Document:

STRUCTURED
      ASSET SECURITIES CORPORATION,

    as
      Depositor,

     

    AURORA
      LOAN SERVICES LLC,

    as
      Master
      Servicer,

     

    and

     

    U.S.
      BANK
      NATIONAL ASSOCIATION,

    as
      Trustee

     

    ___________________________

     

    TRUST
      AGREEMENT

     

    Dated
      as
      of November 1, 2006 

     

    ___________________________

     

    GREENPOINT
      MORTGAGE FUNDING TRUST

    MORTGAGE
      PASS-THROUGH CERTIFICATES,

    SERIES
      2006-AR7

     

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    TABLE
      OF CONTENTS

     

    
      	 	 	
              Page

            
	 	 	 
	
              ARTICLE
                I.

            	
              DEFINITIONS

            	
              10

            
	
              Section
                1.01.

            	
              Definitions

            	
              10

            
	
              Section
                1.02.

            	
              Calculations
                Respecting Mortgage Loans

            	
              53

            
	
              Section
                1.03.

            	
              Calculations
                Respecting Accrued Interest

            	
              53

            
	
              Section
                1.04.

            	
              Rights
                of the NIMS Insurer

            	
              53

            
	
              ARTICLE
                II.

            	
              DECLARATION
                OF TRUST; ISSUANCE OF CERTIFICATES

            	
              53

            
	
              Section
                2.01.

            	
              Creation
                and Declaration of Trust Fund; Conveyance of Mortgage
                Loans

            	
              53

            
	
              Section
                2.02.

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

            	
              57

            
	
              Section
                2.03.

            	
              Representations
                and Warranties of the Depositor

            	
              58

            
	
              Section
                2.04.

            	
              Discovery
                of Breach

            	
              60

            
	
              Section
                2.05.

            	
              Repurchase,
                Purchase or Substitution of Mortgage Loans

            	
              61

            
	
              Section
                2.06.

            	
              Grant
                Clause

            	
              62

            
	
              ARTICLE
                III.

            	
              THE
                CERTIFICATES

            	
              63

            
	
              Section
                3.01.

            	
              The
                Certificates

            	
              63

            
	
              Section
                3.02.

            	
              Registration

            	
              64

            
	
              Section
                3.03.

            	
              Transfer
                and Exchange of Certificates

            	
              64

            
	
              Section
                3.04.

            	
              Cancellation
                of Certificates

            	
              68

            
	
              Section
                3.05.

            	
              Replacement
                of Certificates

            	
              68

            
	
              Section
                3.06.

            	
              Persons
                Deemed Owners

            	
              68

            
	
              Section
                3.07.

            	
              Temporary
                Certificates

            	
              69

            
	
              Section
                3.08.

            	
              Appointment
                of Paying Agent

            	
              69

            
	
              Section
                3.09.

            	
              Book
                Entry Certificates

            	
              70

            
	
              ARTICLE
                IV.

            	
              ADMINISTRATION
                OF THE TRUST FUND

            	
              71

            
	
              Section
                4.01.

            	
              Collection
                Account

            	
              71

            
	
              Section
                4.02.

            	
              Application
                of Funds in the Collection Account

            	
              73

            
	
              Section
                4.03.

            	
              Reports
                to Certificateholders

            	
              75

            
	
              Section
                4.04.

            	
              Certificate
                Account and Grantor Trust Certificate Accounts

            	
              79

            
	
              ARTICLE
                V.

            	
              DISTRIBUTIONS
                TO HOLDERS OF CERTIFICATES

            	
              81

            
	
              Section
                5.01.

            	
              Distributions
                Generally

            	
              81

            

    

    

      
        
          
          

        

        
          -i-

          
            

          

        

        
          
          

        

      

    
      TABLE
        OF CONTENTS

      (continued)

    

     

    
      	 	 	
              Page

            
	 	 	 
	
              Section
                5.02.

            	
              Distributions
                from the Certificate Account and Grantor Trust Certificate
                Accounts.

