Common use of Termination Upon Repurchase or Liquidation Clause in Contracts

Termination Upon Repurchase or Liquidation. of All Mortgage Loans or upon Purchase of Certificates. 150 Section 9.02. Termination of REMIC 3 and Retirement of Class R Certificates. 153 Section 9.03. Additional Termination Requirements. 154 ARTICLE X REMIC PROVISIONS 155 Section 10.01. REMIC Administration. 155 Section 10.02. Prohibited Transactions and Activities. 157 Section 10.03. Master Servicer and Trustee Indemnification. 158 ARTICLE XI MISCELLANEOUS PROVISIONS 159 Section 11.01. Amendment. 159 Section 11.02. Recordation of Agreement; Counterparts. 160 Section 11.03. Limitation on Rights of Certificateholders. 161 Section 11.04. Governing Law. 161 Section 11.05. Notices. 161 Section 11.06. Severability of Provisions. 162 Section 11.07. Successors and Assigns. 162 Section 11.08. Article and Section Headings. 162 Section 11.09. Notice to Rating Agencies. 162 Section 11.10. Rights of the Certificate Insurer. 163 Section 11.11. Control by the Certificate Insurer. 163 Section 11.12. Third Party Rights. 164 Signatures Acknowledgments Exhibit A Form of Class A Certificate Exhibit B-1 Form of Class M Certificate Exhibit B-2 Form of Class B Certificate Exhibit B-3 Form of Class C Certificate Exhibit B-4 Form of Class P Certificate Exhibit B-5 Form of Class R Certificate Exhibit C Form of Trustee Initial Certification Exhibit D Form of Trustee Final Certification Exhibit E Form of Remittance Report Exhibit F-1 Request for Release Exhibit F-2 Request for Release for Mortgage Loans Paid in Full Exhibit G-1 Form of Investor Representation Letter Exhibit G-2 Form of Transferor Representation Letter Exhibit G-3 Form of Rule 144A Investment Representation Exhibit G-4 Transferor Certificate for Transfers of Residual Certificates Exhibit G-5 Transfer Affidavit and Agreement for Transfers of Residual Certificates Exhibit H Mortgage Loan Schedule Exhibit I Sponsor Representations and Warranties Exhibit J Form for Information Under Section 3.24 Exhibit K Impac Funding Corporation Servicing Guide Exhibit L-1 Form 10-K Certification Exhibit L-2 Form 10-K Back-up Certification (Master Servicer) Exhibit L-3 Form 10-K Back-up Certification (Trustee) Exhibit L-4 Form of Back-up Certification to Form 10-K Certificate Exhibit M Form of Interest Rate Swap Agreement and Cap Contracts Exhibit N Servicing Criteria to be Addressed in Assessment of Compliance Exhibit O Form 10-D, Form 8-K and Form 10-K Reporting Responsibility Exhibit P [reserved] Exhibit Q Form of Countrywide Servicing Agreement Exhibit R Form of Item 1115 Agreement Exhibit S Form of Subsequent Transfer Instrument Exhibit T Form of Addition Notice This Pooling and Servicing Agreement, dated and effective as of April 1, 2007, is entered into among Impac Secured Assets Corp., as depositor (the “Depositor”), Impac Funding Corporation, as master servicer (the “Master Servicer”), and Deutsche Bank National Trust Company, as trustee (the “Trustee”).

