            	 	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC I Remittance
                Rate

            
	 	 	
              II-1-A
                through II-15-A

            	 	
              REMIC
                I Remittance Rate

            
	 	 	 	 	 
	
              23

            	 	
              II-17-A
                through II-54-A

            	 	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC I Remittance
                Rate

            
	 	 	
              II-1-A
                through II-16-A

            	 	
              REMIC
                I Remittance Rate

            
	 	 	 	 	 
	
              24

            	 	
              II-18-A
                through II-54-A

            	 	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC I Remittance
                Rate

            
	 	 	
              II-1-A
                through II-17-A

            	 	
              REMIC
                I Remittance Rate

            
	 	 	 	 	 
	
              25

            	 	
              II-19-A
                through II-54-A

            	 	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC I Remittance
                Rate

            
	 	 	
              II-1-A
                through II-18-A

            	 	
              REMIC
                I Remittance Rate

            
	 	 	 	 	 
	
              26

            	 	
              II-20-A
                through II-54-A

            	 	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC I Remittance
                Rate

            
	 	 	
              II-1-A
                through II-19-A

            	 	
              REMIC
                I Remittance Rate

            
	 	 	 	 	 
	
              27

            	 	
              II-21-A
                through II-54-A

            	 	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC I Remittance
                Rate

            
	 	 	
              II-1-A
                through II-20-A

            	 	
              REMIC
                I Remittance Rate

            
	 	 	 	 	 
	
              28

            	 	
              II-22-A
                through II-54-A

            	 	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC I Remittance
                Rate

            
	 	 	
              II-1-A
                through II-21-A

            	 	
              REMIC
                I Remittance Rate

            
	 	 	 	 	 
	
              29

            	 	
              II-23-A
                through II-54-A

            	 	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC I Remittance
                Rate

            
	 	 	
              II-1-A
                through II-22-A

            	 	
              REMIC
                I Remittance Rate

            
	 	 	 	 	 
	
              30

            	 	
              II-24-A
                through II-54-A

            	 	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC I Remittance
                Rate

            
	 	 	
              II-1-A
                through II-23-A

            	 	
              REMIC
                I Remittance Rate

            

    

     

    
      
        
        

      

      
        71

        
          

        

      

      
        
        

      

    

     

    
      	
              Distribution
                

              Date

            	 	
              REMIC
                I Regular Interest

            	 	
              Rate

            
	 	 	 	 	 
	
              31

            	 	
              II-25-A
                through II-54-A

            	 	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC I Remittance
                Rate

            
	 	 	
              II-1-A
                through II-24-A

            	 	
              REMIC
                I Remittance Rate

            
	 	 	 	 	 
	
              32

            	 	
              II-26-A
                through II-54-A

            	 	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC I Remittance
                Rate

            
	 	 	
              II-1-A
                through II-25-A

            	 	
              REMIC
                I Remittance Rate

            
	 	 	 	 	 
	
              33

            	 	
              II-27-A
                through II-54-A

            	 	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC I Remittance
                Rate

            
	 	 	
              II-1-A
                through II-26-A

            	 	
              REMIC
                I Remittance Rate

            
	 	 	 	 	 
	
              34

            	 	
              II-28-A
                through II-54-A

            	 	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC I Remittance
                Rate

            
	 	 	
              II-1-A
                through II-27-A

            	 	
              REMIC
                I Remittance Rate

            
	 	 	 	 	 
	
              35

            	 	
              II-29-A
                through II-54-A

            	 	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC I Remittance
                Rate

            
	 	 	
              II-1-A
                through II-28-A

            	 	
              REMIC
                I Remittance Rate

            
	 	 	 	 	 
	
              36

            	 	
              II-30-A
                through II-54-A

            	 	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC I Remittance
                Rate

            
	 	 	
              II-1-A
                through II-29-A

            	 	
              REMIC
                I Remittance Rate

            
	 	 	 	 	 
	
              37

            	 	
              II-31-A
                through II-54-A

            	 	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC I Remittance
                Rate

            
	 	 	
              II-1-A
                through II-30-A

            	 	
              REMIC
                I Remittance Rate

            
	 	 	 	 	 
	
              38

            	 	
              II-32-A
                through II-54-A

            	 	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC I Remittance
                Rate

            
	 	 	
              II-1-A
                through II-31-A

            	 	
              REMIC
                I Remittance Rate

            
	 	 	 	 	 
	
              39

            	 	
              II-33-A
                through II-54-A

            	 	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC I Remittance
                Rate

            
	 	 	
              II-1-A
                through II-32-A

            	 	
              REMIC
                I Remittance Rate

            
	 	 	 	 	 
	
              40

            	 	
              II-34-A
                through II-54-A

            	 	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC I Remittance
                Rate

            
	 	 	
              II-1-A
                through II-33-A

            	 	
              REMIC
                I Remittance Rate

            
	 	 	 	 	 
	
              41

            	 	
              II-35-A
                through II-54-A

            	 	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC I Remittance
                Rate

            
	 	 	
              II-1-A
                through II-34-A

            	 	
              REMIC
                I Remittance Rate

            
	 	 	 	 	 
	
              42

            	 	
              II-36-A
                through II-54-A

            	 	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC I Remittance
                Rate

            
	 	 	
              II-1-A
                through II-35-A

            	 	
              REMIC
                I Remittance Rate

            
	 	 	 	 	 
	
              43

            	 	
              II-37-A
                through II-54-A

            	 	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC I Remittance
                Rate

            
	 	 	
              II-1-A
                through II-36-A

            	 	
              REMIC
                I Remittance Rate

            
	 	 	 	 	 
	
              44

            	 	
              II-38-A
                through II-54-A

            	 	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC I Remittance
                Rate

            
	 	 	
              II-1-A
                through II-37-A

            	 	
              REMIC
                I Remittance Rate

            
	 	 	 	 	 
	
              45

            	 	
              II-39-A
                through II-54-A

            	 	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC I Remittance
                Rate

            
	 	 	
              II-1-A
                through II-38-A

            	 	
              REMIC
                I Remittance Rate

            

    

     

    
      
        
        

      

      
        72

        
          

        

      

      
        
        

      

    

     

    
      	
              Distribution
                

              Date

            	 	
              REMIC
                I Regular Interest

            	 	
              Rate

            
	 	 	 	 	 
	
              46

            	 	
              II-40-A
                through II-54-A

            	 	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC I Remittance
                Rate

            
	 	 	
              II-1-A
                through II-39-A

            	 	
              REMIC
                I Remittance Rate

            
	 	 	 	 	 
	
              47

            	 	
              II-41-A
                through II-54-A

            	 	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC I Remittance
                Rate

            
	 	 	
              II-1-A
                through II-40-A

            	 	
              REMIC
                I Remittance Rate

            
	 	 	 	 	 
	
              48

            	 	
              II-42-A
                through II-54-A

            	 	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC I Remittance
                Rate

            
	 	 	
              II-1-A
                through II-41-A

            	 	
              REMIC
                I Remittance Rate

            
	 	 	 	 	 
	
              59

            	 	
              II-43-A
                through II-54-A

            	 	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC I Remittance
                Rate

            
	 	 	
              II-1-A
                through II-42-A

            	 	
              REMIC
                I Remittance Rate

            
	 	 	 	 	 
	
              50

            	 	
              II-44-A
                through II-54-A

            	 	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC I Remittance
                Rate

            
	 	 	
              II-1-A
                through II-43-A

            	 	
              REMIC
                I Remittance Rate

            
	 	 	 	 	 
	
              51

            	 	
              II-45-A
                through II-54-A

            	 	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC I Remittance
                Rate

            
	 	 	
              II-1-A
                through II-44-A

            	 	
              REMIC
                I Remittance Rate

            
	 	 	 	 	 
	
              52

            	 	
              II-46-A
                through II-54-A

            	 	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC I Remittance
                Rate

            
	 	 	
              II-1-A
                through II-45-A

            	 	
              REMIC
                I Remittance Rate

            
	 	 	 	 	 
	
              51

            	 	
              II-47-A
                through II-54-A

            	 	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC I Remittance
                Rate

            
	 	 	
              II-1-A
                through II-46-A

            	 	
              REMIC
                I Remittance Rate

            
	 	 	 	 	 
	
              51

            	 	
              II-48-A
                through II-54-A

            	 	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC I Remittance
                Rate

            
	 	 	
              II-1-A
                through II-47-A

            	 	
              REMIC
                I Remittance Rate

            
	 	 	 	 	 
	
              55

            	 	
              II-49-A
                through II-54-A

            	 	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC I Remittance
                Rate

            
	 	 	
              II-1-A
                through II-48-A

            	 	
              REMIC
                I Remittance Rate

            
	 	 	 	 	 
	
              56

            	 	
              II-50-A
                through II-54-A

            	 	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC I Remittance
                Rate

            
	 	 	
              II-1-A
                through II-49-A

            	 	
              REMIC
                I Remittance Rate

            
	
              57

            	 	
              II-51-A
                through II-54-A

            	 	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC I Remittance
                Rate

            
	 	 	
              II-1-A
                through II-50-A

            	 	
              REMIC
                I Remittance Rate

            
	
              58

            	 	
              II-52-A
                through II-54-A

            	 	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC I Remittance
                Rate

            
	 	 	
              II-1-A
                through II-51-A

            	 	
              REMIC
                I Remittance Rate

            
	
              59

            	 	
              II-53-A
                and II-54-A

            	 	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC I Remittance
                Rate

            
	 	 	
              II-1-A
                through II-52-A

            	 	
              REMIC
                I Remittance Rate

            
	
              60

            	 	
              II-54-A
                

            	 	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC I Remittance
                Rate

            
	 	 	
              II-1-A
                through II-50-A

            	 	
              REMIC
                I Remittance Rate

            
	 	 	 	 	 
	
              thereafter

            	 	
              II-1-A
                through II-54-A

            	 	
              REMIC
                I Remittance Rate

            

    

    

    
      
        
        

      

      
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    With
      respect to REMIC II Regular Interest IO, and (i) the 1st Distribution Date
      through the 6th Distribution Date, the excess of (x) the weighted average of
      the
      REMIC I Remittance Rates for REMIC I Regular Interests including the designation
      “A”, over (y) the weighted average of the REMIC I Remittance Rates for REMIC I
      Regular Interests including the designation “A”, (ii) the 7th Distribution Date
      through the 60th
      Distribution Date, the excess of (x) the weighted average of the REMIC I
      Remittance Rates for REMIC I Regular Interests including the designation “A”,
      over (y) 2 multiplied by Swap LIBOR and (iii) thereafter, 0.00%. With respect
      to
      REMIC II Regular Interest CE-2, an amount equal to 100% of the amounts
      distributed on REMIC I Regular Interest I-CE-20 and REMIC I Regular Interest
      I-CE-2G.

     

    “REMIC
      II Sub WAC Allocation Percentage”:
      50% of
      any amount payable or loss attributable from the Mortgage Loans, which shall
      be
      allocated to REMIC II Regular Interest I-SUB, REMIC II Regular Interest I-GRP,
      REMIC II Regular Interest II-SUB, REMIC II Regular Interest II-GRP and REMIC
      II
      Regular Interest XX.

     

    “REMIC
      II Subordinated Balance Ratio”:
      The
      ratio among the Uncertificated Balances of each REMIC II Regular Interest ending
      with the designation “SUB,”, equal to the ratio between, with respect to each
      such REMIC II Regular Interest, the excess of (x) the aggregate Stated Principal
      Balance of the Group I Mortgage Loans or Group II Mortgage Loans, as applicable
      over (y) the current Certificate Principal Balance of related Class A
      Certificates.

     

    “REMIC
      II Required Overcollateralization Amount”:
      0.50%
      of the Required Overcollateralization Amount.

     

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

     

    “REMIC
      III Certificate”:
      Any
      Regular Certificate or Class R Certificate.

     

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

     

    “REMIC
      Provisions”:
      Provisions of the federal income tax law relating to real estate mortgage
      investment conduits, which appear at Section 860A through 860G of the Code,
      and
      related provisions, and proposed, temporary and final regulations and published
      rulings, notices and announcements promulgated thereunder, as the foregoing
      may
      be in effect from time to time.

     

    “REMIC
      Regular Interest”:
      Any
      REMIC I Regular Interest or REMIC II Regular Interest.

     

    “REMIC
      Remittance Rate”:
      The
      REMIC I Remittance Rate or the REMIC II Remittance Rate.

     

    “Remittance
      Report”:
      A
      report by the Servicers pursuant to Section 5.03(a) of this
      Agreement.

     

    
      
        
        

      

      
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    “Rents
      from Real Property”:
      With
      respect to any REO Property, gross income of the character described in Section
      856(d) of the Code as being included in the term “rents from real
      property.”

     

    “REO
      Account”:
      The
      account or accounts maintained, or caused to be maintained, by each Servicer
      in
      respect of an REO Property pursuant to Section 3.22 of this
      Agreement.

     

    “REO
      Disposition”:
      The
      sale or other disposition of an REO Property on behalf of REMIC I.

     

    “REO
      Imputed Interest”:
      As to
      any REO Property, for any calendar month during which such REO Property was
      at
      any time part of REMIC I, one month’s interest at the applicable Net Mortgage
      Rate on the Stated Principal Balance of such REO Property (or, in the case
      of
      the first such calendar month, of the related Mortgage Loan, if appropriate)
      as
      of the close of business on the Distribution Date in such calendar
      month.

     

    “REO
      Principal Amortization”:
      With
      respect to any REO Property, for any calendar month, the excess, if any, of
      (a)
      the aggregate of all amounts received in respect of such REO Property during
      such calendar month, whether in the form of rental income, sale proceeds
      (including, without limitation, that portion of the Termination Price paid
      in
      connection with a purchase of all of the Mortgage Loans and REO Properties
      pursuant to Section 10.01 of this Agreement that is allocable to such REO
      Property) or otherwise, net of any portion of such amounts (i) payable in
      respect of the proper operation, management and maintenance of such REO Property
      or (ii) payable or reimbursable to the related Servicer pursuant to Section
      3.22(d) of this Agreement for unpaid Servicing Fees in respect of the related
      Mortgage Loan and unreimbursed Servicing Advances and P&I Advances in
      respect of such REO Property or the related Mortgage Loan, over (b) the REO
      Imputed Interest in respect of such REO Property for such calendar
      month.

     

    “REO
      Property”:
      A
      Mortgaged Property acquired by the related Servicer or its nominee on behalf
      of
      REMIC I through foreclosure or deed-in-lieu of foreclosure, as described in
      Section 3.22 of this Agreement.

     

    “Reportable
      Event”:
      Has
      the meaning set forth in Section 5.06(b) of this Agreement.

     

    “Required
      Overcollateralization Amount”:
      With
      respect to any Distribution Date (i) prior to the Stepdown Date, the sum of
      (1)
      product of (A) 5.45% and (B) the aggregate principal balance of the Mortgage
      Loans as of the Cut-off Date and (2) the cumulative amount of Net Monthly Excess
      Cashflow paid to the Class M-9 Certificates and Class M-10 Certificates pursuant
      to clause ninth
      of
      Section 5.01(c)(7), (ii) on or after the Stepdown Date provided a Trigger Event
      is not in effect, the greater of (x) the sum of (A) 10.90% of the aggregate
      Stated Principal Balance of the Mortgage Loans (after giving effect to principal
      payments to be distributed on such Distribution Date) and (B) two times the
      cumulative amount of Net Monthly Excess Cashflow paid to the Class M-9
      Certificates and Class M-10 Certificates pursuant to clause ninth
      of
      Section 5.01(c)(7) on all prior Distribution Dates and (y) an amount equal
      to
      the product of (A) 0.50% and (B) the aggregate principal balance of the Mortgage
      Loans as of the Cut-off Date, and (iii) on or after the Stepdown Date and a
      Trigger Event is in effect, the Required Overcollateralization Amount for the
      immediately preceding Distribution Date. Notwithstanding the foregoing, on
      and
      after any Distribution Date following the reduction of the aggregate Certificate
      Principal Balance of the Class A Certificates and Mezzanine Certificates to
      zero, the Required Overcollateralization Amount shall be zero.

     

    
      
        
        

      

      
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    “Reserve
      Fund”:
      A fund
      created pursuant to Section 3.25 which shall be an asset of the Trust Fund
      but
      which shall not be an asset of any Trust REMIC.

     

    “Reserve
      Interest Rate”:
      With
      respect to any Interest Determination Date, the rate per annum that the
      Securities Administrator determines to be either (i) the arithmetic mean
      (rounded upwards if necessary to the nearest whole multiple of 1/16%) of the
      one-month U.S. dollar lending rates which New York City banks selected by the
      Securities Administrator, after consultation with the Depositor, are quoting
      on
      the relevant Interest Determination Date to the principal London offices of
      leading banks in the London interbank market or (ii) in the event that the
      Securities Administrator can determine no such arithmetic mean, the lowest
      one-month U.S. dollar lending rate which New York City banks selected by the
      Securities Administrator are quoting on such Interest Determination Date to
      leading European banks.

     

    “Residential
      Dwelling”:
      Any
      one of the following: (i) a attached, detached or semi-detached one to
      four-family dwelling, (ii) a one-family dwelling unit in a Fannie Mae eligible
      condominium project or (iii) a detached one-family dwelling in a planned unit
      development, none of which is a co-operative or mobile home.

     

    “Residual
      Certificate”:
      Any
      one of the Class R Certificates.

     

    “Residual
      Interest”:
      The
      sole class of “residual interests” in a REMIC within the meaning of Section
      860G(a)(2) of the Code.

     

    “Responsible
      Officer”:
      When
      used with respect to the Trustee, any officer of the Trustee having direct
      responsibility for the administration of this Agreement and, with respect to
      a
      particular matter, to whom such matter is referred because of such officer’s
      knowledge of and familiarity with the particular subject.

     

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

     

    “S&P”:
      Standard & Poor’s, a division of the McGraw-Hill Companies,
      Inc.

     

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

     

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

     

    
      
        
        

      

      
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    “Scheduled
      Principal Balance”:
      With
      respect to any Mortgage Loan: (a) as of the Cut-off Date, the outstanding
      principal balance of such Mortgage Loan as of such date, net of the principal
      portion of all unpaid Monthly Payments, if any, due on or before such date;
      (b)
      as of any Due Date subsequent to the Cut-off Date up to and including the Due
      Date in the calendar month in which a Liquidation Event occurs with respect
      to
      such Mortgage Loan, the Scheduled Principal Balance of such Mortgage Loan as
      of
      the Cut-off Date, minus the sum of (i) the principal portion of each Monthly
      Payment due on or before such Due Date but subsequent to the Cut-off Date,
      whether or not received, (ii) all Principal Prepayments received before such
      Due
      Date but after the Cut-off Date, (iii) the principal portion of all Liquidation
      Proceeds and Insurance Proceeds received before such Due Date but after the
      Cut-off Date, net of any portion thereof that represents principal due (without
      regard to any acceleration of payments under the related Mortgage and Mortgage
      Note) on a Due Date occurring on or before the date on which such proceeds
      were
      received and (iv) any Realized Loss incurred with respect thereto as a result
      of
      a Deficient Valuation occurring before such Due Date, but only to the extent
      such Realized Loss represents a reduction in the portion of principal of such
      Mortgage Loan not yet due (without regard to any acceleration of payments under
      the related Mortgage and Mortgage Note) as of the date of such Deficient
      Valuation; and (c) as of any Due Date subsequent to the occurrence of a
      Liquidation Event with respect to such Mortgage Loan, zero. With respect to
      any
      REO Property: (a) as of any Due Date subsequent to the date of its acquisition
      on behalf of the Trust Fund up to and including the Due Date in the calendar
      month in which a Liquidation Event occurs with respect to such REO Property,
      an
      amount (not less than zero) equal to the Scheduled Principal Balance of the
      related Mortgage Loan as of the Due Date in the calendar month in which such
      REO
      Property was acquired, minus the aggregate amount of REO Principal Amortization,
      if any, in respect of REO Property for all previously ended calendar months;
      and
      (b) as of any Due Date subsequent to the occurrence of a Liquidation Event
      with
      respect to such REO Property, zero.

     

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

     

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

     

    “Senior
      Interest Distribution Amount”:
      With
      respect to any Distribution Date, an amount equal to the sum of (i) the Interest
      Distribution Amount for such Distribution Date for the Class A Certificates
      and
      (ii) the Interest Carry Forward Amount, if any, for such Distribution Date
      for
      the Class A Certificates.

     

    
      
        
        

      

      
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    “Servicer”:
      Ocwen
      or GMAC, as applicable, or any successor thereto appointed hereunder in
      connection with the servicing and administration of the related Mortgage
      Loans.

     

    “Servicer
      Event of Default”:
      One or
      more of the events described in Section 8.01(a).

     

    “Servicer
      Remittance Date”:
      With
      respect to any Distribution Date and the GMAC Mortgage Loans, by 12:00 p.m.
      New
      York time on the 18th day of the month in which such Distribution Date occurs;
      provided that if such 18th day of a given month is not a Business Day, the
      Servicer Remittance Date for such month shall be the Business Day immediately
      preceding such 18th day. With respect to any Distribution Date and the Ocwen
      Mortgage Loans, by 12:00 p.m. New York time on the 22nd day of each month in
      which such Distribution Date occurs; provided that if such 22nd day of a given
      month is not a Business Day, the Servicer Remittance Date for such month shall
      be the Business Day immediately preceding such 22nd day.

     

    “Servicer
      Report”:
      A
      report (substantially in the form of Schedule 5 hereto) or otherwise in form
      and
      substance acceptable to the Master Servicer and Securities Administrator on
      an
      electronic data file or tape prepared by the Servicers pursuant to Section
      5.03(a) of this Agreement, with such additions, deletions and modifications
      as
      agreed to by the Master Servicer, the Securities Administrator and the
      Servicer.

     

    “Service(s)(ing)”:
      Means,
      in accordance with Regulation AB, the act of servicing and administering the
      Mortgage Loans or any other assets of the Trust 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 shall have
      the
      meaning commonly understood by participants in the residential mortgage-backed
      securitization market.

     

    “Servicing
      Advances”:
      The
      customary and reasonable “out-of-pocket” costs and expenses incurred prior to or
      on or after the Cut-off Date (the amounts incurred prior to the Cut-off Date
      shall be identified on the Servicing Advance Schedule by (a) each Servicer
      with
      respect to any Mortgage Loans serviced by such Servicer that were transferred
      to
      the related Servicer prior to the Cut-off Date and/or (b) the Depositor with
      respect to any Mortgage Loans that were transferred to the Servicer after the
      Cut-off Date, as applicable) by the related Servicer in connection with a
      default, delinquency or other unanticipated event by the Servicer in the
      performance of its servicing obligations, including, but not limited to, the
      cost of (i) the preservation, restoration and protection of a Mortgaged
      Property, (ii) any enforcement or judicial proceedings, including but not
      limited to foreclosures, in respect of a particular Mortgage Loan, including
      any
      expenses incurred in relation to any such proceedings that result from the
      Mortgage Loan being registered on the MERS® System, (iii) the management
      (including reasonable fees in connection therewith) and liquidation of any
      REO
      Property, (iv) the performance of its obligations under Section 3.01,
      Section 3.07, Section 3.11, Section 3.13 and Section 3.22 of
      this Agreement; (v) refunding to any Mortgagor the portion of any prepaid
      origination fees or finance charges that are subject to reimbursement upon
      a
      principal prepayment of the related Mortgage Loan to the extent such refund
      is
      required by applicable law; and (vi) obtaining any legal documentation required
      to be included in the Mortgage File and/or correcting any outstanding title
      issues (i.e., any lien or encumbrance on the Mortgaged Property that prevents
      the effective enforcement of the intended lien position) reasonably necessary
      for the related Servicer to perform its obligations under this Agreement.
      Servicing Advances also include any reasonable “out-of-pocket” cost and expenses
      (including legal fees) incurred by the Servicer in connection with executing
      and
      recording instruments of satisfaction, deeds of reconveyance or Assignments
      to
      the extent not recovered from the Mortgagor or otherwise payable under this
      Agreement. The Servicers shall not be required to make any Nonrecoverable
      Servicing Advances.

     

    
      
        
        

      

      
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    “Servicing
      Advance Schedule”:
      With
      respect to any Servicing Advances incurred prior to the Cut-off Date, the
      schedule or schedules provided by (a) the related Servicer with respect to
      any
      Mortgage Loans that were transferred to the related Servicer prior to the
      Cut-off Date and/or (b) the Depositor with respect to any Mortgage Loans that
      were transferred to the Servicer after the Cut-off Date, as applicable, to
      the
      Master Servicer and, if such schedule is provided by the Depositor, to the
      related Servicer, on the date on which such Servicer seeks reimbursement for
      a
      Servicing Advance made by the related Servicer, which schedule or schedules
      shall contain the information set forth on Schedule 6.

     

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

     

    “Servicing
      Fee”:
      With
      respect to each Mortgage Loan and for any calendar month, an amount equal to
      one-twelfth of the product of the Servicing Fee Rate multiplied by the Scheduled
      Principal Balance of the Mortgage Loans as of the Due Date in the preceding
      calendar month; provided, however, that Ocwen shall only be entitled to a
      portion of the Servicing Fee calculated on the Ocwen Mortgage Loans at the
      Ocwen
      Servicing Fee Rate and GMAC shall only be entitled to a portion of the Servicing
      Fee calculated on the GMAC Mortgage Loans at the GMAC Servicing Fee Rate. The
      Servicing Fee is payable solely from collections of interest on the Mortgage
      Loans, except as otherwise provided in Section 3.09 of this
      Agreement.

     

    “Servicing
      Fee Rate”:
      0.50%
      per annum.

     

    “Servicing
      Function Participant”:
      Means
      any Sub-Servicer, Subcontractor or any other Person, other than the Servicers,
      the Master Servicer, each Custodian, the Trustee and the Securities
      Administrator, that is determined to be “participating in the servicing
      function” within the meaning of Item 1122 of Regulation AB, without regard to
      any threshold referenced therein.

     

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

     

    “Significant
      Subsequent Recoveries”:
      With
      respect to a defaulted Mortgage Loan, a determination by the related Servicer
      that either (A) the potential Subsequent Recoveries are anticipated to be
      greater than or equal to the sum of (i) the total indebtedness of the senior
      lien on the related Mortgaged Property and (ii) $10,000 (after anticipated
      expenses and attorneys’ fees) or (B) the related Mortgagor has shown a
      willingness and ability to pay over the previous six months.

     

    
      
        
        

      

      
        79

        
          

        

      

      
        
        

      

    

    “Single
      Certificate”:
      With
      respect to any Class of Certificates (other than the Residual Certificates),
      a
      hypothetical Certificate of such Class evidencing a Percentage Interest for
      such
      Class corresponding to an initial Certificate Principal Balance of $1,000.
      With
      respect to the Residual Certificates, a hypothetical Certificate of such Class
      evidencing a 100% Percentage Interest in such Class.

     

    “Special
      Servicing Practices”:
      With
      regard to any Charged Off Loans, the servicing of such Charged Off Loans using
      specialized collection procedures (including foreclosure, if appropriate) to
      maximize recoveries.

     

    “Sponsor”:
      DB
      Structured Products, Inc. or its successor in interest, in its capacity as
      seller under the Mortgage Loan Purchase Agreement.

     

    “Startup
      Day”:
      With
      respect to each Trust REMIC, the day designated as such pursuant to Section
      11.01(b) hereof.

     

    “Stated
      Principal Balance”:
      With
      respect to any Mortgage Loan: (a) as of any date of determination up to but
      not
      including the Distribution Date on which the proceeds, if any, of a Liquidation
      Event with respect to such Mortgage Loan would be distributed, the Scheduled
      Principal Balance of such Mortgage Loan as of the Cut-off Date, as shown in
      the
      Mortgage Loan Schedule, minus the sum of (i) the principal portion of each
      Monthly Payment due on a Due Date subsequent to the Cut-off Date, to the extent
      received from the Mortgagor or advanced by the related Servicer or a successor
      to such Servicer and distributed pursuant to Section 5.01 of this Agreement
      on
      or before such date of determination, (ii) all Principal Prepayments received
      after the Cut-off Date, to the extent distributed pursuant to Section 5.01
      of
      this Agreement on or before such date of determination, (iii) all Liquidation
      Proceeds and Insurance Proceeds applied by the Servicer as recoveries of
      principal in accordance with the provisions of Section 3.13 of this Agreement,
      to the extent distributed pursuant to Section 5.01 of this Agreement on or
      before such date of determination, and (iv) any Realized Loss incurred with
      respect thereto as a result of a Deficient Valuation made during or prior to
      the
      Prepayment Period for the most recent Distribution Date coinciding with or
      preceding such date of determination; and (b) as of any date of determination
      coinciding with or subsequent to the Distribution Date on which the proceeds,
      if
      any, of a Liquidation Event with respect to such Mortgage Loan would be
      distributed, zero. With respect to any REO Property: (a) as of any date of
      determination up to but not including the Distribution Date on which the
      proceeds, if any, of a Liquidation Event with respect to such REO Property
      would
      be distributed, an amount (not less than zero) equal to the Stated Principal
      Balance of the related Mortgage Loan as of the date on which such REO Property
      was acquired on behalf of REMIC I, minus the sum of (i) if such REO Property
      was
      acquired before the Distribution Date in any calendar month, the principal
      portion of the Monthly Payment due on the Due Date in the calendar month of
      acquisition, to the extent advanced by the related Servicer or a successor
      to
      the related Servicer and distributed pursuant to Section 5.01 of this Agreement,
      on or before such date of determination and (ii) the aggregate amount of REO
      Principal Amortization in respect of such REO Property for all previously ended
      calendar months, to the extent distributed pursuant to Section 5.01 of this
      Agreement on or before such date of determination; and (b) as of any date of
      determination coinciding with or subsequent to the Distribution Date on which
      the proceeds, if any, of a Liquidation Event with respect to such REO Property
      would be distributed, zero.

     

    
      
        
        

      

      
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    “Stepdown
      Date”:
      The
      earlier to occur of (i) the later to occur of (a) the Distribution Date
      occurring in March 2010 and (b) the first Distribution Date on which the Credit
      Enhancement Percentage (calculated for this purpose only after taking into
      account distributions of principal on the Mortgage Loans, but prior to any
      distribution of the Principal Distribution Amount to the holders of the
      Certificates then entitled to distributions of principal on such Distribution
      Date), is greater than or equal to 55.50% and (ii) the first Distribution Date
      on which the aggregate Certificate Principal Balance of the Class A Certificates
      has been reduced to zero.

     

    “Subcontractor”:
      Means
      any vendor, subcontractor or other Person that is not responsible for the
      overall servicing of Mortgage Loans but performs one or more discrete functions
      identified in Item 1122(d) of Regulation AB (without regard to any threshold
      percentage specified therein) with respect to Mortgage Loans under the direction
      or authority of any Servicer (or a Sub-Servicer of any Servicer), the Master
      Servicer, the Trustee, a Custodian or the Securities Administrator.

     

    “Subordinate
      Certificates”:
      Collectively, the Mezzanine Certificates and the Class CE-1
      Certificates.

     

    “Subsequent
      Recoveries”:
      As of
      any Distribution Date, amounts received during the related Prepayment Period
      by
      the related Servicer specifically related to a defaulted Mortgage Loan or
      disposition of an REO Property prior to the related Prepayment Period that
      resulted in a Realized Loss, (i) with respect to a Charged Off Loan, after
      such
      Mortgage Loan has been charged off by the related Servicer or (ii) with respect
      to a Liquidated Mortgage Loan, after the liquidation or disposition of such
      defaulted Mortgage Loan.

     

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

     

    “Sub-Servicing
      Agreement”:
      The
      written contract between a Servicer and a Sub-Servicer relating to servicing
      and
      administration of certain Mortgage Loans as provided in Section 3.02 of this
      Agreement.

     

    “Substitution
      Shortfall Amount”:
      As
      defined in Section 2.03.

     

    “Supplemental
      Interest Trust”:
      The
      corpus of a trust created pursuant to Section 5.07 of this Agreement and
      designated as the “Supplemental Interest Trust,” consisting of the Swap
      Agreement, the Class IO Interest and the right to receive payments in respect
      of
      the Class IO Distribution Amount. For the avoidance of doubt, the Supplemental
      Interest Trust does not constitute a part of the Trust Fund.

     

    
      
        
        

      

      
        81

        
          

        

      

      
        
        

      

    

    “Supplemental
      Interest Trust Trustee”:
      HSBC
      Bank USA, National Association a national banking association, or its successor
      in interest, or any successor supplemental interest trust trustee appointed
      as
      provided herein or in the Swap Agreement provided.

     

    “Swap
      Agreement”:
      The
      Interest Rate Swap Agreement, dated as of March 2, 2007, between the
      Supplemental Interest Trust Trustee, and the Swap Provider, including any
      schedule, confirmations, credit support annex or other credit support document
      relating thereto, and attached hereto as Exhibit I.

     

    “Swap
      Credit Support Annex:
      The
      credit support annex, dated as of March 2, 2007, between the Supplemental
      Interest Trust Trustee and the Swap Provider, which is annexed to and forms
      part
      of the Swap Agreement.

     

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

     

    “Swap
      Notional Amount”:
      For
      each calculation period as defined in the Swap Agreement, the amount set forth
      below:

     

    
      	
              Distribution
                Date

            	
              Swap
                Notional Amount ($)

            
	
              September
                2007

            	
              281,893,162

            
	
              October
                2007

            	
              268,595,515

            
	
              November
                2007

            	
              255,924,198

            
	
              December
                2007

            	
              243,849,746

            
	
              January
                2008

            	
              232,344,080

            
	
              February
                2008

            	
              221,380,438

            
	
              March
                2008

            	
              210,933,319

            
	
              April
                2008

            	
              200,978,418

            
	
              May
                2008

            	
              191,492,573

            
	
              June
                2008

            	
              182,453,713

            
	
              July
                2008

            	
              173,840,801

            
	
              August
                2008

            	
              165,633,792

            
	
              September
                2008

            	
              157,813,582

            
	
              October
                2008

            	
              150,361,966

            
	
              November
                2008

            	
              143,261,593

            
	
              December
                2008

            	
              136,495,931

            
	
              January
                2009

            	
              130,049,222

            
	
              February
                2009

            	
              123,906,451

            
	
              March
                2009

            	
              118,053,309

            
	
              April
                2009

            	
              112,476,159

            
	
              May
                2009

            	
              107,162,006

            
	
              June
                2009

            	
              102,098,466

            
	
              July
                2009

            	
                97,273,738

            
	
              August
                2009

            	
                92,676,576

            
	
              September
                2009

            	
                88,296,261

            
	
              October
                2009

            	
                84,122,580

            
	
              November
                2009

            	
                80,145,802

            
	
              December
                2009

            	
                76,356,651

            

    

    

    
      
        
        

      

      
        82

        
          

        

      

      
        
        

      

    

    

    
      	
              Distribution
                Date

            	
              Swap
                Notional Amount ($)

            
	
              January
                2010

            	
              72,746,287

            
	
              February
                2010

            	
              69,306,290

            
	
              March
                2010

            	
              66,028,631

            
	
              April
                2010

            	
              62,905,663

            
	
              May
                2010

            	
              59,930,097

            
	
              June
                2010

            	
              57,094,986

            
	
              July
                2010

            	
              54,393,712

            
	
              August
                2010

            	
              51,819,967

            
	
              September
                2010

            	
              49,367,742

            
	
              October
                2010

            	
              47,031,307

            
	
              November
                2010

            	
              44,805,205

            
	
              December
                2010

            	
              42,684,235

            
	
              January
                2011

            	
              40,663,440

            
	
              February
                2011

            	
              38,738,098

            
	
              March
                2011

            	
              36,903,708

            
	
              April
                2011

            	
              35,155,981

            
	
              May
                2011

            	
              33,490,831

            
	
              June
                2011

            	
              31,904,363

            
	
              July
                2011

            	
              30,392,865

            
	
              August
                2011

            	
              28,952,803

            
	
              September
                2011

            	
              27,580,806

            
	
              October
                2011

            	
              26,273,661

            
	
              November
                2011

            	
              25,028,261

            
	
              December
                2011

            	
              23,841,517

            
	
              January
                2012

            	
              22,710,896

            
	
              February
                2012

            	
              21,633,748

            

    

    

    “Swap
      Provider”:
      The
      swap provider under the Swap Agreement. Initially, the Swap Provider shall
      be
      Swiss Re Financial Products Corporation.

     

    “Swap
      Provider Trigger Event”:
      A Swap
      Provider Trigger Event shall have occurred if any of the following has occurred:
      (i) an Event of Default under the Swap Agreement with respect to which the
      Swap
      Provider is a Defaulting Party (as defined in the Swap Agreement), (ii) a
      Termination Event under the Swap Agreement with respect to which the Swap
      Provider is the sole Affected Party (as defined in the Swap Agreement) or (iii)
      an Additional Termination Event under the Swap Agreement with respect to which
      the Swap Provider is the sole Affected Party.

     

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

     

    
      
        
        

      

      
        83

        
          

        

      

      
        
        

      

    

    “Tax
      Returns”:
      The
      federal income tax return on Internal Revenue Service Form 1066, U.S. Real
      Estate Mortgage Investment Conduit Income Tax Return, including Schedule Q
      thereto, Quarterly Notice to Residual Interest Holders of REMIC Taxable Income
      or Net Loss Allocation, or any successor forms, to be filed on behalf of the
      Trust REMICs under the REMIC Provisions, together with any and all other
      information reports or returns that may be required to be furnished to the
      Certificateholders or filed with the Internal Revenue Service or any other
      governmental taxing authority under any applicable provisions of federal, state
      or local tax laws.

     

    “Telerate
      Page 3750”:
      The
      display designated as page “3750” on the Dow Jones Telerate Capital Markets
      Report (or such other page as may replace page 3750 on that report for the
      purpose of displaying London interbank offered rates of major
      banks).

     

    “Termination
      Price”:
      As
      defined in Section 10.01.

     

    “Terminator”:
      As
      defined in Section 10.01.

     

    “Transfer”:
      Any
      direct or indirect transfer, sale, pledge, hypothecation, or other form of
      assignment of any Ownership Interest in a Certificate.

     

    “Transferee”:
      Any
      Person who is acquiring by Transfer any Ownership Interest in a
      Certificate.

     

    “Transferor”:
      Any
      Person who is disposing by Transfer of any Ownership Interest in a
      Certificate.

     

    “Trigger
      Event”:
      With
      respect to any Distribution Date, a Trigger Event is in effect if (x) the
      percentage obtained by dividing (i) the principal amount of Mortgage Loans
      delinquent 60 days or more (including Mortgage Loans in foreclosure, bankruptcy
      and REO) by (ii) the aggregate principal balance of the Mortgage Loans, in
      each
      case as, of the last day of the previous calendar month exceeds approximately
      14.40% of the Credit Enhancement Percentage with respect to such Distribution
      Date or (y) the aggregate amount of Realized Losses incurred since the Cut-off
      Date through the last day of the related Due Period divided by the aggregate
      principal balance of the Mortgage Loans as of the Cut-off exceeds the applicable
      percentages set forth below with respect to such Distribution Date:

     

    
      	
              Distribution
                Date

            	 	
              Percentages

            
	
              March
                2009 to February 2010

            	 	
              3.05%
                plus 1/12 of 2.70% for each month thereafter

            
	
              March
                2010 to February 2011

            	 	
              5.75%
                plus 1/12 of 1.75% for each month thereafter

            
	
              March
                2011 to February 2012

            	 	
              7.50%
                plus 1/12 of 1.50% for each month thereafter

            
	
              March
                2012 to February 2013

            	 	
              9.00%
                plus 1/12 of 0.50% for each month thereafter

            
	
              March
                2013 and thereafter

            	 	
              9.50%

            

    

    

    “Trust”:
      ACE
      Securities Corp., Home Equity Loan Trust, Series 2007-SL1, the trust created
      hereunder.

     

    “Trust
      Fund”:
      Collectively, all of the assets of REMIC I, REMIC II, REMIC III and the Reserve
      Fund and any amounts on deposit therein and any proceeds thereof. For avoidance
      of doubt, the Trust Fund does not include the Supplemental Interest
      Trust.

     

    “Trust
      REMIC”:
      REMIC
      I, REMIC II or REMIC III.

     

    
      
        
        

      

      
        84

        
          

        

      

      
        
        

      

    

    “Trustee”:
      HSBC
      Bank USA, National Association, a national banking association, or its successor
      in interest, or any successor trustee appointed as herein provided.

     

    “Uncertificated
      Balance”:
      The
      amount of the REMIC Regular Interests outstanding as of any date of
      determination. As of the Closing Date, the Uncertificated Balance of each REMIC
      Regular Interest shall equal the amount set forth in the Preliminary Statement
      hereto as its initial uncertificated balance. On each Distribution Date, the
      Uncertificated Balance of the REMIC Regular Interest shall be reduced by all
      distributions of principal made on such REMIC Regular Interest on such
      Distribution Date pursuant to Section 5.01 and, if and to the extent necessary
      and appropriate, shall be further reduced on such Distribution Date by Realized
      Losses as provided in Section 5.04 and the Uncertificated Balance of REMIC
      II
      Regular Interest ZZ shall be increased by interest deferrals as provided in
      Section 5.01. The Uncertificated Balance of each REMIC Regular Interest shall
      never be less than zero.

     

    “Uncertificated
      Interest”:
      With
      respect to any REMIC Regular Interest for any Distribution Date, one month’s
      interest at the related REMIC Remittance Rate applicable to such REMIC Regular
      Interest for such Distribution Date, accrued on the Uncertificated Balance
      thereof immediately prior to such Distribution Date. Uncertificated Interest
      in
      respect of the REMIC Regular Interests shall accrue on the basis of a 360-day
      year consisting of twelve 30-day months. Uncertificated Interest with respect
      to
      each Distribution Date, as to any REMIC Regular Interest, shall be reduced
      by an
      amount equal to the sum of (a) the aggregate Prepayment Interest Shortfall,
      if
      any, for such Distribution Date to the extent not covered by payments pursuant
      to Section 3.23 or Section 4.19 of this Agreement and (b) the aggregate amount
      of any Relief Act Interest Shortfall, if any allocated, in each case, to such
      REMIC Regular Interest or REMIC Regular Interest pursuant to Section 1.02.
      In
      addition, Uncertificated Interest with respect to each Distribution Date, as
      to
      any REMIC Regular Interest, shall be reduced by Realized Losses, if any,
      allocated to such REMIC Regular Interest pursuant to Section 1.02 and Section
      5.04.

     

    “Uninsured
      Cause”:
      Any
      cause of damage to a Mortgaged Property such that the complete restoration
      of
      such property is not fully reimbursable by the hazard insurance policies
      required to be maintained pursuant to Section 3.11.

     

    “United
      States Person”:
      A
      citizen or resident of the United States, a corporation, partnership or other
      entity created or organized in, or under the laws of, the United States or
      any
      political subdivision thereof (except, in the case of a partnership, to the
      extent provided in regulations) provided that, for purposes solely of the
      restrictions on the transfer of any Class R Certificate, no partnership or
      other
      entity treated as a partnership for United States federal income tax purposes
      shall be treated as a United States Person unless all persons that own an
      interest in such partnership either directly or through any entity that is
      not a
      corporation for United States federal income tax purposes are required to be
      United States Persons, or an estate whose income is subject to United States
      federal income tax regardless of its source, or a trust if a court within the
      United States is able to exercise primary supervision over the administration
      of
      the trust and one or more United States persons have the authority to control
      all substantial decisions of the trust. To the extent prescribed in regulations
      by the Secretary of the Treasury, a trust which was in existence on August
      20,
      1996 (other than a trust treated as owned by the grantor under subpart E of
      part
      I of subchapter J of chapter I of the Code), and which was treated as a United
      States person on August 20, 1996 may elect to continue to be treated as a United
      States person notwithstanding the previous sentence. The term “United States”
shall have the meaning set forth in Section 7701 of the Code.

     

    
      
        
        

      

      
        85

        
          

        

      

      
        
        

      

    

    “Value”:
      With
      respect to any Mortgaged Property, the lesser of (i) the lesser of (a) the
      value
      thereof as determined by an appraisal made for the related originator of the
      Mortgage Loan at the time of origination of the Mortgage Loan by an appraiser
      who met the minimum requirements of Fannie Mae and Freddie Mac and (b) the
      value
      thereof as determined by a review appraisal conducted by the related originator
      of the Mortgage Loan in accordance with the related originator’s underwriting
      guidelines, and (ii) the purchase price paid for the related Mortgaged Property
      by the Mortgagor with the proceeds of the Mortgage Loan; provided, however,
      (A)
      in the case of a Refinanced Mortgage Loan, such value of the Mortgaged Property
      is based solely upon the lesser of (1) the value determined by an appraisal
      made
      for the related originator of the Mortgage Loan of such Refinanced Mortgage
      Loan
      at the time of origination of such Refinanced Mortgage Loan by an appraiser
      who
      met the minimum requirements of Fannie Mae and Freddie Mac and (2) the value
      thereof as determined by a review appraisal conducted by the related originator
      of the Mortgage Loan in accordance with the related originator’s underwriting
      guidelines, and (B) in the case of a Mortgage Loan originated in connection
      with
      a “lease-option purchase,” such value of the Mortgaged Property is based on the
      lower of the value determined by an appraisal made for the originator of such
      Mortgage Loan at the time of origination or the sale price of such Mortgaged
      Property if the “lease option purchase price” was set less than 12 months prior
      to origination, and is based on the value determined by an appraisal made for
      the related originator of such Mortgage Loan at the time of origination if
      the
“lease option purchase price” was set 12 months or more prior to
      origination.

     

    “Verification
      Report”:
      As
      defined in Section 4.20. 

     

    “Voting
      Rights”:
      The
      portion of the voting rights of all of the Certificates which is allocated
      to
      any such Certificate. With respect to any date of determination, 98% of all
      Voting Rights will be allocated among the holders of the Class A Certificates,
      the Mezzanine Certificates and the Class CE-1 Certificates in proportion to
      the
      then outstanding Certificate Principal Balances of their respective
      Certificates, 1% of all Voting Rights will be allocated among the holders of
      the
      Class P Certificates and 1% of all Voting Rights will be allocated among the
      holders of the Class R Certificates. The Voting Rights allocated to each Class
      of Certificate shall be allocated among Holders of each such Class in accordance
      with their respective Percentage Interests as of the most recent Record
      Date.

     

    “Wells
      Fargo”:
      Wells
      Fargo Bank, National Association in its capacity as a Custodian under the Wells
      Fargo Custodial Agreement, or any successor thereto.

     

    “Wells
      Fargo Custodial Agreement”:
      The
      Custodial Agreement dated as of February 1, 2007, among the Trustee, Wells
      Fargo
      and the Servicers, as may be amended or supplemented from time to
      time.

     

    SECTION
      1.02. Allocation
      of Certain Interest Shortfalls.

     

    For
      purposes of calculating the amount of Accrued Certificate Interest and the
      amount of the Interest Distribution Amount for the Class A Certificates, the
      Mezzanine Certificates and the Class CE-1 Certificates for any Distribution
      Date, (1) the aggregate amount of any Prepayment Interest Shortfalls (to the
      extent not covered by payments by the Servicers pursuant to Section 3.23 of
      this
      Agreement or by the Master Servicer pursuant to Section 4.19 of this Agreement)
      and any Relief Act Interest Shortfalls incurred in respect of the Mortgage
      Loans
      for any Distribution Date shall be allocated first, to the Class CE-1
      Certificates, second, to the Class M-10 Certificates, third, to the Class M-9
      Certificates, fourth, to the Class M-8 Certificates, fifth, to the Class M-7
      Certificates, sixth, to the Class M-6 Certificates, seventh, to the Class M-5
      Certificates, eighth, to the Class M-4 Certificates, ninth, to the Class M-3
      Certificates, tenth, to the Class M-2 Certificates, eleventh, to the Class
      M-1
      Certificates and thirteenth, to the Class A Certificates, on a pro
      rata
      basis,
      in each case based on, and to the extent of, one month’s interest at the then
      applicable respective Pass-Through Rate on the respective Certificate Principal
      Balance or Notional Amount, as applicable, of each such Certificate and (2)
      the
      aggregate amount of any Realized Losses allocated to the Mezzanine Certificates
      and Net WAC Rate Carryover Amounts paid to the Class A Certificates and the
      Mezzanine Certificates incurred for any Distribution Date shall be allocated
      to
      the Class CE-1 Certificates on a pro
      rata
      basis
      based on, and to the extent of, one month’s interest at the then applicable
      respective Pass-Through Rate on the respective Certificate Principal Balance
      or
      Notional Amount thereof, as applicable.

     

    
      
        
        

      

      
        86

        
          

        

      

      
        
        

      

    

    For
      purposes of calculating the amount of Uncertificated Interest for the REMIC
      I
      Group I Regular Interests for any Distribution Date, the aggregate amount of
      any
      Prepayment Interest Shortfalls (to the extent not covered by payments by the
      related Servicer pursuant to Section 3.23 of this Agreement or the Master
      Servicer pursuant to Section 4.19) and any Relief Act Interest Shortfalls
      incurred in respect of Group I Mortgage Loans shall be allocated first, to
      REMIC
      I Regular Interest I and to the REMIC I Group I Regular Interests ending with
      the designation “B”, pro
      rata
      based
      on, and to the extent of, one month’s interest at the then applicable respective
      REMIC I Remittance Rates on the respective Uncertificated Principal Balances
      of
      each such REMIC I Regular Interest, and then, to REMIC I Group I Regular
      Interests ending with the designation “A”, pro rata based on, and to the extent
      of, one month’s interest at the then applicable respective REMIC I Remittance
      Rates on the respective Uncertificated Balances of each such REMIC I Regular
      Interest.

     

    For
      purposes of calculating the amount of Uncertificated Interest for the REMIC
      I
      Group II Regular Interests for any Distribution Date, the aggregate amount
      of
      any Prepayment Interest Shortfalls (to the extent not covered by payments by
      the
      related Servicer pursuant to Section 3.23 of this Agreement or the Master
      Servicer pursuant to Section 4.19) and any Relief Act Interest Shortfalls
      incurred in respect of Group II Mortgage Loans shall be allocated first, to
      REMIC I Regular Interest II and to the REMIC I Group II Regular Interests ending
      with the designation “B”, pro
      rata
      based
      on, and to the extent of, one month’s interest at the then applicable respective
      REMIC I Remittance Rates on the respective Uncertificated Principal Balances
      of
      each such REMIC I Regular Interest , and then, to REMIC I Group II Regular
      Interests ending with the designation “A”, pro rata based on, and to the extent
      of, one month’s interest at the then applicable respective REMIC I Remittance
      Rates on the respective Uncertificated Balances of each such REMIC I Regular
      Interest. 

     

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

    
      
        
        

      

      
        87

        
          

        

      

      
        
        

      

    

     

      (A)The
      REMIC
      II Marker Allocation Percentage of the aggregate amount of any Prepayment
      Interest Shortfalls (to the extent not covered by payments by the Servicers
      pursuant to Section 3.23 of this Agreement or the Master Servicer pursuant
      to
      Section 4.19) and the REMIC II Marker Allocation Percentage of any Relief Act
      Interest Shortfalls incurred in respect of the Mortgage Loans for any
      Distribution Date shall be allocated among REMIC II Regular Interest AA, REMIC
      II Regular Interest A-1, REMIC II Regular Interest A-2, REMIC II Regular
      Interest M-1, REMIC II Regular Interest M-2, REMIC II Regular Interest M-3,
      REMIC II Regular Interest M-4, REMIC II Regular Interest M-5, REMIC II Regular
      Interest M-6, REMIC II Regular Interest M-7, REMIC II Regular Interest M-8,
      REMIC II Regular Interest M-9, REMIC II Regular Interest M-10, REMIC II Regular
      Interest ZZ and REMIC II Regular Interest P pro
      rata
      based
      on, and to the extent of, one month’s interest at the then applicable respective
      REMIC II Remittance Rate on the respective Uncertificated Balance of each such
      REMIC II Regular Interest; and

     

      (B)The
      REMIC
      II Sub WAC Allocation Percentage of the aggregate amount of any Prepayment
      Interest Shortfalls (to the extent not covered by payments by the Servicers
      pursuant to Section 3.23 of this Agreement or by the Master Servicer pursuant
      to
      Section 4.19 of this Agreement) and the REMIC II Sub WAC Allocation Percentage
      of any Relief Act Interest Shortfalls incurred in respect of the Mortgage Loans
      for any Distribution Date shall be allocated first, to Uncertificated Interest
      payable to REMIC II Regular Interest I-SUB, REMIC II Regular Interest I-GRP,
      REMIC II Regular Interest II-SUB, REMIC II Regular Interest II-GRP and REMIC
      II
      Regular Interest XX, pro
      rata
      based
      on, and to the extent of, one month’s interest at the then applicable respective
      REMIC II Remittance Rate on the respective Uncertificated Balance of each such
      REMIC II Regular Interest.

     

    
      
        
        

      

      
        88

        
          

        

      

      
        
        

      

    

    ARTICLE
      II

    

    CONVEYANCE
      OF MORTGAGE LOANS;

    ORIGINAL
      ISSUANCE OF CERTIFICATES

    

    SECTION
      2.01. Conveyance
      of the Mortgage Loans.

    

    The
      Depositor, concurrently with the execution and delivery hereof, does hereby
      transfer, assign, set over and otherwise convey to the Trustee, on behalf of
      the
      Trust, without recourse, for the benefit of the Certificateholders, all the
      right, title and interest of the Depositor, including any security interest
      therein for the benefit of the Depositor, in and to the Mortgage Loans
      identified on the Mortgage Loan Schedule, the rights of the Depositor under
      the
      Mortgage Loan Purchase Agreement (including, without limitation the right to
      enforce the obligations of the other parties thereto thereunder), the right
      to
      any Net Swap Payment and any Swap Termination Payment made by the Swap Provider,
      and all other assets included or to be included in REMIC I. Such assignment
      includes all interest and principal received by the Depositor and the Servicer
      on or with respect to the Mortgage Loans (other than payments of principal
      and
      interest due on such Mortgage Loans on or before the Cut-off Date). A copy
      of
      the Mortgage Loan Purchase Agreement is attached hereto as Exhibit
      F.

    

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

    

    Notwithstanding
      anything to the contrary contained herein, the parties hereto acknowledge that
      the functions of the Trustee with respect to the custody, acceptance, inspection
      and release of the Mortgage Files, including, but not limited to certain
      insurance policies and documents contemplated by Section 4.11, and preparation
      and delivery of the certifications shall be performed by the Custodians pursuant
      to the terms and conditions of the Custodial Agreements.

    

    The
      Depositor shall deliver or cause the related originator to deliver to the
      Servicer copies of all trailing documents required to be included in the
      Mortgage File at the same time the originals or certified copies thereof are
      delivered to the Trustee or Custodians, such documents including the mortgagee
      policy of title insurance and any Mortgage Loan Documents upon return from
      the
      recording office. The Servicers shall not be responsible for any custodian
      fees
      or other costs incurred in obtaining such documents and the Depositor shall
      cause the Servicers to be reimbursed for any such costs the related Servicer
      may
      incur in connection with performing its obligations under this
      Agreement.

    

    
      
        
        

      

      
        89

        
          

        

      

      
        
        

      

    

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

    

    SECTION
      2.02. Acceptance
      of REMIC I by Trustee.

    

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

    

    SECTION
      2.03. Repurchase
      or Substitution of Mortgage Loans.

    

    (a) Upon
      discovery or receipt of notice of any materially defective document in, or
      that
      a document is missing from, a Mortgage File or of a breach by the Sponsor of
      any
      representation, warranty or covenant under the Mortgage Loan Purchase Agreement
      in respect of any Mortgage Loan that materially and adversely affects the value
      of such Mortgage Loan or the interest therein of the Certificateholders, the
      Trustee shall promptly notify the Sponsor and the related Servicer of such
      defect, missing document or breach and request that the Sponsor deliver such
      missing document, cure such defect or breach within sixty (60) days from the
      date the Sponsor was notified of such missing document, defect or breach, and
      if
      the Sponsor does not deliver such missing document or cure such defect or breach
      in all material respects during such period, the Trustee shall enforce the
      obligations of the Sponsor under the Mortgage Loan Purchase Agreement to
      repurchase such Mortgage Loan from REMIC I at the Purchase Price within ninety
      (90) days after the date on which the Sponsor was notified of such missing
      document, defect or breach, if and to the extent that the Sponsor is obligated
      to do so under the Mortgage Loan Purchase Agreement. The Purchase Price for
      the
      repurchased Mortgage Loan shall be remitted to the related Servicer for deposit
      in the Collection Account and the Trustee, upon receipt of written certification
      from the related Servicer of such deposit, shall release or cause the applicable
      Custodian (upon receipt of a request for release in the form attached to the
      related Custodial Agreement) to release to the Sponsor the related Mortgage
      File
      and the Trustee shall execute and deliver such instruments of transfer or
      assignment, in each case without recourse, representation or warranty, as the
      Sponsor shall furnish to it and as shall be necessary to vest in the Sponsor
      any
      Mortgage Loan released pursuant hereto, and the Trustee shall not have any
      further responsibility with regard to such Mortgage File. In lieu of
      repurchasing any such Mortgage Loan as provided above, if so provided in the
      Mortgage Loan Purchase Agreement, the Sponsor may cause such Mortgage Loan
      to be
      removed from REMIC I (in which case it shall become a Deleted Mortgage Loan)
      and
      substitute one or more Qualified Substitute Mortgage Loans in the manner and
      subject to the limitations set forth in Section 2.03(b). It is understood and
      agreed that the obligation of the Sponsor to cure or to repurchase (or to
      substitute for) any Mortgage Loan as to which a document is missing, a material
      defect in a constituent document exists or as to which such a breach has
      occurred and is continuing shall constitute the sole remedy respecting such
      omission, defect or breach available to the Trustee and the Certificateholders.
      Notwithstanding anything to the contrary contained herein, any breach of a
      representation or warranty with respect to the Group I Mortgage Loans contained
      in clauses (viii), (xxxviii), (xxxix), (xl), (xli), (xlviii), (xlix), (lviii),
      (lxii), (lxv), (lxx), (lxxi), (lxxiii) and/or (lxxiv) of Section 6 of the
      Mortgage Loan Purchase Agreement shall be automatically deemed to affect
      materially and adversely the interests of the Holders of the Group I
      Certificates.

    

    
      
        
        

      

      
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    In
      addition, promptly upon the earlier of discovery by a Servicer or receipt of
      notice by a Servicer of the breach of the representation or covenant of the
      Sponsor set forth in Section 5(xii) of the Mortgage Loan Purchase Agreement
      which materially and adversely affects the interests of the Holders of the
      Class
      P Certificates in any Prepayment Charge, the related Servicer shall promptly
      notify the Sponsor and the Trustee of such breach. The Trustee shall enforce
      the
      obligations of the Sponsor under the Mortgage Loan Purchase Agreement to remedy
      such breach to the extent and in the manner set forth in the Mortgage Loan
      Purchase Agreement.

    

    (b) Any
      substitution of Qualified Substitute Mortgage Loans for Deleted Mortgage Loans
      made pursuant to Section 2.03(a) must be effected prior to the date which is
      two
      years after the Startup Day for REMIC I.

    

    
      
        
        

      

      
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    As
      to any
      Deleted Mortgage Loan for which the Sponsor substitutes a Qualified Substitute
      Mortgage Loan or Loans, such substitution shall be effected by the Sponsor
      delivering to the Trustee or the applicable Custodian on behalf of the Trustee,
      for such Qualified Substitute Mortgage Loan or Loans, the Mortgage Note, the
      Mortgage, the Assignment to the Trustee, and such other documents and
      agreements, with all necessary endorsements thereon, as are required by Section
      2 of the related Custodial Agreement, as applicable, together with an Officers’
Certificate providing that each such Qualified Substitute Mortgage Loan
      satisfies the definition thereof and specifying the Substitution Shortfall
      Amount (as described below), if any, in connection with such substitution.
      The
      applicable Custodian on behalf of the Trustee shall acknowledge receipt of
      such
      Qualified Substitute Mortgage Loan or Loans and, within ten (10) Business Days
      thereafter, review such documents and deliver to the Depositor, the Trustee
      and
      the related Servicer, with respect to such Qualified Substitute Mortgage Loan
      or
      Loans, an initial certification pursuant to the related Custodial Agreement,
      with any applicable exceptions noted thereon. Within one year of the date of
      substitution, the applicable Custodian on behalf of the Trustee shall deliver
      to
      the Depositor, the Trustee and the related Servicer a final certification
      pursuant to the related Custodial Agreement with respect to such Qualified
      Substitute Mortgage Loan or Loans, with any applicable exceptions noted thereon.
      Monthly Payments due with respect to Qualified Substitute Mortgage Loans in
      the
      month of substitution are not part of REMIC I and will be retained by the
      Sponsor. For the month of substitution, distributions to Certificateholders
      will
      reflect the Monthly Payment due on such Deleted Mortgage Loan on or before
      the
      Due Date in the month of substitution, and the Sponsor shall thereafter be
      entitled to retain all amounts subsequently received in respect of such Deleted
      Mortgage Loan. The Depositor shall give or cause to be given written notice
      to
      the Certificateholders that such substitution has taken place, shall amend
      the
      Mortgage Loan Schedule to reflect the removal of such Deleted Mortgage Loan
      from
      the terms of this Agreement and the substitution of the Qualified Substitute
      Mortgage Loan or Loans and shall deliver a copy of such amended Mortgage Loan
      Schedule to the Trustee and the Servicer. Upon such substitution, such Qualified
      Substitute Mortgage Loan or Loans shall constitute part of the Trust Fund and
      shall be subject in all respects to the terms of this Agreement and the Mortgage
      Loan Purchase Agreement, including all applicable representations and warranties
      thereof included herein or in the Mortgage Loan Purchase Agreement.

    

    For
      any
      month in which the Sponsor substitutes one or more Qualified Substitute Mortgage
      Loans for one or more Deleted Mortgage Loans, the related Servicer will
      determine the amount (the “Substitution Shortfall Amount”), if any, by which the
      aggregate Purchase Price of all such Deleted Mortgage Loans exceeds the
      aggregate of, as to each such Qualified Substitute Mortgage Loan, the Scheduled
      Principal Balance thereof as of the date of substitution, together with one
      month’s interest on such Scheduled Principal Balance at the applicable Net
      Mortgage Rate, plus all outstanding P&I Advances and Servicing Advances
      (including Nonrecoverable P&I Advances and Nonrecoverable Servicing
      Advances) related thereto. On the date of such substitution, the Sponsor will
      deliver or cause to be delivered to the related Servicer for deposit in the
      Collection Account an amount equal to the Substitution Shortfall Amount, if
      any,
      and the Trustee or the applicable Custodian on behalf of the Trustee, upon
      receipt of the related Qualified Substitute Mortgage Loan or Loans, upon receipt
      of a request for release in the form attached to the related Custodial Agreement
      and certification by the related Servicer of such deposit, shall release to
      the
      Sponsor the related Mortgage File or Files and the Trustee shall execute and
      deliver such instruments of transfer or assignment, in each case without
      recourse, representation or warranty, as the Sponsor shall deliver to it and
      as
      shall be necessary to vest therein any Deleted Mortgage Loan released pursuant
      hereto.

    

    
      
        
        

      

      
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    In
      addition, the Sponsor shall obtain at its own expense and deliver to the Trustee
      an Opinion of Counsel to the effect that such substitution will not cause (a)
      any federal tax to be imposed on any Trust REMIC, including without limitation,
      any federal tax imposed on “prohibited transactions” under Section 860F(a)(1) of
      the Code or on “contributions after the startup date” under Section 860G(d)(1)
      of the Code, or (b) any Trust REMIC to fail to qualify as a REMIC at any time
      that any Certificate is outstanding.

    

    (c) Upon
      discovery by the Depositor, the Sponsor, the related Servicer or the Trustee
      that any Mortgage Loan does not constitute a “qualified mortgage” within the
      meaning of Section 860G(a)(3) of the Code, the party discovering such fact
      shall
      within two (2) Business Days give written notice thereof to the other parties.
      In connection therewith, the Sponsor shall repurchase or substitute one or
      more
      Qualified Substitute Mortgage Loans for the affected Mortgage Loan within ninety
      (90) days of the earlier of discovery or receipt of such notice with respect
      to
      such affected Mortgage Loan. Such repurchase or substitution shall be made
      by
      (i) the Sponsor if the affected Mortgage Loan’s status as a non-qualified
      mortgage is or results from a breach of any representation, warranty or covenant
      made by the Sponsor under the Mortgage Loan Purchase Agreement or (ii) the
      Depositor, if the affected Mortgage Loan’s status as a non-qualified mortgage
      does not result from a breach of a representation or warranty. Any such
      repurchase or substitution shall be made in the same manner as set forth in
      Section 2.03(a). The Trustee shall reconvey to the Sponsor the Mortgage Loan
      to
      be released pursuant hereto in the same manner, and on the same terms and
      conditions, as it would a Mortgage Loan repurchased for breach of a
      representation or warranty.

    

    (d) With
      respect to a breach of the representations made pursuant to Section 5(xii)
      of
      the Mortgage Loan Purchase Agreement that materially and adversely affects
      the
      value of such Mortgage Loan or the interest therein of the Certificateholders,
      the Sponsor shall be required to take the actions set forth in this Section
      2.03.

    

    (e) Within
      ninety (90) days of the earlier of discovery by a Servicer or receipt of notice
      by a Servicer of the breach of any representation, warranty or covenant of
      the
      related Servicer set forth in Section 2.05 which materially and adversely
      affects the interests of the Certificateholders in any Mortgage Loan or
      Prepayment Charge, such Servicer shall cure such breach in all material
      respects.

    

    SECTION
      2.04. Representations
      and Warranties of the Master Servicer.

    

    The
      Master Servicer hereby represents, warrants and covenants to the Servicers,
      the
      Depositor and the Trustee, for the benefit of each of the Trustee and the
      Certificateholders, that as of the Closing Date or as of such date specifically
      provided herein:

    

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

    

    
      
        
        

      

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

    

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

    

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

    

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

    

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

    

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

    

    
      
        
        

      

      
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    (viii) There
      are
      no affiliations, relationships or transactions relating to the Master Servicer
      of a type that are described under Item 1119 of Regulation AB with DBNTC, the
      Depositor, the Sponsor, the Servicers, the Credit Risk Manager, the Swap
      Provider or the Trustee.

    

    It
      is
      understood and agreed that the representations, warranties and covenants set
      forth in this Section 2.04 shall survive the resignation or termination of
      the
      parties hereto and the termination of this Agreement and shall inure to the
      benefit of the Trustee, the Depositor and the Certificateholders.

    

    SECTION
      2.05. Representations,
      Warranties and Covenants of the Servicers.

    

    (a) Ocwen
      hereby represents, warrants and covenants to the Master Servicer, the Securities
      Administrator, the Depositor and the Trustee, for the benefit of each of such
      Persons and the Certificateholders that as of the Closing Date or as of such
      date specifically provided herein:

    

    (i) Ocwen
      is
      a limited liability company duly organized and validly existing under the laws
      of the jurisdiction of its formation, and is duly authorized and qualified
      to
      transact any and all business contemplated by this Agreement to be conducted
      by
      Ocwen in any state in which a Mortgaged Property is located or is otherwise
      not
      required under applicable law to effect such qualification and, in any event,
      is
      in compliance with the doing business laws of any such State, to the extent
      necessary to ensure its ability to enforce each Mortgage Loan and to service
      the
      Mortgage Loans in accordance with the terms of this Agreement;

    

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

    

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

    

    
      
        
        

      

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

    

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

    

    (vi) There
      are
      no actions or proceedings against, or investigations known to it of, Ocwen
      before any court, administrative or other tribunal (A) that might prohibit
      its
      entering into this Agreement, (B) seeking to prevent the consummation of the
      transactions contemplated by this Agreement or (C) that might prohibit or
      materially and adversely affect the performance by Ocwen of its obligations
      under, or the validity or enforceability of, 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 Ocwen of, or
      compliance by Ocwen with, this Agreement or the consummation by it of the
      transactions contemplated by this Agreement, except for such consents,
      approvals, authorizations or orders, if any, that have been obtained prior
      to
      the Closing Date;

    

    (viii) Ocwen
      has
      fully furnished and will continue to fully furnish, in accordance with the
      Fair
      Credit Reporting Act and its implementing regulations, accurate and complete
      information (e.g., favorable and unfavorable) on its borrower credit files
      to
      Equifax, Experian and Trans Union Credit Information Company or their successors
      on a monthly basis; 

    

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

    

    (x) Ocwen
      will not waive any Prepayment Charge other than in accordance with the standard
      set forth in Section 3.01.

    

    
      
        
        

      

      
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    (b) GMAC
      hereby represents, warrants and covenants to the Master Servicer, the Securities
      Administrator, the Depositor and the Trustee, for the benefit of each of such
      Persons and the Certificateholders that as of the Closing Date or as of such
      date specifically provided herein:

    

    (i) GMAC
      is a
      limited liability company duly organized and validly existing under the laws
      of
      the jurisdiction of its formation, and is duly authorized and qualified to
      transact any and all business contemplated by this Agreement to be conducted
      by
      GMAC in any state in which a Mortgaged Property is located or is otherwise
      not
      required under applicable law to effect such qualification and, in any event,
      is
      in compliance with the doing business laws of any such State, to the extent
      necessary to ensure its ability to enforce each Mortgage Loan and to service
      the
      Mortgage Loans in accordance with the terms of this Agreement;

    

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

    

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

    

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

    

    
      
        
        

      

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

    

    (vi) There
      are
      no actions or proceedings against, or investigations known to it of, GMAC before
      any court, administrative or other tribunal (A) that might prohibit its entering
      into this Agreement, (B) seeking to prevent the consummation of the transactions
      contemplated by this Agreement or (C) that might prohibit or materially and
      adversely affect the performance by GMAC of its obligations under, or the
      validity or enforceability of, 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 GMAC of, or
      compliance by GMAC with, this Agreement or the consummation by it of the
      transactions contemplated by this Agreement, except for such consents,
      approvals, authorizations or orders, if any, that have been obtained prior
      to
      the Closing Date;

    

    (viii) GMAC
      has
      fully furnished and will continue to fully furnish, in accordance with the
      Fair
      Credit Reporting Act and its implementing regulations, accurate and complete
      information (e.g., favorable and unfavorable) on its borrower credit files
      to
      Equifax, Experian and Trans Union Credit Information Company or their successors
      on a monthly basis; 

    

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

    

    (x) GMAC
      will
      not waive any Prepayment Charge other than in accordance with the standard
      set
      forth in Section 3.01.

    

    (c) Notwithstanding
      anything to the contrary contained in this Agreement, if the covenant of the
      related Servicer set forth in Section 2.05(a)(x) or 2.05(b)(x) above is
      breached, the related Servicer will pay the amount of such waived Prepayment
      Charge, from its own funds without any right of reimbursement, for the benefit
      of the Holders of the Class P Certificates, by depositing such amount into
      the
      Collection Account within 90 days of the earlier of discovery by the related
      Servicer or receipt of notice by the related Servicer of such breach; provided,
      however, the Servicers shall not have any obligation to pay the amount of any
      uncollected Prepayment Charge under this Section 2.05 if the related Servicer
      did not have a copy of the related Mortgage Note, such Servicer requested a
      copy
      of the same from the related Custodian in accordance with the terms of the
      related Custodial Agreement and such Custodian failed to provide such copy
      within the time frame set forth in the related Custodial Agreement. Furthermore,
      notwithstanding any other provisions of this Agreement, any payments made by
      the
      Servicers in respect of any waived Prepayment Charges pursuant to this paragraph
      shall be deemed to be paid outside of the Trust Fund. 

    

    
      
        
        

      

      
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    (d) It
      is
      understood and agreed that the representations, warranties and covenants set
      forth in this Section 2.05 shall survive the resignation or termination of
      the
      parties hereto, the termination of this Agreement and the delivery of the
      Mortgage Files to the related Custodian and shall inure to the benefit of the
      Trustee, the Master Servicer, the Securities Administrator, the Servicers,
      the
      Depositor, the Certificateholders. Upon discovery by any such Person or the
      Servicer of a breach of any of the foregoing representations, warranties and
      covenants which materially and adversely affects the value of any Mortgage
      Loan,
      Prepayment Charge or the interests therein of the Certificateholders, the party
      discovering such breach shall give prompt written notice (but in no event later
      than two (2) Business Days following such discovery) to the Trustee. Subject
      to
      Section 8.01, unless such breach shall not be susceptible of cure within ninety
      (90) days, the obligation of the related Servicer set forth in Section 2.03(e)
      to cure breaches shall constitute the sole remedy against the related Servicer
      available to the Certificateholders, the Depositor or the Trustee on behalf
      of
      the Certificateholders respecting a breach of the representations, warranties
      and covenants contained in this Section 2.05.

    

    SECTION
      2.06. Issuance
      of the REMIC I Regular Interests and the Class R-I Interest.

    

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

    

    SECTION
      2.07. Conveyance
      of the REMIC I Regular Interests; Acceptance of REMIC II and REMIC III by the
      Trustee.

    

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

    

    
      
        
        

      

      
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    SECTION
      2.08. Issuance
      of the Residual Certificates.

    

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

    

    SECTION
      2.09. Establishment
      of the Trust.

    

    The
      Depositor does hereby establish, pursuant to the further provisions of this
      Agreement and the laws of the State of New York, an express trust to be known,
      for convenience, as “ACE Securities Corp., Home Equity Loan Trust, Series
      2007-SL1” and does hereby appoint HSBC Bank USA, National Association as Trustee
      in accordance with the provisions of this Agreement.

    

    SECTION
      2.10. Purpose
      and Powers of the Trust.

    

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

    

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

    

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

    

    (c) to
      make
      payments on the Certificates;

    

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

    

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

    

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

    

    
      
        
        

      

      
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    SECTION
      2.11. Representations
      and Warranties of the Trustee.

    

    The
      Trustee hereby represents and warrants to the Sponsor and the Depositor, for
      the
      benefit of each of the Certificateholders, that as of the Closing
      Date:

    

    (a) There
      are
      no affiliations relating to the Trustee of a type that are described under
      Item
      1119(a) of Regulation AB; and

    

    (b) There
      are
      no legal proceedings pending or contemplated, including legal proceedings
      pending or contemplated by governmental authorities, against the Trustee that
      could be material to the Certificateholders.

    

    
      
        
        

      

      
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    ARTICLE
      III

    

    ADMINISTRATION
      AND SERVICING

    OF
      THE
      MORTGAGE LOANS; ACCOUNTS

    

    SECTION
      3.01. The
      Servicers to Act as Servicer.

    

    The
      obligations of each of Ocwen and GMAC hereunder to service and administer the
      Mortgage Loans shall be limited to the Ocwen Mortgage Loans and the GMAC
      Mortgage Loans, respectively, and with respect to the duties and obligations
      of
      each Servicer references herein to the related Mortgage Loans shall be limited
      to the Ocwen Mortgage Loans (and the related proceeds thereof and related REO
      Properties) in the case of Ocwen, and the GMAC Mortgage Loans (and the related
      proceeds thereof and related REO Properties) in the case of GMAC, and in no
      event shall either Servicer have any responsibility or liability with respect
      to
      any Mortgage Loans serviced by the other Servicer hereunder. Except as otherwise
      expressly stated herein, references in this Article III to “Servicer” shall
      refer to Ocwen or GMAC, as the case may be, and any successor thereto as a
      Servicer. 

    

    From
      and
      after the Closing Date, Ocwen and GMAC shall service and administer the related
      Mortgage Loans on behalf of the Trust Fund and in the best interests of and
      for
      the benefit of the Certificateholders (as determined by the related Servicer
      in
      its reasonable judgment) in accordance with the terms of this Agreement and
      the
      respective Mortgage Loans and all applicable law and regulations and, to the
      extent consistent with such terms, in the same manner in which it services
      and
      administers similar mortgage loans for its own portfolio, giving due
      consideration to customary and usual standards of practice of prudent mortgage
      lenders and loan servicers administering similar mortgage loans but without
      regard to:

    

    (i) any
      relationship that the related Servicer or any Affiliate of the related Servicer
      may have with the related Mortgagor;

    

    (ii) the
      ownership of any Certificate by the related Servicer or any Affiliate of the
      Servicer;

    

    (iii) the
      related Servicer’s obligation to make P&I Advances or Servicing Advances;
      or

    

    (iv) the
      related Servicer’s right to receive compensation for its services
      hereunder.

    

    To
      the
      extent consistent with the foregoing, the Servicers shall also seek to maximize
      the timely and complete recovery of principal and interest on the related
      Mortgage Notes and shall waive (or permit a Sub-Servicer to waive) a Prepayment
      Charge only under the following circumstances: (i) such waiver is standard
      and
      customary in servicing similar Mortgage Loans and such waiver is related to
      a
      default or reasonably foreseeable default and would, in the reasonable judgment
      of the related Servicer, maximize recovery of total proceeds taking into account
      the value of such Prepayment Charge and the related Mortgage Loan and, if such
      waiver is made in connection with a refinancing of the related Mortgage Loan,
      such refinancing is related to a default or a reasonably foreseeable default,
      (ii) such Prepayment Charge is unenforceable in accordance with applicable
      law
      or the collection of such related Prepayment Charge would otherwise violate
      applicable law or (iii) the collection of such Prepayment Charge would be
      considered “predatory” pursuant to written guidance published or issued by any
      applicable federal, state or local regulatory authority acting in its official
      capacity and having jurisdiction over such matters. In addition, the Servicers
      shall not impose a Prepayment Charge in any instance when the related Mortgage
      Loan is accelerated or where the Mortgagor has made a Principal Prepayment
      in
      full in connection with the workout of a delinquent Mortgage Loan or due to
      a
      default by the Mortgagor. Notwithstanding any provision in this Agreement to
      the
      contrary, in the event the Prepayment Charge payable under the terms of the
      Mortgage Note is less than the amount of the Prepayment Charge set forth in
      the
      Prepayment Charge Schedule or other information provided to the related
      Servicer, neither the related Servicer nor the Master Servicer shall have any
      liability or obligation with respect to such difference (including any
      obligation to recalculate any Prepayment Charges), and in addition shall not
      have any liability or obligation to pay the amount of any uncollected Prepayment
      Charge if the failure to collect such amount is the direct result of inaccurate
      or incomplete information on the Prepayment Charge Schedule.

    

    
      
        
        

      

      
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    In
      the
      event any Servicer waives a Prepayment Charge in connection with clauses (ii)
      or
      (iii) of the preceding paragraph, the related Servicer shall provide a written
      explanation of such Servicer’s determination to the Master Servicer, and the
      Master Servicer shall provide a copy of such writing to the Sponsor and the
      Depositor. 

    

    Subject
      only to the above-described servicing standards (the “Accepted Servicing
      Practices”) and the terms of this Agreement and of the related Mortgage Loans,
      each Servicer shall have full power and authority, to do or cause to be done
      any
      and all things in connection with such servicing and administration which it
      may
      deem necessary or desirable with the goal of maximizing proceeds of the related
      Mortgage Loan. Without limiting the generality of the foregoing, each Servicer
      in its own name is hereby authorized and empowered by the Trustee when the
      related Servicer believes it appropriate in its best judgment, to execute and
      deliver, on behalf of the Trust Fund, the Certificateholders and the Trustee
      or
      any of them, and upon written notice to the Trustee, any and all instruments
      of
      satisfaction or cancellation, or of partial or full release or discharge or
      subordination, and all other comparable instruments, with respect to the related
      Mortgage Loans and the related Mortgaged Properties and to institute foreclosure
      proceedings or obtain a deed-in-lieu of foreclosure so as to convert the
      ownership of such properties, and to hold or cause to be held title to such
      properties, on behalf of the Trustee, for the benefit of the Trust Fund and
      the
      Certificateholders. The Servicers shall service and administer the related
      Mortgage Loans in accordance with applicable state and federal law and shall
      provide to the Mortgagors any reports required to be provided to them thereby.
      The Servicers shall also comply in the performance of this Agreement with all
      reasonable rules and requirements of each insurer under any standard hazard
      insurance policy. Subject to Section 3.14, the Trustee shall execute, at the
      written request of any Servicer, and furnish to the related Servicer a power
      of
      attorney in the form of Exhibit D hereto and other documents necessary or
      appropriate to enable the related Servicer to carry out its servicing and
      administrative duties hereunder and furnished to the Trustee by the related
      Servicer, and the Trustee shall not be liable for the actions of the related
      Servicer under such powers of attorney and shall be indemnified by such Servicer
      for any cost, liability or expense incurred by the Trustee in connection with
      the related Servicer’s use or misuse of any such power of attorney.

    

    
      
        
        

      

      
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    Each
      Servicer is hereby authorized and empowered in its own name or in the name
      of
      the Sub-Servicer, when the related Servicer or the Sub-Servicer, as the case
      may
      be, believes it is appropriate in its best judgment to register any Mortgage
      Loan on the MERS® System, or cause the removal from the registration of any
      Mortgage Loan on the MERS® System, to execute and deliver, on behalf of the
      Trustee and the Certificateholders or any of them, any and all instruments
      of
      assignment and other comparable instruments with respect to such assignment
      or
      re-recording of a Mortgage in the name of MERS, solely as nominee for the
      Trustee and its successors and assigns. Any reasonable expenses incurred in
      connection with the actions described in the preceding sentence or as a result
      of MERS discontinuing or becoming unable to continue operations in connection
      with the MERS® System, shall be reimbursable by the Trust Fund to the related
      Servicer.

    

    In
      accordance with Accepted Servicing Practices, each Servicer shall make or cause
      to be made Servicing Advances as necessary for the purpose of effecting the
      payment of taxes and assessments on the related Mortgaged Properties (to the
      extent the related Servicer has been notified that such taxes or assessments
      have not been paid by the related Mortgagor, owner or servicer of the related
      First Mortgage Loan), which Servicing Advances shall be reimbursable in the
      first instance from related collections from the related Mortgagors pursuant
      to
      Section 3.07, and further as provided in Section 3.09; provided,
      however, the Servicers shall only make such Servicing Advance if the related
      Mortgagor has not made such payment and if the failure to make such Servicing
      Advance would result in the loss of the related Mortgaged Property due to a
      tax
      sale or foreclosure as result of a tax lien; provided, however, that the
      Servicers shall be required to make such Servicing Advances only to the extent
      that such Servicing Advances, in the good faith judgment of the related
      Servicer, will be recoverable by such Servicer out of Insurance Proceeds,
      Liquidation Proceeds, or otherwise out of the proceeds of the related Mortgage
      Loan. Any cost incurred by the Servicers in effecting the payment of taxes
      and
      assessments on a Mortgaged Property shall not, for the purpose of calculating
      the Stated Principal Balance of such Mortgage Loan or distributions to
      Certificateholders, be added to the unpaid principal balance of the related
      Mortgage Loan, notwithstanding that the terms of such Mortgage Loan so permit.
      The parties to this Agreement acknowledge that Servicing Advances shall be
      reimbursable pursuant to Section 3.09 of this Agreement, and agree that no
      Servicing Advance shall be rejected or disallowed by any party unless it has
      been shown that such Servicing Advance was not made in accordance with the
      terms
      of this Agreement.
      Notwithstanding the foregoing, the parties understand and agree that, with
      respect to any Mortgage Loan (1) the Master Servicer shall not approve the
      reimbursement of any Servicing Advance made with respect to such Mortgage Loan
      prior to the Cut-off Date (each, a “Pre-Cut-off Date Advance”) unless and until
      it has received a Servicing Advance Schedule listing the amount of Pre-Cut-off
      Date Advances made in respect of such Mortgage Loan from (a) the related
      Servicer with respect to any Mortgage Loans that were transferred to such
      Servicer prior to the Cut-off Date and/or (b) the Depositor with respect to
      any
      Mortgage Loans that were transferred to the Servicers after the Cut-off Date,
      as
      applicable, (2) the aggregate Pre-Cut-off Date Advances reimbursable hereunder
      with respect to such Mortgage Loan shall not exceed the amount of Pre-Cut-off
      Date Advances for such Mortgage Loan shown on the Servicing Advance Schedule
      delivered to the Master Servicer, (3) the Depositor shall be deemed to have
      agreed with and approved the Pre-Cut-off Date Advances shown on any Servicing
      Advance Schedule furnished to the Master Servicer, and (4) the Master Servicer
      will have no liability to the Depositor, the Servicer or any other Person,
      including any Certificateholder, for approving reimbursement of related
      Pre-Cut-off Date Advances so long as the aggregate amount of such advances
      reimbursed hereunder does not exceed of the amount of Pre-Cut-off Date Advances
      for such Mortgage Loan shown on the Servicing Advance Schedule.

    

    
      
        
        

      

      
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    The
      Servicers, in such capacity, may consent to the refinancing of a First Mortgage
      Loan on a Mortgaged Property, provided that the following requirements are
      met:

    

    (i) the
      resulting Combined Loan-to-Value Ratio of such Mortgage Loan is no higher than
      the Combined Loan-to-Value Ratio prior to such refinancing; 

    

    (ii) the
      interest rate for the loan evidencing the refinanced First Mortgage Loan is
      no
      more than 2.0% higher than the interest rate on the loan evidencing the existing
      First Mortgage Loan immediately prior to the date of such refinancing;
      and

    

    (iii) the
      mortgage loan evidencing the refinanced First Mortgage Loan is not subject
      to
      negative amortization.

    

    Each
      Servicer shall inspect the Mortgaged Properties related to Mortgage Loans
      serviced by such Servicer as often as deemed necessary by the related Servicer
      in the related Servicer’s sole discretion, to assure itself that the value of
      such Mortgaged Property is being preserved. In addition, if any Mortgage Loan
      is
      more than 60 days delinquent, the Servicer shall conduct subsequent inspections
      in accordance with Accepted Servicing Practices. Each Servicer shall keep a
      written or electronic report of each such inspection.

    

    Notwithstanding
      anything in this Agreement to the contrary, the Servicers may not make any
      future advances with respect to a Mortgage Loan and the Servicers shall not
      permit any modification with respect to any related Mortgage Loan that would
      change the Mortgage Rate, reduce or increase the principal balance (except
      for
      reductions resulting from actual payments of principal) or change the final
      maturity date on such related Mortgage Loan (unless, as provided in Section
      3.06, the related Mortgagor is in default with respect to the related Mortgage
      Loan or such default is, in the judgment of the Servicer, reasonably
      foreseeable) or any modification, waiver or amendment of any term of any related
      Mortgage Loan that would both (A) effect an exchange or reissuance of such
      Mortgage Loan under Section 1001 of the Code (or final, temporary or proposed
      Treasury regulations promulgated thereunder) and (B) cause any Trust REMIC
      created hereunder to fail to qualify as a REMIC under the Code or the imposition
      of any tax on “prohibited transactions” or “contributions after the startup
      date” under the REMIC Provisions.

    

    In
      the
      event that the Mortgage Loan Documents relating to a Mortgage Loan contain
      provisions requiring the related Mortgagor to arbitrate disputes (at the option
      of the Trustee, on behalf of the Trust), the Trustee hereby authorizes the
      related Servicer to waive the Trustee’s right or option to arbitrate disputes
      and to send written notice of such waiver to the Mortgagor, although the
      Mortgagor may still require arbitration at its option.

    

    From
      and
      after the Closing Date, each Servicer will fully furnish, in accordance with
      the
      Fair Credit Reporting Act and its implementing regulations, accurate and
      complete information (e.g., favorable and unfavorable) on its borrower credit
      files to Equifax, Experian and Trans Union Credit Information Company or their
      successors on a monthly basis.

    

    
      
        
        

      

      
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    SECTION
      3.02. Sub-Servicing
      Agreements Between a Servicer and Sub-Servicers.

    

    (a) Each
      Servicer may arrange for the subservicing of any Mortgage Loan by a Sub-Servicer
      pursuant to a Sub-Servicing Agreement; provided that such sub-servicing
      arrangement and the terms of the related Sub-Servicing Agreement must provide
      for the servicing of such Mortgage Loans in a manner consistent with the
      servicing arrangements contemplated hereunder and the related Servicer shall
      cause any Sub-Servicer to comply with the provisions of this Agreement
      (including, without limitation, to provide the information required to be
      delivered under Sections 3.17, 3.18 and 3.20 hereof), to the same extent as
      if
      such Sub-Servicer were the related Servicer. Each Servicer shall be responsible
      for obtaining from each Sub-Servicer and delivering to the Master Servicer
      any
      annual statement of compliance, assessment of compliance, attestation report
      and
      Sarbanes Oxley related certification as and when required to be delivered.
      Each
      Sub-Servicer shall be (i) authorized to transact business in the state or states
      where the related Mortgaged Properties it is to service are situated, if and
      to
      the extent required by applicable law to enable the Sub-Servicer to perform
      its
      obligations hereunder and under the Sub-Servicing Agreement and (ii) a Freddie
      Mac or Fannie Mae approved mortgage servicer. Notwithstanding the provisions
      of
      any Sub-Servicing Agreement, any of the provisions of this Agreement relating
      to
      agreements or arrangements between any Servicer or a Sub-Servicer or reference
      to actions taken through the related Servicer or otherwise, the related Servicer
      shall remain obligated and liable to the Depositor, the Trustee and the
      Certificateholders for the servicing and administration of the related Mortgage
      Loans in accordance with the provisions of this Agreement without diminution
      of
      such obligation or liability by virtue of such Sub-Servicing Agreements or
      arrangements or by virtue of indemnification from the Sub-Servicer and to the
      same extent and under the same terms and conditions as if the related Servicer
      alone were servicing and administering the related Mortgage Loans. Every
      Sub-Servicing Agreement entered into by a Servicer shall contain a provision
      giving the successor servicer the option to terminate such agreement in the
      event a successor servicer is appointed. All actions of each Sub-Servicer
      performed pursuant to the related Sub-Servicing Agreement shall be performed
      as
      an agent of the related Servicer with the same force and effect as if performed
      directly by the related Servicer.

    

    (b) Notwithstanding
      the foregoing, the Servicers shall be entitled to outsource one or more separate
      servicing functions to a Subcontractor that does not meet the eligibility
      requirements for a Sub-Servicer, so long as such outsourcing does not constitute
      the delegation of the related Servicer’s obligation to perform all or
      substantially all of the servicing of the related Mortgage Loans to such
      Subcontractor. The related Servicer shall promptly, upon request, provide to
      the
      Master Servicer, the Trustee and the Depositor a written description (in form
      and substance satisfactory to the Master Servicer, the Trustee and the
      Depositor) of the role and function of each Subcontractor utilized by such
      Servicer, specifying (i) the identity of each such Subcontractor “participating
      in the servicing function” within the meaning of Item 1122 of Regulation AB, and
      (ii) which elements of the Servicing Criteria will be addressed in assessments
      of compliance provided by each Subcontractor identified pursuant to clause
      (i)
      of this subsection; provided, however, that the related Servicer shall not
      be
      required to provide the information in clauses (i) or (ii) of this subsection
      until such time that the applicable assessment of compliance is due pursuant
      to
      Section 3.18 of this Agreement. The use by a Servicer of any such Subcontractor
      shall not release the related Servicer from any of its obligations hereunder
      and
      such Servicer shall remain responsible hereunder for all acts and omissions
      of
      such Subcontractor as fully as if such acts and omissions were those of the
      related Servicer, and the related Servicer shall pay all fees and expenses
      of
      the Subcontractor from such Servicer’s own funds.

    

    
      
        
        

      

      
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    (c) As
      a
      condition to the utilization of any Subcontractor determined to be
“participating in the servicing function” within the meaning of Item 1122 of
      Regulation AB, the Servicers shall cause any such Subcontractor used by such
      Servicer for the benefit of the Master Servicer, the Trustee and the Depositor
      to comply with the provisions of Sections 3.18 and 3.20 of this Agreement to
      the
      same extent as if such Subcontractor were the related Servicer. The Servicers
      shall be responsible for obtaining from each such Subcontractor and delivering
      to the Master Servicer, the Trustee and any Depositor any assessment of
      compliance, attestation report and Sarbanes-Oxley related certification required
      to be delivered by such Subcontractor under Sections 3.18 and 3.20, in each
      case
      as and when required to be delivered.

    

    (d) For
      purposes of this Agreement, the related Servicer shall be deemed to have
      received any collections, recoveries or payments with respect to the related
      Mortgage Loans that are received by a Sub-Servicer regardless of whether such
      payments are remitted by the Sub-Servicer to such Servicer.

    

    SECTION
      3.03. Successor
      Sub-Servicers.

    

    Any
      Sub-Servicing Agreement shall provide that the related Servicer shall be
      entitled to terminate any Sub-Servicing Agreement and to either itself directly
      service the related Mortgage Loans or enter into a Sub-Servicing Agreement
      with
      a successor Sub-Servicer which qualifies under Section 3.02. Any Sub-Servicing
      Agreement shall include the provision that such agreement may be immediately
      terminated as soon as is reasonably possible by any successor to the related
      Servicer without fee in accordance with the terms of this Agreement, in the
      event that the related Servicer (or any successor to such Servicer) shall,
      for
      any reason, no longer be the Servicer of the related Mortgage Loans (including
      termination due to a Servicer Event of Default). Each Servicer shall be entitled
      to enter into an agreement with its Sub-Servicer and Subcontractor for
      indemnification of the related Servicer or Subcontractor, as applicable, by
      such
      Sub-Servicer and nothing contained in this Agreement shall be deemed to limit
      or
      modify such indemnification.

    

    SECTION
      3.04. No
      Contractual Relationship Between Sub-Servicer, Subcontractor, Trustee or the
      Certificateholders.

    

    Any
      Sub-Servicing Agreement and any other transactions or services relating to
      the
      Mortgage Loans involving a Sub-Servicer or the Subcontractor, as applicable,
      shall be deemed to be between the Sub-Servicer or Subcontractor, as applicable,
      and the related Servicer alone and the Master Servicer, Trustee and the
      Certificateholders shall not be deemed parties thereto and shall have no claims,
      rights, obligations, duties or liabilities with respect to any Sub-Servicer
      or
      the Subcontractor except as set forth in Section 3.05.

    

    
      
        
        

      

      
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    SECTION
      3.05. Assumption
      or Termination of Sub-Servicing Agreement by Successor Servicer.

    

    In
      connection with the assumption of the responsibilities, duties and liabilities
      and of the authority, power and rights of the Servicer hereunder by a successor
      servicer pursuant to Section 8.02, it is understood and agreed that the
      Servicer’s rights and obligations under any Sub-Servicing Agreement then in
      force between the Servicer and a Sub-Servicer shall be assumed simultaneously
      by
      such successor servicer without act or deed on the part of such successor
      servicer; provided, however, that any successor servicer may terminate the
      Sub-Servicer.

    

    The
      Servicer shall, upon the reasonable request of the Master Servicer, but at
      its
      own expense, deliver to the assuming party documents and records relating to
      each Sub-Servicing Agreement and an accounting of amounts collected and held
      by
      it and otherwise use its best efforts to effect the orderly and efficient
      transfer of the Sub-Servicing Agreements to the assuming party.

    

    The
      Servicing Fee payable to any such successor servicer shall be payable from
      payments received on the Mortgage Loans in the amount and in the manner set
      forth in this Agreement.

    

    SECTION
      3.06. Collection
      of Certain Mortgage Loan Payments.

    

    Each
      Servicer shall make reasonable efforts to collect all payments called for under
      the terms and provisions of the related Mortgage Loans, and shall, to the extent
      such procedures shall be consistent with this Agreement and Accepted Servicing
      Practices, follow such collection procedures as it would follow with respect
      to
      mortgage loans comparable to the Mortgage Loans and held for its own account.
      Consistent with the foregoing, a Servicer may in its discretion (i) waive any
      late payment charge or, if applicable, penalty interest or (ii) extend the
      due
      dates for the Monthly Payments due on a Mortgage Note related to a Mortgage
      Loan
      for a period of not greater than 180 days; provided that any extension pursuant
      to this clause shall not affect the amortization schedule of any Mortgage Loan
      for purposes of any computation hereunder and provided, further, that any such
      waiver, modification, postponement or indulgence granted to a Mortgagor by
      a
      Servicer in connection with its servicing of the related First Mortgage Loan
      shall not be considered relevant to a determination of whether such Servicer
      has
      acted consistently with the terms and standards of this Agreement, so long
      as in
      the related Servicer’s determination such action is not materially adverse to
      the interests of the Certificateholders. Notwithstanding the foregoing, in
      the
      event that any Mortgage Loan is in default or, in the judgment of the related
      Servicer, such default is reasonably foreseeable, the related Servicer,
      consistent with Accepted Servicing Practices may waive, modify or vary any
      term
      of such Mortgage Loan (including, but not limited to, modifications that change
      the Mortgage Rate, forgive the payment of principal or interest or extend the
      final maturity date of such Mortgage Loan), accept payment from the related
      Mortgagor of an amount less than the Stated Principal Balance in final
      satisfaction of such Mortgage Loan, or consent to the postponement of strict
      compliance with any such term or otherwise grant indulgence to any Mortgagor
      if
      in such Servicer’s determination such waiver, modification, postponement or
      indulgence is not materially adverse to the interests of the Certificateholders
      (taking into account any estimated Realized Loss that might result absent such
      action). The Servicers shall not be required to institute or join in litigation
      with respect to collection of any payment (whether under a Mortgage, Mortgage
      Note or otherwise or against any public or governmental authority with respect
      to a taking or condemnation) if it reasonably believes that enforcing the
      provision of the Mortgage or other instrument pursuant to which such payment
      is
      required is prohibited by applicable law.

    
      
        
        

      

      
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    SECTION
      3.07. Collection
      of Taxes, Assessments and Similar Items; Servicing Accounts.

    

    In
      connection with an Escrow Mortgage Loan or a Mortgage Loan that in accordance
      with Accepted Servicing Practices becomes an Escrow Mortgage Loan, the each
      Servicer shall establish and maintain one or more accounts (the “Servicing
      Accounts”), into which all collections from the Mortgagors (or related advances
      from Sub-Servicers) for the payment of taxes, assessments, fire, flood, and
      hazard insurance premiums, and comparable items for the account of the
      Mortgagors (“Escrow Payments”) shall be deposited and retained. Servicing
      Accounts shall be Eligible Accounts. Each Servicer shall deposit in the clearing
      account in which it customarily deposits payments and collections on mortgage
      loans in connection with its mortgage loan servicing activities on a daily
      basis, and in no event more than one Business Day after the related Servicer’s
      receipt thereof, all Escrow Payments collected on account of the related
      Mortgage Loans and shall thereafter deposit such Escrow Payments in the
      Servicing Accounts, in no event later than the second Business Day after the
      deposit of good funds into the clearing account, and retain therein, all Escrow
      Payments collected on account of the Mortgage Loans, for the purpose of
      effecting the timely payment of any such items as required under the terms
      of
      this Agreement. Withdrawals of amounts from a Servicing Account may be made
      by a
      Servicer only to (i) effect timely payment of taxes, assessments, fire, flood,
      and hazard insurance premiums, and comparable items; (ii) reimburse itself
      out
      of related collections for any Servicing Advances made pursuant to Section
      3.01
      (with respect to taxes and assessments) and Section 3.11 (with respect to fire,
      flood and hazard insurance); (iii) refund to Mortgagors any sums as may be
      determined to be overages; (iv) for application to restore or repair the related
      Mortgaged Property in accordance with Section 3.11; (v) pay interest, if
      required and as described below, to Mortgagors on balances in the Servicing
      Account; or, only to the extent not required to be paid to the related
      Mortgagors, to pay itself interest on balances in the Servicing Account; or
      (vi)
      clear and terminate the Servicing Account at the termination of the related
      Servicer’s obligations and responsibilities in respect of the related Mortgage
      Loans under this Agreement in accordance with Article X. As part of its
      servicing duties, each Servicer shall pay to the Mortgagors interest on funds
      in
      Servicing Accounts, to the extent required by law and, to the extent that
      interest earned on funds in the Servicing Accounts is insufficient, to pay
      such
      interest from its own funds, without any reimbursement therefor. Notwithstanding
      the foregoing, the Servicers shall not be obligated to collect Escrow Payments
      if the related Mortgage Loan does not require such payments but the Servicer
      shall nevertheless be obligated to make Servicing Advances as provided in
      Section 3.01 and Section 3.11. In the event a Servicer shall deposit in the
      Servicing Accounts any amount not required to be deposited therein, it may
      at
      any time withdraw such amount from the Servicing Accounts, any provision to
      the
      contrary notwithstanding.

    

    
      
        
        

      

      
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    With
      respect to Escrow Mortgage Loans, the Servicers shall ascertain and estimate
      Escrow Payments and all other charges that will become due and payable with
      respect to the related Mortgage Loans and the Mortgaged Properties, to the
      end
      that the installments payable by the Mortgagors will be sufficient to pay such
      charges as and when they become due and payable. To the extent that a Mortgage
      does not provide for Escrow Payments, the Servicers (i) shall determine whether
      any such payments are made by the Mortgagor in a manner and at a time that
      is
      necessary to avoid the loss of the Mortgaged Property due to a tax sale or
      the
      foreclosure as a result of a tax lien and (ii) shall ensure that all insurance
      required to be maintained on the Mortgaged Property pursuant to this Agreement
      is maintained. If any such payment has not been made and the related Servicer
      receives notice of a tax lien with respect to the Mortgage Loan being imposed,
      such Servicer shall, promptly and to the extent required to avoid loss of the
      Mortgaged Property, advance or cause to be advanced funds necessary to discharge
      such lien on the Mortgaged Property unless the related Servicer determines
      the
      advance to be nonrecoverable. Each Servicer assumes full responsibility for
      the
      payment of all such bills and shall effect payments of all such bills
      irrespective of the Mortgagor’s faithful performance in the payment of same or
      the making of the Escrow Payments and shall make Servicing Advances to effect
      such payments subject to its determination of recoverability.

    

    SECTION
      3.08. Collection
      Accounts and Distribution Account.

    

    (a) On
      behalf
      of the Trust Fund, each Servicer shall establish and maintain one or more
“Collection Accounts”, held in trust for the benefit of the Trustee and the
      Certificateholders. On behalf of the Trust Fund, the Servicers shall deposit
      or
      cause to be deposited in the clearing account in which it customarily deposits
      payments and collections on mortgage loans in connection with its mortgage
      loan
      servicing activities on a daily basis, and in no event more than one Business
      Day after the related Servicer’s receipt thereof, and shall thereafter deposit
      in the related Collection Account, in no event later than two Business Days
      after the deposit of good funds into the clearing account, as and when received
      or as otherwise required hereunder, the following payments and collections
      received or made by it on or subsequent to the Cut-off Date other than amounts
      attributable to a Due Date on or prior to the Cut-off Date:

    

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

    

    (ii) all
      payments on account of interest (net of the related Servicing Fee and any
      Prepayment Interest Excess) on each related Mortgage Loan;

    

    (iii) all
      Insurance Proceeds and Liquidation Proceeds (other than proceeds collected
      in
      respect of any particular REO Property) and all Subsequent Recoveries with
      respect to the related Mortgage Loans;

    

    (iv) any
      amounts required to be deposited by the related Servicer pursuant to Section
      3.10 in connection with any losses realized on Permitted Investments with
      respect to funds held in the related Collection Account;

    

    
      
        
        

      

      
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    (v) any
      amounts required to be deposited by the related Servicer pursuant to the second
      paragraph of Section 3.11(a) in respect of any blanket policy
      deductibles;

    

    (vi) any
      Purchase Price or Substitution Shortfall Amount delivered to the related
      Servicer and all proceeds (net of amounts payable or reimbursable to the related
      Servicer, the Master Servicer, the Trustee, the Custodians or the Securities
      Administrator) of Mortgage Loans purchased in accordance with Section 2.03,
      Section 3.13 or Section 10.01; and

    

    (vii) any
      Prepayment Charges collected by the related Servicer in connection with the
      Principal Prepayment of any of the related Mortgage Loans or amounts required
      to
      be deposited by the Servicer in connection with a breach of its obligations
      under Section 2.05.

    

    The
      foregoing requirements for deposit in the related Collection Account shall
      be
      exclusive, it being understood and agreed that, without limiting the generality
      of the foregoing, Ancillary Income, Prepayment Interest Excess and payments
      in
      the nature of late payment charges, assumption fees or other similar fees need
      not be deposited by the related Servicer in the related Collection Account
      and
      may be retained by such Servicer as additional servicing compensation. In the
      event a Servicer shall deposit in the related Collection Account any amount
      not
      required to be deposited therein, it may at any time withdraw such amount from
      the related Collection Account, any provision herein to the contrary
      notwithstanding.

    

    (b) On
      behalf
      of the Trust Fund, the Securities Administrator shall establish and maintain
      one
      or more accounts (such account or accounts, the “Distribution Account”), held in
      trust for the benefit of the Trustee, the Trust Fund and the Certificateholders.
      On behalf of the Trust Fund, the Servicers shall deliver to the Securities
      Administrator in immediately available funds for deposit in the Distribution
      Account on or before 12:00 noon New York time on the Servicer Remittance Date,
      that portion of the Available Distribution Amount (calculated without regard
      to
      the references in clause (2) of the definition thereof to amounts that may
      be
      withdrawn from the Distribution Account) for the related Distribution Date
      then
      on deposit in the related Collection Account and the amount of all Prepayment
      Charges collected by the related Servicer in connection with the Principal
      Prepayment of any of the related Mortgage Loans then on deposit in the related
      Collection Account and the amount of any funds reimbursable to an Advance
      Financing Person pursuant to Section 3.26. If the balance on deposit in a
      Collection Account exceeds $100,000 as of the commencement of business on any
      Business Day and the Collection Account constitutes an Eligible Account solely
      pursuant to clause (ii) of the definition of “Eligible Account,” the related
      Servicer shall, on or before 5:00 p.m. New York time on such Business Day,
      withdraw from the related Collection Account any and all amounts payable or
      reimbursable to the Depositor, the related Servicer, the Trustee, the Master
      Servicer, the Securities Administrator or the Sponsor pursuant to Section 3.09
      and shall pay such amounts to the Persons entitled thereto or shall establish
      a
      separate Collection Account (which shall also be an Eligible Account) and
      withdraw from the existing Collection Account the amount on deposit therein
      in
      excess of $100,000 and deposit such excess in the newly created Collection
      Account.

    

    
      
        
        

      

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

    

    (c) Funds
      in
      the Collection Accounts and funds in the Distribution Account may be invested
      in
      Permitted Investments in accordance with the provisions set forth in Section
      3.10. Each Servicer shall give notice to the Trustee, the Securities
      Administrator and the Master Servicer of the location of the related Collection
      Account when established and prior to any change thereof. The Securities
      Administrator shall give notice to the Servicers and the Depositor of the
      location of the Distribution Account when established and prior to any change
      thereof.

    

    (d) Funds
      held in the Collection Accounts at any time may be delivered by the related
      Servicer in immediately available funds to the Securities Administrator for
      deposit in the Distribution Account. In the event any Servicer shall deliver
      to
      the Securities Administrator for deposit in the Distribution Account any amount
      not required to be deposited therein, it may at any time request that the
      Securities Administrator withdraw such amount from the Distribution Account
      and
      remit to it any such amount, any provision herein to the contrary
      notwithstanding. In no event shall the Securities Administrator incur liability
      as a result of withdrawals from the Distribution Account at the direction of
      a
      Servicer in accordance with the immediately preceding sentence. In addition,
      each Servicer shall deliver to the Securities Administrator no later than the
      Servicer Remittance Date the amounts set forth in clauses (i) through (iv)
      below:

    

    (i) any
      P&I Advances, as required pursuant to Section 5.03;

    

    (ii) any
      amounts required to be deposited pursuant to Section 3.22(d) or 3.21(f) in
      connection with any related REO Property;

    

    (iii) any
      amounts to be paid in connection with a purchase of Mortgage Loans and REO
      Properties pursuant to Section 10.01; and

    

    (iv) any
      amounts required to be deposited pursuant to Section 3.23 in connection with
      any
      Prepayment Interest Shortfalls.

    

    SECTION
      3.09. Withdrawals
      from the Collection Accounts and Distribution Account.

    

    (a) Each
      Servicer shall, from time to time, make withdrawals from the related Collection
      Account for any of the following purposes or as described in Section
      5.03:

    

    
      
        
        

      

      
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    (i) to
      remit
      to the Securities Administrator for deposit in the Distribution Account the
      amounts required to be so remitted pursuant to Section 3.08(b) or permitted
      to
      be so remitted pursuant to the first sentence of Section 3.08(d);

    

    (ii) subject
      to Section 3.13(d), to reimburse itself (including any successor Servicer)
      for
      P&I Advances made by it, but only to the extent of amounts received which
      represent Late Collections (net of the related Servicing Fees) of Monthly
      Payments or rental and other income from the related REO Property on related
      Mortgage Loans with respect to which such P&I Advances were made in
      accordance with the provisions of Section 5.03;

    

    (iii) subject
      to Section 3.13(d), to pay itself any unpaid Servicing Fees and reimburse itself
      any unreimbursed Servicing Advances with respect to each related Mortgage Loan,
      but only to the extent of any Liquidation Proceeds and Insurance Proceeds
      received with respect to such related Mortgage Loan or rental or other income
      from the related REO Property;

    

    (iv) to
      pay to
      itself as servicing compensation (in addition to the Servicing Fee or any
      portion thereof payable to the related Servicer) on the Servicer Remittance
      Date
      any interest or investment income earned on funds deposited in the related
      Collection Account;

    

    (v) to
      pay to
      itself or the Sponsor, as the case may be, with respect to each Mortgage Loan
      serviced by such Servicer that has previously been purchased or replaced
      pursuant to Section 2.03 or Section 3.13(c) all amounts received thereon not
      included in the Purchase Price or the Substitution Shortfall
      Amount;

    

    (vi) to
      reimburse itself (including any successor to such Servicer) for

    

    (A) any
      P&I Advance or Servicing Advance previously made by it which the Servicer
      has determined to be a Nonrecoverable P&I Advance or a Nonrecoverable
      Servicing Advance in accordance with the provisions of Section
      5.03;

    

    (B) any
      unpaid Servicing Fees payable to the related Servicer to the extent not
      recoverable from Liquidation Proceeds, Insurance Proceeds or other amounts
      received with respect to the related Mortgage Loan under Section 3.08(a)(iii);
      or

    

    (C) any
      P&I Advance or Servicing Advance made with respect to a delinquent Mortgage
      Loan which Mortgage Loan has been modified by the related Servicer in accordance
      with the terms of this Agreement; provided that the related Servicer shall
      only
      reimburse itself for such P&I Advances and Servicing Advances at the time of
      such modification, or as otherwise provided in this Section 3.09;

    

    
      
        
        

      

      
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    (vii) to
      reimburse itself or the Depositor for expenses incurred by or reimbursable
      to
      itself or the Depositor, as the case may be, pursuant to Section 3.01 or Section
      7.03;

    

    (viii) to
      reimburse itself or the Trustee, as the case may be, for expenses reasonably
      incurred in respect of the breach or defect giving rise to the purchase
      obligation under Section 2.03 of this Agreement that were included in the
      Purchase Price of the related Mortgage Loan, including any expenses arising
      out
      of the enforcement of the purchase obligation;

    

    (ix) to
      pay,
      or to reimburse itself for advances in respect of, expenses incurred in
      connection with any related Mortgage Loan pursuant to Section 3.13(b);

    

    (x) to
      pay to
      itself any Prepayment Interest Excess on the related Mortgage Loans to the
      extent not retained pursuant to Section 3.08(a)(ii);

    

    (xi) with
      respect to Ocwen, to reimburse itself pursuant to Section 5.03(b) for any
      unreimbursed P&I Advances (made from its own funds) from Amounts Held for
      Future Distribution for such Distribution Date (provided that such amounts
      must
      be replaced by Ocwen by deposit in the related Collection Account no later
      than
      the close of business on the Servicer Remittance Date immediately following
      the
      Due Period or Prepayment Period for which such amounts relate); and

    

    (xii) to
      clear
      and terminate the Collection Account pursuant to
      Section 10.01.

    

    Each
      Servicer shall keep and maintain separate accounting, on a Mortgage Loan by
      Mortgage Loan basis, for the purpose of justifying any withdrawal from the
      related Collection Account, to the extent held by or on behalf of it, pursuant
      to subclauses (ii), (iii), (v), (vi), (vii), (viii), (ix), (x) and, with respect
      to Ocwen, (xi) above.

    

    (b) The
      Securities Administrator shall, from time to time, make withdrawals from the
      Distribution Account, for any of the following purposes, without
      priority:

    

    (i) to
      make
      distributions to Certificateholders in accordance with Section
      5.01;

    

    (ii) to
      pay to
      itself, the Custodians and the Master Servicer amounts to which it is entitled
      pursuant to Section 9.05 or any other provision of this Agreement and any
      Extraordinary Trust Fund Expenses;

    

    (iii) to
      reimburse itself or the Master Servicer pursuant to Section 8.02;

    

    (iv) to
      pay
      any Net Swap Payment or Swap Termination Payment payable to the Supplemental
      Interest Trust (unless the Swap Provider is the sole Defaulting Party or the
      sole Affected Party (as defined in the Swap Agreement)) owed to the Swap
      Provider;

    

    
      
        
        

      

      
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    (v) to
      pay
      any amounts in respect of taxes pursuant to Section 11.01(g)(v);

    

    (vi) to
      pay
      the Master Servicing Fee to the Master Servicer;

    

    (vii) to
      pay
      the Credit Risk Management Fee to the Credit Risk Manager; and

    

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

    

    SECTION
      3.10. Investment
      of Funds in the Investment Accounts.

    

    (a) Each
      Servicer may direct, by means of written directions (which may be standing
      directions), any Depository Institution maintaining the related Collection
      Account to invest the funds in such Collection Account (for purposes of this
      Section 3.10, an “Investment Account”) in one or more Permitted Investments
      bearing interest or sold at a discount, and maturing, unless payable on demand,
      (i) 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,
      if a Person other than the Securities Administrator is the obligor thereon,
      and
      (ii) no later than the date on which such funds are required to be withdrawn
      from such account pursuant to this Agreement, if the Securities Administrator
      is
      the obligor on such Permitted Investment. Amounts in the Distribution Account
      may be invested in Permitted Investments as directed in writing by the Master
      Servicer and maturing, unless payable on demand, (i) 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, if a Person other than
      the Securities Administrator is the obligor thereon, and (ii) no later than
      the
      date on which such funds are required to be withdrawn from such account pursuant
      to this Agreement, if the Securities Administrator is the obligor thereon.
      All
      such Permitted Investments shall be held to maturity, unless payable on demand.
      Any investment of funds shall be made in the name of the Trustee (in its
      capacity as such) or in the name of a nominee of the Trustee. The Securities
      Administrator shall be entitled to sole possession over each such investment
      in
      the Distribution Account and, subject to subsection (b) below, the income
      thereon, and any certificate or other instrument evidencing any such investment
      shall be delivered directly to the Securities Administrator or its agent,
      together with any document of transfer necessary to transfer title to such
      investment to the Trustee or its nominee. In the event amounts on deposit in
      a
      Collection Account are at any time invested in a Permitted Investment payable
      on
      demand, the party with investment discretion over such Investment Account
      shall:

    

    (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

    

    (y) demand
      payment of all amounts due thereunder promptly upon receipt by such party of
      written notice from the Servicer that such Permitted Investment would not
      constitute a Permitted Investment in respect of funds thereafter on deposit
      in
      the Investment Account.