            	
              82

            
	
              Section
                5.03.

            	
              Allocation
                of Losses

            	
              90

            
	
              Section
                5.04.

            	
              Advances
                by Master Servicer and Trustee

            	
              91

            
	
              Section
                5.05.

            	
              Compensating
                Interest Payments

            	
              92

            
	
              Section
                5.06.

            	
              Basis
                Risk Reserve Fund

            	
              93

            
	
              Section
                5.07.

            	
              [Reserved]

            	
              93

            
	
              Section
                5.08.

            	
              [Reserved]

            	
              93

            
	
              Section
                5.09.

            	
              [Reserved]

            	
              93

            
	
              Section
                5.10.

            	
              [Reserved]

            	
              93

            
	
              Section
                5.11.

            	
              [Reserved]

            	
              93

            
	
              Section
                5.12.

            	
              Class
                X Account

            	
              93

            
	
              ARTICLE
                VI.

            	
              CONCERNING
                THE TRUSTEE; EVENTS OF DEFAULT

            	
              94

            
	
              Section
                6.01.

            	
              Duties
                of Trustee

            	
              94

            
	
              Section
                6.02.

            	
              Certain
                Matters Affecting the Trustee

            	
              97

            
	
              Section
                6.03.

            	
              Trustee
                Not Liable for Certificates

            	
              98

            
	
              Section
                6.04.

            	
              Trustee
                May Own Certificates

            	
              98

            
	
              Section
                6.05.

            	
              Eligibility
                Requirements for Trustee

            	
              99

            
	
              Section
                6.06.

            	
              Resignation
                and Removal of Trustee

            	
              99

            
	
              Section
                6.07.

            	
              Successor
                Trustee

            	
              100

            
	
              Section
                6.08.

            	
              Merger
                or Consolidation of Trustee

            	
              101

            
	
              Section
                6.09.

            	
              Appointment
                of Co-Trustee, Separate Trustee or Custodian

            	
              101

            
	
              Section
                6.10.

            	
              Authenticating
                Agents

            	
              103

            
	
              Section
                6.11.

            	
              Indemnification
                of Trustee

            	
              104

            
	
              Section
                6.12.

            	
              Fees
                and Expenses of Trustee and Custodian

            	
              105

            
	
              Section
                6.13.

            	
              Collection
                of Monies

            	
              105

            
	
              Section
                6.14.

            	
              Events
                of Default; Trustee To Act; Appointment of Successor

            	
              105

            
	
              Section
                6.15.

            	
              Additional
                Remedies of Trustee Upon Event of Default

            	
              110

            
	
              Section
                6.16.

            	
              Waiver
                of Defaults

            	
              110

            
	
              Section
                6.17.

            	
              Notification
                to Holders

            	
              110

            
	
              Section
                6.18.

            	
              Directions
                by Certificateholders and Duties of Trustee During Event of
                Default

            	
              110

            

    

     

    
      

        
          
            
            

          

          
            -ii-

            
              

            

          

          
            
            

          

        

      
        TABLE
          OF CONTENTS

        (continued)

      

    

     

    
      	 	 	
              Page

            
	 	 	 
	
              Section
                6.19.

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

            	
              111

            
	
              Section
                6.20.

            	
              Preparation
                of Tax Returns and Other Reports

            	
              111

            
	
              Section
                6.21.

            	
              Reporting
                Requirements of the Commission

            	
              117

            
	
              Section
                6.22.

            	
              Indemnification
                by the Trustee

            	
              118

            
	
              ARTICLE
                VII.

            	
              PURCHASE
                OF MORTGAGE LOANS AND TERMINATION OF THE TRUST FUND

            	
              118

            
	
              Section
                7.01.

            	
              Purchase
                of Mortgage Loans; Termination of the Trust Fund Upon Purchase or
                Liquidation of Mortgage Loans

            	
              118

            
	
              Section
                7.02.