Termination Upon Repurchase or Liquidation. of All Mortgage Loans or upon Purchase of CertificatesLoans. 150 Section 85 SECTION 9.02. Termination of REMIC 3 and Retirement of Class R Certificates. 153 Section 9.03. Additional Termination Requirements. 154 ARTICLE X REMIC PROVISIONS 155 Section 86 SECTION 10.01. REMIC Administration. 155 Section 88 SECTION 10.02. Prohibited Transactions and Activities. 157 Section 90 SECTION 10.03. Master Servicer and Trustee Indemnification. 158 ARTICLE XI MISCELLANEOUS PROVISIONS 159 Section 91 SECTION 11.01. Amendment. 159 Section 92 SECTION 11.02. Recordation of Agreement; Counterparts. 160 Section 93 SECTION 11.03. Limitation on Rights of Certificateholders. 161 Section 93 SECTION 11.04. Governing Law. 161 Section 94 SECTION 11.05. Notices. 161 Section 94 SECTION 11.06. Severability of Provisions. 162 Section 95 SECTION 11.07. Successors and Assigns; Third Party Beneficiary. 162 Section 95 SECTION 11.08. Article and Section Headings. 162 Section 95 SECTION 11.09. Notice to Rating AgenciesAgencies and Certificateholder. 162 Section 11.10. Rights of the Certificate Insurer. 163 Section 11.11. Control by the Certificate Insurer. 163 Section 11.12. Third Party Rights. 164 Signatures Acknowledgments 95 Exhibit A A-1 Form of Class A Certificate Exhibit B-1 Form of Class M Certificate Exhibit B-2 A-2 Form of Class B Certificate Exhibit B-3 Form of Class C Certificate Exhibit B-4 Form of Class P Certificate Exhibit B-5 B Form of Class R Certificate Exhibit C Form of Trustee Initial Certification Exhibit D Form of Trustee Final Certification Exhibit E Form of Remittance Report Exhibit F-1 Request for Release Exhibit F-2 Request for Release for Mortgage Loans Paid in Full Exhibit G-1 Form of Investor Representation Letter Exhibit G-2 Form of Transferor Representation Letter Exhibit G-3 Form of Rule 144A Investment Representation Exhibit G-4 Transferor Certificate for Transfers Affidavit and Agreement in connection with transfer of Residual Certificates Exhibit G-4 Form of Transferor Certificate Exhibit G-5 Transfer Affidavit and Agreement Form of Investor Representation Letter for Transfers of Residual Certificates Insurance Companies Exhibit H Mortgage Loan Schedule Exhibit I Sponsor Representations and Warranties Seller’s Warranty Certificate Exhibit J Form for Information of Notice Under Section 3.24 Exhibit K Impac Funding Corporation Servicing Guide Exhibit L-1 Form 10-K of Depositor Certification Exhibit L-2 Form 10-K Back-up Certification (Master Servicer) Exhibit L-3 Form 10-K Back-up Certification (Trustee) Exhibit L-4 L Form of Back-up Trustee Certification to Form 10-K Certificate Exhibit M Form of Interest Rate Swap Agreement and Cap Contracts Servicer Certification Exhibit N Servicing Criteria to be Addressed in Assessment of Compliance Exhibit O Form 10-D, Form 8-K and Form 10-K Reporting Responsibility Exhibit P [reserved] Exhibit Q Form CC Servicing Criteria to be Addressed in Assessment of Countrywide Servicing Agreement Exhibit R Form of Item 1115 Agreement Exhibit S Form of Subsequent Transfer Instrument Exhibit T Form of Addition Notice Compliance This Pooling and Servicing Agreement, dated and effective as of April _______________ 1, 2007200_, is entered into among Impac Secured Assets Corp.BNP PARIBAS MORTGAGE SECURITIES LLC, as the depositor (together with its permitted successors and assigns, the “Depositor”), Impac Funding Corporation[NAME OF MASTER SERVICER], as master servicer (together with its permitted successors and assigns, the “Master Servicer”), and Deutsche Bank National Trust Company[NAME OF TRUSTEE], as trustee (together with its permitted successors and assigns, the “Trustee”).,