    

    
      
        
        

      

      
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    (b) All
      income and gain realized from the investment of funds deposited in a Collection
      Account shall be for the benefit of the related Servicer and shall be subject
      to
      its withdrawal in accordance with Section 3.09. Each Servicer shall deposit
      into
      the related Collection Account the amount of any loss incurred in respect of
      any
      such Permitted Investment made with funds in such account immediately upon
      realization of such loss. All earnings and gain realized from the investment
      of
      funds deposited in the Distribution Account shall be for the benefit of the
      Master Servicer. The Master Servicer shall remit from its own funds for deposit
      into the Distribution Account the amount of any loss incurred on Permitted
      Investments in the Distribution Account.

    

    (c) Except
      as
      otherwise expressly provided in this Agreement, if any default occurs in the
      making of a payment due under any Permitted Investment, or if a default occurs
      in any other performance required under any Permitted Investment, the Trustee
      may and, subject to Section 9.01 and Section 9.02(a)(v), shall, at the written
      direction of the Servicer, take such action as may be appropriate to enforce
      such payment or performance, including the institution and prosecution of
      appropriate proceedings.

    

    (d) The
      Trustee, the Master Servicer or their respective Affiliates are permitted to
      receive additional compensation that could be deemed to be in the Trustee’s or
      the Master Servicer’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 or payable to the Trustee or the
      Master Servicer pursuant to Section 3.09 or 3.10 or otherwise payable in respect
      of Extraordinary Trust Fund Expenses. Such additional compensation shall not
      be
      an expense of the Trust Fund.

    

    SECTION
      3.11. Maintenance
      of Hazard Insurance, Errors and Omissions and Fidelity Coverage and Primary
      Mortgage Insurance.

    

    (a) The
      terms
      of each Mortgage Note require the related Mortgagor to maintain fire, flood
      and
      hazard insurance policies. To the extent such policies are not maintained by
      the
      related Mortgagor, owner or servicer of the related First Mortgage Loan and
      the
      related Servicer has been notified that such policies are not maintained, the
      related Servicer shall cause to be maintained for each Mortgaged Property fire
      and hazard insurance with extended coverage as is customary in the area where
      the Mortgaged Property is located in an amount which is at least equal to the
      lesser of the current principal balance of the related Mortgage Loan and the
      amount necessary to compensate fully for any damage or loss to the improvements
      which are a part of such property on a replacement cost basis, in
      each
      case in an amount not less than such amount as is necessary to avoid the
      application of any coinsurance clause contained in the related hazard insurance
      policy.
      Each
      Servicer shall also cause to be maintained fire and hazard insurance on each
      REO
      Property with extended coverage as is customary in the area where the Mortgaged
      Property is located in an amount which is at least equal to the lesser of (i)
      the maximum insurable value of the improvements which are a part of such
      property and (ii) the sum of the outstanding principal balance of the related
      Mortgage Loan and the related First Mortgage Loan at the time it became an
      REO
      Property, in each case in an amount not less than such amount as is necessary
      to
      avoid the application of any coinsurance clause contained in the related hazard
      insurance policy. The Servicers will comply in the performance of this Agreement
      with all reasonable rules and requirements of each insurer under any such hazard
      policies. Any amounts to be collected by a Servicer under any such policies
      remaining after application of any such amounts to any related First Mortgage
      Loan and application of amounts to the restoration or repair of the property
      subject to the related Mortgage or amounts to be released to the Mortgagor
      in
      accordance with Accepted Servicing Practices, subject to the terms and
      conditions of the related Mortgage and Mortgage Note) shall be deposited into
      the related Collection Account, subject to withdrawal pursuant to Section 3.09,
      if received in respect of a Mortgage Loan, or in the REO Account, subject to
      withdrawal pursuant to Section 3.22, if received in respect of an REO Property.
      Any cost incurred by a Servicer in maintaining any such insurance shall not,
      for
      the purpose of calculating distributions to Certificateholders, be added to
      the
      unpaid principal balance of the related Mortgage Loan, notwithstanding that
      the
      terms of such Mortgage Loan so permit. It is understood and agreed that no
      earthquake or other additional insurance is to be required of any Mortgagor
      other than pursuant to such applicable laws and regulations as shall at any
      time
      be in force and as shall require such additional insurance. If the Mortgaged
      Property or REO Property is at any time in an area identified in the Federal
      Register by the Federal Emergency Management Agency as having special flood
      hazards, the related Servicer will cause to be maintained a flood insurance
      policy in respect thereof. Such flood insurance shall be in an amount equal
      to
      the lesser of (i) the unpaid principal balance of the related Mortgage Loan
      and
      (ii) the maximum amount of such insurance available for the related Mortgaged
      Property under the national flood insurance program (assuming that the area
      in
      which such Mortgaged Property is located is participating in such program),
      in
      each case in an amount not less than such amount as is necessary to avoid the
      application of any coinsurance clause contained in the related hazard insurance
      policy.

    

    
      
        
        

      

      
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    In
      the
      event that any Servicer shall obtain and maintain a blanket policy with an
      insurer having a General Policy Rating of B:VI or better in Best’s Key Rating
      Guide or otherwise acceptable to Fannie Mae or Freddie Mac insuring against
      hazard losses on all of the related Mortgage Loans, it shall conclusively be
      deemed to have satisfied its obligations to cause fire and hazard insurance
      to
      be maintained on the Mortgaged Properties, it being understood and agreed that
      such policy may contain a deductible clause, in which case the related Servicer
      shall, in the event that there shall not have been maintained on the related
      Mortgaged Property or REO Property a policy complying with this Section 3.11,
      and there shall have been one or more losses which would have been covered
      by
      such policy, deposit into the related Collection Account from its own funds
      the
      amount not otherwise payable under the blanket policy because of such deductible
      clause. In connection with its activities as administrator and servicer of
      the
      related Mortgage Loans, each Servicer agrees to prepare and present, on behalf
      of itself, the Trustee, the Trust Fund, the Certificateholders, claims under
      any
      such blanket policy in a timely fashion in accordance with the terms of such
      policy.

    

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

    

    
      
        
        

      

      
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    (c) The
      Servicers need not obtain the approval of the Master Servicer prior to releasing
      any Insurance Proceeds to the Mortgagor to be applied to the restoration or
      repair of the Mortgaged Property if such release is in accordance with Accepted
      Servicing Practices. At a minimum, the Servicers shall comply with the following
      conditions in connection with any such release of Insurance Proceeds in excess
      of $10,000:

    

    (i) the
      related Servicer shall receive satisfactory independent verification of
      completion of repairs and issuance of any required approvals with respect
      thereto;

    

    (ii) the
      related Servicer shall take all steps necessary to preserve the priority of
      the
      lien of the Mortgage, including, but not limited to requiring waivers with
      respect to mechanics’ and materialmen’s liens; and

    

    (iii) pending
      repairs or restoration, the related Servicer shall place the Insurance Proceeds
      in the related Escrow Account, if any.

    

    If
      the
      Trustee is named as an additional loss payee, each Servicer is hereby empowered
      to endorse any loss draft issued in respect of such a claim in the name of
      the
      Trustee.

    

    SECTION
      3.12. Enforcement
      of Due-on-Sale Clauses; Assumption Agreements

    

    Each
      Servicer shall, to the extent it has knowledge of any conveyance of any related
      Mortgaged Property by any related Mortgagor (whether by absolute conveyance
      or
      by contract of sale, and whether or not the Mortgagor remains or is to remain
      liable under the Mortgage Note and/or the Mortgage), exercise its rights to
      accelerate the maturity of such Mortgage Loan under the “due-on-sale” clause, if
      any, applicable thereto; provided, however, that the Servicers shall not
      exercise any such rights if prohibited by law from doing so. If a Servicer
      reasonably believes that it is unable under applicable law to enforce such
      “due-on-sale” clause, or if any of the other conditions set forth in the proviso
      to the preceding sentence apply, the related Servicer shall enter into an
      assumption and modification agreement from or with the person to whom such
      property has been conveyed or is proposed to be conveyed, pursuant to which
      such
      person becomes liable under the Mortgage Note and, to the extent permitted
      by
      applicable state law, the Mortgagor remains liable thereon. Each Servicer is
      also authorized to enter into a substitution of liability agreement with such
      person, pursuant to which the original Mortgagor is released from liability
      and
      such person is substituted as the Mortgagor and becomes liable under the
      Mortgage Note, provided that no such substitution shall be effective unless
      such
      person satisfies the then current underwriting criteria of the related Servicer
      for mortgage loans similar to the related Mortgage Loans. In connection with
      any
      assumption or substitution, the related Servicer shall apply such underwriting
      standards and follow such practices and procedures as shall be normal and usual
      in its general mortgage servicing activities and as it applies to other mortgage
      loans owned solely by it. The Servicers shall not take or enter into any
      assumption and modification agreement, however, unless (to the extent
      practicable in the circumstances) it shall have received confirmation, in
      writing, of the continued effectiveness of any applicable hazard insurance
      policy. Any fee collected by a Servicer in respect of an assumption or
      substitution of liability agreement will be retained by the related Servicer
      as
      additional servicing compensation. In connection with any such assumption,
      no
      material term of the Mortgage Note (including but not limited to the related
      Mortgage Rate and the amount of the Monthly Payment) may be amended or modified,
      except as otherwise required pursuant to the terms thereof. The related Servicer
      shall notify the Trustee (or the applicable Custodian) that any such
      substitution or assumption agreement has been completed by forwarding to the
      Trustee (or the applicable Custodian) the executed original of such substitution
      or assumption agreement, which document shall be added to the related Mortgage
      File and shall, for all purposes, be considered a part of such Mortgage File
      to
      the same extent as all other documents and instruments constituting a part
      thereof.

    

    
      
        
        

      

      
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    Notwithstanding
      the foregoing paragraph or any other provision of this Agreement, the related
      Servicer shall not be deemed to be in default, breach or any other violation
      of
      its obligations hereunder by reason of any assumption of a Mortgage Loan by
      operation of law or by the terms of the Mortgage Note or any assumption which
      the related Servicer may be restricted by law from preventing, for any reason
      whatever. For purposes of this Section 3.12, the term “assumption” is deemed to
      also include a sale (of the Mortgaged Property) subject to the Mortgage that
      is
      not accompanied by an assumption or substitution of liability
      agreement.

    

    SECTION
      3.13. Realization
      Upon Defaulted Mortgage Loans.

    

    (a) (i) Each
      Servicer shall use its commercially reasonable efforts, consistent with Accepted
      Servicing Practices, to foreclose upon or otherwise comparably convert the
      ownership of properties securing such of the related Mortgage Loans as come
      into
      and continue in default and as to which no satisfactory arrangements can be
      made
      for collection of delinquent payments pursuant to Section 3.06. With respect
      to
      such of the Mortgage Loans as come into and continue in default, the related
      Servicer will decide whether to (i) foreclose upon the Mortgaged Properties
      securing such Mortgage Loans, (ii) write off the unpaid principal balance of
      the
      Mortgage Loans as bad debt, (iii) take a deed in lieu of foreclosure, (iv)
      accept a short sale (a payoff of the Mortgage Loan for an amount less than
      the
      total amount contractually owed in order to facilitate a sale of the Mortgaged
      Property by the Mortgagor) or permit a short refinancing (a payoff of the
      Mortgage Loan for an amount less than the total amount contractually owed in
      order to facilitate refinancing transactions by the Mortgagor not involving
      a
      sale of the Mortgaged Property), (v) arrange for a repayment plan, or (vi)
      agree
      to a modification in accordance with this Agreement. In connection with such
      decision, the related Servicer shall take such action as (i) such Servicer
      would
      take under similar circumstances with respect to a similar mortgage loan held
      for its own account for investment, (ii) shall be consistent with Accepted
      Servicing Practices, (iii) such Servicer shall determine consistently with
      Accepted Servicing Practices to be in the best interest of the Trustee and
      Certificateholders, provided, that actions taken by the related Servicer in
      connection with its servicing of the related First Mortgage Loan shall not
      be
      considered relevant to a determination of whether the related Servicer has
      met
      the standard set forth in this clause (iii) so long as in such Servicer’s
      determination such action is not materially adverse to the interests of the
      Certificateholders and (iv) is consistent with the requirements of the insurer
      under any insurance policy required to be maintained under this Agreement;
      provided, however, that the related Servicer shall not be required to expend
      its
      own funds in connection with any foreclosure or towards the restoration of
      any
      property unless it shall determine in its sole discretion (i) that such
      restoration and/or foreclosure will increase the proceeds of liquidation of
      the
      related Mortgage Loan after reimbursement to itself of such expenses and (ii)
      that such expenses will be recoverable to it through Liquidation Proceeds
      (respecting which it shall have priority for purposes of withdrawals from the
      related Collection Account). Each Servicer shall be responsible for all costs
      and expenses incurred by it in any such proceedings; provided, however, that
      such costs and expenses will be recoverable as Servicing Advances by the related
      Servicer as contemplated in Sections 3.09 and 3.22. The foregoing is subject
      to
      the provision that, in any case in which a Mortgaged Property shall have
      suffered damage from an Uninsured Cause, the related Servicer shall not be
      required to expend its own funds toward the restoration of such property unless
      it shall determine in its discretion that such restoration will increase the
      proceeds of liquidation of the related Mortgage Loan after reimbursement to
      itself for such expenses. 

    

    
      
        
        

      

      
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    (ii) Notwithstanding
      anything to the contrary contained in this Agreement, with respect to any
      Mortgage Loan that is one hundred twenty (120) days delinquent, the related
      Servicer shall obtain a broker’s price opinion with respect to the related
      Mortgaged Property and shall use all reasonable efforts to obtain a total
      indebtedness balance (including, but not limited to, unpaid principal, interest,
      escrows, taxes and expenses) for any related First Lien. The cost of obtaining
      any such broker’s price opinion shall be reimbursable to the related Servicer as
      a Servicing Advance pursuant to Section 3.09. After obtaining the related
      broker’s price opinion, the Servicer will determine whether any Significant
      Subsequent Recovery is possible through foreclosure proceedings or other
      liquidation of the related Mortgaged Property. If the related Servicer
      determines that (x) no Significant Subsequent Recovery is possible or (y) the
      potential Subsequent Recoveries are anticipated to be an amount, determined
      by
      the related Servicer in its good faith judgment and in light of other mitigating
      circumstances, that is insufficient to warrant proceeding through foreclosure
      or
      other liquidation of the related Mortgaged Property, it may, at its discretion,
      charge off such delinquent Mortgage Loan in accordance with subsections (a)(iii)
      and (a)(iv) below (any such Mortgage Loan, a “Charged Off Loan”).

    

    (iii) With
      respect to any Mortgage Loan, if the related Servicer determines based on the
      broker’s price opinion obtained under paragraph (a)(ii) above and other relevant
      considerations that (x) no Significant Subsequent Recovery is possible through
      foreclosure proceedings or other liquidation of the related Mortgaged Property
      or (y) the potential Subsequent Recoveries are anticipated to be an amount,
      determined by the related Servicer in its good faith judgment and in light
      of
      other mitigating circumstances, that is insufficient to warrant proceeding
      through foreclosure or other liquidation of the related Mortgaged Property,
      it
      will be obligated to charge off the related Mortgage Loan at the time such
      Mortgage Loan becomes 180 days delinquent. Once a Mortgage Loan has been charged
      off, the related Servicer will discontinue making P&I Advances, the related
      Servicer will not be entitled to any additional servicing compensation (except
      as described in paragraph (a)(iv) of this Section 3.13), the Charged Off Loan
      will give rise to a Realized Loss, and the related Servicer will follow the
      procedures described in paragraph (a)(iv) below. If the related Servicer
      determines that (x) a Significant Subsequent Recovery is possible through
      foreclosure proceedings or other liquidation of the Mortgaged Property and
      (y)
      the potential Subsequent Recoveries are anticipated to be an amount, determined
      by the related Servicer in its good faith judgment and in light of other
      mitigating circumstances, that is sufficient to warrant proceeding through
      foreclosure or other liquidation of the related Mortgaged Property, the related
      Servicer may continue to make P&I Advances or Servicing Advances on the
      related Mortgage Loan that has become 180 days delinquent and will notify the
      Credit Risk Manager of that decision.

    

    
      
        
        

      

      
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    (iv) Any
      Mortgage Loan that becomes a Charged Off Loan may continue to be serviced by
      the
      related Servicer for the Certificateholders using Special Servicing Practices.
      The Servicers will accrue, but not be entitled to, any Servicing Fees and
      reimbursement of expenses in connection with such Charged Off Loans, except
      to
      the extent of funds available from the aggregate amount of recoveries on all
      Charged Off Loans. Such aggregate recovery amounts on Charged Off Loans shall
      be
      paid to the related Servicer first, as reimbursement of any outstanding and
      unpaid expenses, and second, as any accrued and unpaid Servicing Fees. The
      Servicers will only be entitled to previously accrued Servicing Fees and
      expenses on any such Charged Off Loans. The Servicers will not be entitled
      to
      receive any future unaccrued Servicing Fees or expenses from collections on
      such
      Charged Off Loans. Any Charged Off Loan serviced using Special Servicing
      Practices shall be so serviced until the Mortgage Loan Release Date described
      below. Any amounts received on such Charged Off Loans received prior to the
      Mortgage Loan Release Date will be treated as Subsequent Recoveries and included
      in the Available Distribution Amount.

    

    On
      the
      date (the “Mortgage Loan Release Date”) which is no more than six months after
      the date on which the Servicer begins servicing any Charged Off Loans using
      Special Servicing Practices, unless Subsequent Recoveries are anticipated by
      the
      related Servicer on a particular Charged Off Loan (in which case the Mortgage
      Loan Release Date will be delayed until all such anticipated Subsequent
      Recoveries are received), such Charged Off Loan will be released from the Trust
      Fund, will no longer be an asset of any REMIC, and will be transferred to the
      Class CE-2 Certificateholders, without recourse, and thereafter (i) the Class
      CE-2 Certificateholders will be entitled to any amounts subsequently received
      in
      respect of any such Released Loans, (ii) the Holders of a majority in Percentage
      Interest in the Class CE-2 Certificates may designate any servicer to service
      any such Released Loan and (iii) the Holders of a majority in Percentage
      Interest in the Class CE-2 Certificates may sell any such Released Loan to
      a
      third party. Notwithstanding the previous sentence, if at any time after a
      Mortgage Loan has been Charged Off and prior to six months after the date on
      which the related Servicer begins servicing such Charged Off Loan using Special
      Servicing Practices, the related Servicer determines that there will not be
      any
      Subsequent Recoveries on such Charged Off Loan under any circumstances, the
      related Servicer may release such Charged Off Loan to the Holders of a majority
      in Percentage Interest in the Class CE-2 Certificates in accordance with the
      provisions set forth in the previous sentence. The related Servicer shall notify
      the Master Servicer and Securities Administrator on each Mortgage Loan Release
      Date of each Charged Off Loan being released from the Trust Fund, and shall
      thereafter remit any amounts collected on such Charged Off Loan to the Class
      CE-2 Certificateholder net of any fees and expenses pursuant to the terms of
      a
      receivable collections agreement to be entered into between the Class CE-2
      Certificateholder and the related Servicer. The Master Servicer shall not be
      responsible for collecting any payments on a Charged Off Loan after such Charged
      Off Loan is released from the Trust Fund on the related Mortgage Loan Release
      Date.

    

    
      
        
        

      

      
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    Notwithstanding
      the foregoing, the procedures described above in this clause (iv) relating
      to
      the treatment of Charged Off Loans may be modified at any time at the discretion
      of the Holders of a majority in Percentage Interest in the Class CE-2
      Certificates, with the consent of the related Servicer, which consent shall
      not
      be unreasonably withheld; provided, however, that in no event shall the Holders
      of a majority in Percentage Interest in the Class CE-2 Certificates change
      the
      fee structure relating to Charged Off Loans in a manner that would cause fees
      to
      be paid to the Servicer other than from recoveries on Charged Off
      Loans.

    

    The
      Master Servicer shall track collections received by the Servicers on any Charged
      Off Loans based upon loan level data provided to the Master Servicer by the
      Servicers on the date on which the related Servicer provides its Servicer Report
      pursuant to Section 5.03(a), identifying the Charged Off Loans as of the related
      Due Period that the related Servicer will continue to service until the related
      Mortgage Loan Release Date using Special Servicing Practices. On each
      Distribution Date, the Master Servicer shall verify, based on the recovery
      and
      expense information provided by the Servicer (i) the aggregate amount of accrued
      and unpaid Servicing Fees to be paid to the related Servicer and expenses to
      be
      reimbursed to the related on such Charged Off Loans as of the related Due Period
      and (ii) the amount of Subsequent Recoveries on such Charged Off Loans for
      such
      Distribution Date. The Master Servicer shall be entitled to rely, without
      independent verification, on the loan level data provided by the Servicers
      that
      identifies the recovery amounts and the outstanding and unpaid expenses on
      any
      Charged Off Loan in order to verify the amount in clause (ii) of the previous
      sentence. The Master Servicer will be responsible for independently verifying
      the aggregate amount of accrued and unpaid Servicing Fees described in clause
      (i) of the second preceding sentence to be paid to the related
      Servicer.

    

    (b) Notwithstanding
      the foregoing provisions of this Section 3.13 or any other provision of this
      Agreement, with respect to any Mortgage Loan as to which the a Servicer has
      received actual notice of, or has actual knowledge of, the presence of any
      toxic
      or hazardous substance on the related Mortgaged Property, the related Servicer
      shall not, on behalf of the Trust Fund, either (i) obtain title to such
      Mortgaged Property as a result of or in lieu of foreclosure or otherwise, or
      (ii) otherwise acquire possession of, or take any other action with respect
      to,
      such Mortgaged Property, if, as a result of any such action, the Trust Fund,
      the
      Trustee or the Certificateholders would be considered to hold title to, to
      be a
“mortgagee-in-possession” of, or to be an “owner” or “operator” of such
      Mortgaged Property within the meaning of the Comprehensive Environmental
      Response, Compensation and Liability Act of 1980, as amended from time to time,
      or any comparable law, unless the related Servicer has also previously
      determined, based on its reasonable judgment and a prudent report prepared
      by an
      Independent Person who regularly conducts environmental audits using customary
      industry standards, that:

    

    
      
        
        

      

      
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    (1) such
      Mortgaged Property is in compliance with applicable environmental laws or,
      if
      not, that it would be in the best economic interest of the Trust Fund to take
      such actions as are necessary to bring the Mortgaged Property into compliance
      therewith; and

    

    (2) there
      are
      no circumstances present at such Mortgaged Property relating to the use,
      management or disposal of any hazardous substances, hazardous materials,
      hazardous wastes or petroleum-based materials for which investigation, testing,
      monitoring, containment, clean-up or remediation could be required under any
      federal, state or local law or regulation, or that if any such materials are
      present for which such action could be required, that it would be in the best
      economic interest of the Trust Fund to take such actions with respect to the
      affected Mortgaged Property.

    

    The
      cost
      of the environmental audit report contemplated by this Section 3.13 shall be
      advanced by the related Servicer, subject to such Servicer’s right to be
      reimbursed therefor from the related Collection Account as provided in Section
      3.09(a)(ix), such right of reimbursement being prior to the rights of
      Certificateholders to receive any amount in the related Collection Account
      received in respect of the affected Mortgage Loan or other Mortgage
      Loans.

    

    If
      the
      related Servicer determines, as described above, that it is in the best economic
      interest of the Trust Fund to take such actions as are necessary to bring any
      such Mortgaged Property into compliance with applicable environmental laws,
      or
      to take such action with respect to the containment, clean-up or remediation
      of
      hazardous substances, hazardous materials, hazardous wastes, or petroleum-based
      materials affecting any such Mortgaged Property, then such Servicer shall take
      such action as it deems to be in the best economic interest of the Trust Fund.
      The cost of any such compliance, containment, cleanup or remediation shall
      be
      advanced by the related Servicer, subject to its right to be reimbursed therefor
      from the related Collection Account as provided in Sections 3.09(a)(iii) or
      3.09(a)(ix), such right of reimbursement being prior to the rights of
      Certificateholders to receive any amount in the related Collection Account
      received in respect of the affected Mortgage Loan or other Mortgage
      Loans.

    

    (c) Proceeds
      received in connection with any Final Recovery Determination, as well as any
      recovery resulting from a partial collection of Insurance Proceeds or
      Liquidation Proceeds, in respect of any Mortgage Loan, will be applied in the
      following order of priority: first, to reimburse the related Servicer for any
      related unreimbursed Servicing Advances and P&I Advances, pursuant to
      Section 3.09(a)(ii) or (a)(iii); second, to accrued and unpaid interest on
      the
      related Mortgage Loan, to the date of the Final Recovery Determination, or
      to
      the Due Date prior to the Distribution Date on which such amounts are to be
      distributed if not in connection with a Final Recovery Determination; and third,
      as a recovery of principal of the related Mortgage Loan. If the amount of the
      recovery so allocated to interest is less than the full amount of accrued and
      unpaid interest due on such Mortgage Loan, the amount of such recovery will
      be
      allocated by the related Servicer as follows: first, to unpaid Servicing Fees;
      and second, to the balance of the interest then due and owing. The portion
      of
      the recovery so allocated to unpaid Servicing Fees shall be reimbursed to the
      related Servicer pursuant to Section 3.09(a)(iii). The portion of the recovery
      allocated to interest (net of unpaid Servicing Fees) and the portion of the
      recovery allocated to principal of the related Mortgage Loan shall be applied
      as
      follows: first, to reimburse the related Servicer for any related unreimbursed
      Servicing Advances or P&I Advances in accordance with Section 3.09(a)(ii)
      and any other amounts reimbursable to the related Servicer pursuant to Section
      3.09, and second, as part of the amounts to be transferred to the Distribution
      Account in accordance with Section 3.08(b). Excess proceeds, if any, from the
      liquidation of a Liquidated Mortgage Loan will be retained by the related
      Servicer as additional servicing compensation pursuant to Section
      3.15.

    

    
      
        
        

      

      
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    Notwithstanding
      the foregoing provisions of this Section 3.13 or any other provision of
      this Agreement, no Servicer shall acquire title to a Mortgaged Property related
      to a Foreclosure Restricted Mortgage Loan if acquiring title to such Mortgaged
      Property would cause the adjusted basis (for federal income tax purposes) of
      the
      Mortgaged Properties in respect of Foreclosure Restricted Mortgage Loans that
      are currently owned by REMIC I after foreclosure (along with any other assets
      owned by REMIC I other than “qualified mortgages” and “permitted investments”
within the meaning of Section 860G of the Internal Revenue Code) to exceed
      0.75% of the adjusted basis of the assets in REMIC I. Instead, such Servicer
      shall dispose of the Foreclosure Restricted Mortgage Loan for cash in a
      foreclosure sale. In addition, if such Servicer determines that, following
      a
      distribution on any Distribution Date, the adjusted basis of the REO Properties
      relating to such Foreclosure Restricted Mortgage Loans (along with any other
      assets owned by REMIC I other than “qualified mortgages” and “permitted
      investments” within the meaning of Section 860G of the Internal Revenue
      Code) exceeds 1.0% of the adjusted basis of the assets of REMIC I immediately
      after the Distribution Date, then prior to the next Distribution Date, such
      Servicer shall dispose of enough of such REO Properties for cash, so that the
      adjusted basis of such REO Properties relating to Foreclosure Restricted
      Mortgage Loans (along with any other assets owned by REMIC I other than
“qualified mortgages” and “permitted investments” within the meaning of
      Section 860G of the Internal Revenue Code) will be less than 1.0% of the
      adjusted basis of the assets of REMIC I. In either event, such Servicer is
      permitted to acquire (for its own account and not on behalf of the Trust Fund)
      the REO Property at the foreclosure sale for an amount not less than the greater
      of: (i) the highest amount bid by any other person at the foreclosure sale,
      or
      (ii) the estimated fair market value of the REO Property, as determined by
      such
      Servicer in good faith. These restrictions will be lifted with respect to a
      Foreclosure Restricted Mortgage Loan if such Mortgage Loan becomes current
      for
      three consecutive Monthly Payments.

    

    The
      Servicers and the Master Servicer agree to cooperate in providing each Servicer
      with the information regarding the Foreclosure Restricted Mortgage Loans
      serviced by the other Servicer in order to comply with this Section
      3.13.

    

    
      
        
        

      

      
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    SECTION
      3.14. Trustee
      to Cooperate; Release of Mortgage Files.

    

    (a) Upon
      becoming aware of the payment in full of any Mortgage Loan, or the receipt
      by a
      Servicer of a notification that payment in full has been escrowed in a manner
      customary for such purposes for payment to Certificateholders on the next
      Distribution Date, the related Servicer will promptly furnish to the applicable
      Custodian, on behalf of the Trustee, two copies of a request for release
      substantially in the form attached to the related Custodial Agreement signed
      by
      a Servicing Officer or in a mutually agreeable electronic format which will,
      in
      lieu of a signature on its face, originate from a Servicing Officer (which
      certification shall include a statement to the effect that all amounts received
      in connection with such payment that are required to be deposited in the related
      Collection Account have been or will be so deposited) and shall request that
      the
      applicable Custodian, on behalf of the Trustee, deliver to the related Servicer
      the related Mortgage File. Upon receipt of such certification and request,
      the
      related Custodian, on behalf of the Trustee, shall within five (5) Business
      Days
      release the related Mortgage File to the related Servicer and the Trustee and
      the related Custodian shall have no further responsibility with regard to such
      Mortgage File. Upon any such payment in full, the related Servicer is
      authorized, to give, as agent for the Trustee, as the mortgagee under the
      Mortgage that secured the Mortgage Loan, an instrument of satisfaction (or
      assignment of mortgage without recourse) regarding the Mortgaged Property
      subject to the Mortgage, which instrument of satisfaction or assignment, as
      the
      case may be, shall be delivered to the Person or Persons entitled thereto
      against receipt therefor of such payment, it being understood and agreed that
      no
      expenses incurred in connection with such instrument of satisfaction or
      assignment, as the case may be, shall be chargeable to the related Collection
      Account, unless it shall represent a Servicing Advance.

    

    (b) From
      time
      to time and as appropriate for the servicing or foreclosure of any Mortgage
      Loan, the Trustee shall execute such documents as shall be prepared and
      furnished to the Trustee by the related Servicer (in form reasonably acceptable
      to the Trustee) and as are necessary to the prosecution of any such proceedings.
      The applicable Custodian, on behalf of the Trustee, shall, upon the request
      of
      the related Servicer, and delivery to the applicable Custodian, on behalf of
      the
      Trustee, of two copies of a request for release signed by a Servicing Officer
      substantially in the form attached to the related Custodial Agreement (or in
      a
      mutually agreeable electronic format which will, in lieu of a signature on
      its
      face, originate from a Servicing Officer), release within five (5) Business
      Days
      the related Mortgage File held in its possession or control to the related
      Servicer. Such trust receipt shall obligate the related Servicer to return
      the
      Mortgage File to the applicable Custodian on behalf of the Trustee, when the
      need therefor by the related Servicer no longer exists unless the related
      Mortgage Loan shall be liquidated, in which case, upon receipt of a certificate
      of a Servicing Officer similar to that hereinabove specified, the Mortgage
      File
      shall be released by the applicable Custodian, on behalf of the Trustee, to
      the
      related Servicer.

    

    Notwithstanding
      the foregoing, in connection with a Principal Prepayment in full of any Mortgage
      Loan, the Master Servicer may request release of the related Mortgage File
      from
      the applicable Custodian, in accordance with the provisions of the related
      Custodial Agreement, in the event the related Servicer fails to do
      so.

    

    
      
        
        

      

      
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    Upon
      written certification of a Servicing Officer, the Trustee shall execute and
      deliver to the related Servicer, any court pleadings, requests for trustee’s
      sale or other documents prepared and delivered to the Trustee and reasonably
      acceptable to it and necessary to the foreclosure or trustee’s sale in respect
      of a Mortgaged Property or to any legal action brought to obtain judgment
      against any Mortgagor on the Mortgage Note or Mortgage or to obtain a deficiency
      judgment, or to enforce any other remedies or rights provided by the Mortgage
      Note or Mortgage or otherwise available at law or in equity. Each such
      certification shall include a request that such pleadings or documents be
      executed by the Trustee and a statement as to the reason such documents or
      pleadings are required and that the execution and delivery thereof by the
      Trustee will not invalidate or otherwise affect the lien of the Mortgage, except
      for the termination of such a lien upon completion of the foreclosure or
      trustee’s sale. So long as no Servicer Event of Default shall have occurred and
      be continuing, the related Servicer shall have the right to execute any and
      all
      such court pleadings, requests and other documents as attorney-in-fact for,
      and
      on behalf of the Trustee. Notwithstanding the preceding sentence, the Trustee
      shall in no way be liable or responsible for the willful malfeasance of a
      Servicer, or for any wrongful or negligent actions taken by a Servicer, while
      such Servicer is acting in its capacity as attorney-in-fact for and on behalf
      of
      the Trustee.

    

    SECTION
      3.15. Servicing
      Compensation.

    

    As
      compensation for its activities hereunder, each Servicer shall be entitled
      to
      the Servicing Fee (or, (i) for as long as Ocwen is the Servicer of the Ocwen
      Mortgage Loans, the Servicing Fee calculated using the Ocwen Servicing Fee
      Rate
      and (ii) for so long as GMAC is the Servicer of the GMAC Mortgage Loans, the
      Servicing Fee calculated using the GMAC Servicing Fee Rate) with respect to
      each
      Mortgage Loan serviced by it payable solely from payments of interest in respect
      of such Mortgage Loan, subject to Section 3.23. In addition, the Servicers
      shall
      be entitled to recover unpaid Servicing Fees out of Insurance Proceeds or
      Liquidation Proceeds to the extent permitted by Section 3.09(a)(iii), Section
      3.09(a)(vi) and out of amounts derived from the operation and sale of an REO
      Property to the extent permitted by Section 3.22. The right to receive the
      Servicing Fee (or, (i) with
      respect to Ocwen, the Servicing Fee calculated using the Ocwen Servicing Fee
      Rate
      and (ii)
      with respect to GMAC, the Servicing Fee calculated using the GMAC Servicing
      Fee
      Rate) may not be transferred in whole or in part except in connection with
      the
      transfer of all of the related Servicer’s responsibilities and obligations under
      this Agreement to the extent permitted herein.

    

    Additional
      servicing compensation in the form of Ancillary Income (other than Prepayment
      Charges) shall be retained by the Servicers only to the extent such fees or
      charges are received by such Servicer. The Servicers shall also be entitled
      pursuant to Section 3.09(a)(iv) to withdraw from the related Collection Account
      and pursuant to Section 3.22(b) to withdraw from any REO Account, as additional
      servicing compensation, interest or other income earned on deposits therein,
      subject to Section 3.10. In addition, the Servicers shall be entitled to retain
      or withdraw from the related Collection Account, pursuant to Section 3.09(a)(x),
      any Prepayment Interest Excess with respect to the Mortgage Loans serviced
      by it
      as additional servicing compensation. Each Servicer shall be required to pay
      all
      expenses incurred by it in connection with its servicing activities hereunder
      and shall not be entitled to reimbursement therefor except as specifically
      provided herein.

    

    
      
        
        

      

      
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    SECTION
      3.16. Collection
      Account Statements.

    

    Upon
      request, not later than fifteen (15) days after each Distribution Date, the
      Servicers shall forward to the Master Servicer and the Securities Administrator
      and the Depositor, a statement prepared by the institution at which the related
      Collection Account is maintained setting forth the status of the related
      Collection Account as of the close of business on such Distribution Date and
      showing, for the period covered by such statement, the aggregate amount of
      deposits into and withdrawals from the related Collection Account. Copies of
      such statement and any similar statements provided by the Servicers shall be
      provided by the Securities Administrator to any Certificateholder and to any
      Person identified to the Securities Administrator as a prospective transferee
      of
      a Certificate, upon request at the expense of the requesting party, provided
      such statement is delivered by the related Servicer to the Securities
      Administrator.

    

    SECTION
      3.17. Annual
      Statement as to Compliance. 

    

    (a) Each
      Servicer shall deliver (and shall cause any Sub-Servicer engaged by it to
      deliver) to the Master Servicer and to the Depositor on or before March 15
      of
      each year, commencing in March 2008, an Officer’s Certificate stating, as to the
      signer thereof, that (A) a review of such party’s activities during the
      preceding calendar year or portion thereof and of the related Servicer’s
      performance under this Agreement, or such other applicable agreement in the
      case
      of a Sub-Servicer, has been made under such officer’s supervision and (B) to the
      best of such officer’s knowledge, based on such review, such party has fulfilled
      all its obligations under this Agreement, or such other applicable agreement
      in
      the case of a Sub-Servicer, in all material respects throughout such year or
      portion thereof, or, if there has been a failure to fulfill any such obligation
      in any material respect, specifying each such failure known to such officer
      and
      the nature and status thereof. Promptly after receipt of each such Officer’s
      Certificate from the related Servicer, any Sub-Servicer engaged by such
      Servicer, the Depositor shall review such Officer’s Certificate and, if
      applicable, consult with each such party, as applicable, as to the nature of
      any
      failures by such party, in the fulfillment of any of the related Servicer’s
      obligations hereunder or, in the case of a Sub-Servicer, under such other
      applicable agreement.

    

    (b) Failure
      of a Servicer to comply timely with this Section 3.17 shall be deemed a Servicer
      Event of Default as to the related Servicer, automatically, without notice
      and
      without any cure period, and the Master Servicer may, in addition to whatever
      rights the Master Servicer may have under this Agreement and at law or in equity
      or to damages, including injunctive relief and specific performance, terminate
      all the rights and obligations of the related Servicer under this Agreement
      and
      in and to the related Mortgage Loans and the proceeds thereof without
      compensating the related Servicer for the same (other than such Servicer’s right
      to reimbursement of unreimbursed P&I Advances and Servicing Advances and
      accrued and unpaid Servicing Fees in the manner provided in this Agreement).
      This paragraph shall supersede any other provision in this Agreement or any
      other agreement to the contrary.

    

    (c) In
      the
      event a Servicer or any Sub-Servicer engaged by a Servicer is terminated,
      assigns its rights and obligations under or resigns pursuant to the terms of
      this Agreement, or any applicable agreement in the case of a Sub-Servicer,
      as
      the case may be, such party shall provide an Officer’s Certificate with respect
      to the related year pursuant to this Section 3.17(c) or to such other applicable
      agreement, as the case may be, notwithstanding any such termination, assignment
      or resignation for the related year.

    

    
      
        
        

      

      
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    SECTION
      3.18. Assessments
      of Compliance and Attestation Reports.

    

    (a) By
      March
      15 of each year, commencing in March 2008, each Servicer, at its own expense,
      shall furnish, and shall cause any Servicing Function Participant engaged by
      it
      to furnish, each at its own expense, to the Master Servicer, a report on an
      assessment of compliance with the Relevant Servicing Criteria that contains
      (A)
      a statement by such party of its responsibility for assessing compliance with
      the Relevant Servicing Criteria, (B) a statement that such party used the
      Relevant Servicing Criteria to assess compliance with the Relevant Servicing
      Criteria, (C) such party’s assessment of compliance with the Relevant Servicing
      Criteria as of and for the fiscal year covered by the Form 10-K required to
      be
      filed pursuant to Section 5.06(d), including, if there has been any material
      instance of noncompliance with the Relevant Servicing Criteria, a discussion
      of
      each such failure and the nature and status thereof, and (D) a statement that
      a
      registered public accounting firm has issued an attestation report on such
      party’s assessment of compliance with the Relevant Servicing Criteria as of and
      for such period. Notwithstanding the foregoing, neither a Servicer nor any
      Servicing Function Participant engaged by a Servicer shall be required to
      deliver any assessments until March 31st in any given year so long as it has
      not
      received written confirmation from the Depositor that a Form 10-K is required
      to
      be filed in respect of the Trust for the preceding calendar year; provided
      however that, notwithstanding the foregoing, no Subcontractor will be required
      to deliver any assessments in any given year in which the Form 10-K is not
      required to be filed.

    

    (b) By
      March
      15 of each year, commencing in March 2008, each Servicer, at its own expense,
      shall cause, and each Servicer 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 related Servicer or such
      other
      Servicing Function Participants, as the case may be) and that is a member of
      the
      American Institute of Certified Public Accountants to furnish a report to the
      Master Servicer, to the effect that (i) it has obtained a representation
      regarding certain matters from the management of such party, which includes
      an
      assertion that such party has complied with the Relevant Servicing Criteria,
      and
      (ii) on the basis of an examination conducted by such firm in accordance with
      standards for attestation engagements issued or adopted by the PCAOB, it is
      expressing an opinion as to whether such party’s compliance with the Relevant
      Servicing Criteria was fairly stated in all material respects, or it cannot
      express an overall opinion regarding such party’s assessment of compliance with
      the Relevant Servicing Criteria. In the event that an overall opinion cannot
      be
      expressed, such registered public accounting firm shall state in such report
      why
      it was unable to express such an opinion. Such report must be available for
      general use and not contain restricted use language. Notwithstanding the
      foregoing, neither the Servicers nor any Servicing Function Participant engaged
      by a Servicer shall be required to deliver or cause the delivery of such reports
      until March 31st in any given year so long as the related Servicer has not
      received written confirmation from the Depositor that a Form 10-K is required
      to
      be filed in respect of the Trust for the preceding fiscal year; provided however
      that, notwithstanding the foregoing, no Subcontractor will be required to
      deliver any reports in any given year in which the Form 10-K is not required
      to
      be filed.

    

    
      
        
        

      

      
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    (c) Failure
      of a Servicer to comply timely with this Section 3.18 shall be deemed a Servicer
      Event of Default as to the related Servicer, automatically, without notice
      and
      without any cure period, and the Master Servicer may, in addition to whatever
      rights the Master Servicer may have under this Agreement and at law or in equity
      or to damages, including injunctive relief and specific performance, terminate
      all the rights and obligations of the related Servicer under this Agreement
      and
      in and to the related Mortgage Loans and the proceeds thereof without
      compensating the related Servicer for the same (other than the related
      Servicer’s right to reimbursement of unreimbursed P&I Advances and Servicing
      Advances and accrued and unpaid Servicing Fees in the manner provided for in
      this Agreement). This paragraph shall supersede any other provision in this
      Agreement or any other agreement to the contrary.

    

    (d) In
      the
      event a Servicer or any Servicing Function Participant engaged by a Servicer
      is
      terminated, assigns its rights and obligations under, 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 a report
      on
      assessment of compliance with respect to the related year pursuant to this
      Section 3.18(d) or to such other applicable agreement, notwithstanding any
      such
      termination, assignment or resignation for the related year.

    

    SECTION
      3.19. [Reserved].

    

    SECTION
      3.20. Annual
      Certification; Additional Information.

    

    (a) Each
      Servicer 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 15 of each year in which the Trust is subject to
      the reporting requirements of the Exchange Act, a certification (each, a
“Back-Up Certification”), in the form attached hereto as Exhibit C, 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 officer
      of the Master Servicer in charge of the master servicing function shall serve
      as
      the Certifying Person on behalf of the Trust. In the event a Servicer or any
      Servicing Function Participant engaged by it 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 3.20 with respect to the period
      of
      time it was subject to this Agreement or any applicable Sub-Servicing Agreement,
      as the case may be.

    

    (b) Each
      Servicer shall indemnify and hold harmless the Master Servicer, the Securities
      Administrator, the Trustee, the Depositor and their respective officers,
      directors, agents and affiliates from and against any losses, damages,
      penalties, fines, forfeitures, reasonable legal fees and related costs,
      judgments and other costs and expenses arising out of or based upon a breach
      by
      the related Servicer or any of its officers, directors, agents or affiliates
      of
      its obligations under this Section 3.20 or the related Servicer’s negligence,
      bad faith or willful misconduct in connection therewith. Such indemnity shall
      survive the termination or resignation of the parties hereto or the termination
      of this Agreement. If the indemnification provided for herein is unavailable
      or
      insufficient to hold harmless the Master Servicer, the Securities Administrator,
      the Trustee and the Depositor, then the related Servicer agrees that it shall
      contribute to the amount paid or payable by the Master Servicer, the Securities
      Administrator, the Trustee and the Depositor as a result of the losses, claims,
      damages or liabilities of the Master Servicer, the Securities Administrator,
      the
      Trustee and the Depositor in such proportion as is appropriate to reflect the
      relative fault of the Master Servicer, the Securities Administrator, the Trustee
      and the Depositor on the one hand and the related Servicer on the other in
      connection with a breach of the Servicer’s obligations under this Section
      3.20.

    

    
      
        
        

      

      
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    (c) Each
      Servicer shall provide to the Master Servicer prompt notice of the occurrence
      of
      any of the following: 

    

    (i) any
      Servicer Event of Default under the terms of this Agreement, any merger,
      consolidation or sale of substantially all of the assets of the related
      Servicer, the related Servicer’s engagement of any Sub-Servicer to perform or
      assist in the performance of any of such Servicer’s obligations under this
      Agreement, any material litigation involving the related Servicer that is
      material to the Certificateholders, and to the extent disclosure is required
      under Regulation AB, any affiliation or other significant relationship between
      the related Servicer and any other Servicer, an Originator, the Sponsor, the
      Depositor, the Master Servicer, the Securities Administrator, the Trustee,
      the
      Custodians and the Swap Provider.

    

    (ii) If
      a
      Servicer has knowledge of the occurrence of any of the events described in
      this
      clause (ii), then no later than ten days prior to the deadline for the filing
      of
      any Distribution Report on Form 10-D in respect of the Trust, the related
      Servicer shall provide to the Master Servicer notice of the occurrence of any
      of
      the following events along with all information, data, and materials related
      thereto as may be required to be included in the related Distribution Report
      on
      Form 10-D (as specified in the provisions of Regulation AB referenced
      below):

    

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

    

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

    

    (C) any
      material pool asset changes (such as, additions, substitutions or repurchases)
      relating to the Mortgage Loans serviced by the related Servicer (Item
      1121(a)(14) of Regulation AB).

    

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

    

    
      
        
        

      

      
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    SECTION
      3.21. Access
      to
      Certain Documentation.

    

    Each
      Servicer shall provide to the Office of Thrift Supervision, the FDIC, and any
      other federal or state banking or insurance regulatory authority that may
      exercise authority over any Certificate Owner, access to the documentation
      regarding the related Mortgage Loans required by applicable laws and
      regulations. Such access shall be afforded without charge, but only upon
      reasonable request and during normal business hours at the offices of the
      related Servicer designated by it. Nothing in this Section 3.21 shall limit
      the
      obligation of the Servicers to comply with any applicable law prohibiting
      disclosure of information regarding the Mortgagors and the failure of a Servicer
      to provide access as provided in this Section as a result of such obligation
      shall not constitute a breach of this Section. Nothing in this Section 3.21
      shall require the Servicers to collect, create, collate or otherwise generate
      any information that it does not generate in its usual course of business.
      The
      Servicers shall not be required to make copies of or ship documents to any
      Person unless provisions have been made for the reimbursement of the costs
      thereof. 

    

    SECTION
      3.22. Title,
      Management and Disposition of REO Property.

    

    (a) The
      deed
      or certificate of sale of any REO Property related to a Mortgage Loan shall
      be
      taken in the name of the Trustee, or its nominee, on behalf of the Trust Fund
      and for the benefit of the Certificateholders. The related Servicer, on behalf
      of REMIC I, shall either sell any REO Property by the close of the third
      calendar year following the calendar year in which REMIC I acquires ownership
      of
      such REO Property for purposes of Section 860(a)(8) of the Code or request
      from
      the Internal Revenue Service, no later than sixty (60) days before the day
      on
      which the three-year grace period would otherwise expire, an extension of the
      three-year grace period, unless the related Servicer had delivered to the
      Trustee an Opinion of Counsel, addressed to the Trustee and the Depositor,
      to
      the effect that the holding by REMIC I of such REO Property subsequent to three
      (3) years after its acquisition will not result in the imposition on any Trust
      REMIC created hereunder of taxes on “prohibited transactions” thereof, as
      defined in Section 860F of the Code, or cause any Trust REMIC hereunder to
      fail
      to qualify as a REMIC under Federal law at any time that any Certificates are
      outstanding. Each Servicer shall manage, conserve, protect and operate each
      REO
      Property for the Certificateholders solely for the purpose of its prompt
      disposition and sale in a manner which does not cause such REO Property to
      fail
      to qualify as “foreclosure property” within the meaning of Section 860G(a)(8) of
      the Code or result in the receipt by any Trust REMIC created hereunder of any
      “income from non-permitted assets” within the meaning of Section 860F(a)(2)(B)
      of the Code, or any “net income from foreclosure property” which is subject to
      taxation under the REMIC Provisions.

    

    (b) Each
      Servicer shall segregate and hold all funds collected and received in connection
      with the operation of any REO Property separate and apart from its own funds
      and
      general assets and shall establish and maintain with respect to REO Properties
      an account held in trust for the Trustee, on behalf of the Trust Fund and for
      the benefit of the Certificateholders (the “REO Account”), which shall be an
      Eligible Account. The Servicers shall be permitted to allow the related
      Collection Account to serve as the REO Account, subject to the maintenance
      of
      separate ledgers for each REO Property. The Servicers shall be entitled to
      retain or withdraw any interest income paid on funds deposited in the related
      REO Account.

    

    
      
        
        

      

      
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    (c) The
      Servicers shall have full power and authority, subject only to the specific
      requirements and prohibitions of this Agreement, to do any and all things in
      connection with any REO Property related to a Mortgage Loan serviced by it
      as
      are consistent with the manner in which the related Servicer manages and
      operates similar property owned by it or any of its Affiliates, all on such
      terms and for such period as the related Servicer deems to be in the best
      interests of Certificateholders. In connection therewith, the related Servicer
      shall deposit, or cause to be deposited in the clearing account in which it
      customarily deposits payments and collections on mortgage loans in connection
      with its mortgage loan servicing activities on a daily basis, and in no event
      more than one (1) Business Day after the related Servicer’s receipt thereof, and
      shall thereafter deposit in the REO Account, in no event more than two (2)
      Business Days after the deposit of good funds into the clearing account, all
      revenues received by it with respect to an REO Property related to a Mortgage
      Loan serviced by it and shall withdraw therefrom funds necessary for the proper
      operation, management and maintenance of such REO Property including, without
      limitation:

    

    (i) all
      insurance premiums due and payable in respect of such REO Property;

    

    (ii) all
      real
      estate taxes and assessments in respect of such REO Property that may result
      in
      the imposition of a lien thereon; and

    

    (iii) all
      costs
      and expenses necessary to maintain such REO Property.

    

    To
      the
      extent that amounts on deposit in the REO Account with respect to an REO
      Property are insufficient for the purposes set forth in clauses (i) through
      (iii) above with respect to such REO Property, the related Servicer shall
      advance from its own funds such amount as is necessary for such purposes if,
      but
      only if, the related Servicer would make such advances if such Servicer owned
      the REO Property and if in such Servicer’s judgment, the payment of such amounts
      will be recoverable from the rental or sale of the REO Property.

    

    Subject
      to compliance with applicable laws and regulations as shall at any time be
      in
      force, and notwithstanding the foregoing, the Servicers, on behalf of the Trust
      Fund, shall not:

    

    (i) enter
      into, renew or extend any New Lease with respect to any REO Property, if the
      New
      Lease by its terms will give rise to any income that does not constitute Rents
      from Real Property;

    

    (ii) permit
      any amount to be received or accrued under any New Lease other than amounts
      that
      will constitute Rents from Real Property;

    

    (iii) authorize
      or permit any construction on any REO Property, other than the completion of
      a
      building or other improvement thereon, and then only if more than ten percent
      of
      the construction of such building or other improvement was completed before
      default on the related Mortgage Loan became imminent, all within the meaning
      of
      Section 856(e)(4)(B) of the Code; or

    

    (iv) allow
      any
      Person to Directly Operate any REO Property on any date more than ninety (90)
      days after its date of acquisition by the Trust Fund;

    

    
      
        
        

      

      
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    unless,
      in any such case, the related Servicer has obtained an Opinion of Counsel,
      provided to the related Servicer and the Trustee, to the effect that such action
      will not cause such REO Property to fail to qualify as “foreclosure property”
within the meaning of Section 860G(a)(8) of the Code at any time that it is
      held
      by REMIC I, in which case the related Servicer may take such actions as are
      specified in such Opinion of Counsel.

    

    The
      Servicers may contract with any Independent Contractor for the operation and
      management of any REO Property, provided that:

    

    (i) the
      terms
      and conditions of any such contract shall not be inconsistent
      herewith;

    

    (ii) any
      such
      contract shall require, or shall be administered to require, that the
      Independent Contractor pay all costs and expenses incurred in connection with
      the operation and management of such REO Property, including those listed above
      and remit all related revenues (net of such costs and expenses) to the related
      Servicer as soon as practicable, but in no event later than thirty (30) days
      following the receipt thereof by such Independent Contractor;

    

    (iii) none
      of
      the provisions of this Section 3.22(c) relating to any such contract or to
      actions taken through any such Independent Contractor shall be deemed to relieve
      the related Servicer of any of its duties and obligations to the Trustee on
      behalf of the Trust Fund and for the benefit of the Certificateholders with
      respect to the operation and management of any such REO Property;
      and

    

    (iv) the
      related Servicer shall be obligated with respect thereto to the same extent
      as
      if it alone were performing all duties and obligations in connection with the
      operation and management of such REO Property.

    

    The
      Servicers shall be entitled to enter into any agreement with any Independent
      Contractor performing services for it related to its duties and obligations
      hereunder for indemnification of the related Servicer by such Independent
      Contractor, and nothing in this Agreement shall be deemed to limit or modify
      such indemnification. The related Servicer shall be solely liable for all fees
      owed by it to any such Independent Contractor, irrespective of whether such
      Servicer’s compensation pursuant to Section 3.15 is sufficient to pay such fees.
      Any such agreement shall include a provision that such agreement may be
      immediately terminated by any successor Servicer without fee, in the event
      the
      related Servicer shall for any reason, no longer be the Servicer of the related
      Mortgage Loans (including termination due to a Servicer Event of
      Default).

    

    (d) In
      addition to the withdrawals permitted under Section 3.22(c), the Servicers
      may
      from time to time make withdrawals from the REO Account for any REO Property:
      (i) to pay itself unpaid Servicing Fees in respect of the related Mortgage
      Loan;
      and (ii) to reimburse itself or any Sub-Servicer for unreimbursed Servicing
      Advances and Advances made in respect of such REO Property or the related
      Mortgage Loan. On the Servicer Remittance Date, the related Servicer shall
      withdraw from each REO Account and deposit into the Distribution Account in
      accordance with Section 3.08(d)(ii), for distribution on the related
      Distribution Date in accordance with Section 5.01, the income from the related
      REO Property received during the prior calendar month, net of any withdrawals
      made pursuant to Section 3.22(c) or this Section 3.22(d).

    

    
      
        
        

      

      
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    (e) Subject
      to the time constraints set forth in Section 3.22(a), each REO Disposition
      shall
      be carried out by the Servicers at such price and upon such terms and conditions
      as the related Servicer shall deem necessary or advisable, as shall be normal
      and usual in accordance with Accepted Servicing Practices.

    

    (f) The
      proceeds from the REO Disposition, net of any amount required by law to be
      remitted to the Mortgagor under the related Mortgage Loan and net of any payment
      or reimbursement to the Servicer as provided above, shall be deposited in the
      Distribution Account in accordance with Section 3.08(d)(ii) on the Servicer
      Remittance Date in the month following the receipt thereof for distribution
      on
      the related Distribution Date in accordance with Section 5.01. Any REO
      Disposition shall be for cash only (unless changes in the REMIC Provisions
      made
      subsequent to the Startup Day allow a sale for other
      consideration).

    

    (g) Each
      Servicer shall file information returns (and shall provide a certification
      of a
      Servicing Officer to the Master Servicer that such filings have been made)
      with
      respect to the receipt of mortgage interest received in a trade or business,
      reports of foreclosures and abandonments of any Mortgaged Property and
      cancellation of indebtedness income with respect to any Mortgaged Property
      as
      required by Sections 6050H, 6050J and 6050P of the Code, respectively. Such
      reports shall be in form and substance sufficient to meet the reporting
      requirements imposed by such Sections 6050H, 6050J and 6050P of the
      Code.

    

    SECTION
      3.23. Obligations
      of the Servicers in Respect of Prepayment Interest Shortfalls; Relief Act
      Interest Shortfalls.

    

    Each
      Servicer shall deliver to the Securities Administrator for deposit into the
      Distribution Account on or before 12:00 noon New York time on the Servicer
      Remittance Date from its own funds an amount equal to the lesser of (i) the
      aggregate amount of the Prepayment Interest Shortfalls attributable to Principal
      Prepayments in full on the related Mortgage Loans for the related Distribution
      Date resulting solely from voluntary Principal Prepayments received by the
      Servicer during the portion of the related Prepayment Period occurring between
      the sixteenth (16th)
      day of
      the month preceding the month in which the related Distribution Date occurs
      and
      ending on the last day of such month and (ii) the aggregate amount of the
      related Servicing Fees payable to the related Servicer on such Distribution
      Date
      with respect to the related Mortgage Loans. The Servicers shall not have the
      right to reimbursement for any amounts remitted to the Securities Administrator
      in respect of this Section 3.23. The Servicers shall not be obligated to pay
      the
      amounts set forth in this Section 3.23 with respect to shortfalls resulting
      from
      the application of the Relief Act.

    

    SECTION
      3.24. Obligations
      of the Servicer in Respect of Mortgage Rates and Monthly Payments.

    

    In
      the
      event that a shortfall in any collection on or liability with respect to any
      Mortgage Loan results from or is attributable to adjustments to Mortgage Rates,
      Monthly Payments or Stated Principal Balances that were made by the related
      Servicer in a manner not consistent with the terms of the related Mortgage
      Note
      and this Agreement, such Servicer, upon discovery or receipt of notice thereof,
      immediately shall deliver to the Securities Administrator for deposit in the
      Distribution Account from its own funds the amount of any such shortfall and
      shall indemnify and hold harmless the Trust Fund, the Trustee, the Securities
      Administrator, the Master Servicer, the Depositor and any successor servicer
      in
      respect of any such liability. Such indemnities shall survive the termination
      or
      discharge of this Agreement. Notwithstanding the foregoing, this Section 3.24
      shall not limit the ability of the related Servicer to seek recovery of any
      such
      amounts from the related Mortgagor under the terms of the related Mortgage
      Note
      and Mortgage, to the extent permitted by applicable law.

    

    
      
        
        

      

      
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    SECTION
      3.25. Reserve
      Fund.

    

    (a) No
      later
      than the Closing Date, the Securities Administrator shall establish and maintain
      a separate, segregated trust account entitled, “Reserve Fund, Wells Fargo Bank,
      National Association, in trust for the registered holders of ACE Securities
      Corp. Home Equity Loan Trust, Series 2007-SL1, Asset Backed Pass-Through
      Certificates.” On the Closing Date, the Depositor will deposit, or cause to be
      deposited, into the Reserve Fund $1,000.

    

    (b) On
      each
      Distribution Date, the Securities Administrator shall deposit into the Reserve
      Fund the amounts described in Section 5.01(c)(8)(vi), rather than distributing
      such amounts to the Class CE-1 Certificateholders pursuant to Section
      5.01(c)(8)(viii). On each such Distribution Date, the Securities Administrator
      shall hold all such amounts for the benefit of the Holders of the Class A
      Certificates and the Mezzanine Certificates and will distribute such amounts
      to
      the Holders of the Class A Certificates and the Mezzanine Certificates, in
      the
      amounts and priorities set forth in Section 5.01(c). If no Net WAC Rate
      Carryover Amounts are payable on a Distribution Date, the Securities
      Administrator shall deposit, into the Reserve Fund on behalf of the Class CE-1
      Certificateholders, from amounts otherwise distributable to the Class CE-1
      Certificateholders, an amount such that when added to other amounts already
      on
      deposit in the Reserve Fund, the aggregate amount on deposit therein is equal
      to
      $1,000.

    

    (c) The
      Reserve Fund constitutes an “outside reserve fund” within the meaning of
      Treasury Regulation § 1.860G-2(h) and is not an asset of any REMIC. It is the
      intention of the parties hereto that, for federal and state income and state
      and
      local franchise tax purposes, the Reserve Fund be disregarded as an entity
      separate from the Holder of the Class CE-1 Certificates unless and until the
      date when either (a) there is more than one Class CE-1 Certificateholder or
      (b)
      any Class of Certificates in addition to the Class CE-1 Certificates is
      recharacterized as an equity interest in the Reserve Fund for federal income
      tax
      purposes, in which case it is the intention of the parties hereto that, for
      federal and state income and state and local franchise tax purposes, the Reserve
      Fund be treated as a partnership. The Master Servicer shall not be required
      to
      prepare and file partnership tax returns in respect of such partnership unless
      it receives additional reasonable compensation (not to exceed $10,000 per year)
      for the preparation of such filings, written notification recognizing the
      creation of a partnership agreement or comparable documentation evidencing
      the
      partnership. All amounts deposited into the Reserve Fund (other than the initial
      deposit therein of $1,000) shall be treated as amounts distributed by REMIC
      III
      to the Holders of the Class CE-1 Certificates. Upon the termination of the
      Trust
      Fund, or the payment in full of the Class A Certificates and the Mezzanine
      Certificates, all amounts remaining on deposit in the Reserve Fund will be
      released by the Trust Fund and distributed to the Class CE-1 Certificateholders
      or their designees. The Reserve Fund will be part of the Trust Fund but not
      part
      of any REMIC and any payments to the Holders of the Class A Certificates or
      the
      Mezzanine Certificates of Net WAC Rate Carryover Amounts will not be payments
      with respect to a “regular interest” in a REMIC within the meaning of Code
      Section 860(G)(a)(1).

    

    
      
        
        

      

      
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    (d) By
      accepting a Class CE-1 Certificate, each Class CE-1 Certificateholder hereby
      agrees that the Securities Administrator will deposit into the Reserve Fund
      the
      amounts described above on each Distribution Date rather than distributing
      such
      amounts to the Class CE-1 Certificateholders. By accepting a Class CE-1
      Certificate, each Class CE-1 Certificateholder further agrees that its agreement
      to such action by the Securities Administrator is given for good and valuable
      consideration, the receipt and sufficiency of which is acknowledged by such
      acceptance.

    

    (e) At
      the
      direction of the Holders of a majority in Percentage Interest in the Class
      CE-1
      Certificates, the Securities Administrator shall direct any Depository
      Institution maintaining the Reserve Fund to invest the funds in such account
      in
      one or more Permitted Investments bearing interest or sold at a discount, and
      maturing, unless payable on demand, (i) 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, if a Person other than the
      Securities Administrator or an Affiliate manages or advises such investment,
      and
      (ii) no later than the date on which such funds are required to be withdrawn
      from such account pursuant to this Agreement, if the Securities Administrator
      or
      an Affiliate manages or advises such investment. All income and gain earned
      upon
      such investment shall be deposited into the Reserve Fund. In no event shall
      the
      Securities Administrator be liable for any investments made pursuant to this
      clause (e). If the Holders of a majority in Percentage Interest in the Class
      CE-1 Certificates fail to provide investment instructions, funds on deposit
      in
      the Reserve Fund shall be held uninvested by the Securities Administrator
      without liability for interest or compensation.

    

    (f) For
      federal tax return and information reporting, the right of the Class A
      Certificateholders and the Mezzanine Certificateholders to receive payments
      from
      the Reserve Fund and the Supplemental Interest Trust in respect of any Net
      WAC
      Rate Carryover Amount shall be assigned a value of $829,686.14.

    

    SECTION
      3.26. Advance
      Facility.

    

    (a) Notwithstanding
      anything to the contrary contained herein, (i) each Servicer is hereby
      authorized to enter into an advance facility (“Advance Facility”) but no more
      than two Advance Facilities without the prior written consent of the Trustee,
      which consent shall not be unreasonably withheld, under which (A) the related
      Servicer sells, assigns or pledges to an advancing person (an “Advance Financing
      Person”) its rights under this Agreement to be reimbursed for any P&I
      Advances or Servicing Advances and/or (B) an Advance Financing Person agrees
      to
      finance some or all P&I Advances or Servicing Advances required to be made
      by the related Servicer pursuant to this Agreement and (ii) the related Servicer
      is hereby authorized to assign its rights to the Servicing Fee (which rights
      shall terminate upon the resignation, termination or removal of the Servicer
      pursuant to the terms of this Agreement) or pledge its servicing rights; it
      being understood that neither the Trust Fund nor any party hereto shall have
      a
      right or claim (including without limitation any right of offset) to any amounts
      for reimbursement of P&I Advances or Servicing Advances so assigned or to
      the portion of the Servicing Fee so assigned or the servicing rights so pledged.
      Subject to the provisions of the first sentence of this Section 3.26(a), no
      consent of the Depositor, Trustee, Master Servicer, Certificateholders or any
      other party is required before a Servicer may enter into an Advance Facility,
      but the related Servicer shall provide notice to the Depositor, Master Servicer
      and the Trustee of the existence of any such Advance Facility promptly upon
      the
      consummation thereof stating (a) the identity of the Advance Financing Person
      and (b) the identity of any Person (“Servicer’s Assignee”) who has the right to
      receive amounts in reimbursement of previously unreimbursed P&I Advances or
      Servicing Advances. Notwithstanding the existence of any Advance Facility under
      which an advancing person agrees to finance P&I Advances and/or Servicing
      Advances on the related Servicer’s behalf, such Servicer shall remain obligated
      pursuant to this Agreement to make P&I Advances and Servicing Advances
      pursuant to and as required by this Agreement, and shall not be relieved of
      such
      obligations by virtue of such Advance Facility.

    

    
      
        
        

      

      
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    (b) Reimbursement
      amounts (“Advance Reimbursement Amounts”) shall consist solely of amounts in
      respect of P&I Advances and/or Servicing Advances made with respect to the
      related Mortgage Loans for which the relied Servicer would be permitted to
      reimburse itself in accordance with this Agreement, assuming the Servicer had
      made the related P&I Advance(s) and/or Servicing Advance(s).

    

    (c) The
      related Servicer shall maintain and provide to any successor Servicer (with,
      upon request, a copy to the Trustee) a detailed accounting on a loan-by-loan
      basis as to amounts advanced by, pledged or assigned to, and reimbursed to
      any
      Advance Financing Person. The successor Servicer shall be entitled to rely
      on
      any such information provided by the predecessor Servicer, and the successor
      Servicer shall not be liable for any errors in such information.

    

    (d) Reimbursement
      amounts distributed with respect to each Mortgage Loan shall be allocated to
      outstanding unreimbursed P&I Advances or Servicing Advances (as the case may
      be) made with respect to that Mortgage Loan on a “first-in, first out” (FIFO)
      basis. The documentation establishing any Advance Facility shall require the
      related Servicer to provide to the related Advance Financing Person or its
      designee loan-by-loan information with respect to each such reimbursement amount
      distributed to such Advance Financing Person or Advance Facility trustee on
      each
      Distribution Date, to enable the Advance Financing Person or Advance Facility
      trustee to make the FIFO allocation of each such reimbursement amount with
      respect to each Mortgage Loan. The related Servicer shall remain entitled to
      be
      reimbursed by the Advance Financing Person or Advance Facility trustee for
      all
      P&I Advances and Servicing Advances funded by the related Servicer to the
      extent the related rights to be reimbursed therefor have not been sold, assigned
      or pledged to an Advance Financing Person.

    

    
      
        
        

      

      
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    (e) Any
      amendment to this Section 3.26 or to any other provision of this Agreement
      that
      may be necessary or appropriate to effect the terms of an Advance Facility
      as
      described generally in this Section 3.26, including amendments to add provisions
      relating to a successor Servicer, may be entered into by the Trustee, the
      Depositor, and the related Servicer without the consent of any
      Certificateholder, notwithstanding anything to the contrary in this Agreement,
      provided, that the Trustee has been provided an Opinion of Counsel that such
      amendment is authorized hereunder and has no material adverse effect on the
      Certificateholders, 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; provided, further, that the amendment 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
      (instead of obtaining an Opinion of Counsel to such effect) 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 rating 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. Prior to entering into an
      Advance Facility, the related Servicer shall notify the lender under such
      facility in writing that: (a) the P&I Advances and/or Servicing Advances
      financed by and/or pledged to the lender are obligations owed to the related
      Servicer on a non-recourse basis payable only from the cash flows and proceeds
      received under this Agreement for reimbursement of P&I Advances and/or
      Servicing Advances only to the extent provided herein, and neither the Master
      Servicer, the Securities Administrator, the Trustee nor the Trust are otherwise
      obligated or liable to repay any P&I Advances and/or Servicing Advances
      financed by the lender; (b) the related Servicer will be responsible for
      remitting to the lender the applicable amounts collected by it as Servicing
      Fees
      and as reimbursement for P&I Advances and/or Servicing Advances funded by
      the lender, as applicable, subject to the restrictions and priorities created
      in
      this Agreement; and (c) neither the Master Servicer, the Securities
      Administrator nor the Trustee shall have any responsibility to calculate any
      amount payable under an Advance Facility or to track or monitor the
      administration of the financing arrangement between the Servicer and the lender
      or the payment of any amount under an Advance Facility.

    

    (f) The
      related Servicer shall indemnify the Master Servicer, the Securities
      Administrator, the Trustee and the Trust Fund for any cost, liability or expense
      relating to the Advance Facility including, without limitation, a claim, pending
      or threatened, by an Advance Financing Person.

    

    SECTION
      3.27. Indemnification.

    

    Each
      Servicer agrees to indemnify the Trustee, Master Servicer and the Securities
      Administrator, from, and hold the Trustee, Master Servicer and the Securities
      Administrator harmless against, any loss, liability or expense (including
      reasonable attorney’s fees and expenses) incurred by any such Person by reason
      of the related Servicer’s willful misfeasance, bad faith or gross negligence in
      the performance of its duties under this Agreement or by reason of the related
      Servicer’s reckless disregard of its obligations and duties under this
      Agreement. Such indemnity shall survive the termination or discharge of this
      Agreement and the resignation or removal of the related Servicer, the Trustee,
      the Master Servicer and the Securities Administrator. Any payment hereunder
      made
      by the a Servicer to any such Person shall be from such Servicer’s own funds,
      without reimbursement from REMIC I therefor.

    

    
      
        
        

      

      
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    ARTICLE
      IV

    

    ADMINISTRATION
      AND MASTER SERVICING

    OF
      THE
      MORTGAGE LOANS BY THE MASTER SERVICER

    

    SECTION
      4.01. Master
      Servicer.

    

    The
      Master Servicer shall, from and after the Closing Date supervise, monitor and
      oversee the obligations of the Servicers under this Agreement to service and
      administer the Mortgage Loans in accordance with the terms of this Agreement
      and
      shall have full power and authority to do any and all things which it may deem
      necessary or desirable in connection with such master servicing and
      administration. In performing its obligations hereunder, the Master Servicer
      shall act in a manner consistent with Accepted Master Servicing Practices.
      Furthermore, the Master Servicer shall oversee and consult with the Servicers
      as
      necessary from time-to-time to carry out the Master Servicer’s obligations
      hereunder, shall receive, review and evaluate all reports, information and
      other
      data provided to the Master Servicer by the Servicers and shall cause each
      Servicer to perform and observe the covenants, obligations and conditions to
      be
      performed or observed by such Servicer under this Agreement. The Master Servicer
      shall independently and separately monitor each Servicer’s servicing activities
      with respect to each Mortgage Loan, reconcile the results of such monitoring
      with such information provided in the previous sentence on a monthly basis
      and
      coordinate corrective adjustments to each Servicer’s and Master Servicer’s
      records, and based on such reconciled and corrected information, prepare the
      statements specified in Section 5.03 and any other information and statements
      required to be provided by the Master Servicer hereunder. The Master Servicer
      shall reconcile the results of its Mortgage Loan monitoring with the actual
      remittances of each Servicer to the Distribution Account pursuant to the terms
      hereof based on information provided to the Master Servicer by each
      Servicer.

    

    The
      Trustee shall furnish the Servicers and the Master Servicer with any limited
      powers of attorney and other documents in form acceptable to it necessary or
      appropriate to enable the Servicer and the Master Servicer to service and
      administer the Mortgage Loans and REO Properties. The Trustee shall have no
      responsibility for any action of the Master Servicer or the Servicers pursuant
      to any such limited power of attorney and shall be indemnified by the Master
      Servicer or the related Servicer, as applicable, for any cost, liability or
      expense incurred by the Trustee in connection with such Person’s misuse of any
      such power of attorney.

    

    The
      Trustee, the Custodians and the Securities Administrator shall provide access
      to
      the records and documentation in possession of the Trustee, the Custodians
      or
      the Securities Administrator regarding the Mortgage Loans and REO Property
      and
      the servicing thereof to the Certificateholders, the FDIC, and the supervisory
      agents and examiners of the FDIC, such access being afforded only upon
      reasonable prior written request and during normal business hours at the office
      of the Trustee, the Custodians or the Securities Administrator; provided,
      however, that, unless otherwise required by law, none of the Trustee, the
      Custodians or the Securities Administrator shall be required to provide access
      to such records and documentation if the provision thereof would violate the
      legal right to privacy of any Mortgagor. The Trustee, the Custodians and the
      Securities Administrator shall allow representatives of the above entities
      to
      photocopy any of the records and documentation and shall provide equipment
      for
      that purpose at a charge that covers the Trustee’s, the Custodians’ or the
      Securities Administrator’s actual costs.

    

    
      
        
        

      

      
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    The
      Trustee shall execute and deliver to the related Servicer or the Master Servicer
      upon request any court pleadings, requests for trustee’s sale or other documents
      necessary or desirable to (i) the foreclosure or trustee’s sale with respect to
      a Mortgaged Property; (ii) any legal action brought to obtain judgment against
      any Mortgagor on the Mortgage Note or any other Mortgage Loan Document; (iii)
      obtain a deficiency judgment against the Mortgagor; or (iv) enforce any other
      rights or remedies provided by the Mortgage Note or any other Mortgage Loan
      Document or otherwise available at law or equity.

    

    SECTION
      4.02. REMIC-Related
      Covenants.

    

    For
      as
      long as each REMIC shall exist, the Trustee and the Securities Administrator
      shall act in accordance herewith to treat such REMIC as a REMIC, and the Trustee
      and the Securities Administrator shall comply with any directions of the
      Sponsor, the Servicers or the Master Servicer to assure such continuing
      treatment. In particular, the Trustee shall not (a) sell or permit the sale
      of
      all or any portion of the Mortgage Loans or of any investment of deposits in
      an
      Account unless such sale is as a result of a repurchase of the Mortgage Loans
      pursuant to this Agreement or the Trustee has received a REMIC Opinion prepared
      at the expense of the Trust Fund; and (b) other than with respect to a
      substitution pursuant to the Mortgage Loan Purchase Agreement or Section 2.03
      of
      this Agreement, as applicable, accept any contribution to any REMIC after the
      Startup Day without receipt of an Opinion of Counsel stating that such
      contribution will not result in an Adverse REMIC Event as defined in Section
      11.01(f).

    

    SECTION
      4.03. Monitoring
      of Servicer.

    

    (a) The
      Master Servicer shall be responsible for monitoring the compliance by the
      Servicer with its duties under this Agreement. In the review of a Servicer’s
      activities, the Master Servicer may rely upon an Officer’s Certificate of the
      related Servicer with regard to the related Servicer’s compliance with the terms
      of this Agreement. In the event that the Master Servicer, in its judgment,
      determines that a Servicer should be terminated in accordance with the terms
      hereof or that a notice should be sent pursuant to the terms hereof with respect
      to the occurrence of an event that, unless cured, would constitute a Servicer
      Event of Default, the Master Servicer shall notify the related Servicer, the
      Sponsor and the Trustee thereof and the Master Servicer shall issue such notice
      or take such other action as it deems appropriate.

    

    (b) The
      Master Servicer, for the benefit of the Trustee and the Certificateholders,
      shall enforce the obligations of the Servicers under this Agreement and shall,
      in the event that a Servicer fails to perform its obligations in accordance
      with
      this Agreement, subject to this Section and Article VIII, notify the Trustee
      and
      the Trustee shall terminate the rights and obligations of the related Servicer
      hereunder in accordance with the provisions of Article VIII. In the event the
      rights and obligations of a Servicer (or any successor thereto) are terminated,
      the Master Servicer shall act as servicer of the related Mortgage Loans or
      a
      successor servicer shall be appointed in accordance with the provisions of
      Article VIII. Such enforcement, including, without limitation, the legal
      prosecution of claims and the pursuit of other appropriate remedies, shall
      be in
      such form and carried out to such an extent and at such time as the Master
      Servicer, in its good faith business judgment, would require were it the owner
      of the Mortgage Loans. The Master Servicer shall pay the costs of such
      enforcement at its own expense, provided that the Master Servicer shall not
      be
      required to prosecute or defend any legal action except to the extent that
      the
      Master Servicer shall have received reasonable indemnity for its costs and
      expenses in pursuing such action.

    

    
      
        
        

      

      
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    (c) The
      Master Servicer shall be entitled to be reimbursed by the Servicers (or from
      amounts on deposit in the Distribution Account if the related Servicer is unable
      to fulfill its obligations hereunder) for all reasonable out-of-pocket or third
      party costs associated with the transfer of servicing from the predecessor
      Servicer (or if the predecessor Servicer is the Master Servicer, from the
      Servicer immediately preceding the Master Servicer), including without
      limitation, any reasonable out-of-pocket or third party 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
      successor servicer to correct any errors or insufficiencies in the servicing
      data or otherwise to enable the successor servicer to service the related
      Mortgage Loans properly and effectively, upon presentation of reasonable
      documentation of such costs and expenses.

    

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

    

    (e) If
      the
      Master Servicer acts as a successor to a Servicer, it will not assume any
      liability for the representations and warranties of the terminated
      Servicer.

    

    SECTION
      4.04. Fidelity
      Bond.

    

    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, 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
      4.05. Power
      to
      Act; Procedures.

    

    The
      Master Servicer shall master service the Mortgage Loans and shall have full
      power and authority, subject to the REMIC Provisions and the provisions of
      Article XI, to do any and all things that it may deem necessary or desirable
      in
      connection with the master servicing and administration of the Mortgage Loans,
      including but not limited to the power and authority (i) to execute and deliver,
      on behalf of the Certificateholders and the Trustee, customary consents or
      waivers and other instruments and documents, (ii) to consent to transfers of
      any
      Mortgaged Property and assumptions of the Mortgage Notes and related Mortgages,
      (iii) to collect any Insurance Proceeds and Liquidation Proceeds, and (iv)
      to
      effectuate foreclosure or other conversion of the ownership of the Mortgaged
      Property securing any Mortgage Loan, in each case, in accordance with the
      provisions of this Agreement; provided, however, that the Master Servicer shall
      not (and, consistent with its responsibilities under Section 4.03, shall not
      permit a Servicer to) knowingly or intentionally take any action, or fail to
      take (or fail to cause to be taken) any action reasonably within its control
      and
      the scope of duties more specifically set forth herein, that, under the REMIC
      Provisions, if taken or not taken, as the case may be, would cause REMIC I,
      REMIC II or REMIC III to fail to qualify as a REMIC or result in the imposition
      of a tax upon the Trust Fund (including but not limited to the tax on prohibited
      transactions as defined in Section 860F(a)(2) of the Code and the tax on
      contributions to a REMIC set forth in Section 860G(d) of the Code) unless the
      Master Servicer has received an Opinion of Counsel (but not at the expense
      of
      the Master Servicer) to the effect that the contemplated action will not cause
      REMIC I, REMIC II or REMIC III to fail to qualify as a REMIC or result in the
      imposition of a tax upon REMIC I, REMIC II or REMIC III, as the case may be.
      The
      Trustee shall furnish the Master Servicer, upon written request from a Servicing
      Officer, with any powers of attorney prepared and delivered to it and reasonably
      acceptable to it by empowering the Master Servicer or the Servicer to execute
      and deliver instruments of satisfaction or cancellation, or of partial or full
      release or discharge, and to foreclose upon or otherwise liquidate Mortgaged
      Property, and to appeal, prosecute or defend in any court action relating to
      the
      Mortgage Loans or the Mortgaged Property, in accordance with this Agreement,
      and
      the Trustee shall execute and deliver such other documents prepared and
      delivered to it and reasonably acceptable to it, as the Master Servicer or
      the
      related Servicer may request, to enable the Master Servicer to master service
      and administer the Mortgage Loans and carry out its duties hereunder, in each
      case in accordance with Accepted Master Servicing Practices (and the Trustee
      shall have no liability for misuse of any such powers of attorney by the Master
      Servicer or the related Servicer and shall be indemnified by the Master Servicer
      or the related Servicer, as applicable, for any cost, liability or expense
      incurred by the Trustee in connection with such Person’s use or misuse of any
      such power of attorney). If the Master Servicer or the Trustee has been advised
      that it is likely that the laws of the state in which action is to be taken
      prohibit such action if taken in the name of the Trustee or that the Trustee
      would be adversely affected under the “doing business” or tax laws of such state
      if such action is taken in its name, the Master Servicer shall join with the
      Trustee in the appointment of a co-trustee pursuant to Section 9.10. In the
      performance of its duties hereunder, the Master Servicer shall be an independent
      contractor and shall not, except in those instances where it is taking action
      in
      the name of the Trustee, be deemed to be the agent of the Trustee.

    

    
      
        
        

      

      
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    SECTION
      4.06. Due-on-Sale
      Clauses; Assumption Agreements.

    

    To
      the
      extent Mortgage Loans contain enforceable due-on-sale clauses, the Master
      Servicer shall cause the Servicers to enforce such clauses in accordance with
      this Agreement. If applicable law prohibits the enforcement of a due-on-sale
      clause or such clause is otherwise not enforced in accordance with this
      Agreement and, as a consequence, a Mortgage Loan is assumed, the original
      Mortgagor may be released from liability in accordance with this
      Agreement.

    

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

    

    
      
        
        

      

      
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    (a) The
      Master Servicer shall transmit to the Trustee or the applicable Custodian such
      documents and instruments coming into the possession of the Master Servicer
      from
      time to time as are required by the terms hereof to be delivered to the Trustee
      or the applicable Custodian. Any funds received by the Master Servicer in
      respect of any Mortgage Loan or which otherwise are collected by the Master
      Servicer as Liquidation Proceeds or Insurance Proceeds in respect of any
      Mortgage Loan shall be remitted to the Securities Administrator for deposit
      in
      the Distribution Account. The Master Servicer shall, and, subject to Section
      3.21 of this Agreement, shall cause the Servicers to, provide access to
      information and documentation regarding the related Mortgage Loans to the
      Trustee, its agents and accountants at any time upon reasonable request and
      during normal business hours, and to Certificateholders that are savings and
      loan associations, banks or insurance companies, the Office of Thrift
      Supervision, the FDIC and the supervisory agents and examiners of such Office
      and Corporation or examiners of any other federal or state banking or insurance
      regulatory authority if so required by applicable regulations of the Office
      of
      Thrift Supervision or other regulatory authority, such access to be afforded
      without charge but only upon reasonable request in writing and during normal
      business hours at the offices of the Master Servicer designated by it. In
      fulfilling such a request the Master Servicer shall not be responsible for
      determining the sufficiency of such information.

    

    (b) All
      Mortgage Files and funds collected or held by, or under the control of, the
      Master Servicer, in respect of any Mortgage Loans, whether from the collection
      of principal and interest payments or from Liquidation Proceeds or Insurance
      Proceeds, shall be remitted to the Securities Administrator for deposit in
      the
      Distribution Account.

    

    SECTION
      4.08. Standard
      Hazard Insurance and Flood Insurance Policies.

    

    For
      each
      Mortgage Loan, the Master Servicer shall enforce the obligation of the Servicers
      under this Agreement to maintain or cause to be maintained standard fire and
      casualty insurance and, where applicable, flood insurance, all in accordance
      with the provisions of this Agreement. It is understood and agreed that such
      insurance shall be with insurers meeting the eligibility requirements set forth
      in Section 3.11 of this Agreement and that no earthquake or other additional
      insurance is to be required of any Mortgagor or to be maintained on property
      acquired in respect of a defaulted loan, other than pursuant to such applicable
      laws and regulations as shall at any time be in force and as shall require
      such
      additional insurance.

    

    SECTION
      4.09. Presentment
      of Claims and Collection of Proceeds.

    

    The
      Master Servicer shall enforce each Servicer’s obligations under this Agreement
      to prepare and present on behalf of the Trustee and the Certificateholders
      all
      claims under any insurance policies and take such actions (including the
      negotiation, settlement, compromise or enforcement of the insured’s claim) as
      shall be necessary to realize recovery under such policies. Any proceeds
      disbursed to the Master Servicer (or disbursed to the Servicer and remitted
      to
      the Master Servicer) in respect of such policies, bonds or contracts shall
      be
      promptly deposited in the Distribution Account upon receipt, except that any
      amounts realized that are to be applied to the repair or restoration of the
      related Mortgaged Property as a condition precedent to the presentation of
      claims on the related Mortgage Loan to the insurer under any applicable
      insurance policy need not be so deposited or remitted.

    

    
      
        
        

      

      
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    SECTION
      4.10. Reserved.

    

    SECTION
      4.11. Trustee
      to Retain Possession of Certain Insurance Policies and Documents.

    

    The
      Trustee or the applicable Custodian, shall retain possession and custody of
      the
      originals (to the extent available) of any primary mortgage insurance policies,
      or certificate of insurance if applicable, and any certificates of renewal
      as to
      the foregoing as may be issued from time to time as contemplated by this
      Agreement. Until all amounts distributable in respect of the Certificates have
      been distributed in full and the Master Servicer and the Servicers have
      otherwise fulfilled their respective obligations under this Agreement the
      Trustee or the applicable Custodian shall also retain possession and custody
      of
      each Mortgage File in accordance with and subject to the terms and conditions
      of
      this Agreement and the related Custodial Agreement. The Master Servicer shall
      promptly deliver or cause to be delivered to the Trustee or the applicable
      Custodian, upon the execution or receipt thereof the originals of any primary
      mortgage insurance policies, any certificates of renewal, and such other
      documents or instruments that constitute Mortgage Loan Documents that come
      into
      the possession of the Master Servicer from time to time.

    

    SECTION
      4.12. Realization
      Upon Defaulted Mortgage Loans.

    

    The
      Master Servicer shall cause the Servicers to foreclose upon, repossess or
      otherwise comparably convert the ownership of Mortgaged Properties securing
      such
      of the Mortgage Loans serviced by such Servicer as come into and continue in
      default and as to which no satisfactory arrangements can be made for collection
      of delinquent payments, all in accordance with this Agreement.

    

    SECTION
      4.13. Compensation
      for the Master Servicer.

    

    As
      compensation for the activities of the Master Servicer hereunder, the Master
      Servicer shall be entitled to the Master Servicing Fee and the income from
      investment of or earnings on the funds from time to time in the Distribution
      Account, as provided in Section 3.10. The compensation payable to the Master
      Servicer in respect of any Distribution Date shall be reduced in accordance
      with
      Section 4.19. The Master Servicer shall be required to pay all expenses incurred
      by it in connection with its activities hereunder and shall not be entitled
      to
      reimbursement therefor except as provided in this Agreement.

    

    SECTION
      4.14. REO
      Property.

    

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

    

    
      
        
        

      

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

    

    SECTION
      4.15. Master
      Servicer Annual Statement of Compliance.

    

    (a) The
      Master Servicer and the Securities Administrator shall deliver (or otherwise
      make available) (and the Master Servicer and Securities Administrator shall
      cause any Additional Servicer or Servicing Function Participant engaged by
      it to
      deliver) to the Depositor and the Securities Administrator on or before March
      15
      of each year, commencing in March 2008, an Officer’s Certificate stating, as to
      the signer thereof, that (A) a review of such party’s activities during the
      preceding calendar year or portion thereof and of such party’s performance under
      this Agreement, or such other applicable agreement in the case of an Additional
      Servicer or 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 an Additional Servicer or
      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. 

    

    (b) The
      Master Servicer shall include all annual statements of compliance received
      by it
      with its own annual statement of compliance to be submitted to the Securities
      Administrator pursuant to this Section 4.15. 

    

    (c) In
      the
      event the Master Servicer, the Securities Administrator or any Servicing
      Function Participant engaged by the parties is terminated, assigns its rights
      and obligations under, 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 4.15 or to such applicable agreement, as the case may be,
      notwithstanding any such termination, assignment or resignation.

    

    (d) Failure
      of the Master Servicer to comply timely with this Section 4.15 shall be deemed
      a
      Master Servicer Event of Default, automatically, without notice and without
      any
      cure period, and the Trustee may, in addition to whatever rights the Trustee
      may
      have under this Agreement and at law or in equity or to damages, including
      injunctive relief and specific performance, terminate all the rights and
      obligations of the Master Servicer under this Agreement and in and to the
      Mortgage Loans and the proceeds thereof without compensating the Master Servicer
      for the same. This paragraph shall supersede any other provision in this
      Agreement or any other agreement to the contrary.

    

    
      
        
        

      

      
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    (e) Copies
      of
      such Master Servicer annual statements of compliance shall be provided to any
      Certificateholder upon request, by the Master Servicer or by the Trustee at
      the
      Master Servicer’s expense if the Master Servicer failed to provide such copies
      (unless (i) the Master Servicer shall have failed to provide the Trustee with
      such statement or (ii) the Trustee shall be unaware of the Master Servicer’s
      failure to provide such statement).

    

    SECTION
      4.16. Master
      Servicer Assessments of Compliance. 

    

    (a) By
      March
      15 of each year, commencing in March 2008, the Master Servicer and the
      Securities Administrator, 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 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
      5.06(d), including, if there has been any material instance of noncompliance
      with the Relevant Servicing Criteria, a discussion of each such failure and
      the
      nature and status thereof, and (D) a statement that a registered public
      accounting firm has issued an attestation report on such party’s assessment of
      compliance with the Relevant Servicing Criteria as of and for such period.
      

    

    (b) No
      later
      than the end of each fiscal year for the Trust for which a 10-K is required
      to
      be filed, the Master Servicer shall forward to the Securities Administrator
      and
      to the Depositor the name of each Servicing Function Participant engaged by
      it
      and what Relevant Servicing Criteria will be addressed in the report on
      assessment of compliance prepared by such Servicing Function Participant
      (provided,
      however,
      that
      the Master Servicer need not provide such information to the Securities
      Administrator so long as the Master Servicer and the Securities Administer
      are
      the same Person). When the Master Servicer and the Securities Administrator
      (or
      any Servicing Function Participant engaged by them) submit their assessments
      to
      the Securities Administrator, such parties will also at such time include the
      assessment (and attestation pursuant to Section 4.17) of each Servicing Function
      Participant engaged by it. 

    

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

    

    
      
        
        

      

      
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    (d) The
      Master Servicer shall include all annual reports on assessment of compliance
      received by it from the Servicers with its own assessment of compliance to
      be
      submitted to the Securities Administrator pursuant to this Section 4.16.

    

    (e) In
      the
      event the Master Servicer, the Securities Administrator or any Servicing
      Function Participant engaged by the parties is terminated, assigns its rights
      and obligations under, or resigns pursuant to the terms of this Agreement,
      or
      any other applicable agreement in the case of a Servicing Function Participant,
      as the case may be, such party shall provide a report on assessment of
      compliance pursuant to this Section 4.16 or to such other applicable agreement,
      notwithstanding any such termination, assignment or resignation. 

    

    (f) Failure
      of the Master Servicer to comply timely with this Section 4.16 shall be deemed
      a
      Master Servicer Event of Default, automatically, without notice and without
      any
      cure period, and the Trustee may, in addition to whatever rights the Trustee
      may
      have under this Agreement and at law or in equity or to damages, including
      injunctive relief and specific performance, terminate all the rights and
      obligations of the Master Servicer under this Agreement and in and to the
      Mortgage Loans and the proceeds thereof without compensating the Master Servicer
      for the same. This paragraph shall supersede any other provision in this
      Agreement or any other agreement to the contrary.

    

    (g) Delivery
      under this Section 4.16 of such reports, information and documents to the
      Trustee is for informational purposes only, and the Trustee’s receipt of such
      shall not constitute constructive notice of any information contained therein
      or
      determinable from information contained therein, including the Master Servicer’s
      compliance with any of its covenants hereunder (as to which the Trustee is
      entitled to conclusively rely exclusively on an Officer’s
      Certificate).

    

    SECTION
      4.17. Master
      Servicer Attestation Reports.

    

    (a) By
      March
      15 of each year, commencing in March 2008, the Master Servicer and the
      Securities Administrator, each at its own expense, shall cause, and each such
      party shall cause any Servicing Function Participant engaged by it to cause,
      each at its own expense, a registered public accounting firm (which may also
      render other services to the Master Servicer, the Securities Administrator,
      or
      such other Servicing Function Participants, as the case may be) and 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 PCAOB, it is expressing an opinion as
      to
      whether such party’s compliance with the Relevant Servicing Criteria was fairly
      stated in all material respects, or it cannot express an overall opinion
      regarding such party’s assessment of compliance with the Relevant Servicing
      Criteria. In the event that an overall opinion cannot be expressed, such
      registered public accounting firm shall state in such report why it was unable
      to express such an opinion. Such report must be available for general use and
      not contain restricted use language. 

    

    
      
        
        

      

      
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    (b) Promptly
      after receipt of such assessment of compliance and attestation report from
      the
      Master Servicer, the Securities Administrator or any Servicing Function
      Participant engaged by such parties, the Securities Administrator shall confirm
      that each assessment submitted pursuant to Section 4.16 is coupled with an
      attestation meeting the requirements of this Section and notify the Depositor
      of
      any exceptions.

    

    (c) The
      Master Servicer shall include each such attestation furnished to it from the
      Servicers with its own attestation to be submitted to the Securities
      Administrator pursuant to this Section 4.17. 

    

    (d) In
      the
      event the Master Servicer, the Securities Administrator or any Servicing
      Function Participant engaged by the parties is terminated assigns its rights
      and
      duties under, or resigns pursuant to the terms of this Agreement, or any
      applicable custodial agreement or servicing or sub-servicing agreement in the
      case of a Servicing Function Participant, as the case may be, such party shall
      cause a registered public accounting firm to provide an attestation pursuant
      to
      this Section 4.17, or such other applicable agreement, notwithstanding any
      such
      termination, assignment or resignation.

    

    (e) Failure
      of the Master Servicer to comply timely with this Section 4.17 shall be deemed
      a
      Master Servicer Event of Default, automatically, without notice and without
      any
      cure period, and the Trustee may, in addition to whatever rights the Trustee
      may
      have under this Agreement and at law or in equity or to damages, including
      injunctive relief and specific performance, terminate all the rights and
      obligations of the Master Servicer under this Agreement and in and to the
      Mortgage Loans and the proceeds thereof without compensating the Master Servicer
      for the same. This paragraph shall supersede any other provision in this
      Agreement or any other agreement to the contrary.

    

    SECTION
      4.18. Annual
      Certification.

    

    (a) Each
      Form
      10-K required to be filed for the Trust pursuant to Section 5.06 shall include
      a
      certification (the “Sarbanes-Oxley Certification”) required to be included
      therewith pursuant to the Sarbanes-Oxley Act. Each of the Master Servicer and
      the Securities Administrator shall provide, 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 15 of each year
      in which the Trust is subject to the reporting requirements of the Exchange
      Act
      and otherwise within a reasonable period of time upon request, a certification
      (each, a “Back-Up Certification”), in the form attached hereto as Exhibit C,
      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, assigns its rights or duties under, 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 4.18 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.

    

    
      
        
        

      

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

    

    In
      the
      event of any Prepayment Interest Shortfalls, the Master Servicer shall deposit
      into the Distribution Account not later than the related Distribution Date
      an
      amount equal to the lesser of (i) the aggregate amounts required to be paid
      by
      the Servicers with respect to Prepayment Interest Shortfalls attributable to
      Principal Prepayments in full on the Mortgage Loans for the related Distribution
      Date, and not so paid by the Servicers and (ii) the aggregate amount of the
      compensation payable to the Master Servicer for such Distribution Date in
      accordance with Section 4.13, without reimbursement therefor.

    

    SECTION
      4.20. Prepayment
      Penalty Verification.

    

    On
      or
      prior to each Servicer Remittance Date, each Servicer shall provide in an
      electronic format acceptable to the Master Servicer the data necessary for
      the
      Master Servicer to perform its verification duties set forth in this Section
      4.20. The Master Servicer or a third party reasonably acceptable to the Master
      Servicer and the Depositor (the “Verification Agent”) will perform such
      verification duties and will use its best efforts to issue its findings in
      a
      report (the “Verification Report”) delivered to the Master Servicer and the
      Depositor within ten (10) Business Days following the related Distribution
      Date;
      provided, however, that if the Verification Agent is unable to issue the
      Verification Report within ten (10) Business Days following the Distribution
      Date, the Verification Agent may issue and deliver to the Master Servicer and
      the Depositor the Verification Report upon the completion of its verification
      duties. The Master Servicer shall forward the Verification Report to the related
      Servicer and shall notify the related Servicer if the Master Servicer has
      determined that such Servicer did not deliver the appropriate Prepayment Charge
      to the Securities Administrator in accordance with this Agreement. Such written
      notification from the Master Servicer shall include the loan number, prepayment
      penalty code and prepayment penalty amount as calculated by the Master Servicer
      or the Verification Agent, as applicable, of each Mortgage Loan for which there
      is a discrepancy. If the related Servicer agrees with the verified amounts,
      such
      Servicer shall adjust the immediately succeeding Servicer Report and the amount
      remitted to the Securities Administrator with respect to prepayments
      accordingly. If the related Servicer disagrees with the determination of the
      Master Servicer, such Servicer shall, within five (5) Business Days of its
      receipt of the Verification Report, notify the Master Servicer of such
      disagreement and provide the Master Servicer with detailed information to
      support its position. The related Servicer and the Master Servicer shall
      cooperate to resolve any discrepancy on or prior to the immediately succeeding
      Servicer Remittance Date, and the related Servicer will indicate the effect
      of
      such resolution on the Servicer Report and shall adjust the amount remitted
      with
      respect to prepayments on such Servicer Remittance Date
      accordingly.

    
      
        
        

      

      
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    During
      such time as the related Servicer and the Master Servicer are resolving
      discrepancies with respect to the Prepayment Charges, no payments in respect
      of
      any disputed Prepayment Charges will be remitted to the Securities Administrator
      for deposit in the Distribution Account and the Master Servicer shall not be
      obligated to deposit such payments, unless otherwise required pursuant to
      Section 8.01 hereof. In connection with such duties, the Master Servicer shall
      be able to rely solely on the information provided to it by the Servicers in
      accordance with this Section. The Master Servicer shall not be responsible
      for
      verifying the accuracy of any of the information provided to it by the
      Servicers.

    

    
      
        
        

      

      
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    ARTICLE
      V

    

    PAYMENTS
      TO CERTIFICATEHOLDERS

    

    SECTION
      5.01. Distributions.

    

    (a) On
      each
      Distribution Date, the following amounts, in the following order of priority,
      shall be distributed by REMIC I to REMIC II on account of the REMIC I Regular
      Interests and distributed to the holders of the Class R Certificates (in respect
      of the Class R-I Interest), as the case may be: 

    

    (1) With
      respect to the Group I Mortgage Loans:

    

      (i)to
      Holders of REMIC I Regular Interest I, REMIC I Regular Interest I-CE-20 and
      REMIC I Regular Interest I-CE-2G and REMIC I Regular Interest I-1-A through
      I-54-B, pro
      rata,
      in an
      amount equal to (A) Uncertificated Interest for such REMIC I Regular Interests
      for such Distribution Date, plus (B) any amounts payable in respect thereof
      remaining unpaid from previous Distribution Dates;

      

      (ii)to
      the
      extent of amounts remaining after the distributions made pursuant to clause
      (i)
      above, to the Holders of REMIC I Regular Interest I, an amount of principal
      shall be distributed to such Holders until the Uncertificated Balance of REMIC
      I
      Regular Interest I is reduced to zero; and

      

      (iii)to
      the
      extent of amounts remaining after distributions made pursuant to clauses (i)
      and
      (ii) above, payments of principal shall be allocated to REMIC I Regular
      Interests I-1-A through I-54-B starting with the lowest numerical denomination
      until the Uncertificated Balance of each such REMIC I Regular Interest is
      reduced to zero, provided that, for REMIC I Regular Interests with the same
      numerical denomination, such payments of principal shall be allocated
pro
      rata
      between
      such REMIC I Regular Interests.

      

    (2) With
      respect to the Group II Mortgage Loans:

    

      (i)to
      Holders of REMIC I Regular Interest II, REMIC I Regular Interest I-CE-20 and
      REMIC I Regular Interest I-CE-2G and each of REMIC I Regular Interest II-1-A
      through II-54-B, pro
      rata,
      in an
      amount equal to (A) Uncertificated Interest for such REMIC I Regular Interests
      for such Distribution Date, plus (B) any amounts payable in respect thereof
      remaining unpaid from previous Distribution Dates; 

      

      (ii)to
      the
      extent of amounts remaining after the distributions made pursuant to clause
      (i)
      above, to the Holders of REMIC I Regular Interest II, an amount of principal
      shall be distributed to such Holders until the Uncertificated Balance of REMIC
      I
      Regular Interest II is reduced to zero; and 

      

      (iii)to
      the
      extent of amounts remaining after distributions made pursuant to clauses (i)
      and
      (ii) above, payments of principal shall be allocated to REMIC I Regular
      Interests II-1-A through II-54-B starting with the lowest numerical denomination
      until the Uncertificated Balance of each such REMIC I Regular Interest is
      reduced to zero, provided that, for REMIC I Regular Interests with the same
      numerical denomination, such payments of principal shall be allocated
pro
      rata
      between
      such REMIC I Regular Interests.

      

    
      
        
        

      

      
        151

        
          

        

      

      
        
        

      

    

    (b) to
      the
      Holders of REMIC I Regular Interest I-54-B, all amounts representing Prepayment
      Charges in respect of the Group I Mortgage Loans received during the related
      Prepayment Period and to the Holders of REMIC I Regular Interest II-54-B, all
      amounts representing Prepayment Charges in respect of the Group II Mortgage
      Loans received during the related Prepayment Period.

    

    (c) (1)
      On
      each Distribution Date, the following amounts, in the following order of
      priority, shall be distributed by REMIC II to REMIC III on account of the REMIC
      II Regular Interests or withdrawn from the Distribution Account and distributed
      to the Holders of the Class R Certificates (in respect of the Class R-II
      Interest), as the case may be:

    

    (i) first
      to
      the Holders of REMIC II Regular Interest IO, in an amount equal to (A)
      Uncertificated Interest for such REMIC II Regular Interest for such Distribution
      Date, plus (B) any amounts in respect thereof remaining unpaid from previous
      Distribution Dates and second, to the Holders of REMIC II Regular Interest
      AA,
      REMIC II Regular Interest A-1, REMIC II Regular Interest A-2, REMIC II Regular
      Interest M-1, REMIC II Regular Interest M-2, REMIC II Regular Interest M-3,
      REMIC II Regular Interest M-4, REMIC II Regular Interest M-5, REMIC II Regular
      Interest M-6, REMIC II Regular Interest M-7, REMIC II Regular Interest M-8,
      REMIC
      II
      Regular Interest M-9,
      REMIC
      II Regular Interest M-10, REMIC II Regular Interest ZZ and REMIC II Regular
      Interest P, pro
      rata,
      in an
      amount equal to (A) the Uncertificated Interest for such Distribution Date,
      plus
      (B) any amounts in respect thereof remaining unpaid from previous Distribution
      Dates. Amounts payable as Uncertificated Interest in respect of REMIC II Regular
      Interest ZZ shall be reduced when the REMIC II Overcollateralization Amount
      is
      less than the REMIC II Required Overcollateralization Amount, by the lesser
      of
      (x) the amount of such difference and (y) the Maximum ZZ Uncertificated Interest
      Deferral Amount and such amount will be payable to the Holders of REMIC II
      Regular Interest A-1, REMIC II Regular Interest A-2, REMIC II Regular Interest
      M-1, REMIC II Regular Interest M-2, REMIC II Regular Interest M-3, REMIC II
      Regular Interest M-4, REMIC II Regular Interest M-5, REMIC II Regular Interest
      M-6, REMIC II Regular Interest M-7, REMIC II Regular Interest M-8, REMIC II
      Regular Interest M-9 and REMIC II Regular Interest M-10 in the same proportion
      as the Overcollateralization Increase Amount is allocated to the Corresponding
      Certificates and the Uncertificated Balance of REMIC II Regular Interest ZZ
      shall be increased by such amount;

    

    (ii) to
      Holders of REMIC II Regular Interest I-SUB, REMIC II Regular Interest I-GRP,
      REMIC II Regular Interest II-SUB, REMIC II Regular Interest II-GRP, and REMIC
      II
      Regular Interest XX, pro
      rata,
      in an
      amount equal to (A) the Uncertificated Interest for such Distribution Date,
      plus
      (B) any amounts in respect thereof remaining unpaid from previous Distribution
      Dates;

    

    
      
        
        

      

      
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    (iii) to
      the
      Holders of REMIC II Regular Interests, in an amount equal to the remainder
      of
      the REMIC II Marker Allocation Percentage of the available funds for such
      Distribution Date after the distributions made pursuant to clause (i) above,
      allocated as follows:

    

    (A) 98.00%
      of
      such remainder to the Holders of REMIC II Regular Interest AA, until the
      Uncertificated Balance of such REMIC II Regular Interest is reduced to
      zero;

    

    (B) 2.00%
      of
      such remainder, first, to the Holders of REMIC II Regular Interest A-1, REMIC
      II
      Regular Interest A-2, REMIC II Regular Interest M-1, REMIC II Regular Interest
      M-2, REMIC II Regular Interest M-3, REMIC II Regular Interest M-4, REMIC II
      Regular Interest M-5, REMIC II Regular Interest M-6, REMIC II Regular Interest
      M-7, REMIC II Regular Interest M-8, REMIC II Regular Interest M-9 and REMIC
      II
      Regular Interest M-10, 1% of and in the same proportion as principal payments
      are allocated to the Corresponding Certificates, until the Uncertificated
      Balances of such REMIC II Regular Interests are reduced to zero and second
      to
      the Holders of REMIC II Regular Interest ZZ, until the Uncertificated Balance
      of
      such REMIC II Regular Interest is reduced to zero;

    

    (C) to
      the
      Holders of REMIC II Regular Interest P, (1) 100% of the Prepayment Charges
      deemed distributed on REMIC I Regular Interest I-54-B and REMIC I Regular
      Interest II-54-B and (2) on the Distribution Date immediately following the
      expiration of the latest Prepayment Charge as identified on the Prepayment
      Charge Schedule or any Distribution Date thereafter until $100 has been
      distributed pursuant to this clause; then

    

    (D) any
      remaining amount to the Holders of the Class R Certificate, in respect of the
      Class R-II Interest;

    

    provided,
      however, that 98.00% and 2.00% of any principal payments that are attributable
      to an Overcollateralization Reduction Amount shall be allocated to Holders
      of
      REMIC II Regular Interest AA and REMIC II Regular Interest ZZ,
      respectively.

    

    (iv) to
      the
      Holders of REMIC II Regular Interests, in an amount equal to the remainder
      of
      the REMIC II Sub WAC Allocation Percentage of available funds for such
      Distribution Date after the distributions made pursuant to clause (c)(ii) above,
      such that distributions of principal shall be deemed to be made to the REMIC
      II
      Regular Interests first, so as to keep the Uncertificated Balance of each REMIC
      II Regular Interest ending with the designation “GRP” equal to 0.01% of the
      aggregate Stated Principal Balance of the Mortgage Loans in the related loan
      group; second, to each REMIC II Regular Interest ending with the designation
      “SUB,” so that the Uncertificated Balance of each such REMIC II Regular Interest
      is equal to 0.01% of the excess of (x) the aggregate Stated Principal Balance
      of
      the Mortgage Loans in the related loan group over (y) the current Certificate
      Principal Balance of the Class A Certificate in the related loan group (except
      that if any such excess is a larger number than in the preceding distribution
      period, the least amount of principal shall be distributed to such REMIC II
      Regular Interests such that the REMIC II Subordinated Balance Ratio is
      maintained); and third, any remaining principal to REMIC II Regular Interest
      XX.

    

    
      
        
        

      

      
        153

        
          

        

      

      
        
        

      

    

    (v) Notwithstanding
      the distributions described in Section 5.01(c)(1), distributions of funds shall
      be made to Certificateholders only in accordance with Section 5.01(c)(2) through
      (8) and Section 5.01(e).

    

    (2) On
      each
      Distribution Date, the Securities Administrator shall withdraw from the
      Distribution Account to the extent on deposit therein an amount equal to the
      Group I Interest Remittance Amount and make the following disbursements and
      transfers in the order of priority described below, in each case to the extent
      of the Group I Interest Remittance Amount remaining for such Distribution
      Date:

    

    first,
      commencing on the Distribution Date in September 2007, to the Supplemental
      Interest Trust, an amount equal to (x) the Group I Allocation Percentage of
      (i)
      any Net Swap Payment owed to the Swap Provider and (ii) any Swap Termination
      Payment owed to the Swap Provider not due to a Swap Provider Trigger Event
      (to
      the extent such amount has not been paid by the Securities Administrator from
      any upfront payment received pursuant to any related replacement interest rate
      swap agreement that may be entered into by the Trustee on behalf of the
      Supplemental Interest Trust) and (y) any Net Swap Payment and Swap Termination
      Payment not paid pursuant to clause (x) in first
      under
      Section 5.01(c)(3) below;

    

    second,
      to the
      Holders of the Class A-1 Certificates, the Senior Interest Distribution Amount
      allocable to the Class A-1 Certificates; and

    

    third,
      to the
      Holders of the Class A-2 Certificates, the Senior Interest Distribution Amount
      allocable to the Class A-2 Certificates, to the extent remaining unpaid after
      the distribution of the Group II Interest Remittance Amount as set forth in
      Section 5.01(c)(3) below.

    

    (3) On
      each
      Distribution Date, the Securities Administrator shall withdraw from the
      Distribution Account to the extent on deposit therein an amount equal to the
      Group II Interest Remittance Amount and make the following disbursements and
      transfers in the order of priority described below, in each case to the extent
      of the Group II Interest Remittance Amount remaining for such Distribution
      Date:

    

    first,
      commencing on the Distribution Date in September 2007, to the Supplemental
      Interest Trust, an amount equal to (x) the Group II Allocation Percentage of
      (i)
      any Net Swap Payment owed to the Swap Provider and (ii) any Swap Termination
      Payment owed to the Swap Provider not due to a Swap Provider Trigger Event
      (to
      the extent such amount has not been paid by the Securities Administrator from
      any upfront payment received pursuant to any related replacement interest rate
      swap agreement that may be entered into by the Trustee on behalf of the
      Supplemental Interest Trust) and (y) any Net Swap Payment and Swap Termination
      Payment not paid pursuant to clause (x) in first
      under
      Section 5.01(c)(2) above;

    

    
      
        
        

      

      
        154

        
          

        

      

      
        
        

      

    

    second, to
      the
      Holders of the Class A-2 Certificates, the Senior Interest Distribution Amount
      allocable to the Class A-2 Certificates; and

    

    third,
      to the
      Holders of the Class A-1 Certificates, the Senior Interest Distribution Amount
      allocable to the Class A-1 Certificates, to the extent remaining unpaid after
      the distribution of the Group I Interest Remittance Amount as set forth in
      Section 5.01(c)(2) above.

    

    (4) On
      each
      Distribution Date, the Securities Administrator shall withdraw from the
      Distribution Account to the extent on deposit therein an amount equal to the
      Group I Interest Remittance Amount and the Group II Interest Remittance Amount
      remaining after the distributions required by clauses (2) and (3) above and
      make
      the following disbursements and transfers in the order of priority described
      below, in each case to the extent of the Group I Interest Remittance Amount
      and
      Group II Interest Remittance Amount remaining for such Distribution
      Date:

    

    sequentially,
      to the Holders of 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 Certificates, in
      that
      order, to the extent of the Interest Distribution Amount allocable to each
      such
      Class.

    

    (5) On
      each
      Distribution Date (a) prior to the Stepdown Date or (b) on which a Trigger
      Event
      is in effect, the Securities Administrator shall withdraw from the Distribution
      Account to the extent on deposit therein an amount equal to the Group I
      Principal Distribution Amount and Group II Principal Distribution Amount and
      distribute to the Certificateholders the following amounts, in the following
      order of priority:

    

    (i) The
      Group
      I Principal Distribution Amount shall be distributed in the following order
      of
      priority:

    

    first,
      commencing on the Distribution Date in September 2007, to the Supplemental
      Interest Trust, an amount equal to (x) the Group I Allocation Percentage of
      (i)
      any Net Swap Payment owed to the Swap Provider and (ii) any Swap Termination
      Payment owed to the Swap Provider not due to a Swap Provider Trigger Event
      to
      the extent not paid from the Interest Remittance Amount on such Distribution
      Date and (y) any Net Swap Payment and Swap Termination payment not paid pursuant
      to (x) in first
      of
      5.01(c)(5)(ii) below;

    

    second,
      to the
      Holders of the Class A-1 Certificates, until the Certificate Principal Balance
      of the Class A-1 Certificates has been reduced to zero; and

    

    third,
      to the
      Holders of the Class A-2 Certificates, after taking into account the
      distribution of the Group II Principal Distribution Amount as described in
      Section 5.01(c)(5)(ii) below, until the Certificate Principal Balance of each
      such Class has been reduced to zero.

