Document:

Unassociated Document

    GS
      MORTGAGE SECURITIES CORP., DEPOSITOR

    MORTGAGE
      PASS-THROUGH CERTIFICATES, SERIES 2007-AR1

    CLASS
      [    ] CERTIFICATE

     

    [UNLESS
      THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
      TRUST COMPANY, A NEW YORK CORPORATION (“DTC”),
      TO THE SECURITIES ADMINISTRATOR OR ITS AGENT FOR REGISTRATION OF TRANSFER,
      EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME
      OF
      CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED
      REPRESENTATIVE OF DTC (AND ANY PAYMENT MADE TO CEDE & CO. OR TO SUCH OTHER
      ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER,
      PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS
      WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN
      INTEREST HEREIN.]

     

    [ANY
      TRANSFEREE OF THIS CERTIFICATE MUST DELIVER TO THE CERTIFICATE REGISTRAR A
      RESIDUAL TRANSFEREE AFFIDAVIT CONTAINING CERTAIN REPRESENTATIONS AND COVENANTS,
      AND AN AFFIDAVIT RELATING TO VARIOUS TAX MATTERS, ALL AS DESCRIBED IN THE TRUST
      AGREEMENT REFERRED TO HEREIN. NO TRANSFER OF A CLASS [    ]
      CERTIFICATE SHALL BE PERMITTED TO BE MADE TO A DISQUALIFIED ORGANIZATION, WHICH
      GENERALLY INCLUDES ANY ENTITY THAT WOULD BE EXEMPT FROM FEDERAL INCOME TAXATION
      (INCLUDING THE TAX ON UNRELATED BUSINESS TAXABLE INCOME) ON INCOME DERIVED
      FROM
      THIS CLASS [    ] CERTIFICATE. NOTWITHSTANDING THE
      FULFILLMENT OF THE PREREQUISITES DESCRIBED ABOVE, THE CERTIFICATE REGISTRAR
      MAY
      REFUSE TO RECOGNIZE A TRANSFER TO THE EXTENT NECESSARY TO AVOID A RISK OF (1)
      DISQUALIFICATION OF ANY RELATED REMIC AS A REMIC OR (2) THE IMPOSITION OF A
      TAX
      UPON ANY SUCH REMIC. NO TRANSFER OF LESS THAN AN ENTIRE INTEREST IN A CLASS
      [    ] CERTIFICATE MAY BE MADE UNLESS (1) THE INTEREST
      TRANSFERRED IS AN UNDIVIDED INTEREST OR (2) THE TRANSFEROR OR THE TRANSFEREE
      HAS
      PROVIDED THE CERTIFICATE REGISTRAR WITH AN OPINION THAT THE TRANSFER WILL NOT
      JEOPARDIZE THE REMIC STATUS OF ANY RELATED REMIC. RESTRICTIONS ON TRANSFER
      OF
      THIS CERTIFICATE ARE DESCRIBED MORE FULLY HEREIN.]

     

    [THIS
      CERTIFICATE MAY NOT BE PURCHASED BY A TRANSFEREE THAT IS OR IS ACTING ON BEHALF
      OF OR INVESTING THE ASSETS OF AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT
      ARRANGEMENT, INCLUDING AN INDIVIDUAL RETIREMENT ACCOUNT OR A KEOGH PLAN, WHICH
      IS SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED
      (“ERISA”), SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE
“CODE”) (EACH, A “PLAN”), OR A GOVERNMENTAL PLAN AS DEFINED IN SECTION 3(32) OF
      ERISA THAT IS SUBJECT TO ANY ESSENTIALLY SIMILAR FEDERAL, STATE OR LOCAL LAW
      (A
“SIMILAR LAW”), OTHER THAN AN INSURANCE COMPANY USING THE ASSETS OF ITS GENERAL
      ACCOUNT UNDER CIRCUMSTANCES WHEREBY SUCH PURCHASE AND THE SUBSEQUENT HOLDING
      OF
      SUCH CERTIFICATE BY SUCH INSURANCE COMPANY WOULD NOT CONSTITUTE OR RESULT IN
      A
      PROHIBITED TRANSACTION WITHIN THE MEANING OF SECTION 406 OR 407 OF ERISA,
      SECTION 4975 OF THE CODE, OR A MATERIALLY SIMILAR CHARACTERIZATION UNDER ANY
      SIMILAR LAW.]

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    [THIS
      CLASS [    ] CERTIFICATE REPRESENTS A REMIC RESIDUAL
      INTEREST IN ONE OR MORE “REMICS,” AS DESCRIBED IN THE TRUST AGREEMENT UNDER THE
      INTERNAL REVENUE CODE OF 1986, AS AMENDED, FOR FEDERAL INCOME TAX
      PURPOSES.]