Termination Upon Repurchase or Liquidation. of All Mortgage Loans or upon Purchase of Certificates. 150 Section 154 SECTION 9.02. Termination of REMIC 3 and Retirement of Class R Certificates. 153 Section 9.03. Additional Termination Requirements. 154 Requirements 156 ARTICLE X ADDITIONAL REMIC PROVISIONS 155 Section SECTION 10.01. REMIC Administration. 155 Section Administration 157 SECTION 10.02. Prohibited Transactions Depositor, Special Servicer, Paying Agent and Activities. 157 Section Trustee to Cooperate with Servicer 161 SECTION 10.03. Master Servicer and Trustee Indemnification. 158 Use of Agents 161 ARTICLE XI MISCELLANEOUS PROVISIONS 159 Section SECTION 11.01. Amendment. 159 Section Amendment 162 SECTION 11.02. Recordation of Agreement; Counterparts. 160 Section Counterparts 164 SECTION 11.03. Limitation on Rights of Certificateholders. 161 Section Certificateholders 164 SECTION 11.04. Governing Law. 161 Section Law 165 SECTION 11.05. Notices. 161 Section Notices 165 SECTION 11.06. Severability of ProvisionsProvisions 166 SECTION 11.07. 162 Section 11.07Grant of a Security Interest 166 SECTION 11.08. Successors and Assigns. 162 Section 11.08; Beneficiaries 167 SECTION 11.09. Article and Section Headings. 162 Section 11.09. Notice to Rating Agencies. 162 Section Headings 167 SECTION 11.10. Rights of Notices to the Certificate Insurer. 163 Section 11.11. Control by the Certificate Insurer. 163 Section 11.12. Third Party Rights. 164 Signatures Acknowledgments Rating Agencies 167 EXHIBITS Exhibit A A-1 Form of Class A A-1 Certificate Exhibit B-1 A-2 Form of Class M A-2 Certificate Exhibit B-2 A-3 Form of Class B Certificate Exhibit B-3 A-4 Form of Class C Certificate Exhibit B-4 A-5 Form of Class P D Certificate Exhibit B-5 A-6 Form of Class E Certificate Exhibit A-7 Form of Class F Certificate Exhibit A-8 Form of Class G Certificate Exhibit A-9 Form of Class H Certificate Exhibit A-10 Form of Class I Certificate Exhibit A-11 Form of Class X Certificate Exhibit A-12 Form of Class R Certificate Exhibit A-13 Form of Class LR Certificate Exhibit B Mortgage Loan Schedule Exhibit C Form of Trustee Initial Certification Investment Representation Letter Exhibit D D-1 Form of Trustee Final Certification Transfer Affidavit Exhibit D-2 Form of Transferor Letter Exhibit E [Intentionally Omitted] Exhibit F Form of Remittance Report Exhibit F-1 Request for Release Exhibit F-2 Request for Release for Mortgage Loans Paid in Full Exhibit G-1 G Form of Investor ERISA Representation Letter Exhibit G-2 H Form of Transferor Representation Letter Exhibit G-3 Form Distribution Date Statement SCHEDULES Schedule 1 Computerized Database Information Schedule 2 Borrower Concentrations in Excess of Rule 144A Investment Representation Exhibit G-4 Transferor Certificate for Transfers of Residual Certificates Exhibit G-5 Transfer Affidavit and Agreement for Transfers of Residual Certificates Exhibit H 5% Schedule 3 Mortgage Loan Loans Containing Subordinate Debt Schedule Exhibit I Sponsor Representations and Warranties Exhibit J Form for Information Under Section 3.24 Exhibit K Impac Funding Corporation Servicing Guide Exhibit L-1 Form 10-K Certification Exhibit L-2 Form 10-K Back-up Certification (Master Servicer) Exhibit L-3 Form 10-K Back-up Certification (Trustee) Exhibit L-4 Form of Back-up Certification to Form 10-K Certificate Exhibit M Form of 4 Mortgage Loans Which Initially Pay Interest Rate Swap Agreement and Cap Contracts Exhibit N Servicing Criteria to be Addressed in Assessment of Compliance Exhibit O Form 10-D, Form 8-K and Form 10-K Reporting Responsibility Exhibit P [reserved] Exhibit Q Form of Countrywide Servicing Agreement Exhibit R Form of Item 1115 Agreement Exhibit S Form of Subsequent Transfer Instrument Exhibit T Form of Addition Notice Only Schedule 5 Xxxxx Xxxxxx Defeasance Mortgage Loans This Pooling and Servicing Agreement (the "Agreement"), is dated and effective as of April June 1, 20071997, is entered into among Impac Secured Assets Corp.Chase Commercial Mortgage Securities Corp. as Depositor, The Chase Manhattan Bank, as depositor (the “Depositor”)Servicer, Impac Funding CorporationMidland Loan Services, L.P., as master servicer (the “Master Special Servicer”), and Deutsche ABN AMRO Bank National Trust CompanyN.V., as trustee (the “Fiscal Agent and LaSalle National Bank, as Trustee”).