            	
              Procedure
                Upon Termination of Trust Fund

            	
              120

            
	
              Section
                7.03.

            	
              Additional
                Trust Fund Termination Requirements

            	
              121

            
	
              Section
                7.04.

            	
              Optional
                Purchase Right of NIMS Insurer

            	
              121

            
	
              Section
                7.05.

            	
              Grantor
                Trust Termination

            	
              121

            
	
              ARTICLE
                VIII.

            	
              RIGHTS
                OF CERTIFICATEHOLDERS

            	
              121

            
	
              Section
                8.01.

            	
              Limitation
                on Rights of Holders

            	
              121

            
	
              Section
                8.02.

            	
              Access
                to List of Holders

            	
              122

            
	
              Section
                8.03.

            	
              Acts
                of Holders of Certificates

            	
              123

            
	
              ARTICLE
                IX.

            	
              ADMINISTRATION
                AND SERVICING OF MORTGAGE LOANS BY THE MASTER SERVICER

            	
              124

            
	
              Section
                9.01.

            	
              Duties
                of the Master Servicer

            	
              124

            
	
              Section
                9.02.

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

            	
              124

            
	
              Section
                9.03.

            	
              Master
                Servicer’s Financial Statements and Related Information

            	
              125

            
	
              Section
                9.04.

            	
              Power
                to Act; Procedures

            	
              125

            
	
              Section
                9.05.

            	
              Enforcement
                of Servicers’ and Master Servicer’s Obligations

            	
              127

            
	
              Section
                9.06.

            	
              Collection
                of Taxes, Assessments and Similar Items

            	
              128

            
	
              Section
                9.07.

            	
              Termination
                of Servicing Agreements; Successor Servicers

            	
              129

            
	
              Section
                9.08.

            	
              Master
                Servicer Liable for Enforcement

            	
              129

            
	
              Section
                9.09.

            	
              No
                Contractual Relationship Between the Servicer, Any NIMS Insurer and
                Trustee or Depositor

            	
              130

            

    

     

    
      

        
          
            
            

          

          
            -iii-

            
              

            

          

          
            
            

          

        

      
        TABLE
          OF CONTENTS

        (continued)

      

    

     

    
      	 	 	
              Page

            
	 	 	 
	
              Section
                9.10.

            	
              Assumption
                of Servicing Agreement by the Trustee

            	
              130

            
	
              Section
                9.11.

            	
              Due-on-Sale
                Clauses; Assumption Agreements; Easements

            	
              131

            
	
              Section
                9.12.

            	
              Release
                of Mortgage Files

            	
              131

            
	
              Section
                9.13.

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

            	
              132

            
	
              Section
                9.14.

            	
              Representations
                and Warranties of the Master Servicer

            	
              134

            
	
              Section
                9.15.

            	
              Opinion

            	
              136

            
	
              Section
                9.16.

            	
              Standard
                Hazard and Flood Insurance Policies

            	
              136

            
	
              Section
                9.17.

            	
              Presentment
                of Claims and Collection of Proceeds

            	
              136

            
	
              Section
                9.18.

            	
              Maintenance
                of the Primary Mortgage Insurance Policies

            	
              137

            
	
              Section
                9.19.

            	
              Trustee
                To Retain Possession of Certain Insurance Policies and
                Documents

            	
              137

            
	
              Section
                9.20.

            	
              Realization
                Upon Defaulted Mortgage Loans

            	
              138

            
	
              Section
                9.21.

            	
              Compensation
                to the Master Servicer

            	
              138

            
	
              Section
                9.22.

            	
              REO
                Property

            	
              139

            
	
              Section
                9.23.

            	
              Notice
                to the Sponsor, the Depositor and the Trustee

            	
              140

            
	
              Section
                9.24.

            	
              Reports
                to the Trustee

            	
              140

            
	
              Section
                9.25.

            	
              Assessment
                of Compliance and Attestation Reports

            	
              141

            
	
              Section
                9.26.