     

    [THIS
      CLASS [    ] CERTIFICATE IS SUBORDINATED TO THE EXTENT
      DESCRIBED HEREIN AND IN THE TRUST AGREEMENT REFERENCED
      HEREIN.]

     

    [THIS
      CLASS [    ] CERTIFICATE REPRESENTS A REMIC REGULAR INTEREST
      FOR FEDERAL INCOME TAX PURPOSES.]

     

    THE
      PRINCIPAL OF THIS CLASS [    ] CERTIFICATE IS SUBJECT TO
      PREPAYMENT FROM TIME TO TIME WITHOUT SURRENDER OF OR NOTATION ON THIS
      CERTIFICATE. ACCORDINGLY, THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE
      MAY BE LESS THAN THAT SET FORTH BELOW. ANYONE ACQUIRING THIS CERTIFICATE MAY
      ASCERTAIN ITS CURRENT CERTIFICATE PRINCIPAL BALANCE BY INQUIRY OF THE SECURITIES
      ADMINISTRATOR.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    GS
      MORTGAGE SECURITIES CORP., DEPOSITOR

    MORTGAGE
      PASS-THROUGH CERTIFICATES, SERIES 2007-AR1

    CLASS
      [    ] CERTIFICATE

     

    
      	
              INITIAL
                CERTIFICATE RATE PER ANNUM: [    ]%1

            	
              [APPROXIMATE
                AGGREGATE INITIAL CERTIFICATE PRINCIPAL BALANCE OF THE CLASS
                [    ] CERTIFICATES AS OF THE CLOSING DATE:
                $[    ]]

            
	 	 
	 	
              [APPROXIMATE
                INITIAL CERTIFICATE PRINCIPAL BALANCE OF THIS CLASS
                [    ] CERTIFICATE AS OF THE CLOSING DATE:
                $[    ]]

            
	 	 
	 	
              [AGGREGATE
                INITIAL CERTIFICATE

              PRINCIPAL
                BALANCE OF THE CLASS [    ] CERTIFICATE:
                $[    ]]

            
	 	 
	
              PERCENTAGE
                INTEREST: [    ]%

            	 
	 	 
	
              [MINIMUM

              DENOMINATION:]

            	
              [$[    ]
                AND $1 IN EXCESS OF $[    ]]

            
	 	 
	
              DATE
                OF THE TRUST AGREEMENT: AS OF

              JANUARY
                1, 2007

            	
              APPROXIMATE
                AGGREGATE SCHEDULED PRINCIPAL BALANCE AS OF THE CUT-OFF DATE OF THE
                MORTGAGE LOANS HELD BY THE TRUST:
                $[    ]

            
	 	 
	
              CLOSING
                DATE:

              JANUARY
                31, 2007

            	 
	 	 
	
              FIRST
                DISTRIBUTION DATE:

              FEBRUARY
                26, 2007

            	 
	 	 
	
              FINAL
                SCHEDULED DISTRIBUTION DATE:

              [    ]

            	
              TRUSTEE:
                DEUTSCHE BANK NATIONAL TRUST COMPANY

              SECURITIES
                ADMINISTRATOR: WELLS FARGO BANK, N.A.

            
	 	 
	
              NO.
                [    ]

            	
              CUSIP
                NUMBER: [    ]

              ISIN
                NUMBER: [    ]

            

    

    _________________________

    1    For
      each
      Distribution Date, the Certificate Rate for the
      Class [    ] Certificates will equal a variable rate
      determined in accordance with the Trust Agreement.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    GS
      MORTGAGE SECURITIES CORP., DEPOSITOR

    MORTGAGE
      PASS-THROUGH CERTIFICATES, SERIES 2007-AR1

    CLASS
      [    ] CERTIFICATE

     

    evidencing
      a beneficial ownership interest in a Trust consisting of the entire beneficial
      ownership of a pool of certain interest only and conventional, hybrid,
      adjustable-rate, fully amortizing and ballon, first lien, one- to four-family
      residential Mortgage Loans formed and sold by

    

    GS
      MORTGAGE SECURITIES CORP.

     