Termination Upon Repurchase or Liquidation. of All Mortgage Loans or upon Purchase of Certificates. 150 151 Section 9.02. Termination of REMIC 3 and Retirement of Class R Certificates2. 153 Section 9.03. Additional Termination Requirements. 154 ARTICLE X REMIC PROVISIONS 155 153 Section 10.01. REMIC Administration. 155 154 Section 10.02. Prohibited Transactions and Activities. 157 Section 10.03. Master Servicer and Trustee Indemnification. 158 ARTICLE XI MISCELLANEOUS PROVISIONS 159 Section 11.01. Amendment. 159 Section 11.02. Recordation of Agreement; Counterparts. 160 161 Section 11.03. Limitation on Rights of Certificateholders. 161 Section 11.04. Governing Law. 161 162 Section 11.05. Notices. 161 162 Section 11.06. Severability of Provisions. 162 Section 11.07. Successors and Assigns. 162 163 Section 11.08. Article and Section Headings. 162 163 Section 11.09. Notice to Rating Agencies. 162 163 Section 11.10. Rights of the Certificate Insurer. 163 164 Section 11.11. Control by the Certificate Insurer. 163 Section 11.12. Third Party Rights. 164 Signatures Acknowledgments Exhibit A Form of Class A Certificate Exhibit B-1 Form of Class M Certificate Exhibit B-2 Form of Class B C Certificate Exhibit B-3 Form of Class C P Certificate Exhibit B-4 Form of Class P Certificate Exhibit B-5 Form of Class R Certificate Exhibit C Form of Trustee Custodian Initial Certification Exhibit D Form of Trustee Custodian Final Certification Exhibit E Form of Remittance Report Exhibit F-1 Request for Release Exhibit F-2 Request for Release for Mortgage Loans Paid in Full Exhibit G-1 Form of Investor Representation Letter Exhibit G-2 Form of Transferor Representation Letter Exhibit G-3 Form of Rule 144A Investment Representation Exhibit G-4 Transferor Certificate for Transfers of Residual Certificates Exhibit G-5 Transfer Affidavit and Agreement for Transfers of Residual Certificates Exhibit H Mortgage Loan Schedule Exhibit I Sponsor Representations and Warranties Exhibit J Form for Information of Notice Under Section 3.24 Exhibit K Impac Funding Corporation Servicing Guide Exhibit L-1 Form 10-K Certification Exhibit L-2 Form 10-K Back-up Certification (Master Servicer) Exhibit L-3 Form 10-K Back-up Certification (Trustee) Exhibit L-4 Form of Back-up Certification to Form 10-K Certificate Exhibit M Form of Interest Rate Swap Agreement and Cap Contracts Exhibit N Servicing Criteria to be Be Addressed in Assessment of Compliance Exhibit O Form 10-D, Form 8-K and And Form 10-K Reporting Responsibility Exhibit P [reserved] Exhibit Q Form of Countrywide Servicing Agreement Exhibit R Form of Item 1115 Agreement Exhibit S Form of Subsequent Transfer Instrument Exhibit T Form of Addition Notice This Pooling and Servicing Agreement (this “Agreement”), dated and effective as of April __________ 1, 2007200_, is entered into among Impac Secured Assets Corp., as depositor (the “Depositor”), Impac Funding Corporation[NAME OF MASTER SERVICER] [IMPAC FUNDING CORPORATION], as master servicer (the “Master Servicer”), and Deutsche Bank National Trust Company[NAME OF TRUSTEE], as trustee (the “Trustee”).