    

    
      
        
        

      

      
        155

        
          

        

      

      
        
        

      

    

    (ii) The
      Group
      II Principal Distribution Amount shall be distributed in the following order
      of
      priority:

    

    first,
      commencing on the Distribution Date in September 2007, to the Supplemental
      Interest Trust, an amount equal to (x) the Group II Allocation Percentage of
      (i)
      any Net Swap Payment owed to the Swap Provider and (ii) any Swap Termination
      Payment owed to the Swap Provider not due to a Swap Provider Trigger Event
      to
      the extent not paid from the Interest Remittance Amount on such Distribution
      Date and (y) any Net Swap Payment and Swap Termination payment not paid pursuant
      to (x) in first
      of
      5.01(c)(5)(i) above;

    

    second,
      to the
      Holders of the Class A-2 Certificates, until the Certificate Principal Balance
      of the Class A-2 Certificates has been reduced to zero; and

    

    third,
      to the
      Holders of the Class A-1 Certificates after taking into account the distribution
      of the Group I Principal Distribution Amount as described in Section
      5.01(c)(5)(i) above, until the Certificate Principal Balance of the Class A-1
      Certificates has been reduced to zero.

    

    (iii) The
      Group
      I Principal Distribution Amount and Group II Principal Distribution Amount
      remaining after distributions pursuant to Sections 5.01(c)(5)(i) and (ii) above
      shall be distributed in the following order of priority:

    

    sequentially,
      to the Holders of 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 Certificates, in
      that
      order, until the Certificate Principal Balance of each such Class has been
      reduced to zero.

    

    (6) On
      each
      Distribution Date (a) on or after the Stepdown Date and (b) on which a Trigger
      Event is not in effect, the Securities Administrator shall withdraw from the
      Distribution Account to the extent on deposit therein an amount equal to the
      Group I Principal Distribution Amount and Group II Principal Distribution Amount
      and distribute to the Certificateholders the following amounts, in the following
      order of priority:

    

    (i) The
      Group
      I Principal Distribution Amount shall be distributed in the following order
      of
      priority:

    

    first,
      to the
      Supplemental Interest Trust, an amount equal to (x) the Group I Allocation
      Percentage of (i) any Net Swap Payment owed to the Swap Provider and (ii) any
      Swap Termination Payment owed to the Swap Provider not due to a Swap Provider
      Trigger Event to the extent not paid from the Interest Remittance Amount on
      such
      Distribution Date and (y) any Net Swap Payment and Swap Termination payment
      not
      paid pursuant to (x) in first
      of
      5.01(c)(6)(ii) below;

    

    second,
      to the
      Holders of the Class A-1 Certificates, the Class A-1 Principal Distribution
      Amount, until the Certificate Principal Balance of such Class has been reduced
      to zero; and

    

    
      
        
        

      

      
        156

        
          

        

      

      
        
        

      

    

    third,
      to the
      Holders of the Class A-2 Certificates, after taking into account the
      distribution of the Group II Principal Distribution Amount pursuant to Section
      5.01(c)(6)(ii) below on such Distribution Date, up to an amount equal to the
      amount, if any, of the Class A-2 Principal Distribution Amount remaining unpaid
      on such Distribution Date, until the Certificate Principal Balance of such
      Class
      has been reduced to zero.

    

    (ii) The
      Group
      II Principal Distribution Amount shall be distributed in the following order
      of
      priority:

    

    first,
      to the
      Supplemental Interest Trust, an amount equal to (x) the Group II Allocation
      Percentage of (i) any Net Swap Payment owed to the Swap Provider and (ii) any
      Swap Termination Payment owed to the Swap Provider not due to a Swap Provider
      Trigger Event to the extent not paid from the Interest Remittance Amount on
      such
      Distribution Date and (y) any Net Swap Payment and Swap Termination payment
      not
      paid pursuant to (x) in first
      of
      5.01(c)(6)(i) above;

    

    second,
      to the
      Holders of the Class A-2 Certificates, the Class A-2 Principal Distribution
      Amount, until the Certificate Principal Balance of such Class has been reduced
      to zero; and

    

    third,
      to the
      Holders of the Class A-1 Certificates, after taking into account the
      distribution of the Group I Principal Distribution Amount pursuant to Section
      5.01(c)(6)(i) above on such Distribution Date, up to an amount equal to the
      amount, if any, of the Class A-1 Principal Distribution Amount remaining unpaid
      on such Distribution Date, until the Certificate Principal Balance of such
      Class
      has been reduced to zero.

    

    (iii) The
      Principal Distribution Amount remaining after distributions pursuant to Sections
      5.01(c)(6)(i) and (ii) above shall be distributed in the following order of
      priority:

    

    first,
      to the
      Holders of the Class M-1 Certificates, the lesser of (x) the remaining Principal
      Distribution Amount and (y) the Class M-1 Principal Distribution Amount, until
      the Certificate Principal Balance of the Class M-1 Certificates has been reduced
      to zero;

    

    second,
      to the
      Holders of the Class M-2 Certificates, the lesser of (x) the excess of (i)
      the
      remaining Principal Distribution Amount over (ii) the amount distributed to
      the
      Holders of the Class M-1 Certificates under clause first
      above,
      and (y) the Class M-2 Principal Distribution Amount, until the Certificate
      Principal Balance of the Class M-2 Certificates has been reduced to
      zero;

    

    third,
      to the
      Holders of the Class M-3 Certificates, the lesser of (x) the excess of (i)
      the
      remaining Principal Distribution Amount over (ii) the sum of the amounts
      distributed to the Holders of the Class M-1 Certificates under clause
first
      above
      and to the Holders of the Class M-2 Certificates under clause second
      above,
      and (y) the Class M-3 Principal Distribution Amount, until the Certificate
      Principal Balance of the Class M-3 Certificates has been reduced to
      zero;

    

    
      
        
        

      

      
        157

        
          

        

      

      
        
        

      

    

    fourth,
      to the
      Holders of the Class M-4 Certificates, the lesser of (x) the excess of (i)
      the
      remaining Principal Distribution Amount over (ii) the sum of the amounts
      distributed to the Holders of the Class M-1 Certificates under clause
first
      above,
      to the Holders of the Class M-2 Certificates under clause second
      above
      and to the Holders of the Class M-3 Certificates under clause third
      above,
      and (y) the Class M-4 Principal Distribution Amount, until the Certificate
      Principal Balance of the Class M-4 Certificates has been reduced to zero;

    

    fifth,
      to the
      Holders of the Class M-5 Certificates, the lesser of (x) the excess of (i)
      the
      remaining Principal Distribution Amount over (ii) the sum of the amounts
      distributed to the Holders of the Class M-1 Certificates under clause
first
      above,
      to the Holders of the Class M-2 Certificates under clause second
      above,
      to the Holders of the Class M-3 Certificates under clause third
      above
      and to the Holders of the Class M-4 Certificates under clause fourth
      above,
      and (y) the Class M-5 Principal Distribution Amount, until the Certificate
      Principal Balance of the Class M-5 Certificates has been reduced to
      zero;

    

    sixth,
      to the
      Holders of the Class M-6 Certificates, the lesser of (x) the excess of (i)
      the
      remaining Principal Distribution Amount over (ii) the sum of the amounts
      distributed to the Holders of the Class M-1 Certificates under clause
first
      above,
      to the Holders of the Class M-2 Certificates under clause second
      above,
      to the Holders of the Class M-3 Certificates under clause third
      above,
      to the Holders of the Class M-4 Certificates under clause fourth
      above
      and to the Holders of the Class M-5 Certificates under clause fifth
      above,
      and (y) the Class M-6 Principal Distribution Amount, until the Certificate
      Principal Balance of the Class M-6 Certificates has been reduced to zero;

    

    seventh,
      to the
      Holders of the Class M-7 Certificates, the lesser of (x) the excess of (i)
      the
      remaining Principal Distribution Amount over (ii) the sum of the amounts
      distributed to the Holders of the Class M-1 Certificates under clause
first
      above,
      to the Holders of the Class M-2 Certificates under clause second
      above,
      to the Holders of the Class M-3 Certificates under clause third
      above,
      to the Holders of the Class M-4 Certificates under clause fourth
      above,
      to the Holders of the Class M-5 Certificates under clause fifth
      above
      and to the Holders of the Class M-6 Certificates under clause sixth
      above,
      and (y) the Class M-7 Principal Distribution Amount, until the Certificate
      Principal Balance of the Class M-7 Certificates has been reduced to
      zero;

    

    eighth,
      to the
      Holders of the Class M-8 Certificates, the lesser of (x) the excess of (i)
      the
      remaining Principal Distribution Amount over (ii) the sum of the amounts
      distributed to the Holders of the Class M-1 Certificates under clause
first
      above,
      to the Holders of the Class M-2 Certificates under clause second
      above,
      to the Holders of the Class M-3 Certificates under clause third
      above,
      to the Holders of the Class M-4 Certificates under clause fourth
      above,
      to the Holders of the Class M-5 Certificates under clause fifth
      above,
      to the Holders of the Class M-6 Certificates under clause sixth
      above
      and to the Holders of the Class M-7 Certificates under clause seventh
      above,
      and (y) the Class M-8 Principal Distribution Amount, until the Certificate
      Principal Balance of the Class M-8 Certificates has been reduced to
      zero;

    

    
      
        
        

      

      
        158

        
          

        

      

      
        
        

      

    

    ninth,
      to the
      Holders of the Class M-9 Certificates, the lesser of (x) the excess of (i)
      the
      remaining Principal Distribution Amount over (ii) the sum of the amounts
      distributed to the Holders of the Class M-1 Certificates under clause
first
      above,
      to the Holders of the Class M-2 Certificates under clause second
      above,
      to the Holders of the Class M-3 Certificates under clause third
      above,
      to the Holders of the Class M-4 Certificates under clause fourth
      above,
      to the Holders of the Class M-5 Certificates under clause fifth
      above,
      to the Holders of the Class M-6 Certificates under clause sixth
      above,
      to the Holders of the Class M-7 Certificates under clause seventh
      above
      and to the Holders of the Class M-8 Certificates under clause eighth
      above,
      and (y) the Class M-9 Principal Distribution Amount, until the Certificate
      Principal Balance of the Class M-9 Certificates has been reduced to zero; and
      

    

    tenth,
      to the
      Holders of the Class M-10 Certificates, the lesser of (x) the excess of (i)
      the
      remaining Principal Distribution Amount over (ii) the sum of the amounts
      distributed to the Holders of the Class M-1 Certificates under clause
first
      above,
      to the Holders of the Class M-2 Certificates under clause second
      above,
      to the Holders of the Class M-3 Certificates under clause third
      above,
      to the Holders of the Class M-4 Certificates under clause fourth
      above,
      to the Holders of the Class M-5 Certificates under clause fifth
      above,
      to the Holders of the Class M-6 Certificates under clause sixth
      above,
      to the Holders of the Class M-7 Certificates under clause seventh
      above,
      to the
      Holders of the Class M-8 Certificates under clause eighth
      above
      and to
      the Holders of the Class M-9 Certificates under clause tenth
      above,
      and (y) the Class M-10 Principal Distribution Amount, until the Certificate
      Principal Balance of the Class M-10 Certificates has been reduced to
      zero.

    

    (7) On
      each
      Distribution Date, the Net Monthly Excess Cashflow (or, in the case of clause
      (i) below, the Net Monthly Excess Cashflow exclusive of any
      Overcollateralization Reduction Amount) shall be distributed as
      follows:

    

    (i) first,
      to
      the
      Holders of the Class or Classes of Certificates then entitled to receive
      distributions in respect of principal, in an amount equal to the
      Overcollateralization Increase Amount, payable to such Holders, to be paid
      as
      part of the Principal Distribution Amount;

    

    (ii) second,
      concurrently,
      to the holders of the Class A-1 Certificates and Class A-2 Certificates, on
      a
      pro rata basis based on the entitlement of each such Class, in an amount equal
      to the Senior Interest Distribution Amount remaining undistributed;

    

    
      
        
        

      

      
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    (iii) third,
      sequentially, to the holders of 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
      Certificates, in that order, in an amount equal to the Interest Distribution
      Amount and Interest Carry Forward Amount allocable to each such
      Class;

    

    (iv) fourth,
      sequentially,
      to the Holders of 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 Certificates, in
      that
      order, in an amount equal to the Allocated Realized Loss Amount allocable to
      each such Class;

    

    (v) fifth,
      concurrently,
      to the Holders of the Class A Certificates, in an amount equal to such
      Certificates’ allocated share of any Prepayment Interest Shortfalls on the
      Mortgage Loans to the extent not covered by payments pursuant to Section 3.23
      or
      4.19 of this Agreement and any shortfalls resulting from the application of
      the
      Relief Act or similar state or local law or the bankruptcy code with respect
      to
      the Mortgage Loans to the extent not previously reimbursed pursuant to Section
      1.02;

    

    (vi) sixth,
      sequentially,
      to the Holders of 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 Certificates, in
      that
      order, in an amount equal to such certificates’ share of any Prepayment Interest
      Shortfalls on the Mortgage Loans to the extent not covered by payments pursuant
      to Sections 3.23 or Section 4.19 of this Agreement and any Relief Act Interest
      Shortfall, in each case that were allocated to such Class for such Distribution
      Date and for any prior Distribution Date, to the extent not previously
      reimbursed pursuant to Section 1.02;

    

    (vii) seventh,
      to
      the
      Reserve Fund, the amount by which the Net WAC Rate Carryover Amounts, if any,
      with respect to the Class A Certificate and Mezzanine Certificates exceeds
      any
      amount in the Reserve Fund that was not distributed on prior Distribution
      Dates;

    

    (viii) eighth,
      commencing
      on the Distribution Date in September 2007, to the Supplemental Interest Trust,
      an amount equal to any Swap Termination Payment owed to the Swap Provider due
      to
      a Swap Provider Trigger Event pursuant to the Swap Agreement (to the extent
      such
      amount has not been paid by the Securities Administrator from any upfront
      payment received pursuant to any related replacement interest rate swap
      agreement that may be entered into by the Trustee on behalf of the Supplemental
      Interest Trust); 

    

    (ix) ninth,
      to
      pay to
      the Class M-9 Certificates and Class M-10 Certificates, on a pro rata basis
      based on the Certificate Principal Balance of each such Class, 60% of the amount
      of any Net Monthly Excess Cashflow remaining after payments pursuant to clauses
      (i) through (vii) above, in reduction of the Certificate Principal Balance
      of
      each such Class, until reduced to zero;

    

    
      
        
        

      

      
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    (x) tenth,
      to the
      Holders of the Class CE-1 Certificates the Interest Distribution Amount and
      any
      Overcollateralization Reduction Amount for such Distribution Date;
      and

    

    (xi) eleventh,
      to
      the
      Holders of the Class R Certificates, in respect of the Class R-III Interest,
      any
      remaining amounts; provided that if such Distribution Date is the Distribution
      Date immediately following the expiration of the latest Prepayment Charge term
      as identified on the Mortgage Loan Schedule or any Distribution Date thereafter,
      then any such remaining amounts will be distributed first, to the Holders of
      the
      Class P Certificates, until the Certificate Principal Balance thereof has been
      reduced to zero and second, to the Holders of the Class R
      Certificates.

    

    The
      Class
      CE-1 Certificates are intended to receive all principal and interest received
      by
      the Trust on the Mortgage Loans that is not otherwise distributable to any
      other
      Class of Regular Certificates or REMIC Regular Interests. If the Securities
      Administrator determines that the Residual Certificates are entitled to any
      distributions on any Distribution Date other than the final Distribution Date,
      the Securities Administrator, prior to any such distribution to any Residual
      Certificate, shall notify the Depositor of such impending distribution. Upon
      such notification, the Depositor will prepare and request that the other parties
      hereto enter into an amendment to the Pooling and Servicing Agreement pursuant
      to Section 12.01, to revise such mistake in the distribution
      provisions.

    

    On
      each
      Distribution Date, after making the distributions of the Available Distribution
      Amount as set forth above, the Securities Administrator will withdraw from
      the
      Reserve Fund all income from the investment of funds in the Reserve Fund and
      distribute such amount to the Holders of the Class CE-1 Certificates. With
      respect to any amounts deposited in the Reserve Fund from the Net Monthly Excess
      Cashflow under Section 5.01(c)(7)(vii) above and not distributed pursuant to
      the
      preceding paragraph, first, concurrently, (i) to the Holders of the Class A-1
      Certificates, the related Net WAC Rate Carryover Amount remaining unpaid for
      such Distribution Date and (ii) to the Holders of the Class A-2 Certificates,
      the related Net WAC Rate Carryover Amount remaining unpaid for such Distribution
      Date; second, sequentially to the Holders of the Class M-1 Certificates, Class
      M-2 Certificates, Class M-3 Certificates, Class M-4 Certificates, Class M-5
      Certificates, Class M-6 Certificates, Class M-7 Certificates, Class M-8
      Certificates, Class M-9 and Class M-10 Certificates, in that order, in respect
      of the related Net WAC Rate Carryover Amount remaining unpaid for each such
      Class for such Distribution Date and third to the Class CE-1
      Certificates.

    

    (d) As
      described in Section 5.01(c)(2), (3), (5) and (6) above, Net Swap Payments
      and Swap Termination Payments (other than Swap Termination Payments resulting
      from a Swap Provider Trigger Event) payable by the Supplemental Interest Trust
      to the Swap Provider pursuant to the Swap Agreement (to the extent not paid
      by
      the Securities Administrator from any upfront payment received pursuant to
      any
      replacement interest rate swap agreement that may be entered into by the
      Supplemental Interest Trust Trustee) shall be deducted from the Interest
      Remittance Amount, and to the extent of any such remaining amounts due, from
      the
      Principal Remittance Amount, prior to any distributions to the
      Certificateholders. 

    

    
      
        
        

      

      
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    On
      or
      before each Distribution Date commencing on the Distribution Date occurring
      in
      September 2007, such amounts will be distributed to the Supplemental Interest
      Trust and paid by the Securities Administrator to the Swap Provider as
      follows:

    

    first,
      to make
      any Net Swap Payment owed to the Swap Provider pursuant to the Swap Agreement
      for such Distribution Date; and 

    

    second,
      to make
      any Swap Termination Payment (not due to a Swap Provider Trigger Event) owed
      to
      the Swap Provider pursuant to the Swap Agreement for such Distribution Date
      (to
      the extent not paid by the Securities Administrator from any upfront payment
      received pursuant to any replacement interest rate swap agreement that may
      be
      entered into by the Supplemental Interest Trust Trustee). 

    

    Any
      Swap
      Termination Payment triggered by a Swap Provider Trigger Event owed to the
      Swap
      Provider pursuant to the Swap Agreement will be subordinated to distributions
      to
      the Holders of the Offered Certificates and shall be paid pursuant to Section
      5.01(c)(7)(viii).

    

    (e) On
      each
      Distribution Date commencing on the Distribution Date occurring in September
      2007 and ending immediately following the Distribution Date in February 2012,
      to
      the extent required, following the distribution of the Net Monthly Excess
      Cashflow and withdrawals from the Reserve Fund, any Net Swap Payments payable
      to
      the Securities Administrator on behalf of the Supplemental Interest Trust by
      the
      Swap Provider will be distributed on the related Distribution Date in the
      following order of priority: 

    

    first,
      concurrently, to each Class of Class A Certificates, the related Senior Interest
      Distribution Amount remaining undistributed after the distributions of the
      Group
      I Interest Remittance Amount, the Group II Interest Remittance Amount and the
      Net Monthly Excess Cashflow, on a pro
      rata
      basis
      based on such respective remaining Senior Interest Distribution
      Amounts;

    

    second,
      sequentially, to 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 Certificates, in
      that
      order, the related Interest Distribution Amount and Interest Carry Forward
      Amount, to the extent remaining undistributed after the distributions of the
      Group I Interest Remittance Amount, the Group II Interest Remittance Amount
      and
      the Net Monthly Excess Cashflow;

    

    third,
      to the
      Holders of the Class or Classes of Certificates then entitled to receive
      distributions in respect of principal, in an amount necessary to maintain the
      Required Overcollateralization Amount after taking into account distributions
      made pursuant to Section 5.01(c)(7)(i) above;

    

    fourth,
      sequentially to 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 Certificates, in that order,
      in each case up to the related Allocated Realized Loss Amount related to such
      Certificates for such Distribution Date remaining undistributed after
      distribution of the Net Monthly Excess Cashflow;

    

    
      
        
        

      

      
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    fifth,
      concurrently, to each class of Class A Certificates, the related Net WAC Rate
      Carryover Amount, to the extent remaining undistributed after distributions
      of
      Net Monthly Excess Cashflow on deposit in the Reserve Fund, on a pro
      rata
      basis
      based on such respective Net WAC Rate Carryover Amounts remaining
      unpaid;

    

    sixth,
      sequentially, to 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 Certificates, in
      that
      order, the related Net WAC Rate Carryover Amount, to the extent remaining
      undistributed after distributions are made from the Reserve Fund;

    

    seventh,
      to the
      Swap Provider, an amount equal to any Swap Termination Payment owed to the
      Swap
      Provider due to a Swap Provider Trigger Event pursuant to the Swap Agreement
      (to
      the extent such amount has not been paid by the Securities Administrator from
      any upfront payment received pursuant to any related replacement interest rate
      swap agreement that may be entered into by the Trustee on behalf of the
      Supplemental Interest Trust); and

    

    eighth,
      to the
      Class CE-1 Certificates, any remaining amounts.

    

    (f) On
      each
      Distribution Date, for so long as Ocwen is the Servicer of the Ocwen Mortgage
      Loans, the Securities Administrator shall distribute from amounts on deposit
      in
      the Distribution Account to the Holders of the Class CE-2 Certificates, with
      respect to each such Mortgage Loan, one-twelfth of the product of (i) the excess
      of the Servicing Fee Rate over the Ocwen Servicing Fee Rate, if any, multiplied
      by (ii) the Scheduled Principal Balance of the related Mortgage Loan as of
      the
      Due Date in the preceding calendar month (the “Ocwen Excess Servicing
      Fee”).

    

    (g) On
      each
      Distribution Date, for so long as GMAC is the Servicer of the GMAC Mortgage
      Loans, the Securities Administrator shall distribute from amounts on deposit
      in
      the Distribution Account to the Holders of the Class CE-2 Certificates, with
      respect to each such Mortgage Loan, one-twelfth of the product of (i) the excess
      of the Servicing Fee Rate over the GMAC Servicing Fee Rate, if any, multiplied
      by (ii) the Scheduled Principal Balance of the related Mortgage Loan as of
      the
      Due Date in the preceding calendar month (the “GMAC Excess Servicing Fee,
      together with the Ocwen Excess Servicing Fee, the “Excess Servicing
      Fee”).

    

    (h) On
      each
      Distribution Date, the Securities Administrator shall withdraw any amounts
      then
      on deposit in the Distribution Account that represent Prepayment Charges and
      shall distribute such amounts to the Class P Certificateholders as described
      above.

    

    (i) All
      distributions made with respect to each Class of Certificates on each
      Distribution Date shall be allocated pro
      rata
      among
      the outstanding Certificates in such Class based on their respective Percentage
      Interests. Payments in respect of each Class of Certificates on each
      Distribution Date will be made to the Holders of the respective Class of record
      on the related Record Date (except as otherwise provided in Section 5.01(i)
      or
      Section 10.01 respecting the final distribution on such Class), based on the
      aggregate Percentage Interest represented by their respective Certificates,
      and
      shall be made by wire transfer of immediately available funds to the account
      of
      any such Holder at a bank or other entity having appropriate facilities
      therefor, if such Holder shall have so notified the Securities Administrator
      in
      writing at least five (5) Business Days prior to the Record Date immediately
      prior to such Distribution Date and is the registered owner of Certificates
      having an initial aggregate Certificate Principal Balance that is in excess
      of
      the lesser of (i) $5,000,000 or (ii) two-thirds of the initial Certificate
      Principal Balance of such Class of Certificates, or otherwise by check mailed
      by
      first class mail to the address of such Holder 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
      Corporate Trust Office of the Securities Administrator or such other location
      specified in the notice to Certificateholders of such final
      distribution.

    

    
      
        
        

      

      
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    Each
      distribution with respect to a Book-Entry Certificate shall be paid to the
      Depository, as Holder thereof, and the Depository shall be responsible for
      crediting the amount of such distribution to the accounts of its Depository
      Participants in accordance with its normal procedures. Each Depository
      Participant shall be responsible for disbursing such distribution to the
      Certificate Owners that it represents and to each indirect participating
      brokerage firm (a “brokerage firm” or “indirect participating firm”) for which
      it acts as agent. Each brokerage firm shall be responsible for disbursing funds
      to the Certificate Owners that it represents. None of the Trustee, the
      Depositor, the Servicer, the Securities Administrator or the Master Servicer
      shall have any responsibility therefor except as otherwise provided by this
      Agreement or applicable law.

    

    (j) The
      rights of the Certificateholders to receive distributions in respect of the
      Certificates, and all interests of the Certificateholders in such distributions,
      shall be as set forth in this Agreement. None of the Holders of any Class of
      Certificates, the Trustee, the Servicer, the Securities Administrator or the
      Master Servicer shall in any way be responsible or liable to the Holders of
      any
      other Class of Certificates in respect of amounts properly previously
      distributed on the Certificates.

    

    (k) Except
      as
      otherwise provided in Section 10.01, whenever the Securities Administrator
      expects that the final distribution with respect to any Class of Certificates
      will be made on the next Distribution Date, the Securities Administrator shall,
      no later than three (3) days before the related Distribution Date, mail to
      each
      Holder on such date of such Class of Certificates a notice to the effect
      that:

    

    (i) the
      Securities Administrator expects that the final distribution with respect to
      such Class of Certificates will be made on such Distribution Date but only
      upon
      presentation and surrender of such Certificates at the office of the Securities
      Administrator therein specified, and

    

    (ii) no
      interest shall accrue on such Certificates from and after the end of the related
      Interest Accrual Period.

    

    Any
      funds
      not distributed to any Holder or Holders of Certificates of such Class on such
      Distribution Date because of the failure of such Holder or Holders to tender
      their Certificates shall, on such date, be set aside and held in trust by the
      Securities Administrator and credited to the account of the appropriate
      non-tendering Holder or Holders. If any Certificates as to which notice has
      been
      given pursuant to this Section 5.01(i) shall not have been surrendered for
      cancellation within six months after the time specified in such notice, the
      Securities Administrator shall mail a second notice to the remaining
      non-tendering Certificateholders to surrender their Certificates for
      cancellation in order to receive the final distribution with respect thereto.
      If
      within one year after the second notice all such Certificates shall not have
      been surrendered for cancellation, the Securities Administrator shall, directly
      or through an agent, mail a final notice to the remaining non-tendering
      Certificateholders concerning surrender of their Certificates but shall continue
      to hold any remaining funds for the benefit of non-tendering Certificateholders.
      The costs and expenses of maintaining the funds in trust and of contacting
      such
      Certificateholders shall be paid out of the assets remaining in such trust
      fund.
      If within one year after the final notice any such Certificates shall not have
      been surrendered for cancellation, the Securities Administrator shall pay to
      the
      Depositor all such amounts, and all rights of non-tendering Certificateholders
      in or to such amounts shall thereupon cease. No interest shall accrue or be
      payable to any Certificateholder on any amount held in trust by the Securities
      Administrator as a result of such Certificateholder’s failure to surrender its
      Certificate(s) on the final Distribution Date for final payment thereof in
      accordance with this Section 5.01(i). Any such amounts held in trust by the
      Securities Administrator shall be held uninvested in an Eligible
      Account.

    

    
      
        
        

      

      
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    (l) Notwithstanding
      anything to the contrary herein, (i) in no event shall the Certificate Principal
      Balance of a Class A Certificate or a Mezzanine Certificate be reduced more
      than
      once in respect of any particular amount both (a) allocated to such Certificate
      in respect of Realized Losses pursuant to Section 5.04 and (b) distributed
      to
      the Holder of such Certificate in reduction of the Certificate Principal Balance
      thereof pursuant to this Section 5.01 from Net Monthly Excess Cashflow and
      (ii)
      in no event shall the Uncertificated Balance of a REMIC Regular Interest be
      reduced more than once in respect of any particular amount both (a) allocated
      to
      such REMIC Regular Interest in respect of Realized Losses pursuant to Section
      5.04 and (b) distributed on such REMIC Regular Interest in reduction of the
      Uncertificated Balance thereof pursuant to this Section 5.01.

    

    SECTION
      5.02. Statements
      to Certificateholders.

    

    On
      each
      Distribution Date, the Securities Administrator (based on the information set
      forth in the Servicer Reports for such Distribution Date and information
      provided by the Swap Provider under the Swap Agreement with respect to payments
      made pursuant to the Swap Agreement) shall make available to each Holder of
      the
      Certificates, the Servicer and the Credit Risk Manager, a statement as to the
      distributions made on such Distribution Date setting forth:

    

    (i) the
      applicable Interest Accrual Periods and general Distribution Dates;

    

    (ii) with
      respect to each loan group, the total cash flows received and the general
      sources thereof;

    

    (iii) the
      aggregate
      Servicing Fee received by the Servicers and
      Master Servicing Fee received by the Master Servicer during the related Due
      Period;

    

    (iv) the
      amount, if any, of other fees or expenses accrued and paid, with an
      identification of the payee and the general purpose of such fees;

    

    
      
        
        

      

      
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    (v) with
      respect to each loan group, the amount of the related distribution to Holders
      of
      the Certificates (by class) allocable to principal, separately identifying
      (A)
      the aggregate amount of any Principal Prepayments included therein, (B) the
      aggregate of all scheduled payments of principal included therein and (C) any
      Overcollateralization Increase Amount included therein;

    

    (vi) with
      respect to each loan group, the amount of such distribution to Holders of the
      Certificates (by class) allocable to interest and the portion thereof, if any,
      provided by the Swap Agreement in the aggregate;

    

    (vii) with
      respect to each loan group, the Interest Carry Forward Amounts and any Net
      WAC
      Rate Carryover Amounts for the related Certificates (if any);

    

    (viii) the
      aggregate amount of Advances included in the distributions on the Distribution
      Date (including the general purpose of such Advances);

    

    (ix) with
      respect to each loan group, the number and aggregate principal balance of any
      Mortgage Loans (not including a Liquidated Mortgage Loan as of the end of the
      Prepayment Period) that were delinquent (exclusive of Mortgage Loans in
      foreclosure) using the “OTS” method (1) one scheduled payment is delinquent, (2)
      two scheduled payments are delinquent, (3) three scheduled payments are
      delinquent and (4) foreclosure proceedings have been commenced, and loss
      information for the period;

    

    (x) the
      number, aggregate principal balance, weighted average remaining term to maturity
      and weighted average Mortgage Rate of the Mortgage Loans as of the related
      Due
      Date;

    

    (xi) with
      respect to each loan group and any Mortgage Loan that was liquidated during
      the
      preceding calendar month, the loan number and Scheduled Principal Balance of,
      and Realized Loss on, such Mortgage Loan as of the end of the related Prepayment
      Period;

    

    (xii) the
      total
      number and principal balance of any real estate owned, or REO Properties, as
      of
      the end of the related Prepayment Period;

    

    (xiii) with
      respect to each loan group, whether the Stepdown Date has occurred and whether
      Trigger Event is in effect;

    

    (xiv) with
      respect to each loan group, the cumulative Realized Losses through the end
      of
      the preceding month;

    

    (xv) the
      aggregate amount of Extraordinary Trust Fund Expenses withdrawn from the
      Distribution Account for such Distribution Date;

    

    (xvi) with
      respect to each loan group, the Certificate Principal Balance of the related
      Certificates before and after giving effect to the distribution of principal
      and
      allocation of Allocated Realized Loss Amounts on such Distribution
      Date;

    

    
      
        
        

      

      
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    (xvii) with
      respect to each loan group, the number and Scheduled Principal Balance of all
      the Mortgage Loans for the following Distribution Date;

    

    (xviii) with
      respect to each loan group, the three-month rolling average of the percent
      equivalent of a fraction, the numerator of which is the aggregate Scheduled
      Principal Balance of the Mortgage Loans in such loan group that are 60 days
      or
      more delinquent or are in bankruptcy or foreclosure or are REO Properties,
      and
      the denominator of which is the Scheduled Principal Balances of all of the
      Mortgage Loans in such loan group;

    

    (xix) the
      Certificate Factor for each such Class of Certificates applicable to such
      Distribution Date;

    

    (xx) the
      Interest Distribution Amount in respect of the Class A Certificates, the
      Mezzanine Certificates and the Class CE-1 Certificates for such Distribution
      Date and the Interest Carry Forward Amount, if any, with respect to the Class
      A
      Certificates and the Mezzanine Certificates on such Distribution Date, and
      in
      the case of the Class A Certificates and the Mezzanine Certificates separately
      identifying any reduction thereof due to allocations of Prepayment Interest
      Shortfalls and interest shortfalls including the Relief Act Interest Shortfalls
      and Net WAC Rate Carryover Amounts;

    

    (xxi) the
      aggregate amount of any Prepayment Interest Shortfall for such Distribution
      Date, to the extent not covered by payments by the Servicer pursuant to
      Section 3.23 of this Agreement, the Master Servicer pursuant to
      Section 4.19 of this Agreement; 

    

    (xxii) the
      aggregate amount of Relief Act Interest Shortfalls for such Distribution
      Date;

    

    (xxiii) the
      amount of, if any, of Net Monthly Excess Cashflow or excess spread and the
      application of such Net Monthly Excess Cashflow;

    

    (xxiv) the
      Required Overcollateralization Amount and the Credit Enhancement Percentage
      for
      such Distribution Date;

    

    (xxv) the
      Overcollateralization Increase Amount, if any, for such Distribution
      Date;

    

    (xxvi) the
      Overcollateralization Reduction Amount, if any, for such Distribution
      Date;

    

    (xxvii) the
      Pass-Through Rate for each class of Certificates for such Distribution
      Date;

    

    (xxviii) 
      the
      amount of any deposit to the Reserve Fund contemplated by
      Section 3.25(b);

    

    
      
        
        

      

      
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    (xxix) the
      balance of the Reserve Fund prior to the deposit or withdrawal of any amounts
      on
      such Distribution Date;

    

    (xxx) the
      amount of any deposit to the Reserve Fund pursuant to
      Section 5.01(c)(7)(vii);

    

    (xxxi) the
      Aggregate Loss Severity Percentage;

    

    (xxxii) with
      respect to each loan group, the amount of the Prepayment Charges remitted by
      the
      Servicer;

    

    (xxxiii) the
      amount of any Net Swap Payment payable to the Trust, any related Net Swap
      Payment payable to the Swap Provider, any Swap Termination Payment payable
      to
      the Trust and any related Swap Termination Payment payable to the Swap Provider;
      and

    

    (xxxiv) the
      Credit Risk Management Fee received by the Credit Risk Manager. 

    

    The
      Securities Administrator will make such statement (and, at its option, any
      additional files containing the same information in an alternative format)
      available each month to the Certificateholders and the Rating Agencies via
      the
      Securities Administrator’s internet website. The Securities Administrator’s
      internet website shall initially be located at http:\\www.ctslink.com and
      assistance in using the website can be obtained by calling the Securities
      Administrator’s customer service desk at 1-301-815-6600. Parties that are unable
      to use the above distribution options are entitled to have a paper copy mailed
      to them via first class mail by calling the customer service desk and indicating
      such. The Securities Administrator shall have the right to change the way such
      statements are distributed in order to make such distribution more convenient
      and/or more accessible to the above parties and the Securities Administrator
      shall provide timely and adequate notification to all above parties regarding
      any such changes.

    

    In
      the
      case of information furnished pursuant to subclauses (i) and (ii) above, the
      amounts shall be expressed as a dollar amount per Single Certificate of the
      relevant Class.

    

    Within
      a
      reasonable period of time after the end of each calendar year, the Securities
      Administrator shall furnish upon request to each Person who at any time during
      the calendar year was a Holder of a Regular Certificate a statement containing
      the information set forth in subclauses (i) through (iii) above, aggregated
      for
      such calendar year or applicable portion thereof during which such person was
      a
      Certificateholder. Such obligation of the Securities Administrator shall be
      deemed to have been satisfied to the extent that substantially comparable
      information shall be provided by the Securities Administrator pursuant to any
      requirements of the Code as from time to time are in force.

    

    Within
      a
      reasonable period of time after the end of each calendar year, the Securities
      Administrator shall furnish upon request to each Person who at any time during
      the calendar year was a Holder of a Residual Certificate a statement setting
      forth the amount, if any, actually distributed with respect to the Residual
      Certificates, as appropriate, aggregated for such calendar year or applicable
      portion thereof during which such Person was a Certificateholder.

    

    
      
        
        

      

      
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    The
      Securities Administrator shall, upon request, furnish to each Certificateholder
      during the term of this Agreement, such periodic, special, or other reports
      or
      information, whether or not provided for herein, as shall be reasonable with
      respect to the Certificateholder, as applicable, or otherwise with respect
      to
      the purposes of this Agreement, all such reports or information to be provided
      at the expense of the Certificateholder, in accordance with such reasonable
      and
      explicit instructions and directions as the Certificateholder may
      provide.

    

    On
      each
      Distribution Date the Securities Administrator shall provide Bloomberg Financial
      Markets, L.P. (“Bloomberg”) CUSIP level factors for each Class of Certificates
      as of such Distribution Date, using a format and media mutually acceptable
      to
      the Securities Administrator and Bloomberg.

    

    SECTION
      5.03. Servicer
      Reports; P&I Advances.

    

    (a) On
      or
      before 12:00 noon New York time on the 18th calendar day of the month, and
      if
      the 18th calendar day is not a Business Day, the immediately following Business
      Day, each Servicer shall deliver to the Master Servicer and the Securities
      Administrator by telecopy or electronic mail (or by such other means as the
      related Servicer, the Master Servicer and the Securities Administrator may
      agree
      from time to time) a remittance report containing such information with respect
      to the related Mortgage Loans and the related Distribution Date as is reasonably
      available to the related Servicer as the Master Servicer or the Securities
      Administrator may reasonably require so as to enable the Master Servicer to
      master service the Mortgage Loans and oversee the servicing by the related
      Servicer and the Securities Administrator to fulfill its obligations hereunder
      with respect to securities and tax reporting.

    

    (b) The
      amount of P&I Advances to be made by a Servicer on any Distribution Date
      shall equal, subject to Section 5.03(d), (i) the aggregate amount of Monthly
      Payments (net of the related Servicing Fees), due during the related Due Period
      in respect of the Mortgage Loans serviced by such Servicer, which Monthly
      Payments were delinquent as of the close of business on the related
      Determination Date and (ii) with respect to each REO Property, which was
      acquired during or prior to the related Prepayment Period and as to which an
      REO
      Disposition did not occur during the related Prepayment Period, an amount equal
      to the excess, if any, of the REO Imputed Interest on such REO Property for
      the
      most recently ended calendar month, over the net income from such REO Property
      deposited in the related Collection Account pursuant to Section 3.22 of this
      Agreement for distribution on such Distribution Date; provided, however, the
      Servicer shall not be required to make P&I Advances with respect to Relief
      Act Interest Shortfalls, shortfalls due to bankruptcy proceedings or with
      respect to Prepayment Interest Shortfalls in excess of its obligations under
      Section 3.23. For purposes of the preceding sentence, the Monthly Payment on
      each Balloon Mortgage Loan with a delinquent Balloon Payment is equal to the
      assumed monthly payment that would have been due on the related Due Date based
      on the original principal amortization schedule for such Balloon Mortgage
      Loan.

    

    
      
        
        

      

      
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    By
      12:00
      noon New York time on the related Servicer Remittance Date, each Servicer shall
      remit in immediately available funds to the Securities Administrator for deposit
      in the Distribution Account an amount equal to the aggregate amount of P&I
      Advances, if any, to be made in respect of the related Mortgage Loans for the
      related Distribution Date either (i) from its own funds or (ii) from the related
      Collection Account, to the extent of any Amounts Held For Future Distribution
      on
      deposit therein (in which case it will cause to be made an appropriate entry
      in
      the records of the related Collection Account that Amounts Held For Future
      Distribution have been, as permitted by this Section 5.03, used by the Servicer
      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 Servicer with respect to the Mortgage Loans. In addition, each
      Servicer shall have the right to reimburse itself for any outstanding P&I
      Advance made from its own funds from Amounts Held for Future Distribution.
      Any
      Amounts Held For Future Distribution used by the Servicers to make P&I
      Advances or to reimburse itself for outstanding P&I Advances shall be
      appropriately reflected in the related Servicer’s records and replaced by the
      Servicer by deposit in the related Collection Account no later than the close
      of
      business on the related Servicer Remittance Date immediately following the
      Due
      Period or Prepayment Period for which such amounts relate. The Securities
      Administrator will notify the related Servicer and the Master Servicer by the
      close of business on the Business Day prior to the Distribution Date in the
      event that the amount remitted by such Servicer to the Securities Administrator
      on such date is less than the P&I Advances required to be made by the
      related Servicer for the related Distribution Date.

    

    In
      addition, the Servicers will be obligated to advance or cause to be advanced
      to
      the Master Servicer, from time to time, from (i) from its own funds or (ii)
      from
      the related Collection Account, to the extent of any Amounts Held For Future
      Distribution on deposit therein (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 5.03, used by
      the related Servicer in discharge of any such Servicing Advance) or (iii) in
      the
      form of any combination of (i) and (ii), Servicing Advances. Any Amounts Held
      For Future Distribution used by a Servicer to make Servicing Advances shall
      be
      appropriately reflected in such Servicer’s records and replaced by such Servicer
      by deposit in the related Collection Account no later than the close of business
      on the Servicer Remittance Date immediately following the Due Period or
      Prepayment Period for which such amounts relate.

    

    (c) The
      obligation of the Servicers 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 related Mortgage Loan or REO Property, shall continue
      until a Final Recovery Determination in connection therewith or the removal
      thereof from the Trust Fund pursuant to any applicable provision of this
      Agreement, except as otherwise provided in this Section.

    

    (d) Notwithstanding
      anything herein to the contrary, no P&I Advance or Servicing Advance shall
      be required to be made hereunder by the Servicers if such P&I Advance or
      Servicing Advance would, if made, constitute a Nonrecoverable P&I Advance or
      Nonrecoverable Servicing Advance, respectively. The determination by a 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 Nonrecoverable Servicing
      Advance, respectively, shall be evidenced by a certification of a Servicing
      Officer delivered to the Master Servicer.

    

    
      
        
        

      

      
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    (e) In
      the
      event that a Servicer (or any successor thereto) fails to make a required
      P&I Advance, the Master Servicer (in its capacity as successor to the
      related Servicer) will be required to make such P&I Advance on the
      Distribution Date on which the related Servicer was required to make such
      P&I Advance, subject to its determination of recoverability.

    

    SECTION
      5.04. Allocation
      of Realized Losses.

    

    (a) Prior
      to
      the Determination Date, each Servicer shall determine as to each Mortgage Loan
      serviced by such Servicer and any related REO Property and include in the
      monthly remittance report provided to the Master Servicer and the Securities
      Administrator (substantially in the form of Schedule 4 hereto) such information
      as is reasonably available to the related Servicer as the Master Servicer or
      the
      Securities Administrator may reasonably require so as to enable the Master
      Servicer to master service the related Mortgage Loans and oversee the servicing
      by the related Servicer and the Securities Administrator to fulfill its
      obligations hereunder with respect to securities and tax reporting, which shall
      include, but not be limited to: (i) the total amount of Realized Losses, if
      any,
      incurred in connection with any Final Recovery Determinations made during the
      related Prepayment Period; and (ii) the respective portions of such Realized
      Losses allocable to interest and allocable to principal. Prior to each
      Determination Date, each Servicer shall also determine as to each related
      Mortgage Loan: (i) the total amount of Realized Losses, if any, incurred in
      connection with any Deficient Valuations made during the related Prepayment
      Period; and (ii) the total amount of Realized Losses, if any, incurred in
      connection with Debt Service Reductions in respect of Monthly Payments due
      during the related Due Period.

    

    (b) All
      Realized Losses on the Mortgage Loans allocated to any REMIC I Regular Interest
      pursuant to Section 5.04(c) on the Mortgage Loans shall be allocated by the
      Securities Administrator on each Distribution Date as follows: first,
      to Net
      Monthly Excess Cashflow and to Net Swap Payments received from the Swap Provider
      under the Swap Agreement for that purpose; second,
      to the
      Class CE-1 Certificates; third,
      to the
      Class M-10 Certificates, until the Certificate Principal Balance of the Class
      M-10 Certificates has been reduced to zero; fourth,
      to the
      Class M-9 Certificates, until the Certificate Principal Balance of the Class
      M-9
      Certificates has been reduced to zero; fifth,
      to the
      Class M-8 Certificates, until the Certificate Principal Balance of the Class
      M-8
      Certificates has been reduced to zero; sixth,
      to the
      Class M-7 Certificates, until the Certificate Principal Balance of the Class
      M-7
      Certificates has been reduced to zero; seventh,
      to the
      Class M-6 Certificates, until the Certificate Principal Balance of the Class
      M-6
      Certificates has been reduced to zero; eighth,
      to the
      Class M-5 Certificates, until the Certificate Principal Balance of the Class
      M-5
      Certificates has been reduced to zero; ninth,
      to the
      Class M-4 Certificates, until the Certificate Principal Balance of the Class
      M-4
      Certificates has been reduced to zero, tenth,
      to the
      Class M-3 Certificates, until the Certificate Principal Balance of the Class
      M-3
      Certificates has been reduced to zero; eleventh,
      to the
      Class M-2 Certificates, until the Certificate Principal Balance of the Class
      M-2
      Certificates has been reduced to zero, and twelfth,
      to the
      Class M-1 Certificates, until the Certificate Principal Balance of the Class
      M-1
      Certificates has been reduced to zero. All Realized Losses to be allocated
      to
      the Certificate Principal Balances of all Classes on any Distribution Date
      shall
      be so allocated after the actual distributions to be made on such date as
      provided above. All references above to the Certificate Principal Balance of
      any
      Class of Certificates shall be to the Certificate Principal Balance of such
      Class immediately prior to the relevant Distribution Date, before reduction
      thereof by any Realized Losses, in each case to be allocated to such Class
      of
      Certificates, on such Distribution Date.

    

    
      
        
        

      

      
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    Any
      allocation of Realized Losses to a Mezzanine Certificate on any Distribution
      Date shall be made by reducing the Certificate Principal Balance thereof by
      the
      amount so allocated; any allocation of Realized Losses to a Class CE-1
      Certificate shall be made by reducing the amount otherwise payable in respect
      thereof pursuant to Section 5.01(c)(8)(ix). No allocations of any Realized
      Losses shall be made to the Certificate Principal Balances of the Class A
      Certificates or Class P Certificates.

    

    As
      used
      herein, an allocation of a Realized Loss on a “pro
      rata
      basis”
among two or more specified Classes of Certificates means an allocation on
      a
pro
      rata
      basis,
      among the various Classes so specified, to each such Class of Certificates
      on
      the basis of their then outstanding Certificate Principal Balances prior to
      giving effect to distributions to be made on such Distribution Date. All
      Realized Losses and all other losses allocated to a Class of Certificates
      hereunder will be allocated among the, Certificates of such Class in proportion
      to the Percentage Interests evidenced thereby.

    

    In
      addition, in the event that any Servicer receives any Subsequent Recoveries
      with
      respect to a Mortgage Loan serviced by it, such Servicer shall deposit such
      funds into the Collection Account pursuant to Section 3.08. If, after taking
      into account such Subsequent Recoveries, the amount of a Realized Loss is
      reduced, the amount of such Subsequent Recoveries will be applied to increase
      the Certificate Principal Balance of the Class of Mezzanine Certificates with
      the highest payment priority to which Realized Losses have been allocated,
      but
      not by more than the amount of Realized Losses previously allocated to that
      Class of Mezzanine Certificates pursuant to this Section 5.04 and not previously
      reimbursed to such Class of Mezzanine Certificates with Net Monthly Excess
      Cashflow pursuant to Section 5.01(c)(8). The amount of any remaining Subsequent
      Recoveries will be applied to sequentially increase the Certificate Principal
      Balance of the Mezzanine Certificates, beginning with the Class of Mezzanine
      Certificates with the next highest payment priority, up to the amount of such
      Realized Losses previously allocated to such Class of Mezzanine Certificates
      pursuant to this Section 5.04 and not previously reimbursed to such Class of
      Mezzanine Certificates with Net Monthly Excess Cashflow pursuant to Section
      5.01(c)(7)(iv). Holders of such Certificates will not be entitled to any payment
      in respect of current interest on the amount of such increases for any Interest
      Accrual Period preceding the Distribution Date on which such increase occurs.
      Any such increases shall be applied to the Certificate Principal Balance of
      each
      Mezzanine Certificate of such Class in accordance with its respective Percentage
      Interest.

    

    (c) (i)   All
      Realized Losses on the Group I Mortgage Loans shall be allocated on each
      Distribution Date first to REMIC I Regular Interest I until the Uncertificated
      Balance of such REMIC I Regular Interest has been reduced to zero and second,
      to
      REMIC I Regular Interest I-1-A through REMIC I Regular Interest I-54-B, starting
      with the lowest numerical denomination until such REMIC I Regular Interest
      has
      been reduced to zero, provided that, for REMIC I Regular Interests with the
      same
      numerical denomination, such Realized Losses shall be allocated pro
      rata
      between
      such REMIC I Regular Interests.
      All
      Realized Losses on the Group II Mortgage Loans shall be allocated on each
      Distribution Date first, to REMIC I Regular Interest II until the Uncertificated
      Balance of such REMIC I Regular Interest has been reduced to zero and second,
      to
      REMIC I Regular Interest II-1-A through REMIC I Regular Interest II-54-B,
      starting with the lowest numerical denomination until such REMIC I Regular
      Interest has been reduced to zero, provided that, for REMIC I Regular Interests
      with the same numerical denomination, such Realized Losses shall be allocated
      pro
      rata
      between
      such REMIC I Regular Interests. 

    

    
      
        
        

      

      
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    (i) The
      REMIC
      II Marker Allocation Percentage of all Realized Losses on the Mortgage Loans
      shall be allocated by the Securities Administrator, on each Distribution Date
      to
      the following REMIC II Regular Interests in the specified percentages, as
      follows: first, to Uncertificated Interest payable to the REMIC II Regular
      Interest AA and REMIC II Regular Interest ZZ up to an aggregate amount equal
      to
      the REMIC II Interest Loss Allocation Amount, 98.00% and 2.00%, respectively;
      second, to the Uncertificated Balances of the REMIC II Regular Interest AA
      and
      REMIC II Regular Interest ZZ up to an aggregate amount equal to the REMIC II
      Principal Loss Allocation Amount, 98.00% and 2.00%, respectively; third, to
      the
      Uncertificated Balances of REMIC II Regular Interest AA, REMIC II Regular
      Interest M-10, and REMIC II Regular Interest ZZ, 98.00%, 1.00% and 1.00%,
      respectively, until the Uncertificated Balance of REMIC II Regular Interest
      M-10
      has been reduced to zero; fourth, to the Uncertificated Balances of REMIC II
      Regular Interest AA, REMIC II Regular Interest M-9, and REMIC II Regular
      Interest ZZ, 98.00%, 1.00% and 1.00%, respectively, until the Uncertificated
      Balance of REMIC II Regular Interest M-9 has been reduced to zero; fifth, to
      the
      Uncertificated Balances of REMIC II Regular Interest AA, REMIC II Regular
      Interest M-8 and REMIC II Regular Interest ZZ, 98.00%, 1.00% and 1.00%,
      respectively, until the Uncertificated Balance of REMIC II Regular Interest
      M-8
      has been reduced to zero; sixth, to the Uncertificated Balances of REMIC II
      Regular Interest AA, REMIC II Regular Interest M-7 and REMIC II Regular Interest
      ZZ, 98.00%, 1.00% and 1.00%, respectively, until the Uncertificated Balance
      of
      REMIC II Regular Interest M-7 has been reduced to zero; seventh, to the
      Uncertificated Balances of REMIC II Regular Interest AA, REMIC II Regular
      Interest M-6 and REMIC II Regular Interest ZZ, 98.00%, 1.00% and 1.00%,
      respectively, until the Uncertificated Balance of REMIC II Regular Interest
      M-6
      has been reduced to zero; eighth, to the Uncertificated Balances of REMIC II
      Regular Interest AA, REMIC II Regular Interest M-5 and REMIC II Regular Interest
      ZZ, 98.00%, 1.00% and 1.00%, respectively, until the Uncertificated Balance
      of
      REMIC II Regular Interest M-5 has been reduced to zero; ninth, to the
      Uncertificated Balances of REMIC II Regular Interest AA, REMIC II Regular
      Interest M-4 and REMIC II Regular Interest ZZ, 98.00%, 1.00% and 1.00%,
      respectively, until the Uncertificated Balance of REMIC II Regular Interest
      M-4
      has been reduced to zero; tenth, to the Uncertificated Balances of REMIC II
      Regular Interest AA, REMIC II Regular Interest M-3 and REMIC II Regular Interest
      ZZ, 98.00%, 1.00% and 1.00%, respectively, until the Uncertificated Balance
      of
      REMIC II Regular Interest M-3 has been reduced to zero; eleventh, to the
      Uncertificated Balances of REMIC II Regular Interest AA, REMIC II Regular
      Interest M-2 and REMIC II Regular Interest ZZ, 98.00%, 1.00% and 1.00%,
      respectively, until the Uncertificated Balance of REMIC II Regular Interest
      M-2
      has been reduced to zero; and twelfth, to the Uncertificated Balances of REMIC
      II Regular Interest AA, REMIC II Regular Interest M-1 and REMIC II Regular
      Interest ZZ, 98.00%, 1.00% and 1.00%, respectively, until the Uncertificated
      Balance of REMIC II Regular Interest M-1 has been reduced to zero.

    

    
      
        
        

      

      
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    (ii) The
      REMIC
      II Sub WAC Allocation Percentage of all Realized Losses shall be applied after
      all distributions have been made on each Distribution Date first, so as to
      keep
      the Uncertificated Balance of each REMIC II Regular Interest ending with the
      designation “GRP” equal to 0.01% of the aggregate Stated Principal Balance of
      the Mortgage Loans in the related loan group; second, to each REMIC II Regular
      Interest ending with the designation “SUB,” so that the Uncertificated Balance
      of each such REMIC II Regular Interest is equal to 0.01% of the excess of (x)
      the aggregate Stated Principal Balance of the Mortgage Loans in the related
      loan
      group over (y) the current Certificate Principal Balance of the Class A
      Certificate in the related loan group (except that if any such excess is a
      larger number than in the preceding distribution period, the least amount of
      Realized Losses shall be applied to such REMIC II Regular Interests such that
      the REMIC II Subordinated Balance Ratio is maintained); and third, any remaining
      Realized Losses shall be allocated to REMIC II Regular Interest XX.

    

    SECTION
      5.05. Compliance
      with Withholding Requirements.

    

    Notwithstanding
      any other provision of this Agreement, the Securities Administrator shall comply
      with all federal withholding requirements respecting payments to
      Certificateholders of interest or original issue discount that the Securities
      Administrator reasonably believes are applicable under the Code. The consent
      of
      Certificateholders shall not be required for such withholding. In the event
      the
      Securities Administrator does withhold any amount from interest or original
      issue discount payments or advances thereof to any Certificateholder pursuant
      to
      federal withholding requirements, the Securities Administrator shall indicate
      the amount withheld to such Certificateholders.

    

    SECTION
      5.06. Reports
      Filed with Securities and Exchange Commission.

    

    (a) (i) Within
      15
      days after each Distribution Date (subject to permitted extensions under the
      Exchange Act), the Securities Administrator shall prepare and file on behalf
      of
      the Trust 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 G 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
      as
      set forth in the next paragraph. 

    

    (ii) As
      set
      forth on Exhibit G hereto, within 5 calendar days after the related Distribution
      Date, (A) certain parties to the ACE Securities Corp. Home Equity Loan Trust,
      Series 2007-SL1 transaction shall be required to provide to the Securities
      Administrator and the Depositor, to the extent known by a responsible officer
      thereof, in EDGAR-compatible form, or in such other form as otherwise agreed
      upon by the Securities Administrator and such party, the form and substance
      of
      any Additional Form 10-D Disclosure, if applicable, together with an Additional
      Disclosure Notification in the form of Exhibit  H hereto (an “Additional
      Disclosure Notification”) and (B) the Depositor will approve, as to form and
      substance, or disapprove, as the case may be, the inclusion of the Additional
      Form 10-D Disclosure on Form 10-D. The Depositor will be responsible for any
      reasonable fees and expenses assessed or incurred by the Securities
      Administrator in connection with including any Additional Form 10-D Disclosure
      on Form 10-D pursuant to this paragraph. 

    

    
      
        
        

      

      
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    (iii) After
      preparing the Form 10-D, the Securities Administrator shall upon request,
      forward electronically a copy of the Form 10-D to the Depositor (provided that
      such Form 10-D includes any Additional Form 10-D Disclosure). Within two (2)
      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 by the due date specified herein, or if the Depositor does
      not request a copy of a Form 10-D, the Securities Administrator shall be
      entitled to assume that such Form 10-D is in final form and the Securities
      Administrator may proceed with the execution and filing of the Form 10-D. A
      duly
      authorized representative of the Master Servicer shall sign the Form 10-D.
      If a
      Form 10-D cannot be filed on time or if a previously filed Form 10-D needs
      to be
      amended, the Securities Administrator will follow the procedures set forth
      in
      Section 5.06(c)(ii). Promptly (but no later than 1 Business Day) after filing
      with the Commission, the Securities Administrator will make available on its
      internet website a final executed copy of each Form 10-D prepared and filed
      by
      the Securities Administrator. Each party to this Agreement acknowledges that
      the
      performance by the Securities Administrator and the Master Servicer of their
      duties under this Section 5.06(a) related to the timely preparation, execution
      and filing of Form 10-D is contingent upon such parties strictly observing
      all
      applicable deadlines in the performance of their duties as set forth in this
      Agreement. Neither the Master Servicer nor the Securities Administrator shall
      have any liability for any loss, expense, damage, claim arising out of or with
      respect to any failure to properly prepare, execute and/or timely file such
      Form
      10-D, where such failure results from the Securities Administrator’s inability
      or failure to receive, on a timely basis, any information from any other party
      hereto needed to prepare, arrange for execution or file such Form 10-D, not
      resulting from its own negligence, bad faith or willful misconduct.

    

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

    

    (ii) As
      set
      forth on Exhibit G hereto, for so long as the Trust is subject to the Exchange
      Act reporting requirements, no later than the close of business New York City
      time on the 2nd Business Day after the occurrence of a Reportable Event (i)
      the
      parties to the ACE Securities Corp. Home Equity Loan Trust, Series 2007-SL1
      transaction shall be required to provide to the Securities Administrator and
      Depositor, to the extent known by a responsible officer thereof, in
      EDGAR-compatible form, or in such other form as otherwise agreed upon by the
      Securities Administrator and such party, the form and substance of any Form
      8-K
      Disclosure Information, if applicable, together with an Additional Disclosure
      Notification and (ii) the Depositor will approve, as to form and substance,
      or
      disapprove, as the case may be, the inclusion of the Form 8-K Disclosure
      Information. The Depositor will be responsible for any reasonable fees and
      expenses assessed or incurred by the Securities Administrator in connection
      with
      including any Form 8-K Disclosure Information on Form 8-K pursuant to this
      paragraph. 

    

    
      
        
        

      

      
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    (iii) After
      preparing the Form 8-K, the Securities Administrator shall upon request, forward
      electronically a copy of the Form 8-K to the Depositor. Promptly, but no later
      than the close of business on the third Business Day after the Reportable Event,
      the Depositor shall notify the Securities Administrator in writing (which may
      be
      furnished electronically) of any changes to or approval of such Form 8-K. In
      the
      absence of receipt of any written changes or approval by the third Business
      Day,
      or if the Depositor does not request a copy of a Form 8-K, the Securities
      Administrator shall be entitled to assume that such Form 8-K is in final form
      and the Securities Administrator may proceed with the execution and filing
      of
      the Form 8-K. A duly authorized representative of the Master Servicer shall
      sign
      each Form 8-K. If a Form 8-K cannot be filed on time or if a previously filed
      Form 8-K needs to be amended, the Securities Administrator will follow the
      procedures set forth in Section 5.06(c)(ii). Promptly (but no later than 1
      Business Day) after filing with the Commission, the Securities Administrator
      will, make available on its internet website a final executed copy of each
      Form
      8-K that has been prepared and filed by the Securities Administrator. The
      parties to this Agreement acknowledge that the performance by the Master
      Servicer and the Securities Administrator of their duties under this Section
      5.06(b) related to the timely preparation, execution and filing of Form 8-K
      is
      contingent upon such parties strictly observing all applicable deadlines in
      the
      performance of their duties under this Agreement. Neither the Master Servicer
      nor the Securities Administrator shall have any liability for any loss, expense,
      damage, claim arising out of or with respect to any failure to properly prepare,
      execute and/or timely file such Form 8-K, where such failure results from the
      Securities Administrator’s inability or failure to receive, on a timely basis,
      any information from any other party hereto needed to prepare, execute or
      arrange for execution or file such Form 8-K, not resulting from its own
      negligence, bad faith or willful misconduct.

    

    (c) (i) On
      or
      prior to January 30th of the first year in which the Securities Administrator
      is
      able to do so under applicable law, the Securities Administrator shall prepare
      and file a Form 15 suspension notification relating to the automatic suspension
      of reporting in respect of the Trust 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 electronically notify 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
      and such amendment includes any Additional Form 10-D Disclosure (other than
      for
      the purposes of restating any Monthly Report), any Additional Form 10-K
      Disclosure or any Form 8-K Disclosure Information or any amendment to such
      disclosure, the Securities Administrator will electronically notify the
      Depositor only if the amendment pertains to an additional reporting item being
      revised and/or amended on such form, but not if an amendment is being filed
      as a
      result of a Remittance Report revision, and the Depositor will cooperate with
      the Securities Administrator in preparing 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 the Securities Administrator
      and
      the Master Servicer of their duties under this Section 5.06(c) related to the
      timely preparation, execution and filing of Form 15, a Form 12b-25 or any
      amendment to Form 8-K, 10-D or 10-K is contingent upon each such party
      performing its duties under this 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 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 receive, on a timely basis, any information from any
      other party hereto needed to prepare, execute or 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.

    

    
      
        
        

      

      
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    (d) (i) 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),
      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, the related
      servicing agreement and custodial agreements, (i) an annual compliance statement
      for the Servicer, each Additional Servicer, the Master Servicer and the
      Securities Administrator and any Servicing Function Participant engaged by
      such
      parties (each, a “Reporting Servicer”) as described under Section 3.17 and
      Section 4.15 and in such other agreements, (ii)(A) the annual reports on
      assessment of compliance with servicing criteria for each Reporting Servicer,
      as
      described under Section 3.18 and Section 4.16 and in such other agreements,
      and
      (B) if each Reporting Servicer’s report on assessment of compliance with
      servicing criteria described under Section 3.18 and Section 4.16 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 3.18 and Section
      4.16
      is not included as an exhibit to such Form 10-K, disclosure that such report
      is
      not included and an explanation why such report is not included, (iii)(A) the
      registered public accounting firm attestation report for each Reporting
      Servicer, as described under Section 3.18 and Section 4.17, or in such other
      agreement and (B) if any registered public accounting firm attestation report
      described under Section 3.18 and Section 4.17 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 3.20 and Section 4.18 (provided, however,
      that the Securities Administrator, at its discretion, may omit from the Form
      10-K any annual compliance statement, assessment of compliance or attestation
      report that is not required to be filed with such Form 10-K pursuant to
      Regulation AB). 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 G 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 as set forth in the next
      paragraph.

    

    
      
        
        

      

      
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    (ii) As
      set
      forth on Exhibit G hereto, no later than March 15 of each year that the Trust
      is
      subject to the Exchange Act reporting requirements, commencing in 2008, (i)
      parties to the ACE Securities Corp. Home Equity Loan Trust, Series 2007-SL1
      transaction shall be required to provide to the Securities Administrator and
      Depositor, to the extent known, by a responsible officer thereof, in
      EDGAR-compatible form, or in such other form as otherwise agreed upon by the
      Securities Administrator and such party, the form and substance of any
      Additional Form 10-K Disclosure, if applicable, together with an Additional
      Disclosure Notification and (ii) the Depositor will approve, as to form and
      substance, or disapprove, as the case may be, the inclusion of the Additional
      Form 10-K Disclosure on Form 10-K. The Depositor will be responsible for any
      reasonable fees and expenses assessed or incurred by the Securities
      Administrator in connection with including any Additional Form 10-K Disclosure
      on Form 10-K pursuant to this paragraph.

    

    (iii) After
      preparing the Form 10-K, the Securities Administrator shall upon request,
      forward electronically a copy of the Form 10-K to the Depositor. Within three
      (3) Business Days after receipt of such copy, but in no event later than March
      25th
      of each
      year that the Trust is subject to Exchange Act reporting requirements, 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 by March 25th, or
      if
      the Depositor does not request a copy of a Form 10-K, the Securities
      Administrator shall be entitled to assume that such Form 10-K is in final form
      and the Securities Administrator may proceed with the execution and filing
      of
      the Form 10-K. A senior officer of the Master Servicer in charge of the master
      servicing function shall sign the Form 10-K. If a Form 10-K cannot be filed
      on
      time or if a previously filed Form 10-K needs to be amended, the Securities
      Administrator will follow the procedures set forth in Section 5.06(c)(ii).
      Promptly (but no later than 1 Business Day) after filing with the Commission,
      the Securities Administrator will make available on its internet website a
      final
      executed copy of each Form 10-K prepared and filed by the Securities
      Administrator. The parties to this Agreement acknowledge that the performance
      by
      the Master Servicer and the Securities Administrator of their respective duties
      under this Section 5.06(d) related to the timely preparation, execution and
      filing of Form 10-K is contingent upon such parties (and any Additional Servicer
      or Servicing Function Participant) strictly observing all applicable deadlines
      in the performance of their duties under this Section 5.06(d), Section 3.17,
      Section 3.18, Section 3.20, Section 4.16, Section 4.17 and Section 4.18. Neither
      the Master Servicer nor the Securities Administrator shall have any liability
      for any loss, expense, damage or claim arising out of or with respect to any
      failure to properly prepare, execute and/or timely file such Form 10-K, 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 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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    (e) Each
      of
      Form 10-D and Form 10-K requires the registrant to indicate (by checking “yes”
or “no”) that it “(1) has filed all reports required to be filed by Section 13
      or 15(d) of the Exchange Act during the preceding 12 months (or for such shorter
      period that the registrant was required to file such reports), and (2) has
      been
      subject to such filing requirements for the past 90 days.” The Depositor hereby
      represents to the Securities Administrator that the Depositor has filed all
      such
      required reports during the preceding 12 months and that it has been subject
      to
      such filing requirement for the past 90 days. The Depositor shall notify the
      Securities Administrator in writing, no later than the fifth calendar day after
      the related Distribution Date with respect to the filing of a report on Form
      10-D and no later than March 15th with respect to the filing of a report on
      Form
      10-K, if the answer to the question should be “no” as a result of filings that
      relate to other securitization transactions of the Depositor for which the
      Securities Administrator does not have the obligation to prepare and file
      Exchange Act reports.

    

    (f) The
      Securities Administrator shall indemnify and hold harmless the Depositor, the
      Trustee and their respective officers, directors and Affiliates from and against
      any losses, damages, penalties, fines, forfeitures, reasonable and necessary
      legal fees and related costs, judgments and other costs and expenses arising
      out
      of or based upon a breach of the Master Servicer’s obligations under this
      Section 5.06 or the Master Servicer’s negligence, bad faith or willful
      misconduct in connection therewith. 

    

    (g) Notwithstanding
      the provisions of Section 12.01, this Section 5.06 may be amended without the
      consent of the Certificateholders.

    

    SECTION
      5.07. Supplemental
      Interest Trust.

    

    (a) On
      the
      Closing Date, the Securities Administrator shall establish and maintain in
      the
      name of the Trustee a separate account for the benefit of the holders of the
      Offered Certificates (the “Supplemental Interest Trust”). The Supplemental
      Interest Trust shall be an Eligible Account, and funds on deposit therein shall
      be held separate and apart from, and shall not be commingled with, any other
      moneys, including, without limitation, other moneys of the Trustee or of the
      Securities Administrator held pursuant to this Agreement. 

    

    (b) On
      the
      Business Day prior to each Distribution Date, the Securities Administrator
      shall
      deposit into the Supplemental Interest Trust amounts distributable to the Swap
      Provider by the Supplemental Interest Trust pursuant to Section 5.01(c)(2),
      (3), (5) and (6) and Section 5.01(c)(7)(viii)
      of this
      Agreement and shall distribute such amounts on the Business Day prior to such
      Distribution Date in accordance with the foregoing sections.

    

    (c) On
      the
      Business Day prior to each Distribution Date, the Securities Administrator
      shall
      deposit into the Supplemental Interest Trust amounts received by it from the
      Swap Provider and shall distribute from the Supplemental Interest Trust on
      the
      Distribution Date an amount equal to the amount of any Net Swap Payment received
      from the Swap Provider under the Swap Agreement in the order of priority set
      forth in Section 5.01.

    

    
      
        
        

      

      
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    (d) The
      Supplemental Interest Trust constitutes an “outside reserve fund” within the
      meaning of Treasury Regulation § 1.860G-2(h) and is not an asset of any REMIC.
      The Holders of the Class CE-1 Certificates shall be the beneficial owner of
      the
      Supplemental Interest Trust, subject to the power of the Securities
      Administrator to transfer amounts under this Agreement. The Securities
      Administrator shall keep records that accurately reflect the funds on deposit
      in
      the Supplemental Interest Trust. The Securities Administrator shall, at the
      written direction of the majority of the Class CE-1 Certificateholders, invest
      amounts on deposit in the Supplemental Interest Trust in Permitted Investments.
      In the absence of written direction to the Securities Administrator from the
      majority of the Class CE-1 Certificateholders, all funds in the Supplemental
      Interest Trust shall remain uninvested. On each Distribution Date, the
      Securities Administrator shall distribute, not in respect of any REMIC, any
      interest earned on the Supplemental Interest Trust to the Holders of the Class
      CE-1 Certificates.

    

    (e) For
      federal income tax purposes, amounts paid to the Supplemental Interest Trust
      on
      each Distribution Date pursuant to Section 5.01(c)(2), (3), (5) and (6) and
      Section 5.01(c)(7)(vii) shall first be deemed paid to the Supplemental
      Interest Trust in respect of the Class IO Interest to the extent of the amount
      distributable on such Class IO Interest on such Distribution Date, and any
      remaining amount shall be deemed paid to the Supplemental Interest Trust in
      respect of a Class IO Distribution Amount. 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 CE-1 Certificates unless and until the date when
      either (a) there is more than one Class CE-1 Certificateholder or (b) any Class
      of Certificates in addition to the Class CE-1 Certificates is recharacterized
      as
      an equity interest in the Supplemental Interest Trust for federal income tax
      purposes, in which case 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 treated as a partnership. The Master Servicer
      shall not be required to prepare and file partnership tax returns in respect
      of
      such partnership unless it receives additional reasonable compensation (not
      to
      exceed $10,000 per year) for the preparation of such filings, written
      notification recognizing the creation of a partnership agreement or comparable
      documentation evidencing the partnership.

    

    (f) The
      Securities Administrator shall treat the Holders of Certificates (other than
      the
      Class P, Class CE-1, Class CE-2 and Class R Certificates) as having entered
      into
      a notional principal contract with respect to the Holders of the Class CE-1
      Certificates. Pursuant to each such notional principal contract, all Holders
      of
      Certificates (other than the Class P, Class CE-1, Class CE-2 and Class R
      Certificates) shall be treated as having agreed to pay, on each Distribution
      Date, to the Holder of the Class CE-1 Certificates an aggregate amount equal
      to
      the excess, if any, of (i) the amount payable on such Distribution Date on
      the
      REMIC III Regular Interest ownership of which is represented by such Class
      of
      Certificates over (ii) the amount payable on such Class of Certificates on
      such
      Distribution Date (such excess, a “Class IO Distribution Amount”). A Class IO
      Distribution Amount payable from interest collections shall be allocated pro
      rata among such Certificates based on the amount of interest otherwise payable
      to such Certificates, and a Class IO Distribution Amount payable from principal
      collections shall be allocated to the most subordinate Class of such
      Certificates with an outstanding principal balance to the extent of such
      balance. In addition, pursuant to such notional principal contract, the Holder
      of the Class CE-1 Certificates shall be treated as having agreed to pay Net
      WAC
      Rate Carryover Amounts to the Holders of the Certificates (other than the Class
      CE-1, Class CE-2, Class P and Class R Certificates) in accordance with the
      terms
      of this Agreement. Any payments to such Certificates from amounts deemed
      received in respect of this notional principal contract shall not be payments
      with respect to a Regular Interest in a REMIC within the meaning of Code Section
      860G(a)(1). However, any payment from the Certificates (other than the Class
      CE-1, Class CE-2, Class P and Class R Certificates) of a Class IO Distribution
      Amount shall be treated for tax purposes as having been received by the Holders
      of such Certificates in respect of the REMIC III Regular Interest ownership
      of
      which is represented by such Certificates, and as having been paid by such
      Holders to the Supplemental Interest Trust pursuant to the notional principal
      contract. Thus, each Certificate (other than the Class P Certificates and Class
      R Certificates) shall be treated as representing not only ownership of a Regular
      Interest in REMIC III, but also ownership of an interest in, and obligations
      with respect to, a notional principal contract.

    

    
      
        
        

      

      
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    (g) For
      federal tax return and information reporting, the right of the Class A
      Certificateholders and the Mezzanine Certificateholders to receive payments
      from
      the Supplemental Interest Trust and the Reserve Fund in respect of any Net
      WAC
      Rate Carryover Amount shall be assigned a value of $829,686.14.

    

    (h) Upon
      a
      Swap Early Termination other than in connection with the optional termination
      of
      the trust, the Securities Administrator on behalf of the Supplemental Interest
      Trust, at the direction f the Depositor, will use reasonable efforts to appoint
      a successor swap provider to enter into a new interest rate swap agreement
      on
      terms substantially similar to the Swap Agreement, with a successor swap
      provider meeting all applicable eligibility requirements. If the Securities
      Administrator receives a Swap Termination Payment from the Swap Provider in
      connection with such Swap Early Termination, the Securities Administrator will
      apply such Swap Termination Payment to any upfront payment required to appoint
      the successor swap provider. If the Securities Administrator is required to
      pay
      a Swap Termination Payment to the Swap Provider in connection with such Swap
      Early Termination, the Securities Administrator will apply any upfront payment
      received from the successor swap provider to pay such Swap Termination Payment.
      

    

    If
      the
      Securities Administrator is unable to appoint a successor swap provider within
      30 days of the Swap Early Termination, then the Securities Administrator will
      deposit any Swap Termination Payment received from the original Swap Provider
      into a separate, non-interest bearing reserve account and will, on each
      subsequent Distribution Date, withdraw from the amount then remaining on deposit
      in such reserve account an amount equal to the Net Swap Payment, if any, that
      would have been paid to the Securities Administrator by the original Swap
      Provider calculated in accordance with the terms of the original Swap Agreement,
      and distribute such amount in accordance with the terms of this
      Agreement.

    

    (i) In
      the
      event that the Swap Provider fails to perform any of its obligations under
      the
      Swap Agreement (including, without limitation, its obligation to make any
      payment or transfer collateral), or breaches any of its representations and
      warranties thereunder, or in the event that an Event of Default, Termination
      Event, or Additional Termination Event (each as defined in the Swap Agreement)
      occurs with respect to the Swap Agreement, the Securities Administrator on
      behalf of the Supplemental Interest Trust Trustee shall immediately, but no
      later than the next Business Day following such failure or breach, notify the
      Depositor and send any notices and make any demands, on behalf of the
      Supplemental Interest Trust, in accordance with the Swap Agreement.

    

    
      
        
        

      

      
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    (j) In
      the
      event that the Swap Provider’s obligations are guaranteed by a third party under
      a guaranty relating to the Swap Agreement (such guaranty the “Guaranty” and such
      third party the “Guarantor”), then to the extent that the Swap Provider fails to
      make any payment by the close of business on the day it is required to make
      payment under the terms of the Swap Agreement, the Securities Administrator
      on
      behalf of the Supplemental Interest Trust Trustee shall, as soon as practicable,
      but no later than two (2) business days after the Swap Provider’s failure to
      pay, demand that the Guarantor make any and all payments then required to be
      made by the Guarantor pursuant to such Guaranty; provided, that the Securities
      Administrator shall in no event be liable for any failure or delay in the
      performance by the Swap Provider or any Guarantor of its obligations hereunder
      or pursuant to the Swap Agreement and the Guaranty, nor for any special,
      indirect or consequential loss or damage of any kind whatsoever (including
      but
      not limited to lost profits) in connection therewith.

    

    SECTION
      5.08. Tax
      Treatment of Swap Payments and Swap Termination Payments.

    

    (a) For
      federal income tax purposes, each holder of an Offered Certificate is deemed
      to
      own an undivided beneficial ownership interest in a REMIC Regular Interest
      and
      the right to receive payments from either the Reserve Fund or the Supplemental
      Interest Trust in respect of any Net WAC Rate Carryover Amounts or the
      obligation to make payments to the Supplemental Interest Trust. For federal
      income tax purposes, the Securities Administrator will account for payments
      to
      each Offered Certificate as follows: each Offered Certificate will be treated
      as
      receiving their entire payment from REMIC III (regardless of any Swap
      Termination Payment or obligation under the Swap Agreement) and subsequently
      paying their portion of any Swap Termination Payment in respect of each such
      Class’s obligation under the Swap Agreement. In the event that any such Class is
      resecuritized in a REMIC, the obligation under the Swap Agreement to pay any
      such Swap Termination Payment (or any shortfall in Net Swap Payment), will
      be
      made by one or more of the REMIC Regular Interests issued by the
      resecuritization REMIC subsequent to such REMIC Regular Interest receiving
      its
      full payment from any such Offered Certificate.

    

    (b) The
      REMIC
      Regular Interest corresponding to an Offered Certificate will be entitled to
      receive interest and principal payments at the times and in the amounts equal
      to
      those made on the certificate to which it corresponds, except that (i) the
      maximum interest rate of that REMIC regular interest will equal the Net WAC
      Pass-Through Rate computed for this purpose by limiting the Swap Notional Amount
      of the Swap Agreement to the aggregate Stated Principal Balance of the Mortgage
      Loans and (ii) any Swap Termination Payment will be treated as being payable
      solely from amounts otherwise payable to the Class CE-1 Certificates. As a
      result of the foregoing, the amount of distributions and taxable income on
      the
      REMIC Regular Interest corresponding to an Offered Certificate may exceed the
      actual amount of distributions on the Offered Certificate.

    

    
      
        
        

      

      
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    SECTION
      5.09. Swap
      Collateral Account.

    

    The
      Securities Administrator is hereby directed to perform the obligations of the
      Custodian as defined under the Swap Credit Support Annex (the “Swap Custodian”).

    

    On
      or
      before the Closing Date, the Swap Custodian shall establish a Swap Collateral
      Account. The Swap Collateral Account shall be held in the name of the Swap
      Custodian in trust for the benefit of the Offered Certificates. The Swap
      Collateral Account shall be an Eligible Account and shall be entitled “Swap
      Collateral Account, Wells Fargo Bank, National Association for the benefit
      of
      holders of ACE Securities Corp. Home Equity Loan Trust, Series 2007-SL1, Asset
      Backed Pass-Through Certificates.” 

    

    The
      Swap
      Custodian shall credit to the Swap Collateral Account all collateral (whether
      in
      the form of cash or securities) posted by the Swap Provider to secure the
      obligations of the Swap Provider in accordance with the terms of the Swap
      Agreement. If no investment direction is provided, funds shall remain
      uninvested. Except for investment earnings, the Swap Provider shall not have
      any
      legal, equitable or beneficial interest in the Swap Collateral Account other
      than in accordance with the Swap Agreement and applicable law. The Swap
      Custodian shall maintain and apply all collateral and earnings thereon on
      deposit in the Swap Collateral Account in accordance with Swap Credit Support
      Annex.

    

    Cash
      collateral posted by the Swap Provider in accordance with the Swap Credit
      Support Annex shall be invested at the direction of the Swap Provider in
      Permitted Investments in accordance with the requirements of the Swap Credit
      Support Annex. All amounts earned on amounts on deposit in the Swap Collateral
      Account (whether cash collateral or securities) shall be for the account of
      and
      taxable to the Swap Provider.

    

    Upon
      the
      occurrence of an Event of Default or Specified Condition (each as defined in
      the
      Swap Agreement) with respect to the Swap Provider or upon occurrence or
      designation of an Early Termination Date (as defined in the Swap Agreement)
      as a
      result of any such Event of Default or Specified Condition with respect to
      the
      Swap Provider, and, in either such case, unless the Swap Provider has paid
      in
      full all of its Obligations (as defined in the Swap Credit Support Annex) that
      are then due, then any collateral posted by the Swap Provider in accordance
      with
      the Swap Credit Support Annex shall be applied to the payment of any Obligations
      due to Party B (as defined in the Swap Agreement) in accordance with the Swap
      Credit Support Annex. Any excess amounts held in such Swap Collateral Account
      after payment of all amounts owing to Party B under the Swap Agreement shall
      be
      withdrawn from the Swap Collateral Account and paid to the Swap Provider in
      accordance with the Swap Credit Support Annex.

    

    
      
        
        

      

      
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    ARTICLE
      VI

    

    THE
      CERTIFICATES

    

    SECTION
      6.01. The
      Certificates.

    

    (a) The
      Certificates in the aggregate will represent the entire beneficial ownership
      interest in the Mortgage Loans and all other assets included in REMIC I, REMIC
      II and REMIC III.

    

    The
      Certificates will be substantially in the forms annexed hereto as Exhibits
      A-1
      through A-5. The Certificates of each Class will be issuable in registered
      form
      only, in denominations of authorized Percentage Interests as described in the
      definition thereof. Each Certificate will share ratably in all rights of the
      related Class.

    

    Upon
      original issue, the Certificates shall be executed and authenticated by the
      Securities Administrator and delivered by the Trustee to and upon the written
      order of the Depositor. The Certificates shall be executed by manual or
      facsimile signature on behalf of the Trust by the Securities Administrator
      by an
      authorized signatory. Certificates bearing the manual or facsimile signatures
      of
      individuals who were at any time the proper officers of the Securities
      Administrator shall bind the Trust, notwithstanding that such individuals or
      any
      of them have ceased to hold such offices prior to the authentication and
      delivery of such Certificates or did not hold such offices at the date of such
      Certificates. No Certificate shall be entitled to any benefit under this
      Agreement or be valid for any purpose, unless there appears on such Certificate
      a certificate of authentication substantially in the form provided herein
      executed by the Securities Administrator by manual signature, and such
      certificate of authentication shall be conclusive evidence, and the only
      evidence, that such Certificate has been duly authenticated and delivered
      hereunder. All Certificates shall be dated the date of their
      authentication.

    

    (b) The
      Class
      A Certificates and the Mezzanine Certificates shall initially be issued as
      one
      or more Certificates held by the Book-Entry Custodian or, if appointed to hold
      such Certificates as provided below, the Depository and registered in the name
      of the Depository or its nominee and, except as provided below, registration
      of
      such Certificates may not be transferred by the Securities Administrator except
      to another Depository that agrees to hold such Certificates for the respective
      Certificate Owners with Ownership Interests therein. The Certificate Owners
      shall hold their respective Ownership Interests in and to such Certificates
      through the book-entry facilities of the Depository and, except as provided
      below, shall not be entitled to definitive, fully registered Certificates
      (“Definitive Certificates”) in respect of such Ownership Interests. All
      transfers by Certificate Owners of their respective Ownership Interests in
      the
      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 the Ownership
      Interests in the 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. The Securities Administrator is hereby initially
      appointed as the Book-Entry Custodian and hereby agrees to act as such in
      accordance herewith and in accordance with the agreement that it has with the
      Depository authorizing it to act as such. The Book-Entry Custodian may, and,
      if
      it is no longer qualified to act as such, the Book-Entry Custodian shall,
      appoint, by a written instrument delivered to the Depositor, the Servicer and,
      if the Trustee is not the Book-Entry Custodian, the Trustee, any other transfer
      agent (including the Depository or any successor Depository) to act as
      Book-Entry Custodian under such conditions as the predecessor Book-Entry
      Custodian and the Depository or any successor Depository may prescribe, provided
      that the predecessor Book-Entry Custodian shall not be relieved of any of its
      duties or responsibilities by reason of any such appointment of other than
      the
      Depository. If the Securities Administrator resigns or is removed in accordance
      with the terms hereof, the successor Securities Administrator or, if it so
      elects, the Depository shall immediately succeed to its predecessor’s duties as
      Book-Entry Custodian. The Depositor shall have the right to inspect, and to
      obtain copies of, any Certificates held as Book-Entry Certificates by the
      Book-Entry Custodian.

    

    
      
        
        

      

      
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    (c) The
      Class
      CE-1, Class CE-2 and Class P Certificates will be issued as Definitive
      Certificates.

    

    (d) The
      Trustee, the Servicer, the Securities Administrator, the Master Servicer and
      the
      Depositor may for all purposes (including the making of payments due on the
      Book-Entry Certificates) deal with the Depository as the authorized
      representative of the Certificate Owners with respect to the Book-Entry
      Certificates for the purposes of exercising the rights of Certificateholders
      hereunder. The rights of Certificate Owners with respect to the Book-Entry
      Certificates shall be limited to those established by law and agreements between
      such Certificate Owners and the Depository Participants and brokerage firms
      representing such Certificate Owners. Multiple requests and directions from,
      and
      votes of, the Depository as Holder of the Book-Entry Certificates with respect
      to any particular matter shall not be deemed inconsistent if they are made
      with
      respect to different Certificate Owners. The Securities Administrator may
      establish a reasonable record date in connection with solicitations of consents
      from or voting by Certificateholders and shall give notice to the Depository
      of
      such record date.

    

    If
      (i)(A)
      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 (B) the Depositor is unable to locate a
      qualified successor, (ii) the Depositor at its option advises the Securities
      Administrator in writing that it elects to terminate the book-entry system
      through the Depository or (iii) after the occurrence of a Servicer Event of
      Default, Certificate Owners representing in the aggregate not less than 51%
      of
      the Ownership Interests of the Book-Entry Certificates advise the Securities
      Administrator through the Depository, in writing, that the continuation of
      a
      book-entry system through the Depository is no longer in the best interests
      of
      the Certificate Owners, the Securities Administrator shall notify all
      Certificate Owners, through the Depository, of the occurrence of any such event
      and of the availability of Definitive Certificates to Certificate Owners
      requesting the same. Upon surrender to the Securities Administrator of the
      Book-Entry Certificates by the Book-Entry Custodian or the Depository, as
      applicable, the Securities Administrator shall cause the Definitive Certificates
      to be issued. Such Definitive Certificates will be issued in minimum
      denominations of $10,000 except that any beneficial ownership that was
      represented by a Book-Entry Certificate in an amount less than $10,000
      immediately prior to the issuance of a Definitive Certificate shall be issued
      in
      a minimum denomination equal to the amount represented by such Book-Entry
      Certificate. None of the Depositor, the Servicer, the Master Servicer, the
      Securities Administrator or the Trustee shall be liable for any delay in the
      delivery of such instructions and may conclusively rely on, and shall be
      protected in relying on, such instructions. Upon the issuance of Definitive
      Certificates all references herein to obligations imposed upon or to be
      performed by the 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.

    

    
      
        
        

      

      
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    SECTION
      6.02. Registration
      of Transfer and Exchange of Certificates.

    

    (a) The
      Securities Administrator shall cause to be kept at one of the offices or
      agencies to be appointed by the Securities Administrator in accordance with
      the
      provisions of Section 9.11, a Certificate Register for the Certificates in
      which, subject 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.

    

    (b) No
      transfer of any Class M-9 Certificate, Class M-10 Certificate, Class CE-1
      Certificate, Class CE-2 Certificate, Class P Certificate or Residual Certificate
      shall be made unless that transfer is made pursuant to an effective registration
      statement under the Securities Act, and effective registration or qualification
      under applicable state securities laws, or is made in a transaction that does
      not require such registration or qualification. In the event that such a
      transfer of a Class M-9 Certificate, Class M-10 Certificate, Class CE-1
      Certificate, Class CE-2 Certificate, Class P Certificate or Residual Certificate
      is to be made without registration or qualification (other than in connection
      with the initial transfer of any such Certificate by the Depositor), the
      Securities Administrator shall require receipt of: (i) if such transfer is
      purportedly being made in reliance upon Rule 144A under the Securities Act,
      written certifications from the Certificateholder desiring to effect the
      transfer and from such Certificateholder’s prospective transferee, substantially
      in the form attached hereto as Exhibit B-1; (ii) if such transfer is purportedly
      being made in reliance upon Rule 501(a) under the Securities Act, written
      certifications from the Certificateholder desiring to effect the transfer and
      from such Certificateholder’s prospective transferee, substantially in the form
      attached hereto as Exhibit B-2; and (iii) in all other cases, an Opinion of
      Counsel satisfactory to the Securities Administrator that such transfer may
      be
      made without such registration or qualification (which Opinion of Counsel shall
      not be an expense of the Trust Fund or of the Depositor, the Trustee, the Master
      Servicer, the Securities Administrator or the Servicer), together with copies
      of
      the written certification(s) of the Certificateholder desiring to effect the
      transfer and/or such Certificateholder’s prospective transferee upon which such
      Opinion of Counsel is based, if any. Neither of the Depositor nor the Securities
      Administrator is obligated to register or qualify any such Certificates under
      the Securities Act or any other securities laws or to take any action not
      otherwise required under this Agreement to permit the transfer of such
      Certificates without registration or qualification. Any Certificateholder
      desiring to effect the transfer of any such Certificate shall, and does hereby
      agree to, indemnify the Trustee, the Depositor, the Master Servicer, the
      Securities Administrator and the Servicers 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.

    

    (c) No
      transfer of a Class CE-1 Certificate, Class CE-2 Certificate, Class P
      Certificate or a Residual Certificate or any interest therein shall be made
      to
      any Plan, any Person acting, directly or indirectly, on behalf of any Plan
      or
      any Person acquiring such Certificates with “Plan Assets” of a Plan within the
      meaning of the Department of Labor regulation promulgated at 29 C.F.R. §
2510.3-101 (“Plan Assets”) unless the Securities Administrator is provided with
      an Opinion of Counsel on which the Depositor, the Master Servicer, the
      Securities Administrator, the Trustee and the Servicer may rely, which
      establishes to the satisfaction of the Securities Administrator that the
      purchase of such Certificates is permissible under applicable law, will not
      constitute or result in any prohibited transaction under ERISA or Section 4975
      of the Code and will not subject the Depositor, the Servicer, the Trustee,
      the
      Master Servicer, the Securities Administrator or the Trust Fund to any
      obligation or liability (including obligations or liabilities under ERISA or
      Section 4975 of the Code) in addition to those undertaken in this Agreement,
      which Opinion of Counsel shall not be an expense of the Depositor, the Servicer,
      the Trustee, the Master Servicer, the Securities Administrator, the Trust Fund.
      An Opinion of Counsel will not be required in connection with the initial
      transfer of any such Certificate by the Depositor to an affiliate of the
      Depositor (in which case, the Depositor or any affiliate thereof shall have
      deemed to have represented that such affiliate is not a Plan or a Person
      investing Plan Assets) and the Securities Administrator shall be entitled to
      conclusively rely upon a representation (which, upon the request of the
      Securities Administrator, shall be a written representation) from the Depositor
      of the status of such transferee as an affiliate of the Depositor.

    

    
      
        
        

      

      
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    For
      so
      long as the Supplemental Interest Trust is in existence, each beneficial owner
      of a Offered Certificate or any interest therein, shall be deemed to have
      represented, by virtue of its acquisition or holding of the Offered Certificate,
      or interest therein, that either (i) it is not a Plan or (ii)(A) it is an
      accredited investor within the meaning of Prohibited Transaction Exemption
      2002-41, as amended from time to time (the “Exemption”) and (B) the acquisition
      and holding of such Certificate and the separate right to receive payments
      from
      the Supplemental Interest Trust are eligible for the exemptive relief available
      under Prohibited Transaction Class Exemption (“PTCE”) 84-14 (for transactions by
      independent “qualified professional asset managers”), 91-38 (for transactions by
      bank collective investment funds), 90-1 (for transactions by insurance company
      pooled separate accounts), 95-60 (for transactions by insurance company general
      accounts) or 96-23 (for transactions effected by “in-house asset
      managers”).

    

    Each
      Transferee of a Mezzanine Certificate or any interest therein that is acquired
      after the termination of the Supplemental Interest Trust shall certify or will
      be deemed to have represented by virtue of its purchase or holding of such
      Certificate (or interest therein) that either (a) such Transferee is not a
      Plan
      or purchasing such Certificate with Plan Assets, (b) it has acquired and is
      holding such Certificate in reliance on Prohibited Transaction Exemption (“PTE”)
      94-84 59 Fed. Reg. 65400 (December 19, 1994) or Final Authorization Number
      (FAN)
      97-03E (December 9, 1996), as amended by PTE 97-34, 62 Fed. Reg. 39021 (July
      21,
      1997), PTE 2000-58, 65 Fed. Reg. 67765 (November 13, 2000) and PTE 2002-41,
      67
      Fed. Reg. 54487 (August 22, 2002), and that it understands that there are
      certain conditions to the availability of such exemption including that such
      Certificate must be rated, at the time of purchase, not lower than “BBB-” (or
      its equivalent) by a Rating Agency or (c) the following conditions are
      satisfied: (i) such Transferee is an insurance company, (ii) the source of
      funds
      used to purchase or hold such Certificate (or interest therein) is an “insurance
      company general account” (as defined in PTCE 95-60), and (iii) the conditions
      set forth in Sections I and III of PTCE 95-60 have been satisfied.

    

    If
      any
      Certificate or any interest therein is acquired or held in violation of the
      conditions described in this Section 6.02(c), 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 any certificate
      or
      interest therein was effected in violation of the conditions described in this
      Section 6.02(c) shall indemnify and hold harmless the Depositor, the Trustee,
      the Servicers, the Master Servicer, the Securities Administrator and the Trust
      Fund from and against any and all liabilities, claims, costs or expenses
      incurred by those parties as a result of that acquisition or
      holding.

    

    
      
        
        

      

      
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    (d) (i)
      Each
      Person who has or who acquires any Ownership Interest in a Residual Certificate
      shall be deemed by the acceptance or acquisition of such Ownership Interest
      to
      have agreed to be bound by the following provisions and to have irrevocably
      authorized the Securities Administrator or its designee under clause (iii)(A)
      below to deliver payments to a Person other than such Person and to negotiate
      the terms of any mandatory sale under clause (iii)(B) below and to execute
      all
      instruments of Transfer and to do all other things necessary in connection
      with
      any such sale. The rights of each Person acquiring any Ownership Interest in
      a
      Residual Certificate are expressly subject to the following
      provisions:

    

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

    

    (B) In
      connection with any proposed Transfer of any Ownership Interest in a Residual
      Certificate, the Securities Administrator shall require delivery to it, and
      shall not register the Transfer of any Residual Certificate until its receipt
      of, an affidavit and agreement (a “Transfer Affidavit and Agreement,” in the
      form attached hereto as Exhibit B-3) from the proposed Transferee, in form
      and
      substance satisfactory to the Securities Administrator, representing and
      warranting, among other things, that such Transferee is a Permitted Transferee,
      that it is not acquiring its Ownership Interest in the Residual Certificate
      that
      is the subject of the proposed Transfer as a nominee, trustee or agent for
      any
      Person that is not a Permitted Transferee, that for so long as it retains its
      Ownership Interest in a Residual Certificate, it will endeavor to remain a
      Permitted Transferee, and that it has reviewed the provisions of this Section
      6.02(d) and agrees to be bound by them.

    

    (C) Notwithstanding
      the delivery of a Transfer Affidavit and Agreement by a proposed Transferee
      under clause (B) above, if an authorized officer of the Securities Administrator
      who is assigned to this transaction has actual knowledge that the proposed
      Transferee is not a Permitted Transferee, no Transfer of an Ownership Interest
      in a Residual Certificate to such proposed Transferee shall be
      effected.

    

    (D) Each
      Person holding or acquiring any Ownership Interest in a Residual Certificate
      shall agree (x) to require a Transfer Affidavit and Agreement from any other
      Person to whom such Person attempts to transfer its Ownership Interest in a
      Residual Certificate and (Y) not to transfer its Ownership Interest unless
      it
      provides a Transferor Affidavit (in the form attached hereto as Exhibit B-2)
      to
      the Securities Administrator stating that, among other things, it has no actual
      knowledge that such other Person is not a Permitted Transferee.

    

    
      
        
        

      

      
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    (E) Each
      Person holding or acquiring an Ownership Interest in a Residual Certificate,
      by
      purchasing an Ownership Interest in such Certificate, agrees to give the
      Securities Administrator written notice that it is a “pass-through interest
      holder” within the meaning of temporary Treasury regulation Section
      1.67-3T(a)(2)(i)(A) immediately upon acquiring an Ownership Interest in a
      Residual Certificate, if it is, or is holding an Ownership Interest in a
      Residual Certificate on behalf of, a “pass-through interest
      holder.”

    

    (i) The
      Securities Administrator will register the Transfer of any Residual Certificate
      only if it shall have received the Transfer Affidavit and Agreement and all
      of
      such other documents as shall have been reasonably required by the Securities
      Administrator as a condition to such registration. In addition, no Transfer
      of a
      Residual Certificate shall be made unless the Securities Administrator shall
      have received a representation letter from the Transferee of such Certificate
      to
      the effect that such Transferee is a Permitted Transferee.

    

    (ii) (A)
      If
      any purported Transferee shall become a Holder of a Residual Certificate in
      violation of the provisions of this Section 6.02(d), then the last preceding
      Permitted Transferee shall be restored, to the extent permitted by law, to
      all
      rights as holder thereof retroactive to the date of registration of such
      Transfer of such Residual Certificate. The Securities Administrator shall be
      under no liability to any Person for any registration of Transfer of a Residual
      Certificate that is in fact not permitted by this Section 6.02(d) or for making
      any payments due on such Certificate to the holder thereof or for taking any
      other action with respect to such holder under the provisions of this
      Agreement.

    

    (B) If
      any
      purported Transferee shall become a holder of a Residual Certificate in
      violation of the restrictions in this Section 6.02(d) and to the extent that
      the
      retroactive restoration of the rights of the holder of such Residual Certificate
      as described in clause (iii)(A) above shall be invalid, illegal or
      unenforceable, then the Securities Administrator shall have the right, without
      notice to the holder or any prior holder of such Residual Certificate, to sell
      such Residual Certificate to a purchaser selected by the Securities
      Administrator on such terms as the Securities Administrator may choose. Such
      purported Transferee shall promptly endorse and deliver each Residual
      Certificate in accordance with the instructions of the Securities Administrator.
      Such purchaser may be the Securities Administrator itself or any Affiliate
      of
      the Securities Administrator. The proceeds of such sale, net of the commissions
      (which may include commissions payable to the Securities Administrator or its
      Affiliates), expenses and taxes due, if any, will be remitted by the Securities
      Administrator to such purported Transferee. The terms and conditions of any
      sale
      under this clause (iii)(B) shall be determined in the sole discretion of the
      Securities Administrator, and the Securities Administrator shall not be liable
      to any Person having an Ownership Interest in a Residual Certificate as a result
      of its exercise of such discretion.

    

    
      
        
        

      

      
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    (iii) The
      Securities Administrator shall make available to the Internal Revenue Service
      and those Persons specified by the REMIC Provisions all information necessary
      to
      compute any tax imposed (A) as a result of the Transfer of an Ownership Interest
      in a Residual Certificate to any Person who is a Disqualified Organization,
      including the information described in Treasury regulations sections
      1.860D-1(b)(5) and 1.860E-2(a)(5) with respect to the “excess inclusions” of
      such Residual Certificate and (B) as a result of any regulated investment
      company, real estate investment trust, common trust fund, partnership, trust,
      estate or organization described in Section 1381 of the Code that holds an
      Ownership Interest in a Residual Certificate having as among its record holders
      at any time any Person which is a Disqualified Organization. Reasonable
      compensation for providing such information may be charged or collected by
      the
      Securities Administrator.

    

    (iv) The
      provisions of this Section 6.02(d) set forth prior to this subsection (v) may
      be
      modified, added to or eliminated, provided that there shall have been delivered
      to the Securities Administrator at the expense of the party seeking to modify,
      add to or eliminate any such provision the following:

    

    (A) written
      notification from each Rating Agency to the effect that the modification,
      addition to or elimination of such provisions will not cause such Rating Agency
      to downgrade its then-current ratings of any Class of Certificates;
      and

    

    (B) an
      Opinion of Counsel, in form and substance satisfactory to the Securities
      Administrator, to the effect that such modification of, addition to or
      elimination of such provisions will not cause any Trust REMIC to cease to
      qualify as a REMIC and will not cause any Trust REMIC, as the case may be,
      to be
      subject to an entity-level tax caused by the Transfer of any Residual
      Certificate to a Person that is not a Permitted Transferee or a Person other
      than the prospective transferee to be subject to a REMIC-tax caused by the
      Transfer of a Residual Certificate to a Person that is not a Permitted
      Transferee.

    

    (e) Subject
      to the preceding subsections, upon surrender for registration of transfer of
      any
      Certificate at any office or agency of the Securities Administrator maintained
      for such purpose pursuant to Section 9.11, the Securities Administrator shall
      execute, authenticate and deliver, in the name of the designated Transferee
      or
      Transferees, one or more new Certificates of the same Class of a like aggregate
      Percentage Interest.

    

    (f) At
      the
      option of the Holder thereof, any Certificate may be exchanged for other
      Certificates of the same Class with authorized denominations and a like
      aggregate Percentage Interest, upon surrender of such Certificate to be
      exchanged at any office or agency of the Securities Administrator maintained
      for
      such purpose pursuant to Section 9.11. Whenever any Certificates are so
      surrendered for exchange, the Securities Administrator shall execute,
      authenticate and deliver, the Certificates which the Certificateholder making
      the exchange is entitled to receive. Every Certificate presented or surrendered
      for transfer or exchange shall (if so required by the Securities Administrator)
      be duly endorsed by, or be accompanied by a written instrument of transfer
      in
      the form satisfactory to the Securities Administrator duly executed by, the
      Holder thereof or his attorney duly authorized in writing. In addition, with
      respect to each Class R Certificate, the holder thereof may exchange, in the
      manner described above, such Class R Certificate for three separate
      certificates, each representing such holder's respective Percentage Interest
      in
      the Class R-I Interest, the Class R-II Interest and the Class R-III Interest,
      respectively, in each case that was evidenced by the Class R Certificate being
      exchanged.

    

    
      
        
        

      

      
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    (g) No
      transfer of any Class CE-1 Certificate shall be made unless the proposed
      transferee of such Class CE-1 Certificate (1) provides to the Securities
      Administrator the appropriate tax certification forms that would eliminate
      any
      withholding or deduction for taxes from amounts payable by the Swap Provider
      to
      the Securities Administrator pursuant to the Swap Agreement (i.e., IRS Form
      W-9
      or IRS Form W-8BEN, W-8IMY, W-8EXP or W-8ECI, as applicable (or any successor
      form thereto), together with any applicable attachments) and (2) agrees to
      update such forms (a) upon expiration of any such form, (b) as required under
      then applicable U.S. Treasury regulations and (c) promptly upon learning that
      any such form has become obsolete or incorrect, each as a condition to such
      transfer so long as they are in physical form. In addition, no transfer of
      any
      Class CE-1 Certificate shall be made if such transfer would cause the
      Supplemental Interest Trust to be beneficially owned by two or more persons
      for
      federal income tax purposes, or continue to be so treated, unless (i) each
      proposed transferee of such Class CE-1 Certificate complies with the foregoing
      conditions, (ii) the proposed majority holder of the Class CE-1 Certificates
      (or
      each holder, if there is or would be no majority holder) (A) provides, or causes
      to be provided, on behalf of the Supplemental Interest Trust, if applicable,
      the
      appropriate tax certification form that would be required from the Supplemental
      Interest Trust to eliminate any withholding or deduction for taxes from amounts
      payable by the Swap Provider to the Securities Administrator pursuant the Swap
      Agreement (i.e., IRS Form W-9 or IRS Form W-8BEN, W-8IMY, W-8EXP or W-8ECI,
      as
      applicable (or any successor form thereto), together with any applicable
      attachments) and (B) agrees to update such forms (x) upon expiration of any
      such
      form, (y) as required under then applicable U.S. Treasury regulations and (z)
      promptly upon learning that any such form has become obsolete or incorrect.
      If,
      under applicable U.S. Treasury regulations, such tax certification form may
      only
      be signed by a trustee acting on behalf of the Supplemental Interest Trust,
      then
      the Securities Administrator, the Trustee or the Supplemental Interest Trust
      Trustee, as appropriate, shall sign such certification form if so requested
      by a
      holder of the Class CE-1 Certificates. Upon receipt of any tax certification
      form pursuant to the preceding conditions from a proposed transferee of any
      Class CE-1 Certificate, the Securities Administrator shall forward each tax
      certification form attributable to the Swap Agreement to the Swap Provider
      so
      long as the Securities Administrator is permitted to provide such tax
      certification form. Each holder of a Class CE-1 Certificate and each transferee
      thereof shall be deemed to have consented to the Securities Administrator
      forwarding to Swap Provider any tax certification form it has provided and
      updated in accordance with these transfer restrictions. Any purported sales
      or
      transfers of any Class CE-1 Certificate to a transferee which does not comply
      with the requirements of this paragraph shall be deemed null and void under
      this
      Agreement. In the event that the Securities Administrator is unable to provide
      a
      tax certification pursuant to this paragraph, it shall immediately notify the
      Depositor and the Swap Provider.

    

    
      
        
        

      

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

    

    (i) All
      Certificates surrendered for transfer and exchange shall be canceled and
      destroyed by the Securities Administrator in accordance with its customary
      procedures.

    

    SECTION
      6.03. Mutilated,
      Destroyed, Lost or Stolen Certificates.

    

    If
      (i)
      any mutilated Certificate is surrendered to the Securities Administrator, or
      the
      Securities Administrator receives evidence to its satisfaction of the
      destruction, loss or theft of any Certificate and of the ownership thereof,
      and
      (ii) there is delivered to the Securities Administrator such security or
      indemnity as may be required by it to save it harmless, then, in the absence
      of
      actual knowledge by the Securities Administrator that such Certificate has
      been
      acquired by a protected 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 the same Class
      and
      of like denomination and Percentage Interest. Upon the issuance of any new
      Certificate under this Section, 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 shall constitute
      complete and indefeasible evidence of ownership in the applicable REMIC created
      hereunder, as if originally issued, whether or not the lost, stolen or destroyed
      Certificate shall be found at any time.

    

    SECTION
      6.04. Persons
      Deemed Owners.

    

    The
      Depositor, the Servicers, the Trustee, the Master Servicer, the Securities
      Administrator and any agent of any of them may treat the Person in whose name
      any Certificate is registered as the owner of such Certificate for the purpose
      of receiving distributions pursuant to Section 5.01 and for all other purposes
      whatsoever, and none of the Depositor, the Servicers, the Trustee, the Master
      Servicer, the Securities Administrator or any agent of any of them shall be
      affected by notice to the contrary.

    

    SECTION
      6.05. Certain
      Available Information.

    

    
      
        
        

      

      
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    On
      or
      prior to the date of the first sale of any Class
      M-9
      Certificate, Class M-10 Certificate,
      Class
      CE-1 Certificate, Class CE-2 Certificate, Class P Certificate or Residual
      Certificate to an Independent third party, the Depositor shall provide to the
      Securities Administrator ten copies of any private placement memorandum or
      other
      disclosure document used by the Depositor in connection with the offer and
      sale
      of such Certificate. In addition, if any such private placement memorandum
      or
      disclosure document is revised, amended or supplemented at any time following
      the delivery thereof to the Securities Administrator, the Depositor promptly
      shall inform the Securities Administrator of such event and shall deliver to
      the
      Securities Administrator ten copies of the private placement memorandum or
      disclosure document, as revised, amended or supplemented. The Securities
      Administrator shall maintain at its office as set forth in Section 12.05 hereof
      and shall make available free of charge during normal business hours for review
      by any Holder of a Certificate or any Person identified to the Securities
      Administrator as a prospective transferee of a Certificate, originals or copies
      of the following items: (i) in the case of a Holder or prospective transferee
      of
      a Class M-9 Certificate, Class M-10 Certificate, Class CE-1 Certificate, Class
      CE-2 Certificate, Class P Certificate or Residual Certificate, the related
      private placement memorandum or other disclosure document relating to such
      Class
      of Certificates, in the form most recently provided to the Securities
      Administrator; and (ii) in all cases, (A) this Agreement and any amendments
      hereof entered into pursuant to Section 12.01, (B) all monthly statements
      required to be delivered to Certificateholders of the relevant Class pursuant
      to
      Section 5.02 since the Closing Date, and all other notices, reports, statements
      and written communications delivered to the Certificateholders of the relevant
      Class pursuant to this Agreement since the Closing Date and (C) any copies
      of
      all Officers’ Certificates of the Servicers since the Closing Date delivered to
      the Master Servicer to evidence such Person’s determination that any P&I
      Advance or Servicing Advance was, or if made, would be a Nonrecoverable P&I
      Advance or Nonrecoverable Servicing Advance. Copies and mailing of any and
      all
      of the foregoing items will be available from the Securities Administrator
      upon
      request at the expense of the Person requesting the same.

    

    
      
        
        

      

      
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    ARTICLE
      VII

    

    THE
      DEPOSITOR, THE SERVICERS AND THE MASTER SERVICER

    

    SECTION
      7.01. Liability
      of the Depositor, the Servicers and the Master Servicer.

    

    The
      Depositor, the Servicer sand the Master Servicer each shall be liable in
      accordance herewith only to the extent of the obligations specifically imposed
      by this Agreement upon them in their respective capacities as Depositor,
      Servicers and Master Servicer and undertaken hereunder by the Depositor, the
      Servicers and the Master Servicer herein.

    

    SECTION
      7.02. Merger
      or
      Consolidation of the Depositor, the Servicer or the Master Servicer. 

    

    Subject
      to the following paragraph, the Depositor will keep in full effect its
      existence, rights and franchises as a corporation under the laws of the
      jurisdiction of its incorporation. Subject to the following paragraph, each
      Servicer will keep in full effect its existence, rights and franchises as a
      limited liability company under the laws of the jurisdiction of its formation.
      Subject to the following paragraph, the Master Servicer will keep in full effect
      its existence, rights and franchises as a national banking association. The
      Depositor, the Servicers and the Master Servicer each will obtain and preserve
      its qualification to do business as a foreign entity in each jurisdiction in
      which such qualification is or shall be necessary to protect the validity and
      enforceability of this Agreement, the Certificates or any of the Mortgage Loans
      and to perform its respective duties under this Agreement.

    

    The
      Depositor, the Servicers or the Master Servicer may be merged or consolidated
      with or into any Person, or transfer all or substantially all of its assets
      to
      any Person, in which case any Person resulting from any merger or consolidation
      to which the Depositor, the related Servicer or the Master Servicer shall be
      a
      party, or any Person succeeding to the business of the Depositor, the related
      Servicer or the Master Servicer, shall be the successor of the Depositor, the
      related Servicer or the Master Servicer, as the case may be, 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 any successor to the related Servicer or the Master Servicer
      shall
      meet the eligibility requirements set forth in clauses (i) and (iii) of the
      last
      paragraph of Section 8.02(a) or Section 7.06, as applicable.

    

    SECTION
      7.03. Limitation
      on Liability of the Depositor, the Servicers, the Master Servicer and
      Others.

    

    None
      of
      the Depositor, the Servicers, the Securities Administrator, the Master Servicer
      or any of the directors, officers, employees or agents of the Depositor, the
      Servicer or the Master Servicer shall be under any liability to the Trust Fund
      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
      Depositor, the Servicers, the Securities Administrator, the Master Servicer
      or
      any such person against any breach of warranties, representations or covenants
      made herein or against any specific liability imposed on any such Person
      pursuant hereto or against any liability which would otherwise be imposed by
      reason of willful misfeasance, bad faith or gross negligence in the performance
      of duties or by reason of reckless disregard of obligations and duties
      hereunder. The Depositor, the Servicers, the Securities Administrator, the
      Master Servicer and any director, officer, employee or agent of the Depositor,
      the Servicers, the Securities Administrator and the Master Servicer may rely
      in
      good faith on any document of any kind which, prima facie, is properly executed
      and submitted by any Person respecting any matters arising hereunder. The
      Depositor, the Servicers, the Securities Administrator, the Master Servicer
      and
      any director, officer, employee or agent of the Depositor, the Servicers, the
      Securities Administrator or the Master Servicer shall be indemnified and held
      harmless by the Trust Fund against any loss, liability or expense incurred
      in
      connection with any legal action relating to this Agreement, the Certificates
      or
      any Credit Risk Management Agreement or any loss, liability or expense incurred
      other than 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. None of the Depositor, the Servicers, the
      Securities Administrator or the Master Servicer shall be under any obligation
      to
      appear in, prosecute or defend any legal action unless such action is related
      to
      its respective duties under this Agreement and, in its opinion, does not involve
      it in any expense or liability; provided, however, that each of the Depositor,
      each Servicer, the Securities Administrator and the Master Servicer may in
      its
      discretion undertake any such action which it may deem necessary or desirable
      with respect to this Agreement and the rights and duties of the parties hereto
      and the interests of the Certificateholders hereunder. In such event, the legal
      expenses and costs of such action and any liability resulting therefrom (except
      any loss, liability or expense incurred by reason of willful misfeasance, bad
      faith or gross negligence in the performance of duties hereunder or by reason
      of
      reckless disregard of obligations and duties hereunder) shall be expenses,
      costs
      and liabilities of the Trust Fund, the Depositor, the related Servicer, the
      Securities Administrator and the Master Servicer shall be entitled to be
      reimbursed therefor from the related Collection Account or the Distribution
      Account as and to the extent provided in Article III and Article IV, any such
      right of reimbursement being prior to the rights of the Certificateholders
      to
      receive any amount in the related Collection Account and the Distribution
      Account.