    THIS
      CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF, OR INTEREST IN, AND IS NOT
      GUARANTEED BY, GS MORTGAGE SECURITIES CORP., THE SERVICERS, THE MASTER SERVICER,
      THE SECURITIES ADMINISTRATOR, THE TRUSTEE, THE WFB CUSTODIAN, THE USB CUSTODIAN,
      THE DB CUSTODIAN OR ANY OF THEIR 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 the Percentage Interest evidenced by this Certificate
        in the
        Class [    ] Certificates (the “Class [    ]
        Certificates”)
        issued
        by the trust (the “Trust”)
        created pursuant to a Master Servicing and Trust Agreement dated as specified
        above (the “Trust
        Agreement”)
        among
        GS Mortgage Securities Corp., as depositor (hereinafter the “Depositor,”
which
        term includes any successor entity under the Trust Agreement), Deutsche Bank
        National Trust Company, as trustee (the “Trustee”)
        and as
        a custodian (the “DB
        Custodian”),
        U.S.
        Bank National Association, as a custodian (the “USB
        Custodian”),
        and
        Wells Fargo Bank, N.A., as securities administrator, master servicer and
        a
        custodian (in such capacities, respectively, the “Securities
        Administrator,”
        “Master
        Servicer”
and
        “WFB
        Custodian”),
        a
        summary of certain of the pertinent provisions of which is set forth hereafter.
        The Trust consists primarily of a pool of Mortgage Loans. This Certificate
        is
        issued under and is subject to the terms, provisions and conditions of the
        Trust
        Agreement and also is subject to certain terms and conditions set forth in
        the
        Sale and Servicing Agreements, to which Sale and Servicing Agreements the
        Holder
        of this Certificate, by virtue of the acceptance hereof assents and by which
        such Certificateholder is bound.

      

      Distributions
        on this Certificate (including the final distribution on this Certificate)
        will
        be made out of the Available Distribution Amount, to the extent and subject
        to
        the limitations set forth in the Trust Agreement, on the 25th day of each
        month,
        or if such day is not a Business Day, the next succeeding Business Day,
        beginning in February 2007 (each, a “Distribution
        Date”),
        commencing on the first Distribution Date specified above, to the Person
        in
        whose name this Certificate is registered at the close of business on the
        last
        Business Day of the Interest Accrual Period related to such Distribution
        Date
        (the “Record
        Date”).
        Distributions on this Certificate will generally be made from collections
        on the
        related Mortgage Loans as provided in the Trust Agreement. All sums
        distributable on this Certificate are payable in the coin or currency of
        the
        United States of America as at the time of payment is legal tender for the
        payment of public and private debts.

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      

      Distributions
        on this Certificate will be paid in accordance with the terms of the Trust
        Agreement and the Sale and Servicing Agreements. Distributions allocated
        to this
        Certificate on any Distribution Date will be an amount equal to this
        Certificate’s Percentage Interest of the Available Distribution Amount to be
        distributed on this Class of Certificates as of such Distribution Date,
        with a final distribution to be made upon retirement of this Certificate
        as set
        forth in the Trust Agreement.

      

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as
        Mortgage Pass-Through Certificates, Series 2007-AR1 (herein called the
“Certificates”),
        and
        representing a Percentage Interest in the Class of Certificates specified
        on the
        face hereof equal to the quotient, expressed as a percentage, obtained by
        dividing the denomination of this Certificate specified on the face hereof
        by
        the aggregate Certificate Principal Balance of all the Class
        [    ] Certificates. The Certificates are issued in multiple
        Classes designated as specifically set forth in the Trust Agreement. [The
        Certificates will evidence in the aggregate 100% of the beneficial ownership
        of
        the Trust.] [This Certificate will evidence in the aggregate
        [    ]% of the balance of the Class
        [    ] Certificate.]

      

      Realized
        Losses and interest shortfalls on the Mortgage Loans shall be allocated among
        the Classes of Certificates on the applicable Distribution Date in the manner
        set forth in the Trust Agreement. To the extent provided in the Trust Agreement,
        with respect to Realized Losses and interest shortfalls, the Subordinate
        Certificates will be subordinated to the Senior Certificates and each of
        the
        Subordinate Certificates will be subordinated to each of the other Subordinate
        Certificates with a lower numerical class designation, if any. All Realized
        Losses and interest shortfalls on the Mortgage Loans allocated to any
        Class of Certificates will be allocated pro
        rata
        among
        the outstanding Certificates of such Class, as described in the Trust
        Agreement.

      

      The
        Certificates are limited in right of payment to certain collections and
        recoveries respecting the Mortgage Loans, all as more specifically set forth
        in
        the Trust Agreement. As provided in the Trust Agreement, withdrawals from
        the
        Collection Accounts, the Certificate Account and related accounts shall be
        made
        from time to time for purposes other than distributions to Holders, such
        purposes including reimbursement of Advances made, or certain expenses incurred,
        with respect to the Mortgage Loans and administration of the Trust.

      

      [All
        distributions or allocations made with respect to each Class on any
        Distribution Date shall be allocated in accordance with the Trust Agreement.
        Payment shall be made either (1) by check mailed to the address of each
        Certificateholder as it appears in the Certificate Register on the Record
        Date
        immediately prior to such Distribution Date or (2) by wire transfer of
        immediately available funds to the account of a Certificateholder at a bank
        or
        other entity having appropriate facilities therefor, if such Certificateholder
        shall have so notified the Securities Administrator in writing by the Record
        Date immediately prior to such Distribution Date and such Certificateholder
        is
        the registered owner of an initial Certificate Principal Balance of at least
        $1,000,000. The Securities Administrator may charge the Certificateholder
        a fee
        for any payment made by wire transfer. Final distribution on the Certificates
        will be made only upon surrender of the Certificates at the offices of the
        Certificate Registrar set forth in the notice of such final
        distribution.]