    

    
      
        
        

      

      
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    Notwithstanding
      anything to the contrary contained herein, the Servicers shall not be liable
      for
      any actions or inactions prior to the Cut-off Date of any prior servicer of
      the
      related Mortgage Loans and the Master Servicer shall not be liable for any
      action or inaction of the Servicers, except to the extent expressly provided
      herein, or the Credit Risk Management Agreement.

    

    SECTION
      7.04. Limitation
      on Resignation of the Servicers.

    

    (a) Except
      as
      expressly provided herein, neither Servicer shall assign all or substantially
      all of its rights under this Agreement or the servicing hereunder nor delegate
      all or substantially all of its duties hereunder or sell or otherwise dispose
      of
      all or substantially all of its property or assets without, in each case, the
      prior written consent of the Master Servicer, which consent shall not be
      unreasonably withheld; provided, that in each case, there must be delivered
      to
      the Trustee and the Master Servicer a letter from each Rating Agency to the
      effect that such transfer of servicing or sale or disposition of assets will
      not
      result in a qualification, withdrawal or downgrade of the then-current rating
      of
      any of the Certificates (the “Rating Condition”). Notwithstanding the foregoing,
      each Servicer, without the consent of the Trustee or the Master Servicer, may
      retain third-party contractors to perform certain servicing and loan
      administration functions, including without limitation hazard insurance
      administration, tax payment and administration, flood certification and
      administration, collection services and similar functions, provided, however,
      that the retention of such contractors by the related Servicer shall not limit
      the obligation of the related Servicer to service the related Mortgage Loans
      pursuant to the terms and conditions of this Agreement. No Servicer shall resign
      from the obligations and duties hereby imposed on it except (i) upon
      determination that its duties hereunder are no longer permissible under
      applicable law or (ii) upon the related Servicer’s written proposal of a
      successor servicer reasonably acceptable to each of the Sponsor, the Depositor
      and the Master Servicer. No such resignation under clause (i) above shall become
      effective unless evidenced by an Opinion of Counsel to such effect obtained
      at
      the expense of the related Servicer and delivered to the Trustee and the Rating
      Agencies. No such resignation of a Servicer under clause (ii) shall be effective
      unless:

    

    
      
        
        

      

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

    

    (ii) the
      Rating Agencies have confirmed to the Trustee that the appointment of the
      proposed successor servicer as the servicer under this Agreement will not result
      in the reduction or withdrawal of the then current ratings of any of the
      Certificates; and

    

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

    

    Notwithstanding
      anything to the contrary, no resignation of a Servicer shall become effective
      until the Master Servicer or a successor servicer shall have assumed the related
      Servicer’s responsibilities, duties, liabilities (other than those liabilities
      arising prior to the appointment of such successor) and obligations under this
      Agreement.

    

    (b) Except
      as
      expressly provided herein, no Servicer shall 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 related Servicer
      hereunder. The foregoing prohibition on assignment shall not prohibit a Servicer
      from designating a Sub-Servicer as payee of any indemnification amount payable
      to the related Servicer hereunder; provided, however, that as provided in
      Section 3.02, no Sub-Servicer shall be a third-party beneficiary hereunder
      and
      the parties hereto shall not be required to recognize any Sub-Servicer as an
      indemnitee under this Agreement.

    

    
      
        
        

      

      
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    SECTION
      7.05. Limitation
      on Resignation of the Master Servicer.

    

    The
      Master Servicer shall not resign from the obligations and duties hereby imposed
      on it except upon determination that its duties hereunder are no longer
      permissible under applicable law. Any such determination pursuant to the
      preceding sentence permitting the resignation of the Master Servicer shall
      be
      evidenced by an Opinion of Counsel to such effect obtained at the expense of
      the
      Master Servicer and delivered to the Trustee and the Rating Agencies. No
      resignation of the Master Servicer shall become effective until the Trustee
      or a
      successor Master Servicer meeting the criteria specified in Section 7.06 shall
      have assumed the Master Servicer’s responsibilities, duties, liabilities (other
      than those liabilities arising prior to the appointment of such successor)
      and
      obligations under this Agreement.

    

    SECTION
      7.06. Assignment
      of Master Servicing.

    

    The
      Master Servicer may sell and assign its rights and delegate its duties and
      obligations in its entirety as Master Servicer under this Agreement; provided,
      however, that: (i) the purchaser or transferee accept in writing such assignment
      and delegation and assume the obligations of the Master Servicer hereunder
      (a)
      shall have a net worth of not less than $25,000,000 (unless otherwise approved
      by each Rating Agency pursuant to clause (ii) below); (b) shall be reasonably
      satisfactory to the Trustee (as evidenced in a writing signed by the Trustee);
      and (c) shall execute and deliver to the Trustee an agreement, in form and
      substance reasonably satisfactory to the Trustee, which contains an assumption
      by such Person of the due and punctual performance and observance of each
      covenant and condition to be performed or observed by it as master servicer
      under this Agreement, any custodial agreement from and after the effective
      date
      of such agreement; (ii) each Rating Agency shall be given prior written notice
      of the identity of the proposed successor to the Master Servicer and each Rating
      Agency’s rating of the Certificates in effect immediately prior to such
      assignment, sale and delegation will not be downgraded, qualified or withdrawn
      as a result of such assignment, sale and delegation, as evidenced by a letter
      to
      such effect delivered to the Master Servicer and the Trustee; and (iii) the
      Master Servicer assigning and selling the master servicing shall deliver to
      the
      Trustee an Officer’s Certificate and an Opinion of Independent counsel, each
      stating that all conditions precedent to such action under this Agreement have
      been completed and such action is permitted by and complies with the terms
      of
      this Agreement. No such assignment or delegation shall affect any liability
      of
      the Master Servicer arising out of acts or omissions prior to the effective
      date
      thereof.

    

    SECTION
      7.07. Rights
      of
      the Depositor in Respect of the Servicer and the Master Servicer.

    

    Each
      of
      the Master Servicer and each Servicer shall afford (and any Sub-Servicing or
      Sub-Contracting Agreement shall provide that each Sub-Servicer or Subcontractor,
      as applicable shall afford) the Depositor and the Trustee, upon reasonable
      notice, during normal business hours, access to all records maintained by the
      Master Servicer or the related Servicer (and any such Sub-Servicer or
      Subcontractor, as applicable) in respect of the related Servicer’s rights and
      obligations hereunder and access to officers of the Master Servicer or the
      related Servicer (and those of any such Sub-Servicer or Subcontractor, as
      applicable) responsible for such obligations, and the Master Servicer shall
      have
      access to all such records maintained by the related Servicer and any
      Sub-Servicers or Subcontractors. Upon request, each of the Master Servicer
      and
      the Servicers shall furnish to the Depositor and the Trustee its (and any such
      Sub-Servicer’s or Subcontractor’s) most recent financial statements and such
      other information relating to the Master Servicer’s or the related Servicer’s
      capacity to perform its obligations under this Agreement as it possesses (and
      that any such Sub-Servicer or Subcontractor possesses). To the extent that
      the
      Master Servicer or a Servicer informs the Depositor and the Trustee that such
      information is not otherwise available to the public, the Depositor and the
      Trustee shall not disseminate any information obtained pursuant to the preceding
      two sentences without the Master Servicer’s or the related Servicer’s written
      consent, except as required pursuant to this Agreement or to the extent that
      it
      is appropriate to do so (i) to its legal counsel, auditors, taxing authorities
      or other governmental agencies and the Certificateholders, (ii) pursuant to
      any
      law, rule, regulation, order, judgment, writ, injunction or decree of any court
      or governmental authority having jurisdiction over the Depositor and the Trustee
      or the Trust Fund, and in any case, the Depositor or the Trustee, (iii)
      disclosure of any and all information that is or becomes publicly known, or
      information obtained by the Trustee from sources other than the Depositor,
      the
      related Servicer or the Master Servicer, (iv) disclosure as required pursuant
      to
      this Agreement or (v) disclosure of any and all information (A) in any
      preliminary or final offering circular, registration statement or contract
      or
      other document pertaining to the transactions contemplated by the Agreement
      approved in advance by the Depositor, the related Servicer or the Master
      Servicer or (B) to any affiliate, independent or internal auditor, agent,
      employee or attorney of the Trustee having a need to know the same, provided
      that the Trustee advises such recipient of the confidential nature of the
      information being disclosed, shall use its best efforts to assure the
      confidentiality of any such disseminated non-public information. Nothing in
      this
      Section 7.07 shall limit the obligation of the Servicers to comply with any
      applicable law prohibiting disclosure of information regarding the Mortgagors
      and the failure of a Servicer to provide access as provided in this Section
      7.07
      as a result of such obligation shall not constitute a breach of this Section.
      Nothing in this Section 7.07 shall require the Servicers to collect, create,
      collate or otherwise generate any information that it does not generate in
      its
      usual course of business. The Servicers shall not be required to make copies
      of
      or ship documents to any party unless provisions have been made for the
      reimbursement of the costs thereof. The Depositor may, but is not obligated
      to,
      enforce the obligations of the Master Servicer and the Servicers under this
      Agreement and may, but is not obligated to, perform, or cause a designee to
      perform, any defaulted obligation of the Master Servicer or the related Servicer
      under this Agreement or exercise the rights of the Master Servicer or the
      related Servicer under this Agreement; provided that neither the Master Servicer
      nor the Servicer shall be relieved of any of its obligations under this
      Agreement by virtue of such performance by the Depositor or its designee. The
      Depositor shall not have any responsibility or liability for any action or
      failure to act by the Master Servicer or the Servicers and is not obligated
      to
      supervise the performance of the Master Servicer or the Servicers under this
      Agreement or otherwise.

    

    
      
        
        

      

      
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    SECTION
      7.08. Duties
      of
      the Credit Risk Manager. 

    

    For
      and
      on behalf of the Depositor, the Credit Risk Manager will provide reports and
      recommendations concerning certain delinquent and defaulted Mortgage Loans,
      and
      as to the collection of any Prepayment Charges with respect to the Mortgage
      Loans. Such reports and recommendations will be based upon information provided
      to the Credit Risk Manager pursuant to the Credit Risk Management Agreements,
      and the Credit Risk Manager shall look solely to the Servicers and/or Master
      Servicer for all information and data (including loss and delinquency
      information and data) relating to the servicing of the related Mortgage Loans.
      Upon any termination of the Credit Risk Manager or the appointment of a
      successor Credit Risk Manager, the Depositor shall give written notice thereof
      to the Servicers, the Master Servicer, the Securities Administrator, the
      Trustee, and each Rating Agency. Notwithstanding the foregoing, the termination
      of the Credit Risk Manager pursuant to this Section shall not become effective
      until the appointment of a successor Credit Risk Manager. 

    

    
      
        
        

      

      
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    SECTION
      7.09. Limitation
      Upon Liability of the Credit Risk Manager. 

    

    Neither
      the Credit Risk Manager, nor any of its directors, officers, employees, or
      agents shall be under any liability to the Trustee, the Certificateholders,
      or
      the Depositor for any action taken or for refraining from the taking of any
      action made in good faith pursuant to this Agreement, in reliance upon
      information provided by the Servicers or the Master Servicer under the related
      Credit Risk Management Agreement, or for errors in judgment; provided, however,
      that this provision shall not protect the Credit Risk Manager or any such person
      against liability that would otherwise be imposed by reason of willful
      malfeasance or bad faith in its performance of its duties. 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
      or the Master Servicer pursuant to the related Credit Risk Management Agreement
      in the performance of its duties thereunder and hereunder.

    

    SECTION
      7.10. Removal
      of the 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 in the Trust Fund, in the
      exercise of its or their sole discretion. The Certificateholders shall provide
      written notice of the Credit Risk Manager’s removal to the Trustee. Upon receipt
      of such notice, the Trustee shall provide written notice to the Credit Risk
      Manager of its removal, which shall be effective upon receipt of such notice
      by
      the Credit Risk Manager, with a copy to the Securities Administrator and the
      Master Servicer.

    

    SECTION
      7.11. Transfer
      of Servicing by Sponsor.

    

    
      
        
        

      

      
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    The
      Sponsor may, at its option, transfer the servicing responsibilities of the
      Servicer with respect to the related Mortgage Loans at any time without cause.
      No such transfer shall become effective unless and until a successor to the
      related Servicer shall have been appointed to service and administer the related
      Mortgage Loans pursuant to the terms and conditions of this Agreement. No
      appointment shall be effective unless (i) such successor meets the eligibility
      criteria set forth in Section 7.04 and (ii) all amounts reimbursable to the
      related Servicer under this Agreement shall have been paid by the successor
      appointed pursuant to the terms of this Section 7.11 or by the Sponsor including
      without limitation, all unreimbursed P&I Advances and Servicing Advances
      made by the related Servicer, accrued and unpaid Servicing Fees and all
      out-of-pocket expenses of the related Servicer incurred in connection with
      the
      transfer of servicing to such successor. The Sponsor shall provide a copy of
      the
      written confirmation of the Rating Agencies to the Trustee, the Securities
      Administrator and the Master Servicer. In connection with such appointment
      and
      assumption described herein, the Sponsor may make such arrangements for the
      compensation of such successor out of payments on Mortgage Loans as it and
      such
      successor shall agree; provided, however, that no such compensation shall be
      in
      excess of that permitted to be collected by the related Servicer hereunder.
      The
      Sponsor shall take such action, consistent with this Agreement, as shall be
      necessary to effectuate any such succession.
      The
      Sponsor shall notify the Credit Risk Manager of any transfer of servicing
      pursuant to this Section 7.11.

    

    
      
        
        

      

      
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    ARTICLE
      VIII

    

    DEFAULT

    

    SECTION
      8.01. Servicer
      Events of Default.

    

    (a) “Servicer
      Event of Default,” wherever used herein, means any one of the following
      events:

    

    (i) any
      failure by the related Servicer to remit to the Securities Administrator for
      distribution to the Certificateholders any payment (other than a P&I Advance
      required to be made from its own funds on any Servicer Remittance Date pursuant
      to Section 5.03 of this Agreement) required to be made by the Servicer under
      the
      terms of the Certificates and this Agreement which continues unremedied until
      3:00 p.m. New York time on the Business Day immediately following the date
      upon
      which written notice of such failure, requiring the same to be remedied, shall
      have been given to the related Servicer by the Depositor, the Securities
      Administrator or the Trustee (in which case notice shall be provided by
      telecopy), or to the Servicer, the Depositor and the Trustee by the Holders
      of
      Certificates entitled to at least 25% of the Voting Rights; or

    

    (ii) any
      failure on the part of the related Servicer duly to observe or perform in any
      material respect any other of the covenants or agreements on the part of the
      Servicer contained in this Agreement, or the material breach by the Servicer
      of
      any representation and warranty contained in Section 2.05, which continues
      unremedied for a period of thirty (30) days after the date on which written
      notice of such failure, requiring the same to be remedied, shall have been
      given
      to the related Servicer by the Depositor or the Trustee or to the Servicer,
      the
      Depositor and the Trustee by the Holders of Certificates entitled to at least
      25% of the Voting Rights; provided, however, that in the case of a failure
      that
      cannot be cured within thirty (30) days, the cure period may be extended for
      an
      additional thirty (30) days if the related Servicer can demonstrate to the
      reasonable satisfaction of the Trustee that such Servicer is diligently pursuing
      remedial action; or

    

    (iii) a
      decree
      or order of a court or agency or supervisory authority having jurisdiction
      in
      the premises in an involuntary case under any present or future federal or
      state
      bankruptcy, insolvency or similar law or the appointment of a conservator or
      receiver or liquidator in any insolvency, readjustment of debt, marshalling
      of
      assets and liabilities or similar proceeding, or for the winding-up or
      liquidation of its affairs, shall have been entered against the related Servicer
      and such decree or order shall have remained in force undischarged or unstayed
      for a period of ninety (90) days; or

    

    (iv) the
      related Servicer shall consent to the appointment of a conservator or receiver
      or liquidator in any insolvency, readjustment of debt, marshalling of assets
      and
      liabilities or similar proceedings of or relating to it or of or relating to
      all
      or substantially all of its property; or

    

    
      
        
        

      

      
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    (v) the
      related Servicer shall admit in writing its inability to pay its debts generally
      as they become due, file a petition to take advantage of any applicable
      insolvency or reorganization statute, make an assignment for the benefit of
      its
      creditors, or voluntarily suspend payment of its obligations;

    

    (vi) failure
      by the related Servicer to duly perform, within the required time period, its
      obligations under Sections 3.17, 3.18 or 3.20; or 

    

    (vii) any
      failure of the related Servicer to make any P&I Advance on any Servicer
      Remittance Date required to be made from its own funds pursuant to Section
      5.03
      which continues unremedied until 3:00 p.m. New York time on the Business Day
      immediately following the related Servicer Remittance Date; or

    

    (viii) failure
      of the related Servicer to maintain at least an “average” rating from the Rating
      Agencies.

    

    If
      a
      Servicer Event of Default described in clauses (i) through (vi) or (viii) of
      this Section shall occur, then, and in each and every such case, so long as
      such
      Servicer Event of Default shall not have been remedied, the Depositor or the
      Trustee may, and at the written direction of the Holders of Certificates
      entitled to at least 51% of Voting Rights, the Trustee shall, by notice in
      writing to the defaulting Servicer (and to the Depositor if given by the Trustee
      or to the Trustee if given by the Depositor) with a copy to the Master Servicer
      and each Rating Agency, terminate all of the rights and obligations of the
      defaulting Servicer in its capacity as a Servicer under this Agreement, to
      the
      extent permitted by law, and in and to the related Mortgage Loans and the
      proceeds thereof. If a Servicer Event of Default described in clause (vii)
      hereof shall occur, the Trustee shall, by notice in writing to the defaulting
      Servicer, the Depositor and the Master Servicer, terminate all of the rights
      and
      obligations of the defaulting Servicer in its capacity as a Servicer under
      this
      Agreement and in and to the related Mortgage Loans and the proceeds thereof.
      Subject to Section 8.02, on or after the receipt by the defaulting Servicer
      of
      such written notice, all authority and power of the defaulting Servicer under
      this Agreement, whether with respect to the Certificates (other than as a Holder
      of any Certificate) or the Mortgage Loans or otherwise, shall pass to and be
      vested in the Master Servicer pursuant to and under this Section, and, without
      limitation, the Master Servicer is hereby authorized and empowered, as
      attorney-in-fact or otherwise, to execute and deliver, on behalf of and at
      the
      expense of the defaulting Servicer, any and all documents and other instruments
      and to do or accomplish all other acts or things necessary or appropriate to
      effect the purposes of such notice of termination, whether to complete the
      transfer and endorsement or assignment of the Mortgage Loans and related
      documents, or otherwise. The defaulting Servicer agrees promptly (and in any
      event no later than ten (10) Business Days subsequent to such notice) to provide
      the Master Servicer with all documents and records requested by it to enable
      it
      to assume the defaulting Servicer’s functions under this Agreement, and to
      cooperate with the Master Servicer in effecting the termination of the
      defaulting Servicer’s responsibilities and rights under this Agreement,
      including, without limitation, the transfer within one (1) Business Day to
      the
      Master Servicer for administration by it of all cash amounts which at the time
      shall be or should have been credited by the defaulting Servicer to the related
      Collection Account held by or on behalf of the defaulting Servicer or thereafter
      be received with respect to the related Mortgage Loans or any related REO
      Property (provided, however, that the defaulting Servicer shall continue to
      be
      entitled to receive all amounts accrued or owing to it under this Agreement
      on
      or prior to the date of such termination, whether in respect of P&I
      Advances, Servicing Advances, accrued and unpaid Servicing Fees or otherwise,
      and shall continue to be entitled to the benefits of Section 7.03,
      notwithstanding any such termination, with respect to events occurring prior
      to
      such termination). Reimbursement of unreimbursed P&I Advances, Servicing
      Advances and accrued and unpaid Servicing Fees shall be made on a first in,
      first out (“FIFO”) basis no later than the related Servicer Remittance Date. For
      purposes of this Section 8.01(a), the Trustee shall not be deemed to have
      knowledge of a Servicer Event of Default unless a Responsible Officer of the
      Trustee assigned to and working in the Trustee’s Corporate Trust Office has
      actual knowledge thereof or unless written notice of any event which is in
      fact
      such a Servicer Event of Default is received by the Trustee at its Corporate
      Trust Office and such notice references the Certificates, the Trust or this
      Agreement. The Trustee shall promptly notify the Master Servicer and the Rating
      Agencies of the occurrence of a Servicer Event of Default of which it has
      knowledge as provided above.

    

    
      
        
        

      

      
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    The
      Master Servicer shall be entitled to be reimbursed by the defaulting Servicer
      (or from amounts on deposit in the Distribution Account if the defaulting
      Servicer is unable to fulfill its obligations hereunder) for all reasonable
      out-of-pocket or third party costs associated with the transfer of servicing
      from the defaulting Servicer, including without limitation, any reasonable
      out-of-pocket or third party costs or expenses associated with the complete
      transfer of all servicing data and the completion, correction or manipulation
      of
      such servicing data as may be required by the Master Servicer to correct any
      errors or insufficiencies in the servicing data or otherwise to enable the
      Master Servicer to service the related Mortgage Loans properly and effectively,
      upon presentation of reasonable documentation of such costs and
      expenses.

    

    (b) “Master
      Servicer Event of Default,” wherever used herein, means any one of the following
      events:

    

    (i) any
      failure on the part of the Master Servicer duly to observe or perform in any
      material respect any other of the covenants or agreements on the part of the
      Master Servicer contained in this Agreement, or the breach by the Master
      Servicer of any representation and warranty contained in Section 2.04, which
      continues unremedied for a period of 30 days after the date on which written
      notice of such failure, or after such other period as set forth in this
      Agreement, requiring the same to be remedied, shall have been given to the
      Master Servicer by the Depositor or the Trustee or to the Master Servicer,
      the
      Depositor and the Trustee by the Holders of Certificates entitled to at least
      25% of the Voting Rights; or

    

    (ii) a
      decree
      or order of a court or agency or supervisory authority having jurisdiction
      in
      the premises in an involuntary case under any present or future federal or
      state
      bankruptcy, insolvency or similar law or the appointment of a conservator or
      receiver or liquidator in any insolvency, readjustment of debt, marshalling
      of
      assets and liabilities or similar proceeding, or for the winding-up or
      liquidation of its affairs, shall have been entered against the Master Servicer
      and such decree or order shall have remained in force undischarged or unstayed
      for a period of 90 days; or

    

    
      
        
        

      

      
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    (iii) the
      Master Servicer shall consent to the appointment of a conservator or receiver
      or
      liquidator in any insolvency, readjustment of debt, marshalling of assets and
      liabilities or similar proceedings of or relating to it or of or relating to
      all
      or substantially all of its property; or

    

    (iv) the
      Master Servicer shall admit in writing its inability to pay its debts generally
      as they become due, file a petition to take advantage of any applicable
      insolvency or reorganization statute, make an assignment for the benefit of
      its
      creditors, or voluntarily suspend payment of its obligations; or

    

    (v) failure
      by the Master Servicer to duly perform, within the required time period, its
      obligations under Sections 4.15, 4.16, 4.17 or 4.18.

    

    If
      a
      Master Servicer Event of Default shall occur, then, and in each and every such
      case, so long as such Master Servicer Event of Default shall not have been
      remedied, the Depositor or the Trustee may, and at the written direction of
      the
      Holders of Certificates entitled to at least 51% of Voting Rights, the Trustee
      shall, by notice in writing to the Master Servicer (and to the Depositor if
      given by the Trustee or to the Trustee if given by the Depositor) with a copy
      to
      each Rating Agency, terminate all of the rights and obligations of the Master
      Servicer in its capacity as Master Servicer under this Agreement, to the extent
      permitted by law, and in and to the Mortgage Loans and the proceeds thereof.
      On
      or after the receipt by the Master Servicer of such written notice, all
      authority and power of the Master Servicer under this Agreement, whether with
      respect to the Certificates (other than as a Holder of any Certificate) or
      the
      Mortgage Loans or otherwise including, without limitation, the compensation
      payable to the Master Servicer under this Agreement, shall pass to and be vested
      in the Trustee pursuant to and under this Section, and, without limitation,
      the
      Trustee is hereby authorized and empowered, as attorney-in-fact or otherwise,
      to
      execute and deliver, on behalf of and at the expense of the Master Servicer,
      any
      and all documents and other instruments and to do or accomplish all other acts
      or things necessary or appropriate to effect the purposes of such notice of
      termination, whether to complete the transfer and endorsement or assignment
      of
      the Mortgage Loans and related documents, or otherwise. The Master Servicer
      agrees promptly (and in any event no later than ten Business Days subsequent
      to
      such notice) to provide the Trustee with all documents and records requested
      by
      it to enable it to assume the Master Servicer’s functions under this Agreement,
      and to cooperate with the Trustee in effecting the termination of the Master
      Servicer’s responsibilities and rights under this Agreement (provided, however,
      that the Master Servicer shall continue to be entitled to receive all amounts
      accrued or owing to it under this Agreement on or prior to the date of such
      termination and shall continue to be entitled to the benefits of Section 7.03,
      notwithstanding any such termination, with respect to events occurring prior
      to
      such termination). For purposes of this Section 8.01(b), the Trustee shall
      not
      be deemed to have knowledge of a Master Servicer Event of Default unless a
      Responsible Officer of the Trustee assigned to and working in the Trustee’s
      Corporate Trust Office has actual knowledge thereof or unless written notice
      of
      any event which is in fact such a Master Servicer Event of Default is received
      by the Trustee and such notice references the Certificates, the Trust or this
      Agreement. The Trustee shall promptly notify the Rating Agencies of the
      occurrence of a Master Servicer Event of Default of which it has knowledge
      as
      provided above.

    

    
      
        
        

      

      
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    On
      and
      after the time the Master Servicer receives a notice of termination, the Trustee
      shall be the successor in all respects to the Master Servicer (and, if
      applicable, the Securities Administrator) in its capacity as Master Servicer
      (and, if applicable, the Securities Administrator) under this Agreement and
      the
      transactions set forth or provided for herein, and all the responsibilities,
      duties and liabilities relating thereto and arising thereafter shall be assumed
      by the Trustee (except for any representations or warranties of the Master
      Servicer under this Agreement, the responsibilities, duties and liabilities
      contained in Section 2.03 and the obligation to deposit amounts in respect
      of
      losses pursuant to Section 3.10) by the terms and provisions hereof including,
      without limitation, but subject to the Master Servicer’s and Trustee’s
      determination of recoverability, the Master Servicer’s obligations to make
      P&I Advances no later than each Distribution Date pursuant to Section 5.03;
      provided, however, that if the Trustee is prohibited by law or regulation from
      obligating itself to make advances regarding delinquent mortgage loans, then
      the
      Trustee shall not be obligated to make P&I Advances pursuant to Section
      5.03; and provided further, that any failure to perform such duties or
      responsibilities caused by the Master Servicer’s failure to provide information
      required by Section 8.01 shall not be considered a default by the Trustee as
      successor to the Master Servicer hereunder and neither the Trustee nor any
      other
      successor master servicer shall be liable for any acts or omissions of the
      terminated master servicer. As compensation therefor, the Trustee shall be
      entitled to the Master Servicing Fee and all funds relating to the Loans,
      investment earnings on the Distribution Account and all other remuneration
      to
      which the Master Servicer would have been entitled if it had continued to act
      hereunder.

    

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

    

    Notwithstanding
      the foregoing, the Trustee may, if it shall be unwilling to continue to act,
      or
      shall, if it is unable to so act, petition a court of competent jurisdiction
      to
      appoint, or appoint on its own behalf, any established housing and home finance
      institution servicer, master servicer, servicing or mortgage servicing
      institution having a net worth of not less than $25,000,000 and meeting such
      other standards for a successor master servicer as are set forth in this
      Agreement, as the successor to such Master Servicer in the assumption of all
      of
      the responsibilities, duties or liabilities of a master servicer.

    

    Neither
      the Trustee nor any other successor master servicer shall be deemed to be in
      default hereunder by reason of any failure to make, or any delay in making,
      any
      distribution hereunder or any portion thereof or any failure to perform, or
      any
      delay in performing, any duties or responsibilities hereunder, in either case
      caused by the failure of the Master Servicer to deliver or provide, or any
      delay
      in delivering or providing, any cash, information, documents or records to
      it.

    

    
      
        
        

      

      
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    SECTION
      8.02. Master
      Servicer to Act; Appointment of Successor.

    

    (a) Subject
      to the following paragraph, on and after the time a Servicer receives a notice
      of termination, the Master Servicer shall be the successor in all respects
      to
      the related Servicer in its capacity as a Servicer under this Agreement and
      the
      transactions set forth or provided for herein, and all the responsibilities,
      duties and liabilities relating thereto and arising thereafter shall be assumed
      by the Master Servicer (except for any representations or warranties of the
      related Servicer under this Agreement, the responsibilities, duties and
      liabilities contained in Section 2.03 and the obligation to deposit amounts
      in
      respect of losses pursuant to Section 3.10(b)) by the terms and provisions
      hereof including, without limitation, the related Servicer’s obligations to make
      P&I Advances pursuant to Section 5.03 of this Agreement; provided, however,
      that if the Master Servicer is prohibited by law or regulation from obligating
      itself to make advances regarding delinquent mortgage loans, then the Master
      Servicer shall not be obligated to make P&I Advances pursuant to Section
      5.03 of this Agreement; and provided further, that any failure to perform such
      duties or responsibilities caused by the related Servicer’s failure to provide
      information required by Section 8.01 shall not be considered a default by the
      Master Servicer as successor to such Servicer hereunder; provided, however,
      that
      (1) it is understood and acknowledged by the parties hereto that there will
      be a
      period of transition (not to exceed 120 days) before the actual servicing
      functions can be fully transferred to the Master Servicer or any successor
      servicer appointed in accordance with the following provisions and (2) any
      failure to perform such duties or responsibilities caused by the related
      Servicer’s failure to provide information required by Section 8.01 of this
      Agreement shall not be considered a default by the Master Servicer as successor
      to such Servicer. As compensation therefor, the Master Servicer shall be
      entitled to the Servicing Fee and all funds relating to the Mortgage Loans
      to
      which the terminated Servicer would have been entitled if it had continued
      to
      act hereunder. Notwithstanding the above and subject to the immediately
      following paragraph, the Master Servicer may, if it shall be unwilling to so
      act, or shall, if it is unable to so act promptly appoint or petition a court
      of
      competent jurisdiction to appoint, a Person that satisfies the eligibility
      criteria set forth below as the successor to the terminated Servicer under
      this
      Agreement in the assumption of all or any part of the responsibilities, duties
      or liabilities of the terminated Servicer under this Agreement.

    

    Notwithstanding
      anything herein to the contrary, in no event shall the Trustee or the Master
      Servicer be liable for any Servicing Fee or Master Servicing Fee, as applicable,
      or for any differential in the amount of the Servicing Fee or Master Servicing
      Fee, as applicable, or paid hereunder and the amount necessary to induce any
      successor Servicer or successor Master Servicer to act as successor Servicer
      or
      successor Master Servicer under this Agreement and the transactions set forth
      or
      provided for herein.

    

    Any
      successor servicer appointed under this Agreement must (i) be an established
      mortgage loan servicing institution that is a Fannie Mae and Freddie Mac
      approved seller/servicer, (ii) be approved by each Rating Agency by a written
      confirmation from each Rating Agency that the appointment of such successor
      servicer would not result in the reduction or withdrawal of the then current
      ratings of any outstanding Class of Certificates, (iii) have a net worth of
      not
      less than $25,000,000 and (iv) assume all the responsibilities, duties or
      liabilities of the Servicer (other than liabilities of the Servicer hereunder
      incurred prior to termination of the Servicer under Section 8.01 herein) under
      this Agreement as if originally named as a party to this Agreement.

    

    
      
        
        

      

      
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    (b) (1)
      All
      servicing transfer costs (including, without limitation, servicing transfer
      costs of the type described in Section 8.02(a) and incurred by the Trustee,
      the
      Master Servicer and any successor servicer under paragraph (b)(2) below) in
      connection with the termination of the Servicer shall be paid by the terminated
      Servicer upon presentation of reasonable documentation of such costs, and if
      such predecessor or initial Servicer, as applicable, defaults in its obligation
      to pay such costs, the successor servicer, the Master Servicer and the Trustee
      shall be entitled to reimbursement therefor from the assets of the Trust
      Fund.

    

    (2)
      No
      appointment of a successor to a Servicer under this Agreement shall be effective
      until the assumption by the successor of all of the related Servicer’s
      responsibilities, duties and liabilities hereunder. In connection with such
      appointment and assumption described herein, the Trustee may make such
      arrangements for the compensation of such successor out of payments on the
      related Mortgage Loans as it and such successor shall agree; provided, however,
      that no such compensation shall be in excess of 50 basis points. The Depositor,
      the Trustee and such successor shall take such action, consistent with this
      Agreement, as shall be necessary to effectuate any such succession. Pending
      appointment of a successor to a Servicer under this Agreement, the Master
      Servicer shall act in such capacity as hereinabove provided.

    

    SECTION
      8.03. Notification
      to Certificateholders.

    

    (a) Upon
      any
      termination of any Servicer or the Master Servicer pursuant to Section 8.01(a)
      or (b) or any appointment of a successor to the related Servicer or the Master
      Servicer pursuant to Section 8.02, the Trustee shall give prompt written notice
      thereof to the Certificateholders at their respective addresses appearing in
      the
      Certificate Register.

    

    (b) Not
      later
      than the later of sixty (60) days after the occurrence of any event, which
      constitutes or which, with notice or lapse of time or both, would constitute
      a
      Servicer Event of Default or a Master Servicer Event of Default or five (5)
      days
      after a Responsible Officer of the Trustee becomes aware of the occurrence
      of
      such an event, the Trustee shall transmit by mail to all Holders of Certificates
      notice of each such occurrence, unless such default or Servicer Event of Default
      or Master Servicer Event of Default shall have been cured or
      waived.

    

    SECTION
      8.04. Waiver
      of
      Events of Default.

    

    
      
        
        

      

      
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    The
      Holders representing at least 66% of the Voting Rights evidenced by all Classes
      of Certificates affected by any default, Servicer Event of Default or Master
      Servicer Event of Default hereunder may waive such default, Servicer Event
      of
      Default or Master Servicer Event of Default; provided, however, that a Servicer
      Event of Default under clause (i) or (vii) of Section 8.01(a) may be waived
      only
      by all of the Holders of the Regular Certificates. Upon any such waiver of
      a
      default, Servicer Event of Default or Master Servicer Event of Default, such
      default, Servicer Event of Default or Master Servicer Event of Default shall
      cease to exist and shall be deemed to have been remedied for every purpose
      hereunder. No such waiver shall extend to any subsequent or other default,
      Servicer Event of Default or Master Servicer Event of Default or impair any
      right consequent thereon except to the extent expressly so waived.

    

    
      
        
        

      

      
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    ARTICLE
      IX

    

    CONCERNING
      THE TRUSTEE AND THE SECURITIES ADMINISTRATOR

    

    SECTION
      9.01. Duties
      of
      Trustee and Securities Administrator.

    

    The
      Trustee, prior to the occurrence of a Master Servicer Event of Default and
      after
      the curing or waiver of all Master Servicer Events of Default which may have
      occurred, and the Securities Administrator each undertake to perform such duties
      and only such duties as are specifically set forth in this Agreement as duties
      of the Trustee and the Securities Administrator, respectively. During the
      continuance of a Master Servicer Event of Default, 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 its exercise as a prudent person would exercise
      or
      use under the circumstances in the conduct of such person’s own affairs. Any
      permissive right of the Trustee enumerated in this Agreement shall not be
      construed as a duty.

    

    Each
      of
      the Trustee and the Securities Administrator, upon receipt of all resolutions,
      certificates, statements, opinions, reports, documents, orders or other
      instruments furnished to it, which are specifically required to be furnished
      pursuant to any provision of this Agreement, shall examine them to determine
      whether they conform to the requirements of this Agreement. If any such
      instrument is found not to conform to the requirements of this Agreement in
      a
      material manner, the Trustee or the Securities Administrator, as the case may
      be, shall take such action as it deems appropriate to have the instrument
      corrected, and if the instrument is not corrected to its satisfaction, the
      Securities Administrator will provide notice to the Trustee thereof and the
      Trustee will provide notice to the Certificateholders.

    

    The
      Trustee shall promptly remit to the related Servicer any complaint, claim,
      demand, notice or other document (collectively, the “Notices”) delivered to the
      Trustee as a consequence of the assignment of any Mortgage Loan hereunder and
      relating to the servicing of the Mortgage Loans; provided than any such notice
      (i) is delivered to the Trustee at its Corporate Trust Office, (ii) contains
      information sufficient to permit the Trustee to make a determination that the
      real property to which such document relates is a Mortgaged Property. The
      Trustee shall have no duty hereunder with respect to any Notice it may receive
      or which may be alleged to have been delivered to or served upon it unless
      such
      Notice is delivered to it or served upon it at its Corporate Trust Office and
      such Notice contains the information required pursuant to clause (ii) of the
      preceding sentence.

    

    No
      provision of this Agreement shall be construed to relieve the Trustee or the
      Securities Administrator from liability for its own negligent action, its own
      negligent failure to act or its own misconduct; provided, however,
      that:

    

    (i) Prior
      to
      the occurrence of a Master Servicer Event of Default and after the curing or
      waiver of all such Master Servicer Events of Default which may have occurred
      with respect to the Trustee and at all times with respect to the Securities
      Administrator, the duties and obligations of the Trustee shall be determined
      solely by the express provisions of this Agreement, neither the Trustee nor
      the
      Securities Administrator shall be liable except for the performance of 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
      Trustee or the Securities Administrator and, in the absence of bad faith on
      the
      part of the Trustee or the Securities Administrator, respectively, the Trustee
      or the Securities Administrator, respectively, may conclusively rely, as to
      the
      truth of the statements and the correctness of the opinions expressed therein,
      upon any certificates or opinions furnished to the Trustee or the Securities
      Administrator, respectively, that conform to the requirements of this
      Agreement;

    

    
      
        
        

      

      
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    (ii) Neither
      the Trustee nor the Securities Administrator shall be liable for an error of
      judgment made in good faith by a Responsible Officer or Responsible Officers
      of
      the Trustee or an officer or officers of the Securities Administrator,
      respectively, unless it shall be proved that the Trustee or the Securities
      Administrator, respectively, was negligent in ascertaining the pertinent facts;
      and

    

    (iii) Neither
      the Trustee nor the Securities Administrator shall be liable with respect to
      any
      action taken, suffered or omitted to be taken by it in good faith in accordance
      with the direction of the Holders of Certificates entitled to at least 25%
      of
      the Voting Rights relating to the time, method and place of conducting any
      proceeding for any remedy available to the Trustee or the Securities
      Administrator or exercising any trust or power conferred upon the Trustee or
      the
      Securities Administrator under this Agreement.

    

    SECTION
      9.02. Certain
      Matters Affecting Trustee and Securities Administrator.

    

    (a) Except
      as
      otherwise provided in Section 9.01:

    

    (i) Before
      taking any action hereunder, the Trustee and the Securities Administrator may
      request and rely upon and shall be protected in acting or refraining from acting
      upon any resolution, Officers’ Certificate, certificate of auditors or any other
      certificate, statement, instrument, opinion, report, notice, request, consent,
      order, appraisal, bond or other paper or document reasonably believed by it
      to
      be genuine and to have been signed or presented by the proper party or
      parties;

    

    (ii) The
      Trustee and the Securities Administrator may consult with counsel of its
      selection and any advice of such counsel or 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;

    

    (iii) Neither
      the Trustee nor the Securities Administrator shall be under any obligation
      to
      exercise any of the trusts or powers vested in it by this Agreement or to
      institute, conduct or defend any litigation hereunder or in relation hereto
      at
      the request, order or direction of any of the Certificateholders, pursuant
      to
      the provisions of this Agreement, unless such Certificateholders shall have
      offered to the Trustee or the Securities Administrator, as the case may be,
      reasonable security or indemnity satisfactory to it against the costs, expenses
      and liabilities which may be incurred therein or thereby; nothing contained
      herein shall, however, relieve the Trustee of the obligation, upon the
      occurrence of a Master Servicer Event of Default (which has not been cured
      or
      waived), to exercise such of the rights and powers vested in it by this
      Agreement, and to use the same degree of care and skill in their exercise as
      a
      prudent person would exercise or use under the circumstances in the conduct
      of
      such person’s own affairs;

    

    
      
        
        

      

      
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    (iv) Neither
      the Trustee nor the Securities Administrator shall 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;

    

    (v) Prior
      to
      the occurrence of a Master Servicer Event of Default hereunder and after the
      curing or waiver of all Master Servicer Events of Default which may have
      occurred with respect to the Trustee and at all times with respect to the
      Securities Administrator, neither the Trustee nor the Securities Administrator
      shall be bound to make any investigation into the facts or matters stated in
      any
      resolution, certificate, statement, instrument, opinion, report, notice,
      request, consent, order, approval, bond or other paper or document, unless
      requested in writing to do so by the Holders of Certificates entitled to at
      least 25% of the Voting Rights; provided, however, that if the payment within
      a
      reasonable time to the Trustee or the Securities Administrator of the costs,
      expenses or liabilities likely to be incurred by it in the making of such
      investigation is, in the opinion of the Trustee or the Securities Administrator,
      as applicable, not reasonably assured to the Trustee or the Securities
      Administrator by such Certificateholders, the Trustee or the Securities
      Administrator, as applicable, may require reasonable indemnity satisfactory
      to
      it against such expense, or liability from such Certificateholders as a
      condition to taking any such action;

    

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

    

    (vii) The
      Trustee shall not be liable for any loss resulting from (a) the investment
      of
      funds held in the Collection Accounts, (b) the investment of funds held in
      the
      Distribution Account, (c) the investment of funds held in the Reserve Fund
      or
      (d) the redemption or sale of any such investment as therein
      authorized;

    

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

    

    (ix) The
      rights, privileges, protections, immunities and benefits given to the Trustee,
      including, without limitation, its right to be indemnified, are extended to,
      and
      shall be enforceable by, each agent, custodian and other Person employed to
      act
      hereunder; and

    

    
      
        
        

      

      
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    (x) Should
      the Trustee deem the nature of any action required on its part to be unclear,
      the Trustee may require prior to such action that it be provided by the
      Depositor with reasonable further instructions.

    

    (xi) No
      provision of this Agreement shall require the Trustee (regardless of the
      capacity in which it is acting) to expend or risk its own funds or otherwise
      incur any financial liability in the performance of any of its duties hereunder,
      or in the exercise of any of its rights or powers, if it shall have reasonable
      grounds for believing that repayment of such funds or adequate indemnity against
      risk or liability is not reasonably assured to it.

    

    (b) All
      rights of action under this Agreement or under any of the Certificates,
      enforceable by the Trustee, may be enforced by it without the possession of
      any
      of the Certificates, or the production thereof at the trial or other proceeding
      relating thereto, and any such suit, action or proceeding instituted by the
      Trustee shall be brought in its name for the benefit of all the Holders of
      such
      Certificates, subject to the provisions of this Agreement.

    

    (c) The
      Trustee, not in its individual capacity but solely in its separate capacity
      as
      Supplemental Interest Trust Trustee, is hereby directed to exercise the rights,
      perform the obligations, and make any representations to be exercised,
      performed, or made by the Supplemental Interest Trust Trustee, as described
      herein. The Supplemental Interest Trust Trustee is hereby directed to execute
      and deliver the Swap Agreement on behalf of Party B (as defined therein) and
      to
      exercise the rights, perform the obligations, and make the representations
      of
      Party B thereunder, solely in its capacity as Supplemental Interest Trust
      Trustee on behalf of Party B (as defined therein) and not in its individual
      capacity. 

    

    The
      Sponsor, the Seller, the Servicers, the Depositor and the Certificateholders
      (by
      acceptance of their Certificates) acknowledge and agree that:

    

    (i) the
      Supplemental Interest Trust Trustee shall execute and deliver the Swap Agreement
      on behalf of Party B (as defined therein), 

    

    (ii) the
      Supplemental Interest Trust Trustee shall exercise the rights, perform the
      obligations, and make the representations of Party B thereunder, solely in
      its
      capacity as Supplemental Interest Trust Trustee on behalf of Party B (as defined
      therein) and not in its individual capacity, and

    

    (iii) the
      Securities Administrator shall also be entitled to exercise the rights and
      obligated to perform the obligations of Party B under the Swap
      Agreement.

    

    Every
      provision of this Agreement relating to the conduct or affecting the liability
      of or affording protection to the Supplemental Interest Trust Trustee shall
      apply to the Supplemental Interest Trust Trustee’s execution of the Swap
      Agreement, and the performance of its duties and satisfaction of its obligations
      thereunder.

    

    
      
        
        

      

      
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    Every
      provision of this Agreement relating to the conduct or affecting the liability
      of or affording protection to the Securities Administrator shall apply to the
      Securities Administrator’s execution of the Swap Agreement, and the performance
      of its duties and satisfaction of its obligations thereunder.

    

    (d) None
      of
      the Securities Administrator, the Master Servicer, the Servicers, the Sponsor,
      the Depositor, the Custodians or the Trustee shall be responsible for the acts
      or omissions of the others or the Swap Provider, it being understood that this
      Agreement shall not be construed to render those partners joint venturers or
      agents of one another.

    

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

    

    The
      recitals contained herein and in the Certificates (other than the signature
      of
      the Securities Administrator, the authentication of the Securities Administrator
      on the Certificates, the acknowledgments of the Trustee contained in Article
      II
      and the representations and warranties of the Trustee in Section 9.12) shall
      be
      taken as the statements of the Depositor and neither the Trustee nor the
      Securities Administrator assumes any responsibility for their correctness.
      Neither the Trustee nor the Securities Administrator makes any representations
      or warranties as to the validity or sufficiency of this Agreement (other than
      as
      specifically set forth in Section 9.12), the Swap Agreement or of the
      Certificates (other than the signature of the Securities Administrator and
      authentication of the Securities Administrator on the Certificates) or of any
      Mortgage Loan or related document. The Trustee and the Securities Administrator
      shall not be accountable for the use or application by the Depositor of any
      of
      the Certificates or of the proceeds of such Certificates, or for the use or
      application of any funds paid to the Depositor or the Master Servicer in respect
      of the Mortgage Loans or deposited in or withdrawn from the Collection Account
      by the Servicer, other than with respect to the Securities Administrator any
      funds held by it or on behalf of the Trustee in accordance with Sections 3.24,
      3.25 and 5.07 of this Agreement.

    

    SECTION
      9.04. Trustee
      and Securities Administrator May Own Certificates.

    

    Each
      of
      the Trustee and the Securities Administrator in its individual capacity or
      any
      other capacity may become the owner or pledgee of Certificates and may transact
      business with other interested parties and their Affiliates with the same rights
      it would have if it were not Trustee or the Securities
      Administrator.

    

    SECTION
      9.05. Fees
      and
      Expenses of Trustee, Custodians and Securities Administrator.

    

    The
      fees
      of the Trustee and the Securities Administrator hereunder, of Wells Fargo as
      the
      Custodian under the Wells Fargo Custodial Agreement and of DBNTC as the
      Custodian under the DBNTC Custodial Agreement shall be paid in accordance with
      a
      side letter agreement with the Master Servicer and at the sole expense of the
      Master Servicer. In addition, the Trustee, the Securities Administrator, the
      Custodians and any director, officer, employee or agent of the Trustee, the
      Securities Administrator and the Custodians shall be indemnified by the Trust
      and held harmless against any loss, liability or expense (including reasonable
      attorney’s fees and expenses) incurred by the Trustee, the Custodians or the
      Securities Administrator in connection with any claim or legal action or any
      pending or threatened claim or legal action arising out of or in connection
      with
      the acceptance or administration of its respective obligations and duties under
      this Agreement, including the Swap Agreement and any and all other agreements
      related hereto, other than any loss, liability or expense, as applicable (i)
      for
      which the Trustee is indemnified by the Master Servicer or a Servicer, (ii)
      that
      constitutes a specific liability of the Trustee or the Securities Administrator
      pursuant to Section 11.01(g) or (iii) any loss, liability or expense incurred
      by
      reason of willful misfeasance, bad faith or negligence in the performance of
      duties hereunder by the Trustee or the Securities Administrator or by reason
      of
      reckless disregard of obligations and duties hereunder. In no event shall the
      Trustee, the Custodians, the Master Servicer or the Securities Administrator
      be
      liable for special, indirect or consequential loss or damage of any kind
      whatsoever (including but not limited to lost profits), even if it has been
      advised of the likelihood of such loss or damage and regardless of the form
      of
      action. The Master Servicer agrees to indemnify the Trustee, from, and hold
      the
      Trustee harmless against, any loss, liability or expense (including reasonable
      attorney’s fees and expenses) incurred by the Trustee by reason of the Master
      Servicer’s willful misfeasance, bad faith or gross negligence in the performance
      of its duties under this Agreement or by reason of the Master Servicer’s
      reckless disregard of its obligations and duties under this Agreement. In
      addition, the Sponsor agrees to indemnify the Trustee for, and to hold the
      Trustee harmless against, any loss, liability or expense arising out of, or
      in
      connection with, the provisions set forth in the last paragraph of Section
      2.01,
      including, without limitation, all costs, liabilities and expenses (including
      reasonable legal fees and expenses) of investigating and defending itself
      against any claim, action or proceeding, pending or threatened, relating to
      the
      provisions of such paragraph. The indemnities in this Section 9.05 shall survive
      the termination or discharge of this Agreement and the resignation or removal
      of
      the Master Servicer, the Trustee, the Securities Administrator or the
      Custodians. Any payment under this Section 9.05 made by the Master Servicer
      to
      the Trustee in respect of the Trustee’s fees or the Master Servicer’s
      indemnification obligation to the Trustee shall be from the Master Servicer’s
      own funds, without reimbursement from REMIC I therefor.

    

    
      
        
        

      

      
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    SECTION
      9.06. Eligibility
      Requirements for Trustee and Securities Administrator.

    

    The
      Trustee and the Securities Administrator shall at all times be a corporation
      or
      an association (other than the Depositor, the Sponsor, the Master Servicer
      or
      any Affiliate of the foregoing) organized and doing business under the laws
      of
      any state or the United States of America, authorized under such laws to
      exercise corporate trust powers, having a combined capital and surplus of at
      least $50,000,000 (or a member of a bank holding company whose capital and
      surplus is at least $50,000,000) and subject to supervision or examination
      by
      federal or state authority. If such corporation or association publishes reports
      of conditions at least annually, pursuant to law or to the requirements of
      the
      aforesaid supervising or examining authority, then for the purposes of this
      Section the combined capital and surplus of such corporation or association
      shall be deemed to be its combined capital and surplus as set forth in its
      most
      recent report of conditions so published. In case at any time the Trustee or
      the
      Securities Administrator, as applicable, shall cease to be eligible in
      accordance with the provisions of this Section, the Trustee or the Securities
      Administrator, as applicable, shall resign immediately in the manner and with
      the effect specified in Section 9.07.

    

    
      
        
        

      

      
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    Additionally,
      the Securities Administrator (i) may not be an originator, Servicer, the
      Depositor or an affiliate of the Depositor unless the Securities Administrator
      is in an institutional trust department, (ii) must be authorized to exercise
      corporate trust powers under the laws of its jurisdiction of organization,
      and
      (iii) must be rated at least "A/F1" by Fitch, if Fitch is a Rating Agency,
      or
      the equivalent rating by S&P (or such rating acceptable to Fitch pursuant to
      a rating confirmation). If no successor securities administrator shall have
      been
      appointed and shall have accepted appointment within 60 days after Wells Fargo
      Bank, National Association, as Securities Administrator, ceases to be the
      securities administrator pursuant to this Section 9.06, then the Trustee shall
      petition any court of competent jurisdiction, at the expense of the Trust,
      for
      the appointment of a successor securities administrator which satisfies the
      eligibility criteria set forth herein. The Trustee shall notify the Rating
      Agencies of any change of Securities Administrator.

    

    SECTION
      9.07. Resignation
      and Removal of Trustee and Securities Administrator.

    

    The
      Trustee and the Securities Administrator may at any time resign and be
      discharged from the trust hereby created by giving written notice thereof to
      the
      Depositor, to the Master Servicer, to the Securities Administrator (or the
      Trustee, if the Securities Administrator resigns) and to the Certificateholders.
      Upon receiving such notice of resignation, the Depositor shall promptly appoint
      a successor trustee or successor securities administrator by written instrument,
      in duplicate, which instrument shall be delivered to the resigning Trustee
      or
      Securities Administrator, as applicable, and to the successor trustee or
      successor securities administrator, as applicable. A copy of such instrument
      shall be delivered to the Certificateholders, the Trustee, the Securities
      Administrator and the Master Servicer by the Depositor. If no successor trustee
      or successor securities administrator shall have been so appointed and have
      accepted appointment within thirty (30) days after the giving of such notice
      of
      resignation, the resigning Trustee or Securities Administrator, as the case
      may
      be, may, at the expense of the Trust Fund, petition any court of competent
      jurisdiction for the appointment of a successor trustee, successor securities
      administrator, Trustee or Securities Administrator, as applicable.

    

    If
      at any
      time the Trustee or the Securities Administrator shall cease to be eligible
      in
      accordance with the provisions of Section 9.06 and shall fail to resign after
      written request therefor by the Depositor, or if at any time the Trustee or
      the
      Securities Administrator shall become incapable of acting, or shall be adjudged
      bankrupt or insolvent, or a receiver of the Trustee or the Securities
      Administrator or of its property shall be appointed, or any public officer
      shall
      take charge or control of the Trustee or the Securities Administrator or of
      its
      property or affairs for the purpose of rehabilitation, conservation or
      liquidation, then the Depositor may remove the Trustee or the Securities
      Administrator, as applicable and appoint a successor trustee or successor
      securities administrator, as applicable, by written instrument, in duplicate,
      which instrument shall be delivered to the Trustee or the Securities
      Administrator so removed and to the successor trustee or successor securities
      administrator. A copy of such instrument shall be delivered to the
      Certificateholders, the Trustee, the Securities Administrator and the Master
      Servicer by the Depositor.

    

    
      
        
        

      

      
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    The
      Holders of Certificates entitled to at least 51% of the Voting Rights may at
      any
      time remove the Trustee or the Securities Administrator and appoint a successor
      trustee or successor securities administrator by written instrument or
      instruments, in triplicate, signed by such Holders or their attorneys-in-fact
      duly authorized, one complete set of which instruments shall be delivered to
      the
      Depositor, one complete set to the Trustee or the Securities Administrator
      so
      removed and one complete set to the successor so appointed. A copy of such
      instrument shall be delivered to the Certificateholders, the Trustee (in the
      case of the removal of the Securities Administrator), the Securities
      Administrator (in the case of the removal of the Trustee) and the Master
      Servicer by the Depositor.

    

    Any
      resignation or removal of the Trustee or the Securities Administrator and
      appointment of a successor trustee or successor securities administrator
      pursuant to any of the provisions of this Section shall not become effective
      until acceptance of appointment by the successor trustee or successor securities
      administrator, as applicable, as provided in Section 9.08.

    

    Any
      Person appointed as successor trustee pursuant to Section 9.07 shall also be
      required to serve as successor supplemental interest trust trustee.

    

    Notwithstanding
      anything to the contrary contained herein, the Master Servicer and the
      Securities Administrator shall at all times be the same Person.

    

    SECTION
      9.08. Successor
      Trustee or Securities Administrator.

    

    Any
      successor trustee or successor securities administrator appointed as provided
      in
      Section 9.07 shall execute, acknowledge and deliver to the Depositor and its
      predecessor trustee or predecessor securities administrator an instrument
      accepting such appointment hereunder, and thereupon the resignation or removal
      of the predecessor trustee or predecessor securities administrator shall become
      effective and such successor trustee or successor securities administrator
      without any further act, deed or conveyance, shall become fully vested with
      all
      the rights, powers, duties and obligations of its predecessor hereunder, with
      the like effect as if originally named as trustee or securities administrator
      herein. The predecessor trustee or predecessor securities administrator shall
      deliver to the successor trustee or successor securities administrator all
      Mortgage Loan Documents and related documents and statements to the extent
      held
      by it hereunder, as well as all monies, held by it hereunder, and the Depositor
      and the predecessor trustee or predecessor securities administrator shall
      execute and deliver such instruments and do such other things as may reasonably
      be required for more fully and certainly vesting and confirming in the successor
      trustee or successor securities administrator all such rights, powers, duties
      and obligations.

    

    No
      successor trustee or successor securities administrator shall accept appointment
      as provided in this Section unless at the time of such acceptance such successor
      trustee or successor securities administrator shall be eligible under the
      provisions of Section 9.06 and the appointment of such successor trustee or
      successor securities administrator shall not result in a downgrading of any
      Class of Certificates by any Rating Agency, as evidenced by a letter from each
      Rating Agency.

    

    
      
        
        

      

      
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    Upon
      acceptance of appointment by a successor trustee or successor securities
      administrator as provided in this Section, the Depositor shall mail notice
      of
      the succession of such trustee hereunder to all Holders of Certificates at
      their
      addresses as shown in the Certificate Register. If the Depositor fails to mail
      such notice within ten (10) days after acceptance of appointment by the
      successor trustee or successor securities administrator, the successor trustee
      or successor securities administrator shall cause such notice to be mailed
      at
      the expense of the Depositor.

    

    SECTION
      9.09. Merger
      or
      Consolidation of Trustee or Securities Administrator.

    

    Any
      corporation or association into which the Trustee or the Securities
      Administrator may be merged or converted or with which it may be consolidated
      or
      any corporation or association resulting from any merger, conversion or
      consolidation to which the Trustee or the Securities Administrator shall be
      a
      party, or any corporation or association succeeding to the business of the
      Trustee or the Securities Administrator shall be the successor of the Trustee
      or
      the Securities Administrator hereunder, provided such corporation or association
      shall be eligible under the provisions of Section 9.06, 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
      9.10. Appointment
      of Co-Trustee or Separate Trustee.

    

    Notwithstanding
      any other provisions hereof, at any time, for the purpose of meeting any legal
      requirements of any jurisdiction in which any part of the REMIC I or property
      securing the same may at the time be located, the Trustee shall have the power
      and shall execute and deliver all instruments to appoint one or more Persons
      approved by the Trustee to act as co-trustee or co-trustees, jointly with the
      Trustee, or separate trustee or separate trustees, of all or any part of REMIC
      I, and to vest in such Person or Persons, in such capacity, and for the benefit
      of the Holders of the Certificates, such title to REMIC I, or any part thereof,
      and, subject to the other provisions of this Section 9.10, such powers, duties,
      obligations, rights and trusts as the Trustee may consider necessary or
      desirable. No co-trustee or separate trustee hereunder shall be required to
      meet
      the terms of eligibility as a successor trustee under Section 9.06 hereunder
      and
      no notice to Holders of Certificates of the appointment of co-trustee(s) or
      separate trustee(s) shall be required under Section 9.08 hereof.

    

    In
      the
      case of any appointment of a co-trustee or separate trustee pursuant to this
      Section 9.10 all rights, powers, duties and obligations conferred or imposed
      upon the Trustee shall be conferred or imposed upon and exercised or performed
      by the Trustee and such separate trustee or co-trustee jointly, except to the
      extent that under any law of any jurisdiction in which any particular act or
      acts are to be performed by the Trustee (whether as Trustee hereunder or as
      successor to a defaulting Master Servicer hereunder), the Trustee shall be
      incompetent or unqualified to perform such act or acts, in which event such
      rights, powers, duties and obligations (including the holding of title to REMIC
      I or any portion thereof in any such jurisdiction) shall be exercised and
      performed by such separate trustee or co-trustee at the direction of the
      Trustee.

    

    
      
        
        

      

      
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    Any
      notice, request or other writing given to the Trustee shall be deemed to have
      been given to each of the then separate trustees and co-trustees, as effectively
      as if given to each of them. Every instrument appointing any separate trustee
      or
      co-trustee shall refer to this Agreement and the conditions of this Article
      IX.
      Each separate trustee and co-trustee, upon its acceptance of the trust
      conferred, shall be vested with the estates or property specified in its
      instrument of appointment, either jointly with the Trustee, or separately,
      as
      may be provided therein, subject to all the provisions of this Agreement,
      specifically including every provision of this Agreement relating to the conduct
      of, affecting the liability of, or affording protection to, the Trustee. Every
      such instrument shall be filed with the Trustee.

    

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

    

    SECTION
      9.11. Appointment
      of Office or Agency.

    

    The
      Certificates may be surrendered for registration of transfer or exchange at
      the
      Securities Administrator’s office located at Sixth Street and Marquette Avenue,
      Minneapolis, Minnesota 55479, and presented for final distribution at the
      Corporate Trust Office of the Securities Administrator where notices and demands
      to or upon the Securities Administrator in respect of the Certificates and
      this
      Agreement may be served.

    

    SECTION
      9.12. Representations
      and Warranties.

    

    The
      Trustee hereby represents and warrants to the Master Servicer, the Securities
      Administrator, the Servicer and the Depositor as applicable, as of the Closing
      Date, that:

    

    (i) It
      is a
      national banking association duly organized, validly existing and in good
      standing under the laws of the United States of America.

    

    (ii) The
      execution and delivery of this Agreement by it, and the performance and
      compliance with the terms of this Agreement by it, will not violate its articles
      of association or bylaws or constitute a default (or an event which, with notice
      or lapse of time, or both, would constitute a default) under, or result in
      the
      breach of, any material agreement or other instrument to which it is a party
      or
      which is applicable to it or any of its assets.

    

    (iii) It
      has
      the full power and authority to enter into and consummate all transactions
      contemplated by this Agreement, has duly authorized the execution, delivery
      and
      performance of this Agreement, and has duly executed and delivered this
      Agreement.

    

    
      
        
        

      

      
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    (iv) This
      Agreement, assuming due authorization, execution and delivery by the other
      parties hereto, constitutes a valid, legal and binding obligation of it,
      enforceable against it in accordance with the terms hereof, subject to (A)
      applicable bankruptcy, insolvency, receivership, reorganization, moratorium
      and
      other laws affecting the enforcement of creditors’ rights generally, and (B)
      general principles of equity, regardless of whether such enforcement is
      considered in a proceeding in equity or at law.

    

    (v) It
      is not
      in violation of, and its execution and delivery of this Agreement and its
      performance and compliance with the terms of this Agreement will not constitute
      a violation of, any law, any order or decree of any court or arbiter, or any
      order, regulation or demand of any federal, state or local governmental or
      regulatory authority, which violation, in its good faith and reasonable
      judgment, is likely to affect materially and adversely either the ability of
      it
      to perform its obligations under this Agreement or its financial
      condition.

    

    (vi) No
      litigation is pending or, to the best of its knowledge, threatened against
      it,
      which would prohibit it from entering into this Agreement or, in its good faith
      reasonable judgment, is likely to materially and adversely affect either the
      ability of it to perform its obligations under this Agreement or its financial
      condition.

    

    
      
        
        

      

      
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    ARTICLE
      X

    

    TERMINATION

    

    SECTION
      10.01. Termination
      Upon Repurchase or Liquidation of All Mortgage Loans.

    

    (a) Subject
      to Section 10.02, the respective obligations and responsibilities under this
      Agreement of the Depositor, the Master Servicer, the Securities Administrator,
      the Servicers and the Trustee (other than the obligations of the Master Servicer
      to the Trustee pursuant to Section 9.05 and of the Servicers to make remittances
      to the Securities Administrator and the Securities Administrator to make
      payments in respect of the REMIC I Regular Interests, REMIC I Regular Interests
      or the Classes of Certificates as hereinafter set forth) shall terminate upon
      payment to the Certificateholders and the deposit of all amounts held by or
      on
      behalf of the Trustee and required hereunder to be so paid or deposited on
      the
      Distribution Date coinciding with or following the earlier to occur of (i)
      the
      purchase by the Terminator (as defined below) of all Mortgage Loans and each
      REO
      Property remaining in REMIC I and (ii) the final payment or other liquidation
      (or any advance with respect thereto) of the last Mortgage Loan or REO Property
      remaining in REMIC I; provided, however, that in no event shall the trust
      created hereby continue beyond the earlier of (i) the expiration of 21 years
      from the death of the last survivor of the descendants of Joseph P. Kennedy,
      the
      late ambassador of the United States to the Court of St. James, living on the
      date hereof and (ii) the Last Scheduled Distribution Date. The purchase by
      the
      Terminator of all Mortgage Loans and each REO Property remaining in REMIC I
      shall be at a price (the “Termination Price”) equal to the sum of (i) the
      greater of (A) the aggregate Purchase Price of all the Mortgage Loans included
      in REMIC I, plus the appraised value of each REO Property, if any, included
      in
      REMIC I, such appraisal to be conducted by an appraiser mutually agreed upon
      by
      the Terminator and the Trustee in their reasonable discretion and (B) the
      aggregate fair market value of all of the assets of REMIC I (as determined
      by
      the Terminator (defined below) and the Trustee, as of the close of business
      on
      the third Business Day next preceding the date upon which notice of any such
      termination is furnished to Certificateholders pursuant to the third paragraph
      of this Section 10.01), (ii) any amounts due and owing to the Swap Provider
      under the Swap Agreement and any previous swap provider as of the termination
      date (including a Swap Termination Payment owed to the Swap Provider in
      connection with such optional termination) plus (iii) any amounts due the
      Servicers and the Master Servicer in respect of unpaid Servicing Fees, Master
      Servicing Fees and outstanding P&I Advances and Servicing Advances.

    

    (b) The
      Master Servicer or, if the Master Servicer fails to exercise such optional
      termination right, the first of either Ocwen or GMAC to fulfill the requirements
      set forth in this paragraph (either the Master Servicer, Ocwen or GMAC, the
      “Terminator”) shall have the right to purchase all of the Mortgage Loans and
      each REO Property remaining in REMIC I pursuant to clause (i) of the preceding
      paragraph no later than the Determination Date in the month immediately
      preceding the Distribution Date on which the Certificates will be retired;
      provided, however, that the Terminator may elect to purchase all of the Mortgage
      Loans on a servicing retained basis and each REO Property remaining in REMIC
      I
      pursuant to clause (i) above only if the aggregate Scheduled Principal Balance
      of the Mortgage Loans and each REO Property remaining in the Trust Fund at
      the
      time of such election is reduced to less than or equal to 10% of the aggregate
      Scheduled Principal Balance of the Mortgage Loans as of the Cut-off Date. By
      acceptance of the Residual Certificates, the Holder of the Residual Certificates
      agrees, in connection with any termination hereunder, to assign and transfer
      any
      portion of the Termination Price in excess of par, and to the extent received
      in
      respect of such termination, to pay any such amounts to the Holders of the
      Class
      CE-1 Certificates. Notwithstanding the foregoing, the optional termination
      right
      may only be exercised by one of the Servicers if (1) such Servicer receives
      written notification from the Master Servicer that the Master Servicer will
      not
      exercise such optional termination right or (2) such Servicer does not receive
      such written notification from the Master Servicer, and the Master Servicer
      fails to exercise its optional termination right by the third Distribution
      Date
      following the date such right became exercisable; provided, however, in no
      event
      shall a Servicer exercise its optional termination right under (1) or (2) above
      unless it first provides written notice to the Authorized Officers of the
      Sponsor that it intends to exercise such optional termination right and such
      notice is received by the Sponsor prior to the Sponsor’s receipt of such notice
      from the other Servicers. In
      the
      event the optional termination right is exercised by the Master Servicer, the
      Servicers shall remain the servicer of record of the related Mortgage Loan
      unless the related Servicer was terminated as Servicer prior to the exercise
      of
      such optional termination right.

    

    
      
        
        

      

      
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    (c) In
      connection with any optional termination, four Business Days prior to the final
      Distribution Date specified in the notice required pursuant to Section 10.01(f),
      the Securities Administrator shall, no later than 4:00 pm New York City time
      on
      such day, request in writing (in accordance with the applicable provision of
      the
      Swap Agreement and by phone from the Swap Provider the amount of the Estimated
      Swap Termination Payment (as defined in the Swap Agreement). The Swap Provider
      shall, no later than 2:00 pm on the following Business Day, notify in writing
      (which may be done in electronic format) the Securities Administrator of the
      amount of the Estimated Swap Termination Payment; the Securities Administrator
      shall promptly on the same day notify the Terminator of the amount of the
      Estimated Swap Termination Payment. 

    

    (d) Two
      Business Days prior to the final Distribution Date specified in the notice
      required pursuant to Section 10.01(f), (i) the Terminator shall, no
      later than 1:00 pm New
      York
      City time on such day, deposit funds in the Distribution Account in an amount
      equal to the sum of the Termination Price (other than the Swap Termination
      Payment) and the Estimated Swap Termination Payment, and (ii) if the Securities
      Administrator shall have determined that the aggregate Stated Principal Balance
      of all of the Mortgage Loans as of the related Determination Date is
not
      more than 10% of the aggregate Principal Balance of the Mortgage
      Loans
      as of
      the Cut-off Date and that all other requirements of the optional termination
      have been met, including without limitation, the deposit required pursuant
      to
      the immediately preceding clause (i) as well as the requirements specified
      in
      Section 10.03, then the Securities Administrator shall, on the same Business
      Day, provide written notice to the Depositor, the Master Servicer, the
      Servicers, the Supplemental Interest Trust Trustee, the Trustee and the Swap
      Provider confirming (in accordance with the applicable provisions of the Swap
      Agreement) (a) its receipt of the Termination Price (other than the Swap
      Termination Payment) and the Estimated Swap Termination Payment and (b) that
      all
      other requirements of the optional termination have been met. Upon the
      Securities Administrator’s providing the notice described in the preceding
      sentence, the optional termination shall become irrevocable, the notice to
      Certificateholders of such optional termination provided pursuant to the Section
      10.01(f) shall become unrescindable, the Swap Provider shall determine the
      Swap
      Termination Payment in accordance with the Swap Agreement, and the Swap Provider
      shall provide to the Securities Administrator written notice of the amount
      of
      the Swap Termination Payment not later than one Business Day prior to the final
      Distribution Date specified in the notice required pursuant to Section 10.01(f).
      

    

    
      
        
        

      

      
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    (e) In
      connection with any optional termination, only an amount equal to the
      Termination Price less any Swap Termination Payment shall be made available
      for
      distribution to the Regular Certificates. Any Estimated Swap Termination Payment
      deposited into the Distribution Account by the Terminator shall be withdrawn
      by
      the Securities Administrator from the Distribution Account on the related final
      Distribution Date and distributed as follows: (i) to the Supplemental Interest
      Trust for payment to the Swap Provider in accordance with Section 5.07, an
      amount equal to the Swap Termination Payment calculated pursuant to the Swap
      Agreement, provided that in no event shall the amount distributed to the Swap
      Provider in respect of the Swap Termination Payment exceed the Estimated Swap
      Termination Payment, and (ii) to the Terminator an amount equal to the excess,
      if any, of the Estimated Swap Termination Payment over the Swap Termination
      Payment. The Swap Termination Payment shall not be part of any REMIC and shall
      not be paid into any account which is part of any REMIC. 

    

    (f) Notice
      of
      the liquidation of the Certificates shall be given promptly by the Securities
      Administrator by letter to the Certificateholders mailed (a) in the event such
      notice is given in connection with the purchase of the Mortgage Loans and each
      REO Property by the Master Servicer, not earlier than the 15th day and not
      later
      than the 25th day of the month next preceding the month of the final
      distribution on the Certificates or (b) otherwise during the month of such
      final
      distribution on or before the Determination Date in such month, in each case
      specifying (i) the Distribution Date upon which the Trust Fund will terminate
      and the final payment in respect of the REMIC I Regular Interests or the
      Certificates will be made upon presentation and surrender of the related
      Certificates at the office of the Securities Administrator therein designated,
      (ii) the amount of any such final payment, (iii) that no interest shall accrue
      in respect of the REMIC I Regular Interests or the Certificates from and after
      the Interest Accrual Period relating to the final Distribution Date therefor
      and
      (iv) that the Record Date otherwise applicable to such Distribution Date is
      not
      applicable, payments being made only upon presentation and surrender of the
      Certificates at the office of the Securities Administrator. In the event such
      notice is given in connection with the purchase of all of the Mortgage Loans
      and
      each REO Property remaining in REMIC I by the Terminator, the Terminator shall
      deliver to the Securities Administrator for deposit in the Distribution Account
      not later than the Business Day prior to the Distribution Date on which the
      final distribution on the Certificates an amount in immediately available funds
      equal to the above-described Termination Price. The Securities Administrator
      shall remit to the Servicers the Master Servicer, the Trustee and the applicable
      Custodian from such funds deposited in the Distribution Account (i) any amounts
      which the Servicer would be permitted to withdraw and retain from the Collection
      Account pursuant to Section 3.09 as if such funds had been deposited therein
      (including all unpaid Servicing Fees, Master Servicing Fees and all outstanding
      P&I Advances and Servicing Advances) and (ii) any other amounts otherwise
      payable by the Securities Administrator to the Master Servicer, the Trustee,
      the
      applicable Custodian, the Swap Provider and the Servicers from amounts on
      deposit in the Distribution Account pursuant to the terms of this Agreement
      prior to making any final distributions pursuant to Section 10.01(d) below.
      Upon
      certification to the Trustee by the Securities Administrator of the making
      of
      such final deposit, the Trustee shall promptly release or cause to be released
      to the Terminator the Mortgage Files for the remaining Mortgage Loans, and
      Trustee shall execute all assignments, endorsements and other instruments
      delivered to it and necessary to effectuate such transfer.

    

    
      
        
        

      

      
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    (g) Upon
      presentation of the Certificates by the Certificateholders on the final
      Distribution Date, the Securities Administrator shall distribute to each
      Certificateholder so presenting and surrendering its Certificates the amount
      otherwise distributable on such Distribution Date in accordance with Section
      5.01 in respect of the Certificates so presented and surrendered. Any funds
      not
      distributed to any Holder or Holders of Certificates being retired on such
      Distribution Date because of the failure of such Holder or Holders to tender
      their Certificates shall, on such date, be set aside and held in trust and
      credited to the account of the appropriate non-tendering Holder or Holders.
      If
      any Certificates as to which notice has been given pursuant to this Section
      10.01 shall not have been surrendered for cancellation within six months after
      the time specified in such notice, the Securities Administrator shall mail
      a
      second notice to the remaining non-tendering Certificateholders to surrender
      their Certificates for cancellation in order to receive the final distribution
      with respect thereto. If within one year after the second notice all such
      Certificates shall not have been surrendered for cancellation, the Securities
      Administrator shall, directly or through an agent, mail a final notice to the
      remaining non-tendering Certificateholders concerning surrender of their
      Certificates. The costs and expenses of maintaining the funds in trust and
      of
      contacting such Certificateholders shall be paid out of the assets remaining
      in
      the trust funds. If within one (1) year after the final notice any such
      Certificates shall not have been surrendered for cancellation, the Securities
      Administrator shall pay to the Depositor all such amounts, and all rights of
      non-tendering Certificateholders in or to such amounts shall thereupon cease.
      No
      interest shall accrue or be payable to any Certificateholder on any amount
      held
      in trust by the Securities Administrator as a result of such Certificateholder’s
      failure to surrender its Certificate(s) on the final Distribution Date for
      final
      payment thereof in accordance with this Section 10.01. Any such amounts held
      in
      trust by the Securities Administrator shall be held uninvested in an Eligible
      Account.

    

    SECTION
      10.02. Additional
      Termination Requirements.

    

    (a) In
      the
      event that the Terminator purchases all the Mortgage Loans and each REO Property
      or the final payment on or other liquidation of the last Mortgage Loan or REO
      Property remaining in REMIC I pursuant to Section 10.01, the Trust Fund shall
      be
      terminated in accordance with the following additional
      requirements:

    

    (i) The
      Securities Administrator shall specify the first day in the 90-day liquidation
      period in a statement attached to each Trust REMIC’s final Tax Return pursuant
      to Treasury regulation Section 1.860F-1 and shall satisfy all requirements
      of a
      qualified liquidation under Section 860F of the Code and any regulations
      thereunder, as evidenced by an Opinion of Counsel obtained by and at the expense
      of the Terminator;

    

    (ii) During
      such 90-day liquidation period and, at or prior to the time of making of the
      final payment on the Certificates, the Trustee shall sell all of the assets
      of
      REMIC I to the Terminator for cash; and

    

    
      
        
        

      

      
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    (iii) At
      the
      time of the making of the final payment on the Certificates, the Securities
      Administrator shall distribute or credit, or cause to be distributed or
      credited, to the Holders of the Residual Certificates all cash on hand in the
      Trust Fund (other than cash retained to meet claims), and the Trust Fund shall
      terminate at that time.

    

    (b) At
      the
      expense of the Terminator (or, if the Trust Fund is being terminated as a result
      of the occurrence of the event described in clause (ii) of the first paragraph
      of Section 10.01, at the expense of the Trust Fund), the Terminator shall
      prepare or cause to be prepared the documentation required in connection with
      the adoption of a plan of liquidation of each Trust REMIC pursuant to this
      Section 10.02.

    

    (c) By
      their
      acceptance of Certificates, the Holders thereof hereby agree to authorize the
      Securities Administrator to specify the 90-day liquidation period for each
      Trust
      REMIC, which authorization shall be binding upon all successor
      Certificateholders.

    

    
      
        
        

      

      
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    ARTICLE
      XI

    

    REMIC
      PROVISIONS

    

    SECTION
      11.01. REMIC
      Administration.

    

    (a) The
      Securities Administrator shall elect to treat each Trust REMIC as a REMIC under
      the Code and, if necessary, under applicable state law. Each such election
      will
      be made by the Securities Administrator on Form 1066 or other appropriate
      federal tax or information return or any appropriate state return for the
      taxable year ending on the last day of the calendar year in which the
      Certificates are issued. For the purposes of the REMIC election in respect
      of
      REMIC I, the REMIC I Regular Interests shall be designated as the “regular
      interests” in REMIC I and the Class R-I Interest shall be designated as the
“residual interest” in REMIC I. For the purposes of the REMIC election in
      respect of REMIC II, the REMIC II Regular Interests shall be designated as
      the
“regular interests” in REMIC II and the Class R-II Interest shall be designated
      as the “residual interest” in REMIC II. The Class A Certificates, the Mezzanine
      Certificates, the Class P Certificates, Class IO Interest, the Class CE-1
      Certificates (exclusive of any right to receive payments from or obligation
      to
      make payments to the Reserve Fund or the Supplement Interest Trust) and the
      Class CE-2 Certificates shall be designated as the “regular interests” in REMIC
      III and the Class R-III Interest shall be designated as the “residual interest”
in REMIC III. The Trustee shall not permit the creation of any “interests” in
      each Trust REMIC (within the meaning of Section 860G of the Code) other than
      the
      REMIC I Regular Interests, REMIC II Regular Interests, Class IO Interest and
      the
      interests represented by the Certificates.

    

    (b) The
      Closing Date is hereby designated as the “Startup Day” of each Trust REMIC
      within the meaning of Section 860G(a)(9) of the Code.

    

    (c) The
      Securities Administrator shall be reimbursed for any and all expenses relating
      to any tax audit of the Trust Fund (including, but not limited to, any
      professional fees or any administrative or judicial proceedings with respect
      to
      each Trust REMIC that involve the Internal Revenue Service or state tax
      authorities), including the expense of obtaining any tax related Opinion of
      Counsel except as specified herein. The Securities Administrator, as agent
      for
      each Trust REMIC’s tax matters person shall (i) act on behalf of the Trust Fund
      in relation to any tax matter or controversy involving any Trust REMIC and
      (ii)
      represent the Trust Fund in any administrative or judicial proceeding relating
      to an examination or audit by any governmental taxing authority with respect
      thereto. The holder of the largest Percentage Interest of each Class of Residual
      Certificates shall be designated, in the manner provided under Treasury
      regulations section 1.860F-4(d) and Treasury regulations section
      301.6231(a)(7)-1, as the tax matters person of the related REMIC created
      hereunder. By their acceptance thereof, the holder of the largest Percentage
      Interest of the Residual Certificates hereby agrees to irrevocably appoint
      the
      Securities Administrator or an Affiliate as its agent to perform all of the
      duties of the tax matters person for the Trust Fund.

    

    (d) The
      Securities Administrator shall prepare and file and the Trustee shall sign
      all
      of the Tax Returns in respect of each REMIC created hereunder. The expenses
      of
      preparing and filing such returns shall be borne by the Securities Administrator
      without any right of reimbursement therefor.

    

    
      
        
        

      

      
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    (e) The
      Securities Administrator shall perform on behalf of each Trust REMIC all
      reporting and other tax compliance duties that are the responsibility of such
      REMIC under the Code, the REMIC Provisions or other compliance guidance issued
      by the Internal Revenue Service or any state or local taxing authority. Among
      its other duties, as required by the Code, the REMIC Provisions or other such
      compliance guidance, the Securities Administrator shall provide (i) to any
      Transferor of a Residual Certificate such information as is necessary for the
      application of any tax relating to the transfer of a Residual Certificate to
      any
      Person who is not a Permitted Transferee upon receipt of additional reasonable
      compensation, (ii) to the Certificateholders such information or reports as
      are
      required by the Code or the REMIC Provisions including reports relating to
      interest, original issue discount and market discount or premium (using the
      Prepayment Assumption as required) and (iii) to the Internal Revenue Service
      the
      name, title, address and telephone number of the person who will serve as the
      representative of each Trust REMIC. The Depositor shall provide or cause to
      be
      provided to the Securities Administrator, within ten (10) days after the Closing
      Date, all information or data that the Securities Administrator reasonably
      determines to be relevant for tax purposes as to the valuations and issue prices
      of the Certificates, including, without limitation, the price, yield, prepayment
      assumption and projected cash flow of the Certificates.

    

    (f) To
      the
      extent in the control of the Trustee or the Securities Administrator, each
      such
      Person (i) shall take such action and shall cause each REMIC created hereunder
      to take such action as shall be necessary to create or maintain the status
      thereof as a REMIC under the REMIC Provisions, (ii) shall not take any action,
      cause the Trust Fund to take any action or fail to take (or fail to cause to
      be
      taken) any action that, under the REMIC Provisions, if taken or not taken,
      as
      the case may be, could (A) endanger the status of each Trust REMIC as a REMIC
      or
      (B) result in the imposition of a tax upon the Trust Fund (including but not
      limited to the tax on prohibited transactions as defined in Section 860F(a)(2)
      of the Code and the tax on contributions to a REMIC set forth in Section 860G(d)
      of the Code) (either such event, an “Adverse REMIC Event”) unless such action or
      inaction is permitted under this Agreement or the Trustee and the Securities
      Administrator have received an Opinion of Counsel, addressed to the them (at
      the
      expense of the party seeking to take such action but in no event at the expense
      of the Trustee or the Securities Administrator) to the effect that the
      contemplated action will not, with respect to any Trust REMIC, endanger such
      status or result in the imposition of such a tax, nor (iii) shall the Securities
      Administrator take or fail to take any action (whether or not authorized
      hereunder) as to which the Trustee has advised it in writing that it has
      received an Opinion of Counsel to the effect that an Adverse REMIC Event could
      occur with respect to such action; provided that the Securities Administrator
      may conclusively rely on such Opinion of Counsel and shall incur no liability
      for its action or failure to act in accordance with such Opinion of Counsel.
      In
      addition, prior to taking any action with respect to any Trust REMIC or the
      respective assets of each, or causing any Trust REMIC to take any action, which
      is not contemplated under the terms of this Agreement, the Securities
      Administrator will consult with the Trustee or its designee, in writing, with
      respect to whether such action could cause an Adverse REMIC Event to occur
      with
      respect to any Trust REMIC, and the Securities Administrator shall not take
      any
      such action or cause any Trust REMIC to take any such action as to which the
      Trustee has advised it in writing that an Adverse REMIC Event could occur.
      The
      Trustee may consult with counsel (and conclusively rely upon the advice of
      such
      counsel) to make such written advice, and the cost of same shall be borne by
      the
      party seeking to take the action not permitted by this Agreement, but in no
      event shall such cost be an expense of the Trustee.

    

    
      
        
        

      

      
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    (g) In
      the
      event that any tax is imposed on “prohibited transactions” of any REMIC created
      hereunder as defined in Section 860F(a)(2) of the Code, on the “net income from
      foreclosure property” of such REMIC as defined in Section 860G(c) of the Code,
      on any contributions to any such REMIC after the Startup Day therefor pursuant
      to Section 860G(d) of the Code, or any other tax is imposed by the Code or
      any
      applicable provisions of state or local tax laws, such tax shall be charged
      (i)
      to the Trustee pursuant to Section 11.03, if such tax arises out of or results
      from a breach by the Trustee of any of its obligations under this Article XI,
      (ii) to the Securities Administrator pursuant to Section 11.03, if such tax
      arises out of or results from a breach by the Securities Administrator of any
      of
      its obligations under this Article XI, (iii) to the Master Servicer pursuant
      to
      Section 11.03, if such tax arises out of or results from a breach by the Master
      Servicer of any of its obligations under Article IV or under this Article XI,
      (iv) to the Servicer pursuant to Section 11.03, if such tax arises out of or
      results from a breach by the Servicer of any of its obligations under Article
      III or under this Article XI, or (v) in all other cases, against amounts on
      deposit in the Distribution Account and shall be paid by withdrawal
      therefrom.

    

    (h) The
      Securities Administrator shall, for federal income tax purposes, maintain books
      and records with respect to each Trust REMIC on a calendar year and on an
      accrual basis.

    

    (i) Following
      the Startup Day, neither the Securities Administrator nor the Trustee shall
      accept any contributions of assets to any Trust REMIC other than in connection
      with any Qualified Substitute Mortgage Loan delivered in accordance with Section
      2.03 unless it shall have received an Opinion of Counsel to the effect that
      the
      inclusion of such assets in the Trust Fund will not cause the related REMIC
      to
      fail to qualify as a REMIC at any time that any Certificates are outstanding
      or
      subject such REMIC to any tax under the REMIC Provisions or other applicable
      provisions of federal, state and local law or ordinances.

    

    (j) Neither
      the Trustee nor the Securities Administrator shall knowingly enter into any
      arrangement by which any Trust REMIC will receive a fee or other compensation
      for services nor permit either REMIC to receive any income from assets other
      than “qualified mortgages” as defined in Section 860G(a)(3) of the Code or
“permitted investments” as defined in Section 860G(a)(5) of the
      Code.

    

    (k) The
      Securities Administrator shall apply for an employer identification number
      with
      the Internal Revenue Service via a Form SS-4 or other comparable method for
      each
      REMIC. In connection with the foregoing, the Securities Administrator shall
      provide the name and address of the person who can be contacted to obtain
      information required to be reported to the holders of Regular Interests in
      each
      REMIC as required by IRS Form 8811.

    

    SECTION
      11.02. Prohibited
      Transactions and Activities.

    

    None
      of
      the Depositor, the Servicers, the Securities Administrator, the Master Servicer
      or the Trustee shall sell, dispose of or substitute for any of the Mortgage
      Loans (except in connection with (i) the foreclosure of a Mortgage Loan,
      including but not limited to, the acquisition or sale of a Mortgaged Property
      acquired by deed in lieu of foreclosure, (ii) the bankruptcy of REMIC I, (iii)
      the termination of REMIC I pursuant to Article X of this Agreement, (iv) a
      substitution pursuant to Article II of this Agreement or (v) a purchase of
      Mortgage Loans pursuant to Article II of this Agreement), nor acquire any assets
      for any Trust REMIC (other than REO Property acquired in respect of a defaulted
      Mortgage Loan), nor sell or dispose of any investments in the related Collection
      Account or the Distribution Account for gain, nor accept any contributions
      to
      any Trust REMIC after the Closing Date (other than a Qualified Substitute
      Mortgage Loan delivered in accordance with Section 2.03), unless it has received
      an Opinion of Counsel, addressed to the Trustee and the Securities Administrator
      (at the expense of the party seeking to cause such sale, disposition,
      substitution, acquisition or contribution but in no event at the expense of
      the
      Trustee) that such sale, disposition, substitution, acquisition or contribution
      will not (a) affect adversely the status of any Trust REMIC as a REMIC or (b)
      cause any Trust REMIC to be subject to a tax on “prohibited transactions” or
“contributions” pursuant to the REMIC Provisions.

    

    
      
        
        

      

      
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    SECTION
      11.03. Indemnification.

    

    (a) The
      Trustee agrees to be liable for any taxes and costs incurred by the Trust Fund,
      the Depositor, the Master Servicer, the Securities Administrator or the
      Servicers including, without limitation, any reasonable attorneys fees imposed
      on or incurred by the Trust Fund, the Depositor, the Master Servicer, the
      Securities Administrator or the Servicer as a result of the Trustee’s failure to
      perform its covenants set forth in this Article XI in accordance with the
      standard of care of the Trustee set forth in this Agreement.

    

    (b) Each
      Servicer agrees to indemnify the Trust Fund, the Depositor, the Master Servicer,
      the Securities Administrator and the Trustee for any taxes and costs including,
      without limitation, any reasonable attorneys’ fees imposed on or incurred by the
      Trust Fund, the Depositor, the Master Servicer, the Securities Administrator
      or
      the Trustee, as a result of the related Servicer’s failure to perform its
      covenants set forth in Article III in accordance with the standard of care
      of
      the related Servicer set forth in this Agreement.

    

    (c) The
      Master Servicer agrees to indemnify the Trust Fund, the Depositor, the Servicers
      and the Trustee for any taxes and costs including, without limitation, any
      reasonable attorneys’ fees imposed on or incurred by the Trust Fund, the
      Depositor, the Servicer or the Trustee, as a result of the Master Servicer’s
      failure to perform its covenants set forth in Article IV in accordance with
      the
      standard of care of the Master Servicer set forth in this
      Agreement.

    

    (d) The
      Securities Administrator agrees to be liable for any taxes and costs incurred
      by
      the Trust Fund, the Depositor, the Servicers or the Trustee including, without
      limitation, any reasonable attorneys’ fees imposed on or incurred by the Trust
      Fund, the Depositor, the Servicer or the Trustee as a result of the Securities
      Administrator’s failure to perform its covenants set forth in this Article XI in
      accordance with the standard of care of the Securities Administrator set forth
      in this Agreement.

    

    
      
        
        

      

      
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    ARTICLE
      XII

    

    MISCELLANEOUS
      PROVISIONS

    

    SECTION
      12.01. Amendment.

    

    This
      Agreement may be amended from time to time by the Depositor, the Servicers,
      the
      Master Servicer, the Securities Administrator and the Trustee but without the
      consent of any of the Certificateholders, (i) to cure any ambiguity or defect,
      (ii) to correct, modify or supplement any provisions herein (including to give
      effect to the expectations of Certificateholders), (iii) to ensure compliance
      with Regulation AB or (iv) to make any other provisions with respect to matters
      or questions arising under this Agreement which shall not be inconsistent with
      the provisions of this Agreement and that such action shall not, as evidenced
      by
      an Opinion of Counsel delivered to the Trustee, adversely affect in any material
      respect the interests of any Certificateholder; provided that any such amendment
      shall be deemed not to adversely affect in any material respect the interests
      of
      the Certificateholders and no such Opinion of Counsel shall be required if
      the
      Person requesting such amendment obtains a letter from each Rating Agency
      stating that such amendment would not result in the downgrading or withdrawal
      of
      the respective ratings then assigned to the Certificates. No amendment shall
      be
      deemed to adversely affect in any material respect the interests of any
      Certificateholder who shall have consented thereto, and no Opinion of Counsel
      shall be required to address the effect of any such amendment on any such
      consenting Certificateholder.

    

    This
      Agreement may also be amended from time to time by the Depositor, the Servicers,
      the Master Servicer, the Securities Administrator and the Trustee with the
      consent of the Holders of Certificates entitled to at least 66% of the Voting
      Rights 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 received on Mortgage Loans which are 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 (i), without
      the
      consent of the Holders of Certificates of such Class evidencing at least 66%
      of
      the Voting Rights allocated to such Class, or (iii) modify the consents required
      by the immediately preceding clauses (i) and (ii) without the consent of the
      Holders of all Certificates then outstanding. Notwithstanding any other
      provision of this Agreement, for purposes of the giving or withholding of
      consents pursuant to this Section 12.01, Certificates registered in the name
      of
      the Depositor or the Servicers or any Affiliate thereof shall be entitled to
      Voting Rights with respect to matters affecting such Certificates. Without
      limiting the generality of the foregoing, any amendment to this Agreement
      required in connection with the compliance with or the clarification of any
      reporting obligations described in Section 5.06 hereof shall not require the
      consent of any Certificateholder and without the need for any Opinion of Counsel
      or Rating Agency confirmation.

    

    Notwithstanding
      any contrary provision of this Agreement, the Trustee shall not consent to
      any
      amendment to this Agreement unless it shall have first received an Opinion
      of
      Counsel to the effect that all conditions precedent to the execution of such
      amendment have been satisfied, such amendment is permitted hereunder and will
      not result in the imposition of any tax on any Trust REMIC pursuant to the
      REMIC
      Provisions or cause any Trust REMIC to fail to qualify as a REMIC at any time
      that any Certificates are outstanding and that such amendment is authorized
      or
      permitted by this Agreement. 

    

    
      
        
        

      

      
        229

        
          

        

      

      
        
        

      

    

    Promptly
      after the execution of any such amendment the Trustee shall furnish a copy
      of
      such amendment to each Certificateholder.

    

    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.

    

    The
      cost
      of any Opinion of Counsel to be delivered pursuant to this Section 12.01 shall
      be borne by the Person seeking the related amendment, but in no event shall
      such
      Opinion of Counsel be an expense of the Trustee.

    

    The
      Trustee may, but shall not be obligated to enter into any amendment pursuant
      to
      this Section that affects its rights, duties and immunities under this Agreement
      or otherwise.

    

    Notwithstanding
      any of the other provisions of this Section 12.01, none of the parties to this
      Agreement shall enter into any amendment to this Agreement that could reasonably
      be expected to have a material adverse effect on the interests of the Swap
      Provider hereunder (excluding, for the avoidance of doubt, any amendment to
      the
      Pooling and Servicing Agreement that is entered into solely for the purpose
      of
      appointing a successor servicer, master servicer, securities administrator,
      trustee or other service provider) without the prior written consent of the
      Swap
      Provider, which consent shall not be unreasonably withheld.

    

    SECTION
      12.02. Recordation
      of Agreement; Counterparts.

    

    To
      the
      extent permitted by applicable law, this Agreement is subject to recordation
      in
      all appropriate public offices for real property records in all the counties
      or
      other comparable jurisdictions in which any or all of the properties subject
      to
      the Mortgages are situated, and in any other appropriate public recording office
      or elsewhere, such recordation to be effected by the Depositor at the expense
      of
      the Certificateholders, but only upon direction of the Trustee accompanied
      by an
      Opinion of Counsel (which opinion shall not be at the expense of the Trustee)
      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.

    

    
      
        
        

      

      
        230

        
          

        

      

      
        
        

      

    

    SECTION
      12.03. Limitation
      on Rights of Certificateholders.

    

    The
      death
      or incapacity of any Certificateholder shall not operate to terminate this
      Agreement or the Trust Fund, nor entitle such Certificateholder’s legal
      representatives or heirs to claim an accounting or to take any action or
      proceeding in any court for a partition or winding up of the Trust Fund, nor
      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 expressly provided
      for
      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 any of the Certificates, be construed
      so
      as to constitute the Certificateholders from time to time as partners or members
      of an association; nor shall any Certificateholder be under any liability to
      any
      third person by reason of any action taken by the parties to this Agreement
      pursuant to any provision hereof.

    

    No
      Certificateholder shall have any right by virtue of any provision of this
      Agreement to institute any suit, action or proceeding in equity or at law upon
      or under or with respect to this Agreement, unless such Holder previously shall
      have given to the Trustee a written notice of default and of the continuance
      thereof, as hereinbefore provided, and unless also the Holders of Certificates
      entitled to at least 25% of the Voting Rights shall have made written request
      upon the Trustee to institute such action, suit or proceeding in its own name
      as
      Trustee hereunder and shall have offered to the Trustee such reasonable
      indemnity as it may require against the costs, expenses and liabilities to
      be
      incurred therein or thereby, and the Trustee, for 15 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 is understood and intended,
      and 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 whatsoever by virtue of any provision of
      this
      Agreement to affect, disturb or prejudice the rights of the Holders of any
      other
      of such Certificates, or to obtain or seek to obtain priority over or preference
      to any other such Holder, or to enforce any right under this Agreement, except
      in the manner herein provided and for the equal, ratable and common benefit
      of
      all Certificateholders. For the protection and enforcement of the provisions
      of
      this Section, each and every Certificateholder and the Trustee shall be entitled
      to such relief as can be given either at law or in equity.

    

    SECTION
      12.04. Governing
      Law.

    

    This
      Agreement shall be construed in accordance with the laws of the State of New
      York and the obligations, rights and remedies of the parties hereunder shall
      be
      determined in accordance with such laws without regard to conflicts of laws
      principles thereof other than Section 5-1401 of the New York General Obligations
      Law which shall govern.

    

    SECTION
      12.05. Notices.

    

    All
      directions, demands and notices hereunder shall be in writing and shall be
      deemed to have been duly given when received if sent by facsimile, receipt
      confirmed, if personally delivered at or mailed by first class mail, postage
      prepaid, or by express delivery service or delivered in any other manner
      specified herein, to (a) in the case of the Depositor, ACE Securities Corp.,
      AMACAR GROUP, 6525 Morrison Boulevard, Suite 318, Charlotte, North Carolina
      28211, Attention: Juliana Johnson (telecopy number: (704) 365-1362) with a
      copy
      to Deutsche Bank Securities, Inc. 60 Wall Street, New York, New York, Attention:
      Legal Department (telecopy number: (212) 797-4561), or such other address or
      telecopy number as may hereafter be furnished to the Servicers, the Master
      Servicer, the Securities Administrator and the Trustee in writing by the
      Depositor, (b) in the case of Ocwen, Ocwen Loan Servicing, LLC, 1661 Worthington
      Road, Centrepark West, Suite 100, West Palm Beach, Florida 33409, Attention:
      Secretary (telecopy number: (561) 682-8177, or such other address or telecopy
      number as may hereafter be furnished to the Trustee, the Master Servicer, the
      Securities Administrator and the Depositor in writing by Ocwen, (d) , GMAC
      Mortgage, LLC, 100 Witmer Road, Horsham, Pennsylvania 19044, Attention: ACE
      2007-SL1, or such other address or telecopy number as may hereafter be furnished
      to the Trustee, the Master Servicer, the Securities Administrator and the
      Depositor in writing by GMAC (e) in the case of the Master Servicer and the
      Securities Administrator, P.O. Box 98, Columbia, Maryland 21046 and for
      overnight delivery to 9062 Old Annapolis Road, Columbia, Maryland 21045,
      Attention: Ace Securities Corp., 2007-SL1 (telecopy number: (410) 715-2380),
      or
      such other address or telecopy number as may hereafter be furnished to the
      Trustee, the Depositor and the Servicer in writing by the Master Servicer or
      the
      Securities Administrator and (f) in the case of the Trustee, at the Corporate
      Trust Office or such other address or telecopy number as the Trustee may
      hereafter be furnish to the Servicers, the Master Servicer, the Securities
      Administrator and the Depositor in writing by the Trustee. Any notice required
      or permitted to be given to a Certificateholder shall be given by first class
      mail, postage prepaid, at the address of such Holder as shown in the Certificate
      Register. Any notice so mailed within the time prescribed in this Agreement
      shall be conclusively presumed to have been duly given when mailed, whether
      or
      not the Certificateholder receives such notice. A copy of any notice required
      to
      be telecopied hereunder also shall be mailed to the appropriate party in the
      manner set forth above.

    

    
      
        
        

      

      
        231

        
          

        

      

      
        
        

      

    

    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. Notice
      to
      Rating Agencies.

    

    The
      Trustee shall use its best efforts promptly to provide notice to the Rating
      Agencies with respect to each of the following of which a Responsible Officer
      has actual knowledge:

    

    1. Any
      material change or amendment to this Agreement;

    

    2. The
      occurrence of any Servicer Event of Default or Master Servicer Event of Default
      that has not been cured or waived;

    

    
      
        
        

      

      
        232

        
          

        

      

      
        
        

      

    

    3. The
      resignation or termination of a Servicer, the Master Servicer or the
      Trustee;

    

    4. The
      repurchase or substitution of Mortgage Loans pursuant to or as contemplated
      by
      Section 2.03;

    

    5. The
      final
      payment to the Holders of any Class of Certificates; and

    

    6. Any
      change in the location of the Distribution Account.

    

    In
      addition, the Securities Administrator shall promptly make available to each
      Rating Agency copies of each report to Certificateholders described in Section
      5.02.

    

    The
      Servicer shall make available to each Rating Agency copies of the
      following:

    

    1. Each
      annual statement of compliance described in Section 3.17 of this Agreement;
      and

    

    2. Each
      assessment of compliance and attestation report described in
      Section 3.18.

    

    Any
      such
      notice pursuant to this Section 12.07 shall be in writing and shall be deemed
      to
      have been duly given if personally delivered at or mailed by first class mail,
      postage prepaid, or by express delivery service to Standard & Poor’s, a
      division of the McGraw-Hill Companies, Inc., 55 Water Street, New York, New
      York
      10041; and to Moody’s Investors Service, Inc., 99 Church Street, New York, New
      York 10007 or such other addresses as the Rating Agencies may designate in
      writing to the parties hereto.

    

    SECTION
      12.08. Article
      and Section References.

    

    All
      article and section references used in this Agreement, unless otherwise
      provided, are to articles and sections in this Agreement.

    

    SECTION
      12.09. Grant
      of
      Security Interest.

    

    It
      is the
      express intent of the parties hereto that the conveyance of the Mortgage Loans
      by the Depositor to the Trustee, on behalf of the Trust and for the benefit
      of
      the Certificateholders, be, and be construed as, a sale of the Mortgage Loans
      by
      the Depositor and not a pledge of the Mortgage Loans to secure a debt or other
      obligation of the Depositor. However, in the event that, notwithstanding the
      aforementioned intent of the parties, the Mortgage Loans are held to be property
      of the Depositor, then, (a) it is the express intent of the parties that such
      conveyance be deemed a pledge of the Mortgage Loans by the Depositor to the
      Trustee, on behalf of the Trust and for the benefit of the Certificateholders,
      to secure a debt or other obligation of the Depositor and (b)(1) this Agreement
      shall also be deemed to be a security agreement within the meaning of Articles
      8
      and 9 of the Uniform Commercial Code as in effect from time to time in the
      State
      of New York; (2) the conveyance provided for in Section 2.01 shall be deemed
      to
      be a grant by the Depositor to the Trustee, on behalf of the Trust and for
      the
      benefit of the Certificateholders, of a security interest in all of the
      Depositor’s right, title and interest in and to the Mortgage Loans and all
      amounts payable to the holders of the Mortgage Loans in accordance with the
      terms thereof and all proceeds of the conversion, voluntary or involuntary,
      of
      the foregoing into cash, instruments, securities or other property, including
      without limitation all amounts, other than investment earnings, from time to
      time held or invested in the Collection Accounts and the Distribution Account,
      whether in the form of cash, instruments, securities or other property; (3)
      the
      obligations secured by such security agreement shall be deemed to be all of
      the
      Depositor’s obligations under this Agreement, including the obligation to
      provide to the Certificateholders the benefits of this Agreement relating to
      the
      Mortgage Loans and the Trust Fund; and (4) notifications to persons holding
      such
      property, and acknowledgments, receipts or confirmations from persons holding
      such property, shall be deemed notifications to, or acknowledgments, receipts
      or
      confirmations from, financial intermediaries, bailees or agents (as applicable)
      of the Trustee for the purpose of perfecting such security interest under
      applicable law. Accordingly, the Depositor hereby grants to the Trustee, on
      behalf of the Trust and for the benefit of the Certificateholders, a security
      interest in the Mortgage Loans and all other property described in clause (2)
      of
      the preceding sentence, for the purpose of securing to the Trustee the
      performance by the Depositor of the obligations described in clause (3) of
      the
      preceding sentence. Notwithstanding the foregoing, the parties hereto intend
      the
      conveyance pursuant to Section 2.01 to be a true, absolute and unconditional
      sale of the Mortgage Loans and assets constituting the Trust Fund by the
      Depositor to the Trustee, on behalf of the Trust and for the benefit of the
      Certificateholders.

    

    
      
        
        

      

      
        233

        
          

        

      

      
        
        

      

    

    SECTION
      12.10. Survival
      of Indemnification.

    

    Any
      and
      all indemnities to be provided by any party to this Agreement shall survive
      the
      termination and resignation of any party hereto and the termination of this
      Agreement.

    

    SECTION
      12.11. Intention
      of the Parties and Interpretation.

    

    Each
      of
      the parties acknowledges and agrees that the purpose of Sections 3.17, 3.18,
      3.20, 4.15, 4.16, 4.17, 4.18 and 5.06 of this Agreement is to facilitate
      compliance by the Sponsor, the Master Servicer, the Securities Administrator
      and
      the Depositor with the provisions of Regulation AB promulgated by the Commission
      under the Exchange Act (17 C.F.R. §§ 229.1100 - 229.1123), as such may be
      amended from time to time and subject to clarification and interpretive advice
      as may be issued by the staff of the Commission from time to time. Therefore,
      each of the parties agrees that (a) the obligations of the parties hereunder
      shall be interpreted in such a manner as to accomplish that purpose, (b) the
      parties’ obligations hereunder will be supplemented and modified as necessary to
      be consistent with any such amendments, interpretive advice or guidance,
      convention or consensus among active participants in the asset-backed securities
      markets, advice of counsel, or otherwise in respect of the requirements of
      Regulation AB and (c) the parties shall comply with requests made by the Master
      Servicer, Securities Administrator, Sponsor or the Depositor for delivery of
      additional or different information as the Master Servicer, Securities
      Administrator, Sponsor or the Depositor may determine in good faith is necessary
      to comply with the provisions of Regulation AB.

    

    
      
        
        

      

      
        234

        
          

        

      

      
        
        

      

    

    SECTION
      12.12. Indemnification.

    

    Each
      of
      the Depositor, Master Servicer, Securities Administrator, Servicers and any
      Servicing Function Participant engaged by such party, respectively, shall
      indemnify and hold harmless the Master Servicer, the Securities Administrator
      and the Depositor, respectively, 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 under hereunder, including
      particularly its obligations to provide any assessment of compliance,
      attestation report, annual statement of compliance or any information, data
      or
      materials required to be included in any 1934 Act report, (b) any material
      misstatement or omission in any information, data or materials provided by
      such
      party (or, in the case of the Securities Administrator or Master Servicer,
      any
      material misstatement or material omission in (i) any assessment of compliance,
      attestation report or annual statement of compliance 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 concerning the Master Servicer or the Securities
      Administrator), 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 or the Depositor,
      as
      the case may be, then each such party agrees that it shall contribute to the
      amount paid or payable by the Master Servicer, the Securities Administrator
      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.

    

    SECTION
      12.13. Swap
      Provider as a Third Party Beneficiary.

    

    The
      Swap
      Provider shall be an express third-party beneficiary of this Agreement to the
      extent of its express rights to receive any payments under this Agreement or
      any
      other express rights of the Swap Provider explicitly stated in this Agreement,
      and shall have the right to enforce such rights under this Agreement as if
      it
      were a party hereto.

    

     

    

    
      
        
        

      

      
        235

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, the Depositor, the Servicers, the Master Servicer, the
      Securities Administrator and the Trustee have caused their names to be signed
      hereto by their respective officers thereunto duly authorized, in each case
      as
      of the day and year first above written.

     

    ACE
      SECURITIES CORP.,

    as
      Depositor

     

    By: 
      /s/ Evelyn
      Echevarria            

    Name:
      Evelyn Echevarria

    Title:
      Vice President

     

     

    By: 
      /s/ Doris J. Hearn              

    Name:
      Doris J. Hearn

    Title:
      Vice President

     

     

    OCWEN
      LOAN SERVICING, LLC

    as
      a
      Servicer

     

    By: 
      /s/ Richard Delgado            

    Name:
      Richard Delgado

    Title:
      Authorized Representative

     

     

    GMAC
      MORTGAGE, LLC

    as
      a
      Servicer

    

    By: 
      /s/ Wesley B. Howland          

    Name:
      Wesley B. Howland

    Title:
      Vice President

    
 

    HSBC
      BANK
      USA, NATIONAL ASSOCIATION

    not
      in
      its individual capacity but solely as Trustee

     

    By: 
      /s/ Fernando Acebedo            

    Name:
      Fernando Acebedo

    Title:
      Vice President

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    WELLS
      FARGO BANK, NATIONAL ASSOCIATION

    as
      Master
      Servicer and Securities Administrator

     

    By: 
      /s/ Stacey M. Taylor            

    Name:
      Stacey M. Taylor

    Title:
      Vice President

     

     

    Acknowledged
      and Agreed for purposes of Section 9.05:

     

     

    DB
      STRUCTURED PRODUCTS, INC

     

    By: 
      /s/ Rick Yano                

    Name:
      Rick Yano

    Title:
      Vice President

     

     

    By: 
      /s/ Susan Valenti              

    Name:
      Susan Valenti

    Title:
      Director

     

     

    Acknowledged
      and Agreed for purposes of Sections 7.08, 7.09 and 7.10:

     

     

    CLAYTON
      FIXED INCOME SERVICES INC.

     

    By: 
      /s/ Kevin J. Kanouff            

    Name:
      Kevin J. Kanouff

    Title:
      President and General Counsel

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	
              STATE
                OF

            	
              )

            
	 	
              )
                ss.:

            
	
              COUNTY
                OF

            	
              )

            

    

     

    On
      the
      ___ day of __________ 2007, before me, a notary public in and for said State,
      personally appeared _____________________ known to me to be a
      _____________________ of ACE Securities Corp., one of the entities that executed
      the within instrument, and also known to me to be the person who executed it
      on
      behalf of said corporation, and acknowledged to me that such corporation
      executed the within instrument.

     

    IN
      WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal the
      day and year in this certificate first above written.

     

    ___________________________________
Notary
      Public

     

    [Notarial
      Seal]             My
      commission expires

     

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
      

      
        	
                STATE
                  OF

              	
                )

              
	 	
                )
                  ss.:

              
	
                COUNTY
                  OF

              	
                )

              

      

       

       

    

    On
      the
      ___ day of _________ 2007, before me, a notary public in and for said State,
      personally appeared _____________________ known to me to be a
      _____________________ of ACE Securities Corp., one of the entities that executed
      the within instrument, and also known to me to be the person who executed it
      on
      behalf of said corporation, and acknowledged to me that such corporation
      executed the within instrument.

     

    IN
      WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal the
      day and year in this certificate first above written.

     

    
       

      ___________________________________
Notary
        Public

    

     

    [Notarial
      Seal]                 My
      commission expires

     

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
      

      
        	
                STATE
                  OF

              	
                )

              
	 	
                )
                  ss.:

              
	
                COUNTY
                  OF

              	
                )

              

      

       

    

    On
      the
      ___ day of _________ 2007, before me, a notary public in and for said State,
      personally appeared _____________________ known to me to be a
      _____________________ of Ocwen Loan Servicing, LLC, one of the entities that
      executed the within instrument, and also known to me to be the person who
      executed it on behalf of said entity, and acknowledged to me that such entity
      executed the within instrument.

     

    IN
      WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal the
      day and year in this certificate first above written.

    
       

      ___________________________________
Notary
        Public

    

     

     

    [Notarial
      Seal]             My
      commission expires

     

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
      

      
        	
                STATE
                  OF

              	
                )

              
	 	
                )
                  ss.:

              
	
                COUNTY
                  OF

              	
                )

              

      

       

    

     

    On
      the
      ___ day of __________ 2007, before me, a notary public in and for said State,
      personally appeared _____________________ known to me to be a
      _____________________ of GMAC Mortgage, LLC, one of the entities that executed
      the within instrument, and also known to me to be the person who executed it
      on
      behalf of said entity, and acknowledged to me that such entity executed the
      within instrument.

     

    IN
      WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal the
      day and year in this certificate first above written.

    
       

      ___________________________________
Notary
        Public

    

     

    [Notarial
      Seal]             My
      commission expires

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
      

      
        	
                STATE
                  OF

              	
                )

              
	 	
                )
                  ss.:

              
	
                COUNTY
                  OF

              	
                )

              

      

       

    

     

    On
      the
      ___ day of ___________ 2007, before me, a notary public in and for said State,
      personally appeared _____________________ known to me to be a
      _____________________ of Wells Fargo Bank, National Association, one of the
      entities that executed the within instrument, and also known to me to be the
      person who executed it on behalf of said national banking association, and
      acknowledged to me that such national banking association executed the within
      instrument.

     

    IN
      WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal the
      day and year in this certificate first above written.

     

    ___________________________________
Notary
      Public

     

    [Notarial
      Seal]             My
      commission expires

     

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
      

      
        	
                STATE
                  OF

              	
                )

              
	 	
                )
                  ss.:

              
	
                COUNTY
                  OF

              	
                )

              

      

       

    

     

    On
      the
      ___ day of __________ 2007, before me, a notary public in and for said State,
      personally appeared _____________________ known to me to be a
      _____________________ of HSBC Bank USA, National Association, one of the
      entities that executed the within instrument, and also known to me to be the
      person who executed it on behalf of said national banking association, and
      acknowledged to me that such national banking association executed the within
      instrument.

     

    IN
      WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal the
      day and year in this certificate first above written.

     

    ___________________________________
Notary
      Public

     

    [Notarial
      Seal]             My
      commission expires

     

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    EXHIBIT
      A-1

     

    FORM
      OF
      CLASS A-[1][2] CERTIFICATE

     

    SOLELY
      FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “REGULAR INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
      RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986,
      AS
      AMENDED (THE “CODE”).

     

    UNLESS
      THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
      TRUST COMPANY TO THE DEPOSITOR OR ITS AGENT FOR REGISTRATION OF TRANSFER,
      EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF
      CEDE & CO. OR SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE
      OF THE DEPOSITORY TRUST COMPANY AND ANY PAYMENT IS MADE TO CEDE & CO., ANY
      TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON
      IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST
      HEREIN.

     

    PRIOR
      TO THE TERMINATION OF THE SUPPLEMENTAL INTEREST TRUST, ANY PERSON ACQUIRING
      THIS
      CERTIFICATE SHALL BE DEEMED TO HAVE MADE THE REPRESENTATIONS IN SECTION 6.02(c)
      OF THE AGREEMENT REFERRED TO HEREIN.

     

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    

    
      	
              Series
                2007-SL1, Class A-[1][2]

            	 	
              Aggregate
                Certificate Principal Balance of the Class A-[1][2] Certificates
                as of the
                Issue Date: $_____________

            
	 	 	 
	
              Pass-Through
                Rate: Variable

            	 	
              Denomination:
                $____________

            
	 	 	 
	
              Date
                of Pooling and Servicing Agreement 

              and
                Cut-off Date: February 1, 2007

            	 	
              Master
                Servicer: Wells Fargo Bank, N.A.

            
	 	 	 
	
              First
                Distribution Date: March 26, 2007

            	 	
              Trustee:
                HSBC Bank USA, National Association

            
	 	 	 
	
              No.__

            	 	
              Issue
                Date: March 2, 2007

            
	 	 	 
	 	 	
              CUSIP:________________

            

    

    

    DISTRIBUTIONS
      IN REDUCTION OF THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE MAY BE
      MADE MONTHLY AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE
      PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ABOVE
      AS
      THE DENOMINATION OF THIS CERTIFICATE.

     

    ACE
      SECURITIES CORP. HOME EQUITY LOAN TRUST, SERIES 2007-SL1

     

    ASSET
      BACKED PASS-THROUGH CERTIFICATE

     

    evidencing
      a beneficial ownership interest in a Trust Fund (the “Trust Fund”) consisting
      primarily of a pool of conventional one- to four-family, fixed rate, second
      lien
      mortgage loans (the “Mortgage Loans”) formed and sold by

     

    ACE
      SECURITIES CORP.

     

    THIS
      CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN ACE SECURITIES
      CORP., THE SPONSOR, THE MASTER SERVICER, THE SECURITIES ADMINISTRATOR, THE
      SERVICERS, THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS
      CERTIFICATE NOR THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY AGENCY
      OR
      INSTRUMENTALITY OF THE UNITED STATES.

     

    This
      certifies that ________________ is the registered owner of a Percentage Interest
      (obtained by dividing the denomination of this Certificate by the aggregate
      Certificate Principal Balance of the Class A-[1][2] Certificates as of the
      Issue
      Date) in that certain beneficial ownership interest evidenced by all of the
      Class A-[1][2] Certificates in REMIC III created pursuant to a Pooling and
      Servicing Agreement, dated as specified above (the “Agreement”), among ACE
      Securities Corp., as depositor (hereinafter called the “Depositor”, which term
      includes any successor entity under the Agreement), Wells Fargo Bank, National
      Association as master servicer (the “Master Servicer”) and securities
      administrator (the “Securities Administrator”), Ocwen Loan Servicing, LLC as a
      servicer (“Ocwen”), GMAC Mortgage, LLC as a servicer (“GMAC”; together with
      Ocwen, the “Servicers”, each a “Servicer”) and HSBC Bank USA, National
      Association as trustee (the “Trustee”), a summary of certain of the pertinent
      provisions of which is set forth hereafter. 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.

    
      
        
        

      

      
        A-1-2

        
          

        

      

      
        
        

      

    

     

    Pursuant
      to the terms of the Agreement, distributions 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 such 25th
      day (a
“Distribution Date”), commencing on the First Distribution Date specified above,
      to the Person in whose name this Certificate is registered on the Business
      Day
      immediately preceding such Distribution Date (the “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 the Holders of Class A-[1][2]
      Certificates on such Distribution Date pursuant to the Agreement.

     

    All
      distributions to the Holder of this Certificate under the Agreement will be
      made
      or caused to be made by the Securities Administrator by wire transfer in
      immediately available funds to the account of the Person entitled thereto if
      such Person shall have so notified the Securities Administrator in writing
      at
      least five Business Days prior to the Record Date immediately prior to such
      Distribution Date and is the registered owner of Class A-[1][2] Certificates
      the
      aggregate initial Certificate Principal Balance of which is in excess of the
      lesser of (i) $5,000,000 or (ii) two-thirds of the aggregate initial Certificate
      Principal Balance of the Class A-[1][2] Certificates, or otherwise by check
      mailed by first class mail to the address of the Person entitled thereto, as
      such name and address shall appear on the Certificate Register. Notwithstanding
      the above, the final distribution on this Certificate will be made after due
      notice by the Securities Administrator of the pendency of such distribution
      and
      only upon presentation and surrender of this Certificate at the office or agency
      appointed by the Securities Administrator for that purpose as provided in the
      Agreement.

     

    The
      Pass-Through Rate applicable to the calculation of interest payable with respect
      to this Certificate on any Distribution Date shall be a rate per annum equal
      to
      the lesser of (i) One-Month LIBOR plus [_____]%, in the case of each
      Distribution Date through and including the first Distribution Date on which
      the
      aggregate principal balance of the Mortgage Loans (and properties acquired
      in
      respect thereof) remaining in the Trust Fund as of the last day of the related
      Due Period has been reduced to less than or equal to 10% of the aggregate
      principal balance of the Mortgage Loans as of the Cut-off Date, or One-Month
      LIBOR plus [_____]%, in the case of any Distribution Date thereafter and (ii)
      the applicable Net WAC Pass-Through Rate for such Distribution
      Date.

     

    This
      Certificate is one of a duly authorized issue of Certificates designated as
      Asset Backed Pass-Through Certificates of the Series specified on the face
      hereof (herein called the “Certificates”) and representing a Percentage Interest
      in the Class of Certificates specified on the face hereof equal to the
      denomination specified on the face hereof divided by the aggregate Certificate
      Principal Balance of the Class of Certificates specified on the face
      hereof.

    
      
        
        

      

      
        A-1-3

        
          

        

      

      
        
        

      

    

     

    The
      Certificates are limited in right of payment to certain collections and
      recoveries respecting the Mortgage Loans and payments received pursuant to
      the
      Swap Agreement all as more specifically set forth herein and in the Agreement.
      As provided in the Agreement, withdrawals from the Collection Account and the
      Distribution Account may be made from time to time for purposes other than
      distributions to Certificateholders, such purposes including reimbursement
      of
      advances made, or certain expenses incurred, with respect to the Mortgage Loans.
      

     

    The
      Agreement permits, with certain exceptions therein provided, the amendment
      thereof and the modification of the rights and obligations of the Depositor,
      the
      Master Servicer, the Trustee, the Securities Administrator, the Servicers and
      the rights of the Certificateholders under the Agreement at any time by the
      Depositor, the Master Servicer, the Trustee, the Securities Administrator and
      the Servicers with the consent of the Holders of Certificates entitled to at
      least 66% of the Voting Rights. 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 herefor or in lieu hereof whether or not notation of
      such
      consent is made upon this Certificate. The Agreement also permits the amendment
      thereof, in certain limited circumstances, without the consent of the Holders
      of
      any of the Certificates.

     

    As
      provided in the Agreement and subject to certain limitations therein set forth,
      the transfer of this Certificate is registrable in the Certificate Register
      upon
      surrender of this Certificate for registration of transfer at the offices or
      agencies appointed by the Securities Administrator as provided in the Agreement,
      duly endorsed by, or accompanied by an assignment in the form below or other
      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 evidencing the same aggregate Percentage
      Interest will be issued to the designated transferee or
      transferees.

     

    The
      Certificates are issuable in fully registered form only without coupons in
      Classes and denominations representing Percentage Interests specified in the
      Agreement. As provided in the Agreement and subject to certain limitations
      therein set forth, the Certificates are exchangeable for new Certificates of
      the
      same Class in authorized denominations evidencing the same aggregate Percentage
      Interest, as requested by the Holder surrendering the same.

     

    Prior
      to
      the termination of the Supplemental Interest Trust, any transferee of this
      Certificate shall be deemed to have made the representations in Section 6.02(e)
      of the Agreement.

     

    No
      service charge will be made for any such registration of transfer or exchange
      of
      Certificates, but the Securities Administrator may require payment of a sum
      sufficient to cover any tax or other governmental charge that may be imposed
      in
      connection with any transfer or exchange of Certificates.

     

    The
      Depositor, the Master Servicer, the Trustee, the Securities Administrator,
      each
      Servicer and any agent of the Depositor, the Master Servicer, the Trustee,
      the
      Securities Administrator or such Servicer may treat the Person in whose name
      this Certificate is registered as the owner hereof for all purposes, and none
      of
      the Depositor, the Master Servicer, the Trustee, the Securities Administrator,
      any Servicer nor any such agent shall be affected by notice to the
      contrary.

    
      
        
        

      

      
        A-1-4

        
          

        

      

      
        
        

      

    

     

    The
      obligations created by the Agreement and the Trust Fund created thereby shall
      terminate upon payment to the Certificateholders of all amounts held by the
      Securities Administrator and required to be paid to them pursuant to the
      Agreement following the earlier of (i) the final payment or other liquidation
      (or any advance with respect thereto) of the last Mortgage Loan remaining in
      REMIC I and (ii) the purchase by the party designated in the Agreement at a
      price determined as provided in the Agreement from REMIC I of all the Mortgage
      Loans and all property acquired in respect of such Mortgage Loans. The Agreement
      permits, but does not require, the party designated in the Agreement to purchase
      from REMIC I all the Mortgage Loans and all property acquired in respect of
      any
      Mortgage Loan at a price determined as provided in the Agreement. The exercise
      of such right will effect early retirement of the Certificates; however, such
      right to purchase is subject to the aggregate Scheduled Principal Balance of
      the
      Mortgage Loans (and properties acquired in respect thereof) at the time of
      purchase being less than or equal to 10% of the aggregate principal balance
      of
      the Mortgage Loans as of the Cut-off Date.

     

    The
      recitals contained herein shall be taken as statements of the Depositor and
      neither the Trustee nor the Securities Administrator assumes any responsibility
      for their correctness.

     

    Unless
      the certificate of authentication hereon has been executed by the Securities
      Administrator, by manual signature, this Certificate shall not be entitled
      to
      any benefit under the Agreement or be valid for any purpose.

     

    

    

    
      
        
          
          

        

        
          A-1-5

          
            

          

        

        
          
          

        

      

    

    

    IN
      WITNESS WHEREOF, the Securities Administrator has caused this Certificate to
      be
      duly executed.

     

    Dated:
      March ___, 2007

    

    

    WELLS
      FARGO BANK, N.A.

    as
      Securities Administrator

     

    

    By: 
      _______________________________

                                
      Authorized Officer

    

    

    

    

    

    

    CERTIFICATE
      OF AUTHENTICATION

     

    This
      is
      one of the Class A-[1][2] Certificates referred to in the within-mentioned
      Agreement.

    
      

      WELLS
        FARGO BANK, N.A.

      as
        Securities Administrator

       

      

      By: 
        _______________________________

                                  
        Authorized Signatory

      

 

    

    

     

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    ABBREVIATIONS

     

    The
      following abbreviations, when used in the inscription on the face of this
      instrument, shall be construed as though they were written out in full according
      to applicable laws or regulations:

     

    
      	
              TEN
                COM   -

            	 	
              as
                tenants in common

            	
              UNIF
                GIFT MIN ACT -

            	
                   Custodian      

              (Cust)        (Minor)

              under
                Uniform Gifts 

              to
                Minors Act

            
	
              TEN
                ENT   -

            	 	
              as
                tenants by the entireties

            	 	
              ________________

              (State)

            
	
              JT
                TEN        -

            	 	
              as
                joint tenants with right 

              if
                survivorship and not as 

              tenants
                in common

            	 	 

    

    

    Additional
      abbreviations may also be used though not in the above list.

    

    ASSIGNMENT

     

    
      	
              FOR
                VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s)
                

            
	
              unto

            	
               

            
	
               

            	
               

            
	
               

            	
               

            

    

    (Please
      print or typewrite name, address including postal zip code, and Taxpayer
      Identification Number of assignee)

     

    a
      Percentage Interest equal to ____% evidenced by the within Asset Backed
      Pass-Through Certificate and hereby authorize(s) the registration of transfer
      of
      such 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
      Percentage Interest and Class to the above named assignee and deliver such
      Certificate to the following address:
      ________________________________________________

    
      	 	 	
              .

            

    

    

     

    
      	
              Dated:

            	 
	 	
              Signature
                by or on behalf of assignor

            
	 	 
	 	 
	 	
              Signature
                Guaranteed

            

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    DISTRIBUTION
      INSTRUCTIONS

     

    The
      assignee should include the following for purposes of distribution:

     

    
      	
              Distributions
                shall be made, by wire transfer or otherwise, in immediately available
                

            
	
              funds
                to

            	 
	 
	
              for
                the account of

            	 
	
              account
                number

            	 	
              or,
                if mailed by check, to

            
	 
	
              Applicable
                statements should be mailed to

            	 
	 
	 
	
              This
                information is provided by

            	 
	
              assignee
                named above, or

            	 
	
              its
                agent.

            	 

    

    

     

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    EXHIBIT
      A-2

     

    FORM
      OF
      CLASS M-[1][2][3][4][5][6][7][8] CERTIFICATE

     

    SOLELY
      FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “REGULAR INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
      RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986,
      AS
      AMENDED (THE “CODE”).

     

    UNLESS
      THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
      TRUST COMPANY TO THE DEPOSITOR OR ITS AGENT FOR REGISTRATION OF TRANSFER,
      EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF
      CEDE & CO. OR SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE
      OF THE DEPOSITORY TRUST COMPANY AND ANY PAYMENT IS MADE TO CEDE & CO., ANY
      TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON
      IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST
      HEREIN.

     

    THIS
      CERTIFICATE IS SUBORDINATE TO THE CLASS A CERTIFICATES [[,/AND] CLASS M-1
      CERTIFICATES [,/AND] CLASS M-2 CERTIFICATES [,/AND] CLASS M-3 CERTIFICATES
      [,/AND] CLASS M-4 CERTIFICATES [,/AND] CLASS M-5 CERTIFICATES [,/AND] CLASS
      M-6
      CERTIFICATES [AND] CLASS M-7 CERTIFICATES TO THE EXTENT DESCRIBED IN THE
      AGREEMENT REFERRED TO HEREIN.

     

    ANY
      TRANSFEREE OF THIS CERTIFICATE SHALL BE DEEMED TO MAKE THE REPRESENTATIONS
      SET
      FORTH IN SECTION 6.02(c) OF THE AGREEMENT REFERRED TO
      HEREIN.

     

    THE
      CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE WILL BE DECREASED BY THE
      PRINCIPAL PAYMENTS HEREON AND REALIZED LOSSES ALLOCABLE HERETO AS DESCRIBED
      IN
      THE AGREEMENT REFERRED TO HEREIN. ACCORDINGLY, FOLLOWING THE INITIAL ISSUANCE
      OF
      THE CERTIFICATES, THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE WILL
      BE
      DIFFERENT FROM THE DENOMINATION SHOWN BELOW. ANYONE ACQUIRING THIS CERTIFICATE
      MAY ASCERTAIN ITS CERTIFICATE PRINCIPAL BALANCE BY INQUIRY OF THE SECURITIES
      ADMINISTRATOR NAMED HEREIN.

     

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    

    
      	
              Series
                2007-SL1, Class M-[1][2][3][4][5][6][7][8]

            	 	
              Aggregate
                Certificate Principal Balance of the Class M-[1][2][3][4][5][6][7][8]
                Certificates as of the Issue Date: $______________

            
	 	 	 
	
              Pass-Through
                Rate: Variable

            	 	
              Denomination:
                $______________

            
	 	 	 
	
              Date
                of Pooling and Servicing Agreement 

              and
                Cut-off Date: February 1, 2007

            	 	
              Master
                Servicer: Wells Fargo Bank, N.A.

            
	 	 	 
	
              First
                Distribution Date: March 26, 2007

            	 	
              Trustee:
                HSBC Bank USA, National Association

            
	 	 	 
	
              No.___

            	 	
              Issue
                Date: March 2, 2007

            
	 	 	 
	 	 	
              CUSIP:_________________

            

    

    

    ACE
      SECURITIES CORP. HOME EQUITY LOAN TRUST, SERIES 2007-SL1

     

    ASSET
      BACKED PASS-THROUGH CERTIFICATE

     

    evidencing
      a beneficial ownership interest in a Trust Fund (the “Trust Fund”) consisting
      primarily of a pool of conventional one- to four-family, fixed rate, second
      lien
      mortgage loans (the “Mortgage Loans”) formed and sold by

     

    ACE
      SECURITIES CORP.

     

    THIS
      CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN ACE SECURITIES
      CORP., THE SPONSOR, THE MASTER SERVICERS, THE SECURITIES ADMINISTRATOR, THE
      SERVICER, THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS
      CERTIFICATE NOR THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY AGENCY
      OR
      INSTRUMENTALITY OF THE UNITED STATES.

     

    This
      certifies that _____________________ is the registered owner of a Percentage
      Interest (obtained by dividing the denomination of this Certificate by the
      aggregate Certificate Principal Balance of the Class M-[1][2][3][4][5][6][7][8]
      Certificates as of the Issue Date) in that certain beneficial ownership interest
      evidenced by all of the Class M-[1][2][3][4][5][6][7][8] Certificates in REMIC
      III created pursuant to a Pooling and Servicing Agreement, dated as specified
      above (the “Agreement”), among ACE Securities Corp., as depositor (hereinafter
      called the “Depositor”, which term includes any successor entity under the
      Agreement), Wells Fargo Bank, National Association as master servicer (the
      “Master Servicer”) and securities administrator (the “Securities
      Administrator”), Ocwen Loan Servicing, LLC as a servicer (“Ocwen”), GMAC
      Mortgage, LLC as a servicer (“GMAC”; together with Ocwen, the “Servicers” each,
      a “Servicer”) and HSBC Bank USA, National Association as trustee (the
“Trustee”), a summary of certain of the pertinent provisions of which is set
      forth hereafter. 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.

    
      
        
        

      

      
        A-2-2

        
          

        

      

      
        
        

      

    

     

    Pursuant
      to the terms of the Agreement, distributions 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 such 25th
      day (a
“Distribution Date”), commencing on the First Distribution Date specified above,
      to the Person in whose name this Certificate is registered on the Business
      Day
      immediately preceding such Distribution Date (the “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 the Holders of Class
      M-[1][2][3][4][5][6][7][8] Certificates on such Distribution Date pursuant
      to
      the Agreement.

     

    All
      distributions to the Holder of this Certificate under the Agreement will be
      made
      or caused to be made by the Securities Administrator by wire transfer in
      immediately available funds to the account of the Person entitled thereto if
      such Person shall have so notified the Securities Administrator in writing
      at
      least five Business Days prior to the Record Date immediately prior to such
      Distribution Date and is the registered owner of Class
      M-[1][2][3][4][5][6][7][8] Certificates the aggregate initial Certificate
      Principal Balance of which is in excess of the lesser of (i) $5,000,000 or
      (ii)
      two-thirds of the aggregate initial Certificate Principal Balance of the Class
      M-[1][2][3][4][5][6][7][8] Certificates, or otherwise by check mailed by first
      class mail to the address of the Person entitled thereto, as such name and
      address shall appear on the Certificate Register. Notwithstanding the above,
      the
      final distribution on this Certificate will be made after due notice by the
      Securities Administrator of the pendency of such distribution and only upon
      presentation and surrender of this Certificate at the office or agency appointed
      by the Securities Administrator for that purpose as provided in the
      Agreement.

     

    The
      Pass-Through Rate applicable to the calculation of interest payable with respect
      to this Certificate on any Distribution Date shall equal a rate per annum equal
      to the lesser of (i) One-Month LIBOR plus [____]% , in the case of each
      Distribution Date through and including the first Distribution Date on which
      the
      aggregate principal balance of the Mortgage Loans (and properties acquired
      in
      respect thereof) remaining in the Trust Fund as of the last day of the related
      Due Period has been reduced to less than or equal to 10% of the aggregate
      principal balance of the Mortgage Loans as of the Cut-off Date, or One-Month
      LIBOR plus [____]%, in the case of any Distribution Date thereafter and (ii)
      the
      applicable Net WAC Pass-Through Rate for such Distribution Date.

     

    This
      Certificate is one of a duly authorized issue of Certificates designated as
      Asset Backed Pass-Through Certificates of the Series specified on the face
      hereof (herein called the “Certificates”) and representing a Percentage Interest
      in the Class of Certificates specified on the face hereof equal to the
      denomination specified on the face hereof divided by the aggregate Certificate
      Principal Balance of the Class of Certificates specified on the face
      hereof.

     

    The
      Certificates are limited in right of payment to certain collections and
      recoveries respecting the Mortgage Loans and payments received pursuant to
      the
      Swap Agreement, all as more specifically set forth herein and in the Agreement.
      As provided in the Agreement, withdrawals from the Collection Account and the
      Distribution Account may be made from time to time for purposes other than
      distributions to Certificateholders, such purposes including reimbursement
      of
      advances made, or certain expenses incurred, with respect to the Mortgage
      Loans.

    
      
        
        

      

      
        A-2-3

        
          

        

      

      
        
        

      

    

     

    The
      Agreement permits, with certain exceptions therein provided, the amendment
      thereof and the modification of the rights and obligations of the Depositor,
      the
      Master Servicer, the Trustee, the Securities Administrator, the Servicers and
      the rights of the Certificateholders under the Agreement at any time by the
      Depositor, the Master Servicer, the Trustee, the Securities Administrator and
      the Servicers with the consent of the Holders of Certificates entitled to at
      least 66% of the Voting Rights. 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 herefor or in lieu hereof whether or not notation of
      such
      consent is made upon this Certificate. The Agreement also permits the amendment
      thereof, in certain limited circumstances, without the consent of the Holders
      of
      any of the Certificates.

     

    As
      provided in the Agreement and subject to certain limitations therein set forth,
      the transfer of this Certificate is registrable in the Certificate Register
      upon
      surrender of this Certificate for registration of transfer at the offices or
      agencies appointed by the Securities Administrator as provided in the Agreement,
      duly endorsed by, or accompanied by an assignment in the form below or other
      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 evidencing the same aggregate Percentage
      Interest will be issued to the designated transferee or
      transferees.

     

    The
      Certificates are issuable in fully registered form only without coupons in
      Classes and denominations representing Percentage Interests specified in the
      Agreement. As provided in the Agreement and subject to certain limitations
      therein set forth, the Certificates are exchangeable for new Certificates of
      the
      same Class in authorized denominations evidencing the same aggregate Percentage
      Interest, as requested by the Holder surrendering the same.

     

    Any
      transferee of this Certificate shall be deemed to make the representations
      set
      forth in Section 6.02(c) of the Agreement.

     

    No
      service charge will be made for any such registration of transfer or exchange
      of
      Certificates, but the Securities Administrator may require payment of a sum
      sufficient to cover any tax or other governmental charge that may be imposed
      in
      connection with any transfer or exchange of Certificates.

     

    The
      Depositor, the Master Servicer, the Trustee, the Securities Administrator,
      each
      Servicer and any agent of the Depositor, the Master Servicer, the Trustee,
      the
      Securities Administrator or such Servicer may treat the Person in whose name
      this Certificate is registered as the owner hereof for all purposes, and none
      of
      the Depositor, the Master Servicer, the Trustee, the Securities Administrator,
      any Servicer nor any such agent shall be affected by notice to the
      contrary.

    
      
        
        

      

      
        A-2-4

        
          

        

      

      
        
        

      

    

     

    The
      obligations created by the Agreement and the Trust Fund created thereby shall
      terminate upon payment to the Certificateholders of all amounts held by the
      Securities Administrator and required to be paid to them pursuant to the
      Agreement following the earlier of (i) the final payment or other liquidation
      (or any advance with respect thereto) of the last Mortgage Loan remaining in
      REMIC I and (ii) the purchase by the party designated in the Agreement at a
      price determined as provided in the Agreement from REMIC I of all the Mortgage
      Loans and all property acquired in respect of such Mortgage Loans. The Agreement
      permits, but does not require, the party designated in the Agreement to purchase
      from REMIC I all the Mortgage Loans and all property acquired in respect of
      any
      Mortgage Loan at a price determined as provided in the Agreement. The exercise
      of such right will effect early retirement of the Certificates; however, such
      right to purchase is subject to the aggregate Scheduled Principal Balance of
      the
      Mortgage Loans (and properties acquired in respect thereof) at the time of
      purchase being less than or equal to 10% of the aggregate principal balance
      of
      the Mortgage Loans as of the Cut-off Date.

     

    The
      recitals contained herein shall be taken as statements of the Depositor and
      neither the Trustee nor the Securities Administrator assume any responsibility
      for their correctness.

     

    Unless
      the certificate of authentication hereon has been executed by the Securities
      Administrator by manual signature, this Certificate shall not be entitled to
      any
      benefit under the Agreement or be valid for any purpose.

     

    

    

    
      
        
          
          

        

        
          A-2-5

          
            

          

        

        
          
          

        

      

    

    

    IN
      WITNESS WHEREOF, the Securities Administrator has caused this Certificate to
      be
      duly executed.

     

    Dated:
      March ___, 2007

    
      

      WELLS
        FARGO BANK, N.A.

      as
        Securities Administrator

       

      

      By: 
        _______________________________

                                  
        Authorized Officer

      

 

    

    

    

    CERTIFICATE
      OF AUTHENTICATION

     

    This
      is
      one of the Class M-[1][2][3][4][5][6][7][8] Certificates referred to in the
      within-mentioned Agreement.

    
      

      WELLS
        FARGO BANK, N.A.

      as
        Securities Administrator

       

      

      By: 
        _______________________________

                                  
        Authorized Signatory

      

 

    

     

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    ABBREVIATIONS

     

    The
      following abbreviations, when used in the inscription on the face of this
      instrument, shall be construed as though they were written out in full according
      to applicable laws or regulations:

     

    
      	
              TEN
                COM    -

            	 	
              as
                tenants in common

            	
              UNIF
                GIFT MIN ACT -

            	
                   Custodian      

              (Cust)      (Minor)

              under
                Uniform Gifts 

              to
                Minors Act

            
	
              TEN
                ENT    -

            	 	
              as
                tenants by the entireties

            	 	
              ________________

              (State)

            
	
              JT
                TEN     -

            	 	
              as
                joint tenants with right 

              if
                survivorship and not as 

              tenants
                in common

            	 	 

    

    

    Additional
      abbreviations may also be used though not in the above list.

    

    ASSIGNMENT

     

    
      	
              FOR
                VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s)
                

            
	
              unto

            	 
	 	 
	 	 

    

     (Please
      print or typewrite name, address including postal zip code, and Taxpayer
      Identification Number of assignee)

     

    a
      Percentage Interest equal to _____% evidenced by the within Asset Backed
      Pass-Through Certificate and hereby authorize(s) the registration of transfer
      of
      such 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
      Percentage Interest and Class to the above named assignee and deliver such
      Certificate to the following address:
      ______________________________________________________________

    
      	 	 	
              .

            

    

    

     

    
      	
              Dated:

            	 
	 	
              Signature
                by or on behalf of assignor

            
	 	 
	 	 
	 	
              Signature
                Guaranteed

            

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    DISTRIBUTION
      INSTRUCTIONS

     

    The
      assignee should include the following for purposes of distribution:

     

    
      	
              Distributions
                shall be made, by wire transfer or otherwise, in immediately available
                

            
	
              funds
                to

            	 
	 
	
              for
                the account of

            	 
	
              account
                number

            	 	
              or,
                if mailed by check, to

            
	 
	
              Applicable
                statements should be mailed to

            	 
	 
	 
	
              This
                information is provided by

            	 
	
              assignee
                named above, or

            	 
	
              its
                agent.

            	 

    

    

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    EXHIBIT
      A-2A

     

    FORM
      OF
      CLASS M-[9][10] CERTIFICATE

     

    SOLELY
      FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “REGULAR INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
      RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986,
      AS
      AMENDED (THE “CODE”).

     

    UNLESS
      THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
      TRUST COMPANY TO THE DEPOSITOR OR ITS AGENT FOR REGISTRATION OF TRANSFER,
      EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF
      CEDE & CO. OR SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE
      OF THE DEPOSITORY TRUST COMPANY AND ANY PAYMENT IS MADE TO CEDE & CO., ANY
      TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON
      IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST
      HEREIN.

     

    THIS
      CERTIFICATE IS SUBORDINATE TO THE CLASS A CERTIFICATES, CLASS M-1 CERTIFICATES,
      CLASS M-2 CERTIFICATES, CLASS M-3 CERTIFICATES, CLASS M-4 CERTIFICATES, CLASS
      M-5 CERTIFICATES, CLASS M-6 CERTIFICATES, CLASS M-7 CERTIFICATES, CLASS M-8
      CERTIFICATES [AND] CLASS M-9 CERTIFICATES TO THE EXTENT DESCRIBED IN THE
      AGREEMENT REFERRED TO HEREIN.

     

    THE
      CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE WILL BE DECREASED BY THE
      PRINCIPAL PAYMENTS HEREON AND REALIZED LOSSES ALLOCABLE HERETO AS DESCRIBED
      IN
      THE AGREEMENT REFERRED TO HEREIN. ACCORDINGLY, FOLLOWING THE INITIAL ISSUANCE
      OF
      THE CERTIFICATES, THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE WILL
      BE
      DIFFERENT FROM THE DENOMINATION SHOWN BELOW. ANYONE ACQUIRING THIS CERTIFICATE
      MAY ASCERTAIN ITS CERTIFICATE PRINCIPAL BALANCE BY INQUIRY OF THE SECURITIES
      ADMINISTRATOR NAMED HEREIN.

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    THIS
      CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED STATES
      SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR UNDER ANY STATE SECURITIES
      LAWS. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS
      CERTIFICATE MAY BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY
      IN
      COMPLIANCE WITH THE ACT AND OTHER APPLICABLE LAWS OR (2) WITHIN THE UNITED
      STATES TO (A) “QUALIFIED INSTITUTIONAL BUYERS” WITHIN THE MEANING OF AND IN
      COMPLIANCE WITH RULE 144A UNDER THE ACT (“RULE 144A”) OR (B) TO INSTITUTIONAL
      INVESTORS THAT ARE “ACCREDITED INVESTORS” WITHIN THE MEANING OF RULE 501(A)(1),
      (2), (3) OR (7) OF “REGULATION D” UNDER THE ACT.

     

    NO
      TRANSFER OF THIS CERTIFICATE TO A PLAN SUBJECT TO THE EMPLOYEE RETIREMENT INCOME
      SECURITY ACT OF 1974, AS AMENDED (“ERISA”) OR SECTION 4975 OF THE CODE, ANY
      PERSON ACTING, DIRECTLY OR INDIRECTLY, ON BEHALF OF ANY SUCH PLAN OR ANY PERSON
      USING “PLAN ASSETS” TO ACQUIRE THIS CERTIFICATE SHALL BE MADE EXCEPT IN
      ACCORDANCE WITH SECTION 6.02(c) OF THE AGREEMENT REFERRED TO
      HEREIN.

     

    

    
      
        
          
          

        

        
          A-2A-2

          
            

          

        

        
          
          

        

      

    

    

    

    
      	
              Series
                2007-SL1, Class M-[9][10]

            	 	
              Aggregate
                Certificate Principal Balance of the Class M-[9][10] Certificates
                as of
                the Issue Date: $______________

            
	 	 	 
	
              Pass-Through
                Rate: Variable

            	 	
              Denomination:
                $______________

            
	 	 	 
	
              Date
                of Pooling and Servicing Agreement 

              and
                Cut-off Date: February 1, 2007

            	 	
              Master
                Servicer: Wells Fargo Bank, N.A.

            
	 	 	 
	
              First
                Distribution Date: March 26, 2007

            	 	
              Trustee:
                HSBC Bank USA, National Association

            
	 	 	 
	
              No.___

            	 	
              Issue
                Date: March 2, 2007

            
	 	 	 
	 	 	
              CUSIP:_________________

            

    

    

    ACE
      SECURITIES CORP. HOME EQUITY LOAN TRUST, SERIES 2007-SL1

    ASSET
      BACKED PASS-THROUGH CERTIFICATE

     

    evidencing
      a beneficial ownership interest in a Trust Fund (the “Trust Fund”) consisting
      primarily of a pool of conventional one- to four-family, fixed rate, second
      lien
      mortgage loans (the “Mortgage Loans”) formed and sold by

     

    ACE
      SECURITIES CORP.

     

    THIS
      CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN ACE SECURITIES
      CORP., THE MASTER SERVICER, THE SECURITIES ADMINISTRATOR, THE SERVICERS, THE
      TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE NOR
      THE
      UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY OF
      THE
      UNITED STATES.

     

    This
      certifies that _____________________ is the registered owner of a Percentage
      Interest (obtained by dividing the denomination of this Certificate by the
      aggregate Certificate Principal Balance of the Class M-[9][10] Certificates
      as
      of the Issue Date) in that certain beneficial ownership interest evidenced
      by of
      all the Class M-[9][10] Certificates in REMIC III created pursuant to a Pooling
      and Servicing Agreement, dated as specified above (the “Agreement”), among ACE
      Securities Corp. as depositor (hereinafter called the “Depositor”, which term
      includes any successor entity under the Agreement), Wells Fargo Bank, N.A.
      as
      master servicer (the “Master Servicer”) and securities administrator (the
“Securities Administrator”), Ocwen Loan Servicing, LLC as a servicer (“Ocwen”),
      GMAC Mortgage, LLC as a servicer (“GMAC”; together with Ocwen, the “Servicers,”
each a “Servicer”) and HSBC Bank USA, National Association as trustee (the
“Trustee”), a summary of certain of the pertinent provisions of which is set
      forth hereafter. 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.

    
      
        
        

      

      
        A-2A-3

        
          

        

      

      
        
        

      

    

     

    Pursuant
      to the terms of the Agreement, distributions 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 such 25th
      day (a
“Distribution Date”), commencing on the First Distribution Date specified above,
      to the Person in whose name this Certificate is registered on the Business
      Day
      immediately preceding such Distribution Date (the “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 the Holders of Class M-[9][10]
      Certificates on such Distribution Date pursuant to the Agreement.

     

    All
      distributions to the Holder of this Certificate under the Agreement will be
      made
      or caused to be made by the Securities Administrator by wire transfer in
      immediately available funds to the account of the Person entitled thereto if
      such Person shall have so notified the Securities Administrator in writing
      at
      least five (5) Business Days prior to the Record Date immediately prior to
      such
      Distribution Date and is the registered owner of Class M-[9][10]Certificates
      the
      aggregate initial Certificate Principal Balance of which is in excess of the
      lesser of (i) $5,000,000 or (ii) two-thirds of the aggregate initial Certificate
      Principal Balance of the Class M-[9][10] Certificates, or otherwise by check
      mailed by first class mail to the address of the Person entitled thereto, as
      such name and address shall appear on the Certificate Register. Notwithstanding
      the above, the final distribution on this Certificate will be made after due
      notice by the Securities Administrator of the pendency of such distribution
      and
      only upon presentation and surrender of this Certificate at the office or agency
      appointed by the Securities Administrator for that purpose as provided in the
      Agreement.

     

    The
      Pass-Through Rate applicable to the calculation of interest payable with respect
      to this Certificate on any Distribution Date shall equal a rate per annum equal
      to the lesser of (i) One-Month LIBOR plus [____]% , in the case of each
      Distribution Date through and including the first Distribution Date on which
      the
      aggregate principal balance of the Mortgage Loans (and properties acquired
      in
      respect thereof) remaining in the Trust Fund as of the last day of the related
      Due Period is reduced to less than or equal to 10% of the aggregate principal
      balance of the Mortgage Loans as of the Cut-off Date, or One-Month LIBOR plus
      [____]%, in the case of any Distribution Date thereafter and (ii) the applicable
      Net WAC Pass-Through Rate for such Distribution Date.

     

    This
      Certificate is one of a duly authorized issue of Certificates designated as
      Asset Backed Pass-Through Certificate of the Series specified on the face hereof
      (herein called the “Certificates”) and representing a Percentage Interest in the
      Class of Certificates specified on the face hereof equal to the denomination
      specified on the face hereof divided by the aggregate Certificate Principal
      Balance of the Class of Certificates specified on the face hereof.

     

    The
      Certificates are limited in right of payment to certain collections and
      recoveries respecting the Mortgage Loans and payments received pursuant to
      the
      Swap Agreement, all as more specifically set forth herein and in the Agreement.
      As provided in the Agreement, withdrawals from the Collection Account and the
      Distribution Account may be made from time to time for purposes other than
      distributions to Certificateholders, such purposes including reimbursement
      of
      advances made, or certain expenses incurred, with respect to the Mortgage
      Loans.

    
      
        
        

      

      
        A-2A-4

        
          

        

      

      
        
        

      

    

     

    The
      Agreement permits, with certain exceptions therein provided, the amendment
      thereof and the modification of the rights and obligations of the Depositor,
      the
      Master Servicer, the Trustee, the Securities Administrator, the Servicers and
      the rights of the Certificateholders under the Agreement at any time by the
      Depositor, the Master Servicer, the Trustee, the Securities Administrator and
      the Servicers with the consent of the Holders of Certificates entitled to at
      least 66% of the Voting Rights. 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 herefor or in lieu hereof whether or not notation of
      such
      consent is made upon this Certificate. The Agreement also permits the amendment
      thereof, in certain limited circumstances, without the consent of the Holders
      of
      any of the Certificates.

     

    As
      provided in the Agreement and subject to certain limitations therein set forth,
      the transfer of this Certificate is registrable in the Certificate Register
      upon
      surrender of this Certificate for registration of transfer at the offices or
      agencies appointed by the Securities Administrator as provided in the Agreement,
      duly endorsed by, or accompanied by an assignment in the form below or other
      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 evidencing the same aggregate Percentage
      Interest will be issued to the designated transferee or
      transferees.

     

    The
      Certificates are issuable in fully registered form only without coupons in
      Classes and denominations representing Percentage Interests specified in the
      Agreement. As provided in the Agreement and subject to certain limitations
      therein set forth, the Certificates are exchangeable for new Certificates of
      the
      same Class in authorized denominations evidencing the same aggregate Percentage
      Interest, as requested by the Holder surrendering the same.

     

    No
      transfer of this Certificate shall be made unless the transfer is made pursuant
      to an effective registration statement under the Act, and an effective
      registration or qualification under applicable state securities laws, or is
      made
      in a transaction that does not require such registration or qualification.
      In
      the event that such a transfer of this Certificate is to be made without
      registration or qualification, the Securities Administrator shall require
      receipt of (i) if such transfer is purportedly being made in reliance upon
      Rule
      144A under the Act, written certifications from the Holder of the Certificate
      desiring to effect the transfer, and from such Holder’s prospective transferee,
      substantially in the forms attached to the Agreement as Exhibit B-1, (ii) if
      such transfer is purportedly being made in reliance upon Rule 501(a) under
      the
      Act, written certifications from the Holder of the Certificate desiring to
      effect the transfer and from such Holder’s prospective transferee, substantially
      in the form attached to the Agreement as Exhibit B-2 and (iii) in all other
      cases, an Opinion of Counsel satisfactory to it that such transfer may be made
      without such registration or qualification (which Opinion of Counsel shall
      not
      be an expense of the Trust Fund or of the Depositor, the Trustee, the Master
      Servicer or the Securities Administrator in their respective capacities as
      such), together with copies of the written certification(s) of the Holder of
      the
      Certificate desiring to effect the transfer and/or such Holder’s prospective
      transferee upon which such Opinion of Counsel is based. None of the Depositor,
      the Trustee or the Securities Administrator is obligated to register or qualify
      the Class of Certificates specified on the face hereof under the Act or any
      other securities law or to take any action not otherwise required under the
      Agreement to permit the transfer of such Certificates without registration
      or
      qualification. Any Holder desiring to effect a transfer of this Certificate
      shall be required to indemnify the Trustee, the Depositor, the Master Servicer
      and the Securities Administrator 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.

    
      
        
        

      

      
        A-2A-5

        
          

        

      

      
        
        

      

    

     

    No
      transfer of this Certificate to a Plan subject to ERISA or Section 4975 of
      the
      Code, any Person acting, directly or indirectly, on behalf of any such Plan
      or
      any Person using “Plan Assets” to acquire this Certificate shall be made except
      in accordance with Section 6.02(c) of the Agreement.

     

    No
      service charge will be made for any such registration of transfer or exchange
      of
      Certificates, but the Securities Administrator may require payment of a sum
      sufficient to cover any tax or other governmental charge that may be imposed
      in
      connection with any transfer or exchange of Certificates.

     

    The
      Depositor, the Master Servicer, the Trustee, the Securities Administrator,
      each
      Servicer and any agent of the Depositor, the Master Servicer, the Trustee,
      the
      Securities Administrator or such Servicer may treat the Person in whose name
      this Certificate is registered as the owner hereof for all purposes, and none
      of
      the Depositor, the Master Servicer, the Trustee, the Securities Administrator,
      any Servicer nor any such agent shall be affected by notice to the
      contrary.

     

    The
      obligations created by the Agreement and the Trust Fund created thereby shall
      terminate upon payment to the Certificateholders of all amounts held by the
      Securities Administrator and required to be paid to them pursuant to the
      Agreement following the earlier of (i) the final payment or other liquidation
      (or any advance with respect thereto) of the last Mortgage Loan remaining in
      REMIC I and (ii) the purchase by the party designated in the Agreement at a
      price determined as provided in the Agreement from REMIC I of all the Mortgage
      Loans and all property acquired in respect of such Mortgage Loans. The Agreement
      permits, but does not require, the party designated in the Agreement to purchase
      from REMIC I all the Mortgage Loans and all property acquired in respect of
      any
      Mortgage Loan at a price determined as provided in the Agreement. The exercise
      of such right will effect early retirement of the Certificates; however, such
      right to purchase is subject to the aggregate Scheduled Principal Balance of
      the
      Mortgage Loans (and properties acquired in respect thereof) at the time of
      purchase being less than or equal to 10% of the aggregate principal balance
      of
      the Mortgage Loans as of the Cut-off Date.

     

    The
      recitals contained herein shall be taken as statements of the Depositor and
      neither the Trustee nor the Securities Administrator assume any responsibility
      for their correctness.

    
      
        
        

      

      
        A-2A-6

        
          

        

      

      
        
        

      

    

     

    Unless
      the certificate of authentication hereon has been executed by the Securities
      Administrator by manual signature, this Certificate shall not be entitled to
      any
      benefit under the Agreement or be valid for any purpose.

     

    

    

    
      
        
          
          

        

        
          A-2A-7

          
            

          

        

        
          
          

        

      

    

    

    IN
      WITNESS WHEREOF, the Securities Administrator has caused this Certificate to
      be
      duly executed.

     

    Dated:

     

    
      	 	 	 	 	 	 	 	
              WELLS
                FARGO BANK, N.A.

              as
                Securities Administrator

            
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
              By:

            	 
	 	 	 	 	 	 	 	 	
              Authorized
                Officer

            
	 	 	 	 	 	 	 	 	 

    

    

    

    

    

    CERTIFICATE
      OF AUTHENTICATION

     

    This
      is
      one of the Class M-[9][10] Certificates referred to in the within-mentioned
      Agreement.

     

    
      	 	 	 	 	 	 	 	
              WELLS
                FARGO BANK, N.A.

              as
                Securities Administrator

            
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
              By:

            	 
	 	 	 	 	 	 	 	 	
              Authorized
                Signatory

            
	 	 	 	 	 	 	 	 	 

    

    

     

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    ABBREVIATIONS

     

    The
      following abbreviations, when used in the inscription on the face of this
      instrument, shall be construed as though they were written out in full according
      to applicable laws or regulations:

     

    
      	
              TEN
                COM -

            	
              as
                tenants in common

            	
              UNIF
                GIFT MIN ACT -

            	
                   Custodian      

              (Cust)
                (Minor)

              under
                Uniform Gifts 

              to
                Minors Act

            
	
              TEN
                ENT -

            	
              as
                tenants by the entireties

            	 	
              ________________

              (State)

            
	
              JT
                TEN -

            	
              as
                joint tenants with right 

              if
                survivorship and not as 

              tenants
                in common

            	 	 
	 	 	 	 
	
              Additional
                abbreviations may also be used though not in the above
                list.

            

    

    

    ASSIGNMENT

     

    
      	
              FOR
                VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s)
                

            
	
              unto

            	 
	 	 
	 	 

    

     (Please
      print or typewrite name, address including postal zip code, and Taxpayer
      Identification Number of assignee)

     

    a
      Percentage Interest equal to _____% evidenced by the within Asset Backed
      Pass-Through Certificate and hereby authorize(s) the registration of transfer
      of
      such 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
      Percentage Interest and Class to the above named assignee and deliver such
      Certificate to the following address:
      ______________________________________________________________

    
      	 	 	
              .

            

    

    

     

    
      	
              Dated:

            	 
	 	
              Signature
                by or on behalf of assignor

            
	 	 
	 	 
	 	
              Signature
                Guaranteed

            

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    DISTRIBUTION
      INSTRUCTIONS

     

    The
      assignee should include the following for purposes of distribution:

     

    
      	
              Distributions
                shall be made, by wire transfer or otherwise, in immediately available
                

            
	
              funds
                to

            	 
	 
	
              for
                the account of

            	 
	
              account
                number

            	 	
              or,
                if mailed by check, to

            
	 
	
              Applicable
                statements should be mailed to

            	 
	 
	 
	
              This
                information is provided by

            	 
	
              assignee
                named above, or

            	 
	
              its
                agent.

            	 

    

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    EXHIBIT
      A-3A

     

    FORM
      OF
      CLASS CE-1 CERTIFICATE

     

    SOLELY
      FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “REGULAR INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
      RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986,
      AS
      AMENDED (THE “CODE”).

     

    THIS
      CERTIFICATE IS SUBORDINATE TO THE CLASS A CERTIFICATES AND THE MEZZANINE
      CERTIFICATES TO THE EXTENT DESCRIBED IN THE AGREEMENT REFERRED TO
      HEREIN.

     

    THIS
      CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES ACT
      OF
      1933, AS AMENDED (THE “ACT”), OR UNDER ANY STATE SECURITIES LAWS. THE HOLDER
      HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE MAY BE
      REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY IN COMPLIANCE WITH
      THE
      ACT AND OTHER APPLICABLE LAWS AND WITHIN THE UNITED STATES TO (A) “QUALIFIED
      INSTITUTIONAL BUYERS” WITHIN THE MEANING OF AND IN COMPLIANCE WITH RULE 144A
      UNDER THE ACT (“RULE 144A”) OR (B) TO INSTITUTIONAL INVESTORS THAT ARE
“ACCREDITED INVESTORS” WITHIN THE MEANING OF RULE 501(A)(1), (2), (3) OR (7) OF
“REGULATION D” UNDER THE ACT.

     

    NO
      TRANSFER OF THIS CERTIFICATE MAY BE MADE TO ANY PERSON, UNLESS THE TRANSFEREE
      PROVIDES A CERTIFICATION PURSUANT TO SECTION 6.02(c) OF THE AGREEMENT AND
      COMPLIES WITH SECTION 6.02(g) OF THE AGREEMENT REFERRED TO
      HEREIN.

     

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    

    
      	
              Series
                2007-SL1, Class CE-1

            	 	
              Aggregate
                Certificate Principal Balance of the Class CE-1 Certificates as of
                the
                Issue Date: $_____________

            
	 	 	 
	
              Pass-Through
                Rate: Variable

            	 	
              Denomination:
                $_________________

            
	 	 	 
	
              Cut-off
                Date and date of Pooling and Servicing Agreement: February 1,
                2007

            	 	
              Master
                Servicer: Wells Fargo Bank, N.A.

            
	 	 	 
	
              First
                Distribution Date: March 26, 2007

            	 	
              Trustee:
                HSBC Bank USA, National Association

            
	 	 	 
	
              No.
                __

            	 	
              Issue
                Date: March 2, 2007

            

    

    

    ACE
      SECURITIES CORP. HOME EQUITY LOAN TRUST, SERIES 2007-SL1

     

    ASSET
      BACKED PASS-THROUGH CERTIFICATE

     

    evidencing
      a beneficial ownership interest in a Trust Fund (the “Trust Fund”) consisting
      primarily of a pool of conventional one- to four-family, fixed rate, second
      lien
      mortgage loans (the “Mortgage Loans”) formed and sold by

     

    ACE
      SECURITIES CORP.

     

    THIS
      CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN ACE SECURITIES
      CORP., THE SPONSOR, THE MASTER SERVICER, THE SECURITIES ADMINISTRATOR, THE
      SERVICERS, THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS
      CERTIFICATE NOR THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY AGENCY
      OR
      INSTRUMENTALITY OF THE UNITED STATES.

     

    This
      certifies that ________________ is the registered owner of a Percentage Interest
      (obtained by dividing the denomination of this Certificate by the aggregate
      Certificate Principal Balance of the Class CE-1 Certificates as of the Issue
      Date) in that certain beneficial ownership interest evidenced by all of the
      Class CE-1 Certificates in REMIC III created pursuant to a Pooling and Servicing
      Agreement, dated as specified above (the “Agreement”), among ACE Securities
      Corp., as depositor (hereinafter called the “Depositor,” which term includes any
      successor entity under the Agreement), Wells Fargo Bank, National Association
      as
      master servicer (the “Master Servicer”) and securities administrator (the
“Securities Administrator”), Ocwen Loan Servicing, LLC as a servicer (“Ocwen”),
      GMAC Mortgage, LLC as a servicer (“GMAC”; together with Ocwen, the “Servicers,”
each a “Servicer”) and HSBC Bank USA, National Association as trustee (the
“Trustee”), a summary of certain of the pertinent provisions of which is set
      forth hereafter. 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.

    
      
        
        

      

      
        A-3A-2

        
          

        

      

      
        
        

      

    

     

    Interest
      on this Certificate will accrue during the month prior to the month in which
      a
      Distribution Date (as hereinafter defined) occurs on the Notional Amount (as
      defined in the Agreement) hereof at a per annum rate equal to the applicable
      Pass-Through Rate as set forth in the Agreement. Pursuant to the terms of the
      Agreement, distributions 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 such 25th
      day (a
“Distribution Date”), commencing on the First Distribution Date specified above,
      to the Person in whose name this Certificate is registered on the last Business
      Day of the calendar month immediately preceding the month in which the related
      Distribution Date occurs (the “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 the Holders of Class CE-1 Certificates on such Distribution
      Date pursuant to the Agreement.

     

    All
      distributions to the Holder of this Certificate under the Agreement will be
      made
      or caused to be made by the Securities Administrator by wire transfer in
      immediately available funds to the account of the Person entitled thereto if
      such Person shall have so notified the Securities Administrator in writing
      at
      least five Business Days prior to the Record Date immediately prior to such
      Distribution Date and is the registered owner of Class CE-1 Certificates the
      aggregate initial Certificate Principal Balance of which is in excess of the
      lesser of (i) $5,000,000 or (ii) two-thirds of the aggregate initial Certificate
      Principal Balance of the Class CE-1 Certificates, or otherwise by check mailed
      by first class mail to the address of the Person entitled thereto, as such
      name
      and address shall appear on the Certificate Register. Notwithstanding the above,
      the final distribution on this Certificate will be made after due notice by
      the
      Securities Administrator of the pendency of such distribution and only upon
      presentation and surrender of this Certificate at the office or agency appointed
      by the Securities Administrator for that purpose as provided in the
      Agreement.

     

    This
      Certificate is one of a duly authorized issue of Certificates designated as
      Asset Backed Pass-Through Certificates of the Series specified on the face
      hereof (herein called the “Certificates”) and representing a Percentage Interest
      in the Class of Certificates specified on the face hereof equal to the
      denomination specified on the face hereof divided by the aggregate Certificate
      Principal Balance of the Class of Certificates specified on the face
      hereof.

     

    The
      Certificates are limited in right of payment to certain collections and
      recoveries respecting the Mortgage Loans, all as more specifically set forth
      herein and in the Agreement. As provided in the Agreement, withdrawals from
      the
      Collection Account and the Distribution Account may be made from time to time
      for purposes other than distributions to Certificateholders, such purposes
      including reimbursement of advances made, or certain expenses incurred, with
      respect to the Mortgage Loans.

     

    The
      Agreement permits, with certain exceptions therein provided, the amendment
      thereof and the modification of the rights and obligations of the Depositor,
      the
      Master Servicer, the Trustee, the Securities Administrator, the Servicers and
      the rights of the Certificateholders under the Agreement at any time by the
      Depositor, the Master Servicer, the Trustee, the Securities Administrator and
      the Servicers with the consent of the Holders of Certificates entitled to at
      least 66% of the Voting Rights. 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 herefor 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.

    
      
        
        

      

      
        A-3A-3

        
          

        

      

      
        
        

      

    

     

    As
      provided in the Agreement and subject to certain limitations therein set forth,
      the transfer of this Certificate is registrable in the Certificate Register
      upon
      surrender of this Certificate for registration of transfer at the offices or
      agencies appointed by the Securities Administrator as provided in the Agreement,
      duly endorsed by, or accompanied by an assignment in the form below or other
      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 evidencing the same aggregate Percentage
      Interest will be issued to the designated transferee or
      transferees.

     

    No
      transfer of this Certificate shall be made unless the transfer is made pursuant
      to an effective registration statement under the Securities Act of 1933, as
      amended (the “1933 Act”), and an effective registration or qualification under
      applicable state securities laws, or is made in a transaction that does not
      require such registration or qualification. In the event that such a transfer
      of
      this Certificate is to be made without registration or qualification, the
      Securities Administrator shall require receipt of (i) if such transfer is
      purportedly being made in reliance upon Rule 144A under the 1933 Act, (iii)
      written certifications from the Holder of the Certificate desiring to effect
      the
      transfer, and from such Holder’s prospective transferee, substantially in the
      forms attached to the Agreement as Exhibit B-1, (ii) if such transfer is
      purportedly being made in reliance upon Rule 501(a) under the 1933 Act, written
      certifications from the Holder of the Certificate desiring to effect the
      transfer and from such Holder’s prospective transferee, substantially in the
      form attached to the Agreement as Exhibit B-2 and (iv) in all other cases,
      an
      Opinion of Counsel satisfactory to it that such transfer may be made without
      such registration or qualification (which Opinion of Counsel shall not be an
      expense of the Trust Fund or of the Depositor, the Trustee, the Master Servicer
      or the Securities Administrator in their respective capacities as such),
      together with copies of the written certification(s) of the Holder of the
      Certificate desiring to effect the transfer and/or such Holder’s prospective
      transferee upon which such Opinion of Counsel is based. None of the Depositor,
      the Trustee or the Securities Administrator is obligated to register or qualify
      the Class of Certificates specified on the face hereof under the 1933 Act or
      any
      other securities law or to take any action not otherwise required under the
      Agreement to permit the transfer of such Certificates without registration
      or
      qualification. Any Holder desiring to effect a transfer of this Certificate
      shall be required to indemnify the Trustee, the Depositor, the Master Servicer
      and the Securities Administrator against any liability that may result if the
      transfer is not so exempt or is not made in accordance with such federal and
      state laws.

     

    No
      transfer of this Certificate shall be made except in accordance with Section
      6.02(c) of the Agreement.

     

    The
      Certificates are issuable in fully registered form only without coupons in
      Classes and denominations representing Percentage Interests specified in the
      Agreement. As provided in the Agreement and subject to certain limitations
      therein set forth, the Certificates are exchangeable for new Certificates of
      the
      same Class in authorized denominations 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 of Certificates,
      but the Securities Administrator may require payment of a sum sufficient to
      cover any tax or other governmental charge that may be imposed in connection
      with any transfer or exchange of Certificates.

    
      
        
        

      

      
        A-3A-4

        
          

        

      

      
        
        

      

    

     

    The
      Depositor, the Master Servicer, the Trustee, the Securities Administrator,
      each
      Servicer and any agent of the Depositor, the Master Servicer, the Trustee,
      the
      Securities Administrator or such Servicer may treat the Person in whose name
      this Certificate is registered as the owner hereof for all purposes, and none
      of
      the Depositor, the Master Servicer, the Trustee, the Securities Administrator,
      any Servicer nor any such agent shall be affected by notice to the
      contrary.

     

    The
      obligations created by the Agreement and the Trust Fund created thereby shall
      terminate upon payment to the Certificateholders of all amounts held by the
      Securities Administrator and required to be paid to them pursuant to the
      Agreement following the earlier of (i) the final payment or other liquidation
      (or any advance with respect thereto) of the last Mortgage Loan remaining in
      REMIC I and (ii) the purchase by the party designated in the Agreement at a
      price determined as provided in the Agreement from REMIC I of all the Mortgage
      Loans and all property acquired in respect of such Mortgage Loans. The Agreement
      permits, but does not require, the party designated in the Agreement to purchase
      from REMIC I all the Mortgage Loans and all property acquired in respect of
      any
      Mortgage Loan at a price determined as provided in the Agreement. The exercise
      of such right will effect early retirement of the Certificates; however, such
      right to purchase is subject to the aggregate Scheduled Principal Balance of
      the
      Mortgage Loans (and properties acquired in respect thereof) at the time of
      purchase being less than or equal to 10% of the aggregate principal balance
      of
      the Mortgage Loans as of the Cut-off Date.

     

    The
      recitals contained herein shall be taken as statements of the Depositor and
      neither the Trustee nor the Securities Administrator assume any responsibility
      for their correctness.

     

    Unless
      the certificate of authentication hereon has been executed by the Securities
      Administrator, by manual signature, this Certificate shall not be entitled
      to
      any benefit under the Agreement or be valid for any purpose.

     

    

     

    

    
      
        
          
          

        

        
          A-3A-5

          
            

          

        

        
          
          

        

      

    

    

    IN
      WITNESS WHEREOF, the Securities Administrator has caused this Certificate to
      be
      duly executed.

     

    Dated:
      March ___, 2007

    
      	 	 	 	 	 	 	 	
              WELLS
                FARGO BANK, N.A.

              as
                Securities Administrator

            
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
              By:

            	 
	 	 	 	 	 	 	 	 	
              Authorized
                Officer

            
	 	 	 	 	 	 	 	 	 

    

    

    

    

    CERTIFICATE
      OF AUTHENTICATION

     

    This
      is
      one of the Class CE-1 Certificates referred to in the within-mentioned
      Agreement.

     

    
      	 	 	 	 	 	 	 	
              WELLS
                FARGO BANK, N.A.

              as
                Securities Administrator

            
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
              By:

            	 
	 	 	 	 	 	 	 	 	
              Authorized
                Officer

            
	 	 	 	 	 	 	 	 	 

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    ABBREVIATIONS

     

    The
      following abbreviations, when used in the inscription on the face of this
      instrument, shall be construed as though they were written out in full according
      to applicable laws or regulations:

     

    
      	
              TEN
                COM -

            	
              as
                tenants in common

            	
              UNIF
                GIFT MIN ACT -

            	
                   Custodian      

              (Cust)
                (Minor)

              under
                Uniform Gifts 

              to
                Minors Act

            
	
              TEN
                ENT -

            	
              as
                tenants by the entireties

            	 	
              ________________

              (State)

            
	
              JT
                TEN -

            	
              as
                joint tenants with right 

              if
                survivorship and not as 

              tenants
                in common

            	 	 
	 	 	 	 
	
              Additional
                abbreviations may also be used though not in the above
                list.

            

    

    

    ASSIGNMENT

     

    
      	
              FOR
                VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s)
                

            
	
              unto

            	 
	 	 
	 	 

    

    (Please
      print or typewrite name, address including postal zip code, and Taxpayer
      Identification Number of assignee) 

     

    a
      Percentage Interest equal to ____% evidenced by the within Asset Backed
      Pass-Through Certificate and hereby authorize(s) the registration of transfer
      of
      such 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
      Percentage Interest and Class to the above named assignee and deliver such
      Certificate to the following address:
      ______________________________________________________________

    
      	 	 	
              .

            

    

    

     

    
      	
              Dated:

            	 
	 	
              Signature
                by or on behalf of assignor

            
	 	 
	 	 
	 	
              Signature
                Guaranteed

            

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    DISTRIBUTION
      INSTRUCTIONS

     

    The
      assignee should include the following for purposes of distribution:

     

    
      	
              Distributions
                shall be made, by wire transfer or otherwise, in immediately available
                

            
	
              funds
                to

            	 
	 
	
              for
                the account of

            	 
	
              account
                number

            	 	
              or,
                if mailed by check, to

            
	 
	
              Applicable
                statements should be mailed to

            	 
	 
	 
	
              This
                information is provided by

            	 
	
              assignee
                named above, or

            	 
	
              its
                agent.

            	 

    

    

    

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    EXHIBIT
      A-3B

     

    FORM
      OF
      CLASS CE-2 CERTIFICATE

     

    SOLELY
      FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “REGULAR INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
      RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986,
      AS
      AMENDED (THE “CODE”).

     

    THIS
      CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES ACT OF
      1933, AS AMENDED (THE “ACT”), OR UNDER ANY STATE SECURITIES LAWS. THE HOLDER
      HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE MAY BE
      REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY IN COMPLIANCE WITH
      THE
      ACT AND OTHER APPLICABLE LAWS AND WITHIN THE UNITED STATES TO (A) “QUALIFIED
      INSTITUTIONAL BUYERS” WITHIN THE MEANING OF AND IN COMPLIANCE WITH RULE 144A
      UNDER THE ACT (“RULE 144A”) OR (B) TO INSTITUTIONAL INVESTORS THAT ARE
“ACCREDITED INVESTORS” WITHIN THE MEANING OF RULE 501(A)(1), (2), (3) OR (7) OF
“REGULATION D” UNDER THE ACT.

     

    NO
      TRANSFER OF THIS CERTIFICATE MAY BE MADE TO ANY PERSON, UNLESS THE TRANSFEREE
      PROVIDES A CERTIFICATION PURSUANT TO SECTION 6.02(c) OF THE
      AGREEMENT.

     

    

     

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    

    
      	
              Series
                2007-SL1, Class CE-2

            	 	
              Aggregate
                Percentage Interest of the Class CE-2 Certificates as of the Issue
                Date:
                100%

            
	 	 	 
	
              Cut-off
                Date and date of Pooling and Servicing Agreement: February 1,
                2007

            	 	
              Master
                Servicer: Wells Fargo Bank, N.A.

            
	 	 	 
	
              First
                Distribution Date: March 26, 2007

            	 	
              Trustee:
                HSBC Bank USA, National Association

            
	 	 	 
	
              No.
                __

            	 	
              Issue
                Date: March 2, 2007

            

    

    

    ACE
      SECURITIES CORP. HOME EQUITY LOAN TRUST, SERIES 2007-SL1

     

    ASSET
      BACKED PASS-THROUGH CERTIFICATE

     

    evidencing
      a beneficial ownership interest in a Trust Fund (the “Trust Fund”) consisting
      primarily of a pool of conventional one- to four-family, fixed rate, second
      lien
      mortgage loans (the “Mortgage Loans”) formed and sold by

     

    ACE
      SECURITIES CORP.

     

    THIS
      CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN ACE SECURITIES
      CORP., THE SPONSOR, THE MASTER SERVICER, THE SECURITIES ADMINISTRATOR, THE
      SERVICERS, THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS
      CERTIFICATE NOR THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY AGENCY
      OR
      INSTRUMENTALITY OF THE UNITED STATES.

     

    This
      certifies that ________________ is the registered owner of a Percentage Interest
      set forth above in that certain beneficial ownership interest evidenced by
      all
      of the Class CE-2 Certificates in REMIC III created pursuant to a Pooling and
      Servicing Agreement, dated as specified above (the “Agreement”), among ACE
      Securities Corp., as depositor (hereinafter called the “Depositor,” which term
      includes any successor entity under the Agreement), Wells Fargo Bank, National
      Association as master servicer (the “Master Servicer”) and securities
      administrator (the “Securities Administrator”), Ocwen Loan Servicing, LLC as a
      servicer (“Ocwen”), GMAC Mortgage, LLC as a servicer (“GMAC”; together with
      Ocwen, the “Servicers,” each a “Servicer”) and HSBC Bank USA, National
      Association as trustee (the “Trustee”), a summary of certain of the pertinent
      provisions of which is set forth hereafter. 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.

     

    Interest
      on this Certificate will accrue during the month prior to the month in which
      a
      Distribution Date (as hereinafter defined) occurs on the Notional Amount (as
      defined in the Agreement) hereof at a per annum rate equal to the applicable
      Pass-Through Rate as set forth in the Agreement. Pursuant to the terms of the
      Agreement, distributions 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 such 25th
      day (a
“Distribution Date”), commencing on the First Distribution Date specified above,
      to the Person in whose name this Certificate is registered on the last Business
      Day of the calendar month immediately preceding the month in which the related
      Distribution Date occurs (the “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 the Holders of Class CE-2 Certificates on such Distribution
      Date pursuant to the Agreement.

    
      
        
        

      

      
        A-3B-2

        
          

        

      

      
        
        

      

    

     

    All
      distributions to the Holder of this Certificate under the Agreement will be
      made
      or caused to be made by the Securities Administrator by wire transfer in
      immediately available funds to the account of the Person entitled thereto if
      such Person shall have so notified the Securities Administrator in writing
      at
      least five Business Days prior to the Record Date immediately prior to such
      Distribution Date and is the registered owner of Class CE-2 Certificates, or
      otherwise by check mailed by first class mail to the address of the Person
      entitled thereto, as such name and address shall appear on the Certificate
      Register. Notwithstanding the above, the final distribution on this Certificate
      will be made after due notice by the Securities Administrator of the pendency
      of
      such distribution and only upon presentation and surrender of this Certificate
      at the office or agency appointed by the Securities Administrator for that
      purpose as provided in the Agreement.

     

    This
      Certificate is one of a duly authorized issue of Certificates designated as
      Asset Backed Pass-Through Certificates of the Series specified on the face
      hereof (herein called the “Certificates”) and representing a Percentage Interest
      in the Class of Certificates specified on the face hereof.

     

    The
      Certificates are limited in right of payment to certain collections and
      recoveries respecting the Mortgage Loans, all as more specifically set forth
      herein and in the Agreement. As provided in the Agreement, withdrawals from
      the
      Collection Account and the Distribution Account may be made from time to time
      for purposes other than distributions to Certificateholders, such purposes
      including reimbursement of advances made, or certain expenses incurred, with
      respect to the Mortgage Loans.

     

    The
      Agreement permits, with certain exceptions therein provided, the amendment
      thereof and the modification of the rights and obligations of the Depositor,
      the
      Master Servicer, the Trustee, the Securities Administrator, the Servicers and
      the rights of the Certificateholders under the Agreement at any time by the
      Depositor, the Master Servicer, the Trustee, the Securities Administrator and
      the Servicers with the consent of the Holders of Certificates entitled to at
      least 66% of the Voting Rights. 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 herefor or in lieu hereof whether or not notation of
      such
      consent is made upon this Certificate. The Agreement also permits the amendment
      thereof, in certain limited circumstances, without the consent of the Holders
      of
      any of the Certificates.

     

    As
      provided in the Agreement and subject to certain limitations therein set forth,
      the transfer of this Certificate is registrable in the Certificate Register
      upon
      surrender of this Certificate for registration of transfer at the offices or
      agencies appointed by the Securities Administrator as provided in the Agreement,
      duly endorsed by, or accompanied by an assignment in the form below or other
      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 evidencing the same aggregate Percentage
      Interest will be issued to the designated transferee or
      transferees.

    
      
        
        

      

      
        A-3B-3

        
          

        

      

      
        
        

      

    

     

    No
      transfer of this Certificate shall be made unless the transfer is made pursuant
      to an effective registration statement under the Securities Act of 1933, as
      amended (the “1933 Act”), and an effective registration or qualification under
      applicable state securities laws, or is made in a transaction that does not
      require such registration or qualification. In the event that such a transfer
      of
      this Certificate is to be made without registration or qualification, the
      Securities Administrator shall require receipt of (i) if such transfer is
      purportedly being made in reliance upon Rule 144A under the 1933 Act, written
      certifications from the Holder of the Certificate desiring to effect the
      transfer, and from such Holder’s prospective transferee, substantially in the
      forms attached to the Agreement as Exhibit B-1, (ii) if such transfer is
      purportedly being made in reliance upon Rule 501(a) under the 1933 Act, written
      certifications from the Holder of the Certificate desiring to effect the
      transfer and from such Holder’s prospective transferee, substantially in the
      form attached to the Agreement as Exhibit B-2 and (iii) in all other cases,
      an
      Opinion of Counsel satisfactory to it that such transfer may be made without
      such registration or qualification (which Opinion of Counsel shall not be an
      expense of the Trust Fund or of the Depositor, the Trustee, the Master Servicer
      or the Securities Administrator in their respective capacities as such),
      together with copies of the written certification(s) of the Holder of the
      Certificate desiring to effect the transfer and/or such Holder’s prospective
      transferee upon which such Opinion of Counsel is based. None of the Depositor,
      the Trustee or the Securities Administrator is obligated to register or qualify
      the Class of Certificates specified on the face hereof under the 1933 Act or
      any
      other securities law or to take any action not otherwise required under the
      Agreement to permit the transfer of such Certificates without registration
      or
      qualification. Any Holder desiring to effect a transfer of this Certificate
      shall be required to indemnify the Trustee, the Depositor, the Master Servicer
      and the Securities Administrator against any liability that may result if the
      transfer is not so exempt or is not made in accordance with such federal and
      state laws.

     

    No
      transfer of this Certificate shall be made except in accordance with Section
      6.02(c) of the Agreement.

     

    The
      Certificates are issuable in fully registered form only without coupons in
      Classes and denominations representing Percentage Interests specified in the
      Agreement. As provided in the Agreement and subject to certain limitations
      therein set forth, the Certificates are exchangeable for new Certificates of
      the
      same Class in authorized denominations 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 of Certificates,
      but the Securities Administrator may require payment of a sum sufficient to
      cover any tax or other governmental charge that may be imposed in connection
      with any transfer or exchange of Certificates.

    
      
        
        

      

      
        A-3B-4

        
          

        

      

      
        
        

      

    

     

    The
      Depositor, the Master Servicer, the Trustee, the Securities Administrator,
      each
      Servicer and any agent of the Depositor, the Master Servicer, the Trustee,
      the
      Securities Administrator or such Servicer may treat the Person in whose name
      this Certificate is registered as the owner hereof for all purposes, and none
      of
      the Depositor, the Master Servicer, the Trustee, the Securities Administrator,
      any Servicer nor any such agent shall be affected by notice to the
      contrary.

     

    The
      obligations created by the Agreement and the Trust Fund created thereby shall
      terminate upon payment to the Certificateholders of all amounts held by the
      Securities Administrator and required to be paid to them pursuant to the
      Agreement following the earlier of (i) the final payment or other liquidation
      (or any advance with respect thereto) of the last Mortgage Loan remaining in
      REMIC I and (ii) the purchase by the party designated in the Agreement at a
      price determined as provided in the Agreement from REMIC I of all the Mortgage
      Loans and all property acquired in respect of such Mortgage Loans. The Agreement
      permits, but does not require, the party designated in the Agreement to purchase
      from REMIC I all the Mortgage Loans and all property acquired in respect of
      any
      Mortgage Loan at a price determined as provided in the Agreement. The exercise
      of such right will effect early retirement of the Certificates; however, such
      right to purchase is subject to the aggregate Scheduled Principal Balance of
      the
      Mortgage Loans (and properties acquired in respect thereof) at the time of
      purchase being less than or equal to 10% of the aggregate principal balance
      of
      the Mortgage Loans as of the Cut-off Date.

     

    The
      recitals contained herein shall be taken as statements of the Depositor and
      neither the Trustee nor the Securities Administrator assume any responsibility
      for their correctness.

     

    Unless
      the certificate of authentication hereon has been executed by the Securities
      Administrator, by manual signature, this Certificate shall not be entitled
      to
      any benefit under the Agreement or be valid for any purpose.

     

    

     

    

    
      
        
          
          

        

        
          A-3B-5

          
            

          

        

        
          
          

        

      

    

    

    IN
      WITNESS WHEREOF, the Securities Administrator has caused this Certificate to
      be
      duly executed.

     

    Dated:
      March ___, 2007

    
      	 	 	 	 	 	 	 	
              WELLS
                FARGO BANK, N.A.

              as
                Securities Administrator

            
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
              By:

            	 
	 	 	 	 	 	 	 	 	
              Authorized
                Officer

            
	 	 	 	 	 	 	 	 	 

    

    

    

    

    CERTIFICATE
      OF AUTHENTICATION

     

    This
      is
      one of the Class CE-2 Certificates referred to in the within-mentioned
      Agreement.

     

    
      	 	 	 	 	 	 	 	
              WELLS
                FARGO BANK, N.A.

              as
                Securities Administrator

            
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
              By:

            	 
	 	 	 	 	 	 	 	 	
              Authorized
                Officer

            
	 	 	 	 	 	 	 	 	 

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    ABBREVIATIONS

     

    The
      following abbreviations, when used in the inscription on the face of this
      instrument, shall be construed as though they were written out in full according
      to applicable laws or regulations:

     

    
      	
              TEN
                COM -

            	
              as
                tenants in common

            	
              UNIF
                GIFT MIN ACT -

            	
                   Custodian      

              (Cust)
                (Minor)

              under
                Uniform Gifts 

              to
                Minors Act

            
	
              TEN
                ENT -

            	
              as
                tenants by the entireties

            	 	
              ________________

              (State)

            
	
              JT
                TEN -

            	
              as
                joint tenants with right 

              if
                survivorship and not as 

              tenants
                in common

            	 	 
	 	 	 	 
	
              Additional
                abbreviations may also be used though not in the above
                list.

            

    

    

    ASSIGNMENT

     

    
      	
              FOR
                VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s)
                

            
	
              unto

            	 
	 	 
	 	 

    

    (Please
      print or typewrite name, address including postal zip code, and Taxpayer
      Identification Number of assignee) 

     

    a
      Percentage Interest equal to ____% evidenced by the within Asset Backed
      Pass-Through Certificate and hereby authorize(s) the registration of transfer
      of
      such 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
      Percentage Interest and Class to the above named assignee and deliver such
      Certificate to the following address:
      ______________________________________________________________

    
      	 	 	
              .

            

    

    

     

    
      	
              Dated:

            	 
	 	
              Signature
                by or on behalf of assignor

            
	 	 
	 	 
	 	
              Signature
                Guaranteed

            

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    DISTRIBUTION
      INSTRUCTIONS

     

    The
      assignee should include the following for purposes of distribution:

     

    
      	
              Distributions
                shall be made, by wire transfer or otherwise, in immediately available
                

            
	
              funds
                to

            	 
	 
	
              for
                the account of

            	 
	
              account
                number

            	 	
              or,
                if mailed by check, to

            
	 
	
              Applicable
                statements should be mailed to

            	 
	 
	 
	
              This
                information is provided by

            	 
	
              assignee
                named above, or

            	 
	
              its
                agent.

            	 

    

    

    

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    EXHIBIT
      A-4

     

    FORM
      OF
      CLASS P CERTIFICATE

     

    SOLELY
      FOR U.S. FEDERAL INCOME TAX PURPOSES,
      THIS CERTIFICATE IS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT
      CONDUIT,” AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF
      THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE
“CODE”).

     

    THIS
      CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES ACT
      OF
      1933, AS AMENDED (THE “ACT”), OR UNDER ANY STATE SECURITIES LAWS. THE HOLDER
      HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE MAY BE
      REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY IN COMPLIANCE WITH
      THE
      ACT AND OTHER APPLICABLE LAWS AND WITHIN THE UNITED STATES TO (A) “QUALIFIED
      INSTITUTIONAL BUYERS” WITHIN THE MEANING OF AND IN COMPLIANCE WITH RULE 144A
      UNDER THE ACT (“RULE 144A”) OR (B) TO INSTITUTIONAL INVESTORS THAT ARE
“ACCREDITED INVESTORS” WITHIN THE MEANING OF RULE 501(A)(1), (2), (3) OR (7) OF
“REGULATION D” UNDER THE ACT.

     

    NO
      TRANSFER OF THIS CERTIFICATE MAY BE MADE TO ANY PERSON, UNLESS THE TRANSFEREE
      PROVIDES A CERTIFICATION PURSUANT TO SECTION 6.02(c) OF THE AGREEMENT REFERRED
      TO HEREIN.

     

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    

    
      	
              Series
                2007-SL1, Class P

            	 	
              Aggregate
                Certificate Principal Balance of the Class P Certificates as of the
                Issue
                Date: $100.00

            
	 	 	 
	
              Cut-off
                Date and date of Pooling and Servicing Agreement: February 1,
                2007

            	 	
              Denomination:
                $100.00

            
	 	 	 
	
              First
                Distribution Date: March 26, 2007

            	 	
              Master
                Servicer: Wells Fargo Bank, N.A.

            
	 	 	 
	
              No.
                __

            	 	
              Trustee:
                HSBC Bank USA, National Association

            
	 	 	 
	 	 	
              Issue
                Date: March 2, 2007

            

    

    

    ACE
      SECURITIES CORP. HOME EQUITY LOAN TRUST, SERIES 2007-SL1

     

    ASSET
      BACKED PASS-THROUGH CERTIFICATE

     

    evidencing
      a beneficial ownership interest in a Trust Fund (the “Trust Fund”) consisting
      primarily of a pool of conventional one- to four-family, fixed rate, second
      lien
      mortgage loans (the “Mortgage Loans”) formed and sold by

     

    ACE
      SECURITIES CORP.

     

    THIS
      CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN ACE SECURITIES
      CORP., THE SPONSOR, THE MASTER SERVICER, THE SECURITIES ADMINISTRATOR, THE
      SERVICERS, THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS
      CERTIFICATE NOR THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY AGENCY
      OR
      INSTRUMENTALITY OF THE UNITED STATES.

     

    This
      certifies that____________________ is the registered owner of a Percentage
      Interest (obtained by dividing the denomination of this Certificate by the
      aggregate Certificate Principal Balance of the Class P Certificates as of the
      Issue Date) in that certain beneficial ownership interest evidenced by all
      of
      the Class P Certificates in REMIC III created pursuant to a Pooling and
      Servicing Agreement, dated as specified above (the “Agreement”), among ACE
      Securities Corp., as depositor (hereinafter called the “Depositor”, which term
      includes any successor entity under the Agreement), Wells Fargo Bank, National
      Association as master servicer (the “Master Servicer”) and securities
      administrator (the “Securities Administrator”), Ocwen Loan Servicing, LLC as a
      servicer (“Ocwen”), GMAC Mortgage, LLC as a servicer (“GMAC”; together with
      Ocwen, the “Servicers,” each a “Servicer”) and HSBC Bank USA, National
      Association as trustee (the “Trustee”), a summary of certain of the pertinent
      provisions of which is set forth hereafter. 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.

    
      
        
        

      

      
        A-4-2

        
          

        

      

      
        
        

      

    

     

    Pursuant
      to the terms of the Agreement, distributions 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 such 25th
      day (a
“Distribution Date”), commencing on the First Distribution Date specified above,
      to the Person in whose name this Certificate is registered on the last Business
      Day of the calendar month immediately preceding the month in which the related
      Distribution Date occurs (the “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 the Holders of Class P Certificates on such Distribution
      Date pursuant to the Agreement.

     

    All
      distributions to the Holder of this Certificate under the Agreement will be
      made
      or caused to be made by the Securities Administrator by wire transfer in
      immediately available funds to the account of the Person entitled thereto if
      such Person shall have so notified the Securities Administrator in writing
      at
      least five Business Days prior to the Record Date immediately prior to such
      Distribution Date and is the registered owner of Class P Certificates the
      aggregate initial Certificate Principal Balance of which is in excess of the
      lesser of (i) $5,000,000 or (ii) two-thirds of the aggregate initial Certificate
      Principal Balance of the Class P Certificates, or otherwise by check mailed
      by
      first class mail to the address of the Person entitled thereto, as such name
      and
      address shall appear on the Certificate Register. Notwithstanding the above,
      the
      final distribution on this Certificate will be made after due notice by the
      Securities Administrator of the pendency of such distribution and only upon
      presentation and surrender of this Certificate at the office or agency appointed
      by the Securities Administrator for that purpose as provided in the
      Agreement.

     

    This
      Certificate is one of a duly authorized issue of Certificates designated as
      Asset Backed Pass-Through Certificates of the Series specified on the face
      hereof (herein called the “Certificates”) and representing a Percentage Interest
      in the Class of Certificates specified on the face hereof equal to the
      denomination specified on the face hereof divided by the aggregate Certificate
      Principal Balance of the Class of Certificates specified on the face
      hereof.

     

    The
      Certificates are limited in right of payment to certain collections and
      recoveries respecting the Mortgage Loans, all as more specifically set forth
      herein and in the Agreement. As provided in the Agreement, withdrawals from
      the
      Collection Account and the Distribution Account may be made from time to time
      for purposes other than distributions to Certificateholders, such purposes
      including reimbursement of advances made, or certain expenses incurred, with
      respect to the Mortgage Loans.

     

    The
      Agreement permits, with certain exceptions therein provided, the amendment
      thereof and the modification of the rights and obligations of the Depositor,
      the
      Master Servicer, the Trustee, the Securities Administrator, the Servicers and
      the rights of the Certificateholders under the Agreement at any time by the
      Depositor, the Master Servicer, the Trustee, the Securities Administrator and
      the Servicers with the consent of the Holders of Certificates entitled to at
      least 66% of the Voting Rights. 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 herefor 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.

    
      
        
        

      

      
        A-4-3

        
          

        

      

      
        
        

      

    

     

    As
      provided in the Agreement and subject to certain limitations therein set forth,
      the transfer of this Certificate is registrable in the Certificate Register
      upon
      surrender of this Certificate for registration of transfer at the offices or
      agencies appointed by the Securities Administrator as provided in the Agreement,
      duly endorsed by, or accompanied by an assignment in the form below or other
      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 evidencing the same aggregate Percentage
      Interest will be issued to the designated transferee or
      transferees.

     

    No
      transfer of this Certificate shall be made unless the transfer is made pursuant
      to an effective registration statement under the Securities Act of 1933, as
      amended (the “1933 Act”), and an effective registration or qualification under
      applicable state securities laws, or is made in a transaction that does not
      require such registration or qualification. In the event that such a transfer
      of
      this Certificate is to be made without registration or qualification, the
      Securities Administrator shall require receipt of (i) if such transfer is
      purportedly being made in reliance upon Rule 144A under the 1933 Act, written
      certifications from the Holder of the Certificate desiring to effect the
      transfer, and from such Holder’s prospective transferee, substantially in the
      forms attached to the Agreement as Exhibit B-1, (ii) if such transfer is
      purportedly being made in reliance upon Rule 501(a) under the 1933 Act, written
      certifications from the Holder of the Certificate desiring to effect the
      transfer and from such Holder’s prospective transferee, substantially in the
      form attached to the Agreement as Exhibit B-2 and (iii) in all other cases,
      an
      Opinion of Counsel satisfactory to it that such transfer may be made without
      such registration or qualification (which Opinion of Counsel shall not be an
      expense of the Trust Fund or of the Depositor, the Trustee, the Master Servicer
      or the Securities Administrator in their respective capacities as such),
      together with copies of the written certification(s) of the Holder of the
      Certificate desiring to effect the transfer and/or such Holder’s prospective
      transferee upon which such Opinion of Counsel is based. None of the Depositor,
      the Trustee or the Securities Administrator is obligated to register or qualify
      the Class of Certificates specified on the face hereof under the 1933 Act or
      any
      other securities law or to take any action not otherwise required under the
      Agreement to permit the transfer of such Certificates without registration
      or
      qualification. Any Holder desiring to effect a transfer of this Certificate
      shall be required to indemnify the Trustee, the Depositor, the Master Servicer
      and the Securities Administrator against any liability that may result if the
      transfer is not so exempt or is not made in accordance with such federal and
      state laws.

     

    No
      transfer of this Certificate shall be made except in accordance with Section
      6.02(c) of the Agreement.

     

    The
      Certificates are issuable in fully registered form only without coupons in
      Classes and denominations representing Percentage Interests specified in the
      Agreement. As provided in the Agreement and subject to certain limitations
      therein set forth, the Certificates are exchangeable for new Certificates of
      the
      same Class in authorized denominations 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 of Certificates,
      but the Securities Administrator may require payment of a sum sufficient to
      cover any tax or other governmental charge that may be imposed in connection
      with any transfer or exchange of Certificates.

    
      
        
        

      

      
        A-4-4

        
          

        

      

      
        
        

      

    

     

    The
      Depositor, the Master Servicer, the Trustee, the Securities Administrator,
      each
      Servicer and any agent of the Depositor, the Master Servicer, the Trustee,
      the
      Securities Administrator or such Servicer may treat the Person in whose name
      this Certificate is registered as the owner hereof for all purposes, and none
      of
      the Depositor, the Master Servicer, the Trustee, the Securities Administrator,
      any Servicer nor any such agent shall be affected by notice to the
      contrary.

     

    The
      obligations created by the Agreement and the Trust Fund created thereby shall
      terminate upon payment to the Certificateholders of all amounts held by the
      Securities Administrator and required to be paid to them pursuant to the
      Agreement following the earlier of (i) the final payment or other liquidation
      (or any advance with respect thereto) of the last Mortgage Loan remaining in
      REMIC I and (ii) the purchase by the party designated in the Agreement at a
      price determined as provided in the Agreement from REMIC I of all the Mortgage
      Loans and all property acquired in respect of such Mortgage Loans. The Agreement
      permits, but does not require, the party designated in the Agreement to purchase
      from REMIC I all the Mortgage Loans and all property acquired in respect of
      any
      Mortgage Loan at a price determined as provided in the Agreement. The exercise
      of such right will effect early retirement of the Certificates; however, such
      right to purchase is subject to the aggregate Scheduled Principal Balance of
      the
      Mortgage Loans (and properties acquired in respect thereof) at the time of
      purchase being less than or equal to 10% of the aggregate principal balance
      of
      the Mortgage Loans as of the Cut-off Date.

     

    The
      recitals contained herein shall be taken as statements of the Depositor and
      neither the Trustee nor the Securities Administrator assume any responsibility
      for their correctness.

     

    Unless
      the certificate of authentication hereon has been executed by the Securities
      Administrator, by manual signature, this Certificate shall not be entitled
      to
      any benefit under the Agreement or be valid for any purpose.

     

    

    

    
      
        
          
          

        

        
          A-4-5

          
            

          

        

        
          
          

        

      

    

    

    IN
      WITNESS WHEREOF, the Securities Administrator has caused this Certificate to
      be
      duly executed.

     

    Dated:
      March ___, 2007

    
      	 	 	 	 	 	 	 	
              WELLS
                FARGO BANK, N.A.

              as
                Securities Administrator

            
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
              By:

            	 
	 	 	 	 	 	 	 	 	
              Authorized
                Officer

            
	 	 	 	 	 	 	 	 	 

    

    

    

    

    

    CERTIFICATE
      OF AUTHENTICATION

     

    This
      is
      one of the Class P Certificates referred to in the within-mentioned
      Agreement.

     

    
      	 	 	 	 	 	 	 	
              WELLS
                FARGO BANK, N.A.

              as
                Securities Administrator

            
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
              By:

            	 
	 	 	 	 	 	 	 	 	
              Authorized
                Officer

            
	 	 	 	 	 	 	 	 	 

    

    

     

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    

    ABBREVIATIONS

     

    The
      following abbreviations, when used in the inscription on the face of this
      instrument, shall be construed as though they were written out in full according
      to applicable laws or regulations:

     

    
      	
              TEN
                COM -

            	
              as
                tenants in common

            	
              UNIF
                GIFT MIN ACT -

            	
                   Custodian      

              (Cust)
                (Minor)

              under
                Uniform Gifts 

              to
                Minors Act

            
	
              TEN
                ENT -

            	
              as
                tenants by the entireties

            	 	
              ________________

              (State)

            
	
              JT
                TEN -

            	
              as
                joint tenants with right 

              if
                survivorship and not as 

              tenants
                in common

            	 	 
	 	 	 	 
	
              Additional
                abbreviations may also be used though not in the above
                list.

            

    

    

    ASSIGNMENT

     

    
      	
              FOR
                VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s)
                

            
	
              unto

            	 
	 	 
	 	 

    

    (Please
      print or typewrite name, address including postal zip code, and Taxpayer
      Identification Number of assignee)

     

    a
      Percentage Interest equal to ____% evidenced by the within Asset Backed
      Pass-Through Certificate and hereby authorize(s) the registration of transfer
      of
      such 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
      Percentage Interest and Class to the above named assignee and deliver such
      Certificate to the following address:
      ______________________________________________________________

    
      	 	 	
              .

            

    

    

     

    
      	
              Dated:

            	 
	 	
              Signature
                by or on behalf of assignor

            
	 	 
	 	 
	 	
              Signature
                Guaranteed

            

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    DISTRIBUTION
      INSTRUCTIONS

     

    The
      assignee should include the following for purposes of distribution:

     

    
      	
              Distributions
                shall be made, by wire transfer or otherwise, in immediately available
                

            
	
              funds
                to

            	 
	 
	
              for
                the account of

            	 
	
              account
                number

            	 	
              or,
                if mailed by check, to

            
	 
	
              Applicable
                statements should be mailed to

            	 
	 
	 
	
              This
                information is provided by

            	 
	
              assignee
                named above, or

            	 
	
              its
                agent.

            	 

    

    

     

    

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    EXHIBIT
      A-5

     

    FORM
      OF
      CLASS R CERTIFICATE

     

    THIS
      CERTIFICATE MAY NOT BE TRANSFERRED TO A NON-UNITED STATES
      PERSON.

     

    SOLELY
      FOR U.S. FEDERAL INCOME TAX PURPOSES,
      THIS CERTIFICATE REPRESENTS THE SOLE “RESIDUAL INTEREST” IN EACH “REAL ESTATE
      MORTGAGE INVESTMENT CONDUIT” (“REMIC”), AS THOSE TERMS ARE DEFINED,
      RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986,
      AS
      AMENDED (THE “CODE”).

     

    ANY
      RESALE, TRANSFER OR OTHER DISPOSITION OF THIS CERTIFICATE MAY BE MADE ONLY
      IN
      ACCORDANCE WITH THE PROVISIONS OF SECTION 6.02 OF THE AGREEMENT REFERRED TO
      HEREIN.

     

    THIS
      CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES ACT
      OF
      1933, AS AMENDED, OR THE SECURITIES LAWS OF ANY STATE AND MAY NOT BE RESOLD
      OR
      TRANSFERRED UNLESS IT IS REGISTERED PURSUANT TO SUCH ACT AND LAWS OR IS SOLD
      OR
      TRANSFERRED IN TRANSACTIONS THAT ARE EXEMPT FROM REGISTRATION UNDER SUCH ACT
      AND
      UNDER APPLICABLE STATE LAW AND IS TRANSFERRED IN ACCORDANCE WITH THE PROVISIONS
      OF SECTION 6.02 OF THE AGREEMENT REFERRED TO HEREIN.

     

    NO
      TRANSFER OF THIS CERTIFICATE TO AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT
      ARRANGEMENT SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974,
      AS
      AMENDED, OR THE CODE WILL BE REGISTERED EXCEPT IN COMPLIANCE WITH THE PROCEDURES
      DESCRIBED IN SECTION 6.02(c) OF THE AGREEMENT REFERRED TO
      HEREIN.

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    ANY
      RESALE, TRANSFER OR OTHER DISPOSITION OF THIS CERTIFICATE MAY BE MADE ONLY
      IF
      THE PROPOSED TRANSFEREE PROVIDES (I) AN AFFIDAVIT TO THE SECURITIES
      ADMINISTRATOR THAT (A) SUCH TRANSFEREE IS NOT (1) THE UNITED STATES OR ANY
      POSSESSION THEREOF, ANY STATE OR POLITICAL SUBDIVISION THEREOF, ANY FOREIGN
      GOVERNMENT, ANY INTERNATIONAL ORGANIZATION, OR ANY AGENCY OR INSTRUMENTALITY
      OF
      ANY OF THE FOREGOING, (2) ANY ORGANIZATION (OTHER THAN A COOPERATIVE DESCRIBED
      IN SECTION 521 OF THE CODE) THAT IS EXEMPT FROM THE TAX IMPOSED BY CHAPTER
      1 OF
      THE CODE UNLESS SUCH ORGANIZATION IS SUBJECT TO THE TAX IMPOSED BY SECTION
      511
      OF THE CODE, (3) ANY ORGANIZATION DESCRIBED IN SECTION 1381(a)(2)(C) OF THE
      CODE
      (ANY SUCH PERSON DESCRIBED IN THE FOREGOING CLAUSES (1), (2) OR (3) SHALL
      HEREINAFTER BE REFERRED TO AS A “DISQUALIFIED ORGANIZATION”) OR (4) AN AGENT OF
      A DISQUALIFIED ORGANIZATION AND (B) NO PURPOSE OF SUCH TRANSFER IS TO IMPEDE
      THE
      ASSESSMENT OR COLLECTION OF TAX, AND (II) SUCH TRANSFEREE SATISFIES CERTAIN
      ADDITIONAL CONDITIONS RELATING TO THE FINANCIAL CONDITION OF THE PROPOSED
      TRANSFEREE. NOTWITHSTANDING THE REGISTRATION IN THE CERTIFICATE REGISTER OF
      ANY
      TRANSFER, SALE OR OTHER DISPOSITION OF THIS CERTIFICATE TO A DISQUALIFIED
      ORGANIZATION OR AN AGENT OF A DISQUALIFIED ORGANIZATION, SUCH REGISTRATION
      SHALL
      BE DEEMED TO BE OF NO LEGAL FORCE OR EFFECT WHATSOEVER AND SUCH PERSON SHALL
      NOT
      BE DEEMED TO BE A CERTIFICATEHOLDER FOR ANY PURPOSE HEREUNDER, INCLUDING, BUT
      NOT LIMITED TO, THE RECEIPT OF DISTRIBUTIONS ON THIS CERTIFICATE. EACH HOLDER
      OF
      THIS CERTIFICATE BY ACCEPTANCE HEREOF SHALL BE DEEMED TO HAVE CONSENTED TO
      THE
      PROVISIONS OF THIS PARAGRAPH AND THE PROVISIONS OF SECTION 6.02(d) OF THE
      AGREEMENT REFERRED TO HEREIN. ANY PERSON THAT IS A DISQUALIFIED ORGANIZATION
      IS
      PROHIBITED FROM ACQUIRING BENEFICIAL OWNERSHIP OF THIS
      CERTIFICATE.

     

    

     

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    

    
      	
              Series
                2007-SL1, Class R

            	 	
              Aggregate
                Percentage Interest of the Class R Certificates as of the Issue Date:
                100.00%

            
	 	 	 
	
              Date
                of Pooling and Servicing Agreement

              and
                Cut-off Date: February 1, 2007

            	 	
              Master
                Servicer: Wells Fargo Bank, N.A.

            
	 	 	 
	
              First
                Distribution Date: March 26, 2007

            	 	
              Trustee:
                HSBC Bank USA, National Association

            
	 	 	 
	
              No
                __

            	 	
              Issue
                Date: March 2, 2007

            

    

    

    ACE
      SECURITIES CORP. HOME EQUITY LOAN TRUST, SERIES 2007-SL1

    ASSET
      BACKED PASS-THROUGH CERTIFICATE

     

    evidencing
      a beneficial ownership interest in a Trust Fund (the “Trust Fund”) consisting
      primarily of a pool of conventional one- to four-family, fixed rate, second
      lien
      mortgage loans (the “Mortgage Loans”) formed and sold by

     

    ACE
      SECURITIES CORP.

     

    THIS
      CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN ACE SECURITIES
      CORP., THE SPONSOR, THE MASTER SERVICER, THE SECURITIES ADMINISTRATOR, THE
      SERVICERS, THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS
      CERTIFICATE NOR THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY AGENCY
      OR
      INSTRUMENTALITY OF THE UNITED STATES.

     

    

    This
      certifies that _______________ is the registered owner of a Percentage Interest
      set forth above in that certain beneficial ownership interest evidenced by
      all
      of the Class R Certificates in REMIC III created pursuant to a Pooling and
      Servicing Agreement, dated as specified above (the “Agreement”), among ACE
      Securities Corp., as depositor (hereinafter called the “Depositor”, which term
      includes any successor entity under the Agreement), Wells Fargo Bank, National
      Association as master servicer (the “Master Servicer”) and securities
      administrator (the “Securities Administrator”), Ocwen Loan Servicing, LLC as a
      servicer (“Ocwen”), GMAC Mortgage, LLC as a servicer (“GMAC”; together with
      Ocwen, the “Servicers,” each a “Servicer”) and HSBC Bank USA, National
      Association as trustee (the “Trustee”), a summary of certain of the pertinent
      provisions of which is set forth hereafter. 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.

     

    Pursuant
      to the terms of the Agreement, distributions 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 (a “Distribution Date”), commencing on the First
      Distribution Date specified above, to the Person in whose name this Certificate
      is registered on the last Business Day of the calendar month immediately
      preceding the month in which the related Distribution Date occurs (the “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 the Holders
      of
      Class R Certificates on such Distribution Date pursuant to the
      Agreement.

    
      
        
        

      

      
        A-5-2

        
          

        

      

      
        
        

      

    

     

    All
      distributions to the Holder of this Certificate under the Agreement will be
      made
      or caused to be made by the Securities Administrator by wire transfer in
      immediately available funds to the account of the Person entitled thereto if
      such Person shall have so notified the Securities Administrator in writing
      at
      least five Business Days prior to the Record Date immediately prior to such
      Distribution Date and is the registered owner of Class R Certificates, or
      otherwise by check mailed by first class mail to the address of the Person
      entitled thereto, as such name and address shall appear on the Certificate
      Register. Notwithstanding the above, the final distribution on this Certificate
      will be made after due notice by the Securities Administrator of the pendency
      of
      such distribution and only upon presentation and surrender of this Certificate
      at the office or agency appointed by the Securities Administrator for that
      purpose as provided in the Agreement.

     

    This
      Certificate is one of a duly authorized issue of Certificates designated as
      Asset Backed Pass-Through Certificates of the Series specified on the face
      hereof (herein called the “Certificates”) and representing the Percentage
      Interest in the Class of Certificates specified on the face hereof.

     

    The
      Certificates are limited in right of payment to certain collections and
      recoveries respecting the Mortgage Loans, all as more specifically set forth
      herein and in the Agreement. As provided in the Agreement, withdrawals from
      the
      Collection Account and the Distribution Account may be made from time to time
      for purposes other than distributions to Certificateholders, such purposes
      including reimbursement of advances made, or certain expenses incurred, with
      respect to the Mortgage Loans.

     

    The
      Agreement permits, with certain exceptions therein provided, the amendment
      thereof and the modification of the rights and obligations of the Depositor,
      the
      Master Servicer, the Trustee, the Securities Administrator, the Servicers and
      the rights of the Certificateholders under the Agreement at any time by the
      Depositor, the Master Servicer, the Trustee, the Securities Administrator and
      the Servicers with the consent of the Holders of Certificates entitled to at
      least 66% of the Voting Rights. 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 herefor or in lieu hereof whether or not notation of
      such
      consent is made upon this Certificate. The Agreement also permits the amendment
      thereof, in certain limited circumstances, without the consent of the Holders
      of
      any of the Certificates.

     

    As
      provided in the Agreement and subject to certain limitations therein set forth,
      the transfer of this Certificate is registrable in the Certificate Register
      upon
      surrender of this Certificate for registration of transfer at the offices or
      agencies appointed by the Securities Administrator as provided in the Agreement,
      duly endorsed by, or accompanied by an assignment in the form below or other
      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 evidencing the same aggregate Percentage
      Interest will be issued to the designated transferee or
      transferees.

    
      
        
        

      

      
        A-5-3

        
          

        

      

      
        
        

      

    

     

    The
      Certificates are issuable in fully registered form only without coupons in
      Classes and denominations representing Percentage Interests 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 evidencing the same aggregate Percentage
      Interest, as requested by the Holder surrendering the same.

     

    No
      transfer of this Certificate shall be made unless the transfer is made pursuant
      to an effective registration statement under the Securities Act of 1933, as
      amended (the “1933 Act”), and an effective registration or qualification under
      applicable state securities laws, or is made in a transaction that does not
      require such registration or qualification. In the event that such a transfer
      of
      this Certificate is to be made without registration or qualification, the
      Securities Administrator shall require receipt of (i) if such transfer is
      purportedly being made in reliance upon Rule 144A under the 1933 Act, written
      certifications from the Holder of the Certificate desiring to effect the
      transfer, and from such Holder’s prospective transferee, substantially in the
      forms attached to the Agreement as Exhibit B-1, or (ii) if such transfer is
      purportedly being made in reliance upon Rule 501(a) under the 1933 Act, written
      certifications from the Holder of the Certificate desiring to effect the
      transfer and from such Holder’s prospective transferee, substantially in the
      form attached to the Agreement as Exhibit B-2 and a transfer affidavit and
      agreement substantially in the form of Exhibit B-3 to the Agreement and (iii)
      in
      all other cases, an Opinion of Counsel satisfactory to it that such transfer
      may
      be made without such registration or qualification (which Opinion of Counsel
      shall not be an expense of the Trust Fund or of the Depositor, the Trustee,
      the
      Master Servicer or the Securities Administrator in their respective capacities
      as such), together with copies of the written certification(s) of the Holder
      of
      the Certificate desiring to effect the transfer and/or such Holder’s prospective
      transferee upon which such Opinion of Counsel is based. None of the Depositor,
      the Trustee or the Securities Administrator is obligated to register or qualify
      the Class of Certificates specified on the face hereof under the 1933 Act or
      any
      other securities law or to take any action not otherwise required under the
      Agreement to permit the transfer of such Certificates without registration
      or
      qualification. Any Holder desiring to effect a transfer of this Certificate
      shall be required to indemnify the Trustee, the Depositor, the Master Servicer
      and the Securities Administrator against any liability that may result if the
      transfer is not so exempt or is not made in accordance with such federal and
      state laws.

     

    No
      transfer of this Certificate shall be made except in accordance with Section
      6.02 of the Agreement.

     

    Prior
      to
      registration of any transfer, sale or other disposition of this Certificate,
      the
      proposed transferee shall provide to the Securities Administrator (i) an
      affidavit to the effect that such transferee is any Person other than a
      Disqualified Organization or the agent (including a broker, nominee or
      middleman) of a Disqualified Organization, and (ii) a certificate that
      acknowledges that (A) the Class R Certificates have been designated as
      representing the beneficial ownership of the residual interests in each of
      REMIC
      I, REMIC II and REMIC III, (B) it will include in its income a pro
      rata
      share of
      the net income of the Trust Fund and that such income may be an “excess
      inclusion,” as defined in the Code, that, with certain exceptions, cannot be
      offset by other losses or benefits from any tax exemption, and (C) it expects
      to
      have the financial means to satisfy all of its tax obligations including those
      relating to holding the Class R Certificates. Notwithstanding the registration
      in the Certificate Register of any transfer, sale or other disposition of this
      Certificate to a Disqualified Organization or an agent (including a broker,
      nominee or middleman) of a Disqualified Organization, such registration shall
      be
      deemed to be of no legal force or effect whatsoever and such Person shall not
      be
      deemed to be a Certificateholder for any purpose, including, but not limited
      to,
      the receipt of distributions in respect of this Certificate.

    
      
        
        

      

      
        A-5-4

        
          

        

      

      
        
        

      

    

     

    The
      Holder of this Certificate, by its acceptance hereof, shall be deemed to have
      consented to the provisions of Section 6.02 of the Agreement and to any
      amendment of the Agreement deemed necessary by counsel of the Depositor to
      ensure that the transfer of this Certificate to any Person other than a
      Permitted Transferee or any other Person will not cause any portion of the
      Trust
      Fund to cease to qualify as a REMIC or cause the imposition of a tax upon any
      REMIC.

     

    No
      service charge will be made for any such registration of transfer or exchange
      of
      Certificates, but the Securities Administrator may require payment of a sum
      sufficient to cover any tax or other governmental charge that may be imposed
      in
      connection with any transfer or exchange of Certificates.

     

    The
      Depositor, the Master Servicer, the Trustee, the Securities Administrator,
      each
      Servicer and any agent of the Depositor, the Master Servicer, the Trustee,
      the
      Securities Administrator or such Servicer may treat the Person in whose name
      this Certificate is registered as the owner hereof for all purposes, and none
      of
      the Depositor, the Master Servicer, the Trustee, the Securities Administrator,
      any Servicer nor any such agent shall be affected by notice to the
      contrary.

     

    The
      obligations created by the Agreement and the Trust Fund created thereby shall
      terminate upon payment to the Certificateholders of all amounts held by the
      Securities Administrator and required to be paid to them pursuant to the
      Agreement following the earlier of (i) the final payment or other liquidation
      (or any advance with respect thereto) of the last Mortgage Loan remaining in
      REMIC I and (ii) the purchase by the party designated in the Agreement at a
      price determined as provided in the Agreement from REMIC I of all the Mortgage
      Loans and all property acquired in respect of such Mortgage Loans. The Agreement
      permits, but does not require, the party designated in the Agreement to purchase
      from REMIC I all the Mortgage Loans and all property acquired in respect of
      any
      Mortgage Loan at a price determined as provided in the Agreement. The exercise
      of such right will effect early retirement of the Certificates; however, such
      right to purchase is subject to the aggregate Scheduled Principal Balance of
      the
      Mortgage Loans (and properties acquired in respect thereof) at the time of
      purchase being less than or equal to 10% of the aggregate principal balance
      of
      the Mortgage Loans as of the Cut-off Date.

    
      
        
        

      

      
        A-5-5

        
          

        

      

      
        
        

      

    

     

    The
      recitals contained herein shall be taken as statements of the Depositor and
      neither the Trustee nor the Securities Administrator assume any responsibility
      for their correctness.

     

    Unless
      the certificate of authentication hereon has been executed by the Securities
      Administrator, by manual signature, this Certificate shall not be entitled
      to
      any benefit under the Agreement or be valid for any purpose.

     

    

    

    
      
        
          
          

        

        
          A-5-6

          
            

          

        

        
          
          

        

      

    

    

    IN
      WITNESS WHEREOF, the Securities Administrator has caused this Certificate to
      be
      duly executed.

     

    Dated:
      March ___, 2007

    
      	 	 	 	 	 	 	 	
              WELLS
                FARGO BANK, N.A.

              as
                Securities Administrator

            
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
              By:

            	 
	 	 	 	 	 	 	 	 	
              Authorized
                Officer

            
	 	 	 	 	 	 	 	 	 

    

    

    

    

    CERTIFICATE
      OF AUTHENTICATION

     

    This
      is
      one of the Class R Certificates referred to in the within-mentioned
      Agreement.

     

    
      	 	 	 	 	 	 	 	
              WELLS
                FARGO BANK, N.A.

              as
                Securities Administrator

            
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
              By:

            	 
	 	 	 	 	 	 	 	 	
              Authorized
                Signatory

            
	 	 	 	 	 	 	 	 	 

    

    

     

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    ABBREVIATIONS

     

    The
      following abbreviations, when used in the inscription on the face of this
      instrument, shall be construed as though they were written out in full according
      to applicable laws or regulations:

     

    
      	
              TEN
                COM -

            	
              as
                tenants in common

            	
              UNIF
                GIFT MIN ACT -

            	
                   Custodian      

              (Cust)
                (Minor)

              under
                Uniform Gifts 

              to
                Minors Act

            
	
              TEN
                ENT -

            	
              as
                tenants by the entireties

            	 	
              ________________

              (State)

            
	
              JT
                TEN -

            	
              as
                joint tenants with right 

              if
                survivorship and not as 

              tenants
                in common

            	 	 
	 	 	 	 
	
              Additional
                abbreviations may also be used though not in the above
                list.

            

    

    

    ASSIGNMENT

     

    
      	
              FOR
                VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s)
                

            
	
              unto

            	 
	 	 
	 	 

    

    (Please
      print or typewrite name, address including postal zip code, and Taxpayer
      Identification Number of assignee)

     

    a
      Percentage Interest equal to _____% evidenced by the within Asset Backed
      Pass-Through Certificate and hereby authorize(s) the registration of transfer
      of
      such 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
      Percentage Interest and Class to the above named assignee and deliver such
      Certificate to the following address:
      ______________________________________________________________

    
      	 	 	
              .

            

    

    

     

    
      	
              Dated:

            	 
	 	
              Signature
                by or on behalf of assignor

            
	 	 
	 	 
	 	
              Signature
                Guaranteed

            

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    DISTRIBUTION
      INSTRUCTIONS

     

    The
      assignee should include the following for purposes of distribution:

     

    
      	
              Distributions
                shall be made, by wire transfer or otherwise, in immediately available
                

            
	
              funds
                to

            	 
	 
	
              for
                the account of

            	 
	
              account
                number

            	 	
              or,
                if mailed by check, to

            
	 
	
              Applicable
                statements should be mailed to

            	 
	 
	 
	
              This
                information is provided by

            	 
	
              assignee
                named above, or

            	 
	
              its
                agent.

            	 

    

    

    

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    EXHIBIT
      B-1

    FORM
      OF
      TRANSFEROR REPRESENTATION LETTER

     

    [Date]

     

    Wells
      Fargo Bank, N.A.

    Sixth
      Street and Marquette Avenue

    Minneapolis,
      Minnesota 55479

    Attention:
      Corporate Trust ACE 2007-SL1

     

    
      	 	
              Re:

            	
              ACE
                Securities Corp. Home Equity Loan Trust, Series 2007-SL1 Asset Backed
                Pass-Through Certificates 

            
	 	 	
              Class
                CE-1 Certificates, Class CE-2 Certificates, Class P Certificates
                and Class
                R Certificates

            

    

    

    Ladies
      and Gentlemen:

     

    In
      connection with the transfer by ______________________ (the “Transferor”) to
      ___________________ (the “Transferee”) of the captioned asset backed
      pass-through certificates (the “Certificates”), the Transferor hereby certifies
      as follows:

     

    Neither
      the Transferor nor anyone acting on its behalf has (a) offered, pledged, sold,
      disposed of or otherwise transferred any Certificate, any interest in any
      Certificate or any other similar security to any person in any manner, (b)
      has
      solicited any offer to buy or to accept a pledge, disposition or other transfer
      of any Certificate, any interest in any Certificate or any other similar
      security from any person in any manner, (c) has otherwise approached or
      negotiated with respect to any Certificate, any interest in any Certificate
      or
      any other similar security with any person in any manner, (d) has made any
      general solicitation by means of general advertising or in any other manner,
      (e)
      has taken any other action, that (in the case of each of subclauses (a) through
      (e) above) would constitute a distribution of the Certificates under the
      Securities Act of 1933, as amended (the “1933 Act”), or would render the
      disposition of any Certificate a violation of Section 5 of the 1933 Act or
      any
      state securities law or would require registration or qualification pursuant
      thereto. The Transferor will not act, nor has it authorized or will it authorize
      any person to act, in any manner set forth in the foregoing sentence with
      respect to any Certificate. The Transferor will not sell or otherwise transfer
      any of the Certificates, except in compliance with the provisions of that
      certain Pooling and Servicing Agreement, dated as of February 1, 2007, among
      ACE
      Securities Corp. as Depositor, Wells Fargo Bank, N.A. as Master Servicer and
      Securities Administrator, Ocwen Loan Servicing, LLC as a Servicer, GMAC
      Mortgage, LLC as a Servicer, and HSBC Bank USA, National Association as Trustee
      (the “Pooling and Servicing Agreement”), pursuant to which Pooling and Servicing
      Agreement the Certificates were issued.

     

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    Capitalized
      terms used but not defined herein shall have the meanings assigned thereto
      in
      the Pooling and Servicing Agreement.

     

    Very
      truly yours,

    

    [Transferor]

     

    By: 
      __________________________________
Name:
Title:

    

     

    

    
      
        
          
          

        

        
          B-1-2

          
            

          

        

        
          
          

        

      

    

    

    FORM
      OF
      TRANSFEREE REPRESENTATION LETTER

     

    [Date]                

     

    Wells
      Fargo Bank, N.A.

    Sixth
      Street and Marquette Avenue

    Minneapolis,
      Minnesota 55479

    Attention:
      Corporate Trust ACE 2007-SL1

     

    
      	 	
              Re:

            	
              ACE
                Securities Corp. Home Equity Loan Trust, Series 2007-SL1 Asset Backed
                Pass-Through Certificates 

            
	 	 	
              [Class
                M-9 Certificates][Class M-10 Certificates\[Class CE-1 Certificates][Class
                CE-2 Certificates][Class P Certificates][Class R
                Certificates]

            

    

    

     

    Ladies
      and Gentlemen:

     

    In
      connection with the purchase from ______________________________ (the
“Transferor”) on the date hereof of the captioned asset backed pass-through
      certificates (the “Certificates”), (the “Transferee”) hereby certifies as
      follows:

     

    1. The
      Transferee is a “qualified institutional buyer” as that term is defined in Rule
      144A (“Rule 144A”) under the Securities Act of 1933 (the “1933 Act”) and has
      completed either of the forms of certification to that effect attached hereto
      as
      Annex 1 or Annex 2. The Transferee is aware that the sale to it is being made
      in
      reliance on Rule 144A. The Transferee is acquiring the Certificates for its
      own
      account or for the account of a qualified institutional buyer, and understands
      that such Certificate 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 1933
      Act.

     

    2. The
      Transferee has been furnished with all information regarding (a) the
      Certificates and distributions thereon, (b) the nature, performance and
      servicing of the Mortgage Loans, (c) the Pooling and Servicing Agreement
      referred to below, and (d) any credit enhancement mechanism associated with
      the
      Certificates, that it has requested.

     

    3. The
      Transferee: (a) is not an employee benefit plan or other plan subject to the
      prohibited transaction provisions of the Employee Retirement Income Security
      Act
      of 1974, as amended (“ERISA”), or Section 4975 of the Internal Revenue Code of
      1986, as amended (the “Code”) (each, a “Plan”), or any other person (including
      an investment manager, a named fiduciary or a trustee of any Plan) acting,
      directly or indirectly, on behalf of or purchasing any Certificate with “plan
      assets” of any Plan within the meaning of the Department of Labor (“DOL”)
      regulation at 29 C.F.R. § 2510.3-101 or (b) has provided the Securities
      Administrator with an Opinion of Counsel on which the Trustee, the Depositor,
      the Master Servicer, the Securities Administrator and the Servicers may rely,
      acceptable to and in form and substance satisfactory to the Securities
      Administrator to the effect that the purchase of Certificates is permissible
      under applicable law, will not constitute or result in any non-exempt prohibited
      transaction under ERISA or Section 4975 of the Code and will not subject the
      Trust Fund, the Trustee, the Depositor, the Master Servicer, the Securities
      Administrator or the Servicers to any obligation or liability (including
      obligations or liabilities under ERISA or Section 4975 of the Code) in addition
      to those undertaken in the Pooling and Servicing Agreement.