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      

      [All
        distributions or allocations made with respect to each Class on any Distribution
        Date shall be allocated pro
        rata
        among
        the outstanding Certificates of such Class based on the Certificate Principal
        Balance of each such Certificate. Payment shall be made by check mailed to
        the
        address of each Certificateholder as it appears in the Certificate Register
        on
        the Record Date immediately prior to such Distribution Date. Final distribution
        on the Certificates will be made only upon surrender of the Certificates
        at the
        offices of the Certificate Registrar set forth in the notice of such final
        distribution.]

      

      [Elections
        will be made to treat the segregated portions of the Trust as multiple real
        estate mortgage investment conduits (each, a “REMIC”)
        under
        the Internal Revenue Code of 1986, as amended (the “Code”).
        Assuming that the election is made properly and that certain qualification
        requirements concerning the Mortgage Loans and the Certificates are met,
        the
        Holder of this Certificate will be treated for federal income tax purposes
        as
        the beneficial owner of the “residual interest” in one or more REMICs as
        specified in the Trust Agreement. Accordingly, the Holder of this Class
        [    ] Certificate will be subject to tax on its
pro
        rata
        share of
        the taxable income or net loss on such Holder’s “residual interest” in each
        REMIC. The requirement that the Holder of this Class [    ]
        Certificate report its pro
        rata
        share of
        such income or loss will continue until there are no Certificates of any
        Class
        outstanding.]

      

      [Pursuant
        to (and subject to the limitations set forth in) the Trust Agreement, the
        Securities Administrator or one of its affiliates, as agent of each REMIC
        (the
“Tax
        Matters Person”
or
        “TMP”),
        will
        provide each Holder of a Class [    ] Certificate with
        information sufficient to enable such Certificateholder to prepare (i) its
        federal income tax and information returns and (ii) any reports required
        by the
        Code regarding the Certificates, except where such information is provided
        to
        each such Certificateholder by the Trustee pursuant to the Trust Agreement.
        As
        the holder of the residual interest in one or more REMICs, the Holder of
        a Class
        [    ] Certificate will have continuing administrative
        rights and obligations generally similar to those of a partner with respect
        to
        its partnership. Such rights and obligations principally concern each REMIC’s
        federal income tax and information returns and the representation of each
        REMIC
        in administrative or judicial proceedings involving the Internal Revenue
        Service. The TMP, however, will act on behalf of the Holders of the Class
        [    ] Certificate as each REMIC’s representative for such
        proceedings. Each REMIC’s federal tax and information returns will be prepared
        by the TMP, and signed and filed by the Trustee. Pursuant to the Trust
        Agreement, if the TMP is unable for any reason to fulfill its duties as TMP,
        then the Holder of the largest Percentage Interest of the Class
        [    ] Certificate, without compensation, shall become the
        successor TMP for each related REMIC.]

      

      [By
        accepting this Certificate, the Holder of this Certificate agrees to be bound
        by
        the provisions of the Trust Agreement, and in particular, agrees that it
        shall
        (i) take any action required by the Code or Treasury regulations thereunder
        in
        order to create or maintain the REMIC status of any REMIC and (ii) refrain
        from
        taking any action that could endanger such status.]

      

      The
        Trust
        Agreement permits, with certain exceptions therein provided, the amendment
        thereof and the modification of the rights and obligations of the Depositor,
        the
        Securities Administrator, the Trustee, the Master Servicer, the DB Custodian,
        the WFB Custodian and the USB Custodian and the rights of the Certificateholders
        under the Trust Agreement at any time by the Depositor, the Master Servicer,
        the
        Securities Administrator and the Trustee with the consent of the
        Certificateholders entitled to at least 51% of the Voting Rights. Any such
        consent by the Holder of this Certificate shall be conclusive and binding
        on
        such Certificateholder 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 Trust Agreement also permits the amendment thereof, in certain
        limited circumstances, without the consent of the
        Certificateholders.

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      

      The
        Certificates are issuable in fully registered form only, without coupons,
        in
        denominations specified in the Trust Agreement. As provided in the Trust
        Agreement and subject to any limitations on transfer of this Certificate
        by a
        Depository or its nominee and certain limitations set forth in the Trust
        Agreement, the transfer of this Certificate is registrable in the Certificate
        Register upon surrender of this Certificate for registration of transfer
        at the
        principal Corporate Trust Office of the Securities Administrator or such
        other
        offices or agencies appointed by the Securities Administrator for that purpose
        and such other locations provided in the Trust Agreement, duly endorsed by
        or
        accompanied by an assignment in the form below or other written instrument
        of
        transfer in form satisfactory to, the Trustee and the Certificate Registrar
        duly
        executed by the Certificateholder hereof, or such Certificateholder’s attorney
        duly authorized in writing, and thereupon one or more new Certificates of
        the
        same Class in the same aggregate Certificate Principal Balance will be
        issued to the designated transferee or transferees.

      

      As
        provided in the Trust Agreement and subject to certain limitations therein
        set
        forth, this Certificate is exchangeable for a new Certificate of the same
        Class in the same denomination. No service charge will be made for any such
        registration of transfer or exchange, but the Securities Administrator may
        require payment of a sum sufficient to cover any tax or other governmental
        charge that may be imposed in connection with any transfer or exchange of
        Certificates.

      

      [No
        transfer of any Class [    ] Certificate shall be made
        unless that transfer is made pursuant to an effective registration statement
        under the Securities Act of 1933, as amended (the ”Act”)
        and
        effective registration or qualification under applicable state certificates
        laws, or is made in a transaction that does not require such registration
        or
        qualification. In the event that a transfer is to be made without registration
        or qualification under the Act and applicable state certificates laws, the
        Certificate Registrar shall require that the transferee certify as to facts
        that, if true, would mean that the proposed transferee is a Qualified
        Institutional Buyer. Neither the Depositor nor the Certificate Registrar
        is
        obligated to register or qualify any of the Class [    ]
        Certificate under the Act or any other certificates law or to take any action
        not otherwise required under the Trust Agreement to permit the transfer of
        such
        Certificates without such registration or qualification. Any such
        Certificateholder desiring to effect such transfer shall, and does hereby
        agree
        to, indemnify the Depositor and the Certificate Registrar against any liability
        that may result if the transfer is not exempt from registration under the
        Act
        and all applicable state certificates laws or is not made in accordance with
        such federal and state laws.]

      

      [Notwithstanding
        anything herein to the contrary, any purported transfer of a Class
        [    ] Certificate to or on behalf of a Plan Investor (other
        than an insurance company using the assets of its general account under
        circumstances whereby such purchase and the subsequent holding of such
        Certificates by such insurance company would not constitute or result in
        a
        prohibited transaction within the meaning of Section 406 or 407 of ERISA,
        Section 4975 of the Code, or a materially similar characterization under
        any
        federal, state or local law materially similar to the foregoing provisions
        of
        ERISA or the Code) shall be null and void.]

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      

      [In
        addition, the Certificate Registrar shall not register any transfer of a
        Class
        [    ] Certificate (including any beneficial interest
        therein) to a Disqualified Organization. In addition, no Class
        [    ] Certificate (or any beneficial interest therein) may
        be transferred unless the proposed transferee thereof provides the Certificate
        Registrar with a Residual Transferee Affidavit, which is an affidavit of
        the
        proposed transferee substantially in the form attached as Exhibit
        F
        to the
        Standard Terms, and the proposed transferor provides a certificate substantially
        in the form attached as Exhibit
        G
        to the
        Standard Terms. Notwithstanding the fulfillment of the prerequisites described
        above, the Certificate Registrar may refuse to recognize any transfer to
        the
        extent necessary to avoid a risk of (i) disqualification of any REMIC created
        pursuant to Section 2.03 of the Trust Agreement as a REMIC or (ii) the
        imposition of a tax upon any REMIC. Any attempted transfer in violation of
        the
        foregoing restrictions shall be null and void and shall not be recognized
        by the
        Certificate Registrar.]

      

      [If
        a tax
        or a reporting cost is borne by any REMIC as a result of the transfer of
        a Class
        [    ] Certificate (or any beneficial interest therein) in
        violation of the restrictions set forth herein and in the Trust Agreement,
        the
        Trustee shall pay such tax or reporting cost with amounts that otherwise
        would
        have been paid to the transferee of the Class [    ]
        Certificate (or beneficial interest therein). In that event, neither the
        transferee nor the transferor shall have any right to seek repayment of such
        amounts from the Depositor or the Trustee, the Trust, any REMIC, or any other
        Holders, and none of such parties shall have any liability for payment of
        any
        such tax or reporting cost.]

      

      The
        Depositor, the Securities Administrator, the Trustee and the Certificate
        Registrar and any agent of the Depositor, the Securities Administrator, the
        Trustee or the Certificate Registrar may treat the Person in whose name this
        Certificate is registered as the owner hereof for all purposes, and none
        of the
        Depositor, the Securities Administrator, the Trustee, the Certificate Registrar
        or any such agent shall be affected by notice to the contrary.