    
      
        
        

      

      
        B-1-3

        
          

        

      

      
        
        

      

    

     

    

    In
      addition, the Transferee hereby certifies, represents and warrants to, and
      covenants with, the Depositor, the Trustee, the Securities Administrator, the
      Master Servicer and the Servicers that the Transferee will not transfer such
      Certificates to any Plan or person unless such Plan or person meets the
      requirements set forth in paragraph 3 above.

     

    All
      capitalized terms used but not otherwise defined herein have the respective
      meanings assigned thereto in the Pooling and Servicing Agreement, dated as
      of
      February 1, 2007, among ACE Securities Corp. as Depositor, Wells Fargo Bank,
      N.A. as Master Servicer and Securities Administrator, Ocwen Loan Servicing,
      LLC
      as a Servicer, GMAC Mortgage, LLC as a Servicer and HSBC Bank USA, National
      Association as Trustee, pursuant to which the Certificates were
      issued.

     

    [TRANSFEREE]

    

    

    By: 
      _________________________________
Name:
Title:

    

    
      
        
          
          

        

        
          B-1-4

          
            

          

        

        
          
          

        

      

    

    

    ANNEX
      1 TO EXHIBIT B-1

     

    QUALIFIED
      INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A

     

    [For
      Transferees Other Than Registered Investment Companies]

     

    The
      undersigned hereby certifies as follows to [name of Transferor] (the
“Transferor”) and Wells Fargo Bank, N.A., as Securities Administrator, with
      respect to the asset backed pass-through certificates (the “Certificates”)
      described in the Transferee Certificate to which this certification relates
      and
      to which this certification is an Annex:

     

    1. As
      indicated below, the undersigned is the President, Chief Financial Officer,
      Senior Vice President or other executive officer of the entity purchasing the
      Certificates (the “Transferee”).

     

    2. In
      connection with purchases by the Transferee, the Transferee is a “qualified
      institutional buyer” as that term is defined in Rule 144A under the Securities
      Act of 1933 (“Rule 144A”) because (i) the Transferee 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 Transferee’s most recent fiscal year (such amount being calculated in
      accordance with Rule 144A) and (ii) the Transferee satisfies the criteria in
      the
      category marked below.

     

    
      	 	
              ___

            	
              Corporation,
                etc.
                The Transferee is a corporation (other than a bank, savings and loan
                association or similar institution), Massachusetts or similar business
                trust, partnership, or any organization described in Section 501(c)(3)
                of
                the Internal Revenue Code of 1986.

            
	 	 	 
	 	
              ___

            	
              Bank.
                The Transferee (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 Transferee (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.

            

    

    

    __________________________

    
      	
              1

            	
              Transferee
                must own and/or invest on a discretionary basis at least $100,000,000
                in
                securities unless Transferee is a dealer, and, in that case, Transferee
                must own and/or invest on a discretionary basis at least $10,000,000
                in
                securities.

            

    

     

    
      
        
        

      

      
        B-1-5

        
          

        

      

      
        
        

      

    

     

    
      	 	
              ___

            	
              Broker-dealer.
                The Transferee is a dealer registered pursuant to Section 15 of the
                Securities Exchange Act of 1934.

            
	 	 	 
	 	
              ___

            	
              Insurance
                Company.
                The Transferee 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 Transferee 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 Transferee is an employee benefit plan within the meaning of
                Title I
                of the Employee Retirement Income Security Act of 1974, as
                amended.

            
	 	 	 
	 	
              ___

            	
              Investment
                Advisor
                The Transferee is an investment advisor registered under the Investment
                Advisers Act of 1940.

            

    

    

     

    3. The
      term
“securities”
as
      used
      herein does
      not include
      (i)
      securities of issuers that are affiliated with the Transferee, (ii) securities
      that are part of an unsold allotment to or subscription by the Transferee,
      if
      the Transferee 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 Transferee, the Transferee used the cost of
      such
      securities to the Transferee and did not include any of the securities referred
      to in the preceding paragraph. Further, in determining such aggregate amount,
      the Transferee may have included securities owned by subsidiaries of the
      Transferee, but only if such subsidiaries are consolidated with the Transferee
      in its financial statements prepared in accordance with generally accepted
      accounting principles and if the investments of such subsidiaries are managed
      under the Transferee’s direction. However, such securities were not included if
      the Transferee is a majority-owned, consolidated subsidiary of another
      enterprise and the Transferee is not itself a reporting company under the
      Securities Exchange Act of 1934.

     

    5. The
      Transferee acknowledges that it is familiar with Rule 144A and understands
      that
      the Transferor 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 Transferee may be in reliance on Rule 144A.

     

    
      	
              ___

            	
              ___

            	
              Will
                the Transferee be purchasing the Certificates

            
	
              Yes

            	
              No

            	
              only
                for the Transferee’s own account?

            

    

     

    
      
        
        

      

      
        B-1-6

        
          

        

      

      
        
        

      

    

    6. If
      the
      answer to the foregoing question is “no”, the Transferee agrees that, in
      connection with any purchase of securities sold to the Transferee for the
      account of a third party (including any separate account) in reliance on Rule
      144A, the Transferee will only purchase for the account of a third party that
      at
      the time is a “qualified institutional buyer” within the meaning of Rule 144A.
      In addition, the Transferee agrees that the Transferee will not purchase
      securities for a third party unless the Transferee has obtained a current
      representation letter from such third party or taken other appropriate steps
      contemplated by Rule 144A to conclude that such third party independently meets
      the definition of “qualified institutional buyer” set forth in Rule
      144A.

     

    7. The
      Transferee 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 Transferee’s purchase of the Certificates will constitute a
      reaffirmation of this certification as of the date of such purchase. In
      addition, if the Transferee is a bank or savings and loan as provided above,
      the
      Transferee agrees that it will furnish to such parties updated annual financial
      statements promptly after they become available.

     

    Dated:

    
      	 	 	 	 	 	 	 	
               

            
	 	 	 	 	 	 	 	
              Print
                Name of Transferee

            
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
              By:

            	 
	 	 	 	 	 	 	 	 	
              Name:

            
	 	 	 	 	 	 	 	 	
              Title:

            

    

    

    
      
        
          
          

        

        
          B-1-7

          
            

          

        

        
          
          

        

      

    

    

    ANNEX
      2 TO EXHIBIT B-1

     

    QUALIFIED
      INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A

     

    [For
      Transferees That Are Registered Investment Companies]

     

    The
      undersigned hereby certifies as follows to [name of Transferor] (the
“Transferor”) and Wells Fargo Bank, N.A., as Securities Administrator, with
      respect to the asset backed pass-through certificates (the “Certificates”)
      described in the Transferee Certificate to which this certification relates
      and
      to which this certification is an Annex:

     

    1. As
      indicated below, the undersigned is the President, Chief Financial Officer
      or
      Senior Vice President of the entity purchasing the Certificates (the
“Transferee”) or, if the Transferee is a “qualified institutional buyer” as that
      term is defined in Rule 144A under the Securities Act of 1933 (“Rule 144A”)
      because the Transferee is part of a Family of Investment Companies (as defined
      below), is such an officer of the investment adviser (the
“Adviser”).

     

    2. In
      connection with purchases by the Transferee, the Transferee is a “qualified
      institutional buyer” as defined in Rule 144A because (i) the Transferee is an
      investment company registered under the Investment Company Act of 1940, and
      (ii)
      as marked below, the Transferee alone, or the Transferee’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 Transferee’s most recent
      fiscal year. For purposes of determining the amount of securities owned by
      the
      Transferee or the Transferee’s Family of Investment Companies, the cost of such
      securities was used.

     

    
      	 	
              ___

            	
              The
                Transferee owned $________________________ in securities (other than
                the
                excluded securities referred to below) as of the end of the Transferee’s
                most recent fiscal year (such amount being calculated in accordance
                with
                Rule 144A).

            
	 	 	 
	 	
              ___

            	
              The
                Transferee 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 Transferee’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
      Transferee or are part of the Transferee’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.

    
      
        
        

      

      
        B-1-8

        
          

        

      

      
        
        

      

    

     

    5. The
      Transferee is familiar with Rule 144A and understands that the parties to which
      this certification is being made are relying and will continue to rely on the
      statements made herein because one or more sales to the Transferee will be
      in
      reliance on Rule 144A. In addition, the Transferee will only purchase for the
      Transferee’s own account.

     

    6. The
      undersigned will notify the parties to which this certification is made of
      any
      changes in the information and conclusions herein. Until such notice, the
      Transferee’s purchase of the Certificates will constitute a reaffirmation of
      this certification by the undersigned as of the date of such
      purchase.

     

    Dated:

    
      	 	 	 	 	 	 	 	
               

            
	 	 	 	 	 	 	 	
              Print
                Name of Transferee or Advisor

            
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
              By:

            	 
	 	 	 	 	 	 	 	 	
              Name:

            
	 	 	 	 	 	 	 	 	
              Title:

            
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
              IF
                AN ADVISER:

               

            
	 	 	 	 	 	 	 	
               

            
	 	 	 	 	 	 	 	
              Print
                Name of Transferee

            

    

    

    

    
      
        
          
          

        

        
          B-1-9

          
            

          

        

        
          
          

        

      

    

    

    FORM
      OF
      TRANSFEREE REPRESENTATION LETTER

     

    The
      undersigned hereby certifies on behalf of the purchaser named below (the
“Purchaser”) as follows:

     

    1. I
      am an
      executive officer of the Purchaser.

     

    2. The
      Purchaser is a “qualified institutional buyer”, as defined in Rule 144A, (“Rule
      144A”) under the Securities Act of 1933, as amended.

     

    3. As
      of the
      date specified below (which is not earlier than the last day of the Purchaser’s
      most recent fiscal year), the amount of “securities”, computed for purposes of
      Rule 144A, owned and invested on a discretionary basis by the Purchaser was
      in
      excess of $100,000,000.

     

    
      	
              Name
                of Purchaser 

            	 
	 	 
	
              By:
                (Signature) 

            	 
	 	 
	
              Name
                of Signatory 

            	 
	 	 
	
              Title
                

            	 
	 	 
	
              Date
                of this certificate 

            	 
	 	 
	
              Date
                of information provided in paragraph 3 

            	 

    

     

     

    

     

    

    

    
      
        
          
          

        

        
          B-1-10

          
            

          

        

        
          
          

        

      

    

    

    EXHIBIT
      B-2

     

    FORM
      OF
      TRANSFEROR REPRESENTATION LETTER

     

    ____________,
      20__            

    

    Wells
      Fargo Bank, N.A.

    Sixth
      Street and Marquette Avenue

    Minneapolis,
      Minnesota 55479

    Attention:
      Corporate Trust ACE 2007-SL1

     

    
      	 	
              Re:

            	
              ACE
                Securities Corp. Home Equity Loan Trust, Series 2007-SL1 Asset Backed
                Pass-Through Certificates, [Class M-9 Certificates][Class M-10
                Certificates\[Class CE-1 Certificates][Class CE-2 Certificates][Class
                P
                Certificates][Class R Certificates]

            

    

     

    Ladies
      and Gentlemen:

     

    In
      connection with the transfer by ________________ (the “Transferor”) to
      __________________________ (the “Transferee”) of the captioned asset backed
      pass-through certificates (the “Certificates”), the Transferor hereby certifies
      as follows:

     

    Neither
      the Seller nor anyone acting on its behalf has (a) offered, pledged, sold,
      disposed of or otherwise transferred any Certificate, any interest in any
      Certificate or any other similar security to any person in any manner, (b)
      has
      solicited any offer to buy or to accept a pledge, disposition or other transfer
      of any Certificate, any interest in any Certificate or any other similar
      security from any person in any manner, (c) has otherwise approached or
      negotiated with respect to any Certificate, any interest in any Certificate
      or
      any other similar security with any person in any manner, (d) has made any
      general solicitation by means of general advertising or in any other manner,
      or
      (e) has taken any other action, that (as to any of (a) through (e) above) would
      constitute a distribution of the Certificates under the Securities Act of 1933
      (the “Act’), that would render the disposition of any Certificate a violation of
      Section 5 of the Act or any state securities law, or that would require
      registration or qualification pursuant thereto. The Seller will not act, in
      any
      manner set forth in the foregoing sentence with respect to any Certificate.
      The
      Seller has not and will not sell or otherwise transfer any of the Certificates,
      except in compliance with the provisions of the Pooling and Servicing Agreement,
      dated as of February 1, 2007, among ACE Securities Corp. as Depositor, Wells
      Fargo Bank, N.A. as Master Servicer and Securities Administrator, Ocwen Loan
      Servicing, LLC as a Servicer, GMAC Mortgage, LLC as a Servicer and HSBC Bank
      USA, National Association as Trustee, pursuant to which the Certificates were
      issued.

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	 	 	 	 	 	 	 	
              Very
                truly yours,

            
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
               

            
	 	 	 	 	 	 	 	
              (Transferor)

            
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
              By:

            	 
	 	 	 	 	 	 	 	 	
              Name:

            
	 	 	 	 	 	 	 	 	
              Title:

            

    

    

    

    
      
        
          
          

        

        
          B-2-2

          
            

          

        

        
          
          

        

      

    

    

    FORM
      OF
      TRANSFEREE LETTER

     

    

    _______________,
      20__                

     

    Wells
      Fargo Bank, N.A.

    Sixth
      Street and Marquette Avenue

    Minneapolis,
      Minnesota 55479

    Attention:
      Corporate Trust ACE 2007-SL1

     

    
      	 	
              Re:

            	
              ACE
                Securities Corp. Home Equity Loan Trust, Series 2007-SL1 Asset Backed
                Pass-Through Certificates, [Class M-9 Certificates][Class M-10
                Certificates\[Class CE-1 Certificates][Class CE-2 Certificates][Class
                P
                Certificates][Class R Certificates]

            

    

     

    Ladies
      and Gentlemen:

     

    In
      connection with the transfer by ______________________ (the “Transferor”) to
      __________________________ (the “Transferee”) of the captioned asset backed
      pass-through certificates (the “Certificates”), the Transferee hereby certifies
      as follows:

     

    1. The
      Transferee understands that (a) the Certificates have not been and will not
      be
      registered or qualified under the Securities Act of 1933, as amended (the “Act”)
      or any state securities law, (b) the ACE Securities Corp. (the “Depositor”) is
      not required to so register or qualify the Certificates, (c) the Certificates
      may be resold only if registered and qualified pursuant to the provisions of
      the
      Act or any state securities law, or if an exemption from such registration
      and
      qualification is available, (d) the Pooling and Servicing Agreement contains
      restrictions regarding the transfer of the Certificates and (e) the Certificates
      will bear a legend to the foregoing effect.

     

    2. The
      Transferee is acquiring the Certificates for its own account for investment
      only
      and not with a view to or for sale in connection with any distribution thereof
      in any manner that would violate the Act or any applicable state securities
      laws.

     

    3. The
      Transferee is (a) a substantial, sophisticated institutional investor having
      such knowledge and experience in financial and business matters, and, in
      particular, in such matters related to securities similar to the Certificates,
      such that it is capable of evaluating the merits and risks of investment in
      the
      Certificates, (b) able to bear the economic risks of such an investment and
      (c)
      an “accredited investor” within the meaning of Rule 501(a) promulgated pursuant
      to the Act.

     

    4. The
      Transferee has been furnished with, and has had an opportunity to review (a)
      a
      copy of the Pooling and Servicing Agreement, dated as of February 1, 2007,
      among
      the Depositor, Wells Fargo Bank, N.A. as Master Servicer and Securities
      Administrator, Ocwen Loan Servicing, LLC as a Servicer, GMAC Mortgage, LLC
      as a
      Servicer and HSBC Bank USA, National Association as Trustee and (b) such other
      information concerning the Certificates, the Mortgage Loans and the Depositor
      as
      has been requested by the Transferee from the Depositor or the Transferor and
      is
      relevant to the Transferee’s decision to purchase the Certificates. The
      Transferee has had any questions arising from such review answered by the
      Depositor or the Transferor to the satisfaction of the Transferee.

    
      
        
        

      

      
        B-2-3

        
          

        

      

      
        
        

      

    

     

    5. The
      Transferee has not and will not nor has it authorized or will it authorize
      any
      person to (a) offer, pledge, sell, dispose of or otherwise transfer any
      Certificate, any interest in any Certificate or any other similar security
      to
      any person in any manner, (b) solicit any offer to buy or to accept a pledge,
      disposition of other transfer of any Certificate, any interest in any
      Certificate or any other similar security from any person in any manner, (c)
      otherwise approach or negotiate with respect to any Certificate, any interest
      in
      any Certificate or any other similar security with any person in any manner,
      (d)
      make any general solicitation by means of general advertising or in any other
      manner or (e) take any other action, that (as to any of (a) through (e) above)
      would constitute a distribution of any Certificate under the Act, that would
      render the disposition of any Certificate a violation of Section 5 of the 1933
      Act or any state securities law, or that would require registration or
      qualification pursuant thereto. The Transferee will not sell or otherwise
      transfer any of the Certificates, except in compliance with the provisions
      of
      the Pooling and Servicing Agreement.

     

    6. The
      Transferee: (a) is not an employee benefit plan or other plan subject to the
      prohibited transaction provisions of the Employee Retirement Income Security
      Act
      of 1974, as amended (“ERISA”), or Section 4975 of the Internal Revenue Code of
      1986, as amended (the “Code”) (each, a “Plan”), or any other person (including
      an investment manager, a named fiduciary or a trustee of any Plan) acting,
      directly or indirectly, on behalf of or purchasing any Certificate with “plan
      assets” of any Plan within the meaning of the Department of Labor (“DOL”)
      regulation at 29 C.F.R. § 2510.3-101 or (b) has provided the Securities
      Administrator with an Opinion of Counsel on which the Depositor, the Master
      Servicer, the Securities Administrator, the Trustee and the Servicers may rely,
      acceptable to and in form and substance satisfactory to the Securities
      Administrator to the effect that the purchase of Certificates is permissible
      under applicable law, will not constitute or result in any non-exempt prohibited
      transaction under ERISA or Section 4975 of the Code and will not subject the
      Trust Fund, the Trustee, the Master Servicer, the Securities Administrator,
      the
      Depositor or the Servicers to any obligation or liability (including obligations
      or liabilities under ERISA or Section 4975 of the Code) in addition to those
      undertaken in the Pooling and Servicing Agreement.

     

    In
      addition, the Transferee hereby certifies, represents and warrants to, and
      covenants with, the Depositor, the Trustee, the Securities Administrator, the
      Master Servicer and the Servicers that the Transferee will not transfer such
      Certificates to any Plan or person unless such Plan or person meets the
      requirements set forth in paragraph 6 above.

     

    
      	 	 	 	 	 	 	 	
              Very
                truly yours,

            
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
              By:

            	 
	 	 	 	 	 	 	 	
              Name:

            	 
	 	 	 	 	 	 	 	
              Title:

            	 

    

    

    

    
      
        
          
          

        

        
          B-2-4

          
            

          

        

        
          
          

        

      

    

    

    EXHIBIT
      B-3

     

    TRANSFER
      AFFIDAVIT AND AGREEMENT

     

    
      	
              STATE
                OF NEW YORK

            	
              )

            	 
	 	
              )

            	
              ss.:

            
	
              COUNTY
                OF NEW YORK

            	
              )

            	 

    

     

    ___________________________
      being duly sworn, deposes, represents and warrants as follows:

     

    
      	 	
              1.

            	
              I
                am a _____________________ of _______________________________ (the
                “Owner”) a corporation duly organized and existing under the laws of
                _________________________, the record owner of ACE Securities Corp.
                Home
                Equity Loan Trust, Series 2007-SL1 Asset Backed Pass-Through Certificates,
                Class R Certificates (the “Class R Certificates”), on behalf of whom I
                make this affidavit and agreement. Capitalized terms used but not
                defined
                herein have the respective meanings assigned thereto in the Pooling
                and
                Servicing Agreement, dated as of February 1, 2007, among ACE Securities
                Corp. as Depositor, Wells Fargo Bank, N.A. as Master Servicer and
                Securities Administrator, Ocwen Loan Servicing, LLC as a Servicer,
                GMAC
                Mortgage, LLC as a Servicer and HSBC Bank USA, National Association
                as
                Trustee, pursuant to which the Class R Certificates were
                issued.

            

    

     

    
      	 	
              2.

            	
              The
                Owner (i) is and will be a “Permitted Transferee” as of
                ____________________. ____ and (ii) is acquiring the Class R Certificates
                for its own account or for the account of another Owner from which
                it has
                received an affidavit in substantially the same form as this affidavit.
                A
                “Permitted Transferee” is any person other than a “disqualified
                organization” or a possession of the United States. For this purpose, a
                “disqualified organization” means the United States, any state or
                political subdivision thereof, any agency or instrumentality of any
                of the
                foregoing (other than an instrumentality all of the activities of
                which
                are subject to tax and, except for the Federal Home Loan Mortgage
                Corporation, a majority of whose board of directors is not selected
                by any
                such governmental entity) or any foreign government, international
                organization or any agency or instrumentality of such foreign government
                or organization, any real electric or telephone cooperative, or any
                organization (other than certain farmers’ cooperatives) that is generally
                exempt from federal income tax unless such organization is subject
                to the
                tax on unrelated business taxable
                income.

            

    

     

    
      	 	
              3.

            	
              The
                Owner is aware (i) of the tax that would be imposed on transfers
                of the
                Class R Certificates to disqualified organizations under the Internal
                Revenue Code of 1986 that applies to all transfers of the Class R
                Certificates after April 31, 1988; (ii) that such tax would be on
                the
                transferor or, if such transfer is through an agent (which person
                includes
                a broker, nominee or middleman) for a non-Permitted Transferee, on
                the
                agent; (iii) that the person otherwise liable for the tax shall be
                relieved of liability for the tax if the transferee furnishes to
                such
                person an affidavit that the transferee is a Permitted Transferee
                and, at
                the time of transfer, such person does not have actual knowledge
                that the
                affidavit is false; and (iv) that each of the Class R Certificates
                may be
                a “noneconomic residual interest” within the meaning of proposed Treasury
                regulations promulgated under the Code and that the transferor of
                a
                “noneconomic residual interest” will remain liable for any taxes due with
                respect to the income on such residual interest, unless no significant
                purpose of the transfer is to impede the assessment or collection
                of
                tax.

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	 	
              4.

            	
              The
                Owner is aware of the tax imposed on a “pass-through entity” holding the
                Class R Certificates if, at any time during the taxable year of the
                pass-through entity, a non-Permitted Transferee is the record holder
                of an
                interest in such entity. (For this purpose, a “pass-through entity”
                includes a regulated investment company, a real estate investment
                trust or
                common trust fund, a partnership, trust or estate, and certain
                cooperatives.)

            

    

     

    
      	 	
              5.

            	
              The
                Owner is aware that the Securities Administrator will not register
                the
                transfer of any Class R Certificate unless the transferee, or the
                transferee’s agent, delivers to the Securities Administrator, among other
                things, an affidavit in substantially the same form as this affidavit.
                The
                Owner expressly agrees that it will not consummate any such transfer
                if it
                knows or believes that any of the representations contained in such
                affidavit and agreement are false.

            

    

     

    
      	 	
              6.

            	
              The
                Owner consents to any additional restrictions or arrangements that
                shall
                be deemed necessary upon advice of counsel to constitute a reasonable
                arrangement to ensure that the Class R Certificates will only be
                owned,
                directly or indirectly, by an Owner that is a Permitted
                Transferee.

            

    

     

    
      	 	
              7.

            	
              The
                Owner’s taxpayer identification number is
                ________________.

            

    

     

    
      	 	
              8.

            	
              The
                Owner has reviewed the restrictions set forth on the face of the
                Class R
                Certificates and the provisions of Section 6.02(d) of the Pooling
                and
                Servicing Agreement under which the Class R Certificates were issued
                (in
                particular, clauses (iii)(A) and (iii)(B) of Section 6.02(d) which
                authorize the Securities Administrator to deliver payments to a person
                other than the Owner and negotiate a mandatory sale by the Securities
                Administrator in the event that the Owner holds such Certificate
                in
                violation of Section 6.02(d)); and that the Owner expressly agrees
                to be
                bound by and to comply with such restrictions and
                provisions.

            

    

     

    
      	 	
              9.

            	
              The
                Owner is not acquiring and will not transfer the Class R Certificates
                in
                order to impede the assessment or collection of any
                tax.

            

    

     

    
      	 	
              10.

            	
              The
                Owner anticipates that it will, so long as it holds the Class R
                Certificates, have sufficient assets to pay any taxes owed by the
                holder
                of such Class R Certificates, and hereby represents to and for the
                benefit
                of the person from whom it acquired the Class R Certificates that
                the
                Owner intends to pay taxes associated with holding such Class R
                Certificates as they become due, fully understanding that it may
                incur tax
                liabilities in excess of any cash flows generated by the Class R
                Certificates.

            

    

     

    
      
        
        

      

      
        B-3-2

        
          

        

      

      
        
        

      

    

     

    
      	 	
              11.

            	
              The
                Owner has no present knowledge that it may become insolvent or subject
                to
                a bankruptcy proceeding for so long as it holds the Class R
                Certificates.

            

    

     

    
      	 	
              12.

            	
              The
                Owner has no present knowledge or expectation that it will be unable
                to
                pay any United States taxes owed by it so long as any of the Certificates
                remain outstanding.

            

    

     

    
      	 	
              13.

            	
              The
                Owner is not acquiring the Class R Certificates with the intent to
                transfer the Class R Certificates to any person or entity that will
                not
                have sufficient assets to pay any taxes owed by the holder of such
                Class R
                Certificates, or that may become insolvent or subject to a bankruptcy
                proceeding, for so long as the Class R Certificates remain
                outstanding.

            

    

     

    
      	 	
              14.

            	
              The
                Owner will, in connection with any transfer that it makes of the
                Class R
                Certificates, obtain from its transferee the representations required
                by
                Section 6.02(d) of the Pooling and Servicing Agreement under which
                the
                Class R Certificate were issued and will not consummate any such
                transfer
                if it knows, or knows facts that should lead it to believe, that
                any such
                representations are false.

            

    

     

    
      	 	
              15.

            	
              The
                Owner will, in connection with any transfer that it makes of the
                Class R
                Certificates, deliver to the Securities Administrator an affidavit,
                which
                represents and warrants that it is not transferring the Class R
                Certificates to impede the assessment or collection of any tax and
                that it
                has no actual knowledge that the proposed transferee: (i) has insufficient
                assets to pay any taxes owed by such transferee as holder of the
                Class R
                Certificates; (ii) may become insolvent or subject to a bankruptcy
                proceeding for so long as the Class R Certificates remains outstanding;
                and (iii) is not a “Permitted
                Transferee”.

            

    

     

    
      	 	
              16.

            	
              The
                Owner is a citizen or resident of the United States, a corporation,
                partnership or other entity created or organized in, or under the
                laws of,
                the United States or any political subdivision thereof, or an estate
                or
                trust whose income from sources without the United States may be
                included
                in gross income for United States federal income tax purposes regardless
                of its connection with the conduct of a trade or business within
                the
                United States.

            

    

     

    
      	 	
              17.

            	
              The
                Owner of the Class R Certificate, hereby agrees that in the event
                that the
                Trust Fund created by the Pooling and Servicing Agreement is terminated
                pursuant to Section 10.01 thereof, the undersigned shall assign and
                transfer to the Holders of the Class CE-1 Certificates any amounts
                in
                excess of par received in connection with such termination. Accordingly,
                in the event of such termination, the Securities Administrator is
                hereby
                authorized to withhold any such amounts in excess of par and to pay
                such
                amounts directly to the Holders of the Class CE-1 Certificates. This
                agreement shall bind and be enforceable against any successor, transferee
                or assigned of the undersigned in the Class R Certificate. In connection
                with any transfer of the Class R Certificate, the Owner shall obtain
                an
                agreement substantially similar to this clause from any subsequent
                owner.

            

    

    

    

    
      
        
          
          

        

        
          B-3-3

          
            

          

        

        
          
          

        

      

    

    

    IN
      WITNESS WHEREOF, the Owner has caused this instrument to be executed on its
      behalf, pursuant to the authority of its Board of Directors, by its [Vice]
      President, attested by its [Assistant] Secretary, this ____ day of
      _________________, ____.

     

    
      	 	 	 	 	 	 	 	
              [OWNER]

            
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
              By:

            	 
	 	 	 	 	 	 	 	 	
              Name:

            
	 	 	 	 	 	 	 	 	
              Title:
                [Vice] President

            

    

    

     

    ATTEST:

     

    
      	
              By:

            	 
	 	
              Name:

            
	 	
              Title:
                [Assistant] Secretary

            

    

    

     

    Personally
      appeared before me the above-named __________________, known or proved to me
      to
      be the same person who executed the foregoing instrument and to be a [Vice]
      President of the Owner, and acknowledged to me that [he/she] executed the same
      as [his/her] free act and deed and the free act and deed of the
      Owner.

     

    Subscribed
      and sworn before me this ______________ day of __________, ____.

     

    

    

    
      	 	 
	 	
              Notary
                Public

            
	 	 
	 	
              County
                of ___________________________________

            
	 	
              State
                of _____________________________________

            
	 	 
	 	
              My
                Commission expires:

            

    

    

    

    
      
        
          
          

        

        
          B-3-4

          
            

          

        

        
          
          

        

      

    

    

    FORM
      OF
      TRANSFEROR AFFIDAVIT

     

    

    
      	
              STATE
                OF NEW YORK

            	
              )

            	 
	 	
              )

            	
              ss.:

            
	
              COUNTY
                OF NEW YORK

            	
              )

            	 

    

     

    _________________________,
      being duly sworn, deposes, represents and warrants as follows:

     

    1. I
      am
      a ____________________
      of _________________________ (the “Owner”), a corporation duly organized and
      existing under the laws of _____________, on behalf of whom I make this
      affidavit.

     

    2. The
      Owner
      is not transferring the Class R Certificates (the “Residual Certificates”) to
      impede the assessment or collection of any tax.

     

    3. The
      Owner
      has no actual knowledge that the Person that is the proposed transferee (the
      “Purchaser”) of the Residual Certificates: (i) has insufficient assets to pay
      any taxes owed by such proposed transferee as holder of the Residual
      Certificates; (ii) may become insolvent or subject to a bankruptcy proceeding
      for so long as the Residual Certificates remain outstanding and (iii) is not
      a
      Permitted Transferee.

     

    4. The
      Owner
      understands that the Purchaser has delivered to the Securities Administrator
      a
      transfer affidavit and agreement in the form attached to the Pooling and
      Servicing Agreement as Exhibit B-3. The Owner does not know or believe that
      any
      representation contained therein is false.

     

    5. At
      the
      time of transfer, the Owner has conducted a reasonable investigation of the
      financial condition of the Purchaser as contemplated by Treasury Regulations
      Section 1.860E-1(c)(4)(i) and, as a result of that investigation, the Owner
      has
      determined that the Purchaser has historically paid its debts as they became
      due
      and has found no significant evidence to indicate that the Purchaser will not
      continue to pay its debts as they become due in the future. The Owner
      understands that the transfer of a Residual Certificate may not be respected
      for
      United States income tax purposes (and the Owner may continue to be liable
      for
      United States income taxes associated therewith) unless the Owner has conducted
      such an investigation.

     

    6. Capitalized
      terms not otherwise defined herein shall have the meanings ascribed to them
      in
      the Pooling and Servicing Agreement.

    

      
        
          
          

        

        
          B-3-5

          
            

          

        

        
          
          

        

      

    IN
      WITNESS WHEREOF, the Owner has caused this instrument to be executed on its
      behalf, pursuant to the authority of its Board of Directors, by its [Vice]
      President, attested by its [Assistant] Secretary, this ____ day of
      ________________, ____.

     

    
      	 	 	 	 	 	 	 	
              [OWNER]

            
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
              By:

            	 
	 	 	 	 	 	 	 	 	
              Name:

            
	 	 	 	 	 	 	 	 	
              Title:
                [Vice] President

            

    

    

     

    ATTEST:

    

    

    
      	
              By:

            	 
	 	
              Name:

            
	 	
              Title:
                [Assistant] Secretary

            

    

    

     

    Personally
      appeared before me the above-named _________________, known or proved to me
      to
      be the same person who executed the foregoing instrument and to be a [Vice]
      President of the Owner, and acknowledged to me that [he/she] executed the same
      as [his/her] free act and deed and the free act and deed of the
      Owner.

     

    Subscribed
      and sworn before me this ______ day of _____________, ____.

     

    

    
      	 	 
	 	
              Notary
                Public

            
	 	 
	 	
              County
                of _____________________________

            
	 	
              State
                of _______________________________

            
	 	 
	 	
              My
                Commission expires:

            

    

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    EXHIBIT
      C

     

    BACK-UP
      CERTIFICATION

     

    Re:    __________
      (the “Trust”)

     

    Asset
      Backed Pass-Through Certificates, Series 2007-SL1

     

    I,
      [identify the certifying individual], certify to ACE Securities Corp. (the
      “Depositor”), HSBC Bank USA, National Association (the “Trustee”) and Wells
      Fargo Bank, National Association (the “Master Servicer”), and their respective
      officers, directors and affiliates, and with the knowledge and intent that
      they
      will rely upon this certification, that:

     

    
      	
              (1)

            	 	
              I
                have reviewed the servicer compliance statement of the Servicers
                provided
                in accordance with Item 1123 of Regulation AB (the “Compliance
                Statement”), the report on assessment of each Servicer’s compliance with
                the servicing criteria set forth in Item 1122(d) of Regulation AB
                (the
                “Servicing Criteria”), provided in accordance with Rules 13a-18 and 15d-18
                under Securities Exchange Act of 1934, as amended (the “Exchange Act”) and
                Item 1122 of Regulation AB (the “Servicing Assessment”), the registered
                public accounting firm’s attestation report provided in accordance with
                Rules 13a-18 and 15d-18 under the Exchange Act and Section 1122(b)
                of
                Regulation AB (the “Attestation Report”), and all servicing reports,
                officer’s certificates and other information relating to the servicing of
                the Mortgage Loans by each Servicer during 200[ ] that were delivered
                by
                such Servicer to the Master Servicer pursuant to the Agreement
                (collectively, the “Servicer Servicing
                Information”);

            

    

     

    
      	
              (2)

            	 	
              Based
                on my knowledge, the Servicer Servicing Information, taken as a whole,
                does not contain any untrue statement of a material fact or omit
                to state
                a material fact necessary to make the statements made, in the light
                of the
                circumstances under which such statements were made, not misleading
                with
                respect to the period of time covered by the Servicer Servicing
                Information;

            

    

     

    
      	
              (3)

            	 	
              Based
                on my knowledge, all of the Servicer Servicing Information required
                to be
                provided by the Servicers under the Agreement has been provided to
                the
                Master Servicer;

            

    

     

    
      	
              (4)

            	 	
              I
                am responsible for reviewing the activities performed by each Servicer
                as
                servicer under the Agreement, and based on my knowledge and the compliance
                review conducted in preparing the Compliance Statement and except
                as
                disclosed in the Compliance Statement, the Servicing Assessment or
                the
                Attestation Report, both Servicers have fulfilled their obligations
                under
                the Agreement in all material respects;
                and

            

    

     

    
      	
              (5)

            	 	
              The
                Compliance Statement required to be delivered by the Servicers pursuant
                to
                the Agreement, and the Servicing Assessment and Attestation Report
                required to be provided by the Servicers and by any Subservicer or
                Subcontractor pursuant to the Agreement, have been provided to the
                Master
                Servicer. Any material instances of noncompliance described in such
                reports have been disclosed to the Master Servicer. Any material
                instance
                of noncompliance with the Servicing Criteria has been disclosed in
                such
                reports.

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Capitalized
      terms used and not otherwise defined herein have the meanings assigned thereto
      in the Pooling and Servicing Agreement (the “Agreement”), dated as of February
      1, 2007, among ACE Securities Corp., Ocwen Loan Servicing, LLC, GMAC Mortgage,
      LLC, Wells Fargo Bank, National Association and HSBC Bank USA, National
      Association.

     

     

    
      	
              Date:

            	 
	 
	 
	
              [Signature]

            
	 
	
              [Title]

            

    

    

     

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    EXHIBIT
      D

     

    FORM
      OF
      POWER OF ATTORNEY

     

    

    RECORDING
      REQUESTED BY

    AND
      WHEN
      RECORDED MAIL TO

    

    
      	
              [Ocwen
                Loan Servicing, LLC

              1661
                Worthington Road, Centrepark West, Suite 100

              West
                Palm Beach, Florida 33409

            	
              [GMAC
                Mortgage, LLC

              100
                Witmer Road

              Horsham,
                Pennsylvania 19044

            
	
              Attn:
                _________________________]

            	
              Attn:
                _________________________]

            

    

    

    LIMITED
      POWER OF ATTORNEY

    

    KNOW
      ALL
      MEN BY THESE PRESENTS, that HSBC Bank USA, National Association, having its
      principal place of business at ____________________, as Trustee (the “Trustee”)
      pursuant to that Pooling and Servicing Agreement among ACE Securities Corp.
      (the
“Depositor”), Wells Fargo Bank, National Association, as Master Servicer and
      Securities Administrator, Ocwen Loan Servicing, LLC, as a Servicer (“Ocwen”),
      GMAC Mortgage, LLC as a Servicer (“GMAC”) and the Trustee, dated as of February
      1, 2007 (the “Pooling and Servicing Agreement”), hereby constitutes and appoints
      the [GMAC][Ocwen](the “Servicer”) by and through the Servicer’s officers, the
      Trustee’s true and lawful Attorney-in-Fact, in the Trustee’s name, place and
      stead and for the Trustee’s benefit, in connection with all mortgage loans
      serviced by the Servicer pursuant to the Pooling and Servicing Agreement for
      the
      purpose of performing all acts and executing all documents in the name of the
      Trustee as may be customarily and reasonably necessary and appropriate to
      effectuate the following enumerated transactions in respect of any of the
      mortgages or deeds of trust (the “Mortgages” and the “Deeds of Trust”,
      respectively) and promissory notes secured thereby (the “Mortgage Notes”) for
      which the undersigned is acting as Trustee for various certificateholders
      (whether the undersigned is named therein as mortgagee or beneficiary or has
      become mortgagee by virtue of endorsement of the Mortgage Note secured by any
      such Mortgage or Deed of Trust) and for which the Servicer is acting as
      servicer, all subject to the terms of the Pooling and Servicing
      Agreement.

    

    This
      appointment shall apply to the following enumerated transactions
      only:

    

    
      	
              1.

            	
              The
                modification or re-recording of a Mortgage or Deed of Trust, where
                said
                modification or re-recordings is for the purpose of correcting the
                Mortgage or Deed of Trust to conform same to the original intent
                of the
                parties thereto or to correct title errors discovered after such
                title
                insurance was issued and said modification or re-recording, in either
                instance, does not adversely affect the lien of the Mortgage or Deed
                of
                Trust as insured.

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	
              2.

            	
              The
                subordination of the lien of a Mortgage or Deed of Trust to an easement
                in
                favor of a public utility company of a government agency or unit
                with
                powers of eminent domain; this section shall include, without limitation,
                the execution of partial satisfactions/releases, partial reconveyances
                or
                the execution or requests to trustees to accomplish
                same.

            

    

    

    
      	
              3.

            	
              The
                conveyance of the properties to the mortgage insurer, or the closing
                of
                the title to the property to be acquired as real estate owned, or
                conveyance of title to real estate
                owned.

            

    

    

    4. The
      completion of loan assumption agreements.

    

    
      	
              5.

            	
              The
                full satisfaction/release of a Mortgage or Deed of Trust or full
                conveyance upon payment and discharge of all sums secured thereby,
                including, without limitation, cancellation of the related Mortgage
                Note.

            

    

    

    
      	
              6.

            	
              The
                assignment of any Mortgage or Deed of Trust and the related Mortgage
                Note,
                in connection with the repurchase of the mortgage loan secured and
                evidenced thereby.

            

    

    

    
      	
              7.

            	
              The
                full assignment of a Mortgage or Deed of Trust upon payment and discharge
                of all sums secured thereby in conjunction with the refinancing thereof,
                including, without limitation, the assignment of the related Mortgage
                Note.

            

    

    

    
      	
              8.

            	
              With
                respect to a Mortgage or Deed of Trust, the foreclosure, the taking
                of a
                deed in lieu of foreclosure, or the completion of judicial or non-judicial
                foreclosure or termination, cancellation or rescission of any such
                foreclosure, including, without limitation, any and all of the following
                acts:

            

    

    

    
      	 	
              a.

            	
              the
                substitution of trustee(s) serving under a Deed of Trust, in accordance
                with state law and the Deed of
                Trust;

            

    

    

    
      	 	
              b.

            	
              the
                preparation and issuance of statements of breach or
                non-performance;

            

    

    

    
      	 	
              c.

            	
              the
                preparation and filing of notices of default and/or notices of
                sale;

            

    

    

    
      	 	
              d.

            	
              the
                cancellation/rescission of notices of default and/or notices of
                sale;

            

    

    

    
      	 	
              e.

            	
              the
                taking of a deed in lieu of foreclosure;
                and

            

    

    

    
      	 	
              f.

            	
              the
                preparation and execution of such other documents and performance
                of such
                other actions as may be necessary under the terms of the Mortgage,
                Deed of
                Trust or state law to expeditiously complete said transactions in
                paragraphs 8.a. through 8.e.,
                above.

            

    

    

    The
      undersigned gives said Attorney-in-Fact full power and authority to execute
      such
      instruments and to do and perform all and every act and thing necessary and
      proper to carry into effect the power or powers granted by or under this Limited
      Power of Attorney as fully as the undersigned might or could do, and hereby
      does
      ratify and confirm to all that said Attorney-in-Fact shall lawfully do or cause
      to be done by authority hereof. 

    
      
        
        

      

      
        D-2

        
          

        

      

      
        
        

      

    

    

    Third
      parties without actual notice may rely upon the exercise of the power granted
      under this Limited Power of attorney; and may be satisfied that this Limited
      Power of Attorney shall continue in full force and effect and has not been
      revoked unless an instrument of revocation has been made in writing by the
      undersigned.

    

    IN
      WITNESS WHEREOF, HSBC Bank USA, National Association as Trustee pursuant to
      that
      Pooling and Servicing Agreement among the Depositor, Wells Fargo Bank, National
      Association, Ocwen Loan Servicing, LLC, GMAC Mortgage, LLC and the Trustee,
      dated as of February 1, 2007 (ACE Securities Corp. Home Equity Loan Trust,
      Series 2007-SL1, Asset Backed Pass-Through Certificates), has caused its
      corporate seal to be hereto affixed and these presents to be signed and
      acknowledged in its name and behalf by ____________ its duly elected and
      authorized Vice President this _________ day of _________, 200__.

    

    
      	 	 	 	 	 	 	 	 	  
	 	 	 	 	 	 	 	 	
              as
                Trustee for ACE Securities Corp. Home Equity Loan Trust, Series 2007-SL1,
                Asset Backed Pass-Through Certificates

            
	 	 	 	 	 	 	 	
              By:

            	 
	 	 	 	 	 	 	 	 	 

    

    

    

    

    
      	
              STATE
                OF _____________

            
	 
	
              COUNTY
                OF ___________

            

    

    

    

    

    On
      _______________, 200__, before me, the undersigned, a Notary Public in and
      for
      said state, personally appeared ____________, Vice President of
      ____________________ as Trustee for ACE Securities Corp. Home Equity Loan Trust,
      Series 2007-SL1 Asset Backed Certificates, personally known to me to be the
      person whose name is subscribed to the within instrument and acknowledged to
      me
      that he/she executed that same in his/her authorized capacity, and that by
      his/her signature on the instrument the entity upon behalf of which the person
      acted and executed the instrument.

    

    WITNESS
      my hand and official seal.

    (SEAL)

    
      	 	 
	 	
              Notary
                Public

            
	 	
              My
                Commission Expires
                _________________

            

    

    

    

    

    
      
        
          
          

        

        
          D-3

          
            

          

        

        
          
          

        

      

    

    

    EXHIBIT
      E

     

    SERVICING
      CRITERIA

     

    Schedule
      1122 (Pooling and Servicing Agreement)

     

    Assessments
      of Compliance and Attestation Reports Servicing Criteria1 

    

    
      	
              Reg.
                AB Item 1122(d) Servicing Criteria

            	
              Depositor

            	
              Seller

            	
              Servicers

            	
              Trustee

            	
              Custodian

            	
              Paying
                Agent

            	
              Master
                Servicer

            	
              Securities
                Administrator

            
	
              (1) General
                Servicing Considerations

            	 	 	 	 	 	 	 	 
	
              (i) monitoring
                performance or other triggers and events of default

            	 	 	
              X

            	 	 	 	
              X

            	
              X

            
	
              (ii) monitoring
                performance of vendors of activities outsourced

            	 	 	
              X

            	 	 	 	
              X

            	 
	
              (iii) maintenance
                of back-up servicer for pool assets

            	 	 	 	 	 	 	 	 
	
              (iv) fidelity
                bond and E&O policies in effect

            	 	 	
              X

            	 	 	 	
              X

            	 
	
              (2) Cash
                Collection and Administration

            	 	 	 	 	 	 	 	 
	
              (i) timing
                of deposits to custodial account

            	 	 	
              X

            	 	 	
              X

            	
              X

            	
              X

            
	
              (ii) wire
                transfers to investors by authorized personnel

            	 	 	
              X

            	 	 	
              X

            	 	
              X

            
	
              (iii) advances
                or guarantees made, reviewed and approved as required

            	 	 	
              X

            	 	 	 	
              X

            	 
	
              (iv) accounts
                maintained as required

            	 	 	
              X

            	 	 	
              X

            	
              X

            	
              X

            
	
              (v) accounts
                at federally insured depository institutions

            	 	 	
              X

            	 	 	
              X

            	
              X

            	
              X

            

    

     

    ________________________

      
        	
                * 

              	
                The
                  descriptions of the Item 1122(d) servicing criteria use key words
                  and
                  phrases and are not verbatim recitations of the servicing criteria.
                  Refer
                  to Regulation AB, Item 1122 for a full description of servicing
                  criteria.

              

      

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	
              Reg.
                AB Item 1122(d) Servicing Criteria

            	
              Depositor

            	
              Seller

            	
              Servicers

            	
              Trustee

            	
              Custodian

            	
              Paying
                Agent

            	
              Master
                Servicer

            	
              Securities
                Administrator

            
	
              (vi) unissued
                checks safeguarded

            	 	 	
              X

            	 	 	
              X

            	 	
              X

            
	
              (vii) monthly
                reconciliations of accounts

            	 	 	
              X

            	 	 	
              X

            	
              X

            	
              X

            
	
              (3) Investor
                Remittances and Reporting

            	 	 	 	 	 	 	 	 
	
              (i) investor
                reports

            	 	 	
              X

            	 	 	 	
              X

            	
              X

            
	
              (ii) remittances

            	 	 	
              X

            	 	 	
              X

            	 	
              X

            
	
              (iii) proper
                posting of distributions

            	 	 	
              X

            	 	 	
              X

            	 	
              X

            
	
              (iv) reconciliation
                of remittances and payment statements

            	 	 	
              X

            	 	 	
              X

            	
              X

            	
              X

            
	
              (4) Pool
                Asset Administration

            	 	 	 	 	 	 	 	 
	
              (i) maintenance
                of pool collateral

            	 	 	
              X

            	 	
              X

            	 	 	 
	
              (ii) safeguarding
                of pool assets/documents

            	 	 	
              X

            	 	
              X

            	 	 	 
	
              (iii) additions,
                removals and substitutions of pool assets

            	 	
              X

            	
              X

            	 	 	 	 	 
	
              (iv) posting
                and allocation of pool asset payments to pool assets

            	 	 	
              X

            	 	 	 	 	 
	
              (v) reconciliation
                of servicer records

            	 	 	
              X

            	 	 	 	 	 
	
              (vi) modifications
                or other changes to terms of pool assets

            	 	 	
              X

            	 	 	 	 	 
	
              (vii) loss
                mitigation and recovery actions

            	 	 	
              X

            	 	 	 	 	 
	
              (viii)records
                regarding collection efforts

            	 	 	
              X

            	 	 	 	 	 

    

     

    
      
        
        

      

      
        E-2

        
          

        

      

      
        
        

      

    

     

    
      	
              Reg.
                AB Item 1122(d) Servicing Criteria

            	
              Depositor

            	
              Seller

            	
              Servicers

            	
              Trustee

            	
              Custodian

            	
              Paying
                Agent

            	
              Master
                Servicer

            	
              Securities
                Administrator

            
	
              (ix) adjustments
                to variable interest rates on pool assets

            	 	 	
              X

            	 	 	 	 	 
	
              (x) matters
                relating to funds held in trust for obligors

            	 	 	
              X

            	 	 	 	 	 
	
              (xi) payments
                made on behalf of obligors (such as for taxes or
                insurance)

            	 	 	
              X

            	 	 	 	 	 
	
              (xii) late
                payment penalties with respect to payments made on behalf of obligors
                

            	 	 	
              X

            	 	 	 	 	 
	
              (xiii)records
                with respect to payments made on behalf of obligors

            	 	 	
              X

            	 	 	 	 	 
	
              (xiv) recognition
                and recording of delinquencies, charge-offs and uncollectible
                accounts

            	 	 	
              X

            	 	 	 	
              X

            	 
	
              (xv) maintenance
                of external credit enhancement or other support

            	 	 	 	 	 	 	 	
              X

            

    

    

     

    

    
      
        
          
          

        

        
          E-3

          
            

          

        

        
          
          

        

      

    

    

    EXHIBIT
      F

     

    MORTGAGE
      LOAN PURCHASE AGREEMENT

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

      MORTGAGE
        LOAN PURCHASE AGREEMENT

      

      This
        is a
        Mortgage Loan Purchase Agreement (this “Agreement”), dated March 2, 2007,
        between DB Structured Products, Inc., a Delaware corporation (the “Seller”) and
        ACE Securities Corp., a Delaware corporation (the “Purchaser”).

      

      Preliminary
        Statement

      

      The
        Seller intends to sell the Mortgage Loans (as hereinafter identified) and
        the
        Swap Agreement (as hereinafter defined) to the Purchaser on the terms and
        subject to the conditions set forth in this Agreement. The Purchaser intends
        to
        deposit the Mortgage Loans into a mortgage pool comprising the Trust Fund.
        The
        Trust Fund will be evidenced by a single series of mortgage pass-through
        certificates designated as ACE Securities Corp. Home Equity Loan Trust, Series
        2007-SL1, Asset Backed Pass-Through Certificates (the “Certificates”). The
        Certificates will consist of sixteen classes of certificates. The Certificates
        will be issued pursuant to a Pooling and Servicing Agreement for ACE Securities
        Corp. Home Equity Loan Trust, Series 2007-SL1, Asset Backed Pass-Through
        Certificates, dated as of February 1, 2007 (the “Pooling and Servicing
        Agreement”), among the Purchaser as depositor, Wells Fargo Bank, National
        Association as master servicer (the “Master Servicer”) and securities
        administrator (the “Securities Administrator”), Ocwen
        Loan Servicing, LLC as a servicer (“Ocwen”), GMAC Mortgage, LLC as a servicer
        (“GMAC”, together with Ocwen, the “Servicers”, each a “Servicer”)
        and HSBC
        Bank USA, National Association as trustee (the “Trustee”). The Purchaser will
        sell the Class A-1 Certificate, Class A-2 Certificates, the Class M-1
        Certificates, Class M-2 Certificates, Class M-3 Certificates, Class M-4
        Certificates, Class M-5 Certificates, Class M-6 Certificates, Class M-7
        Certificates and Class M-8 Certificates (collectively, the “Publicly Offered
        Certificates”) to Deutsche Bank Securities Inc. (“DBSI”), pursuant to the Second
        Amended and Restated Underwriting Agreement, dated as of June 24, 1999, as
        amended and restated to and including January 25, 2006, between the Purchaser
        and DBSI, and the Terms Agreement, dated March
        1, 2007
        (collectively, the “Underwriting Agreement”), between the Purchaser and DBSI.
        The Purchaser will sell the Class M-9 Certificates and the Class M-10
        Certificates (together, the “Privately Offered Certificates”; together with the
        Publicly Offered Certificates, the “Offered Certificates”). Capitalized terms
        used but not defined herein shall have the meanings set forth in the Pooling
        and
        Servicing Agreement.

      

      The
        parties hereto agree as follows:

      

      SECTION
        1. Agreement
        to Purchase.
        The
        Seller hereby sells, and the Purchaser hereby purchases, on March 2, 2007
        (the
“Closing Date”), (a) certain conventional, one- to four-family, fixed-rate,
        second lien, residential mortgage loans (the “Mortgage Loans”), having an
        aggregate principal balance as of the close of business on February 1, 2007
        (the
“Cut-off Date”) of approximately $376,674,630 (the “Closing Balance”), after
        giving effect to all payments due on the Mortgage Loans on or before the
        Cut-off
        Date, whether or not received, including the right to any Prepayment Charges
        payable by the related Mortgagors in connection with any Principal Prepayments
        on the Mortgage Loans, but excluding the rights to the servicing of the Mortgage
        Loans, which are owned by the Seller (the “Servicing Rights”) and (b) all of
        Seller’s right, title and interest in the Swap Agreement between Swiss Re
        Financial Products Corporation and the Trustee, dated as of March 2, 2007
        (the
“Swap Agreement”).

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      SECTION
        2. Mortgage
        Loan Schedule.
        The
        Purchaser and the Seller have agreed upon which of the mortgage loans owned
        by
        the Seller are to be purchased by the Purchaser pursuant to this Agreement
        and
        the Seller will prepare or cause to be prepared on or prior to the Closing
        Date
        a final schedule (the “Closing Schedule”) that shall describe such Mortgage
        Loans and set forth all of the Mortgage Loans to be purchased under this
        Agreement, including the Prepayment Charges. The Closing Schedule will conform
        to the requirements set forth in this Agreement and to the definition of
        “Mortgage Loan Schedule” under the Pooling and Servicing Agreement.

      

      SECTION
        3. Consideration.

      

      (a) In
        consideration for the Mortgage Loans and the Swap Agreement to be purchased
        hereunder, the Purchaser shall, as described in Section 8, (i) pay to or
        upon
        the order of the Seller in immediately available funds an amount (the “Purchase
        Price”) equal to (i) $________*
        and (ii)
        a 100% interest in the Class CE-1, Class CE-2, Class P and Class R Certificates
        (collectively the “DB Certificates”). The DB Certificates shall be in the name
        of “Deutsche Bank Securities Inc.”

      

      (b) The
        Purchaser or any assignee, transferee or designee of the Purchaser shall
        be
        entitled to all scheduled payments of principal due after the Cut-off Date,
        all
        other payments of principal due and collected after the Cut-off Date, and
        all
        payments of interest on the Mortgage Loans allocable to the period after
        the
        Cut-off Date. All scheduled payments of principal and interest due on or
        before
        the Cut-off Date and collected after the Cut-off Date shall belong to the
        Seller.

      

      (c) Pursuant
        to the Pooling and Servicing Agreement, the Purchaser will assign all of
        its
        right, title and interest in and to the Mortgage Loans and the Swap Agreement,
        together with its rights under this Agreement, to the Trustee for the benefit
        of
        the Certificateholders.

      

      SECTION
        4. Transfer
        of the Mortgage Loans.

      

      (a) Possession
        of Mortgage Files.
        The
        Seller does hereby sell to the Purchaser, without recourse but subject to
        the
        terms of this Agreement, all of its right, title and interest in, to and
        under
        the Mortgage Loans, including the related Prepayment Charges, but excluding
        the
        Servicing Rights, and the Swap Agreement. The contents of each Mortgage File
        not
        delivered to the Purchaser or to any assignee, transferee or designee of
        the
        Purchaser on or prior to the Closing Date are and shall be held in trust
        by the
        Seller for the benefit of the Purchaser or any assignee, transferee or designee
        of the Purchaser.  Upon the sale of the Mortgage Loans, the ownership
        of each Mortgage Note, the related Mortgage and the other contents of the
        related Mortgage File is vested in the Purchaser and the ownership of all
        records and documents with respect to the related Mortgage Loan prepared
        by or
        that come into the possession of the Seller on or after the Closing Date
        shall
        immediately vest in the Purchaser and shall be delivered immediately to the
        Purchaser or as otherwise directed by the Purchaser.

      

      __________________________

      

      
        	
                *

              	
                Please
                  contact the Mortgage Loan Seller for this
                  information.

              

      

      

      
        
          
          

        

        
          -2-

          
            

          

        

        
          
          

        

      

      (b) Delivery
        of Mortgage Loan Documents.
        The
        Seller will, on or prior to the Closing Date, deliver or cause to be delivered
        to the Purchaser or any assignee, transferee or designee of the Purchaser
        each
        of the following documents for each Mortgage Loan:

      

      (i) the
        original Mortgage Note, including any riders thereto, endorsed in blank,
        with
        all prior and intervening endorsements showing a complete chain of endorsement
        from the originator to the Person so endorsing to the Trustee;

      

      (ii) the
        original Mortgage or a certified copy thereof, including any riders thereto,
        with evidence of recording thereon, and the original recorded power of attorney,
        if the Mortgage was executed pursuant to a power of attorney, with evidence
        of
        recording thereon, and in the case of each MOM Loan, the original Mortgage,
        noting the presence of the MIN of the Loan and either language indicating
        that
        the Mortgage Loan is a MOM Loan or if the Mortgage Loan was not a MOM Loan
        at
        origination, the original Mortgage and the assignment thereof to MERS®, with
        evidence of recording indicated thereon;

      

      (iii) unless
        such Mortgage Loan is registered on the MERS System, an original Assignment
        of
        Mortgage executed in blank;

      

      (iv) unless
        such Mortgage Loan is a MOM Loan, the original recorded Assignment or
        Assignments of the Mortgage, or a certified copy or copies thereof, showing
        a
        complete chain of assignment from the originator to the last Person assigning
        the Mortgage;

      

      (v) the
        original or copies of each assumption, modification, written assurance or
        substitution agreement, if any;

      

      (vi) the
        original lender’s title insurance policy, together with all endorsements or
        riders that were issued with or subsequent to the issuance of such policy,
        insuring the priority of the Mortgage as a second lien on the Mortgaged Property
        represented therein as a fee interest vested in the Mortgagor;

      

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

      

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

      

      Notwithstanding
        anything to the contrary contained in this Section 4, with respect to a maximum
        of approximately 1.00% of the Mortgage Loans, by aggregate principal balance
        of
        the Mortgage Loans as of the Cut-off Date, if any original Mortgage Note
        referred to in Section 4(b)(i) above cannot be located, the obligations of
        the
        Seller to deliver such documents shall be deemed to be satisfied upon delivery
        to the Purchaser or any assignee, transferee or designee of the Purchaser
        of a
        photocopy of such Mortgage Note, if available, with a lost note affidavit
        substantially in the form of Exhibit 1 attached hereto. If any of the original
        Mortgage Notes for which a lost note affidavit was delivered to the Purchaser
        or
        any assignee, transferee or designee of the Purchaser is subsequently located,
        such original Mortgage Note shall be delivered to the Purchaser or any assignee,
        transferee or designee of the Purchaser within three (3) Business Days; and
        if
        any document referred to in Section 4(b)(ii) or 4(b)(iv) above has been
        submitted for recording but either (x) has not been returned from the applicable
        public recording office or (y) has been lost or such public recording office
        has
        retained the original of such document, the obligations of the Seller hereunder
        shall be deemed to have been satisfied upon delivery to the Purchaser or
        any
        assignee, transferee or designee of the Purchaser promptly upon receipt thereof
        by or on behalf of the Seller of either the original or a copy of such document
        certified by the applicable public recording office to be a true and complete
        copy of the original.

      

      
        
          
          

        

        
          -3-

          
            

          

        

        
          
          

        

      

      In
        the
        event that the original lender’s title insurance policy has not yet been issued,
        the Seller shall deliver to the Purchaser or any assignee, transferee or
        designee of the Purchaser a written commitment or interim binder or preliminary
        report of title issued by the title insurance or escrow company. The Seller
        shall deliver such original title insurance policy to the Purchaser or any
        assignee, transferee or designee of the Purchaser promptly upon receipt by
        the
        Seller, if any.

      

      Each
        original document relating to a Mortgage Loan which is not delivered to the
        Purchaser or its assignee, transferee or designee, if held by the Seller,
        shall
        be so held for the benefit of the Purchaser, its assignee, transferee or
        designee.

      

      In
        connection with the assignment of any Mortgage Loan registered on the MERS®
System, the Seller further agrees that it will cause, at the Seller’s own
        expense, within 30 days after the Closing Date, the MERS® System to indicate
        that such Mortgage Loans have been assigned by the Seller to the Purchaser
        and
        by the Purchaser to the Trustee in accordance with this Agreement for the
        benefit of the Certificateholders by including (or deleting, in the case
        of
        Mortgage Loans which are repurchased in accordance with this Agreement) in
        such
        computer files (a) the code in the field which identifies the specific Trustee
        and (b) the code in the field “Pool Field” which identifies the series of the
        Certificates issued in connection with such Mortgage Loans. The Seller further
        agrees that it will not, and will not permit the Servicers or the Master
        Servicer to alter the codes referenced in this paragraph with respect to
        any
        Mortgage Loan during the term of this Agreement unless and until such Mortgage
        Loan is repurchased in accordance with the terms of this Agreement or the
        Pooling and Servicing Agreement.

      

      (c) Acceptance
        of Mortgage Loans.
        The
        documents delivered pursuant to Section 4(b) hereof shall be reviewed by
        the
        Purchaser or any assignee, transferee or designee of the Purchaser at any
        time
        before or after the Closing Date (and with respect to each document permitted
        to
        be delivered after the Closing Date, within seven days of its delivery) to
        ascertain that all required documents have been executed and received and
        that
        such documents relate to the Mortgage Loans identified on the Closing
        Schedule.

      

      (d) Transfer
        of Interest in Agreements.
        The
        Purchaser has the right to assign its interest under this Agreement, in whole
        or
        in part, to the Trustee, as may be required to effect the purposes of the
        Pooling and Servicing Agreement, without the consent of the Seller, and the
        assignee shall succeed to the rights and obligations hereunder of the
        Purchaser.  Any expense reasonably incurred by or on behalf of the
        Purchaser or the Trustee in connection with enforcing any obligations of
        the
        Seller under this Agreement will be promptly reimbursed by the
        Seller.

      

      
        
          
          

        

        
          -4-

          
            

          

        

        
          
          

        

      

      (e) Examination
        of Mortgage Files.
        Prior
        to the Closing Date, the Seller shall either (i) deliver in escrow to the
        Purchaser or to any assignee, transferee or designee of the Purchaser for
        examination the Mortgage File pertaining to each Mortgage Loan, or (ii) make
        such Mortgage Files available to the Purchaser or to any assignee, transferee
        or
        designee of the Purchaser for examination.  Such examination may be
        made by the Purchaser or the Trustee, and their respective designees, upon
        reasonable notice to the Seller during normal business hours before the Closing
        Date and within sixty (60) days after the Closing Date.  If any such
        person makes such examination prior to the Closing Date and identifies any
        Mortgage Loans that do not conform to the requirements of the Purchaser as
        described in this Agreement, such Mortgage Loans shall be deleted from the
        Closing Schedule.  The Purchaser may, at its option and without notice
        to the Seller, purchase all or part of the Mortgage Loans without conducting
        any
        partial or complete examination.  The fact that the Purchaser or any
        person has conducted or has failed to conduct any partial or complete
        examination of the Mortgage Files shall not affect the rights of the Purchaser
        or any assignee, transferee or designee of the Purchaser to demand repurchase
        or
        other relief as provided herein or under the Pooling and Servicing
        Agreement.

      

      SECTION
        5. Representations,
        Warranties and Covenants of the Seller.

      

      The
        Seller hereby represents and warrants to the Purchaser, as of the date hereof
        and as of the Closing Date, and covenants, that:

      

      (i) The
        Seller is a Delaware corporation with full corporate power and authority
        to
        conduct its business as presently conducted by it to the extent material
        to the
        consummation of the transactions contemplated herein. The Agreement has been
        duly authorized, executed and delivered by the Seller. The Seller had the
        full
        corporate power and authority to own the Mortgage Loans and to transfer and
        convey the Mortgage Loans to the Purchaser and has the full corporate power
        and
        authority to execute and deliver, engage in the transactions contemplated
        by,
        and perform and observe the terms and conditions of this Agreement;

      

      (ii) The
        Seller has duly authorized the execution, delivery and performance of this
        Agreement, has duly executed and delivered this Agreement, and this Agreement,
        assuming due authorization, execution and delivery by the Purchaser, constitutes
        a legal, valid and binding obligation of the Seller, enforceable against
        it in
        accordance with its terms except as the enforceability thereof may be limited
        by
        bankruptcy, insolvency or reorganization or by general principles of
        equity;

      

      (iii) The
        execution, delivery and performance of this Agreement by the Seller (x) does
        not
        conflict and will not conflict with, does not breach and will not result
        in a
        breach of and does not constitute and will not constitute a default (or an
        event, which with notice or lapse of time or both, would constitute a default)
        under (A) any terms or provisions of the organizational documents of the
        Seller,
        (B) any term or provision of any material agreement, contract, instrument
        or
        indenture, to which the Seller is a party or by which the Seller or any of
        its
        property is bound, or (C) any law, rule, regulation, order, judgment, writ,
        injunction or decree of any court or governmental authority having jurisdiction
        over the Seller or any of its property and (y) does not create or impose
        and
        will not result in the creation or imposition of any lien, charge or encumbrance
        (other than any created hereby in favor of the Purchaser and its assignees)
        which would have a material adverse effect upon the Mortgage Loans or any
        documents or instruments evidencing or securing the Mortgage Loans;

      

      
        
          
          

        

        
          -5-

          
            

          

        

        
          
          

        

      

      (iv) No
        consent, approval, authorization or order of, registration or filing with,
        or
        notice on behalf of the Seller to any governmental authority or court is
        required, under federal laws or the laws of the State of New York, for the
        execution, delivery and performance by the Seller of, or compliance by the
        Seller with, this Agreement or the consummation by the Seller of any other
        transaction contemplated hereby and by the Pooling and Servicing Agreement;
        provided, however, that the Seller makes no representation or warranty regarding
        federal or state securities laws in connection with the sale or distribution
        of
        the Certificates;

      

      (v) The
        Seller is not in violation of, and the execution and delivery of this Agreement
        by the Seller and its performance and compliance with the terms of this
        Agreement will not constitute a violation with respect to, any order or decree
        of any court or any order or regulation of any federal, state, municipal
        or
        governmental agency having jurisdiction over the Seller or its assets, which
        violation might have consequences that would materially and adversely affect
        the
        condition (financial or otherwise) or the operation of the Seller or its
        assets
        or might have consequences that would materially and adversely affect the
        performance of its obligations and duties hereunder;

      

      (vi) The
        Seller does not believe, nor does it have any reason or cause to believe,
        that
        it cannot perform each and every covenant contained in this
        Agreement;

      

      (vii) Immediately
        prior to the sale of the Mortgage Loans to the Purchaser as herein contemplated,
        the Seller was the owner of the related Mortgage and the indebtedness evidenced
        by the related Mortgage Note, and, upon the payment to the Seller of the
        Purchase Price, in the event that the Seller retains or has retained record
        title, the Seller shall retain such record title to each Mortgage, each related
        Mortgage Note and the related Mortgage Files with respect thereto in trust
        for
        the Purchaser as the owner thereof from and after the date hereof;

      

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

      

      (ix) The
        consummation of the transactions contemplated by this Agreement are in the
        ordinary course of business of the Seller, and the transfer, assignment and
        conveyance of the Mortgage Notes and the Mortgages by the Seller pursuant
        to
        this Agreement are not subject to the bulk transfer or any similar statutory
        provisions in effect in any relevant jurisdiction, except any as may have
        been
        complied with;

      

      
        
          
          

        

        
          -6-

          
            

          

        

        
          
          

        

      

      (x) The
        Seller has not dealt with any broker, investment banker, agent or other person,
        except for the Purchaser or any of its affiliates, that may be entitled to
        any
        commission or compensation in connection with the sale of the Mortgage Loans
        (except that an entity that previously financed the Seller’s ownership of the
        Mortgage Loans may be entitled to a fee to release its security interest
        in the
        Mortgage Loans, which fee shall have been paid and which security interest
        shall
        have been released on or prior to the Closing Date);

      

      (xi) There
        is
        no litigation currently pending or, to the best of the Seller’s knowledge
        without independent investigation, threatened against the Seller that would
        reasonably be expected to adversely affect the transfer of the Mortgage Loans,
        the issuance of the Certificates or the execution, delivery, performance
        or
        enforceability of this Agreement, or that would result in a material adverse
        change in the financial condition of the Seller; and

      

      (xii) The
        information set forth in the applicable part of the Closing Schedule relating
        to
        the existence of a Prepayment Charge is complete, true and correct in all
        material respects at the date or dates respecting which such information
        is
        furnished and each Prepayment Charge is permissible and enforceable in
        accordance with its terms upon the mortgagor’s full and voluntary principal
        prepayment under applicable law, except to the extent that: (1) the
        enforceability thereof may be limited by bankruptcy, insolvency, moratorium,
        receivership and other similar laws relating to creditors’ rights; (2) the
        collectability thereof may be limited due to acceleration in connection with
        a
        foreclosure or other involuntary prepayment; or (3) subsequent changes in
        applicable law may limit or prohibit enforceability thereof under applicable
        law.

      

      SECTION
        6. Representations
        and Warranties of the Seller Relating to the Mortgage Loans.

      

      The
        Seller hereby represents and warrants to the Purchaser that as to each Mortgage
        Loan as of the Closing Date:

      

      (i) Information
        provided to the Rating Agencies, including the loan level detail, is true
        and
        correct according to the Rating Agency requirements;

      

      (ii) No
        error,
        omission, misrepresentation, negligence, fraud or similar occurrence with
        respect to a Mortgage Loan has taken place on the part of any person, including
        without limitation the Mortgagor, any appraiser, any builder or developer,
        or
        any other party involved in the origination of the Mortgage Loan or in the
        application of any insurance in relation to such Mortgage Loan;

      

      (iii) Except
        as
        set forth on the Closing Schedule, all payments required to be made prior
        to the
        Cut-off Date with respect to each Mortgage Loan have been made;

      

      
        
          
          

        

        
          -7-

          
            

          

        

        
          
          

        

      

      (iv) [Reserved];

      

      (v) There
        are
        no delinquent taxes, assessment liens or insurance premiums affecting the
        related Mortgaged Property;

      

      (vi) The
        terms
        of the Mortgage Note and the Mortgage have not been materially impaired,
        waived,
        altered or modified in any respect, except by written instruments, recorded
        in
        the applicable public recording office if necessary to maintain the lien
        priority of the Mortgage. The substance of any such waiver, alteration or
        modification has been approved by the title insurer, to the extent required
        by
        the related policy. No Mortgagor has been released, in whole or in part,
        except
        in connection with an assumption agreement (approved by the title insurer
        to the
        extent required by the policy) and which assumption agreement has been delivered
        to the Trustee;

      

      (vii) The
        Mortgaged Property is insured against loss by fire and hazards of extended
        coverage (excluding earthquake insurance) in an amount which is at least
        equal
        to the lesser of (i) the amount necessary to compensate for any damage or
        loss
        to the improvements which are a part of such property on a replacement cost
        basis or (ii) the outstanding principal balance of the Mortgage Loan. If
        the
        Mortgaged Property is in an area identified on a flood hazard map or flood
        insurance rate map issued by the Federal Emergency Management Agency as having
        special flood hazards (and such flood insurance has been made available),
        a
        flood insurance policy meeting the requirements of the current guidelines
        of the
        Federal Insurance Administration is in effect. All such insurance policies
        contain a standard mortgagee clause naming the originator of the Mortgage
        Loan,
        its successors and assigns as mortgagee and the Seller has not engaged in
        any
        act or omission which would impair the coverage of any such insurance policies.
        Except as may be limited by applicable law, the Mortgage obligates the Mortgagor
        thereunder to maintain all such insurance at the Mortgagor’s cost and expense,
        and on the Mortgagor’s failure to do so, authorizes the holder of the Mortgage
        to maintain such insurance at Mortgagor’s cost and expense and to seek
        reimbursement therefor from the Mortgagor;

      

      (viii) Each
        Mortgage Loan and the related Prepayment Charge, if any, complied in all
        material respects with any and all requirements of any federal, state or
        local
        law including, without limitation, usury, truth in lending, anti-predatory
        lending, real estate settlement procedures, consumer credit protection, equal
        credit opportunity, fair housing, fair lending or disclosure laws applicable
        to
        the origination and servicing of the Mortgage Loans and the consummation
        of the
        transactions contemplated hereby will not involve the violation of any such
        laws;

      

      (ix) The
        Mortgage has not been satisfied, cancelled, subordinated (other than the
        subordination to the related first lien mortgage loan) or rescinded, in whole
        or
        in part, and the Mortgaged Property has not been released from the lien of
        the
        Mortgage, in whole or in part, nor has any instrument been executed that
        would
        effect any such satisfaction, cancellation, subordination, rescission or
        release;

      

      
        
          
          

        

        
          -8-

          
            

          

        

        
          
          

        

      

      (x) The
        Mortgage was recorded or was submitted for recording in accordance with all
        applicable laws and is a valid, existing and enforceable second lien on the
        Mortgaged Property including all improvements on the Mortgaged
        Property;

      

      (xi) The
        Mortgage Note and the related Mortgage are genuine and each is the legal,
        valid
        and binding obligation of the maker thereof, insured under the related title
        policy, and enforceable in accordance with its terms, except to the extent
        that
        the enforceability thereof may be limited by a bankruptcy, insolvency or
        reorganization;

      

      (xii) The
        Seller is the sole legal, beneficial and equitable owner of the Mortgage
        Note
        and the Mortgage and has the full right to convey, transfer and sell the
        Mortgage Loan to the Purchaser free and clear of any encumbrance, equity,
        lien
        (other than the subordination to the related first lien mortgage loan), pledge,
        charge, claim or security interest and immediately upon the sale, assignment
        and
        endorsement of the Mortgage Loans from the Seller to the Purchaser, the
        Purchaser shall have good and indefeasible title to and be the sole legal
        owner
        of the Mortgage Loans subject only to any encumbrance, equity, lien, pledge,
        charge, claim or security interest arising out of the Purchaser’s
        actions;

      

      (xiii) Unless
        the Mortgaged Property is located in the State of Iowa and an attorney’s
        certificate and/or a certificate of title guaranty has been obtained, each
        Mortgage Loan is covered by a valid and binding American Land Title Association
        lender’s title insurance policy issued by a title insurer qualified to do
        business in the jurisdiction where the Mortgaged Property is located. No
        claims
        have been filed under such lender’s title insurance policy, and the Seller has
        not done, by act or omission, anything that would impair the coverage of
        the
        lender’s title insurance policy;

      

      (xiv) There
        is
        no material default, breach, violation event or event of acceleration existing
        under the Mortgage or the Mortgage Note and no event which, with the passage
        of
        time or with notice and the expiration of any grace or cure period, would
        constitute a material default, breach, violation or event of acceleration,
        and
        the Seller has not, nor has its predecessors, waived any material default,
        breach, violation or event of acceleration;

      

      (xv) There
        are
        no mechanics’ or similar liens or claims which have been filed for work, labor
        or material provided to the related Mortgaged Property prior to the origination
        of the Mortgage Loan which are or may be liens prior to, or equal or coordinate
        with, the lien of the related Mortgage, except as may be disclosed in the
        related title policy;

      

      (xvi) Except
        with respect to approximately 82.52% of the Group I Mortgage Loans and 83.37
        of
        the Group II Mortgage Loans by aggregate principal balance as of the Cut-off
        Date, which are balloon loans and approximately 1.85% of the Group I Mortgage
        Loans and 1.91% of the Group II Mortgage Loans by aggregate principal balance
        as
        of the Cut-Off Date, which are interest-only loans, each Mortgage Note is
        payable on the first day of each month (unless otherwise specified on the
        Closing Schedule) in equal monthly installments of principal and interest,
        with
        interest calculated on a 30/360 basis and payable in arrears, sufficient
        to
        amortize the Mortgage Loan fully by the stated maturity date over an original
        term from commencement of amortization to not more than 30 years and no Mortgage
        Loan permits negative amortization;

      

      
        
          
          

        

        
          -9-

          
            

          

        

        
          
          

        

      

      (xvii) The
        servicing practices used in connection with the servicing of the Mortgage
        Loans
        have been in all respects reasonable and customary in the mortgage servicing
        industry of like mortgage loan servicers, servicing similar subprime mortgage
        loans originated in the same jurisdiction as the Mortgaged
        Property;

      

      (xviii) At
        the
        time of origination of the Mortgage Loan there was no proceeding pending
        for the
        total or partial condemnation of the Mortgaged Property and, as of the date
        such
        Mortgage Loan was purchased by the Purchaser, to the best of the Purchaser’s
        knowledge there is no proceeding pending for the total or partial condemnation
        of the Mortgaged Property;

      

      (xix) The
        Mortgage and related Mortgage Note contain customary and enforceable provisions
        such as to render the rights and remedies of the holder thereof adequate
        for the
        realization against the Mortgaged Property of the benefits of the security
        provided thereby, including, (a) in the case of a Mortgage designated as
        a deed
        of trust, by trustee’s sale, and (b) otherwise by judicial
        foreclosure;

      

      (xx) The
        Mortgage Note is not and has not been secured by any collateral except the
        lien
        of the related Mortgage referred to in subsection (xi) above;

      

      (xxi) In
        the
        event the Mortgage constitutes a deed of trust, a trustee, duly qualified
        under
        applicable law to serve as such, has been properly designated and currently
        so
        serves and is named in the Mortgage, and no fees or expenses are or will
        become
        payable by the Seller to the trustee under the deed of trust, except in
        connection with a trustee’s sale after default by the Mortgagor;

      

      (xxii) The
        Mortgage Loan is not subject to any valid right of rescission, set-off,
        counterclaim or defense, including without limitation the defense of usury,
        nor
        will the operation of any of the terms of the Mortgage Note or the Mortgage,
        or
        the exercise of any right thereunder, render either the Mortgage Note or
        the
        Mortgage unenforceable, in whole or in part, or subject to any such right
        of
        rescission, set-off, counterclaim or defense, including without limitation
        the
        defense of usury, and no such right of rescission, set-off, counterclaim
        or
        defense has been asserted with respect thereto;

      

      (xxiii) The
        Mortgage Loans were underwritten in accordance with the underwriting guidelines
        in effect at the time the Mortgage Loans were purchased by the Seller (the
        “Seller’s Underwriting Guidelines”), except with respect to certain of those
        Mortgage Loans which had compensating factors permitting a deviation from
        the
        Seller’s Underwriting Guidelines;

      

      (xxiv) The
        Mortgaged Property is free of material damage and waste, excepting therefrom
        any
        Mortgage Loan subject to an escrow withhold as shown on the Closing
        Schedule;

      

      (xxv) All
        of
        the improvements which were included in determining the appraised value of
        the
        Mortgaged Property lie wholly within the Mortgaged Property’s boundary lines and
        no improvements on adjoining properties encroach upon the Mortgaged Property,
        excepting therefrom: (i) any encroachment insured against in the lender’s title
        insurance policy identified in subsection (xiii), (ii) any encroachment
        generally acceptable to subprime mortgage loan originators doing business
        in the
        same jurisdiction as the Mortgaged Property, and (iii) any encroachment which
        does not materially interfere with the benefits of the security intended
        to be
        provided by such Mortgage;

      

      
        
          
          

        

        
          -10-

          
            

          

        

        
          
          

        

      

      (xxvi) All
        parties to the Mortgage Note had the legal capacity to execute the Mortgage
        Note
        and the Mortgage, and the Mortgage Note and the Mortgage have been duly executed
        by such parties;

      

      (xxvii) To
        the
        best of the Seller’s knowledge, at the time of origination of the Mortgage Loan,
        no appraised improvement located on or being part of the Mortgaged Property
        was
        in violation of any applicable zoning law or regulation and all inspections,
        licenses and certificates required in connection with the origination of
        any
        Mortgage Loan with respect to the occupancy of the Mortgaged Property, have
        been
        made or obtained from the appropriate authorities;

      

      (xxviii) No
        Mortgagor has notified the Seller of any relief requested or allowed under
        the
        Servicemembers Civil Relief Act;

      

      (xxix) All
        parties which have held an interest in the Mortgage Loan are (or during the
        period in which they held and disposed of such interest, were) (1) in compliance
        with any and all applicable licensing requirements of the state wherein the
        Mortgaged Property is located, (2) organized under the laws of such state,
        (3)
        qualified to do business in such state, (4) a federal savings and loan
        association or national bank, (5) not doing business in such state, or (6)
        exempt from the applicable licensing requirements of such state;

      

      (xxx) The
        Mortgage File contains an appraisal of the related Mortgaged Property which
        was
        made prior to the approval of the Mortgage Loan by a qualified appraiser,
        duly
        appointed by the related originator and was made in accordance with the
        Financial Institutions Reform, Recovery, and Enforcement Act of 1989 and
        the
        Uniform Standards of Professional Appraisal Practice;

      

      (xxxi) Except
        as
        may otherwise be limited by applicable law, the Mortgage contains a provision
        for the acceleration of the payment of the unpaid principal balance of the
        Mortgage Loan in the event that the Mortgaged Property is sold or transferred
        without the prior written consent of the Mortgagee thereunder;

      

      (xxxii) The
        Mortgage Loan does not contain any provision which would constitute a “buydown”
provision and pursuant to which Monthly Payments are paid or partially paid
        with
        funds deposited in a separate account established by the related originator,
        the
        Mortgagor or anyone on behalf of the Mortgagor, or paid by any source other
        than
        the Mortgagor. The Mortgage Loan is not a “graduated payment mortgage loan” and
        the Mortgage loan does not have a shared appreciation or other contingent
        interest feature;

      

      (xxxiii) To
        the
        best of the Seller’s knowledge there is no action or proceeding directly
        involving the Mortgaged Property presently pending in which compliance with
        any
        environmental law, rule or regulation is at issue and the Seller has received
        no
        notice of any condition at the Mortgaged Property which is reasonably likely
        to
        give rise to an action or proceeding in which compliance with any environmental
        law, rule or regulation is at issue;

      

      
        
          
          

        

        
          -11-

          
            

          

        

        
          
          

        

      

      (xxxiv) Each
        Mortgage Loan is an obligation which is principally secured by an interest
        in
        real property within the meaning of Treasury Regulation section
        1.860G-2(a);

      

      (xxxv) Each
        Mortgage Loan (a) is directly secured by a second lien on, and consists of
        a
        single parcel of, real property with an attached, detached or semi-detached
        one-to-four family residence erected thereon, a townhouse, row house or an
        individual condominium unit in a condominium project, or an individual unit
        in a
        planned unit development (“PUD”). Any unit in a PUD or condominium project
        conforms to the requirements of the Seller’s Underwriting Guidelines regarding
        such dwellings. No residence or dwelling is a mobile home or a manufactured
        dwelling unless it is a manufactured dwelling, which is permanently affixed
        to a
        foundation and treated as “real estate” under applicable law. No Mortgaged
        Property is used for commercial purposes. Mortgaged Properties which contain
        a
        home office shall not be considered as being used for commercial purposes
        as
        long as the Mortgaged Property has not been altered for commercial purposes
        and
        is not storing any chemicals or raw materials other than those commonly used
        for
        homeowner repair, maintenance and/or household purposes;

      

      (xxxvi) [Reserved];

      

      (xxxvii) [Reserved];

      

      (xxxviii) 
        With
        respect to each Group I Mortgage Loan, no Mortgagor obtained a prepaid single
        premium credit insurance policy (e.g., life, mortgage, disability, accident,
        unemployment, property or health insurance product) or debt cancellation
        agreement in connection with the origination of such Group I Mortgage
        Loan;

      

      (xxxix) With
        respect to any Group I Mortgage Loan that contains a provision permitting
        imposition of a penalty upon a prepayment prior to maturity: (i) such Group
        I
        Mortgage Loan provides some benefit to the Mortgagor (e.g. a rate or fee
        reduction) in exchange for accepting such prepayment penalty, (ii) such Group
        I
        Mortgage Loan’s originator had a written policy of offering the Mortgagor, or
        requiring third-party brokers to offer the Mortgagor, the option of obtaining
        a
        mortgage loan that did not require payment of such a penalty, (iii) the
        prepayment penalty was adequately disclosed to the Mortgagor pursuant to
        applicable state and federal law, (iv) no Group I Mortgage Loan originated
        on or
        after October 1, 2002 will provide for Prepayment Charges for a term in excess
        of three years and any Group I Mortgage Loan originated prior to such date,
        will
        not provide for Prepayment Charges in excess of five years; in each case
        unless
        such Group I Mortgage Loan was modified to reduce the prepayment period to
        no
        more than three years from the date of the Mortgage Note and the Mortgagor
        was
        notified in writing of such reduction in prepayment period, and (v) such
        prepayment penalty shall not be imposed in any instance where such Group
        I
        Mortgage Loan is accelerated or paid off in connection with the workout of
        a
        delinquent Mortgage or due to Mortgagor’s default, notwithstanding that the
        terms of such Group I Mortgage Loan or state or federal law might permit
        the
        imposition of such penalty;

      

      
        
          
          

        

        
          -12-

          
            

          

        

        
          
          

        

      

      (xl) No
        Mortgage Loan is subject to the Home Ownership and Equity Protection Act
        of
        1994, as amended (“HOEPA”) or any comparable law and no Mortgage Loan is
        classified and/or defined as “high cost”, “covered” (excluding home loans
        defined as “covered home loans” in the New Jersey Home Ownership Security Act of
        2002 that were originated between November 26, 2003 and July 7, 2004) “high risk
        home” or “predatory” loan under any other federal, state or local law (or a
        similarly classified loan using different terminology under a law imposing
        heightened regulatory scrutiny or additional legal liability for residential
        mortgage loans having high interest rates, points and/or fees). No Group
        I
        Mortgage Loan has an “annual percentage rate” or “total points and fees” payable
        by the Mortgagor (as each such term is defined under HOEPA (Section 32 of
        Regulation Z, 12 C.F.R. Section 226.32(a)(1)(i) and (ii));

      

      (xli) There
        is
        no Mortgage Loan that was originated or modified on or after October 1, 2002
        and
        before March 7, 2003, which is secured by property located in the State of
        Georgia. There is no such Mortgage Loan underlying the Certificate that was
        originated on or after March 7, 2003, which is a “high cost home loan” as
        defined under the Georgia Fair Lending Act;

      

      (xlii) With
        respect to any Mortgage Loan, either (i) no consent for the Mortgage Loan
        is
        required by the holder of any related senior lien or (ii) such consent has
        been
        obtained and is contained in the Mortgage File;

      

      (xliii) No
        Mortgage Loan is a “High Cost Home Loan” as defined in the Indiana Home Loan
        Practices Act, effective January 1, 2005 (Ind. Code Ann. Sections 24-9-1
        through
        24-9-9);

      

      (xliv) As
        of the
        date hereof, the Seller has not received a notice of default of a senior
        lien on
        the related Mortgaged Property which has not been cured;

      

      (xlv) There
        is
        no Mortgage Loan that (a) is secured by property located in the State of
        Kentucky; (b) was originated on or after June 24, 2003, and (c) which is
        a “high
        cost home loan” as defined under Kentucky State Statute KRS 360.100, effective
        as of June 24, 2003;

      

      (xlvi) There
        is
        no Mortgage Loan that (a) is secured by property located in the State of
        Arkansas, (b) has a note date on or after July 16, 2003, and (c) which is
        a
“high cost home loan” as defined under the Arkansas Home Loan Protection Act,
        effective as of July 16, 2003;

      

      (xlvii) [Reserved];

      

      (xlviii) The
        Servicer for each Group I Mortgage Loan has fully furnished, and will fully
        furnish, in accordance with the Fair Credit Reporting Act and its implementing
        regulations, accurate and complete information (i.e., favorable and unfavorable)
        on its borrower credit files to Equifax, Experian, and Trans Union Credit
        Information Company (three of the credit repositories), on a monthly
        basis;

      

      (xlix) The
        original principal balance of each Group I Mortgage Loan is within Freddie
        Mac’s
        dollar amount limits for conforming one-to-four family mortgage
        loans;

      

      
        
          
          

        

        
          -13-

          
            

          

        

        
          
          

        

      

      (l) No
        Mortgage Loan is a “High-Cost Home Loan” as defined in the New Jersey Home
        Ownership Act effective November 27, 2003 (N.J.S.A. 46:10B-22 et seq.);

      

      (li) No
        Mortgage Loan is a “High-Cost Home Loan” as defined in the New Mexico Home Loan
        Protection Act effective January 1, 2004 (N.M. Stat. Ann. §§ 58-21A-1 et
        seq.);

      

      (lii) No
        Mortgage Loan is a “High-Risk Home Loan” as defined in the Illinois High-Risk
        Home Loan Act effective January 1, 2004 (815 Ill. Comp. Stat. 137/1 et
        seq.);

      

      (liii) No
        Mortgage Loan originated in the City of Los Angeles is subject to the City
        of
        Los Angeles California Ordinance 175008 as a home loan;

      

      (liv) No
        Mortgage Loan is a “High Cost Home Loan” as defined under the Maine House Bill
        383 L.D. 494, effective as of September 13, 2003;

      

      (lv) No
        Mortgage Loan is a “High Cost” loan as defined under the New York Banking Law
        Section 6L, effective as of April 1, 2003;

      

      (lvi) No
        Mortgage Loan is a “home loan” in the state of Nevada; 

      

      (lvii) No
        Mortgage Loan is a “Section 10 mortgage loan” as defined in Oklahoma House Bill
        1574;

      

      (lviii) With
        respect to any Group 1 Mortgage Loan originated on or after August 1, 2004,
        neither the related Mortgage nor the related Mortgage Note requires the borrower
        to submit to arbitration to resolve any dispute arising out of or relating
        in
        any way to the Mortgage Loan transaction;

      

      (lix) No
        Mortgage Loan is a High Cost Loan or Covered Loan, as applicable (as such
        terms
        are defined in the then current Standard & Poor’s LEVELS®
        Glossary
        which is now Version 5.7, Appendix E (attached hereto as Exhibit 2)) and
        no
        Mortgage Loan originated on or after October 1, 2002 through March 6, 2003
        is
        governed by the Georgia Fair Lending Act;

      

      (lx) [Reserved];

      

      (lxi) [Reserved];

      

      (lxii) With
        respect to each Group I Mortgage Loan, no Mortgagor was encouraged or required
        to select a mortgage loan product offered by the related originator which
        is a
        higher cost product designed for less creditworthy borrowers, unless at the
        time
        of such Group I Mortgage Loan’s origination, such borrower did not qualify
        taking into account credit history and debt to income ratios for a lower
        cost
        credit product then offered by the originator or any affiliate of the
        originator. If, at the time of loan application, the Mortgagor may have
        qualified for a lower cost credit product then offered by any mortgage lending
        affiliate of the originator, the originator referred the Mortgagor’s application
        to such affiliate for underwriting consideration;

      

      
        
          
          

        

        
          -14-

          
            

          

        

        
          
          

        

      

      (lxiii) No
        selection procedures were used by the Seller that identified the Mortgage
        Loans
        as being less desirable or valuable than other comparable mortgage loans
        in the
        Seller’s portfolio; 

      

      (lxiv) The
        information set forth in the Closing Schedule is true and correct in all
        material respects as of the Cut-Off Date;

      

      (lxv) With
        respect to each Group I Mortgage Loan, the methodology used in underwriting
        the
        extension of credit for each Group I Mortgage Loan did not rely solely on
        the
        extent of the Mortgagor’s equity in the collateral as the principal determining
        factor in approving such extension of credit. The methodology employed objective
        criteria such as, the Mortgagor’s income, assets or liabilities, to the proposed
        mortgage payment and, based on such methodology, the Group I Mortgage Loan’s
        originator made a reasonable determination that at the time of origination
        the
        Mortgagor had the ability to make timely payments on the Mortgage Loan;

      

      (lxvi) [Reserved];

      

      (lxvii) [Reserved];

      

      (lxviii) [Reserved];

      

      (lxix) [Reserved];

      

      (lxx) With
        respect to a Group I Mortgage Loan, (a) such Group I Mortgage Loan is secured
        by
        a one- to four-family residence that was (or would be) the principal residence
        of the Mortgagor, (b) the origination amount for such Group I Mortgage Loan
        did
        not exceed one-half of the one-unit limitation set forth by Freddie Mac for
        first lien mortgage loans or $208,500 (in Alaska, Guam, Hawaii or Virgin
        Islands: $312,750), without regard to the number of units and (c) the aggregate
        original principal balance for the corresponding first lien and the Group
        I
        Mortgage Loan does not exceed Freddie Mac’s applicable loan limits for first
        lien mortgage loans for properties of the same type as the related Mortgaged
        Property;

      

      (lxxi) No
        Mortgagor under a Group I Mortgage Loan was charged “points and fees” in an
        amount greater than (a) $1,000 or (b) 5% of the principal amount of such
        Group I
        Mortgage Loan, whichever is greater. For purposes of this representation,
        “points and fees” (x) include origination, underwriting, broker and finder’s
        fees and charges that the lender imposed as a condition of making such Group
        I
        Mortgage Loan, whether they were paid to the lender or a third party; and
        (y)
        exclude bona fide discount points, fees paid for actual services rendered
        in
        connection with the origination of the mortgage (such as attorney’s fees,
        notaries fees and fees paid for property appraisals, credit reports, surveys,
        title examinations and extracts, flood and tax certifications, and home
        inspections); the cost of mortgage insurance or credit-risk price adjustments;
        the costs of title, hazard, and flood insurance policies; state and local
        transfer taxes or fees; escrow deposits for the future payment of taxes and
        insurance premiums; and other miscellaneous fees and charges, which
        miscellaneous fees and charges, in total, do not exceed 0.25 percent of the
        loan
        amount;

      

      (lxxii) [Reserved];
        

      

      
        
          
          

        

        
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      (lxxiii) With
        respect to any Group I Mortgage Loan that is on manufactured housing, upon
        origination of each such Group I Mortgage Loan the manufactured housing unit
        either: (i) will be the principal residence of the borrower or (ii) will
        be
        classified as real estate property under applicable state law; and

      

      (lxxiv) With
        respect to any Group I Mortgage Loan for which the date of the related mortgage
        note is more than 1 year before the Closing Date, 

      

      (i) The
        Sponsor represents that it currently operates or actively participates in
        an
        on-going and active program or business (A) to originate mortgages, and/or
        (B)
        to make periodic purchases of mortgage loans from originators or other sellers,
        and/or (C) to issue and/or purchase securities or bonds supported by the
        mortgages, with a portion of the proceeds generated by such program or business
        being used to purchase or originate mortgages made to borrowers who
        are:

      

      (a)
        low-income families (families with incomes of 80% or less of area median
        income)
        living in low-income areas (a census tract or block numbering area in which
        the
        median income does not exceed 80 percent of the area median income)
        and/or

      

      (b)
        very
        low-income families (families with incomes of 60% or less of area median
        income), and

      

      (ii)
        The
        Sponsor agrees that Freddie Mac for a period of two (2) years following the
        date
        of this Agreement may contact the Sponsor to confirm that it continues to
        operate or actively participate in the mortgage program or business and to
        obtain other nonproprietary information about the Sponsor’s activities that may
        assist Freddie Mac in completing its regulatory reporting requirements. The
        Sponsor will make reasonable efforts to provide such information to Freddie
        Mac.

      

      SECTION
        7. Repurchase
        Obligation for Defective Documentation and for Breach of Representation and
        Warranty.

      

      (a) The
        representations and warranties contained in Section 6 shall not be impaired
        by
        any review and examination of loan files or other documents evidencing or
        relating to the Mortgage Loans or any failure on the part of the Seller or
        the
        Purchaser to review or examine such documents and shall inure to the benefit
        of
        any assignee, transferee or designee of the Purchaser, including the Trustee
        for
        the benefit of the Certificateholders. With respect to the representations
        and
        warranties contained herein as to which the Seller has no knowledge, if it
        is
        discovered that the substance of any such representation and warranty was
        inaccurate as of the date such representation and warranty was made or deemed
        to
        be made, and such inaccuracy materially and adversely affects the value of
        the
        related Mortgage Loan or the interest therein of the Purchaser or the
        Purchaser’s assignee, transferee or designee, then notwithstanding the lack of
        knowledge by the Seller with respect to the substance of such representation
        and
        warranty being inaccurate at the time the representation and warranty was
        made,
        the Seller shall take such action described in the following paragraph in
        respect of such Mortgage Loan. Notwithstanding anything to the contrary
        contained herein, any breach of a representation or warranty contained in
        clauses (viii), (xxxviii), (xxxix), (xl), (xli), (xlviii), (xlix), (lviii),
        (lxii), (lxv), (lxx), (lxxi), (lxxiii) and/or (lxxiv) of Section 6 above,
        shall
        be automatically deemed to affect materially and adversely the interests
        of the
        Purchaser or the Purchaser’s assignee, transferee or designee. 

      

      
        
          
          

        

        
          -16-

          
            

          

        

        
          
          

        

      

      Upon
        discovery by the Seller, the Purchaser or any assignee, transferee or designee
        of the Purchaser of any materially defective document in, or that any material
        document was not transferred by the Seller, as listed on a Custodian’s
        preliminary exception report, as described in the Custodial Agreements, as
        part
        of any Mortgage File, or of a breach of any of the representations and
        warranties contained in Section 6 that materially and adversely affects the
        value of any Mortgage Loan or the interest therein of the Purchaser or the
        Purchaser’s assignee, transferee or designee, the party discovering such breach
        shall give prompt written notice to the Seller. Within sixty (60) days of
        its
        discovery or its receipt of notice of any such missing documentation that
        was
        not transferred by the Seller as described above, or of materially defective
        documentation, or any such breach of a representation and warranty, the Seller
        promptly shall deliver such missing document or cure such defect or breach
        in
        all material respects or, in the event the Seller cannot deliver such missing
        document or cannot cure such defect or breach, the Seller shall, within ninety
        (90) days of its discovery or receipt of notice of any such missing or
        materially defective documentation or of any such breach of a representation
        and
        warranty, either (i) repurchase the affected Mortgage Loan at the Purchase
        Price
        (as such term is defined in the Pooling and Servicing Agreement) or (ii)
        pursuant to the provisions of the Pooling and Servicing Agreement, cause
        the
        removal of such Mortgage Loan from the Trust Fund and substitute one or more
        Qualified Substitute Mortgage Loans. The Seller shall amend the Closing Schedule
        to reflect the withdrawal of such Mortgage Loan from the terms of this Agreement
        and the Pooling and Servicing Agreement. The Seller shall deliver to the
        Purchaser such amended Closing Schedule and shall deliver such other documents
        as are required by this Agreement or the Pooling and Servicing Agreement
        within
        five (5) days of any such amendment. Any repurchase pursuant to this Section
        7(a) shall be accomplished by transfer to an account designated by the Purchaser
        of the amount of the Purchase Price in accordance with Section 2.03 of the
        Pooling and Servicing Agreement. Any repurchase required by this Section
        shall
        be made in a manner consistent with Section 2.03 of the Pooling and Servicing
        Agreement.

      

      (b) If
        the
        representation made by the Seller in Section 5(xii) is breached, the Seller
        shall not have the right or obligation to cure, substitute or repurchase
        the
        affected Mortgage Loan but shall remit to the related Servicer for deposit
        in
        the Collection Account, prior to the next succeeding Servicer Remittance
        Date,
        the amount of the Prepayment Charge indicated on the applicable part of the
        Closing Schedule to be due from the Mortgagor in the circumstances less any
        amount collected and remitted to the related Servicer for deposit into the
        Collection Account.

      

      (c) It
        is
        understood and agreed that the obligations of the Seller set forth in this
        Section 7 to cure or repurchase a defective Mortgage Loan (and to make payments
        pursuant to Section 7(b)) constitute the sole remedies of the Purchaser against
        the Seller respecting a missing document or a breach of the representations
        and
        warranties contained in Section 5(xii) or Section 6.

      

      
        
          
          

        

        
          -17-

          
            

          

        

        
          
          

        

      

      SECTION
        8. Closing;
        Payment for the Mortgage Loans. The
        closing of the purchase and sale of the Mortgage Loans and the Swap Agreement
        shall be held at the New York City office of Thacher Proffitt & Wood
llp
        at 10:00
        a.m. New York City time on the Closing Date.

      

      The
        closing shall be subject to each of the following conditions:

      

      (a) All
        of
        the representations and warranties of the Seller under this Agreement shall
        be
        true and correct in all material respects as of the date as of which they
        are
        made and no event shall have occurred which, with notice or the passage of
        time,
        would constitute a default under this Agreement;

      

      (b) The
        Purchaser shall have received, or the attorneys of the Purchaser shall have
        received in escrow (to be released from escrow at the time of closing), all
        closing documents as specified in Section 9 of this Agreement, in such forms
        as
        are agreed upon and acceptable to the Purchaser, duly executed by all
        signatories other than the Purchaser as required pursuant to the respective
        terms thereof;

      

      (c) The
        Seller shall have delivered or caused to be delivered and released to the
        Purchaser or to its designee, all documents (including without limitation,
        the
        Mortgage Loans) required to be so delivered by the Purchaser pursuant to
        Section
        2.01 of the Pooling and Servicing Agreement; and

      

      (d) All
        other
        terms and conditions of this Agreement and the Pooling and Servicing Agreement
        shall have been complied with.

      

      Subject
        to the foregoing conditions, the Purchaser shall deliver or cause to be
        delivered to the Seller on the Closing Date, against delivery and release
        by the
        Seller to the Trustee of all documents required pursuant to the Pooling and
        Servicing Agreement, the consideration for the Mortgage Loans as specified
        in
        Section 3 of this Agreement.

      

      SECTION
        9. Closing
        Documents.
        Without
        limiting the generality of Section 8 hereof, the closing shall be subject
        to
        delivery of each of the following documents:

      

      (a) An
        Officers’ Certificate of the Seller, dated the Closing Date, upon which the
        Purchaser and DBSI may rely with respect to certain facts regarding the sale
        of
        the Mortgage Loans by the Seller to the Purchaser;

      

      (b) An
        Opinion of Counsel of the Seller, dated the Closing Date and addressed to
        the
        Purchaser and DBSI;

      

      (c) Such
        opinions of counsel as the Rating Agencies or the Trustee may request in
        connection with the sale of the Mortgage Loans by the Seller to the Purchaser
        or
        the Seller’s execution and delivery of, or performance under, this Agreement;
        and

      

      (d) Such
        further information, certificates, opinions and documents as the Purchaser
        or
        DBSI may reasonably request.

      

      
        
          
          

        

        
          -18-

          
            

          

        

        
          
          

        

      

      SECTION
        10. Costs.
        The
        Seller shall pay (or shall reimburse the Purchaser or any other Person to
        the
        extent that the Purchaser or such other Person shall pay) all costs and expenses
        incurred in connection with the transfer and delivery of the Mortgage Loans,
        including without limitation, fees for title policy endorsements and
        continuations, the fees and expenses of the Seller’s accountants and attorneys,
        the costs and expenses incurred in connection with producing the Servicers’ loan
        loss, foreclosure and delinquency experience, and the costs and expenses
        incurred in connection with obtaining the documents referred to in Sections
        9(a), 9(b) and 9(c), the costs and expenses of printing (or otherwise
        reproducing) and delivering this Agreement, the Pooling and Servicing Agreement,
        the Certificates, the prospectus and prospectus supplement, and any private
        placement memorandum relating to the Certificates and other related documents,
        the initial fees, costs and expenses of the Trustee, the fees and expenses
        of
        the Purchaser’s counsel in connection with the preparation of all documents
        relating to the securitization of the Mortgage Loans, the filing fee charged
        by
        the Securities and Exchange Commission for registration of the Certificates
        and
        the fees charged by any rating agency to rate the Certificates.  All
        other costs and expenses in connection with the transactions contemplated
        hereunder shall be borne by the party incurring such expense.

      

      SECTION
        11. Servicing.  The
        Mortgage Loans will be master serviced by the Master Servicer and serviced
        by
        the Servicers, on behalf of the Trust under the Pooling and Servicing Agreement,
        and the Seller has represented to the Purchaser that such Mortgage Loans
        are not
        subject to any other servicing agreements with third parties.  It is
        understood and agreed between the Seller and the Purchaser that the Mortgage
        Loans are to be delivered free and clear of any servicing
        agreements.  Neither the Purchaser nor any affiliate of the Purchaser
        is servicing the Mortgage Loans under any such servicing agreement and,
        accordingly, neither the Purchaser nor any affiliate of the Purchaser is
        entitled to receive any fee for releasing the Mortgage Loans from any such
        servicing agreement.  The Seller shall arrange for the orderly
        transfer, of such servicing to the Servicers.  For so long as the
        Master Servicer master services the Mortgage Loans and the Servicers service
        the
        Mortgage Loans, the Master Servicer shall be entitled to the Master Servicing
        Fee and the Servicers shall be entitled to a Servicing Fee and such other
        payments as provided for under the terms of the Pooling and Servicing
        Agreement.

      

      SECTION
        12. Mandatory
        Delivery; Grant of Security Interest.  The
        sale and delivery on the Closing Date of the Mortgage Loans (exclusive of
        the
        Servicing Rights) described on the Closing Schedule in accordance with the
        terms
        and conditions of this Agreement is mandatory.  It is specifically
        understood and agreed that each Mortgage Loan is unique and identifiable
        on the
        date hereof and that an award of money damages would be insufficient to
        compensate the Purchaser for the losses and damages incurred by the Purchaser
        in
        the event of the Seller’s failure to deliver the Mortgage Loans on or before the
        Closing Date.  The Seller hereby grants to the Purchaser a lien on and
        a continuing security interest in the Seller’s interest in each Mortgage Loan
        and each document and instrument evidencing each such Mortgage Loan to secure
        the performance by the Seller of its obligation hereunder, and the Seller
        agrees
        that it holds such Mortgage Loans in custody for the Purchaser, subject to
        the
        Purchaser’s (i) right, prior to the Closing Date, to reject any Mortgage Loan to
        the extent permitted by this Agreement and (ii) obligation to deliver or
        cause
        to be delivered the consideration for the Mortgage Loans pursuant to Section
        8
        hereof.  Any Mortgage Loans rejected by the Purchaser shall
        concurrently therewith be released from the security interest created
        hereby.  All rights and remedies of the Purchaser under this Agreement
        are distinct from, and cumulative with, any other rights or remedies under
        this
        Agreement or afforded by law or equity and all such rights and remedies may
        be
        exercised concurrently, independently or successively.

      

      
        
          
          

        

        
          -19-

          
            

          

        

        
          
          

        

      

      Notwithstanding
        the foregoing, if on the Closing Date, each of the conditions set forth in
        Section 8 hereof shall have been satisfied and the Purchaser shall not have
        paid
        or caused to be paid the Purchase Price, or any such condition shall not
        have
        been waived or satisfied and the Purchaser determines not to pay or cause
        to be
        paid the Purchase Price, the Purchaser shall immediately effect the redelivery
        of the Mortgage Loans, if delivery to the Purchaser has occurred, and the
        security interest created by this Section 12 shall be deemed to have been
        released.

      

      SECTION
        13. Notices.  All
        demands, notices and communications hereunder shall be in writing and shall
        be
        deemed to have been duly given if personally delivered to or mailed by
        registered mail, postage prepaid, or transmitted by fax and, receipt of which
        is
        confirmed by telephone, if to the Purchaser, addressed to the Purchaser at
        6525
        Morrison Boulevard, Suite 318, Charlotte, North Carolina 28211, fax: (704)
        365-1362, Attention: Doris Hearn, or such other address as may hereafter
        be
        furnished to the Seller  in writing by the Purchaser; and if to the
        Seller, addressed to the Seller at 60 Wall Street, New York, New York 10005,
        fax: (212) 250-2740, Attention:  Michael Commaroto, or to such other
        address as the Seller may designate in writing to the Purchaser.

      

      SECTION
        14. Severability
        of Provisions.  Any
        part, provision, representation or warranty of this Agreement that is prohibited
        or that is held to be void or unenforceable shall be ineffective to the extent
        of such prohibition or unenforceability without invalidating the remaining
        provisions hereof.  Any part, provision, representation or warranty of
        this Agreement that is prohibited or unenforceable or is held to be void
        or
        unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective
        to the extent of such prohibition or unenforceability without invalidating
        the
        remaining provisions hereof, and any such prohibition or unenforceability
        in any
        jurisdiction as to any Mortgage Loan shall not invalidate or render
        unenforceable such provision in any other jurisdiction.  To the extent
        permitted by applicable law, the parties hereto waive any provision of law
        which
        prohibits or renders void or unenforceable any provision hereof.

      

      SECTION
        15. Agreement
        of Parties.  The
        Seller and the Purchaser each agree to execute and deliver such instruments
        and
        take such actions as either of the others may, from time to time, reasonably
        request in order to effectuate the purpose and to carry out the terms of
        this
        Agreement and the Pooling and Servicing Agreement.

      

      SECTION
        16. Survival.  The
        Seller agrees that the representations, warranties and agreements made by
        it
        herein and in any certificate or other instrument delivered pursuant hereto
        shall be deemed to be relied upon by the Purchaser, notwithstanding any
        investigation heretofore or hereafter made by the Purchaser or on its behalf,
        and that the representations, warranties and agreements made by the Seller
        herein or in any such certificate or other instrument shall survive the delivery
        of and payment for the Mortgage Loans and shall continue in full force and
        effect, notwithstanding any restrictive or qualified endorsement on the Mortgage
        Notes and notwithstanding subsequent termination of this Agreement, the Pooling
        and Servicing Agreement or the Trust Fund.

      

      
        
          
          

        

        
          -20-

          
            

          

        

        
          
          

        

      

      SECTION
        17. GOVERNING
        LAW.  THIS
        AGREEMENT AND THE RIGHTS, DUTIES, OBLIGATIONS AND RESPONSIBILITIES OF THE
        PARTIES HERETO SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE
        LAWS
        (EXCLUDING THE CHOICE OF LAW PROVISIONS) AND DECISIONS OF THE STATE OF NEW
        YORK.  THE
        PARTIES HERETO INTEND THAT THE PROVISIONS OF SECTION 5-1401 OF THE NEW YORK
        GENERAL OBLIGATIONS LAW SHALL APPLY TO THIS AGREEMENT.

      

      SECTION
        18. Miscellaneous.
        This
        Agreement may be executed in two or more counterparts, each of which when
        so
        executed and delivered shall be an original, but all of which together shall
        constitute one and the same instrument.  This Agreement shall inure to
        the benefit of and be binding upon the parties hereto and their respective
        successors and assigns.  This Agreement supersedes all prior
        agreements and understandings relating to the subject matter
        hereof.  Neither this Agreement nor any term hereof may be changed,
        waived, discharged or terminated orally, but only by an instrument in writing
        signed by the party against whom enforcement of the change, waiver, discharge
        or
        termination is sought.  The headings in this Agreement are for
        purposes of reference only and shall not limit or otherwise affect the meaning
        hereof.

      

      It
        is the
        express intent of the parties hereto that the conveyance of the Mortgage
        Loans
        and the Swap Agreement by the Seller to the Purchaser as provided in Section
        4
        hereof be, and be construed as, a sale of the Mortgage Loans and the Swap
        Agreement by the Seller to the Purchaser and not as a pledge of the Mortgage
        Loans and the Swap Agreement by the Seller to the Purchaser to secure a debt
        or
        other obligation of the Seller. However, in the event that, notwithstanding
        the
        aforementioned intent of the parties, the Mortgage Loans and the Swap Agreement
        are held to be property of the Seller, then (a) it is the express intent
        of the
        parties that such conveyance be deemed a pledge of the Mortgage Loans and
        the
        Swap Agreement by the Seller to the Purchaser to secure a debt or other
        obligation of the Seller and (b) (1) this Agreement shall also be deemed
        to be a
        security agreement within the meaning of Articles 8 and 9 of the New York
        Uniform Commercial Code; (2) the conveyance provided for in Section 4 hereof
        shall be deemed to be a grant by the Seller to the Purchaser of a security
        interest in all of the Seller’s right, title and interest in and to the Mortgage
        Loans and the Swap Agreement and all amounts payable to the holders of the
        Mortgage Loans and the Swap Agreement in accordance with the terms thereof
        and
        all proceeds of the conversion, voluntary or involuntary, of the foregoing
        into
        cash, instruments, securities or other property, including without limitation
        all amounts, other than investment earnings, from time to time held or invested
        in the Collection Account whether in the form of cash, instruments, securities
        or other property; (3) the possession by the Purchaser or its agent of Mortgage
        Notes, the related Mortgages and such other items of property that constitute
        instruments, money, negotiable documents or chattel paper shall be deemed
        to be
“possession by the secured party” for purposes of perfecting the security
        interest pursuant to Section 9-305 of the New York Uniform Commercial Code;
        and
        (4) notifications to persons holding such property and acknowledgments, receipts
        or confirmations from persons holding such property shall be deemed
        notifications to, or acknowledgments, receipts or confirmations from, financial
        intermediaries, bailees or agents (as applicable) of the Purchaser for the
        purpose of perfecting such security interest under applicable law. Any
        assignment of the interest of the Purchaser pursuant to Section 4(d) hereof
        shall also be deemed to be an assignment of any security interest created
        hereby. The Seller and the Purchaser shall, to the extent consistent with
        this
        Agreement, take such actions as may be necessary to ensure that, if this
        Agreement were deemed to create a security interest in the Mortgage Loans
        and
        the Swap Agreement, such security interest would be deemed to be a perfected
        security interest of first priority under applicable law and will be maintained
        as such throughout the term of this Agreement and the Pooling and Servicing
        Agreement.

      

      
        
          
          

        

        
          -21-

          
            

          

        

        
          
          

        

      

      SECTION
        19. Third
        Party Beneficiary.  The
        parties hereto acknowledge and agree that DBSI and each of its respective
        successors and assigns shall have all the rights of a third-party beneficiary
        in
        respect of Section 12 of this Agreement and shall be entitled to rely upon
        and
        directly enforce the provisions of Section 12 of this Agreement.

      

      

      
        
          
          

        

        
          -22-

          
            

          

        

        
          
          

        

      

      IN
        WITNESS WHEREOF, the Purchaser and the Seller have caused their names to
        be
        signed by their respective officers thereunto duly authorized as of the date
        first above written.