      

      The
        obligations created by the Trust Agreement will terminate upon payment to
        the
        applicable Certificateholders of all applicable amounts held in the Collection
        Account, the Certificate Account and the REMIC II Distribution Account required
        to be paid to such Certificateholders pursuant to the Trust 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 the Trust or the
        disposition of all property acquired upon foreclosure of any such Mortgage
        Loan
        and (ii) the repurchase of all of the assets of the Trust by Avelo or the
        Master
        Servicer upon the date on which the aggregate Scheduled Principal Balance
        of the
        Mortgage Loans is equal to or less than 10% of the aggregate Scheduled Principal
        Balance of such Mortgage Loans as of the Cut-Off Date. Written notice of
        any
        such termination shall be given to each applicable Certificateholder, and
        the
        final distribution shall be made only upon surrender and cancellation of
        such
        Certificates at an office or agency appointed by the Trustee which will be
        specified in the notice of termination.

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      

      Any
        such
        repurchase of Mortgage Loans and property acquired in respect of the Mortgage
        Loans shall be made at the Termination Price.

      

      Unless
        the certificate of authentication hereon has been executed by the Certificate
        Registrar, by manual signature, this Certificate shall not be entitled to
        any
        benefit under the Trust Agreement or be valid for any purpose.

      

      THIS
        CERTIFICATE AND THE TRUST AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN
        ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REFERENCE TO ITS
        CONFLICT OF LAW PROVISIONS (OTHER THAN SECTION 5-1401 OF THE GENERAL OBLIGATIONS
        LAW), AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL
        BE
        DETERMINED IN ACCORDANCE WITH SUCH LAWS.

      

      The
        Trustee has executed this Certificate on behalf of the Trust as Trustee under
        the Trust Agreement, and the Trustee shall be liable hereunder only in respect
        of the assets of the Trust.

      

      Capitalized
        terms used herein and not defined herein shall have the meaning assigned
        to them
        in the Trust Agreement.

      

      In
        the
        event that the terms of this Certificate conflict with the terms of the Trust
        Agreement, the terms of the Trust Agreement shall control.

      

      

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      IN
        WITNESS WHEREOF, the Trustee has caused this Certificate to be duly
        executed.

      

      Dated:
        January ____, 2007

      

      WELLS
        FARGO BANK, N.A.

      as
        Securities Administrator

      

      By: 
        ________________________________

      AUTHORIZED
        OFFICER

       

       

      CERTIFICATE
        OF AUTHENTICATION

      

      THIS
        IS
        ONE OF THE CERTIFICATES REFERRED TO IN THE WITHIN-MENTIONED TRUST
        AGREEMENT.

      

      WELLS
        FARGO BANK, N.A.,

      as
        Certificate Registrar

      

      By: _________________________________

      AUTHORIZED
        SIGNATORY

       

       

       

       

      
 

      

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      ABBREVIATIONS

      

      The
        following abbreviations, when used in the inscription on the face of this
        Certificate, 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)

              
	
                TEN
                  ENT -as tenants by the entireties

              	 
	
                JT
                  TEN- as joint tenants with rights of survivorship and not as Tenants
                  in
                  Common

              	
                Under
                  Uniform Gifts to Minors Act_______

                                                                                
                  (State)

              
	 	 

      

      Additional
        abbreviations may also be used though not in the above list.

      

      

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      FORM
        OF
        TRANSFER

      

      FOR
        VALUE
        RECEIVED, the undersigned hereby sells, assigns and transfers unto 

       

      __________________________________________________________________________________________

      

      PLEASE
        INSERT SOCIAL SECURITY

      OR
        OTHER
        IDENTIFYING NUMBER OF ASSIGNEE
        __________________________________________________

      _______________________________________________________________________________

      (Please
        print or typewrite name and address of assignee) 

      

      the
        within Certificate and does hereby irrevocably constitute and, appoint
        _________________ _________________

      (Attorney)
        to transfer the said Certificate in the Certificate Register of the within-named
        Trust, with full power of substitution 

      in
        the
        premises.

      

      

      
        	
                Dated:
                  ___________________________

              	
                ______________________________________

              
	 	
                NOTICE:
                  The signature to this assignment must correspond with the name
                  as written
                  upon the face of this Certificate in every particular without alteration
                  or enlargement or any change
                  whatever.

              

      

      ___________________________

      SIGNATURE
        GUARANTEED: The 

      signature
        must be guaranteed by a 

      commercial
        bank or trust company 

      or
        by a
        member firm of the New 

      York
        Stock Exchange or another 

      national
        Certificates exchange. 

      Notarized
        or witnessed signatures are 

      not
        acceptable.

      

 

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      DISTRIBUTION
        INSTRUCTIONS

      

      The
        assignee should include the following for purposes of distribution:

      

      Distribution
        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 reports and statements should
        be
        mailed to __________________________. This information is provided by
        ____________________________, the assignee named above, or _______________,
        as
        agent.Unassociated Document

    EXHIBIT
      4.27

    CORN
      HYBRID SEED PRODUCTION
      BOOKING CONTRACT

    

    
      	
              PARTY
                A: JILIN
                CHANGRONG HI-TECH SEED LIMITED 

            	
              Place:
                Beijing

            
	 	 
	
              PARTY
                B: BEIJING
                ORIGIN SEED LIMITED 

            	
              Date:
                April 4, 2006

            

    

    

    In
      accordance with the Contract
      Law of People’s Republic of China and
      the Seed
      Law of People’s Republic of China
      and
      other relevant Chinese Laws and regulations, both Parties, under the principle
      of equality and mutual benefit and through friendly negotiation, agree to enter
      into this corn hybrid seed future production contract.

    

    Article
      One: Seed variety, Quality criteria and Plant acreage of the future seed
      product

    

      
        	
              	
                 

              	 	
                 

              	
                 

              	
                 

              	
                Quality
                  criteria

              	
                 

              
	
                
                  
                    Name
                      of seed 

                    variety
                      (code name)

                  

                

              	
                 

              	
                Acreage
                  (mu)

              	
                 

              	
                Expected
                  yield

              	
                 

              	
                Genetic
                  Purity

              	
                 

              	
                Purity
                  

              	
                 

              	
                Germination
                  rate

              	
                 

              	
                Moisture
                  Content

              	
                 

              
	
                Jidan
                  610

              	
                 

              	
                2,300
                  

              	
                 

              	
                805,000
                  kilogram

              	
                 

              	
                ≥96

              	
                 

              	
                ≥98

              	
                 

              	
                ≥85

              	
                 

              	
                ≤15

              	 

      

    

     

    To
      purchase the qualified seed product upon the future actual yield.

    

    Article
      Two: Parent seed quality for further seed production and Method of
      payment

    

    Party
      A
      shall provide Party B with parent
      seed within coat
      for
      further seed production, RMB
      10.6 yuan/kg
      (if the
      germination rate lower than 85%, subject to 85% for calculation), and the
      genetic purity of the parent seed shall reach 99%, and the germination rate
      shall go beyond 85%. In case the genetic purity lower than the criteria above,
      particularly in case the separation of parent seed cause huge amount of mutants,
      which result in the decline of the genetic purity of the hybrid seed, the
      genetic purity of the hybrid seed produced by Party B shall be decided through
      an additional negotiation. Party A shall burden the extra expense for removing
      the impurity across the field. In case of the germination rate lower than 85%,
      the quantity shall be enough for the seed production. Party B shall pay Party
      A
      for the parent seed prior to December 1, 2006, Party A shall be charged for
      the
      transport and the coating.

    

    Article
      Three: Both parties’ right and obligation

    

    1.
      Party A’s right and obligation

     

    1)
      to
      provide parent seeds for the seed production according to the quality criteria
      hereunder and, the detailed technique approaches and guidance to the
      production;

     

    2)
      to
      purchase the qualified seed according to the quality criteria as provided
      hereunder duly and sufficiently, and disburse the related payment on
      time.

     

    3)
      Party
      A shall provide Party B with the loan, RMB 100yuan/acre, for the production
      material after the seed sprouting and prior to May 20. The advance payment
      shall
      be deducted when Party A pay for the seed production at the second
      time.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
       

      EXHIBIT
        4.27

       

    

    4)
      Party
      A shall re-examine the seed product upon receiving, the accomplishment of
      germination rate, purity and moisture content shall not beyond two germination
      circles upon receiving, the genetic purity re-test shall be completed within
      the
      first growth circle. In case of discovering any problem, Party A shall inform
      party B immediately, and shall have the right to refuse or reject the seed
      product of poor quality according to the quality criteria
      hereunder.

    

    2.
      Party B’s right and obligation

     

    1)
      Party
      B shall arrange the seed production according to the seed variety, quantity
      and
      the detailed technique approaches and guidance provided by Party A, and shall
      complete the related seed production procedures. When Party A purchase the
      seed
      product, Party B shall have the “Seed Production License” and “Production Area
      Quarantine Certificate”.

     

    2)
      Strictly execute the seed production technical standard and production area
      quarantine standard, and accept the supervision and inspection from related
      seed
      administrative bodies. Seed quality test shall be pursuant to
      GB/T3543.1-3543.7-1995, “Standard for Crop Seed Test”, and seed production shall
      be pursuant to “Technical Standard for Crop Seed Production”
(GB/17315-17319.1998).

     

    3)
      to
      guarantee that the parent seed shall be neither lost nor diffused;

     

    4)
      to
      guarantee that the quality of the seed product shall reach the quality criteria
      hereunder, and Party B shall deliver the seed product to Party A in accordance
      with the quantity, schedule and place as provided hereunder.