       

      DB
        STRUCTURED PRODUCTS, INC.

       

      By:  /s/
        Rika Yano            

      Name:
        Rika Yano

      Title:
        Vice President

       

      By:  /s/
        Susan Valenti          

      Name:
        Susan Valenti

      Title:
        Director

       

      ACE
        SECURITIES CORP.

       

      By:  /s/
        Evelyn Echevarria        

      Name:
        Evelyn Echevarria

      Title:
        Vice President

       

      By:  /s/
        Doris J. Hearn          

      Name:
        Doris J. Hearn

      Title:
        Vice President

       

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        1

       

      Loan
        #:
        _________

      Borrower:
        _______

       

      LOST
        NOTE
        AFFIDAVIT

       

      I,
        as
        _____________________ of ____________________, a _______________ am authorized
        to make this Affidavit on behalf of __________________ (the “Seller”). In
        connection with the administration of the Mortgage Loans held by
        ______________________, a _______________ [corporation] as Seller on behalf
        of
        ____________________ (the “Purchaser”), _______________________ (the
“Deponent”), being duly sworn, deposes and says that:

       

      
        	
                1.

              	
                The
                  Seller’s address is:

              	_________________________
	 	 	_________________________
	 	 	_________________________

      

      

      2. The
        Seller previously delivered to the Purchaser a signed Initial Certification
        with
        respect to such Mortgage and/or Assignment of Mortgage;

       

      3. Such
        Mortgage Note and/or Assignment of Mortgage was assigned or sold to the
        Purchaser by __________________, a  
        pursuant
        to the terms and provisions of a Mortgage Loan Purchase Agreement dated as
        of
        _____________;

       

      4. Such
        Mortgage Note and/or Assignment of Mortgage is not outstanding pursuant to
        a
        request for release of Documents;

       

      5. Aforesaid
        Mortgage Note and/or Assignment of Mortgage (the “Original”) has been
        lost;

       

      6. Deponent
        has made or caused to be made a diligent search for the Original and has
        been
        unable to find or recover same;

       

      7. The
        Seller was the Seller of the Original at the time of the loss; and

       

      8. Deponent
        agrees that, if said Original should ever come into Seller’s possession, custody
        or power, Seller will immediately and without consideration surrender the
        Original to the Purchaser.

       

      9. Attached
        hereto is a true and correct copy of (i) the Note, endorsed in blank by the
        Mortgagee and (ii) the Mortgage or Deed of Trust (strike one) which secures
        the
        Note, which Mortgage or Deed of Trust is recorded in the county where the
        property is located.

       

      10. Deponent
        hereby agrees that the Seller (a) shall indemnify and hold harmless the
        Purchaser, its successors and assigns, against any loss, liability or damage,
        including reasonable attorney’s fees, resulting from the unavailability of any
        Notes, including but not limited to any loss, liability or damage arising
        from
        (i) any false statement contained in this Affidavit, (ii) any claim of any
        party
        that purchased a mortgage loan evidenced by the Lost Note or any interest
        in
        such mortgage loan, (iii) any claim of any borrower with respect to the
        existence of terms of a mortgage loan evidenced by the Lost Note on the related
        property to the fact that the mortgage loan is not evidenced by an original
        note
        and (iv) the issuance of a new instrument in lieu thereof (items (i) through
        (iv) above hereinafter referred to as the “Losses”) and (b) if required by any
        Rating Agency in connection with placing such Lost Note into a Pass-Through
        Transfer, shall obtain a surety from an insurer acceptable to the applicable
        Rating Agency to cover any Losses with respect to such Lost Note.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      11. This
        Affidavit is intended to be relied upon by the Purchaser, its successors
        and
        assigns. Seller represents and warrants that is has the authority to perform
        its
        obligations under this Affidavit of Lost Note.

       

      Executed
        this _ day of _______, 200_.

       

      

      _____________________________

      

      

      By:___________________________

      Name:

      Title:

       

      On
        this
        __ day of ______, 200_, before me appeared ______________________ to me
        personally known, who being duly sworn did say that he is the
        _______________________ of ____________________, a ______________________
        and
        that said Affidavit of Lost Note was signed and sealed on behalf of such
        corporation and said acknowledged this instrument to be the free act and
        deed of
        said entity.

       

      Signature:

       

      [Seal]

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        2

      

      APPENDIX
        E - Standard & Poor’s Predatory Lending Categories

       

      Standard
        & Poor’s has categorized loans governed by anti-predatory lending laws in
        the Jurisdictions listed below into three categories based upon a combination
        of
        factors that include (a) the risk exposure associated with the assignee
        liability and (b) the tests and thresholds set forth in those laws. Note
        that
        certain loans classified by the relevant statute as Covered are included
        in
        Standard & Poor’s High Cost Loan Category because they included thresholds
        and tests that are typical of what is generally considered High Cost by the
        industry. 

       

      Standard
        & Poor’s High Cost Loan Categorization 

       

      
        	
                State/Jurisdiction

              	
                Name
                  of Anti-Predatory Lending Law/Effective Date

              	
                Category
                  under Applicable Anti-Predatory Lending Law

              
	
                Arkansas

              	
                Home
                  Loan Protection Act, Ark. 

                Code
                  Ann. §§ 23-53-101 et
                  seq.

                Effective
                  July 16, 2003

              	
                High
                  Cost Home Loan

              
	
                Cleveland
                  Heights, OH

              	
                Ordinance
                  No. 72-2003 (PSH), Mun. Code §§ 757.01 et
                  seq.

                Effective
                  June 2, 2003

              	
                Covered
                  Loan

              
	
                Colorado

              	
                Consumer
                  Equity Protection, Colo. Stat. Ann. §§ 5-3.5-101 et
                  seq.

                Effective
                  for covered loans offered or entered into on or after January 1,
                  2003.
                  Other provisions of the Act took effect on June 7, 2002

              	
                Covered
                  Loan

              
	
                Connecticut

              	
                Connecticut
                  Abusive Home Loan Lending Practices Act, Conn. Gen. Stat. §§36a-746
                  et
                  seq.

                Effective
                  October 1, 2001

              	
                High
                  Cost Home Loan

              
	
                District
                  of Columbia

              	
                Home
                  Loan Protection Act, D.C. Code §§ 26-1151.01 et
                  seq.
                  

                Effective
                  for loans closed on or after January 28, 2003

              	
                Covered
                  Loan

              
	
                Florida

              	
                Fair
                  Lending Act, Fla. Stat. Ann. §§ 494.0078 et
                  seq.
                  

                Effective
                  October 2, 2002

              	
                High
                  Cost Home Loan 

              

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      
        	
                State/Jurisdiction

              	
                Name
                  of Anti-Predatory Lending Law/Effective Date

              	
                Category
                  under Applicable Anti-Predatory Lending Law

              
	
                Georgia
                  (Oct.
                  1, 2002 - Mar. 6, 2003)

              	
                Fair
                  Lending Act, Ga. Code Ann. §§ 7-6A-1 et
                  seq.

                Effective
                  October 1, 2002 - March 6, 2003

              	
                High
                  Cost Home Loan

              
	
                Georgia
                  as amended (Mar. 7, 2003 - current)

              	
                Georgia
                  Fair Lending Act, Ga. Code Ann. §§ 7-6A-1 et
                  seq.

                Effective
                  for loans closed on or after March 7, 2003

              	
                High
                  Cost Home Loan

              
	
                HOEPA
                  Section 32

              	
                Home
                  Ownership and Equity Protection Act of 1994, 15 U.S.C. § 1639, 12 C.F.R.
                  §§ 226.32 and 226.34

                Effective
                  October 1, 1995, amendments October 1, 2002

              	
                High
                  Cost Loan

              
	
                Illinois

              	
                High
                  Risk Home Loan Act, Ill. Comp. Stat. tit. 815, §§ 137/5 et
                  seq.

                Effective
                  January 1, 2004 (prior to this date, regulations under Residential
                  Mortgage License Act effective from May 14, 2001)

              	
                High
                  Risk Home Loan

              
	
                Kansas

              	
                Consumer
                  Credit Code, Kan. Stat. Ann. §§ 16a-1-101 et
                  seq.

                Section
                  16a-1-301 and 16a-3-207 became effective April 14, 1999; Section
                  16a-3-308a became effective July 1, 1999

              	
                High
                  Loan to Value Consumer Loan (id. § 16a-3-207) and;

              
	
                High
                  APR Consumer Loan (id. §16a-3-308a)

              
	
                Kentucky

              	
                2003
                  KY H.B. 287 - High Cost Home Loan Act, Ky. Rev. Stat §§360.100
                  et
                  seq.

                Effective
                  June 24, 2003

              	
                High
                  Cost Home Loan

              
	
                Maine

              	
                Truth
                  in Lending, Me. Rev. Stat. tit. 9-A, §§ 8-101 et
                  seq.

                Effective
                  September 29, 1995 and as amended from time to time

              	
                High
                  Rate High Fee Mortgage

              

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      
        	
                State/Jurisdiction

              	
                Name
                  of Anti-Predatory Lending Law/Effective Date

              	
                Category
                  under Applicable Anti-Predatory Lending Law

              
	
                Massachusetts

              	
                Part
                  40 and Part 32, 209 C.M.R. §§ 32.00 et
                  seq.
                  and 209 C.M.R. §§ 40.01 et
                  seq.

                Effective
                  March 22, 2001 and amended from time to time

              	
                High
                  Cost Home Loan

              
	
                Nevada

              	
                Assembly
                  Bill No. 284, Nev. Rev. Stat §§ 598D.010 et
                  seq.

                Effective
                  October 1, 2003

              	
                Home
                  Loan

              
	
                New
                  Jersey

              	
                New
                  Jersey Home Ownership Security Act of 2002, N.J. Rev. Stat. §§ 46:10B-22
                  et
                  seq.

                Effective
                  for loans closed on or after November 27, 2003

              	
                High
                  Cost Home Loan

              
	
                New
                  Mexico

              	
                Home
                  Loan Protection Act, N.M. Rev. Stat. §§ 58-21A-1 et
                  seq.

                Effective
                  as of January 1, 2004; Revised as of February 26, 2004

              	
                High
                  Cost Home Loan

              
	
                New
                  York

              	
                N.Y.
                  Banking Law Article 6-1

                Effective
                  for applications made on or after April 1, 2003

              	
                High
                  Cost Home Loan

              
	
                North
                  Carolina

              	
                Restrictions
                  and Limitations on High Cost Home Loans, N.C. Gen. Stat. §§ 24-1.1E
                  et
                  seq.

                Effective
                  July 1, 2000; amended October 1, 2003 (adding open-end lines of
                  credit)

              	
                High
                  Cost Home Loan

              
	
                Ohio

              	
                H.B.
                  386 (codified in various sections of the Ohio Code), Ohio Rev.
                  Code Ann.
                  §§ 1349.25 et
                  seq.

                Effective
                  May 24, 2002

              	
                Covered
                  Loan

              
	
                Oklahoma

              	
                Consumer
                  Credit Code (codified in various sections of Title 14A)

                Effective
                  July 1, 2000; amended effective January 1, 2004

              	
                Subsection
                  10 Mortgage

              

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      
        	
                State/Jurisdiction

              	
                Name
                  of Anti-Predatory Lending Law/Effective Date

              	
                Category
                  under Applicable Anti-Predatory Lending Law

              
	
                South
                  Carolina

              	
                South
                  Carolina High Cost and Consumer Home Loans Act, S.C. Code Ann.
§§ 37-23-10
                  et
                  seq.

                Effective
                  for loans taken on or after January 1, 2004

              	
                High
                  Cost Home Loan

              
	
                West
                  Virginia

              	
                West
                  Virginia Residential Mortgage Lender, Broker and Servicer Act,
                  W. Va. Code
                  Ann. §§ 31-17-1 et
                  seq.

                Effective
                  June 5, 2002

              	
                West
                  Virginia Mortgage Loan Act Loan

              

      

       

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      Standard
        & Poor’s Covered Loan Categorization 

       

      

      
        	
                State/Jurisdiction

              	
                Name
                  of Anti-Predatory Lending Law/Effective Date

              	
                Category
                  under Applicable Anti-Predatory Lending Law

              
	
                Georgia
                  (Oct. 1, 2002 - Mar. 6, 2003)

              	
                Georgia
                  Fain Lending Act, Ga. Code Ann. §§ 7-6A-1 et
                  seq.

                Effective
                  October 1, 2002 - March 6, 2003

              	
                Covered
                  Loan

              
	
                New
                  Jersey

              	
                New
                  Jersey Home Ownership Security Act of 2002, N.J. Rev. Stat §§ 46:10B-22
                  et
                  seq.

                Effective
                  November 27, 2003 - July 5, 2004

              	
                Covered
                  Home Loan

              

      

      

      

      

      Standard
        & Poor’s Home Loan Categorization 

       

      

      
        	
                State/Jurisdiction

              	
                Name
                  of Anti-Predatory Lending Law/Effective Date

              	
                Category
                  under Applicable Anti-Predatory Lending Law

              
	
                Georgia
                  (Oct. 1, 2002 - Mar. 6, 2003)

              	
                Georgia
                  Fain Lending Act, Ga. Code Ann. §§ 7-6A-1 et
                  seq.

                Effective
                  October 1, 2002 - March 6, 2003

              	
                Home
                  Loan

              
	
                New
                  Jersey

              	
                New
                  Jersey Home Ownership Security Act of 2002, N.J. Rev. Stat §§ 46:10B-22
                  et
                  seq.

                Effective
                  for loans closed on or after November 27, 2003

              	
                Home
                  Loan

              
	
                New
                  Mexico

              	
                Home
                  Loan Protection Act, N.M. Rev. Stat. §§ 58-21A-1 et
                  seq.

                Effective
                  as of January 1, 2004; Revised as of February 26, 2004

              	
                Home
                  Loan

              
	
                North
                  Carolina

              	
                Restrictions
                  and Limitations on High Cost Home Loans, N.C. Gen. Stat. §§ 24-1.1E
                  et
                  seq.

                Effective
                  July 1, 2000; amended October 1, 2003 (adding open-end lines of
                  credit)

              	
                Consumer
                  Home Loan

              

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      
        	
                State/Jurisdiction

              	
                Name
                  of Anti-Predatory Lending Law/Effective Date

              	
                Category
                  under Applicable Anti-Predatory Lending Law

              
	
                South
                  Carolina

              	
                South
                  Carolina High Cost and Consumer Home Loans Act, S.C. Code Ann.
§§ 37-23-10
                  et
                  seq.

                Effective
                  for loans taken on or after January 1, 2004

              	
                Consumer
                  Home Loan

              

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

    

    EXHIBIT
      G

     

    FORM
      10-D, FORM 8-K AND FORM 10-K

     

    REPORTING
      RESPONSIBILITY

     

    As
      to
      each item described below, the entity indicated as the Responsible Party shall
      be primarily responsible for reporting the information to the party identified
      as responsible for preparing the Securities Exchange Act Reports pursuant to
      Section 5.06(a)(ii). 

    

    Under
      Item 1 of Form 10-D: a) items marked “monthly statement” are required to be
      included in the periodic Distribution Date statement under Section 5.02,
      provided by the Securities Administrator based on information received from
      the
      Master Servicer; and b) items marked “Form 10-D report” are required to be in
      the Form 10-D report but not the monthly statement, provided by the party
      indicated. Information under all other Items of Form 10-D is to be included
      in
      the Form 10-D report.

    
      

        
          	
                  Form

                	
                  Item

                	
                  Description

                	
                  Servicers

                	
                  Master
                    Servicer

                	
                  Securities
                    Administrator

                	
                  Custodian

                	
                  Trustee

                	
                  Depositor

                	
                  Sponsor

                
	
                  10-D

                	
                  Must
                    be filed within 15 days of the distribution date for the asset-backed
                    securities.

                	 	 	 	 
	
                  1

                	
                  Distribution
                    and Pool Performance Information

                	 	 	 	 	 	 	 
	
                  Item
                    1121(a) - Distribution and Pool Performance
                    Information

                	 	 	 	 	 	 	 
	
                  (1)
                    Any applicable record dates, accrual dates, determination dates
                    for
                    calculating distributions and actual distribution dates for the
                    distribution period.

                	 	 	
                  X

                   

                  (monthly
                    statement)

                	 	 	 	 
	
                  (2)
                    Cash flows received and the sources thereof for distributions,
                    fees and
                    expenses.

                	 	 	
                  X

                   

                  (monthly
                    statement)

                	 	 	 	 
	
                  (3)
                    Calculated amounts and distribution of the flow of funds for
                    the period
                    itemized by type and priority of payment, including:

                	 	 	
                  X

                   

                  (monthly
                    statement)

                	 	 	 	 
	
                  (i)
                    Fees or expenses accrued and paid, with an identification of
                    the general
                    purpose of such fees and the party receiving such fees or
                    expenses.

                	 	 	
                  X

                   

                  (monthly
                    statement)

                	 	 	 	 
	
                  (ii)
                    Payments accrued or paid with respect to enhancement or other
                    support
                    identified in Item 1114 of Regulation AB (such as insurance premiums
                    or
                    other enhancement maintenance fees), with an identification of
                    the general
                    purpose of such payments and the party receiving such
                    payments.

                	 	 	
                  X

                   

                  (monthly
                    statement)

                	 	 	 	 
	
                  (iii)
                    Principal, interest and other distributions accrued and paid
                    on the
                    asset-backed securities by type and by class or series and any
                    principal
                    or interest shortfalls or carryovers.

                	 	 	
                  X

                   

                  (monthly
                    statement)

                	 	 	 	 
	
                  (iv)
                    The amount of excess cash flow or excess spread and the disposition
                    of
                    excess cash flow.

                	 	 	
                  X

                   

                  (monthly
                    statement)

                	 	 	 	 
	
                  (4)
                    Beginning and ending principal balances of the asset-backed
                    securities.

                	 	 	
                  X

                   

                  (monthly
                    statement)

                	 	 	 	 
	
                  (5)
                    Interest rates applicable to the pool assets and the asset-backed
                    securities, as applicable. Consider providing interest rate information
                    for pool assets in appropriate distributional groups or incremental
                    ranges.

                	 	 	
                  X

                   

                  (monthly
                    statement)

                	 	 	 	 
	
                  (6)
                    Beginning and ending balances of transaction accounts, such as
                    reserve
                    accounts, and material account activity during the period.

                	 	 	
                  X

                   

                  (monthly
                    statement)

                	 	 	 	 
	
                  (7)
                    Any amounts drawn on any credit enhancement or other support
                    identified in
                    Item 1114 of Regulation AB, as applicable, and the amount of
                    coverage
                    remaining under any such enhancement, if known and
                    applicable.

                	 	 	
                  X

                   

                  (monthly
                    statement)

                	 	 	 	 
	
                  (8)
                    Number and amount of pool assets at the beginning and ending
                    of each
                    period, and updated pool composition information, such as weighted
                    average
                    coupon, weighted average remaining term, pool factors and prepayment
                    amounts.

                	 	 	
                  X

                   

                  (monthly
                    statement)

                	 	 	
                  Updated
                    pool composition information fields to be as specified by Depositor
                    from
                    time to time

                	 
	
                  (9)
                    Delinquency and loss information for the period.

                	
                  X

                	
                  X

                	
                  X

                   

                  (monthly
                    statement)

                	 	 	 	 
	
                  In
                    addition, describe any material changes to the information specified
                    in
                    Item 1100(b)(5) of Regulation AB regarding the pool assets.
                    (methodology)

                	
                  X

                	
                  X

                	 	 	 	 	 
	
                  (10)
                    Information on the amount, terms and general purpose of any advances
                    made
                    or reimbursed during the period, including the general use of
                    funds
                    advanced and the general source of funds for
                    reimbursements.

                	
                  X

                	
                  X

                	
                  X

                   

                  (monthly
                    statement)

                	 	 	 	 
	
                  (11)
                    Any material modifications, extensions or waivers to pool asset
                    terms,
                    fees, penalties or payments during the distribution period or
                    that have
                    cumulatively become material over time.

                	
                  X

                	
                  X

                	
                  X

                   

                  (monthly
                    statement)

                	 	 	 	 
	
                  (12)
                    Material breaches of pool asset representations or warranties
                    or
                    transaction covenants.

                	
                  X

                	
                  X

                	 	 	 	
                  X

                	 
	
                  (13)
                    Information on ratio, coverage or other tests used for determining
                    any
                    early amortization, liquidation or other performance trigger
                    and whether
                    the trigger was met.

                	 	 	
                  X

                   

                  (monthly
                    statement)

                	 	 	 	 
	
                  (14)
                    Information regarding any new issuance of asset-backed securities
                    backed
                    by the same asset pool, any pool asset changes (other than in
                    connection
                    with a pool asset converting into cash in accordance with its
                    terms), such
                    as additions or removals in connection with a prefunding or revolving
                    period and pool asset substitutions and repurchases (and purchase
                    rates,
                    if applicable), and cash flows available for future purchases,
                    such as the
                    balances of any prefunding or revolving accounts, if
                    applicable.

                	
                  X

                	
                  X

                	
                  X

                	 	 	 	 
	
                  Disclose
                    any material changes in the solicitation, credit-granting, underwriting,
                    origination, acquisition or pool selection criteria or procedures,
                    as
                    applicable, used to originate, acquire or select the new pool
                    assets.

                	 	 	 	 	 	
                  X

                	
                  X

                
	
                  Item
                    1121(b) - Pre-Funding or Revolving Period Information

                   

                  Updated
                    pool information as required under Item 1121(b).

                	 	 	 	 	 	 	
                  X

                
	
                  2

                	
                  Legal
                    Proceedings

                	 	 	 	 	 	 	 
	
                  Item
                    1117 - Legal proceedings pending against the following entities,
                    or their
                    respective property, that is material to Certificateholders,
                    including
                    proceedings known to be contemplated by governmental
                    authorities:

                	 	 	 	 	 	 	 
	
                  Sponsor
                    (Seller)

                	 	 	 	 	 	 	
                  X

                
	
                  Depositor

                	 	 	 	 	 	
                  X

                	 
	
                  Trustee

                	 	 	 	 	
                  X

                	 	 
	
                  Issuing
                    entity

                	 	 	 	 	 	
                  X

                	 
	
                  Master
                    Servicer, affiliated Servicers, other Servicer servicing 20%
                    or more of
                    pool assets at time of report, other material servicers

                	
                  X

                	
                  X

                	 	 	 	 	 
	
                  Securities
                    Administrator

                	 	 	
                  X

                	 	 	 	 
	
                  Originator
                    of 20% or more of pool assets as of the Cut-off Date

                	 	 	 	 	 	
                  X

                	 
	
                  Custodian

                	 	 	 	
                  X

                	 	 	 
	
                  3

                	
                  Sales
                    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.

                	 	 	 	 	 	
                  X

                	 
	
                  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)

                	 	 	
                  X

                	 	
                  X

                	 	 
	
                  5

                	
                  Submission
                    of Matters to a Vote of Security Holders

                	 	 	 	 	 	 	 
	
                  Information
                    from Item 4 of Part II of Form 10-Q

                	 	 	
                  X

                	 	
                  X

                	 	 
	
                  6

                	
                  Significant
                    Obligors of Pool Assets

                	 	 	 	 	 	 	 
	
                  Item
                    1112(b) - Significant
                    Obligor Financial Information*

                	 	 	 	 	 	
                  X

                	
                  X

                
	
                  *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.

                	 	 	 	 	 	 	 
	
                  7

                	
                  Significant
                    Enhancement Provider Information

                	 	 	 	 	 	 	 
	
                  Item
                    1114(b)(2) - Credit Enhancement Provider Financial
                    Information*

                	 	 	 	 	 	 	 
	
                  Determining
                    applicable disclosure threshold

                	 	 	
                  X

                	 	 	 	 
	
                  Requesting
                    required financial information or effecting incorporation by
                    reference

                	 	 	
                  X

                	 	 	 	 
	
                  Item
                    1115(b) - Derivative Counterparty Financial
                    Information*

                	 	 	 	 	 	 	 
	
                  Determining
                    current maximum probable exposure

                	 	 	 	 	 	
                  X

                	 
	
                  Determining
                    current significance percentage

                	 	 	
                  X

                	 	 	 	 
	
                  Requesting
                    required financial information or effecting incorporation by
                    reference

                	 	 	
                  X

                	 	 	 	 
	
                  *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.

                	 	 	 	 	 	 	 
	
                  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

                	
                  The
                    Responsible Party for the applicable Form 8-K item as indicated
                    below.

                
	
                  9

                	
                  Exhibits

                	 	 	 	 	 	 	 
	
                  Distribution
                    report

                	 	 	
                  X

                	 	 	 	 
	
                  Exhibits
                    required by Item 601 of Regulation S-K, such as material
                    agreements

                	 	 	 	 	 	
                  X

                	 
	
                  8-K

                	
                  Must
                    be filed within four business days of an event reportable on
                    Form
                    8-K.

                	 	 	 	 
	
                  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

                	
                  X

                	
                  X

                	
                  X
                    (if Master Servicer is not a party)

                	 	
                  X
                    (if Master Servicer is not a party)

                	
                  X
                    (if Master Servicer is not a party)

                	
                  X
                    (if Master Servicer is not a party)

                
	
                  1.02

                	
                  Termination
                    of a Material Definitive Agreement

                	
                  X

                	
                  X

                	
                  X
                    (if Master Servicer is not a party)

                	 	
                  X
                    (if Master Servicer is not a party)

                	
                  X
                    (if Master Servicer is not a party)

                	
                  X
                    (if Master Servicer is not a party)

                
	
                  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.

                	 	 	 	 	 	 	 
	
                  1.03

                	
                  Bankruptcy
                    or Receivership

                	 	 	 	 	 	 	 
	
                  Disclosure
                    is required regarding the bankruptcy or receivership, if known
                    to the
                    Master Servicer, with respect to any of the following: 

                   

                  Sponsor
                    (Seller), Depositor, Master Servicer, affiliated Servicers, other
                    Servicer
                    servicing 20% or more of pool assets at time of report, other
                    material
                    servicers, Certificate Administrator, Trustee, significant obligor,
                    credit
                    enhancer (10% or more), derivatives counterparty,
                    Custodian

                	
                  X

                	
                  X

                	
                  X

                	
                  X

                	
                  X

                	
                  X

                	
                  X

                
	
                  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 statement

                	 	
                  X

                	
                  X

                	 	 	 	 
	
                  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

                	 	
                  X

                	
                  X

                	 	
                  X

                	
                  X

                	 
	
                  5.03

                	
                  Amendments
                    to Articles of Incorporation or Bylaws; Change in Fiscal
                    Year

                	 	 	 	 	 	 	 
	
                  Disclosure
                    is required of any amendment “to the governing documents of the issuing
                    entity”

                	 	 	 	 	
                  X

                	
                  X

                	 
	
                  5.06

                	
                  Change
                    in Shell Company Status

                	 	 	 	 	 	 	 
	
                  [Not
                    applicable to ABS issuers]

                	 	 	 	 	 	
                  X

                	 
	
                  6.01

                	
                  ABS
                    Informational and Computational Material

                	 	 	 	 	 	 	 
	
                  [Not
                    included in reports to be filed under Section 3.18]

                	 	 	 	 	 	
                  X

                	 
	
                  6.02

                	
                  Change
                    of Servicer or Trustee

                	 	 	 	 	 	 	 
	
                  Requires
                    disclosure of any removal, replacement, substitution or addition
                    of any
                    master servicer, affiliated servicer, other servicer servicing
                    10% or more
                    of pool assets at time of report, other material servicers, certificate
                    administrator or trustee. 

                	
                  X

                	
                  X

                	
                  X

                	 	
                  X

                	
                  X

                	 
	 	
                  Reg
                    AB disclosure about any new servicer (from entity appointing
                    new servicer)
                    or trustee (from Depositor) is also required.

                	
                  X

                	 	 	 	
                  X

                	
                  X

                	 
	
                  6.03

                	
                  Change
                    in Credit Enhancement or Other 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.
                    

                	 	 	
                  X

                	 	
                  X

                	
                  X

                	 
	 	
                  Reg
                    AB disclosure about any new enhancement provider is also
                    required.

                	 	 	 	 	 	
                  X

                	 
	
                  6.04

                	
                  Failure
                    to Make a Required Distribution

                	 	 	
                  X

                	 	
                  X

                	 	 
	
                  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.

                	 	 	 	 	 	
                  X

                	
                   

                
	
                  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.

                	 	 	 	 	 	
                  X

                	 
	
                  7.01

                	
                  Regulation
                    FD Disclosure

                	
                  X

                	
                  X

                	
                  X

                	 	
                  X

                	
                  X

                	
                  X

                
	
                  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 security
                    holders.

                	 	 	 	 	 	
                  X

                	 
	
                  9.01

                	
                  Financial
                    Statements and Exhibits

                	
                  The
                    Responsible Party applicable to reportable event.

                
	
                  10-K

                	
                  Must
                    be filed within 90 days of the fiscal year end for the
                    registrant.

                	 	 	 	 
	
                  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

                	
                  The
                    Responsible Party for the applicable Form 8-K as indicated
                    above.

                
	 	
                  15

                	
                  Exhibits
                    and Financial Statement Schedules

                	 	 	 	 	 	 	 
	
                  Item
                    1112(b) - Significant
                    Obligor Financial Information

                	 	 	 	 	 	
                  X

                	
                  X

                
	
                  Item
                    1114(b)(2) - Credit Enhancement Provider Financial
                    Information

                	 	 	 	 	 	 	 
	
                  Determining
                    applicable disclosure threshold

                	 	 	
                  X

                	 	 	 	 
	
                  Requesting
                    required financial information or effecting incorporation by
                    reference

                	 	 	
                  X

                	 	 	 	 
	
                  Item
                    1115(b) - Derivative Counterparty Financial
                    Information

                	 	 	 	 	 	 	 
	
                  Determining
                    current maximum probable exposure

                	 	 	 	 	 	
                  X

                	 
	 	 	
                  Determining
                    current significance percentage

                	 	 	
                  X

                	 	 	 	 
	
                  Requesting
                    required financial information or effecting incorporation by
                    reference

                	 	 	
                  X

                	 	 	 	 
	
                  Item
                    1117 - Legal proceedings pending against the following entities,
                    or their
                    respective property, that is material to Certificateholders,
                    including
                    proceedings known to be contemplated by governmental
                    authorities:

                	 	 	 	 	 	 	 
	
                  Sponsor
                    (Seller)

                	 	 	 	 	 	 	
                  X

                
	
                  Depositor

                	 	 	 	 	 	
                  X

                	 
	
                  Trustee

                	 	 	 	 	
                  X

                	 	 
	
                  Issuing
                    entity

                	 	 	 	 	 	
                  X

                	 
	
                  Master
                    Servicer, affiliated Servicers, other Servicer servicing 20%
                    or more of
                    pool assets at time of report, other material servicers

                	
                  X

                	
                  X

                	 	 	 	 	 
	
                  Securities
                    Administrator

                	 	 	
                  X

                	 	 	 	 
	
                  Originator
                    of 20% or more of pool assets as of the Cut-off Date

                	 	 	 	 	 	
                  X

                	
                  X

                
	
                  Custodian

                	 	 	 	
                  X

                	 	 	 
	
                  Item
                    1119 - Affiliations and relationships between the following entities,
                    or
                    their respective affiliates, that are material to
                    Certificateholders:

                	 	 	 	 	 	 	 
	
                  Sponsor
                    (Seller)

                	 	 	 	 	 	 	
                  X

                
	
                  Depositor

                	 	 	 	 	 	
                  X

                	 
	
                  Trustee

                	 	 	 	 	
                  X (with
                    respect to 1119(a) affiliations only)

                	 	 
	
                  Master
                    Servicer, affiliated Servicers, other Servicer servicing 20%
                    or more of
                    pool assets at time of report, other material servicers

                	
                  X

                	
                  X

                	 	 	 	 	 
	
                  Securities
                    Administrator

                	 	 	
                  X

                	 	 	 	 
	
                  Originator

                	 	 	 	 	 	
                  X

                	
                  X

                
	
                  Custodian

                	 	 	 	
                  X (with
                    respect to affiliations only)

                	 	 	 
	
                  Credit
                    Enhancer/Support Provider

                	 	 	 	 	 	
                  X

                	
                  X

                
	
                  Significant
                    Obligor

                	 	 	 	 	 	
                  X

                	
                  X

                
	
                  Item
                    1122 - Assessment of Compliance with Servicing
                    Criteria

                	
                  X

                	
                  X

                	
                  X

                	
                  X

                	 	 	 
	
                  Item
                    1123 - Servicer Compliance Statement

                	
                  X

                	
                  X

                	 	 	 	 	 

        

      

    

    
       

       

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    EXHIBIT
      H

     

    ADDITIONAL
      DISCLOSURE NOTIFICATION

     

    **SEND
      VIA FAX TO [XXX-XXX-XXXX] AND VIA EMAIL TO [_______________] AND VIA OVERNIGHT
      MAIL TO THE ADDRESS IMMEDIATELY BELOW

    

    Wells
      Fargo Bank, N.A. as [Securities Administrator] 

    9062
      Old
      Annapolis Road

    Columbia,
      Maryland 21045

    Fax:
      (410) 715-2380

    E-mail:
      cts.sec.notifications@wellsfargo.com

    Attn:
      Corporate Trust Services - ACE 2007-SL1 - SEC REPORT PROCESSING

    

    ACE
      Securities Corp.

    6525
      Morrison Boulevard, Suite 318, Charlotte

    North
      Carolina 28211

    Attention:
      Juliana Johnson

    Fax:
      (704) 365-1362

    Attn:
      ACE
      2007-SL1

    

    RE:
      **Additional Form [10-D][10-K][8-K] Disclosure** Required

    

    Ladies
      and Gentlemen:

    

    In
      accordance with Section [__] of the Pooling and Servicing Agreement,
dated
      as of February 1, 2007 (the “Pooling and Servicing Agreement”), among ACE
      Securities Corp., as depositor, Ocwen Loan Servicing, LLC, as a servicer, GMAC
      Mortgage, LLC, as a servicer, Wells Fargo, National Association, as master
      servicer and as securities administrator, and HSBC Bank USA, National
      Association, as trustee, the undersigned, as [_____________________] hereby
      notifies you that certain events have come to our attention that [will][may]
      need to be disclosed on Form [10-D][10-K][8-K].

    

    Description
      of Additional Form [10-D][10-K][8-K] Disclosure:

    

    

    

    List
      of any Attachments hereto to be included in the Additional Form
      [10-D][10-K][8-K] Disclosure:

    

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    Any
      inquiries related to this notification should be directed to [______________],
      phone number [__________]; email address [_______________].

    

    

    

    [NAME
      OF PARTY]

    As
      [role]

    

    By:
      _____________________

    Name:

    Title:

    

    

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    EXHIBIT
      I

    

    SWAP
      AGREEMENT

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    
      	
              DATE:

            	
              March
                2, 2007 

            
	 	 
	
              TO:

            	
              HSBC
                Bank USA, National Association, not in its individual capacity, but
                solely
                as Supplemental
                Interest Trust Trustee (the “Supplemental Interest Trust Trustee”) on
                behalf of the supplemental interest trust (the “Supplemental Interest
                Trust”) with respect to the ACE
                Securities Corp. Home Equity Loan Trust, Series 2007-SL1 Asset Backed
                Pass-Through Certificates (“Party
                B”)

            
	 	
              Fernando
                Acebedo

            
	 	
              Phone:
                (212)
                525-1309

            
	
               

            	
              
                Fax:      (212)
                  525-1300

              

            
	 	 
	
              FROM:

            	
              Swiss
                Re Financial Products Corporation

            
	 	 
	
              SUBJECT:

            	
              Fixed
                Income Derivatives Confirmation 

            
	 	 
	
              REFERENCE
                NUMBER: 

            	
              SRFP
                Ref: 1303602

            

    

     

    The
      purpose of this long-form confirmation (“Confirmation”)
      is to
      confirm the terms and conditions of the current Transaction entered into on
      the
      Trade Date specified below (the “Transaction”)
      between
      Swiss Re Financial Products Corporation (“Party
      A”) and
      HSBC
      Bank USA, National Association, not in its individual capacity, but solely
      as
      Supplemental Interest Trust Trustee on behalf of the Supplemental Interest
      Trust
      with respect to the ACE Securities Corp. Home Equity Loan Trust, Series 2007-SL1
      Asset Backed Pass Through Certificates(“Party
      B”)
      created
      under the Pooling and Servicing Agreement, dated as of February 1, 2007, among
      ACE Securities Corp., as Depositor, Ocwen Loan Servicing, LLC and GMAC Mortgage,
      LLC, as Servicers, Wells Fargo Bank, National Association, as Master Servicer
      and Securities Administrator and HSBC Bank USA, National Association, as
      Trustee (the
      “Pooling
      and Servicing Agreement”).
      This
      Confirmation evidences a complete and binding agreement between you and us
      to
      enter into the Transaction on the terms set forth below and replaces any
      previous agreement between us with respect to the subject matter hereof. This
      Confirmation constitutes a “Confirmation”
      and also
      constitutes a “Schedule”
      as
      referred to in the ISDA Master Agreement, and Paragraph 13 of a Credit Support
      Annex to the Schedule. 

    

    
      	
              1.

            	
              This
                Confirmation shall supplement, form a part of, and be subject to
                an
                agreement in the form of the ISDA Master Agreement (Multicurrency
                - Cross
                Border) as published and copyrighted in 1992 by the International
                Swaps
                and Derivatives Association, Inc. (the “ISDA
                Master Agreement”),
                as if Party A and Party B had executed an agreement in such form
                on the
                date hereof, with a Schedule as set forth in Item 3 of this Confirmation,
                and an ISDA Credit Support Annex (Bilateral Form - ISDA Agreements
                Subject
                to New York Law Only version) as published and copyrighted in 1994
                by the
                International Swaps and Derivatives Association, Inc., with Paragraph
                13
                thereof as set forth in Annex A hereto (the “Credit
                Support Annex”).
                For the avoidance of doubt, the Transaction described herein shall
                be the
                sole Transaction governed by such ISDA Master Agreement. In the event
                of
                any inconsistency among any of the following documents, the relevant
                document first listed shall govern: (i) this Confirmation, exclusive
                of
                the provisions set forth in Item 3 hereof and Annex A hereto; (ii)
                the
                provisions set forth in Item 3 hereof, which are incorporated by
                reference
                into the Schedule; (iii) the Credit Support Annex; (iv) the Definitions;
                and (v) the ISDA Master Agreement.

            

    

     

    Each
      reference herein to a “Section” (unless specifically referencing the Pooling and
      Servicing Agreement) or to a “Section” “of this Agreement” will be construed as
      a reference to a Section of the ISDA Master Agreement; each herein reference
      to
      a “Part” will be construed as a reference to the provisions herein deemed
      incorporated in a Schedule to the ISDA Master Agreement; each reference herein
      to a “Paragraph” will be construed as a reference to a Paragraph of the Credit
      Support Annex.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
      	
              2.

            	
              The
                terms of the particular Transaction to which this Confirmation relates
                are
                as follows:

            

    

    

      
        	 	
                Type
                  of Transaction:

              	
                Interest
                  Rate Swap

              
	 	 	 
	 	
                Notional
                  Amount:

              	
                With
                  respect to each Calculation Period, the lesser of (i) the aggregate
                  Certificate Principal Balance of the Class A Certificates and Mezzanine
                  Certificates immediately preceding the Distribution Date which
                  occurs in
                  the calendar month of the Floating Rate Payer Payment Date for
                  such
                  Calculation Period (determined for this purpose without regard
                  to any
                  adjustment of the Floating Rate Payer Payment Date or Distribution
                  Date
                  relating to business days)and (ii) the amount set forth on Schedule
                  I
                  attached hereto for such Calculation Period. 

              
	 	 	 
	 	
                Trade
                  Date:

              	
                February
                  28, 2007

              
	 	 	 
	 	
                Effective
                  Date:

              	
                August
                  25, 2007

              
	 	 	 
	 	
                Termination
                  Date:

              	
                February
                  25, 2012, subject to adjustment in accordance with the Business
                  Day
                  Convention

              
	 	 	 
	 	
                Fixed
                  Amounts:

              	 
	 	 	 
	 	
                Fixed
                  Rate Payer:

              	
                Party
                  B

              
	 	 	 
	 	
                Period
                  End Dates:

              	
                The
                  25th calendar day of each month during the Term of this Transaction,
                  commencing September 25, 2007, and ending on the Termination Date,
                  with No
                  Adjustment. 

              
	 	 	 
	 	
                Fixed
                  Rate Payer

              	 
	 	
                 

              	 
	 	
                Payment
                  Dates:

              	
                The
                  25th calendar day of each month during the Term of this Transaction,
                  commencing September 25, 2007, and ending on the Termination Date,
                  subject
                  to adjustment in accordance with the Business Day
                  Convention.

              
	 	 	 
	 	
                Fixed
                  Rate:

              	
                5.02%

              
	 	
                 

              	 
	 	
                Fixed
                  Rate Day 

              	 
	 	 	 
	 	
                Count
                  Fraction:

              	
                30/360

              
	 	 	 
	 	
                Floating
                  Amounts:

              	 
	 	 	 
	 	
                Floating
                  Rate Payer:

              	
                Party
                  A

              
	 	 	 
	 	
                Floating
                  Rate Payer

              	 
	 	
                Period
                  End Dates:

              	
                The
                  25th
                  calendar day of each month during the Term of this Transaction,
                  commencing
                  September 25, 2007, and ending on the Termination Date subject
                  to
                  adjustment in accordance with the Business Day Convention.

              

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      
        	 	
                Floating
                  Rate Payer 

              	 
	 	
                Payment
                  Dates:

              	
                Early
                  payment shall be applicable. The Floating Rate Payer Payment Date
                  shall be
                  two (2) Business Days prior to each Floating Rate Payer Period
                  End
                  Date.

              
	 	 	 
	 	
                Floating
                  Rate Option:

              	
                USD-LIBOR-BBA; provided,
                  however, that all references in Sections 7.l(w)(xvii) and 7.l(w)(xx)
                  of
                  the Definitions to "on the day that is two London Banking Days
                  preceding
                  that Reset Date" shall be deleted and replaced with "on the day
                  that is
                  two New York and London Banking Days preceding that Reset
                  Date".

              
	 	 	 
	 	
                Designated
                  Maturity:

              	
                One
                  month

              
	 	
                 

              	 
	 	
                Floating
                  Rate Day 

              	 
	 	
                Count
                  Fraction:

              	
                Actual/360

              
	 	 	 
	 	
                Reset
                  Dates:

              	
                The
                  first day of each Calculation Period.

              
	 	 	 
	 	
                Compounding:

              	
                Inapplicable

              
	 	
                 

              	 
	 	
                Business
                  Days:

              	
                New
                  York

              
	 	
                 

              	 
	 	
                Business
                  Day Convention:

              	
                Following

              
	 	 	 
	 	
                Calculation
                  Agent:

              	
                Party
                  A

              

      

    

     

    
      	3.	
              Provisions
                Deemed Incorporated in a Schedule to the ISDA Master
                Agreement:

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
      	
              Part
                1.

            	
              Termination
                Provisions.

            

    

     

    For
      the
      purposes of this Agreement:-

     

    
      	
              (a)

            	
              “Specified
                Entity”
                will not apply to Party A or Party B for any purpose.
                

            

    

     

    
      	
              (b)

            	
              “Specified
                Transaction”
                will have the meaning specified in Section
                14.

            

    

     

    
      	
              (c)

            	
              Events
                of Default.

            

    

     

    The
      statement below that an Event of Default will apply to a specific party means
      that upon the occurrence of such an Event of Default with respect to such party,
      the other party shall have the rights of a Non-defaulting Party under Section
      6
      of this Agreement; conversely, the statement below that such event will not
      apply to a specific party means that the other party shall not have such
      rights.

     

    
      	 	
              (i)

            	
              The
                “Failure
                to Pay or Deliver”
                provisions of Section 5(a)(i) will apply to Party A and will apply
                to
                Party B; provided, however, that Section 5(a)(i) is hereby amended
                by
                replacing the word “third” with the word “first”; provided, further, that
                notwithstanding anything to the contrary in Section 5(a)(i), any
                failure
                by Party A to comply with or perform any obligation to be complied
                with or
                performed by Party A under the Credit Support Annex shall not constitute
                an Event of Default under Section 5(a)(i) unless (A) a Required Ratings
                Downgrade Event has occurred and been continuing for 30 or more Local
                Business Days and (B) such failure is not remedied on or before the
                third
                Local Business Day after notice of such failure is given to Party
                A.

            

    

     

    
      	 	
              (ii)

            	
              The
                “Breach
                of Agreement”
                provisions of Section 5(a)(ii) will apply to Party A and will not
                apply to
                Party B.

            

    

     

    
      	 	
              (iii)

            	
              The
                “Credit
                Support Default”
                provisions of Section 5(a)(iii) will apply to Party A and will not
                apply
                to Party B except that Section 5(a)(iii)(1) will apply to Party B
                solely
                in respect of Party B’s obligations under Paragraph 3(b) of the Credit
                Support Annex; provided, however, that notwithstanding anything to
                the
                contrary in Section 5(a)(iii)(1), any failure by Party A to comply
                with or
                perform any obligation to be complied with or performed by Party
                A under
                the Credit Support Annex shall not constitute an Event of Default
                under
                Section 5(a)(iii) unless (A) a Required Ratings Downgrade Event has
                occurred and been continuing for 30 or more Local Business Days and
                (B)
                such failure is not remedied on or before the third Local Business
                Day
                after notice of such failure is given to Party
                A.

            

    

     

    
      	 	
              (iv)

            	
              The
                “Misrepresentation”
                provisions of Section 5(a)(iv) will apply to Party A and will not
                apply to
                Party B. 

            

    

     

    
      	 	
              (v)

            	
              The
                “Default
                under Specified Transaction”
                provisions of Section 5(a)(v) will apply to Party A and will not
                apply to
                Party B.

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

     

    
      	 	
              (vi)

            	
              The
                “Cross
                Default”
                provisions of Section 5(a)(vi) will apply to Party A and will not
                apply to
                Party B. For purposes of Section 5(a)(vi), solely with respect to
                Party
                A:

            

    

     

    “Specified
      Indebtedness” will have the meaning specified in Section 14, except that such
      term shall not include insurance contracts entered into in the ordinary course
      of Party A’s Credit Support Provider’s insurance business.

     

    “Threshold
      Amount” means with respect to Party A an amount equal to three percent (3%) of
      the Shareholders’ Equity of Party A’s Credit Support Provider. 

     

    “Shareholders’
      Equity” means with respect to an entity, at any time, the sum (as shown in the
      most recent annual audited financial statements of such entity) of (i) its
      capital stock (including preferred stock) outstanding, taken at par value,
      (ii)
      its capital surplus and (iii) its retained earnings, minus (iv) treasury stock,
      each to be determined in accordance with generally accepted accounting
      principles.

     

    
      	 	
              (vii)

            	
              The
                “Bankruptcy”
                provisions of Section 5(a)(vii) will apply to Party A and will apply
                to
                Party B except that the provisions of Section 5(a)(vii)(2), (6) (to
                the
                extent that such provisions refer to any appointment contemplated
                or
                effected by the Pooling and Servicing Agreement or any appointment
                to
                which Party B has not become subject), (7) and (9) will not apply
                to Party
                B; provided that, with respect to Party B only, Section 5(a)(vii)(4)
                is
                hereby amended by adding after the words “against it” the words
                “(excluding any proceeding or petition instituted or presented by
                Party A
                or its Affiliates)”, and Section 5(a)(vii)(8) is hereby amended by
                deleting the words “to (7) inclusive” and inserting in lieu thereof “,
                (3), (4) as amended, (5), or (6) as
                amended”.

            

    

     

    
      	 	
              (viii)

            	
              The
                “Merger
                Without Assumption”
                provisions of Section 5(a)(viii) will apply to Party A and will apply
                to
                Party B.

            

    

     

    
      	
              (d)

            	
              Termination
                Events.

            

    

     

    The
      statement below that a Termination Event will apply to a specific party means
      that upon the occurrence of such a Termination Event, if such specific party
      is
      the Affected Party with respect to a Tax Event, the Burdened Party with respect
      to a Tax Event Upon Merger (except as noted below) or the non-Affected Party
      with respect to a Credit Event Upon Merger, as the case may be, such specific
      party shall have the right to designate an Early Termination Date in accordance
      with Section 6 of this Agreement; conversely, the statement below that such
      an
      event will not apply to a specific party means that such party shall not have
      such right; provided, however, with respect to “Illegality” the statement that
      such event will apply to a specific party means that upon the occurrence of
      such
      a Termination Event with respect to such party, either party shall have the
      right to designate an Early Termination Date in accordance with Section 6 of
      this Agreement.

     

    
      	 	
              (i)

            	
              The
                “Illegality”
                provisions of Section 5(b)(i) will apply to Party A and will apply
                to
                Party B.

            

    

     

    
      	 	
              (ii)

            	
              The
                “Tax
                Event”
                provisions of Section 5(b)(ii) will apply to Party A except that,
                for
                purposes of the application of Section 5(b)(ii) to Party A, Section
                5(b)(ii) is hereby amended by deleting the words “(x) any action taken by
                a taxing authority, or brought in a court of competent jurisdiction,
                on or
                after the date on which a Transaction is entered into (regardless
                of
                whether such action is taken or brought with respect to a party to
                this
                Agreement) or (y)”, and the “Tax
                Event”
                provisions of Section 5(b)(ii) will apply to Party B.
                

            

    

     

    
      	 	
              (iii)

            	
              The
                “Tax
                Event Upon Merger”
                provisions of Section 5(b)(iii) will apply to Party A and will apply
                to
                Party B, provided that Party A shall not be entitled to designate
                an Early
                Termination Date by reason of a Tax Event upon Merger in respect
                of which
                it is the Affected Party.

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

     

    
      	 	
              (iv)

            	
              The
                “Credit
                Event Upon Merger”
                provisions of Section 5(b)(iv) will not apply to Party A and will
                not
                apply to Party B.

            

    

     

    
      	
              (e)

            	
              The
                “Automatic
                Early Termination”
                provision of Section 6(a) will not apply to Party A and will not
                apply to
                Party B.

            

    

     

    
      	
              (f)

            	
              Payments
                on Early Termination.
                For the purpose of Section 6(e) of this
                Agreement:

            

    

     

    
      	 	
              (i)

            	
              Market
                Quotation will apply, provided, however, that, in the event of a
                Derivative Provider Trigger Event, the following provisions will
                apply:

            

    

     

    
      	 	
              (A)
                

            	
              The
                definition of Market Quotation in Section 14 shall be deleted in
                its
                entirety and replaced with the
                following:

            

    

     

    “Market
      Quotation” means,
      with respect to one or more Terminated Transactions, a Firm Offer which is
      (1)
      made by a Reference Market-maker that is an Eligible Replacement, (2) for an
      amount that would be paid to Party B (expressed as a negative number) or by
      Party B (expressed as a positive number) in consideration of an agreement
      between Party B and such Reference Market-maker to enter into a Replacement
      Transaction, and (3) made on the basis that Unpaid Amounts in respect of the
      Terminated Transaction or group of Transactions are to be excluded but, without
      limitation, any payment or delivery that would, but for the relevant Early
      Termination Date, have been required (assuming satisfaction of each applicable
      condition precedent) after that Early Termination Date is to be
      included.

     

    
      	 	
              (B)

            	
              The
                definition of Settlement Amount shall be deleted in its entirety
                and
                replaced with the following:

            

    

     

    “Settlement
      Amount”
      means,
      with respect to any Early Termination Date, an amount (as determined by Party
      B
      equal to: 

     

    
      	 	
              (a)

            	
              If
                a Market Quotation for the relevant Terminated Transaction or group
                of
                Terminated Transactions is accepted by Party B so as to become legally
                binding on or before the day falling ten Local Business Days after
                the day
                on which the Early Termination Date is designated, or such later
                day as
                Party B may specify in writing to Party A, but in either case no
                later
                than one Local Business Day prior to the Early Termination Date (such
                day,
                the “Latest Settlement Amount Determination Day”), the Termination
                Currency Equivalent of the amount (whether positive or negative)
                of such
                Market Quotation; 

            

    

     

    
      	 	
              (b)

            	
              If,
                on the Latest Settlement Amount Determination Day, no Market Quotation
                for
                the relevant Terminated Transaction or group of Terminated Transactions
                has been accepted by Party B so as to become legally binding and
                one or
                more Market Quotations from
                Approved Replacements have
                been made and remain capable of becoming legally binding upon acceptance,
                the Settlement Amount shall equal the Termination Currency Equivalent
                of
                the amount (whether positive or negative) of the lowest of such Market
                Quotations (for the avoidance of doubt, the lowest of such Market
                Quotations shall be the lowest Market Quotation of
                such Market Quotations
                expressed as a positive number or, if any of such Market Quotations
                is
                expressed as a negative number, the Market Quotation expressed as
                a
                negative number with the largest absolute value);
                or

            

    

     

    
      	 	
              (c)

            	
              If,
                on the Latest Settlement Amount Determination Day, no Market Quotation
                for
                the relevant Terminated Transaction or group of Terminated Transactions
                is
                accepted by Party B so as to become legally binding and no Market
                Quotation from an Approved Replacement remains capable of becoming
                legally
                binding upon acceptance, the Settlement Amount shall equal Party
                B’s Loss
                (whether positive or negative and without reference to any Unpaid
                Amounts)
                for the relevant Terminated Transaction or group of Terminated
                Transactions.

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

     

    
      	 	
              (C)

            	
              If
                Party B requests Party A in writing to obtain Market Quotations,
                Party A
                shall use its reasonable efforts to do so before the Latest Settlement
                Amount Determination Day.

            

    

     

    
      	 	
              (D)

            	
              If
                the Settlement Amount is a negative number, Section 6(e)(i)(3) shall
                be
                deleted in its entirety and replaced with the
                following:

            

    

     

    “(3)
      Second
      Method and Market Quotation.
      If the
      Second Method and Market Quotation apply, (I) Party B shall pay to Party A
      an
      amount equal to the absolute value of the Settlement Amount in respect of the
      Terminated Transactions, (II) Party B shall pay to Party A the Termination
      Currency Equivalent of the Unpaid Amounts owing to Party A and (III) Party
      A
      shall pay to Party B the Termination Currency Equivalent of the Unpaid Amounts
      owing to Party B; provided, however, that (x) the amounts payable under the
      immediately preceding clauses (II) and (III) shall be subject to netting in
      accordance with Section 2(c) of this Agreement and (y) notwithstanding any
      other
      provision of this Agreement, any amount payable by Party A under the immediately
      preceding clause (III) shall not be netted-off against any amount payable by
      Party B under the immediately preceding clause (I).”

     

    
      	 	
              (E)

            	
              At
                any time on or before the Latest Settlement Amount Determination
                Day at
                which two or more Market Quotations from Approved Replacements remain
                capable of becoming legally binding upon acceptance, Party B shall
                be
                entitled to accept only the lowest of such Market Quotations (for
                the
                avoidance of doubt, the lowest of such Market Quotations shall be
                the
                lowest Market Quotation of such Market Quotations expressed as a
                positive
                number or, if any of such Market Quotations is expressed as a negative
                number, the Market Quotation expressed as a negative number with
                the
                largest absolute value).

            

    

     

    
      
        	
              	(F)	
                With
                  respect to any Replacement Transaction, Party B shall determine
                  in its
                  sole discretion, acting in a commercially reasonable manner, whether
                  a
                  Firm Offer is made in respect of a Replacement Transaction with
                  commercial
                  terms substantially the same as those of this Agreement (save for
                  the
                  exclusion of provisions relating to Transactions that are not
                  Terminated Transactions).

              

      

    

     

    
      	 	
              (ii)

            	
              The
                Second Method will apply.

            

    

     

    
      	
              (g)

            	
              “Termination
                Currency”
                means USD.

            

    

     

    
      	
              (h)
                

            	
              Additional
                Termination Events.
                Additional Termination Events will apply as provided in Part 5(c).
                

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
      	Part
              2. 	
              Tax
                Matters.

            

    

     

    
      	
              (a)

            	
              Tax
                Representations. 

            

    

     

    
      	 	
              (i)

            	
              Payer
                Representations.
                For the purpose of Section 3(e) of this Agreement:
                

            

    

     

    
      	 	
              (A)

            	
              Party
                A makes the following
                representation(s):

            

    

     

    None.

     

    
      	 	
              (B)

            	
              Party
                B makes the following
                representation(s):

            

    

     

    None.

     

    
      	 	
              (ii)
                

            	
              Payee
                Representations.
                For the purpose of Section 3(f) of this Agreement:
                

            

    

     

    
      	 	
              (A)

            	
              Party
                A makes the following
                representation(s):

            

    

     

    Party
      A
      represents that it is a corporation organized under the laws of the State of
      Delaware.

     

    
      	 	
              (B)

            	
              Party
                B makes the following
                representation(s):

            

    

     

    None. 

     

    
      	
              (b)

            	
              Tax
                Provisions.

            

    

     

    
      	 	
              (i)

            	
              Gross
                Up.
                Section 2(d)(i)(4) shall not apply to Party B as X, and Section 2(d)(ii)
                shall not apply to Party B as Y, in each case such that Party B shall
                not
                be required to pay any additional amounts referred to
                therein.

            

    

     

    
      	 	
              (ii)

            	
              Indemnifiable
                Tax.
                The definition of “Indemnifiable Tax” in Section 14 is deleted in its
                entirety and replaced with the
                following:

            

    

     

    “Indemnifiable
      Tax”
      means,
      in relation to payments by Party A, any Tax and, in relation to payments by
      Party B, no Tax. 

     

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
      	Part
              3.	
              Agreement
                to Deliver Documents.  

            

    

     

    
      	(a)	
              For
                the purpose of Section 4(a)(i), tax forms, documents, or certificates
                to
                be delivered are:

            

    

    
      	 	 	 	 
	
              Party
                required to 

              deliver
                document

            	
              Form/Document/

              Certificate

            	 	
              Date
                by which to

              be
                delivered

            
	
              Party
                A

            	
              An
                original properly completed and executed United States Internal Revenue
                Service Form W-9 including applicable attachments (or any successor
                thereto) with respect to any payments received or to be received
                by Party
                A that eliminates U.S. federal withholding and backup withholding
                Tax on
                payments to Party A under this Agreement.

            	 	
              (i)
                upon execution of this Agreement, (ii) on or before the first payment
                date
                under this Agreement, including any Credit Support Document, (iii)
                promptly upon the reasonable demand by Party B, (iv) prior to the
                expiration or obsolescence of any previously delivered form, and
                (v)
                promptly upon the information on any such previously delivered form
                becoming inaccurate or incorrect.

            
	
              Party
                B

            	
              (i)
                Upon execution of this Agreement, an original properly completed
                and
                executed United States Internal Revenue Service Form W-9 including
                applicable attachments (or any successor thereto) with respect to
                any
                payments received or to be received by the initial beneficial owner
                of
                payments to Party B under this Agreement, and (ii) thereafter, the
                appropriate tax certification form (i.e., IRS Form W-9 or IRS Form
                W-8BEN,
                W-8IMY, W-8EXP or W-8ECI, as applicable (or any successor form thereto))
                with respect to any payments received or to be received by the beneficial
                owner of payments to Party B under this Agreement from time to time.
                

            	 	
              (i)
                upon execution of this Agreement, (ii) on or before the first payment
                date
                under this Agreement, including any Credit Support Document, (iii)
                promptly upon the reasonable demand by Party A, (iv) prior to the
                expiration or obsolescence of any previously delivered form, and
                (v)
                promptly upon the information on any such previously delivered form
                becoming inaccurate or incorrect.

            

    

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
      	
              (b)

            	
              For
                the purpose of Section 4(a)(ii), other documents to be delivered
                are:

            

    

    
      	 	 	 	 
	
              Party
                required 

              to
                deliver 

              document

            	
              Form/Document/

              Certificate

            	
              Date
                by which to

              be
                delivered

            	
              Covered
                by 

              Section
                3(d) 

              Representation

            
	
              Party
                A and

              Party
                B

            	
              Any
                documents required by the receiving party to evidence the authority
                of the
                delivering party or its Credit Support Provider, if any, for it to
                execute
                and deliver the Agreement, this Confirmation, and any Credit Support
                Documents to which it is a party, and to evidence the authority of
                the
                delivering party or its Credit Support Provider to perform its obligations
                under the Agreement, this Confirmation and any Credit Support Document,
                as
                the case may be

            	
              Upon
                the execution and delivery of this Agreement

            	
              Yes

            
	
              Party
                A and

              Party
                B

            	
              A
                certificate of an authorized officer of the party, as to the incumbency
                and authority of the respective officers of the party signing the
                Agreement, this Confirmation, and any relevant Credit Support Document,
                as
                the case may be

            	
              Upon
                the execution and delivery of this Agreement

            	
              Yes

            
	
              Party
                A

            	
              Annual
                Report of Party A’s Credit Support Provider containing consolidated
                financial statements certified by independent certified public accountants
                and prepared in accordance with generally accepted accounting principles
                in the country in which Party A’s Credit Support Provider is
                organized

            	
              Promptly
                upon becoming publicly available

            	
              Yes

            
	
              Party
                A

            	
              Semi
                Annual Financial Statements of Party A’s Credit Support Provider
                containing unaudited, consolidated financial statements of Party
                A’s
                Credit Support Provider’s Interim Report prepared in accordance with
                generally accepted accounting principles in the country in which
                Party A’s
                Credit Support Provider is organized

            	
              Promptly
                upon becoming publicly available

            	
              Yes

            
	
              Party
                A

            	
              A
                guarantee of Swiss Reinsurance Company 

            	
              Upon
                the execution and delivery of this Agreement

            	
              No

            
	
              Party
                A

            	
              An
                opinion of counsel to Party A’s Guarantor 

            	
              Upon
                the execution and delivery of this Agreement

            	
              No

            
	
              Party
                B

            	
              Pooling
                and Servicing Agreement

            	
              Promptly
                upon becoming publicly available

            	
              No

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	Part
              4.	
              Miscellaneous.
                

            

    

     

    
      	
              (a)

            	
              Address
                for Notices:
                For the purposes of Section 12(a) of this
                Agreement:

            

    

     

    Address
      for notices or communications to Party A:

     

    Address:       
      Swiss Re Financial Products Corporation

    55
      East 52nd Street

    New
      York, New York 10055

    Attention:
      Head of Operations

    Facsimile
      No. (917) 322-7201

     

    (For
      all purposes)

     

    With
      a copy to:     Swiss Re Financial Products
      Corporation

      
55
      East 52nd Street

    New
      York, New York 10055

    Attention:
      Legal Department

    Facsimile
      No.: (212) 317-5474 

     

    Address
      for notices or communications to Party B:

     

    Address:       
      HSBC
      Bank
      USA, National Association

    HSBC
      BANK
      USA, NA

    Attn:
      CTLA - Structured Finance

    452
      Fifth
      Avenue

    New
      York,
      NY 10018

    

    With
      a
      copy to:    Wells
      Fargo Bank, N.A.

    9062
      Old
      Annapolis Road

    Columbia,
      MD 21045

    Phone:
       (410)
      884-2000

    Fax:
       (410)
      715-2380

    

    (For
      all
      purposes)

     

    
      	
              (b)

            	
              Process
                Agent.
                For the purpose of Section 13(c):

            

    

     

    Party
      A
      appoints as its Process Agent: Not applicable.

     

    Party
      B
      appoints as its Process Agent: Not applicable.

     

    
      	
              (c)

            	
              Offices.
                The provisions of Section 10(a) will apply to this Agreement; neither
                Party A nor Party B has any Offices other than as set forth in the
                Notices
                Section. 

            

    

     

    
      	
              (d)

            	
              Multibranch
                Party.
                For the purpose of Section 10(c) of this
                Agreement:

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

     

    Party
      A
      is not a Multibranch Party.

     

    
      	 	
              Party
                B is not a Multibranch Party.

            

    

     

    
      	
              (e)

            	
              Calculation
                Agent.
                The Calculation Agent is Party A; provided, however, that if an Event
                of
                Default shall have occurred with respect to Party A, Party B shall
                have
                the right to appoint as Calculation Agent a third party, reasonably
                acceptable to Party A,
                the cost for which shall be borne by Party A.

            

    

     

    
      	(f)	
              Credit
                Support Document. 

            

    

     

    
      	 	
              Party
                A:

            	
              The
                Credit Support Annex and any guarantee in support of Party A’s obligations
                under this Agreement.

            

    

     

    
      	 	
              Party
                B:

            	
              The
                Credit Support Annex, solely in respect of Party B’s obligations under
                Paragraph 3(b) of the Credit Support
                Annex.

            

    

     

    
      	
              (g)

            	
              Credit
                Support Provider.

            

    

     

    
      	 	
              Party
                A:

            	
              The
                guarantor under any guarantee in support of Party A’s obligations under
                this Agreement.

            

    

     

    
      	 	
              Party
                B:

            	
              None.

            

    

     

    
      	
              (h)

            	
              Governing
                Law.
                The parties to this Agreement hereby agree that the law of the State
                of
                New York shall govern their rights and duties in whole, without regard
                to
                the conflict of law provisions thereof other than New York General
                Obligations Law Sections 5-1401 and 5-1402.

            

    

     

    
      	
              (i)

            	
              Netting
                of Payments.
                The parties agree that subparagraph (ii) of Section 2(c) will apply
                to
                each Transaction hereunder. 

            

    

     

    
      	
              (j)

            	
              Affiliate.“Affiliate”
                shall have the meaning assigned thereto in Section 14; provided,
                however,
                that Party B shall be deemed to have no Affiliates for purposes of
                this
                Agreement, including for purposes of Section
                6(b)(ii).

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
      	Part
              5.	
              Other
                Provisions.

            

    

     

    
      	
              (a)

            	
              Definitions.
                Unless
                otherwise specified in a Confirmation, this Agreement and each Transaction
                under this Agreement are subject to the 2000 ISDA Definitions as
                published
                and copyrighted in 2000 by the International Swaps and Derivatives
                Association, Inc. (the “Definitions”),
                and will be governed in all relevant respects by the provisions set
                forth
                in the Definitions, without regard to any amendment to the Definitions
                subsequent to the date hereof. The provisions of the Definitions
                are
                hereby incorporated by reference in and shall be deemed a part of
                this
                Agreement, except that (i) references in the Definitions to a “Swap
                Transaction” shall be deemed references to a “Transaction” for purposes of
                this Agreement, and (ii) references to a “Transaction” in this Agreement
                shall be deemed references to a “Swap Transaction” for purposes of the
                Definitions. Each term capitalized but not defined in this Agreement
                shall
                have the meaning assigned thereto in the Pooling and Servicing
                Agreement.

            

    

     

    
      	
              (b)

            	
              Amendments
                to ISDA Master Agreement.

            

    

     

    
      	 	
              (i)

            	
              Single
                Agreement.
                Section 1(c) is hereby amended by the adding the words “including, for the
                avoidance of doubt, the Credit Support Annex” after the words “Master
                Agreement”. 

            

    

     

    
      	
            	(ii)	
              Conditions
                Precedent. Section
                2(a)(iii) is hereby amended by adding the following at the end thereof:
                

            

    

     

    Notwithstanding
      anything to the contrary in Section 2(a)(iii)(1), if an Event of Default with
      respect to Party B or Potential Event of Default with respect to Party B has
      occurred and been continuing for more than 30 Local Business Days and no Early
      Termination Date in respect of the Affected Transactions has occurred or been
      effectively designated by Party A, the obligations of Party A under Section
      2(a)(i) shall cease to be subject to the condition precedent set forth in
      Section 2(a)(iii)(1) with respect to such specific occurrence of such Event
      of
      Default or such Potential Event of Default (the “Specific
      Event”);
      provided, however, for the avoidance of doubt, the obligations of Party A under
      Section 2(a)(i) shall be subject to the condition precedent set forth in Section
      2(a)(iii)(1) (subject to the foregoing) with respect to any subsequent
      occurrence of the same Event of Default with respect to Party B or Potential
      Event of Default with respect to Party B after the Specific Event has ceased
      to
      be continuing and with respect to any occurrence of any other Event of Default
      with respect to Party B or Potential Event of Default with respect to Party
      B
      that occurs subsequent to the Specific Event. 

     

    
      	 	
              (iii)

            	
              Change
                of Account.
                Section 2(b) is hereby amended by the addition of the following after
                the
                word “delivery” in the first line
                thereof:

            

    

     

    “to
      another account in the same legal and tax jurisdiction as the original
      account”.

     

    
      	 	
              (iv)

            	
              Representations.
                Section 3 is hereby amended by adding at the end thereof the following
                subsection (g): 

            

    

     

    
      	 	
              “(g)

            	
              Relationship
                Between Parties. 

            

    

     

    
      	 	
              (1)

            	
              Nonreliance.
                (i) It is not relying on any statement or representation of the other
                party regarding the Transaction (whether written or oral), other
                than the
                representations expressly made in this Agreement or the Confirmation
                in
                respect of that Transaction and (ii) it has consulted with its own
                legal,
                regulatory, tax, business, investment, financial and accounting advisors
                to the extent it has deemed necessary, and it has made its own investment,
                hedging and trading decisions based upon its own judgment and upon
                any
                advice from such advisors as it has deemed necessary and not upon
                any view
                expressed by the other party.

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

     

    
      	 	
              (2)

            	
              Evaluation
                and Understanding. (i) It has the capacity to evaluate (internally
                or
                through independent professional advice) the Transaction and has
                made its
                own decision to enter into the Transaction and (ii) It understands
                the
                terms, conditions and risks of the Transaction and is willing and
                able to
                accept those terms and conditions and to assume those risks, financially
                and otherwise. 

            

    

     

    
      	 	
              (3)

            	
              Purpose.
                It is entering into the Transaction for the purposes of managing
                its
                borrowings or investments, hedging its underlying assets or liabilities
                or
                in connection with a line of business.

            

    

     

    
      	 	
              (4)

            	
              Status
                of Parties. The other party is not acting as an agent, fiduciary
                or
                advisor for it in respect of the Transaction.

            

    

     

    
      	 	
              (5)

            	
              Eligible
                Contract Participant. It is an “eligible swap participant” as such term is
                defined in, Section 35.1(b)(2) of the regulations (17 C.F.R. 35)
                promulgated under, and an “eligible contract participant” as defined in
                Section 1(a)(12) of the Commodity Exchange Act, as
                amended.”

            

    

     

    
      	 	
              (v)

            	
              Transfer
                to Avoid Termination Event.
                Section 6(b)(ii) is hereby amended by (i) deleting the words “or if a Tax
                Event Upon Merger occurs and the Burdened Party is the Affected Party,”
                and (ii) by deleting the words “to transfer” and inserting the words “to
                effect a Permitted Transfer” in lieu
                thereof.

            

    

     

    
      	 	
              (vi)

            	
              Jurisdiction.
                Section
                13(b) is hereby amended by: (i) deleting in the second line of
                subparagraph (i) thereof the word "non-", (ii) deleting “; and” from the
                end of subparagraph 1 and inserting “.” in lieu thereof, and (iii)
                deleting the final paragraph
                thereof.

            

    

     

    
      	 	
              (vii)

            	
              Local
                Business Day.
                The definition of Local Business Day in Section 14 is hereby amended
                by
                the addition of the words “or any Credit Support Document” after “Section
                2(a)(i)” and the addition of the words “or Credit Support Document” after
                “Confirmation”. 

            

    

     

    
      	
              (c)

            	
              Additional
                Termination Events.
                The following Additional Termination Events will
                apply:

            

    

     

    
      	 	
              (i)

            	
              First
                Rating Trigger Collateral.
                If
                (A) it is not the case that a Moody’s Second Trigger Ratings Event has
                occurred and been continuing for 30 or more Local Business Days and
                (B)
                Party
                A has failed to comply with or perform any obligation to be complied
                with
                or performed by Party A in accordance with the Credit Support Annex,
                then
                an Additional Termination Event shall have occurred with respect
                to Party
                A and Party A shall be the sole Affected Party with respect to such
                Additional Termination Event. 

            

    

     

    
      	 	
              (ii)

            	
              Second
                Rating Trigger Replacement.
                If
                (A) a Required Ratings Downgrade Event has occurred and been continuing
                for 30 or more Local Business Days and (B) (i) at least one Eligible
                Replacement has made a Firm Offer to be the transferee of all of
                Party A’s
                rights and obligations under this Agreement (and such Firm Offer
                remains
                an offer that will become legally binding upon such Eligible Replacement
                upon acceptance by the offeree) and/or (ii) an Eligible Guarantor
                has made
                a Firm Offer to provide an Eligible Guarantee (and such Firm Offer
                remains
                an offer that will become legally binding upon such Eligible Guarantor
                immediately upon acceptance by the offeree), then an Additional
                Termination Event shall have occurred with respect to Party A and
                Party A
                shall be the sole Affected Party with respect to such Additional
                Termination Event. 

            

    

     

    
      	 	
              (iii)

            	
              Amendment
                of Pooling and Servicing Agreement. If,
                without the prior written consent of Party A where such consent is
                required under the Pooling and Servicing Agreement (such consent
                not to be
                unreasonably withheld), an amendment is made to the Pooling and Servicing
                Agreement which amendment could reasonably be expected to have a
                material
                adverse effect on the interests of Party A (excluding, for the avoidance
                of doubt, any amendment to the Pooling and Servicing Agreement that
                is
                entered into solely for the purpose of appointing a successor servicer,
                master servicer, securities administrator, trustee or other service
                provider) under this Agreement, an Additional Termination Event shall
                have
                occurred with respect to Party B and Party B shall be the sole Affected
                Party with respect to such Additional Termination Event.
                

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

     

    
      	 	
              (iv)

            	
              Provision
                of Information Required by Regulation AB. Party
                A shall fail to comply with the provisions of Part 5(e) upon the
                occurrence of a Swap Disclosure Event. For all purposes of this Agreement,
                Party A shall be the sole Affected Party with respect to such Additional
                Termination Event.

            

    

     

    
      	 	
              (v)

            	
              Optional
                Termination of the Securitization.
                An
                Additional Termination Event shall occur upon the notice to
                Certificateholders of an Optional Termination becoming unrescindable
                in
                accordance with Article 10.01 of the Pooling and Servicing Agreement
                (such
                notice, the “Optional
                Termination Notice”).
                With respect to such Additional Termination Event: (A) Party B shall
                be
                the sole Affected Party; (B) notwithstanding anything to the contrary
                in
                Section 6(b)(iv) or Section 6(c)(i), the final Distribution Date
                specified
                in the Optional Termination Notice is hereby designated as the Early
                Termination Date for this Additional Termination Event in respect
                of all
                Affected Transactions; (C) Section 2(a)(iii)(2) shall not be applicable
                to
                any Affected Transaction in connection with the Early Termination
                Date
                resulting from this Additional Termination Event; notwithstanding
                anything
                to the contrary in Section 6(c)(ii), payments and deliveries under
                Section
                2(a)(i) or Section 2(e) in respect of the Terminated Transactions
                resulting from this Additional Termination Event will be required
                to be
                made through and including the Early Termination Date designated
                as a
                result of this Additional Termination Event; provided, for the avoidance
                of doubt, that any such payments or deliveries that are made on or
                prior
                to such Early Termination Date will not be treated as Unpaid Amounts
                in
                determining the amount payable in respect of such Early Termination
                Date;
                (D) notwithstanding anything to the contrary in Section 6(d)(i),
                (I) if,
                no later than 4:00 pm New York City time on the day that is four
                Business
                Days prior to the final Distribution Date specified in the Optional
                Termination Notice, the Securities Administrator requests the amount
                of
                the Estimated Swap Termination Payment, Party A shall provide to
                the
                Securities Administrator in writing (which may be done in electronic
                format) the amount of the Estimated Swap Termination Payment no later
                than
                2:00 pm New York City time on the following Business Day and (II)
                if the
                Securities Administrator provides written notice (which may be done
                in
                electronic format) to Party A no later than two Business Days prior
                to the
                final Distribution Date specified in the Optional Termination Notice
                that
                all requirements of the Optional Termination have been met, then
                Party A
                shall, no later than one Business Day prior to the final Distribution
                Date
                specified in the Optional Termination Notice, make the calculations
                contemplated by Section 6(e) of the ISDA Master Agreement (as amended
                herein) and provide to the Securities Administrator in writing (which
                may
                be done in electronic format) the amount payable by either Party
                B or
                Party A in respect of the related Early Termination Date in connection
                with this Additional Termination Event; provided, however, that the
                amount
                payable by Party B, if any, in respect of the related Early Termination
                Date shall be the lesser of (x) the amount calculated to be due from
                Party
                B pursuant to Section 6(e) and (y) the Estimated Swap Termination
                Payment;
                (E) notwithstanding anything to the contrary in this Agreement, any
                amount
                due from Party B to Party A in respect of this Additional Termination
                Event will be payable on the final Distribution Date specified in
                the
                Optional Termination Notice and any amount due from Party A to Party
                B in
                respect of this Additional Termination Event will be payable one
                Business
                Day prior to the final Distribution Date specified in the Optional
                Termination Notice; and (F) for purposes of determining the payment
                under
                Section 6(e) of the ISDA Master Agreement, for all Calculation Periods
                beginning on or after the Early Termination Date, the definition
                of
                Notional Amount in the Confirmation shall be deleted in its entirety
                and
                replaced with the following: “With respect to each Calculation Period, the
                Scheduled Amount for such Calculation Period as set forth in the
                Schedule
                of Scheduled Amounts attached hereto multiplied by the quotient of
                (A) the
                Notional Amount for the Calculation Period immediately prior to the
                Early
                Termination Date divided by (B) the Scheduled Amount for the Calculation
                Period immediately prior to the Early Termination Date as set forth
                in the
                Schedule of Scheduled Amounts attached
                hereto.

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

     

    The
      Securities Administrator shall be an express third party beneficiary of this
      Agreement as if a party hereto to the extent of the Securities Administrator’s
      rights specified herein. 

     

    
      	
              (d)

            	
              Required
                Ratings Downgrade Event. In
                the event that a “Required
                Ratings Downgrade Event”
                shall occur and be continuing, then Party A shall, as soon as reasonably
                practicable, at its own expense, using commercially reasonable efforts,
                procure either (A) a Permitted Transfer or (B) an Eligible Guarantee.
                

            

    

     

    
      	
              (e)
                

            	
              Compliance
                with Regulation AB. (i)
                For purposes of Item 1115 of Subpart 229.1100 - Asset Backed Securities
                (Regulation AB) (17 C.F.R. ss.ss.229.1100 - 229.1123) (“Regulation AB”)
                under the Securities Act of 1933, as amended, and the Securities
                Exchange
                Act of 1934, as amended (the “Exchange Act”), as amended and interpreted
                by the Securities and Exchange Commission and its staff, if the Depositor
                or Party B makes a determination, acting reasonably and in good faith,
                that (x) the applicable “significance percentage” with respect to this
                Agreement has been reached, and (y) it has a reporting obligation
                under
                the Exchange Act (a “Swap Disclosure Event”), then Party A shall (or shall
                cause its Credit Support Provider to), within ten (10) calendar days
                after
                notice to that effect, at its sole expense, take one of the following
                actions (each subject to satisfaction of the Rating Agency Condition):
                (1)
                provide (including, if permitted by Regulation AB, provision by reference
                to reports filed pursuant to the Exchange Act or otherwise publicly
                available information): (A) the financial data required by Item 301
                of
                Regulation S-K (17 C.F.R. §229.301), pursuant to Item 1115(b)(1); (B)
                financial statements meeting the requirements of Regulation S-X (17
                C.F.R.
                §§210.1-01 through 210.12-29, but excluding 17 C.F.R. ss. 210.3-05
                and
                Article 11 of Regulation S-X (17 C.F.R. ss. ss. 210.11-01 through
                210.11-03)), pursuant to Item 1115(b)(2); or (C) such other financial
                information as may at the time be required or permitted to be provided
                in
                satisfaction of the requirements of Item 1115(b), together with
                accountants consents and/or a procedure letter relating thereto;
                or (2)
                secure by Permitted Transfer an Approved Replacement that is able
                to
                comply with the requirements of Item 1115(b) of Regulation AB to
                replace
                Party A as party to this Agreement, on substantially similar terms,
                the
                debt rating of which entity (or credit support provider therefor)
                meets or
                exceeds the applicable requirements of the applicable Rating
                Agencies.

            

    

     

    (ii)
      For
      so long as the aggregate significance percentage is 10% or more, Party A shall
      (or shall cause its Credit Support Provider to) provide any updates to the
      information provided pursuant to clause (i)(1) above to the Depositor within
      five (5) Business Days following availability thereof (but in no event more
      than
      45 days after the end of each of Party A’s Credit Support Provider’s fiscal half
      for any half-year update, and in no event more than 90 days after the end of
      each of Party A’s Credit Support Provider’s fiscal year for any annual
      update).

     

    (iii)
      All
      information provided pursuant to clauses (i)(1) and (ii) above (all such
      information, “Swap Financial Disclosure”) shall be in a form suitable for
      conversion to the format required for filing by the Depositor with the
      Commission via the Electronic Data Gathering and Retrieval System (EDGAR).
      In
      addition, any such information, if audited, shall be accompanied by any
      necessary auditor’s consents or, if such information is unaudited, shall be
      accompanied by an appropriate agreed-upon procedures letter from Party A’s
      accountants. If permitted by Regulation AB, any such information may be provided
      by reference to or incorporation by reference from reports filed pursuant to
      the
      Exchange Act.

     

    (iv)
      Third Party Beneficiary. The Depositor shall be an express third party
      beneficiary of this Agreement as if a party hereto to the extent of the
      Depositor’s rights explicitly specified in this Part 5(e).

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

     

    
      	
              (f)

            	
              Transfers. 

            

    

     

    
      	 	
              (i)

            	
              Section
                7 is hereby amended to read in its entirety as
                follows:

            

    

     

    “Except
      with respect to any Permitted Transfer pursuant to Section 6(b)(ii), Part 5(d),
      Part 5(e), or the succeeding sentence, neither Party A nor Party B is permitted
      to assign, novate or transfer (whether by way of security or otherwise) as
      a
      whole or in part any of its rights, obligations or interests under the Agreement
      or any Transaction unless (a) the prior written consent of the other party
      is
      obtained, and (b) the Rating Agency Condition has been satisfied with respect
      to
      S&P. At any time at which no Relevant Entity has credit ratings at least
      equal to the Approved Ratings Threshold, Party A may make a Permitted Transfer.”

     

    
      	 	
              (ii)

            	
              If
                an Eligible Replacement has made a Firm Offer (which remains an offer
                that
                will become legally binding upon acceptance by Party B) to be the
                transferee pursuant to a Permitted Transfer, Party B shall, at Party
                A’s
                written request and at Party A’s expense, take any reasonable steps
                required to be taken by Party B to effect such transfer.
                

            

    

     

    
      	
              (g)

            	
              Non-Recourse.
                Party A acknowledges and agrees that, notwithstanding any provision
                in
                this Agreement to the contrary, the obligations of Party B hereunder
                are
                limited recourse obligations of Party B, payable solely from the
                Supplemental Interest Trust and the proceeds thereof, in accordance
                with
                the priority of payments and other terms of the Pooling and Servicing
                Agreement and that Party A will not have any recourse to any of the
                directors, officers, agents, employees, shareholders or affiliates
                of the
                Party B with respect to any claims, losses, damages, liabilities,
                indemnities or other obligations in connection with any transactions
                contemplated hereby. In the event that the Supplemental Interest
                Trust and
                the proceeds thereof, should be insufficient to satisfy all claims
                outstanding and following the realization of the account held by
                the
                Supplemental Interest Trust and the proceeds thereof, any claims
                against
                or obligations of Party B under the ISDA Master Agreement or any
                other
                confirmation thereunder still outstanding shall be extinguished and
                thereafter not revive. The Supplemental Interest Trust Trustee shall
                not
                have liability for any failure or delay in making a payment hereunder
                to
                Party A due to any failure or delay in receiving amounts in the account
                held by the Supplemental Interest Trust from the Trust created pursuant
                to
                the Pooling and Servicing Agreement. This provision will survive
                the
                termination of this Agreement.

            

    

     

    
      	
              (h)

            	
              Timing
                of Payments
                by Party B upon Early Termination.
                Notwithstanding anything to the contrary in Section 6(d)(ii), to
                the
                extent that all or a portion (in either case, the “Unfunded Amount”) of
                any amount that is calculated as being due in respect of any Early
                Termination Date under Section 6(e) from Party B to Party A will
                be paid
                by Party B from amounts other than any upfront payment paid to Party
                B by
                an Eligible Replacement that has entered a Replacement Transaction
                with
                Party B, then such Unfunded Amount shall be due on the next subsequent
                Distribution Date following the date on which the payment would have
                been
                payable as determined in accordance with Section 6(d)(ii), and on
                any
                subsequent Distribution Dates until paid in full (or if such Early
                Termination Date is the final Distribution Date, on such final
                Distribution Date); provided, however, that if the date on which
                the
                payment would have been payable as determined in accordance with
                Section
                6(d)(ii) is a Distribution Date, such payment will be payable on
                such
                Distribution Date.

            

    

     

    
      	
              (i)

            	
              Rating
                Agency Notifications. Notwithstanding
                any other provision of this Agreement, no Early Termination Date
                shall be
                effectively designated hereunder by Party B and no transfer of any
                rights
                or obligations under this Agreement shall be made by either party
                unless
                each Rating Agency has been given prior written notice of such designation
                or transfer. 

            

    

     

    
      	
              (j)

            	
              No
                Set-off.
                Except as expressly provided for in Section 2(c), Section 6 or Part
                1(f)(i)(D) hereof, and notwithstanding any other provision of this
                Agreement or any other existing or future agreement, each party
                irrevocably waives any and all rights it may have to set off, net,
                recoup
                or otherwise withhold or suspend or condition payment or performance
                of
                any obligation between it and the other party hereunder against any
                obligation between it and the other party under any other agreements.
                Section 6(e) shall be amended by deleting the following sentence:
“The
                amount, if any, payable in respect of an Early Termination Date and
                determined pursuant to this Section will be subject to any
                Set-off.”.

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

     

    
      	
              (k)

            	
              Amendment.
                Notwithstanding any provision to the contrary in this Agreement,
                no
                amendment of either this Agreement or any Transaction under this
                Agreement
                shall be permitted by either party unless each of the Rating Agencies
                has
                been provided prior written notice of the same and such amendment
                satisfies the Rating Agency Condition with respect to
                S&P.

            

    

     

    
      	
              (l)

            	
              Notice
                of Certain Events or Circumstances.
                Each Party agrees, upon learning of the occurrence or existence of
                any
                event or condition that constitutes (or that with the giving of notice
                or
                passage of time or both would constitute) an Event of Default or
                Termination Event with respect to such party, promptly to give the
                other
                Party and to each Rating Agency notice of such event or condition;
                provided that failure to provide notice of such event or condition
                pursuant to this Part 5(l) shall not constitute an Event of Default
                or a
                Termination Event.

            

    

     

    
      	(m)	
              Proceedings.
                No
                Relevant Entity shall institute against, or cause any other person
                to
                institute against, or join any other person in instituting against
                Party
                B, the Supplemental Interest Trust, or the trust created pursuant
                to the
                Pooling and Servicing Agreement in any bankruptcy, reorganization,
                arrangement, insolvency or liquidation proceedings or other proceedings
                under any federal or state bankruptcy or similar law for a period
                of one
                year (or, if longer, the applicable preference period) and one day
                following payment in full of the Certificates and any Notes. This
                provision will survive the termination of this Agreement. 

            

    

     

    
      	
              (n)

            	
              Supplemental
                Interest Trust Trustee Liability Limitations. It is expressly
                understood and agreed by the parties hereto that (a) this Agreement
                is
                executed by HSBC Bank USA, National Association (“HSBC”) not in its
                individual capacity, but solely as Supplemental Interest Trust Trustee
                under the Pooling and Servicing Agreement in the exercise of the
                powers
                and authority conferred and invested in it thereunder; (b) HSBC has
                been
                directed pursuant to the Pooling and Servicing Agreement to enter
                into
                this Agreement and to perform its obligations hereunder; (c) each
                of the
                representations, undertakings and agreements herein made on behalf
                of the
                Supplemental Interest Trust is made and intended not as personal
                representations of the Supplemental Interest Trust Trustee but is
                made and
                intended for the purpose of binding only the Supplemental Interest
                Trust;
                and (d) under no circumstances shall HSBC in its individual capacity
                be
                personally liable for any payments hereunder or for the breach or
                failure
                of any obligation, representation, warranty or covenant made or undertaken
                under this Agreement.

            

    

    

    
      	
              (o)

            	
              Severability.
                If
                any term, provision, covenant, or condition of this Agreement, or
                the
                application thereof to any party or circumstance, shall be held to
                be
                invalid or unenforceable (in whole or in part) in any respect, the
                remaining terms, provisions, covenants, and conditions hereof shall
                continue in full force and effect as if this Agreement had been executed
                with the invalid or unenforceable portion eliminated, so long as
                this
                Agreement as so modified continues to express, without material change,
                the original intentions of the parties as to the subject matter of
                this
                Agreement and the deletion of such portion of this Agreement will
                not
                substantially impair the respective benefits or expectations of the
                parties; provided, however, that this severability provision shall
                not be
                applicable if any provision of Section 2, 5, 6, or 13 (or any definition
                or provision in Section 14 to the extent it relates to, or is used
                in or
                in connection with any such Section) shall be so held to be invalid
                or
                unenforceable. 

            

    

     

    The
      parties shall endeavor to engage in good faith negotiations to replace any
      invalid or unenforceable term, provision, covenant or condition with a valid
      or
      enforceable term, provision, covenant or condition, the economic effect of
      which
      comes as close as possible to that of the invalid or unenforceable term,
      provision, covenant or condition. 

     

    
      	
              (p)

            	
              Agent
                for Party B. Party A acknowledges that that the Depositor has
                appointed the Supplemental Interest Trust Trustee as agent under
                the
                Pooling and Servicing Agreement to carry out certain functions on
                behalf
                of Party B in respect of this Confirmation, and that HSBC shall be
                entitled to give notices and to perform and satisfy the obligations
                of
                Party B hereunder on behalf of Party
                B.

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

     

    
      	
              (q)

            	
              Escrow
                Payments.
                If
                (whether by reason of the time difference between the cities in which
                payments are to be made or otherwise) it is not possible for simultaneous
                payments to be made on any date on which both parties are required
                to make
                payments hereunder, either Party may at its option and in its sole
                discretion notify the other Party that payments on that date are
                to be
                made in escrow. In this case deposit of the payment due earlier on
                that
                date shall be made by 2:00 pm (local time at the place for the earlier
                payment) on that date with an escrow agent selected by the notifying
                party, accompanied by irrevocable payment instructions (i) to release
                the
                deposited payment to the intended recipient upon receipt by the escrow
                agent of the required deposit of any corresponding payment payable
                by the
                other party on the same date accompanied by irrevocable payment
                instructions to the same effect or (ii) if the required deposit of
                the
                corresponding payment is not made on that same date, to return the
                payment
                deposited to the party that paid it into escrow. The party that elects
                to
                have payments made in escrow shall pay all costs of the escrow
                arrangements.

            

    

     

    
      	
              (r)

            	
              Consent
                to Recording.
                Each party hereto consents to the monitoring or recording, at any
                time and
                from time to time, by the other party of any and all communications
                between trading, marketing, and operations personnel of the parties
                and
                their Affiliates, waives any further notice of such monitoring or
                recording, and agrees to notify such personnel of such monitoring
                or
                recording. 

            

    

     

    
      	
              (s)

            	
              Waiver
                of Jury Trial.
                Each party waives any right it may have to a trial by jury in respect
                of
                any suit, action or proceeding relating to this Agreement or any
                Credit
                Support Document. 

            

    

     

    
      	
              (t)

            	
              Form
                of ISDA Master Agreement. Party
                A and Party B hereby agree that the text of the body of the ISDA
                Master
                Agreement is intended to be the printed form of the ISDA Master Agreement
                (Multicurrency - Crossborder) as published and copyrighted in 1992
                by the
                International Swaps and Derivatives Association,
                Inc.

            

    

     

    
      	
              (u)

            	
              Payment
                Instructions.
                Party A hereby agrees that, unless notified in writing by Party B
                of other
                payment instructions, any and all amounts payable by Party A to Party
                B
                under this Agreement shall be paid to the account specified in Item
                4 of
                this Confirmation, below. 

            

    

     

    
      	
              (v)

            	
              Additional
                representations.

            

    

     

    
      	 	
              (i)

            	
              Representations
                of Party A.
                Party A represents to Party B on the date on which Party A enters
                into
                each Transaction that:--

            

    

     

    
      	 	
              (1)

            	
              Party
                A’s obligations under this Agreement rank pari passu with all of Party
                A’s
                other unsecured, unsubordinated obligations except those obligations
                preferred by operation of law.

            

    

     

    
      	 	
              (2)

            	
              [Reserved]

            

    

     

    
      	 	
              (ii)

            	
              Capacity.
                Party A represents to Party B on the date on which Party A enters
                into
                this Agreement that it is entering into the Agreement and the Transaction
                as principal and not as agent of any person. The Supplemental Interest
                Trust Trustee represents to Party A on the date on which the Supplemental
                Interest Trust Trustee executes this Agreement that it is executing
                the
                Agreement and the Transaction in its capacity as Supplemental Interest
                Trust Trustee.

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
      	
              (w)

            	
              Acknowledgements.

            

    

     

    
      	 	
              (i)

            	
              Substantial
                financial transactions.
                Each party hereto is hereby advised and acknowledges as of the date
                hereof
                that the other party has engaged in (or refrained from engaging in)
                substantial financial transactions and has taken (or refrained from
                taking) other material actions in reliance upon the entry by the
                parties
                into the Transaction being entered into on the terms and conditions
                set
                forth herein and in the Pooling and Servicing Agreement relating
                to such
                Transaction, as applicable. This paragraph shall be deemed repeated
                on the
                trade date of each Transaction.

            

    

     

    
      	 	
              (ii)

            	
              Bankruptcy
                Code.
                Subject to Part 5(m), without limiting the applicability if any,
                of any
                other provision of the U.S. Bankruptcy Code as amended (the “Bankruptcy
                Code”) (including without limitation Sections 362, 546, 556, and 560
                thereof and the applicable definitions in Section 101 thereof), the
                parties acknowledge and agree that all Transactions entered into
                hereunder
                will constitute “forward contracts” or “swap agreements” as defined in
                Section 101 of the Bankruptcy Code or “commodity contracts” as defined in
                Section 761 of the Bankruptcy Code, that the rights of the parties
                under
                Section 6 of this Agreement will constitute contractual rights to
                liquidate Transactions, that any margin or collateral provided under
                any
                margin, collateral, security, pledge, or similar agreement related
                hereto
                will constitute a “margin payment” as defined in Section 101 of the
                Bankruptcy Code, and that the parties are entities entitled to the
                rights
                under, and protections afforded by, Sections 362, 546, 556, and 560
                of the
                Bankruptcy Code.

            

    

     

    
      	
              (x)

            	
              Reserved.

            

    

     

    
      	
              (y)

            	
              Reserved.

            

    

     

    
      	(z)	
              Additional
                Definitions. 

            

    

     

    As
      used
      in this Agreement, the following terms shall have the meanings set forth below,
      unless the context clearly requires otherwise: 

     

    “Approved
      Ratings Threshold”
      means
      each of the S&P Approved Ratings Threshold and the Moody’s First Trigger
      Ratings Threshold.

     

    “Approved
      Replacement” means,
      with respect to a Market Quotation, an entity making such Market Quotation,
      which entity would satisfy conditions (a), (b), (c) and (d) of the definition
      of
      Permitted Transfer (as determined by Party B in its sole discretion, acting
      in a
      commercially reasonable manner) if such entity were a Transferee, as defined
      in
      the definition of Permitted Transfer.

     

    “Derivative
      Provider Trigger Event”
      means
      (i) an Event of Default with respect to which Party A is a Defaulting Party,
      (ii) a Termination Event with respect to which Party A is the sole Affected
      Party or (iii) an Additional Termination Event with respect to which Party
      A is
      the sole Affected Party.

     

    “Eligible
      Guarantee”
      means an
      unconditional and irrevocable guarantee of all present and future obligations
      (for the avoidance of doubt, not limited to payment obligations) of Party A
      or
      an Eligible Replacement to Party B under this Agreement that is provided by
      an
      Eligible Guarantor as principal debtor rather than surety and that is directly
      enforceable by Party B, the form and substance of which guarantee are
      subject to the Rating Agency Condition with respect to S&P, and either (A) a
      law firm has given a legal opinion confirming that none of the guarantor’s
      payments to Party B under such guarantee will be subject to Tax
      collected by withholding or
      (B)
      such guarantee provides that, in the event that any of such guarantor’s payments
      to Party B are subject to Tax collected by withholding, such guarantor is
      required to pay such additional amount as is necessary to ensure that the net
      amount actually received by Party B (free and clear of any Tax collected by
      withholding) will equal the full amount Party B would have received had no
      such
      withholding been required.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

     

    “Eligible
      Guarantor” means
      an
      entity that (A) has credit ratings from S&P at least equal to the S&P
      Approved Ratings Threshold and (B) has credit ratings from Moody’s at least
      equal to the Moody’s Second Trigger Ratings Threshold provided, for the
      avoidance of doubt, that an Eligible Guarantee of an Eligible Guarantor with
      credit ratings below the Moody’s First Trigger Ratings Threshold will not cause
      a Collateral Event (as defined in the Credit Support Annex) not to occur or
      continue
      with
      respect to Moody’s. 

     

    “Eligible
      Replacement” means an entity (i) that (a) has credit ratings from
      S&P at least equal to the S&P Approved Ratings Threshold and (b) has
      credit ratings from Moody’s at least equal to the Moody’s Second Trigger Ratings
      Threshold, provided, for the avoidance of doubt, that an Eligible Replacement
      with credit ratings below the Moody’s First Trigger Ratings Threshold will not
      cause a Collateral Event (as defined in the Credit Support Annex) not to occur
      or continue with respect to Moody’s or (ii) the present and future obligations
      (for the avoidance of doubt, not limited to payment obligations) of which entity
      to Party B under this Agreement are guaranteed pursuant to an Eligible
      Guarantee. 

     

    
      “Estimated
        Swap Termination Payment” means, with respect to an Early
        Termination Date, an amount determined by Party A in good faith and in a
        commercially reasonable manner as the maximum payment that could be owed
        by
        Party B to Party A in respect of such Early Termination Date pursuant to
        Section
        6(e) of the ISDA Master Agreement, taking into account then current market
        conditions.

    

     

    “Firm
      Offer”
      means
      (A) with respect to an Eligible Replacement, a quotation from such Eligible
      Replacement (i) in an amount equal to the actual amount payable by or to Party
      B
      in consideration of an agreement between Party B and such Eligible Replacement
      to replace Party A as the counterparty to this Agreement by way of novation
      or,
      if such novation is not possible, an agreement between Party B and such Eligible
      Replacement to enter into a Replacement Transaction (assuming that all
      Transactions hereunder become Terminated Transactions), and (ii) that
      constitutes an offer by such Eligible Replacement to replace Party A as the
      counterparty to this Agreement or enter a Replacement Transaction that will
      become legally binding upon such Eligible Replacement upon acceptance by Party
      B, and (B) with respect to an Eligible Guarantor, an offer by such Eligible
      Guarantor to provide an Eligible Guarantee that will become legally binding
      upon
      such Eligible Guarantor upon acceptance by the offeree.

     

    “Moody’s”
      means
      Moody’s Investors Service, Inc., or any successor thereto. 

     

    “Moody’s
      First Trigger Ratings Event”
      means
      that no Relevant Entity has credit ratings from Moody’s at least equal to the
      Moody’s First Trigger Ratings Threshold.

     

    “Moody’s
      First Trigger Ratings Threshold” means,
      with respect to Party A, the guarantor under an Eligible Guarantee or an
      Eligible Replacement, (i) if such entity has a short-term unsecured and
      unsubordinated debt rating from Moody’s, a long-term unsecured and
      unsubordinated debt rating or counterparty rating from Moody’s of “A2” and a
      short-term unsecured and unsubordinated debt rating from Moody’s of “Prime-1”,
      or (ii) if such entity does not have a short-term unsecured and unsubordinated
      debt rating or counterparty rating from Moody’s, a long-term unsecured and
      unsubordinated debt rating or counterparty rating from Moody’s of
“A1”.

     

    “Moody’s
      Second Trigger Ratings Event”
      means
      that no Relevant Entity has credit ratings from Moody’s at least equal to the
      Moody’s Second Trigger Ratings Threshold. 

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

     

    “Moody’s
      Second Trigger Ratings Threshold”
      means ,
      with respect to Party A, the guarantor under an Eligible Guarantee or an
      Eligible Replacement, (i) if such entity has a short-term unsecured and
      unsubordinated debt rating from Moody’s, a long-term unsecured and
      unsubordinated debt rating or counterparty rating from Moody’s of “A3” and a
      short-term unsecured and unsubordinated debt rating from Moody’s of “Prime-2”,
      or (ii) if such entity does not have a short-term unsecured and unsubordinated
      debt rating from Moody’s, a long-term unsecured and unsubordinated debt rating
      or counterparty rating from Moody’s of “A3”.

     

    “Permitted
      Transfer” means
      a
      transfer by novation by Party A pursuant to Section 6(b)(ii), Part 5(d), Part
      5(e), or the second sentence of Section 7 (as amended herein) to a transferee
      (the “Transferee”)
      of all,
      but not less than all, of Party A’s rights, liabilities, duties and obligations
      under this Agreement, with respect to which transfer each of the following
      conditions is satisfied: (a) the Transferee is an Eligible Replacement; (b)
      Party A and the Transferee are both “dealers in notional principal contracts”
within the meaning of Treasury regulations section 1.1001-4; (c) as of the
      date
      of such transfer the Transferee would not be required to withhold or deduct
      on
      account of Tax from any payments under this Agreement or would be required
      to
      gross up for such Tax under Section 2(d)(i)(4); (d) an Event of Default or
      Termination Event would not occur as a result of such transfer; (e) pursuant
      to
      a written instrument (the “Transfer
      Agreement”),
      the
      Transferee acquires and assumes all rights and obligations of Party A under
      the
      Agreement and the relevant Transaction; (f) Party B shall have determined,
      in its sole discretion, acting in a commercially reasonable manner, that such
      Transfer Agreement is effective to transfer to the Transferee all, but not
      less
      than all, of Party A’s rights and obligations under the Agreement and all
      relevant Transactions; (g) Party A will be responsible for any costs or expenses
      incurred in connection with such transfer (including any replacement cost of
      entering into a replacement transaction); (h) either (A) Moody’s has been given
      prior written notice of such transfer and the Rating Agency Condition is
      satisfied with respect to S&P or (B) each Rating Agency has been given prior
      written notice of such transfer and such transfer is in connection with the
      assignment and assumption of this Agreement without modification of its terms,
      other than party names, dates relevant to the effective date of such transfer,
      tax representations (provided that the representations in Part 2(a)(i) are
      not
      modified) and any other representations regarding the status of the substitute
      counterparty of the type included in Part 5(b)(iv), Part 5(v)(i)(2) or Part
      5(v)(ii), notice information and account details; and (i) such transfer
      otherwise complies with the terms of the Pooling and Servicing
      Agreement.

     

    “Rating
      Agency”
      means,
      with respect to any date of determination, each of S&P and Moody’s, to the
      extent that each such rating agency is then providing a rating for any of the
      ACE
      Securities Corp. Home Equity Loan Trust, Series 2007-SL1 Asset Backed
      Pass-Through Certificates (the
      “Certificates”)
      or any
      notes backed by the Certificates (the “Notes”).

     

    “Rating
      Agency Condition”
      means,
      with respect to any particular proposed act or omission to act hereunder and
      each Rating Agency specified in connection with such proposed act or omission,
      that the party acting or failing to act must consult with each of the specified
      Rating Agencies and receive from each such Rating Agency a prior written
      confirmation that the proposed action or inaction would not cause a downgrade
      or
      withdrawal of the then-current rating of any Certificates or Notes.

     

    “Relevant
      Entity” means
      Party A and, to the extent applicable, a guarantor under an Eligible
      Guarantee.

     

    “Replacement
      Transaction”
      means,
      with respect to any Terminated Transaction or group of Terminated Transactions,
      a transaction or group of transactions that (i) would have the effect of
      preserving for Party B the economic equivalent of any payment or delivery
      (whether the underlying obligation was absolute or contingent and assuming
      the
      satisfaction of each applicable condition precedent) by the parties under
      Section 2(a)(i) in respect of such Terminated Transaction or group of Terminated
      Transactions that would, but for the occurrence of the relevant Early
      Termination Date, have been required after that Date, and (ii) has terms which
      are substantially the same as this Agreement, including, without limitation,
      rating triggers, Regulation AB compliance, and credit support documentation,
      save for the exclusion of provisions relating to Transactions that are not
      Terminated Transaction, as determined by Party B in its sole discretion, acting
      in a commercially reasonable manner.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

     

    “Required
      Ratings Downgrade Event” means that no Relevant Entity has credit
      ratings at least equal to the Required Ratings Threshold.

     

    “Required
      Ratings Threshold” means
      each of the S&P Required Ratings Threshold and the Moody’s Second Trigger
      Ratings Threshold.

     

    “S&P”
      means
      Standard & Poor's Rating Services, a division of The McGraw-Hill Companies,
      Inc., or any successor thereto. 

     

    “S&P
      Approved Ratings Threshold” means, with respect to Party A, the
      guarantor under an Eligible Guarantee or an Eligible Replacement, a short-term
      unsecured and unsubordinated debt rating from S&P of “A-1”, or, if such
      entity does not have a short-term unsecured and unsubordinated debt rating
      from
      S&P, a long-term unsecured and unsubordinated debt rating or counterparty
      rating from S&P of “A+”.

     

    “S&P
      Required Ratings Threshold”
      means,
      with
      respect to Party A, the guarantor under any Eligible Guarantee or an Eligible
      Replacement,
      a
      long-term unsecured and unsubordinated debt rating or counterparty rating from
      S&P of “BBB+”. 

     

    [Remainder
      of this page intentionally left blank.]

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
      	4.	
              Account
                Details and Settlement Information:

            

    

     

    Payments
      to Party
      A:                          JPMorgan
      Chase Bank

    ABA#
      021000021

    SWIFT:
      CHASUS33

    Account
      of: Swiss Re Financial Products

    Account
      No.: 066-911184 

     

    Payments
      to Party
      B:                          
Wells
      Fargo Bank, N.A.

    ABA
      No.
      121-000-248

    Account
      Name: Corporate Trust Clearing

    Account
      No.: 3970771416 for further credit to 50986602, ACE 2007 SL1

    

    This
      Agreement may be executed in several counterparts, each of which shall be deemed
      an original but all of which together shall constitute one and the same
      instrument.

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    We
      are
      very pleased to have executed this Transaction with you and we look forward
      to
      completing other transactions with you in the near future.

    

    Very
      truly yours,

    

    SWISS
      RE FINANCIAL PRODUCTS CORPORATION

    

    

    By:
      /s/ Robert
      Spuler                                           

           
      Name: Robert Spuler

           
      Title: Director    

    

    

    Party
      B,
      acting through its duly authorized signatory, hereby agrees to, accepts and
      confirms the terms of the foregoing as of the date hereof.

    

    HSBC
      Bank USA, National Association,
      not in
      its individual capacity, but solely as Supplemental Interest Trust Trustee
      on
      behalf of the Supplemental Interest Trust with respect to the ACE
      Securities Corp. Home Equity Loan Trust, Series 2007-SL1 Asset Backed
      Pass-Through Certificates 

     

    

    By:
      /s/ Fernando
      Acebedo                                  

           Name:
      Fernando Acebedo

           Title:
      Vice President

    

    

    

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    SCHEDULE
      I

    

    Amortization
      Schedule,
      subject
      to No Adjustment with respect to Fixed Rate Payer Period End Dates and
      adjustment in accordance with the Following Business Day Convention with respect
      to Floating Rate Payer Period End Dates)

    

    
      	
              From
                and including

            	
              To
                but excluding

            	
              Notional
                Amount (USD)

            
	
              August
                25, 2007

            	
              September
                25, 2007

            	
              281,893,162

            
	
              September
                25, 2007

            	
              October
                25, 2007

            	
              268,595,515

            
	
              October
                25, 2007

            	
              November
                25, 2007

            	
              255,924,198

            
	
              November
                25, 2007

            	
              December
                25, 2007

            	
              243,849,746

            
	
              December
                25, 2007

            	
              January
                25, 2008

            	
              232,344,080

            
	
              January
                25, 2008

            	
              February
                25, 2008

            	
              221,380,438

            
	
              February
                25, 2008

            	
              March
                25, 2008

            	
              210,933,319

            
	
              March
                25, 2008

            	
              April
                25, 2008

            	
              200,978,418

            
	
              April
                25, 2008

            	
              May
                25, 2008

            	
              191,492,573

            
	
              May
                25, 2008

            	
              June
                25, 2008

            	
              182,453,713

            
	
              June
                25, 2008

            	
              July
                25, 2008

            	
              173,840,801

            
	
              July
                25, 2008

            	
              August
                25, 2008

            	
              165,633,792

            
	
              August
                25, 2008

            	
              September
                25, 2008

            	
              157,813,582

            
	
              September
                25, 2008

            	
              October
                25, 2008

            	
              150,361,966

            
	
              October
                25, 2008

            	
              November
                25, 2008

            	
              143,261,593

            
	
              November
                25, 2008

            	
              December
                25, 2008

            	
              136,495,931

            
	
              December
                25, 2008

            	
              January
                25, 2009

            	
              130,049,222

            
	
              January
                25, 2009

            	
              February
                25, 2009

            	
              123,906,451

            
	
              February
                25, 2009

            	
              March
                25, 2009

            	
              118,053,309

            
	
              March
                25, 2009

            	
              April
                25, 2009

            	
              112,476,159

            
	
              April
                25, 2009

            	
              May
                25, 2009

            	
              107,162,006

            
	
              May
                25, 2009

            	
              June
                25, 2009

            	
              102,098,466

            
	
              June
                25, 2009

            	
              July
                25, 2009

            	
              97,273,738

            
	
              July
                25, 2009

            	
              August
                25, 2009

            	
              92,676,576

            
	
              August
                25, 2009

            	
              September
                25, 2009

            	
              88,296,261

            
	
              September
                25, 2009

            	
              October
                25, 2009

            	
              84,122,580

            
	
              October
                25, 2009

            	
              November
                25, 2009

            	
              80,145,802

            
	
              November
                25, 2009

            	
              December
                25, 2009

            	
              76,356,651

            
	
              December
                25, 2009

            	
              January
                25, 2010

            	
              72,746,287

            
	
              January
                25, 2010

            	
              February
                25, 2010

            	
              69,306,290

            
	
              February
                25, 2010

            	
              March
                25, 2010

            	
              66,028,631

            
	
              March
                25, 2010

            	
              April
                25, 2010

            	
              62,905,663

            
	
              April
                25, 2010

            	
              May
                25, 2010

            	
              59,930,097

            
	
              May
                25, 2010

            	
              June
                25, 2010

            	
              57,094,986

            
	
              June
                25, 2010

            	
              July
                25, 2010

            	
              54,393,712

            
	
              July
                25, 2010

            	
              August
                25, 2010

            	
              51,819,967

            
	
              August
                25, 2010

            	
              September
                25, 2010

            	
              49,367,742

            
	
              September
                25, 2010

            	
              October
                25, 2010

            	
              47,031,307

            
	
              October
                25, 2010

            	
              November
                25, 2010

            	
              44,805,205

            
	
              November
                25, 2010

            	
              December
                25, 2010

            	
              42,684,235

            
	
              December
                25, 2010

            	
              January
                25, 2011

            	
              40,663,440

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	
              January
                25, 2011

            	
              February
                25, 2011

            	
              38,738,098

            
	
              February
                25, 2011

            	
              March
                25, 2011

            	
              36,903,708

            
	
              March
                25, 2011

            	
              April
                25, 2011

            	
              35,155,981

            
	
              April
                25, 2011

            	
              May
                25, 2011

            	
              33,490,831

            
	
              May
                25, 2011

            	
              June
                25, 2011

            	
              31,904,363

            
	
              June
                25, 2011

            	
              July
                25, 2011

            	
              30,392,865

            
	
              July
                25, 2011

            	
              August
                25, 2011

            	
              28,952,803

            
	
              August
                25, 2011

            	
              September
                25, 2011

            	
              27,580,806

            
	
              September
                25, 2011

            	
              October
                25, 2011

            	
              26,273,661

            
	
              October
                25,
                2011

            	
              November
                25, 2011

            	
              25,028,261

            
	
              November
                25, 2011

            	
              December
                25, 2011

            	
              23,841,517

            
	
              December
                25, 2011

            	
              January
                25, 2012

            	
              22,710,896

            
	
              January
                25, 2012

            	
              February
                25, 2012

            	
              21,633,748

            

    

    

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Annex
      A

    

    Paragraph
      13 of the Credit Support Annex

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

      ANNEX
        A

      

      ISDA®

      CREDIT
        SUPPORT ANNEX

      to
        the
        Schedule to the

      ISDA
        Master Agreement

      dated
        as
        of March 2, 2007, between

      Swiss
        Re
        Financial Products Corporation (hereinafter referred to as “Party
        A”
        or
“Pledgor”)

      and

      HSBC
        Bank
        USA, National Association, not in its individual capacity, but solely as
        Supplemental Interest Trust Trustee (the “Supplemental Interest Trust Trustee”)
        on behalf of the supplemental interest trust (the “Supplemental Interest Trust”)
        with respect to the ACE
        Securities Corp. Home Equity Loan Trust, Series 2007-SL1 Asset Backed
        Pass-Through Certificates (the
        “Supplemental Interest Trust Trustee”) (hereinafter
        referred to as “Party
        B”
        or
“Secured
        Party”).

      

      For
        the
        avoidance of doubt, and notwithstanding anything to the contrary that may
        be
        contained in the Agreement, this Credit Support Annex shall relate solely
        to the
        Transaction documented in the Confirmation dated March 2, 2007, between Party
        A
        and Party B, Reference Number SRFP reference # 1303602.

      

       

      Paragraph
        13. Elections and Variables.

       

      
        	
                (a)

              	
                Security
                  Interest for “Obligations”.
                  The term “Obligations”
                  as
                  used in this Annex includes the following additional
                  obligations:

              

      

       

      With
        respect to Party A: not applicable.