    

    Article
      Four: Price of purchase, Expense of proxy production and Transport
      requirement

    

    
      
        	1.	
                The
                  price of purchase from farmers shall be decided at 2.5-3 times
                  of the
                  commodity maize marketing price in area of Chifeng or other circumjacent
                  region. Party A shall pay Party B 0.6yuan/kg as the expense of
                  proxy
                  production (including charge of transport, compensation for isolated
                  area,
                  charge for quarantine certificate and seed production license,
                  village
                  cadre management cost, catering and telephone subsidy for technician
                  from
                  Party B at 0.01yuan/kg, etc.)

              

      

       

    

    
      
        	2.	
                The
                  destination of delivery shall be Party B’s production base. Party B shall
                  assist the transport of the seed product. Party B shall be charged
                  for
                  packaging and loading, on the other hand, Party A shall be charged
                  for
                  transport.

              

      

       

    

    
      
        	3.	
                The
                  seed product transport shall at the end of November till the beginning
                  of
                  December. In case of any special circumstances, both parties shall
                  have an
                  additional negotiation.

              

      

       

    

    
      
        	4.	
                At
                  the beginning of the seed product transport, both parties shall
                  take and
                  sterilize sample seeds for the future re-test and appraisal till
                  the
                  harvest of the seed product
                  hereunder.

              

      

    

    

    Article
      Five: Method of payment and Term of payment

     

    Prior
      to
      the harvest, both parties shall estimate the yield of the seed product hereof
      and co-sign as approval. Before the purchase of the seed product, Party A shall
      pay 30% of the total value of the actual estimated yield, and the rest 70%
      shall
      be paid after seeds are loaded (by instalment), the expense of proxy production
      shall be paid off at one time prior to the 2007Spring Festival.

    

    Article
      Six: Liability for Breach of contract

     

    
      
        	1.	
                Party
                  B shall pay
                  a certain sum of liquidated damages, 2 times of the value of the
                  yield
                  undone, to the other party, in case that Party B might not harvest
                  the
                  quantity of seed product set forth in the contract because of its
                  deficiency of organization.

              

      

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
       

      EXHIBIT
        4.27

       

    

    
      
        	2.	
                Party
                  B shall pay
                  a certain sum of liquidated damages, 10 times of the income from
                  its sales
                  of the seed product to any other organization or
                  individual.

              

      

       

    

    
      
        	3.	
                Party
                  B shall pay
                  RMB 200,000 of liquidated damages to Party A in case that Party
                  B might
                  have the parent seed hereof diffused
                  because of
                  its deficiency of management. 

              

      

       

    

    
      
        	4.	
                Party
                  A shall bear all
                  losses of missing
                  the florescence of the seed product because
                  of its deficient technique
                  approaches and guidance. In addition, Party A shall pay
                  a certain sum of liquidated damages, 2 times of the value of the
                  qualified
                  seed product not transported, to Party B in case Party A might
                  not deliver
                  the qualified seed product hereof in sufficient
                  amount.

              

      

    

    

    Article
      Seven: Force Majeure

     

    In
      the
      event of Force Majeure, the quantity and quality of the seed product hereof
      might not reach the requirement as provided in this contract, but Party A shall
      not
      be
      liable for damages and Party B shall inform Party A for field inspection in
      time, meanwhile, both Parties shall enter a supplementary agreement for the
      change of this contract.

    

    Article
      Eight: Settlement of Dispute

     

    
      	1.  	
              If
                the dispute is due to the quality of the seeds, the dispute shall
                be
                submitted to the Seed Quality Test Agency of the city (district)
                level or
                above for arbitration.

            

    

    
      	 	 

    

    
      	2.  	
              Any
                dispute arising out of this Contract or from its performance shall
                be
                resolved through friendly consultation between the Parties. If failed,
                the
                dispute may be submitted to the People’s Court by each
                Party.

            

    

    

    Article
      Nine: 

     

    Matters
      not covered in this Contract shall be dealt with by the Parties through friendly
      consultations or in accordance with the Contract Law of People’s Republic of
      China and the Seed Law of People’s Republic of China and other relevant Chinese
      Laws and regulations.

    

    Article
      Ten: 

     

    This
      Contract is executed in two originals. Each Party hereto shall hold
      one.

    

    Article
      Eleven: The term of this Contact

     

    From
      signing date to the accomplishment of both Parties’ liability and
      obligation.

    

    
      	
              Party
                A: (Stamp)

            	 	 	
              Party
                B: (Stamp)

            
	 	 	 	 
	
              Legal
                Representative:

            	 	 	
              Legal
                Representative:

            
	 	 	 	 
	
              Authorized
                Proxy:

            	 	 	
              Authorized
                Proxy:

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