       

      With
        respect to Party B: not applicable.

       

      
        	
                (b)

              	
                Credit
                  Support Obligations.

              

      

       

      
        	 	
                (i)

              	
                Delivery
                  Amount, Return Amount and Credit Support
                  Amount.

              

      

       

      
        	 	
                (A)

              	
                “Delivery
                  Amount”
                  has the meaning specified in Paragraph 3(a) as amended (I) by deleting
                  the
                  words “upon a demand made by the Secured Party on or promptly following
                  a
                  Valuation Date” and inserting in lieu thereof the words “not later than
                  the close of business on each Valuation Date” and (II) by deleting in its
                  entirety the sentence beginning “Unless otherwise specified in Paragraph
                  13” and ending “(ii) the Value as of that Valuation Date of all Posted
                  Credit Support held by the Secured Party.” and inserting in lieu thereof
                  the following:

              

      

       

      The
        “Delivery
        Amount”
        applicable to the Pledgor for any Valuation Date will equal the greatest
        of:

       

      
        	 	
                (1)

              	
                the
                  amount by which (a) the S&P Credit Support Amount for such Valuation
                  Date exceeds (b) the S&P Value as of such Valuation Date of all Posted
                  Credit Support held by the Secured Party,

              

      

       

      
        	 	
                (2)

              	
                the
                  amount by which (a) the Moody’s First Trigger Credit Support Amount for
                  such Valuation Date exceeds (b) the Moody’s First Trigger Value as of such
                  Valuation Date of all Posted Credit Support held by the Secured
                  Party,
                  and

              

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

       

      
        	 	
                (3)

              	
                the
                  amount by which (a) the Moody’s Second Trigger Credit Support Amount for
                  such Valuation Date exceeds (b) the Moody’s Second Trigger Value as of
                  such Valuation Date of all Posted Credit Support held by the Secured
                  Party.

              

      

       

      
        	 	
                (B)

              	
                “Return
                  Amount”
                  has the meaning specified in Paragraph 3(b) as amended by deleting
                  in its
                  entirety the sentence beginning “Unless otherwise specified in Paragraph
                  13” and ending “(ii) the Credit Support Amount.” and inserting in lieu
                  thereof the following:

              

      

       

      The
        “Return
        Amount”
        applicable to the Secured Party for any Valuation Date will equal the least
        of

       

      
        	 	
                (1)

              	
                the
                  amount by which (a) the S&P Value as of such Valuation Date of all
                  Posted Credit Support held by the Secured Party exceeds (b) the
                  S&P
                  Credit Support Amount for such Valuation Date,

              

      

       

      
        	 	
                (2)

              	
                the
                  amount by which (a) the Moody’s First Trigger Value as of such Valuation
                  Date of all Posted Credit Support held by the Secured Party exceeds
                  (b)
                  the Moody’s First Trigger Credit Support Amount for such Valuation Date,
                  and

              

      

       

      
        	 	
                (3)

              	
                the
                  amount by which (a) the Moody’s Second Trigger Value as of such Valuation
                  Date of all Posted Credit Support held by the Secured Party exceeds
                  (b)
                  the Moody’s Second Trigger Credit Support Amount for such Valuation
                  Date.

              

      

       

      
        	 	
                (C)

              	
                “Credit
                  Support Amount”
                  shall not apply. For purposes of calculating any Delivery Amount
                  or Return
                  Amount for any Valuation Date, reference shall be made to the S&P
                  Credit Support Amount, the Moody’s First Trigger Credit Support Amount, or
                  the Moody’s Second Trigger Credit Support Amount, in each case for such
                  Valuation Date.

              

      

       

      
        	 	
                (ii)

              	
                Eligible
                  Collateral.
                  

              

      

       

      On
        any
        date, the items set forth on the schedule of Eligible Collateral attached
        as
        Schedule A hereto will qualify as “Eligible
        Collateral”
(for
        the avoidance of doubt, all Eligible Collateral to be denominated in
        USD):

       

      
        	 	
                (iii)

              	
                Other
                  Eligible Support. 

              

      

       

      The
        following items will qualify as “Other
        Eligible Support”
        for the
        party specified: 

       

      Not
        applicable.

       

      
        	 	
                (iv)

              	
                Threshold.

              

      

       

      
        	 	
                (A)

              	
                “Independent
                  Amount”
                  means zero with respect to Party A and Party
                  B.

              

      

       

      
        	 	
                (B)

              	
                “Threshold”
                  means, with respect to Party A and any Valuation Date, zero if
                  (i) a
                  Collateral Event has occurred and has been continuing (x) for at
                  least 30
                  days or (y) since this Annex was executed, or (ii) a Required Ratings
                  Downgrade Event has occurred and is continuing; otherwise,
                  infinity.

              

      

       

      “Threshold”
        means,
        with respect to Party B and any Valuation Date, infinity.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

       

      
        	 	
                (C)

              	
                “Minimum
                  Transfer Amount” means
                  USD 100,000 with respect to Party A and Party B; provided, however,
                  that
                  if the aggregate Certificate Principal Balance of any Certificates
                  and the
                  aggregate principal balance of any Notes rated by S&P is at the time
                  of the transfer less than USD 50,000,000, the “Minimum
                  Transfer Amount”
                  shall be USD 50,000.

              

      

       

      
        	 	
                (D)

              	
                Rounding:
                  The Delivery Amount will be rounded up to the nearest integral
                  multiple of
                  USD 10,000. The Return Amount will be rounded down to the nearest
                  integral
                  multiple of USD 10,000.

              

      

       

      
        	
                (c)

              	
                Valuation
                  and Timing.

              

      

       

      
        	 	
                (i)

              	
                “Valuation
                  Agent”
                  means Party A; provided, however, that if an Event of Default shall
                  have
                  occurred with respect to which Party A is the Defaulting Party,
                  Party B
                  shall have the right to designate as Valuation Agent an independent
                  party,
                  reasonably acceptable to Party A, the cost for which shall be borne
                  by
                  Party A. All calculations by the Valuation Agent must be made in
                  accordance with standard market practice, including, in the event
                  of a
                  dispute as to the Value of any Eligible Credit Support or Posted
                  Credit
                  Support, by making reference to quotations received by the Valuation
                  Agent
                  from one or more Pricing Sources.

              

      

       

      
        	 	
                (ii)

              	
                “Valuation
                  Date” means
                  (A) the first Local Business Day in each week on which any of the
                  S&P
                  Credit Support Amount, the Moody’s First Trigger Credit Support Amount or
                  the Moody’s Second Trigger Credit Support Amount is greater than
                  zero.

              

      

       

      
        	 	
                (iii)

              	
                “Valuation
                  Time” means
                  the close of business in the city of the Valuation Agent on the
                  Local
                  Business Day immediately preceding the Valuation Date or date of
                  calculation, as applicable; provided
                  that the calculations of Value and Exposure will be made as of
                  approximately the same time on the same date. The Valuation Agent
                  will
                  notify each party (or the other party, if the Valuation Agent is
                  a party)
                  of its calculations not later than the Notification Time on the
                  applicable
                  Valuation Date (or in the case of Paragraph 6(d), the Local Business
                  Day
                  following the day on which such relevant calculations are
                  performed).”

              

      

       

      
        	 	
                (iv)

              	
                “Notification
                  Time” means
                  11:00 a.m., New York time, on a Local Business Day.
                  

              

      

       

      
        	 	
                (v)

              	
                External
                  Verification.
                  Notwithstanding anything to the contrary in the definitions of
                  Valuation
                  Agent or Valuation Date, at any time at which Party A (or, to the
                  extent
                  applicable, its Credit Support Provider) does not have a long-term
                  unsubordinated and unsecured debt rating of at least “BBB+” from S&P,
                  the Valuation Agent shall (A) calculate the Secured Party’s Exposure and
                  the S&P Value of Posted Credit Support on each Valuation Date based on
                  internal marks and (B) verify such calculations with external marks
                  monthly by obtaining on the last Local Business Day of each calendar
                  month
                  two external marks for each Transaction to which this Annex relates
                  and
                  for all Posted Credit Support; such verification of the Secured
                  Party’s
                  Exposure shall be based on the higher of the two external marks.
                  Each
                  external mark in respect of a Transaction shall be obtained from
                  an
                  independent Reference Market-maker that would be eligible and willing
                  to
                  enter into such Transaction in the absence of the current derivative
                  provider, provided that an external mark may not be obtained from
                  the same
                  Reference Market-maker more than four times in any 12-month period.
                  The
                  Valuation Agent shall obtain these external marks directly or through
                  an
                  independent third party, in either case at no cost to Party B.
                  The
                  Valuation Agent shall calculate on each Valuation Date (for purposes
                  of
                  this paragraph, the last Local Business Day in each calendar month
                  referred to above shall be considered a Valuation Date) the Secured
                  Party’s Exposure based on the greater of the Valuation Agent’s internal
                  marks and the external marks received. If the S&P Value on any such
                  Valuation Date of all Posted Credit Support then held by the Secured
                  Party
                  is less than the S&P Credit Support Amount on such Valuation Date (in
                  each case as determined pursuant to this paragraph), Party A shall,
                  within
                  three Local Business Days of such Valuation Date, Transfer to the
                  Secured
                  Party Eligible Credit Support having an S&P Value as of the date of
                  Transfer at least equal to such deficiency.

              

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

       

      
        	 	
                (vi)

              	
                Notice
                  to S&P.
                  At
                  any time at which Party A (or, to the extent applicable, its Credit
                  Support Provider) does not have a long-term unsubordinated and
                  unsecured
                  debt rating of at least “BBB+” from S&P, the Valuation Agent shall
                  provide to S&P not later than the Notification Time on the Local
                  Business Day following each Valuation Date its calculations of
                  the Secured
                  Party’s Exposure and the S&P Value of any Eligible Credit Support or
                  Posted Credit Support for that Valuation Date. The Valuation Agent
                  shall
                  also provide to S&P any external marks received pursuant to the
                  preceding paragraph.

              

      

       

      
        	
                (d)

              	
                Conditions
                  Precedent and Secured Party’s Rights and
                  Remedies.
                  The following Termination Events will be a “Specified
                  Condition”
                  for the party specified (that party being the Affected Party if
                  the
                  Termination Event occurs with respect to that party): With respect
                  to
                  Party A: any Additional Termination Event with respect to which
                  Party A is
                  the sole Affected Party. With respect to Party B:
                  None.

              

      

       

      
        	
                (e)

              	
                Substitution.

              

      

       

      
        	 	
                (i)

              	
                “Substitution
                  Date”
                  has the meaning specified in Paragraph
                  4(d)(ii).

              

      

       

      
        	 	
                (ii)

              	
                Consent.
                  If
                  specified here as applicable, then the Pledgor must obtain the
                  Secured
                  Party’s consent for any substitution pursuant to Paragraph 4(d):
                  Inapplicable.

              

      

       

      
        	
                (f)

              	
                Dispute
                  Resolution.

              

      

       

      
        	 	
                (i)

              	
                “Resolution
                  Time”
                  means 1:00 p.m. New York time on the Local Business Day following
                  the date
                  on which the notice of the dispute is given under Paragraph
                  5.

              

      

       

      
        	 	
                (ii)

              	
                Value.
                  Notwithstanding anything to the contrary in Paragraph 12, for the
                  purpose
                  of Paragraphs 5(i)(C) and 5(ii), the S&P Value, the Moody’s First
                  Trigger Value, and the Moody’s Second Trigger Value, on any date, of
                  Eligible Collateral other than Cash will be calculated as follows:
                  

              

      

       

      For
        Eligible Collateral in the form of securities listed in Paragraph 13(b)(ii):
        the
        sum of (A) the product of (1)(x) the bid price at the Valuation Time for
        such
        securities on the principal national securities exchange on which such
        securities are listed, or (y) if such securities are not listed on a national
        securities exchange, the bid price for such securities quoted at the Valuation
        Time by any principal market maker for such securities selected by the Valuation
        Agent, or (z) if no such bid price is listed or quoted for such date, the
        bid
        price listed or quoted (as the case may be) at the Valuation Time for the
        day
        next preceding such date on which such prices were available and (2) the
        applicable Valuation Percentage for such Eligible Collateral, and (B) the
        accrued interest on such securities (except to the extent Transferred to
        the
        Pledgor pursuant to Paragraph 6(d)(ii) or included in the applicable price
        referred to in the immediately preceding clause (A)) as of such
        date.

       

      
        	 	
                (iii)

              	
                Alternative.
                  The provisions of Paragraph 5 will
                  apply.

              

      

       

      
        	
                (g)

              	
                Holding
                  and Using Posted
                  Collateral.

              

      

       

      
        	 	
                (i)

              	
                Eligibility
                  to Hold Posted Collateral; Custodians.  Party
                  B (or any Custodian) will be entitled to hold Posted Collateral
                  pursuant
                  to Paragraph 6(b). 

              

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

       

      Party
        B
        may appoint as Custodian (A) the entity then serving as Securities Administrator
        or (B) any entity other than the entity then serving as Securities Administrator
        if such other entity (or, to the extent applicable, its parent company or
        credit
        support provider) shall then have a short-term unsecured and unsubordinated
        debt
        rating from S&P of at least “A-1.”

       

      Initially,
        the Custodian
        for
        Party B is: the Securities Administrator.

       

      
        	 	
                (ii)

              	
                Use
                  of Posted Collateral. The
                  provisions of Paragraph 6(c)(i) will not apply to Party B, but
                  the
                  provisions of Paragraph 6(c)(ii) will apply to Party B.
                  

              

      

       

      
        	
                (h)

              	
                Distributions
                  and Interest Amount.

              

      

       

      
        	 	
                (i)

              	
                Interest
                  Rate.
                  The “Interest
                  Rate”
                  will be the actual interest rate earned on Posted Collateral in
                  the form
                  of Cash that is held by Party B or its Custodian. Posted Collateral
                  in the
                  form of Cash shall be invested in such overnight (or redeemable
                  within two
                  Local Business Days of demand) Permitted Investments rated at least
                  (x)
                  AAAm or AAAm-G by S&P and (y) Prime-1 by Moody’s or Aaa by Moody’s, as
                  directed by Party A (unless (x) an Event of Default or an Additional
                  Termination Event has occurred and is continuing with respect to
                  which
                  Party A is the defaulting or sole Affected Party or (y) an Early
                  Termination Date has been designated, in which case such Posted
                  Collateral
                  shall be held uninvested). Gains and losses incurred in respect
                  of any
                  investment of Posted Collateral in the form of Cash in Permitted
                  Investments as directed by Party A shall be for the account of
                  Party
                  A.

              

      

       

      
        	 	
                (ii)

              	
                Transfer
                  of Interest Amount.
                  The Transfer of the Interest Amount will be made on the second
                  Local
                  Business Day following the end of each calendar month and on any
                  other
                  Local Business Day on which Posted Collateral in the form of Cash
                  is
                  Transferred to the Pledgor pursuant to Paragraph 3(b); provided,
                  however,
                  that the obligation of Party B to Transfer any Interest Amount
                  to Party A
                  shall be limited to the extent that Party B has earned and received
                  such
                  funds and such funds are available to Party B.

              

      

       

      
        	 	
                (iii)

              	
                Alternative
                  to Interest Amount.
                  The provisions of Paragraph 6(d)(ii) will
                  apply.

              

      

       

      
        	
                (i)

              	
                Additional
                  Representation(s).
                  There are no additional representations by either
                  party.

              

      

       

      
        	
                (j)

              	
                Other
                  Eligible Support and Other Posted Support.

              

      

       

      
        	 	
                (i)

              	
                “Value”
                  with respect to Other Eligible Support and Other Posted Support
                  means: not
                  applicable. 

              

      

       

      
        	 	
                (ii)

              	
                “Transfer”
                  with respect to Other Eligible Support and Other Posted Support
                  means: not
                  applicable.

              

      

       

      
        	
                (k)

              	
                Demands
                  and Notices.All
                  demands, specifications and notices under this Annex will be made
                  pursuant
                  to the Notices Section of this Agreement, except that any demand,
                  specification or notice shall be given to or made at the following
                  addresses, or at such other address as the relevant party may from
                  time to
                  time designate by giving notice (in accordance with the terms of
                  this
                  paragraph) to the other party:

              

      

       

      If
        to
        Party A, at the address specified pursuant to the Notices Section of this
        Agreement.

       

      If
        to
        Party B, at the address specified pursuant to the Notices Section of this
        Agreement.

       

      If
        to
        Party B’s Custodian: Same as Party B

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

       

      
        	
                (l)

              	
                Address
                  for Transfers.
                  Each Transfer hereunder shall be made to the address specified
                  below or to
                  an address specified in writing from time to time by the party
                  to which
                  such Transfer will be made.

              

      

       

      Party
        A
        account details for holding collateral:  

      JPMorgan
        Chase Bank

      SWIFT:
         CHASUS33

      Account
        of:  Swiss
        Re
        Financial Products

      Account
        No.:  066-911184

      ABA#:  021000021

      

      Party
        B’s
        Custodian account details for holding collateral:  

      Wells
        Fargo Bank, NA

      ABA
        #
        121000248

      Account
        Name: SAS Clearing

      Account
        #
        3970771416

      FFC
        to:
        ACE 2007-SL1 Cap Collateral Acct # 50986603

      

      
        	
                (m)

              	
                Other
                  Provisions.

              

      

       

      
        	 	
                (i)

              	
                Collateral
                  Account.
                  Party B shall open and maintain a segregated account, which shall
                  be an
                  Eligible Account (as such term is defined in the Pooling and Servicing
                  Agreement), and hold, record and identify all Posted Collateral
                  in such
                  segregated account.

              

      

       

      
        	 	
                (ii)

              	
                Agreement
                  as to Single Secured Party and Single Pledgor.
                  Party A and Party B hereby agree that, notwithstanding anything
                  to the
                  contrary in this Annex, (a) the term “Secured Party” as used in this Annex
                  means only Party B, (b) the term “Pledgor” as used in this Annex means
                  only Party A, (c) only Party A makes the pledge and grant in Paragraph
                  2,
                  the acknowledgement in the final sentence of Paragraph 8(a) and
                  the
                  representations in Paragraph 9.

              

      

       

      
        	 	
                (iii)

              	
                Calculation
                  of Value.
                  Paragraph 4(c) is hereby amended by deleting the word “Value” and
                  inserting in lieu thereof “S&P Value, Moody’s First Trigger Value,
                  Moody’s Second Trigger Value”. Paragraph 4(d)(ii) is hereby amended by (A)
                  deleting the words “a Value” and inserting in lieu thereof “an S&P
                  Value, Moody’s First Trigger Value, and Moody’s Second Trigger Value” and
                  (B) deleting the words “the Value” and inserting in lieu thereof “S&P
                  Value, Moody’s First Trigger Value, and Moody’s Second Trigger Value”.
                  Paragraph 5 (flush language) is hereby amended by deleting the
                  word
                  “Value” and inserting in lieu thereof “S&P Value, Moody’s First
                  Trigger Value, or Moody’s Second Trigger Value”. Paragraph 5(i) (flush
                  language) is hereby amended by deleting the word “Value” and inserting in
                  lieu thereof “S&P Value, Moody’s First Trigger Value, and Moody’s
                  Second Trigger Value”. Paragraph 5(i)(C) is hereby amended by deleting the
                  word “the Value, if” and inserting in lieu thereof “any one or more of the
                  S&P Value, Moody’s First Trigger Value, or Moody’s Second Trigger
                  Value, as may be”. Paragraph 5(ii) is hereby amended by (1) deleting the
                  first instance of the words “the Value” and inserting in lieu thereof “any
                  one or more of the S&P Value, Moody’s First Trigger Value, or Moody’s
                  Second Trigger Value” and (2) deleting the second instance of the words
                  “the Value” and inserting in lieu thereof “such disputed S&P Value,
                  Moody’s First Trigger Value, or Moody’s Second Trigger Value”. Each of
                  Paragraph 8(b)(iv)(B) and Paragraph 11(a) is hereby amended by
                  deleting
                  the word “Value” and inserting in lieu thereof “least of the S&P
                  Value, Moody’s First Trigger Value, and Moody’s Second Trigger Value”.
                  

              

      

       

      
        	 	
                (iv)

              	
                Form
                  of Annex. Party
                  A and Party B hereby agree that the text of Paragraphs 1 through
                  12,
                  inclusive, of this Annex is intended to be the printed form of
                  ISDA Credit
                  Support Annex (Bilateral Form - ISDA Agreements Subject to New
                  York Law
                  Only version) as published and copyrighted in 1994 by the International
                  Swaps and Derivatives Association,
                  Inc.

              

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

       

      
        	 	
                (v)

              	
                Events
                  of Default.
                  Paragraph 7 will not apply to cause any Event of Default to exist
                  with
                  respect to Party B except that Paragraph 7(i) will apply to Party
                  B solely
                  in respect of Party B’s obligations under Paragraph 3(b) of the Credit
                  Support Annex. Notwithstanding anything to the contrary in Paragraph
                  7,
                  any failure by Party A to comply with or perform any obligation
                  to be
                  complied with or performed by Party A under the Credit Support
                  Annex shall
                  only be an Event of Default if (A) a
                  Required Ratings Downgrade Event has occurred and been continuing
                  for 30
                  or more Local Business Days, and (B) such failure is not remedied
                  on or
                  before the third Local Business Day after notice of such failure
                  is given
                  to Party A.

              

      

       

      
        	 	
                (vi)

              	
                Expenses.
                  Notwithstanding anything to the contrary in Paragraph 10, the Pledgor
                  will
                  be responsible for, and will reimburse the Secured Party for, all
                  transfer
                  and other taxes and other costs involved in any Transfer of Eligible
                  Collateral.

              

      

       

      
        	 	
                (vii)

              	
                Withholding.
                  Paragraph 6(d)(ii) is hereby amended by inserting immediately after
“the
                  Interest Amount” in the fourth line thereof the words “less any applicable
                  withholding taxes.”

              

      

       

      
        	 	
                (viii)

              	
                Reserved.
                  

              

      

       

      
        	
              	(ix)	
                Additional
                  Definitions.
                  As used in this Annex:

              

      

       

      “Collateral
        Event” means
        that no Relevant Entity has credit ratings at least equal to the Approved
        Ratings Threshold. 

       

      “DV01”
        means,
        with respect to a Transaction and any date of determination, the estimated
        change in the Secured Party’s Transaction Exposure with respect to such
        Transaction that would result from a one basis point change in the relevant
        swap
        curve on such date, as determined by the Valuation Agent in good faith and
        in a
        commercially reasonable manner. The Valuation Agent shall, upon request of
        Party
        B, provide to Party B a statement showing in reasonable detail such
        calculation.

       

      “Exposure”
        has the meaning specified in Paragraph 12, except that after the word
“Agreement” the words “(assuming, for this purpose only, that Part 1(f) of the
        Schedule is deleted)” shall be inserted. 

       

      “Local
        Business Day”
means,
        for the purposes of this Annex: any day on which (A) commercial banks are
        open
        for business (including dealings in foreign exchange and foreign currency
        deposits) in New York and the location of Party A, Party B and any Custodian,
        and (B) in relation to a Transfer of Eligible Collateral, any day on which
        the
        clearance system agreed between the parties for the delivery of Eligible
        Collateral is open for acceptance and execution of settlement instructions
        (or
        in the case of a Transfer of Cash or other Eligible Collateral for which
        delivery is contemplated by other means a day on which commercial banks are
        open
        for business (including dealings in foreign exchange and foreign deposits)
        in
        New York and the location of Party A, Party B and any Custodian. 

       

      “Moody’s
        First Trigger Event” means
        that no Relevant Entity has credit ratings from Moody’s at least equal to the
        Moody’s First Trigger Ratings Threshold.

       

      “Moody’s
        First Trigger Credit Support Amount” means,
        for any Valuation Date, the excess, if any, of

       

      
        	 	
                (I)

              	
                (A)

              	
                for
                  any Valuation Date on which (I) a Moody’s First Trigger Ratings Event has
                  occurred and has been continuing (x) for at least 30 Local Business
                  Days
                  or (y), since this Annex was executed and (II) it is not the case
                  that a
                  Moody’s Second Trigger Ratings Event has occurred and been continuing
                  for
                  at least 30 Local Business Days, an amount equal to the greater
                  of (a)
                  zero and (b) the sum of (i) the Secured Party’s Exposure for such
                  Valuation Date and (ii) the sum, for each Transaction to which
                  this Annex
                  relates, of 

              

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

       

      the
        least
        of (x) the product of the Moody’s First Trigger DV01 Multiplier and DV01 for
        such Transaction and such Valuation Date and (y) the product of Moody’s First
        Trigger Notional Amount Multiplier and the Notional Amount for such Transaction
        for the Calculation Period which includes such Valuation Date;
        and (z)
        the
        product of the applicable Moody’s First Trigger Factor set forth in Table 1 and
        the Notional Amount for such Transaction for the Calculation Period which
        includes such Valuation Date; or 

       

      
        	 	
                (B)

              	
                for
                  any other Valuation Date, zero,
                  over

              

      

       

      
        	
              	(II)	
                the
                  Threshold for Party A for such Valuation
                  Date.

              

      

       

      “Moody’s
        First Trigger DV01 Multiplier”
        means
        25.

       

      “Moody’s
        First Trigger Value”
        means,
        on any Valuation Date with respect to any Eligible Collateral other than
        Cash,
        the product of bid price obtained by the Valuation Agent multiplied by the
        Moody’s First Trigger Valuation Percentage for such Eligible Collateral set
        forth in Paragraph 13(b)(ii.

       

      “Moody’s
        First Trigger Notional Amount Multiplier”
        means
        4%.

       

      “Moody’s
        Second Trigger Credit Support Amount”
        means,
        for any Valuation Date, the excess, if any, of:

       

      
        	 	
                (I)

              	
                (A)

              	
                for
                  any Valuation Date on which it is the case that a Moody’s Second Trigger
                  Ratings Event has occurred and been continuing for at least 30
                  Local
                  Business Days, an amount equal to the greatest of (a) zero, (b)
                  the
                  aggregate amount of the Next
                  Payments for all Next Payment Dates,
                  and (c) the sum of (x) the Secured Party’s Exposure for such Valuation
                  Date and (y) the sum, for each Transaction to which this Annex
                  relates, of
                  

              

      

       

      
        	 	
                (1)

              	
                if
                  such Transaction is not a Transaction-Specific Hedge,
                  

              

      

       

      the
        least
        of (x) the product of the Moody’s Second Trigger DV01 Multiplier and DV01 for
        such Transaction and such Valuation Date and (y) the product of the Moody’s
        Second Trigger Notional Amount Multiplier and the Notional Amount for such
        Transaction for the Calculation Period which includes such Valuation Date
        and
        (z) the product of the applicable Moody’s Second Trigger Factor set forth in
        Table 2 and the Notional Amount for such Transaction for the Calculation
        Period
        which includes such Valuation Date;
        or

       

      
        	 	
                (2)

              	
                if
                  such Transaction is a Transaction-Specific Hedge,
                  

              

      

       

      the
        least
        of (x) the product of the Moody’s Second Trigger Transaction-Specific Hedge DV01
        Multiplier and DV01 for such Transaction and such date and (y) the product
        of
        the Moody’s Second Trigger Transaction-Specific Hedge Notional Amount Multiplier
        and the Notional Amount for such Transaction for the Calculation Period which
        includes such Valuation Date and (z) the product of the applicable Moody’s
        Second Trigger Factor set forth in Table 3 and the Notional Amount for such
        Transaction for the Calculation Period which includes such Valuation Date;
        or

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

       

      
        	 	
                (B)

              	
                for
                  any other Valuation Date, zero,
                  over

              

      

       

      
        	 	
                (II)

              	
                the
                  Threshold for Party A for such Valuation
                  Date.

              

      

       

      “Moody’s
        Second Trigger DV01 Multiplier”
        means
        60.

       

      “Moody’s
        Second Trigger Transaction-Specific Hedge DV01
        Multiplier”
        means
        75.

       

      “Moody’s
        Second Trigger Transaction-Specific Hedge Notional Amount
        Multiplier”
        means
        11%.

       

      “Moody’s
        Second Trigger Value”
        means,
        on any Valuation Date with respect to any Eligible Collateral other than
        Cash,
        the product of the bid price obtained by the Valuation Agent multiplied by
        the
        Moody’s Second Trigger Valuation Percentage for such Eligible Collateral set
        forth in Paragraph 13(b)(ii).

       

      “Moody’s
        Second Trigger Notional Amount Multiplier”
        means
        9%.

       

      “Next
        Payment”
        means,
        in respect of each Next Payment Date, the greater of (i) the amount of any
        payments due to be made by Party A under Section 2(a) on such Next Payment
        Date
        less any payments due to be made by Party B under Section 2(a) on such Next
        Payment Date (in each case, after giving effect to any applicable netting
        under
        Section 2(c)) and (ii) zero.

       

      “Next
        Payment Date”
        means
        each date on which the next scheduled payment under any Transaction is due
        to be
        paid.

       

      “Pricing
        Sources”
        means
        the sources of financial information commonly known as Bloomberg, Bridge
        Information Services, Data Resources Inc., Interactive Data Services,
        International Securities Market Association, Merrill Lynch Securities Pricing
        Service, Muller Data Corporation, Reuters, Wood Gundy, Trepp Pricing, JJ
        Kenny,
        S&P and Telerate.

       

      “Remaining
        Weighted Average Maturity” means,
        with respect to a Transaction, the expected weighted average maturity for
        such
        Transaction as determined by the Valuation Agent.

       

      “S&P
        Approved Ratings Downgrade Event”
        means
        that no Relevant Entity has credit ratings at least equal to the S&P
        Approved Ratings Threshold.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

       

      “S&P
        Credit Support Amount”
        means,
        for any Valuation Date, the excess, if any, of:

       

      
        	 	
                (I)

              	
                (A)
                  

              	
                for
                  any Valuation Date on which (i) a S&P Approved Ratings Event has
                  occurred and is continuing for at least 30 days or (ii) a S&P Required
                  Ratings Event has occurred and is continuing, an amount equal to
                  the sum
                  of (1) 100.0% of the Secured Party’s Exposure for such Valuation Date and
                  (2) the sum, for each Transaction to which this Annex relates,
                  of the
                  product of the Volatility Buffer for such Transaction and the Notional
                  Amount of such Transaction for the Calculation Period of such Transaction
                  which includes such Valuation Date, or

              

      

       

      
        	 	
                (B)

              	
                for
                  any other Valuation Date, zero,
                  over

              

      

       

      
        	 	
                (II)

              	
                the
                  Threshold for Party A for such Valuation
                  Date.

              

      

       

      “S&P
        Required Ratings Downgrade Event”
        means
        that no Relevant Entity has credit ratings at least equal to the S&P
        Required Ratings Threshold.

       

      “S&P
        Value”
        means,
        on any Valuation Date with respect to any Eligible Collateral other than
        Cash,
        the product of the (A) the bid price obtained by the Valuation Agent for
        such
        Eligible Collateral and (B) the S&P Valuation Percentage for such Eligible
        Collateral set forth in paragraph 13(b)(ii).

       

      “Transaction
        Exposure”
        means,
        for any Transaction, Exposure determined as if such Transaction were the
        only
        Transaction between the Secured Party and the Pledgor.

       

      “Transaction-Specific
        Hedge” means
        any
        Transaction that is (i) an interest rate swap in respect of which (x) the
        notional amount of the interest rate swap is “balance guaranteed” or (y) the
        notional amount of the interest rate swap for any Calculation Period otherwise
        is not a specific dollar amount that is fixed at the inception of the
        Transaction, (ii) an interest rate cap, (iii) an interest rate floor, or
        (iv) an
        interest rate swaption.

       

      “Valuation
        Percentage”
        shall
        mean, for purposes of determining the S&P Value, the Moody’s First Trigger
        Value, or the Moody’s Second Trigger Value with respect to any Eligible
        Collateral or Posted Collateral, the applicable S&P Valuation Percentage,
        Moody’s First Trigger Valuation Percentage, or Moody’s Second Trigger Valuation
        Percentage for such Eligible Collateral or Posted Collateral, respectively,
        in
        each case as set forth in Paragraph 13(b)(ii).

       

      “Value”
        shall
        mean, in respect of any date, the related S&P Value, the related Moody’s
        First Trigger Value, and the related Moody’s Second Trigger Value.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

       

      “Volatility
        Buffer”
        means,
        for any Transaction, the related percentage set forth in the following table.
        

      
        	 	 	 	 	 	 
	 	
                The
                  higher of the S&P 

                credit
                  rating of (i) Party 

                A
                  and (ii) the Credit 

                Support
                  Provider of 

                Party A,
                  if applicable

              	
                Remaining
                  

                Weighted
                  

                Average
                  

                Maturity
                  of 

                such
                  

                Transaction
                  

                up
                  to 3 

                years

              	
                Remaining
                  

                Weighted
                  

                Average
                  

                Maturity
                  of 

                such
                  

                Transaction

                up
                  to 5 

                years

              	
                Remaining
                  

                Weighted
                  

                Average
                  

                Maturity
                  of 

                such
                  

                Transaction

                up
                  to 10 

                years

              	
                Remaining
                  

                Weighted
                  

                Average
                  

                Maturity
                  of 

                such
                  

                Transaction

                up
                  to 30 

                years

              
	 	
                “A-2”
                  or higher

              	
                2.75%

              	
                3.25%

              	
                4.00%

              	
                4.75%

              
	 	
                “A-3”

              	
                3.25%

              	
                4.00%

              	
                5.00%

              	
                6.25%

              
	 	
                “BB+”
                  or
                  lower

              	
                3.50%

              	
                4.50%

              	
                6.75%

              	
                7.50%

              

      

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      Table
        1

       

      Moody’s
        First Trigger Factor

      (Weekly
        valuation)

       

      
        	
                Remaining

                Weighted
                  Average Life 

                of
                  Hedge in Years

              	
                Weekly

                Collateral

                Posting

              
	 	 
	
                1
                  or less

              	
                0.25%

              
	
                More
                  than 1 but not more than 2

              	
                0.50%

              
	
                More
                  than 2 but not more than 3

              	
                0.70%

              
	
                More
                  than 3 but not more than 4

              	
                1.00%

              
	
                More
                  than 4 but not more than 5

              	
                1.20%

              
	
                More
                  than 5 but not more than 6

              	
                1.40%

              
	
                More
                  than 6 but not more than 7

              	
                1.60%

              
	
                More
                  than 7 but not more than 8

              	
                1.80%

              
	
                More
                  than 8 but not more than 9

              	
                2.00%

              
	
                More
                  than 9 but not more than 10

              	
                2.20%

              
	
                More
                  than 10 but not more than 11

              	
                2.30%

              
	
                More
                  than 11 but not more than 12

              	
                2.50%

              
	
                More
                  than 12 but not more than 13

              	
                2.70%

              
	
                More
                  than 13 but not more than 14

              	
                2.80%

              
	
                More
                  than 14 but not more than 15

              	
                3.00%

              
	
                More
                  than 15 but not more than 16

              	
                3.20%

              
	
                More
                  than 16 but not more than 17

              	
                3.30%

              
	
                More
                  than 17 but not more than 18

              	
                3.50%

              
	
                More
                  than 18 but not more than 19

              	
                3.60%

              
	
                More
                  than 19 but not more than 20

              	
                3.70%

              
	
                More
                  than 20 but not more than 21

              	
                3.90%

              
	
                More
                  than 21 but not more than 22

              	
                4.00%

              
	
                More
                  than 22 but not more than 23

              	
                4.00%

              
	
                More
                  than 23 but not more than 24

              	
                4.00%

              
	
                More
                  than 24 but not more than 25

              	
                4.00%

              
	
                More
                  than 25 but not more than 26

              	
                4.00%

              
	
                More
                  than 26 but not more than 27

              	
                4.00%

              
	
                More
                  than 27 but not more than 28

              	
                4.00%

              
	
                More
                  than 28 but not more than 29

              	
                4.00%

              
	
                More
                  than 29

              	
                4.00%

              

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      Table
        2

       

      Moody's
        Second Trigger Factor 

      (Weekly
        Valuation)

       

      
        	
                Remaining

                Weighted
                  Average Life 

                of
                  Hedge in Years

              	
                Weekly

                Collateral
                  

                Posting

              
	 	 
	
                1
                  or less

              	
                0.60%

              
	
                More
                  than 1 but not more than 2

              	
                1.20%

              
	
                More
                  than 2 but not more than 3

              	
                1.70%

              
	
                More
                  than 3 but not more than 4

              	
                2.30%

              
	
                More
                  than 4 but not more than 5

              	
                2.80%

              
	
                More
                  than 5 but not more than 6

              	
                3.30%

              
	
                More
                  than 6 but not more than 7

              	
                3.80%

              
	
                More
                  than 7 but not more than 8

              	
                4.30%

              
	
                More
                  than 8 but not more than 9

              	
                4.80%

              
	
                More
                  than 9 but not more than 10

              	
                5.30%

              
	
                More
                  than 10 but not more than 11

              	
                5.60%

              
	
                More
                  than 11 but not more than 12

              	
                6.00%

              
	
                More
                  than 12 but not more than 13

              	
                6.40%

              
	
                More
                  than 13 but not more than 14

              	
                6.80%

              
	
                More
                  than 14 but not more than 15

              	
                7.20%

              
	
                More
                  than 15 but not more than 16

              	
                7.60%

              
	
                More
                  than 16 but not more than 17

              	
                7.90%

              
	
                More
                  than 17 but not more than 18

              	
                8.30%

              
	
                More
                  than 18 but not more than 19

              	
                8.60%

              
	
                More
                  than 19 but not more than 20

              	
                9.00%

              
	
                More
                  than 20 but not more than 21

              	
                9.00%

              
	
                More
                  than 21 but not more than 22

              	
                9.00%

              
	
                More
                  than 22 but not more than 23

              	
                9.00%

              
	
                More
                  than 23 but not more than 24

              	
                9.00%

              
	
                More
                  than 24 but not more than 25

              	
                9.00%

              
	
                More
                  than 25 but not more than 26

              	
                9.00%

              
	
                More
                  than 26 but not more than 27

              	
                9.00%

              
	
                More
                  than 27 but not more than 28

              	
                9.00%

              
	
                More
                  than 28 but not more than 29

              	
                9.00%

              
	
                More
                  than 29

              	
                9.00%

              

      

      

       

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      Table
        3

       

      Moody’s
        Second Trigger Factor for Transaction-Specific Hedges

      (weekly
        valuation)

       

      
        	
                Remaining

                Weighted
                  Average Life 

                of
                  Hedge in Years

              	
                Weekly

                Collateral

                Posting

              
	
                1
                  or less

              	
                0.75%

              
	
                More
                  than 1 but not more than 2

              	
                1.50%

              
	
                More
                  than 2 but not more than 3

              	
                2.20%

              
	
                More
                  than 3 but not more than 4

              	
                2.90%

              
	
                More
                  than 4 but not more than 5

              	
                3.60%

              
	
                More
                  than 5 but not more than 6

              	
                4.20%

              
	
                More
                  than 6 but not more than 7

              	
                4.80%

              
	
                More
                  than 7 but not more than 8

              	
                5.40%

              
	
                More
                  than 8 but not more than 9

              	
                6.00%

              
	
                More
                  than 9 but not more than 10

              	
                6.60%

              
	
                More
                  than 10 but not more than 11

              	
                7.00%

              
	
                More
                  than 11 but not more than 12

              	
                7.50%

              
	
                More
                  than 12 but not more than 13

              	
                8.00%

              
	
                More
                  than 13 but not more than 14

              	
                8.50%

              
	
                More
                  than 14 but not more than 15

              	
                9.00%

              
	
                More
                  than 15 but not more than 16

              	
                9.50%

              
	
                More
                  than 16 but not more than 17

              	
                9.90%

              
	
                More
                  than 17 but not more than 18

              	
                10.40%

              
	
                More
                  than 18 but not more than 19

              	
                10.80%

              
	
                More
                  than 19 but not more than 20

              	
                11.00%

              
	
                More
                  than 20 but not more than 21

              	
                11.00%

              
	
                More
                  than 21 but not more than 22

              	
                11.00%

              
	
                More
                  than 22 but not more than 23

              	
                11.00%

              
	
                More
                  than 23 but not more than 24

              	
                11.00%

              
	
                More
                  than 24 but not more than 25

              	
                11.00%

              
	
                More
                  than 25 but not more than 26

              	
                11.00%

              
	
                More
                  than 26 but not more than 27

              	
                11.00%

              
	
                More
                  than 27 but not more than 28

              	
                11.00%

              
	
                More
                  than 28 but not more than 29

              	
                11.00%

              
	
                More
                  than 29

              	
                11.00%

              

      

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      IN
        WITNESS WHEREOF, the parties have executed this Annex by their duly authorized
        representatives as of the date of the Agreement.

       

      
        	
                Swiss
                  Re Financial Products Corporation

              	
                HSBC
                  Bank USA,
                  National
                  Association,
                  not in its individual capacity but solely as Supplemental Interest
                  Trust
                  Trustee for the supplemental interest trust with respect to the
                  ACE
                  Securities Corp. Home Equity Loan Trust, Series 2007-SL1 Asset
                  Backed
                  Pass-Through Certificates 

              
	 	 
	
                By: /s/
                  Robert
                  Spuler                                                 
                  

                       Name
                  Robert Spuler

                       Title:
                  Director

                       Date:
                  

              	
                By: /s/
                  Fernando
                  Acebedo                               
                  

                       Name:
                  Fernando Acebedo

                       Title:
                  Vice President

                       Date:
                  

              

      

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      SCHEDULE
        A
        to ¶13(b)(ii)

       

      ELIGIBLE
        COLLATERAL and VALUATION PERCENTAGES

      (weekly
        valuation)

       

      
        	
                ISDA
                  Collateral 

                Asset
                  Definition

                (ICAD)
                  Code

              	
                Remaining
                  Maturity in Years

              	
                S&P

                Valuation
                  

                Percentage

              	
                Moody’s

                First
                  

                Trigger
                  

                Valuation

                Percentage

              	
                Moody’s

                Second
                  

                Trigger

                Valuation

                Percentage

              
	
                (A)
                  US-CASH

              	
                N/A

              	
                100%

              	
                100%

              	
                100%

              
	
                 

                (B)
                  US-TBILL

                US-TNOTE

                US-TBOND

                (USDollar
                  Fixed Rate in all cases)

              	 	 	 	 
	 	
                1
                  or less

              	
                98.6%

              	
                100%

              	
                100%

              
	 	
                More
                  than 1 but not more than 2

              	
                97.3%

              	
                100%

              	
                99%

              
	 	
                More
                  than 2 but not more than 3

              	
                95.8%

              	
                100%

              	
                98%

              
	 	
                More
                  than 3 but not more than 5

              	
                93.8%

              	
                100%

              	
                97%

              
	 	
                More
                  than 5 but not more than 7

              	
                91.4%

              	
                100%

              	
                95%

              
	 	
                More
                  than 7 but not more than 10

              	
                90.3%

              	
                100%

              	
                94%

              
	 	
                More
                  than 10 but not more than 20

              	
                86.9%

              	
                100%

              	
                89%

              
	 	
                More
                  than 20

              	
                84.6%

              	
                100%

              	
                87%

              
	
                 

                (C)
                  US-GNMA

                US-FNMA

                US-FHLMC

                (USDollar
                  Fixed Rate in all cases)

              	 	 	 	 
	 	
                1
                  or less

              	
                98.0%

              	
                100%

              	
                99%

              
	 	
                More
                  than 1 but not more than 2

              	
                96.8%

              	
                100%

              	
                98%

              
	 	
                More
                  than 2 but not more than 3

              	
                96.3%

              	
                100%

              	
                97%

              
	 	
                More
                  than 3 but not more than 5

              	
                92.5%

              	
                100%

              	
                96%

              
	 	
                More
                  than 5 but not more than 7

              	
                90.3%

              	
                100%

              	
                94%

              
	 	
                More
                  than 7 but not more than 10

              	
                86.9%

              	
                100%

              	
                93%

              
	 	
                More
                  than 10 but not more than 20

              	
                81.6%

              	
                100%

              	
                88%

              
	 	
                More
                  than 20

              	
                77.9%

              	
                100%

              	
                86%

              
	
                Other
                  items not 

                listed
                  above

              	 	
                0%

              	
                0%

              	
                0%

              

      

      

       

      The
        ISDA Collateral Asset Definition (ICAD) Codes used in this Schedule A are
        taken
        from the Collateral Asset Definitions (First Edition - June 2003) as published
        and copyrighted in 2003 by the International Swaps and Derivatives Association,
        Inc.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

       

      

       

    
 

    SCHEDULE
      1

    

    MORTGAGE
      LOAN SCHEDULE

    

    [PROVIDED
      UPON REQUEST]

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    SCHEDULE
      2

    

    PREPAYMENT
      CHARGE SCHEDULE

    

    [PROVIDED
      UPON REQUEST]

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    SCHEDULE
      3

    

    [RESERVED]

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    SCHEDULE
      4

    

    STANDARD
      FILE LAYOUT- DELINQUENCY REPORTING

     

    Exhibit: Standard
      File Layout - Delinquency Reporting

    

      
        	
                Column/Header
                  Name

              	
                Description

              	
                Decimal

              	
                Format
                  Comment

              
	
                SERVICER_LOAN_NBR

              	
                A
                  unique number assigned to a loan by the Servicer. This may be different
                  than the LOAN_NBR

              	 	
                 

              
	
                LOAN_NBR

              	
                A
                  unique identifier assigned to each loan by the originator.

              	 	
                 

              
	
                CLIENT_NBR

              	
                Servicer
                  Client Number

              	 	 
	
                SERV_INVESTOR_NBR

              	
                Contains
                  a unique number as assigned by an external servicer to identify
                  a group of
                  loans in their system.

              	 	
                 

              
	
                BORROWER_FIRST_NAME

              	
                First
                  Name of the Borrower.

              	 	 
	
                BORROWER_LAST_NAME

              	
                Last
                  name of the borrower.

              	 	 
	
                PROP_ADDRESS

              	
                Street
                  Name and Number of Property

              	 	
                 

              
	
                PROP_STATE

              	
                The
                  state where the property located.

              	 	
                 

              
	
                PROP_ZIP

              	
                Zip
                  code where the property is located.

              	 	
                 

              
	
                BORR_NEXT_PAY_DUE_DATE

              	
                The
                  date that the borrower's next payment is due to the servicer at
                  the end of
                  processing cycle, as reported by Servicer.

              	 	
                MM/DD/YYYY

              
	
                LOAN_TYPE

              	
                Loan
                  Type (i.e. FHA, VA, Conv)

              	 	
                 

              
	
                BANKRUPTCY_FILED_DATE

              	
                The
                  date a particular bankruptcy claim was filed.

              	 	
                MM/DD/YYYY

              
	
                BANKRUPTCY_CHAPTER_CODE

              	
                The
                  chapter under which the bankruptcy was filed.

              	 	
                 

              
	
                BANKRUPTCY_CASE_NBR

              	
                The
                  case number assigned by the court to the bankruptcy
                  filing.

              	 	
                 

              
	
                POST_PETITION_DUE_DATE

              	
                The
                  payment due date once the bankruptcy has been approved by the
                  courts

              	 	
                MM/DD/YYYY

              
	
                BANKRUPTCY_DCHRG_DISM_DATE

              	
                The
                  Date The Loan Is Removed From Bankruptcy. Either by Dismissal,
                  Discharged
                  and/or a Motion For Relief Was Granted. 

              	 	
                MM/DD/YYYY

              
	
                LOSS_MIT_APPR_DATE

              	
                The
                  Date The Loss Mitigation Was Approved By The Servicer

              	 	
                MM/DD/YYYY

              
	
                LOSS_MIT_TYPE

              	
                The
                  Type Of Loss Mitigation Approved For A Loan Such As;

              	 	 
	
                LOSS_MIT_EST_COMP_DATE

              	
                The
                  Date The Loss Mitigation /Plan Is Scheduled To End/Close

              	 	
                MM/DD/YYYY

              
	
                LOSS_MIT_ACT_COMP_DATE

              	
                The
                  Date The Loss Mitigation Is Actually Completed

              	 	
                MM/DD/YYYY

              
	
                FRCLSR_APPROVED_DATE

              	
                The
                  date DA Admin sends a letter to the servicer with instructions
                  to begin
                  foreclosure proceedings.

              	 	
                MM/DD/YYYY

              
	
                ATTORNEY_REFERRAL_DATE

              	
                Date
                  File Was Referred To Attorney to Pursue Foreclosure

              	 	
                MM/DD/YYYY

              
	
                FIRST_LEGAL_DATE

              	
                Notice
                  of 1st legal filed by an Attorney in a Foreclosure Action

              	 	
                MM/DD/YYYY

              
	
                FRCLSR_SALE_EXPECTED_DATE

              	
                The
                  date by which a foreclosure sale is expected to occur.

              	 	
                MM/DD/YYYY

              
	
                FRCLSR_SALE_DATE

              	
                The
                  actual date of the foreclosure sale.

              	 	
                MM/DD/YYYY

              
	
                FRCLSR_SALE_AMT

              	
                The
                  amount a property sold for at the foreclosure sale.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              
	
                EVICTION_START_DATE

              	
                The
                  date the servicer initiates eviction of the borrower.

              	 	
                MM/DD/YYYY

              
	
                EVICTION_COMPLETED_DATE

              	
                The
                  date the court revokes legal possession of the property from the
                  borrower.

              	 	
                MM/DD/YYYY

              
	
                LIST_PRICE

              	
                The
                  price at which an REO property is marketed.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              
	
                LIST_DATE

              	
                The
                  date an REO property is listed at a particular price.

              	 	
                MM/DD/YYYY

              

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      
        	
                Column/Header
                  Name

              	
                Description

              	
                Decimal

              	
                Format
                  Comment

              
	
                OFFER_AMT

              	
                The
                  dollar value of an offer for an REO property.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              
	
                OFFER_DATE_TIME

              	
                The
                  date an offer is received by DA Admin or by the Servicer.

              	 	
                MM/DD/YYYY

              
	
                REO_CLOSING_DATE

              	
                The
                  date the REO sale of the property is scheduled to close.

              	 	
                MM/DD/YYYY

              
	
                REO_ACTUAL_CLOSING_DATE

              	
                Actual
                  Date Of REO Sale

              	 	
                MM/DD/YYYY

              
	
                OCCUPANT_CODE

              	
                Classification
                  of how the property is occupied.

              	 	
                 

              
	
                PROP_CONDITION_CODE

              	
                A
                  code that indicates the condition of the property.

              	 	
                 

              
	
                PROP_INSPECTION_DATE

              	
                The
                  date a property inspection is performed.

              	 	
                MM/DD/YYYY

              
	
                APPRAISAL_DATE

              	
                The
                  date the appraisal was done.

              	 	
                MM/DD/YYYY

              
	
                CURR_PROP_VAL

              	
                 The
                  current "as is" value of the property based on brokers price opinion
                  or
                  appraisal.

              	
                2

              	
                 

              
	
                REPAIRED_PROP_VAL

              	
                The
                  amount the property would be worth if repairs are completed pursuant
                  to a
                  broker's price opinion or appraisal.

              	
                2

              	
                 

              
	
                If
                  applicable:

              	
                 

              	 	
                 

              
	
                DELINQ_STATUS_CODE

              	
                FNMA
                  Code Describing Status of Loan

              	 	 
	
                DELINQ_REASON_CODE

              	
                The
                  circumstances which caused a borrower to stop paying on a loan.
                  Code
                  indicates the reason why the loan is in default for this
                  cycle.

              	 	 
	
                MI_CLAIM_FILED_DATE

              	
                Date
                  Mortgage Insurance Claim Was Filed With Mortgage Insurance
                  Company.

              	 	
                MM/DD/YYYY

              
	
                MI_CLAIM_AMT

              	
                Amount
                  of Mortgage Insurance Claim Filed

              	 	
                No
                  commas(,) or dollar signs ($)

              
	
                MI_CLAIM_PAID_DATE

              	
                Date
                  Mortgage Insurance Company Disbursed Claim Payment

              	 	
                MM/DD/YYYY

              
	
                MI_CLAIM_AMT_PAID

              	
                Amount
                  Mortgage Insurance Company Paid On Claim

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              
	
                POOL_CLAIM_FILED_DATE

              	
                Date
                  Claim Was Filed With Pool Insurance Company

              	 	
                MM/DD/YYYY

              
	
                POOL_CLAIM_AMT

              	
                Amount
                  of Claim Filed With Pool Insurance Company

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              
	
                POOL_CLAIM_PAID_DATE

              	
                Date
                  Claim Was Settled and The Check Was Issued By The Pool
                  Insurer

              	 	
                MM/DD/YYYY

              
	
                POOL_CLAIM_AMT_PAID

              	
                Amount
                  Paid On Claim By Pool Insurance Company

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              
	
                FHA_PART_A_CLAIM_FILED_DATE

              	
                 Date
                  FHA Part A Claim Was Filed With HUD

              	 	
                MM/DD/YYYY

              
	
                FHA_PART_A_CLAIM_AMT

              	
                 Amount
                  of FHA Part A Claim Filed

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              
	
                FHA_PART_A_CLAIM_PAID_DATE

              	
                 Date
                  HUD Disbursed Part A Claim Payment

              	 	
                MM/DD/YYYY

              
	
                FHA_PART_A_CLAIM_PAID_AMT

              	
                 Amount
                  HUD Paid on Part A Claim

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              
	
                FHA_PART_B_CLAIM_FILED_DATE

              	
                  Date
                  FHA Part B Claim Was Filed With HUD

              	 	
                MM/DD/YYYY

              
	
                FHA_PART_B_CLAIM_AMT

              	
                  Amount
                  of FHA Part B Claim Filed

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              
	
                FHA_PART_B_CLAIM_PAID_DATE

              	
                   Date
                  HUD Disbursed Part B Claim Payment

              	 	
                MM/DD/YYYY

              
	
                FHA_PART_B_CLAIM_PAID_AMT

              	
                 Amount
                  HUD Paid on Part B Claim

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              
	
                VA_CLAIM_FILED_DATE

              	
                 Date
                  VA Claim Was Filed With the Veterans Admin

              	 	
                MM/DD/YYYY

              
	
                VA_CLAIM_PAID_DATE

              	
                 Date
                  Veterans Admin. Disbursed VA Claim Payment

              	 	
                MM/DD/YYYY

              
	
                VA_CLAIM_PAID_AMT

              	
                 Amount
                  Veterans Admin. Paid on VA Claim

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              

      

    

     

     

     

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

     

    

    Exhibit
      2: Standard File Codes - Delinquency
      Reporting

     

    The
      Loss
      Mit Type
      field
      should show the approved Loss Mitigation Code as follows: 

    
      	 	
              ·

            	
              ASUM-

            	
              Approved
                Assumption

            
	 	
              ·

            	
              BAP-

            	
              Borrower
                Assistance Program

            
	 	
              ·

            	
              CO-

            	
              Charge
                Off

            
	 	
              ·

            	
              DIL-

            	
              Deed-in-Lieu

            
	 	
              ·

            	
              FFA-

            	
              Formal
                Forbearance Agreement

            
	 	
              ·

            	
              MOD-

            	
              Loan
                Modification

            
	 	
              ·

            	
              PRE-

            	
              Pre-Sale

            
	 	
              ·

            	
              SS-

            	
              Short
                Sale

            
	 	
              ·

            	
              MISC-

            	
              Anything
                else approved by the PMI or Pool
                Insurer

            

    

     

    NOTE:
      Wells Fargo Bank will accept alternative Loss Mitigation Types to those above,
      provided that they are consistent with industry standards. If Loss Mitigation
      Types other than those above are used, the Servicer must supply Wells Fargo
      Bank
      with a description of each of the Loss Mitigation Types prior to sending the
      file.

     

    The
      Occupant
      Code
      field should show the current status of the property code as
      follows:

    
      	 	
              ·

            	
              Mortgagor

            

    

    
      	 	
              ·

            	
              Tenant

            

    

    
      	 	
              ·

            	
              Unknown
                

            

    

    
      	 	
              ·

            	
              Vacant

            

    

     

    The
      Property
      Condition
      field should show the last reported condition of the property as follows:

    
      	 	
              ·

            	
              Damaged

            

    

    
      	 	
              ·

            	
              Excellent

            

    

    
      	 	
              ·

            	
              Fair

            

    

    
      	 	
              ·

            	
              Gone

            

    

    
      	 	
              ·

            	
              Good

            

    

    
      	 	
              ·

            	
              Poor

            

    

    
      	 	
              ·

            	
              Special
                Hazard

            

    

    
      	 	
              ·

            	
              Unknown

            

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

     

    

    Exhibit
      2: Standard File Codes - Delinquency Reporting,
Continued

     

    The
      FNMA
      Delinquent Reason Code
      field should show the Reason for Delinquency as follows: 

    

    
      	
              Delinquency
                

              Code

            	
              Delinquency
                Description

            
	
              001

            	
              FNMA-Death
                of principal mortgagor

            
	
              002

            	
              FNMA-Illness
                of principal mortgagor

            
	
              003

            	
              FNMA-Illness
                of mortgagor’s family member

            
	
              004

            	
              FNMA-Death
                of mortgagor’s family member

            
	
              005

            	
              FNMA-Marital
                difficulties

            
	
              006

            	
              FNMA-Curtailment
                of income

            
	
              007

            	
              FNMA-Excessive
                Obligation

            
	
              008

            	
              FNMA-Abandonment
                of property

            
	
              009

            	
              FNMA-Distant
                employee transfer

            
	
              011

            	
              FNMA-Property
                problem

            
	
              012

            	
              FNMA-Inability
                to sell property

            
	
              013

            	
              FNMA-Inability
                to rent property

            
	
              014

            	
              FNMA-Military
                Service

            
	
              015

            	
              FNMA-Other

            
	
              016

            	
              FNMA-Unemployment

            
	
              017

            	
              FNMA-Business
                failure

            
	
              019

            	
              FNMA-Casualty
                loss

            
	
              022

            	
              FNMA-Energy
                environment costs

            
	
              023

            	
              FNMA-Servicing
                problems

            
	
              026

            	
              FNMA-Payment
                adjustment

            
	
              027

            	
              FNMA-Payment
                dispute

            
	
              029

            	
              FNMA-Transfer
                of ownership pending

            
	
              030

            	
              FNMA-Fraud

            
	
              031

            	
              FNMA-Unable
                to contact borrower

            
	
              INC

            	
              FNMA-Incarceration

            

    

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    

    Exhibit
      2: Standard File Codes - Delinquency Reporting,
Continued

     

    The
      FNMA
      Delinquent Status Code
      field should show the Status of Default as follows: 

    

    
      	
              Status
                Code

            	
              Status
                Description

            
	
              09

            	
              Forbearance

            
	
              17

            	
              Pre-foreclosure
                Sale Closing Plan Accepted

            
	
              24

            	
              Government
                Seizure

            
	
              26

            	
              Refinance

            
	
              27

            	
              Assumption

            
	
              28

            	
              Modification

            
	
              29

            	
              Charge-Off

            
	
              30

            	
              Third
                Party Sale

            
	
              31

            	
              Probate

            
	
              32

            	
              Military
                Indulgence

            
	
              43

            	
              Foreclosure
                Started

            
	
              44

            	
              Deed-in-Lieu
                Started

            
	
              49

            	
              Assignment
                Completed

            
	
              61

            	
              Second
                Lien Considerations

            
	
              62

            	
              Veteran’s
                Affairs-No Bid

            
	
              63

            	
              Veteran’s
                Affairs-Refund

            
	
              64

            	
              Veteran’s
                Affairs-Buydown

            
	
              65

            	
              Chapter
                7 Bankruptcy

            
	
              66

            	
              Chapter
                11 Bankruptcy

            
	
              67

            	
              Chapter
                13 Bankruptcy

            

    

     

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    Exhibit
      : Calculation of Realized Loss/Gain Form 332- Instruction
      Sheet

    

    NOTE:
      Do not net or combine items. Show all expenses individually and all credits
      as
      separate line items. Claim packages are due on the remittance report date.
      Late
      submissions may result in claims not being passed until the following
      month.

    
      	 	
              1.

            	 

    

     

    
      	 	
              2.

            	
              The
                numbers on the 332 form correspond with the numbers listed
                below.

            

    

     

    Liquidation
      and Acquisition Expenses:

    
      	 	
              1.

            	
              The
                Actual Unpaid Principal Balance of the Mortgage Loan. For documentation,
                an Amortization Schedule from date of default through liquidation
                breaking
                out the net interest and servicing fees advanced is
                required.

            

    

     

    
      	 	
              2.

            	
              The
                Total Interest Due less the aggregate amount of servicing fee that
                would
                have been earned if all delinquent payments had been made as agreed.
                For
                documentation, an Amortization Schedule from date of default through
                liquidation breaking out the net interest and servicing fees advanced
                is
                required.

            

    

     

    
      	 	
              3.
                

            	
              Accrued
                Servicing Fees based upon the Scheduled Principal Balance of the
                Mortgage
                Loan as calculated on a monthly basis. For documentation, an Amortization
                Schedule from date of default through liquidation breaking out the
                net
                interest and servicing fees advanced is
                required.

            

    

     

    
      	 	
              4-12.

            	
              Complete
                as applicable. Required
                documentation:

            

    

     

    *
      For
      taxes and insurance advances - see page 2 of 332 form - breakdown required
      showing period

     

    of
      coverage, base tax, interest, penalty. Advances prior to default require
      evidence of servicer efforts to recover advances.

     

    *
      For
      escrow advances - complete payment history 

     

    (to
      calculate advances from last positive escrow balance forward)

     

    *
      Other
      expenses -  copies of corporate advance history showing all payments

     

    *
      REO
      repairs > $1500 require explanation

     

    *
      REO
      repairs >$3000 require evidence of at least 2 bids.

     

    *
      Short
      Sale or Charge Off require P&L supporting the decision and
      WFB’s approved Officer Certificate 

     

    *
      Unusual
      or extraordinary items may require further documentation. 

     

    
      	 	
              13.

            	
              The
                total of lines 1 through 12.

            

    

     

    
      	 	
              3.

            	
              Credits:
                

            

    

     

    
      	 	
              14-21.

            	
              Complete
                as applicable. Required
                documentation:

            

    

     

    *
      Copy of
      the HUD 1 from the REO sale. If a 3rd
      Party
      Sale, bid instructions and Escrow
      Agent / Attorney

     

    Letter
      of
      Proceeds
      Breakdown.

     

    *
      Copy of
      EOB for any MI or gov't guarantee 

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    *
      All
      other credits need to be clearly defined on the 332
      form      
     

     

    
      	 	
              22.

            	
              The
                total of lines 14 through 21.

            

    

     

    
      	 	
              Please
                Note:

            	
              For
                HUD/VA loans, use line (18a) for Part A/Initial proceeds and line
                (18b)
                for Part B/Supplemental proceeds.

            

    

     

    Total
      Realized Loss (or Amount of Any Gain)

     

    
      	 	
              23.

            	
              The
                total derived from subtracting line 22 from 13. If the amount represents
                a
                realized gain, show
                the amount in parenthesis ( ). 

            

    

     

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    Exhibit
      3A: Calculation
      of Realized Loss/Gain Form 332

     

    Prepared
      by:
      __________________                           Date:
      _______________

     

     

    Phone:
      ______________________     Email
      Address:_____________________

     

    
      	 	 	 	 	 
	
              Servicer
                Loan No.

            	 	
              Servicer
                Name

            	 	
              Servicer
                Address 

               

            

    

     

    WELLS
      FARGO BANK, N.A. Loan No._____________________________

     

    Borrower's
      Name: _________________________________________________________

    Property
      Address: _________________________________________________________

     

    Liquidation
      Type: REO Sale        
3rd
      Party
      Sale             Short
      Sale         Charge
      Off

     

    Was
      this loan granted a Bankruptcy deficiency or
      cramdown               Yes         No

    If
“Yes”,
      provide deficiency or cramdown amount
      _______________________________

     

    Liquidation
      and Acquisition Expenses:

     

    
      	
              (1)

            	
              Actual
                Unpaid Principal Balance of Mortgage Loan

            	
              $
                ______________

            	
              (1)

            
	
              (2)

            	
              Interest
                accrued at Net Rate

            	
              ________________

            	
              (2)

            
	
              (3)

            	
              Accrued
                Servicing Fees

            	
              ________________

            	
              (3)

            
	
              (4)

            	
              Attorney's
                Fees

            	
              ________________

            	
              (4)

            
	
              (5)

            	
              Taxes
                (see page 2)

            	
              ________________

            	
              (5)

            
	
              (6)

            	
              Property
                Maintenance

            	
              ________________

            	
              (6)

            
	
              (7)

            	
              MI/Hazard
                Insurance Premiums (see page 2)

            	
              ________________

            	
              (7)

            
	
              (8)

            	
              Utility
                Expenses

            	
              ________________

            	
              (8)

            
	
              (9)

            	
              Appraisal/BPO

            	
              ________________

            	
              (9)

            
	
              (10)

            	
              Property
                Inspections

            	
              ________________

            	
              (10)

            
	
              (11)

            	
              FC
                Costs/Other Legal Expenses

            	
              ________________

            	
              (11)

            
	
              (12)

            	
              Other
                (itemize)

            	
              ________________

            	
              (12)

            
	 	
              Cash
                for Keys__________________________

            	
              ________________

            	
              (12)

            
	 	
              HOA/Condo
                Fees_______________________

            	
              ________________

            	
              (12)

            
	 	
              ______________________________________

            	
              ________________

            	
              (12)

            
	 	 	 	 
	 	
              Total
                Expenses

            	
              $
                _______________

            	
              (13)

            
	
              Credits:

            	 	 	 
	
              (14)

            	
              Escrow
                Balance

            	
              $
                _______________

            	
              (14)

            
	
              (15)

            	
              HIP
                Refund

            	
              ________________

            	
              (15)

            
	
              (16)

            	
              Rental
                Receipts

            	
              ________________

            	
              (16)

            
	
              (17)

            	
              Hazard
                Loss Proceeds

            	
              ________________

            	
              (17)

            
	
              (18)

            	
              Primary
                Mortgage Insurance / Gov’t Insurance

            	
              ________________

            	 
	
              (18a)
                HUD Part A

            	________________ 	 
	
              (18b)
                HUD Part B

            	 	 
	
              (19)

            	
              Pool
                Insurance Proceeds

            	
              ________________

            	
              (19)

            
	
              (20)

            	
              Proceeds
                from Sale of Acquired Property

            	
              ________________

            	
              (20)

            
	
              (21)

            	
              Other
                (itemize)

            	
              ________________

            	
              (21)

            
	 	
              _________________________________________

            	
              ________________

            	
              (21)

            
	 	 	 	 
	 	
              Total
                Credits

            	
              $________________

            	
              (22)

            
	
              Total
                Realized Loss (or Amount of Gain)

            	
              $________________

            	
              (23)

            

    

    

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    Escrow
      Disbursement Detail

    

    

    
      	
              Type

              (Tax
                /Ins.)

            	
              Date
                Paid

            	
              Period
                of 

              Coverage

            	
              Total
                Paid

            	
              Base
                

              Amount

            	
              Penalties

            	
              Interest

            
	
               

               

            	 	 	 	 	 	 
	
               

               

            	 	 	 	 	 	 
	
               

               

            	 	 	 	 	 	 
	
               

               

            	 	 	 	 	 	 
	
               

               

            	 	 	 	 	 	 
	
               

               

            	 	 	 	 	 	 
	
               

               

            	 	 	 	 	 	 
	
               

               

            	 	 	 	 	 	 

    

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    SCHEDULE
      5

    

    STANDARD
      FILE LAYOUT- MASTER SERVICING

    

    
      	
              Standard
                File Layout - Master Servicing 

            	 	 	 
	
              Column
                Name

            	
              Description

            	
              Decimal

            	
              Format
                Comment

            	
              Max
                Size

            
	
              SER_INVESTOR_NBR

            	
              A
                value assigned by the Servicer to define a group of loans.

            	
               

            	
              Text
                up to 10 digits

            	
              20

            
	
              LOAN_NBR

            	
              A
                unique identifier assigned to each loan by the investor.

            	
               

            	
              Text
                up to 10 digits

            	
              10

            
	
              SERVICER_LOAN_NBR

            	
              A
                unique number assigned to a loan by the Servicer. This may be different
                than the LOAN_NBR.

            	
               

            	
              Text
                up to 10 digits

            	
              10

            
	
              BORROWER_NAME

            	
              The
                borrower name as received in the file. It is not separated by first
                and
                last name.

            	
               

            	
              Maximum
                length of 30 (Last, First)

            	
              30

            
	
              SCHED_PAY_AMT

            	
              Scheduled
                monthly principal and scheduled interest payment that a borrower
                is
                expected to pay, P&I constant.

            	
              2

            	
              No
                commas(,) or dollar signs ($)

            	
              11

            
	
              NOTE_INT_RATE

            	
              The
                loan interest rate as reported by the Servicer.

            	
              4

            	
              Max
                length of 6

            	
              6

            
	
              NET_INT_RATE

            	
              The
                loan gross interest rate less the service fee rate as reported by
                the
                Servicer.

            	
              4

            	
              Max
                length of 6

            	
              6

            
	
              SERV_FEE_RATE

            	
              The
                servicer's fee rate for a loan as reported by the Servicer.
                

            	
              4

            	
              Max
                length of 6

            	
              6

            
	
              SERV_FEE_AMT

            	
              The
                servicer's fee amount for a loan as reported by the Servicer.
                

            	
              2

            	
              No
                commas(,) or dollar signs ($)

            	
              11

            
	
              NEW_PAY_AMT

            	
              The
                new loan payment amount as reported by the Servicer. 

            	
              2

            	
              No
                commas(,) or dollar signs ($)

            	
              11

            
	
              NEW_LOAN_RATE

            	
              The
                new loan rate as reported by the Servicer. 

            	
              4

            	
              Max
                length of 6

            	
              6

            
	
              ARM_INDEX_RATE

            	
              The
                index the Servicer is using to calculate a forecasted
                rate.

            	
              4

            	
              Max
                length of 6

            	
              6

            
	
              ACTL_BEG_PRIN_BAL

            	
              The
                borrower's actual principal balance at the beginning of the processing
                cycle.

            	
              2

            	
              No
                commas(,) or dollar signs ($)

            	
              11

            
	
              ACTL_END_PRIN_BAL

            	
              The
                borrower's actual principal balance at the end of the processing
                cycle.

            	
              2

            	
              No
                commas(,) or dollar signs ($)

            	
              11

            
	
              BORR_NEXT_PAY_DUE_DATE

            	
              The
                date at the end of processing cycle that the borrower's next payment
                is
                due to the Servicer, as reported by Servicer.

            	
               

            	
              MM/DD/YYYY

            	
              10

            
	
              SERV_CURT_AMT_1

            	
              The
                first curtailment amount to be applied.

            	
              2

            	
              No
                commas(,) or dollar signs ($)

            	
              11

            
	
              SERV_CURT_DATE_1

            	
              The
                curtailment date associated with the first curtailment amount.
                

            	
               

            	
              MM/DD/YYYY

            	
              10

            
	
              CURT_ADJ_
                AMT_1

            	
              The
                curtailment interest on the first curtailment amount, if
                applicable.

            	
              2

            	
              No
                commas(,) or dollar signs ($)

            	
              11

            
	
              SERV_CURT_AMT_2

            	
              The
                second curtailment amount to be applied.

            	
              2

            	
              No
                commas(,) or dollar signs ($)

            	
              11

            
	
              SERV_CURT_DATE_2

            	
              The
                curtailment date associated with the second curtailment
                amount.

            	
               

            	
              MM/DD/YYYY

            	
              10

            
	
              CURT_ADJ_
                AMT_2

            	
              The
                curtailment interest on the second curtailment amount, if
                applicable.

            	
              2

            	
              No
                commas(,) or dollar signs ($)

            	
              11

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	
              Standard
                File Layout - Master Servicing 

            	 	 	 
	
              Column
                Name

            	
              Description

            	
              Decimal

            	
              Format
                Comment

            	
              Max
                Size

            
	
              actV_CURT_AMT_3

            	
              The
                third curtailment amount to be applied.

            	
              2

            	
              No
                commas(,) or dollar signs ($)

            	
              11

            
	
              SERV_CURT_DATE_3

            	
              The
                curtailment date associated with the third curtailment
                amount.

            	
               

            	
              MM/DD/YYYY

            	
              10

            
	
              CURT_ADJ_AMT_3

            	
              The
                curtailment interest on the third curtailment amount, if
                applicable.

            	
              2

            	
              No
                commas(,) or dollar signs ($)

            	
              11

            
	
              PIF_AMT

            	
              The
                loan "paid in full" amount as reported by the Servicer.

            	
              2

            	
              No
                commas(,) or dollar signs ($)

            	
              11

            
	
              PIF_DATE

            	
              The
                paid in full date as reported by the Servicer.

            	
               

            	
              MM/DD/YYYY

            	
              10

            
	
               

            	
               

            	
               

            	
              Action
                Code Key: 15=Bankruptcy, 30=Foreclosure, , 60=PIF, 63=Substitution,
                65=Repurchase,70=REO 

            	
              2

            
	
              ACTION_CODE

            	
              The
                standard FNMA numeric code used to indicate the default/delinquent
                status
                of a particular loan.

            
	
              INT_ADJ_AMT

            	
              The
                amount of the interest adjustment as reported by the
                Servicer.

            	
              2

            	
              No
                commas(,) or dollar signs ($)

            	
              11

            
	
              SOLDIER_SAILOR_ADJ_AMT

            	
              The
                Soldier and Sailor Adjustment amount, if applicable.

            	
              2

            	
              No
                commas(,) or dollar signs ($)

            	
              11

            
	
              NON_ADV_LOAN_AMT

            	
              The
                Non Recoverable Loan Amount, if applicable.

            	
              2

            	
              No
                commas(,) or dollar signs ($)

            	
              11

            
	
              LOAN_LOSS_AMT

            	
              The
                amount the Servicer is passing as a loss, if applicable.

            	
              2

            	
              No
                commas(,) or dollar signs ($)

            	
              11

            
	
              SCHED_BEG_PRIN_BAL

            	
              The
                scheduled outstanding principal amount due at the beginning of the
                cycle
                date to be passed through to investors.

            	
              2

            	
              No
                commas(,) or dollar signs ($)

            	
              11

            
	
              SCHED_END_PRIN_BAL

            	
              The
                scheduled principal balance due to investors at the end of a processing
                cycle.

            	
              2

            	
              No
                commas(,) or dollar signs ($)

            	
              11

            
	
              SCHED_PRIN_AMT

            	
              The
                scheduled principal amount as reported by the Servicer for the current
                cycle -- only applicable for Scheduled/Scheduled Loans.

            	
              2

            	
              No
                commas(,) or dollar signs ($)

            	
              11

            
	
              SCHED_NET_INT

            	
              The
                scheduled gross interest amount less the service fee amount for the
                current cycle as reported by the Servicer -- only applicable for
                Scheduled/Scheduled Loans.

            	
              2

            	
              No
                commas(,) or dollar signs ($)

            	
              11

            
	
              ACTL_PRIN_AMT

            	
              The
                actual principal amount collected by the Servicer for the current
                reporting cycle -- only applicable for Actual/Actual
                Loans.

            	
              2

            	
              No
                commas(,) or dollar signs ($)

            	
              11

            
	
              ACTL_NET_INT

            	
              The
                actual gross interest amount less the service fee amount for the
                current
                reporting cycle as reported by the Servicer -- only applicable for
                Actual/Actual Loans.

            	
              2

            	
              No
                commas(,) or dollar signs ($)

            	
              11

            
	
              PREPAY_PENALTY_
                AMT

            	
              The
                penalty amount received when a borrower prepays on his loan as reported
                by
                the Servicer. 

            	
              2

            	
              No
                commas(,) or dollar signs ($)

            	
              11

            
	
              PREPAY_PENALTY_
                WAIVED

            	
              The
                prepayment penalty amount for the loan waived by the
                servicer.

            	
              2

            	
              No
                commas(,) or dollar signs ($)

            	
              11

            
	
               

            	
               

            	
               

            	
               

            	
               

            
	
              MOD_DATE

            	
              The
                Effective Payment Date of the Modification for the loan.

            	
               

            	
              MM/DD/YYYY

            	
              10

            
	
              MOD_TYPE

            	
              The
                Modification Type.

            	
               

            	
              Varchar
                - value can be alpha or numeric

            	
              30

            
	
              DELINQ_P&I_ADVANCE_AMT

            	
              The
                current outstanding principal and interest advances made by
                Servicer.

            	
              2

            	
              No
                commas(,) or dollar signs ($)

            	
              11

            

    

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    SCHEDULE
      6

    

    DATA
      REQUIREMENTS OF SERVICING ADVANCES INCURRED PRIOR TO CUT-OFF DATE

    

    

    
      	
              [LOAN
                NUMBER]

            	
              [PRE-CUT-OFF
                DATE ADVANCE 

              AMOUNT]

            

    

    

    [PROVIDED
      UPON REQUEST]EXHIBIT
      4.1

     

    

    AMERICAN
      RACING CAPITAL, INC.

    STOCK
      INCENTIVE PLAN

    

    Effective
      March 15, 2007

    

    

    Article
      I

    Purpose
      and Adoption of the Plan

    

    1.01 Purpose.
      The
      American Racing Capital, Inc. Stock
      Incentive Plan (the “Plan”) was adopted by the Company to assist it in
      attracting and retaining highly competent employees, directors, and consultants;
      to act as an incentive in motivating selected employees, directors, and
      consultants of the Company to achieve long-term corporate objectives; and to
      allow those employees, directors, and consultants to share the benefits of
      future growth in the value of the Company that they help to create by providing
      them with the opportunity to acquire shares of Common Stock.

    

    1.02 Adoption
      and Term.
      The Plan
      was approved by the Board and is effective as of March 15, 2007 (the “Effective
      Date”). This Plan shall remain in effect until the tenth (10th)
      anniversary of the Effective Date, or until terminated by action of the Board,
      whichever occurs sooner.

    

    

    Article
      II

    Definitions

    

    For
      the
      purposes of this Plan, capitalized terms shall have the following meanings:
      

    

    2.01 Award.
      “Award”
      means any grant to a Participant of one or a combination of: Non-Qualified
      Stock
      Options or Incentive Stock Options described in Article VI or Restricted Stock
      described in Article VII.

    

    2.02 Award
      Agreement.“Award
      Agreement” means a written agreement between the Company and a Participant or a
      written notice from the Company to a Participant specifically setting forth
      the
      terms and conditions of an Award granted under the Plan.

    

    2.03 Beneficiary.“Beneficiary”
means
      an individual, trust, or estate who or which, by a written
      designation of the Participant filed with the Company or by operation of law,
      succeeds to the rights and obligations of the Participant under the Plan and
      an
      Award Agreement upon the Participant’s death.

    

    2.04 Board.“Board”
      means the Board of Directors of the Company.

    

    2.05 Change
      in Control.“Change
      in Control” means any one of the following events:

    

    (a) the
      acquisition in one or more transactions by any individual, entity, or group
      (within the meaning of Section 13(d)(3) or 14(d)(2) of the Exchange Act) other
      than a beneficial owner (within the meaning of Rule 13d-3 promulgated under
      the
      Exchange Act) of beneficial ownership in excess of fifty percent (50%) of the
      Common Stock outstanding at that time; provided,
      however,
      that
      the term “Change in Control” shall not include any acquisition by any
      individual, entity or group including or otherwise controlled by individuals
      and
      entities who were beneficial owners of the Company’s outstanding Common Stock
      immediately prior to the acquisition in substantially the same proportion as
      their ownership immediately prior to the acquisition of the Company’s Common
      Stock; or

    

    (b) the
      consummation of a Merger, unless, following the Merger, stock possessing at
      least fifty percent (50%) of the total combined voting power of the issued
      and
      outstanding shares of all classes of the voting common stock of the corporation
      resulting from the Merger is beneficially owned, directly or indirectly, by
      individuals and entities who were beneficial owners of the Company’s Common
      Stock immediately prior to the Merger in substantially the same proportion
      as
      their ownership in the Company immediately prior to the Merger; or

    

    (c) the
      consummation of a complete liquidation or dissolution of the
      Company.

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    2.06 Code.“Code”
      means the Internal Revenue Code of 1986, as amended. References to a section
      of
      the Code include that section and any comparable section or sections of any
      future legislation that amends, supplements, or supersedes that
      section.

    

    2.07 Common
      Stock.
      “Common
      Stock” means the common stock, par value $.001 per share, of the
      Company.

    

    2.08 Company.
      “Company”
      means American Racing Capital, Inc. a Nevada corporation, and its
      successors.

    

    2.09 Date
      of Grant.
      “Date
      of
      Grant” means the date designated by the Board as the date as of which it grants
      an Award, which shall not be earlier than the date on which the Board approves
      the granting of the Award.

    

    2.10 Disability.“Disability”
means
      a total and permanent disability that, due to physical or
      mental illness, injury, or disease, renders a Participant unable to perform
      any
      services for the Company and, in the opinion of a qualified physician designated
      by the Board, the disability will be permanent and continuous during the
      remainder of the Participant’s life. 

    

    2.11 Effective
      Date.“Effective
      Date” is defined in Section 1.02.

    

    2.12 Exchange
      Act.“Exchange
      Act” means the Securities Exchange Act of 1934, as
      amended.

    

    2.13 Exercise
      Price.“Exercise
      Price,” with respect to Options, shall have the meaning set forth in
      Section 6.01(b) below.

    

    2.14 Fair
      Market Value.“Fair
      Market Value” means, as of any applicable date: (i) if the Common Stock is
      listed on a national securities exchange or is authorized for quotation on
      the
      Nasdaq National Market System (“NMS”), the closing price sales price of the
      Common Stock on the exchange or NMS, as the case may be, on that date, or,
      if no
      sale of the Common Stock occurred on that date, on the next preceding date
      on
      which there was a reported sale; or (ii) if none of the above apply, the closing
      bid price as reported by the Nasdaq SmallCap Market on that date, or if no
      price
      was reported for that date, on the next preceding date for which a price was
      reported; or (iii) if none of the above apply, the last reported bid price
      published in the “pink sheets” or displayed on the National Association of
      Securities Dealers, Inc. (“NASD”), Electronic Bulletin Board, as the case may
      be; or (iv) if none of the above apply, the fair market value of the Common
      Stock as determined under procedures established by the Board; provided that
      any
      such determination shall be in compliance with the requirements of Section
      409A
      of the Code. 

    

    2.15 Incentive
      Stock Option.“Incentive
      Stock Option” means a stock option within the meaning of Section 422
      of the Code.

    

    2.16 Merger.“Merger”
      means any merger, reorganization, consolidation, share exchange, transfer of
      assets, or other transaction having a similar effect involving the
      Company.

    

    2.17 Non-Qualified
      Stock Option.“Non-Qualified
      Stock Option” means a stock option that is not an Incentive Stock
      Option.

    

    2.18 Option.“Option”
      means all Non-Qualified Stock Options and Incentive Stock Options granted at
      any
      time under the Plan.

    

    2.19 Participant.“Participant”
means
      a person designated to receive an Award under the Plan in
      accordance with Section 5.01 below.

    

    2.20 Plan.“Plan”
      means the American Racing Capital, Inc. Stock Incentive Plan, as it may be
      amended from time to time.

    

    2.21 Purchase
      Price. “Purchase
      Price” means the amount that a Participant is or may be required to
      pay with respect to an Award of Restricted Stock under Article VII or with
      respect to an Award of stock purchase rights under Section 6.05.

    

    2.22 Restricted
      Stock.“Restricted
      Stock” means an Award consisting of shares of Common Stock subject
      to the restrictions granted under Article VII below.

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    2.23 Termination
      of Employment. “Termination
      of Employment” means the termination of a Participant’s employment or services
      with the Company for any reason, including death, Disability, retirement, or
      as
      the result of the divestiture of the Participant’s employer or any similar
      transaction in which the Participant’s employer ceases to be the Company.
      Whether entering military or other government service shall constitute
      Termination of Employment, or whether a Termination of Employment shall occur
      as
      a result of Disability, shall be determined in each case by the Board in its
      sole discretion.

    

    

    Article
      III

    Administration

    

    3.01 Board.
      The Plan
      shall be administered by the Company’s Board. The Board shall have exclusive and
      final authority in each determination, interpretation, or other action affecting
      the Plan and its Participants. The Board shall have the sole discretionary
      authority to interpret the Plan, to establish and modify administrative rules
      for the Plan, to impose conditions and restrictions on Awards that it determines
      appropriate, and to take steps in connection with the Plan and Awards granted
      under it that the Board may deem necessary or advisable. The Board may, subject
      to compliance with applicable legal requirements, delegate its powers and
      authority under the Plan as it deems appropriate to designated officers or
      employees of the Company. In addition, the Board may appoint a committee to
      exercise any of the authority conferred upon the Board under this Plan. In
      the
      event of a delegation of authority or exercise of authority by a committee,
      references in the Plan to the Board shall be deemed to refer to the delegate
      of
      the Board or the committee, as the case may be.

    

    3.02 Compliance
      with Section 409A of the Code.
      The
      Company intends that all Options granted under the Plan not be considered to
      provide for the deferral of compensation under Section 409A of the Code and
      that
      any other Award that does provide for such deferral of compensation shall comply
      with the requirements of Section 409A of the Code and, accordingly, this Plan
      shall be so administered and construed.  Further, the Company may modify
      the Plan and any Award to the extent necessary to fulfill this
      intent.

    

    

    Article
      IV

    Stock

    

    4.01 Number
      of Shares Issuable.
      The
      total number of shares authorized to be issued under the Plan (including shares
      issued pursuant to Incentive Stock Options) shall be five million (5,000,000) shares
      of
      the Company’s Common Stock. 
      The
      number of shares available for issuance under the Plan shall be subject to
      adjustment in accordance with Section 8.07 below. The shares to be offered
      under
      the Plan shall be authorized and unissued shares of Common Stock, or issued
      shares of Common Stock that have been reacquired by the Company.

    

    4.02 Shares
      Subject to Terminated Awards.
      Shares
      of Common Stock covered by any unexercised portions of terminated Options
      (including canceled or forfeited Options) granted under Article VI may be
      subject to new Awards under the Plan.

    

    

    Article
      V

    Participation

    

    5.01 Eligible
      Participants.
      Participants in the Plan shall be employees, directors, and consultants of
      the
      Company that the Board, in its sole discretion, may designate from time to
      time.
      The Board’s designation of a Participant in any year shall not require the Board
      to designate the person to receive Awards in any other year. The Board shall
      consider those factors it deems pertinent in selecting Participants and in
      determining the types and amounts of their respective Awards. 

    

    

      
        
           

        

        
           

          
            

          

        

        
           

        

      

    Article
      VI

    Stock
      Options

    

    6.01 Option
      Awards.

    

    (a) Grant
      of Options.
      The
      Board may grant, to Participants who the Board may select, Options entitling
      the
      Participants to purchase shares of Common Stock from the Company in the amount,
      at the price, on the terms, and subject to the conditions, not inconsistent
      with
      the terms of the Plan, that may be established by the Board. The terms of any
      Option granted under the Plan shall be set forth in an Award
      Agreement.

    

    (b) Exercise
      Price of Options.
      Subject
      to Section 6.01(d) below with respect to certain Incentive Stock Options, the
      Exercise Price of each option for purchase of shares of Common Stock under
      any
      Option granted under the Plan shall be determined by the Board and shall be
      equal to or greater than the Fair Market Value of the Common Stock as of the
      Date of Grant.

    

    (c) Designation
      of Options.
      Except
      as otherwise expressly provided in the Plan, the Board may designate an Option
      as an Incentive Stock Option or a Non-Qualified Stock Option at the time the
      grant is made; provided,
      however,
      that an
      Option may be designated as an Incentive Stock Option only if the applicable
      Participant is an employee of the Company on the Date of Grant.

    

    (d) Special
      Incentive Stock Option Rules.
      No
      Participant may be granted Incentive Stock Options under the Plan (or any other
      plans of the Company) that would result in Incentive Stock Options to purchase
      shares of Common Stock with an aggregate Fair Market Value (measured on the
      Date
      of Grant) of more than $100,000 first becoming exercisable by the Participant
      in
      any one calendar year. Notwithstanding any other provision of the Plan to the
      contrary, no Incentive Stock Option shall be granted to any person who, at
      the
      time the Option is granted, owns stock (including stock owned by application
      of
      the constructive ownership rules in Section 424(d) of the Code) possessing
      more
      than 10% of the total combined voting power of all classes of stock of the
      Company, unless at the time the Incentive Stock Option is granted the Exercise
      Price is at least 110% of the Fair Market Value of the Common Stock subject
      to
      the Option and the Incentive Stock Option by its terms is not exercisable for
      more than five years from the Date of Grant.

    

    (e) Rights
      as a Stockholder.
      A
      Participant or a transferee of an Option pursuant to Section 8.04 below shall
      have no rights as a stockholder with respect to the shares of Common Stock
      covered by an Option until that Participant or transferee becomes the holder
      of
      record of the shares, and no adjustment shall be made to the shares of Common
      Stock for dividends in cash or other property or distributions of other rights
      on the Common Stock for which the record date is prior to the date on which
      that
      Participant or transferee became the holder of record of any of the shares
      covered by the Option; provided,
      however,
      that
      Participants are entitled to share adjustments to reflect capital changes under
      Section 8.07.

    

    6.02 Terms
      of Stock Options.

    

    (a) Conditions
      on Exercise.
      An Award
      Agreement with respect to Options may contain any waiting periods, vesting
      dates, exercise dates, and restrictions on exercise (including, but not limited
      to, periodic installments) that may be determined by the Board at the time
      of
      grant.

    

    (b) Duration
      of Options.
      Options
      shall terminate after the first to occur of the following events:

    

    (i) expiration
      of the Option as provided in the related Award Agreement; 

    

    (ii) termination
      of the Award as provided in Section 6.02(e), following the applicable
      Participant’s Termination of Employment; and

    

    (iii) ten
      (10)
      years from the Date of Grant (five years in certain cases, as described in
      Section 6.01(d)).

    

    (c) Acceleration
      of Exercise Time.
      The
      Board, in its sole discretion, shall have the right (but shall not in any case
      be obligated), exercisable at any time after the Date of Grant, to permit the
      exercise of any Option prior to the time the Option would otherwise vest under
      the terms of the related Award Agreement.

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    (d) Extension
      of Exercise Time.
      In
      addition to the extensions permitted under Section 6.02(e) below in the event
      of
      Termination of Employment, the Board, in its sole discretion, shall have the
      right (but shall not in any case be obligated), exercisable on or at any time
      after the Date of Grant, to permit the exercise of any Option after its
      expiration date described in Section 6.02(e), subject, however, to the
      limitations described in Section 6.02(b)(iii) above.

    

    (e) Exercise
      of Options Upon Termination of Employment.
      Unless
      an Optionee’s Award Agreement provides otherwise, the following rules shall
      govern the treatment of Options upon Termination of Employment:

    

    (i) Termination
      of Options Upon Termination of Employment.

    

    (A) Termination
      Other Than Due to Death or Disability.
      In the
      event of a Participant’s Termination of Employment for any reason other than
      death or Disability, the right of the Participant to exercise any vested Option
      shall, unless the exercise period is extended by the Board in accordance with
      Section 6.02(d) above, terminate upon the earlier of (1) ninety days after
      the
      date of the Termination of Employment and (2) the date of expiration of the
      Option determined pursuant to Sections 6.02(b)(i) or (iii) above.

    

    (B) Death
      or Disability.
      In the
      event of a Participant’s Termination of Employment by reason of death or
      Disability, the right of the Participant to exercise any vested Option shall,
      unless the exercise period is extended by the Board in accordance with Section
      6.02(d) above, terminate upon the earlier of (1) the first anniversary of the
      date of the Termination of Employment and (2) the date of expiration of the
      Option determined pursuant to Sections 6.02(b)(i) or (iii) above.

    

    (ii) Termination
      of Unvested Options Upon Termination of Employment.
      Subject
      to Section 6.05 below, to the extent the right to exercise an Option, or any
      portion of an Option, has not vested as of the date of Termination of
      Employment, the right shall expire on the date of Termination of Employment
      regardless of the reason for the Termination of Employment.

    

    6.03 Exercise
      Procedures.
      Each
      Option granted under the Plan shall be exercised by written notice to the
      Company that must be received by the officer or employee of the Company
      designated in the Award Agreement at or before the close of business on the
      expiration date of the Award. The Exercise Price of shares purchased upon
      exercise of an Option granted under the Plan shall be paid in full in cash
      by
      the Participant pursuant to the Award Agreement; provided,
      however,
      that the
      Board may (but shall not be required to) permit payment to be made by delivery
      to the Company of either (a) shares of Common Stock held by the Participant
      for
      at least six months or (b) any combination of cash and Common Stock or
      (c) such other consideration as the Committee deems appropriate and in
      compliance with applicable law (including payment in accordance with a brokerage
      transaction as permitted under the provisions of Regulation T applicable to
      cashless exercises promulgated by the Federal Reserve Board, so long as the
      Company's equity securities are registered under Section 12 of the Exchange
      Act,
      unless prohibited by Section 402 of the Sarbanes-Oxley Act of 2002). In the
      event that any shares of Common Stock are transferred to the Company to satisfy
      all or any part of the Exercise Price, the part of the Exercise Price deemed
      to
      have been satisfied by the transfer of shares of Common Stock shall be equal
      to
      the product derived by multiplying the Fair Market Value as of the date of
      exercise times the number of shares of Common Stock transferred to the Company.
      The Participant may not transfer to the Company in satisfaction of the Exercise
      Price any fractional share of Common Stock. Any part of the Exercise Price
      paid
      in cash upon the exercise of any Option shall be added to the general funds
      of
      the Company and may be used for any proper corporate purpose. Unless the Board
      otherwise determines, any shares of Common Stock transferred to the Company
      as
      payment of all or part of the Exercise Price upon the exercise of any Option
      shall be held as treasury stock.

    

    6.04 Change
      in Control.
      An Award
      Agreement may, but need not, provide that in the event of a Participant’s
      Termination of Employment by the Company without cause (as determined in the
      discretion of the Board) within a specified period following a Change in
      Control, all Options outstanding on the date of the Termination of Employment
      that have not previously vested or terminated under the terms of the applicable
      Award Agreement shall be immediately and fully vested and exercisable.
As
      an
      exception to the foregoing,
      unless
      otherwise determined by the Board, no Change in Control of the Company shall
      be
      deemed to have occurred for purposes of determining a Participant's rights
      under
      this Plan if (i) the Participant is a member of a group that first announces
      a
      proposal which, if successful, would result in a Change in Control, which
      proposal (including any modifications thereof) is ultimately successful, or
      (ii)
      the Participant acquires a two percent or more equity interest in the entity
      that ultimately acquires the Company pursuant to the transaction described
      in
      clause (i) of this Section 6.04.

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    Article
      VII

    Restricted
      Stock

    

    7.01 Restricted
      Stock Awards.
      The
      Board may grant to any Participant an Award of a number of shares of restricted
      Common Stock on the terms, conditions, and restrictions, whether based on
      performance standards, periods of service, retention by the Participant of
      ownership of specified shares of Common Stock, or other criteria, as the Board
      establishes. The terms of any Restricted Stock Award granted under this Plan
      shall be set forth in an Award Agreement that shall contain provisions
      determined by the Board and not inconsistent with this Plan.

    

    (a) Issuance
      of Restricted Stock.
      As soon
      as practicable after the Date of Grant of a Restricted Stock Award by the Board,
      the Company shall cause to be transferred on its books the number of shares
      of
      Restricted Stock awarded to the Participant, and the shares shall be issued
      in
      the name of the Participant, but the Restricted Stock shall be subject to
      forfeiture to the Company as of the Date of Grant if an Award Agreement for
      the
      Restricted Stock covered by the Award is not signed by the Participant and
      timely returned to the Company. All Restricted Stock covered by Awards under
      this Article shall be subject to the restrictions, terms, and conditions
      contained in the Plan and the applicable Award Agreement entered into by each
      Participant. Until the lapse or release of all forfeiture restrictions
      applicable to an Award of Restricted Stock, the share certificates representing
      the Restricted Stock may be held, in the Company’s discretion, in custody by the
      Company, its designee, or, if the certificates bear a restrictive legend, by
      the
      Participant. Upon the lapse or release of all forfeiture restrictions with
      respect to an Award as described in Section 7.01(d) below, one or more share
      certificates, registered in the name of the Participant, for an appropriate
      number of shares of Common Stock as provided in Section 7.01(d), free of any
      forfeiture restrictions set forth in the Plan and the related Award Agreement
      (but not free of any transfer restrictions applicable to Common Stock generally
      or under the terms of an Award Agreement) shall be delivered to the
      Participant.

    

    (b) Shareholder
      Rights.
      Beginning on the Date of Grant of a Restricted Stock Award and subject to
      execution of the related Award Agreement as provided in Section 7.01(a) above,
      and except as otherwise provided in the Award Agreement, the Participant shall
      become a shareholder of the Company with respect to all of the shares of
      Restricted Stock subject to the Award Agreement and shall have all of the rights
      of a holder of Common Stock, including, but not limited to, the right to receive
      dividends; provided,
      however,
      that any
      Common Stock or other securities distributed as a dividend or otherwise related
      to any Restricted Stock on which the Plan or Award Agreement restrictions have
      not yet lapsed, shall be subject to the same restrictions as the Restricted
      Stock and held or restricted as provided in Section 7.01(a).

    

    (c) Restriction
      on Transferability.
      No
      Restricted Stock may be assigned or transferred (other than by will or the
      laws
      of descent and distribution or to an inter
      vivos
      trust
      under which the Participant is treated as the owner under Sections 671 through
      677 of the Code), pledged, or sold prior to the lapse of the restrictions
      applicable to them.

    

    (d) Delivery
      of Stock Upon Vesting.
      Upon
      expiration or termination of the forfeiture period without a forfeiture and
      the
      satisfaction of or release from any other conditions prescribed by the Board,
      or
      at any earlier time provided under the provisions of Section 7.03 below, the
      forfeiture restrictions applicable to the Restricted Stock shall lapse. After
      the lapse of the forfeiture restrictions, the Company shall, subject to the
      requirements of Section 8.05, promptly deliver to the Participant or, in case
      of
      the Participant’s death, to the Participant’s Beneficiary, one or more share
      certificates for the appropriate number of shares of Common Stock, free of
      all
      forfeiture restrictions (but not free of any transfer restrictions applicable
      to
      Common Stock generally or under the terms of an Award Agreement).

    

    7.02 Terms
      of Restricted Shares.

    

    (a) Forfeiture
      of Restricted Shares.
      Subject
      to Sections 7.02(b) and 7.03 below, Restricted Stock shall be forfeited and
      returned to the Company and all rights of the Participant with respect to the
      Restricted Stock shall terminate unless the Participant continues in the service
      of the Company or one of its affiliates as an employee until the expiration
      of
      the forfeiture period for the Restricted Stock and the Participant satisfies
      any
      and all other conditions set forth in the Award Agreement. The Board shall
      determine the forfeiture period (which may, but need not, lapse in installments)
      and any other terms and conditions applicable to any Restricted Stock Award.
      

    

    (b) Waiver
      of Forfeiture Period.
      Notwithstanding anything contained in this Article to the contrary, the Board
      may, in its sole discretion, waive the forfeiture period and any other
      conditions set forth in any Award Agreement under appropriate circumstances
      (including the death or Disability of the Participant or a material change
      in
      circumstances arising after the date of an Award) and subject to any terms
      and
      conditions (including forfeiture of a proportionate number of shares of
      Restricted Stock) that the Board may deem appropriate.

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    7.03 Change
      in Control.
      An Award
      Agreement may, but need not, provide that in the event of a Participant’s
      Termination of Employment by the Company without cause (as determined in the
      discretion of the Board) within a specified period following a Change in
      Control, all restrictions applicable to a Restricted Stock Award may terminate
      fully (other than the transfer or other restrictions generally applicable to
      Common Stock) and the Participant shall immediately have the right to the
      delivery of share certificates for the Restricted Stock in accordance with
      Section 7.01(d) above. Notwithstanding
      the foregoing,
      unless
      otherwise determined by the Board, no Change in Control of the Company shall
      be
      deemed to have occurred for purposes of determining a Participant's rights
      under
      this Plan if (i) the Participant is a member of a group that first announces
      a
      proposal which, if successful, would result in a Change of Control, which
      proposal (including any modifications thereof) is ultimately successful, or
      (ii)
      the Participant acquires a two percent or more equity interest in the entity
      that ultimately acquires the Company pursuant to the transaction described
      in
      clause (i) of this Section 7.03.

    

    

    Article
      VIII

    Terms
      Applicable to All Awards Granted under the Plan

    

    8.01 Plan
      Provisions Control Award Terms.
      The
      terms of the Plan shall govern all Awards granted under the Plan, and the Board
      may not grant any Award under the Plan that contains terms that are contrary
      to
      any of the provisions of the Plan. In the event any provision of any Award
      granted under the Plan conflicts with any term in the Plan as constituted on
      the
      Date of Grant of the Award, the term in the Plan as constituted on the Date
      of
      Grant of the Award shall control. Except as provided in Sections 8.03 and 8.06
      below, the terms of any Award granted under the Plan may not be changed after
      the Date of Grant of the Award in a manner that would materially decrease the
      value of the Award without the express written approval of the
      Participant.

    

    8.02 Award
      Agreement.
      No
      person shall have any rights under any Award granted under the Plan unless
      and
      until the Company and the Participant to whom the Award was granted have
      executed and delivered an Award Agreement or the Participant has received and
      acknowledged notice of the Award authorized by the Board expressly granting
      the
      Award to the Participant and containing provisions setting forth the terms
      of
      the Award.

    

    8.03 Modification
      of Award After Grant.
      No Award
      granted under the Plan to a Participant may be modified (unless the modification
      does not materially decrease the value of that Award) after its Date of Grant
      except by express written agreement between the Company and the Participant,
      provided that any change (a) may not be inconsistent with the terms of the
      Plan,
      and (b) shall be approved by the Board.

    

    8.04 Limitation
      on Transfer.
      Except
      as may be provided in the applicable Award Agreement, and subject to the
      provisions of Section 7.01(c) regarding Awards of Restricted Stock, a
      Participant’s rights and interest under the Plan may not be assigned or
      transferred other than by will or the laws of descent and distribution and,
      during the lifetime of a Participant, only the Participant personally (or the
      Participant’s personal representative) may exercise rights under the Plan. The
      Participant’s Beneficiary may exercise the Participant’s rights to the extent
      they are exercisable under the Plan following the death of the Participant.
      

    

    8.05 Taxes.
      The
      Company shall be entitled, if the Board deems it necessary or desirable, to
      withhold (or secure payment from the Participant in lieu of withholding) the
      amount of any withholding or other tax required by law to be withheld or paid
      by
      the Company regarding any amount payable and/or shares issuable under the
      Participant’s Award or regarding any income recognized upon a disqualifying
      disposition (i.e.,
      a
      disposition prior to the expiration of the required holding periods) of shares
      received pursuant to the exercise of an Incentive Stock Option, and the Company
      may defer payment of cash or issuance of shares upon exercise or vesting of
      an
      Award unless indemnified to its satisfaction against any liability for any
      taxes. The amount of the withholding or tax payment shall be determined by
      the
      Board and shall be payable by the Participant in cash at the time the Board
      determines; provided,
      however,
      that
      with the approval of the Board, the Participant may elect to meet his or her
      withholding requirement, in whole or in part, by having withheld from the Award
      at the appropriate time that number of shares of Common Stock, rounded up to
      the
      next whole share, the Fair Market Value of which is equal to the amount of
      withholding taxes due.

    

    8.06 Certain
      Conditions on Awards. 

    

    (a) Covenants.
      Except
      as may be provided in the applicable Award Agreement, as a condition for
      participation in this Plan, the Participant shall agree and covenant as follows:
      

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    
 

    (i) Noncompetition.
      From the
      Date of Grant and continuing for a period of twelve (12) months immediately
      following the Participant’s Termination of Employment, the Participant shall not
      directly or indirectly engage in or become associated as an employee,
      consultant, partner, owner, agent, stockholder, officer or director of, or
      otherwise have a business relationship with, any person or organization engaged
      in, or about to become engaged in, a business that competes, directly or
      indirectly, with the business of the Company within the
      [North America] and
      any
      of its possessions and any other location in which the Company has an office.
      

    

    (ii) Nonsolicitation
      of Clients.
      For a
      period of twelve (12) months immediately following the Participant’s Termination
      of Employment, the Participant shall not (A) induce or attempt to induce,
      directly or indirectly, any Client (as defined below) to cease doing business
      with the Company, (B) induce or attempt to induce, directly or indirectly,
      any
      Client or Prospective Client (as defined below) to not commence doing business
      with the Company, or (C) solicit the business of any Client or Prospective
      Client. “Client” means a client of the Company or a client with which the
      Company has done business in the one year period ending on the Participant’s
      Termination of Employment, and all Affiliates thereof. “Prospective Client”
means any potential client of the Company, which the Company has either
      contacted within the one year period ending on the Participant’s Termination of
      Employment or has been identified by the Company as a potential client during
      such one year period, and all Affiliates thereof. “Affiliate” means a person or
      entity that controls, is controlled by, or is under common control with, any
      Client or Prospective Client. 

    

    (iii) Nonsolicitation
      of Company Employees.
      From the
      Date of Grant and continuing for a period of twelve (12) months immediately
      following the Participant’s Termination of Employment, the Participant shall not
      either directly or indirectly solicit, induce, recruit or encourage any of
      the
      Company’s employees or prospective employees to leave their employment; or take
      away such employees, or attempt to solicit, induce, recruit, encourage or take
      away employees of the Company, either for the Participant’s own benefit or for
      any other person or entity.

    

    (b) Violation
      of Covenants.
      In the
      event that the Board determines that the Participant has violated any of the
      covenants contained in Section 8.06(a), then:

    

    (i) all
      of
      the Participant’s unexercised Options (whether vested or not) shall terminate
      immediately; 

    

    (ii) all
      of
      the Participant’s unvested Restricted Stock shall be forfeited and returned to
      the Company (upon payment by the Company of any applicable Purchase Price paid
      by the Participant) and all rights of the Participant with respect to the
      Restricted Stock shall terminate;

    

    (iii)
       to
      the
      extent that the Participant previously exercised an Option (including any
      exercise of the unvested portion of the Option under Section 6.05 above) or
      received an Award of Restricted Stock which has vested, and the Participant
      continues to hold the Common Stock issued with respect to such Option or Award,
      then at the option of the Company, the Participant, upon notice from the Company
      of the Participant’s obligations under this Section 8.06(b)(iii), shall either
      (A) immediately deliver to the Company an amount in cash equal to the then-Fair
      Market Value of such Common Stock less the aggregate Exercise Price or Purchase
      Price (if any) and taxes paid by or on behalf of the Participant with respect
      to
      such Option exercise or Award, or (B) sell such Common Stock to the Company
      for
      an amount equal to the aggregate Exercise Price or Purchase Price (if any)
      and
      taxes paid by or on behalf of the Participant with respect to such Option
      exercise or Award; 

    

    (iv) to
      the
      extent that the Participant previously exercised an Option (including any
      exercise of the unvested portion of the Option under Section 6.05 above) or
      received an Award of Restricted Stock which has vested, and the Participant
      has
      disposed of the Common Stock issued with respect to such Option or Award, the
      Participant, upon notice from the Company of the Participant’s obligations under
      this Section 8.06(b)(iv), shall immediately pay the Company an amount equal
      to
      the amount realized by the Participant upon the disposition of such Common
      Stock
      less the aggregate Exercise Price or Purchase Price (if any) and taxes paid
      by
      or on behalf of the Participant with respect to such Option exercise or Award;
      

    

    (v) the
      notice described in subsections (iii) and (iv) of this Section 8.06(b) may
      be
      given at any time within twelve months after the expiration of the applicable
      covenant period under Section 8.06(a). In addition, the Company shall have
      the
      right to require appropriate documentation regarding the amount of any taxes
      paid by or on behalf of the Participant with respect to any Option
      exercise.

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    8.07 Adjustments
      to Reflect Capital Changes.

    

    (a) Recapitalization.
      The
      number and kind of shares subject to outstanding Awards, the Exercise Price
      for
      the shares, the number and kind of shares available for Awards subsequently
      granted under the Plan, and the maximum number of shares that can be awarded
      to
      any Participant in any calendar year shall be appropriately adjusted to reflect
      any stock dividend, stock split, combination or exchange of shares, Merger,
      consolidation, or other change in capitalization with a similar substantive
      effect upon the Plan or the Awards granted under the Plan. The Board shall
      have
      the power and sole discretion to determine the amount of the adjustment to
      be
      made in each case.

    

    (b) Merger.
      After
      any Merger in which the Company is the surviving corporation, each Participant
      shall, at no additional cost, be entitled to receive, upon any exercise of
      an
      Option or receipt of other Award, the number and class of shares or other
      securities to which the Participant would have been entitled pursuant to the
      terms of the Merger in lieu of the number of shares of Common Stock receivable
      or exercisable pursuant to the Award prior to the Merger if, at the time of
      the
      Merger, the Participant had been the holder of record of a number of shares
      of
      Common Stock equal to the number of shares of Common Stock receivable or
      exercisable pursuant to the Award. Comparable rights shall accrue to each
      Participant in the event of successive Mergers in which the Company is the
      surviving corporation. Further, in the event of a Merger in which the Company
      is
      the surviving corporation, not the surviving corporation or pursuant to which
      a
      majority of the shares which are of the same class as the shares that are
      subject to outstanding Options or other Awards are exchanged for, or converted
      into, or otherwise become shares of another corporation or other consideration,
      the surviving, continuing, successor, or purchasing corporation, as the case
      may
      be (the “Acquiring Corporation”), may either assume the Company’s rights and
      obligations under outstanding Award Agreements or substitute awards of the
      Acquiring Corporation’s stock for outstanding Awards,
      provided, however, that
      if
      the Acquiring Corporation does not assume or substitute for the outstanding
      Awards, the Board, in its sole discretion, may, with respect to any or all
      of
      such Awards, take any or all of the following actions to be effective as of
      the
      date of the Merger (or as of any other date fixed by the Board occurring within
      the thirty (30) day period immediately preceding the date of the Merger, but
      only if such action remains contingent upon the effectuation of the Merger)
      (such date referred to as the “Merger Effective Date”): 

    

    
      	 	
              (i)

            	
              Accelerate
                the vesting and/or exercisability of such Awards;
                

            

    

    

    
      	 	
              (ii)

            	
              Unilaterally
                cancel such Awards in exchange for cash or other property equal in
                value
                to the excess of the Fair Market Value of (A) in the case of Options,
                the
                shares of Common Stock that could be purchased subject to such Award
                less
                the aggregate Exercise Price for the Options with respect to such
                Common
                Stock, or (B) in the case of Restricted Stock, shares of Common Stock
                subject to such Award determined as of the Merger Effective Date
                less the
                value of any consideration payable on exercise.

            

    

    

    
      	 	
              (iii)

            	
              In
                the case of Options, unilaterally cancel such Option Award after
                providing
                the holder of such Option with (1) an opportunity to exercise such
                Option
                to the extent vested within a specified period prior to the date
                of the
                Merger, and (2) notice of such opportunity to exercise prior to the
                commencement of such specified
                period.

            

    

    

    The
      exercise and/or vesting of any Award that is permitted solely by reason of
      this
      subsection shall be conditioned upon the consummation of the Merger. Any Options
      that are not assumed by the Acquiring Corporation or not exercised or otherwise
      canceled hereunder as of the date of the Merger shall terminate as of the
      effective date of the Merger.

    

    (c) Options
      to Purchase Stock of Acquired Companies.
      After
      any Merger in which the Company or a Subsidiary is a surviving corporation,
      the
      Board may grant substituted options under the provisions of the Plan, pursuant
      to Section 424 of the Code, replacing old options granted under a plan of
      another party to the Merger whose shares of stock to be issued under the old
      options may no longer be issued following the Merger. These provisions shall
      be
      applied to the old options and any appropriate adjustments to the Options shall
      be determined by the Board in its sole discretion. Any adjustments under this
      paragraph may provide for the elimination of any fractional shares that might
      otherwise become subject to any Options.

    

    8.08 No
      Right to Employment.
      No
      employee or other person shall have any claim of right to be granted an Award
      under the Plan. Neither the Plan nor any action taken under it shall be
      construed as giving any employee any contractual employment rights with the
      Company.

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    
 

    8.09 Awards
      Not Includable for Benefit Purposes.
      Payments
      received by a Participant pursuant to the provisions of the Plan shall not
      be
      included in the determination of benefits under any pension, group insurance,
      or
      other benefit plan applicable to the Participant that is maintained by the
      Company, except as may be provided under the terms of those plans or determined
      by the Board.

    

    8.10 Governing
      Law.
      This
      Plan shall be interpreted, construed, and enforced and its construction and
      performance shall be governed by the internal laws of the State of
      Nevada.

    

    8.11 No
      Strict Construction.
      No rule
      of strict construction shall be implied against the Company, the Board, or
      any
      other person in the interpretation of any of the terms of the Plan, any Award
      granted under the Plan, or any rule or procedure established by the Board that
      relates to the Plan.

    

    8.12 Captions.
      The
      captions and Section headings used in this Plan are for convenience only, do
      not
      constitute a part of the Plan, and shall not be deemed to limit, characterize,
      or affect in any way any provision of the Plan, and all provisions of the Plan
      shall be construed as if no captions or headings had been used in the
      Plan.

    

    8.13 Severability.
      Each
      part of this Plan is intended to be several. If any term, covenant, condition,
      or provision of this Plan is determined by a court of competent jurisdiction
      to
      be illegal, invalid, or unenforceable for any reason whatsoever, that
      determination shall not affect the legality, validity, or enforceability of
      the
      remaining parts of this Plan, and all remaining parts shall be legal, valid,
      and
      enforceable and have full force and effect as if the illegal, invalid, and/or
      unenforceable part had not been included.

    

    8.14 Amendment
      and Termination.

    

    (a) Amendment.
      The
      Board shall have complete power and authority to amend the Plan at any time.
      No
      termination or amendment of the Plan may, without the consent of the Participant
      to whom any Award has previously been granted under the Plan, adversely affect
      the rights of the Participant in a significant manner under that
      Award.

    

    (b) Termination.
      The
      Board shall have the right and the power to terminate the Plan at any time.
      No
      Award shall be granted under the Plan after the termination of the Plan, but
      the
      termination of the Plan shall not affect any Award outstanding at the time
      of
      the termination of the Plan.

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