            	
              Annual
                Statement of Compliance with Applicable Servicing Criteria

            	
              142

            
	
              Section
                9.27.

            	
              Merger
                or Consolidation

            	
              143

            
	
              Section
                9.28.

            	
              Resignation
                of Master Servicer

            	
              143

            
	
              Section
                9.29.

            	
              Assignment
                or Delegation of Duties by the Master Servicer

            	
              143

            
	
              Section
                9.30.

            	
              Limitation
                on Liability of the Master Servicer and Others

            	
              144

            
	
              Section
                9.31.

            	
              Indemnification;
                Third Party Claims

            	
              145

            
	
              Section
                9.32.

            	
              Special
                Servicing of Delinquent Mortgage Loans

            	
              145

            
	
              Section
                9.33.

            	
              Allocation
                to Related Mortgage Pool

            	
              146

            
	
              ARTICLE
                X.

            	
              REMIC
                ADMINISTRATION

            	
              146

            
	
              Section
                10.01.

            	
              REMIC
                Administration

            	
              146

            
	
              Section
                10.02.

            	
              Prohibited
                Transactions and Activities

            	
              153

            

    

     

    
      

        
          
            
            

          

          
            -iv-

            
              

            

          

          
            
            

          

        

      
        TABLE
          OF CONTENTS

        (continued)

      

    

     

    
      	 	 	
              Page

            
	 	 	 
	
              Section
                10.03.

            	
              Indemnification
                with Respect to Certain Taxes and Loss of REMIC Status

            	
              153

            
	
              Section
                10.04.

            	
              REO
                Property

            	
              153

            
	
              ARTICLE
                XI.

            	
              MISCELLANEOUS
                PROVISIONS

            	
              154

            
	
              Section
                11.01.

            	
              Binding
                Nature of Agreement; Assignment

            	
              154

            
	
              Section
                11.02.

            	
              Entire
                Agreement

            	
              154

            
	
              Section
                11.03.

            	
              Amendment

            	
              155

            
	
              Section
                11.04.

            	
              Voting
                Rights

            	
              156

            
	
              Section
                11.05.

            	
              Provision
                of Information

            	
              156

            
	
              Section
                11.06.

            	
              Governing
                Law

            	
              157

            
	
              Section
                11.07.

            	
              Notices

            	
              157

            
	
              Section
                11.08.

            	
              Severability
                of Provisions

            	
              157

            
	
              Section
                11.09.

            	
              Indulgences;
                No Waivers

            	
              157

            
	
              Section
                11.10.

            	
              Headings
                Not To Affect Interpretation

            	
              158

            
	
              Section
                11.11.

            	
              Benefits
                of Agreement

            	
              158

            
	
              Section
                11.12.

            	
              Special
                Notices to the Rating Agencies and NIMS Insurer

            	
              158

            
	
              Section
                11.13.

            	
              Conflicts

            	
              159

            
	
              Section
                11.14.

            	
              Counterparts

            	
              159

            
	
              Section
                11.15.

            	
              Transfer
                of Servicing

            	
              159

            
	
              Section
                11.16.

            	
              Third
                Party Rights

            	
              161

            

    

    
      
        
        

      

      
        -v-

        
          

        

      

      
        
        

      

    

    ATTACHMENTS

    
      
        	 	 
	
                Exhibit
                  A

              	
                Forms
                  of Certificates

              
	
                Exhibit
                  B-1

              	
                Form
                  of Initial Certification

              
	
                Exhibit
                  B-2

              	
                Form
                  of Interim Certification

              
	
                Exhibit
                  B-3

              	
                Form
                  of Final Certification

              
	
                Exhibit
                  B-4

              	
                Form
                  of Endorsement

              
	
                Exhibit
                  C

              	
                Request
                  for Release of Documents and Receipt

              
	
                Exhibit
                  D-l

              	
                Form
                  of Residual Certificate Transfer Affidavit (Transferee)

              
	
                Exhibit
                  D-2

              	
                Form
                  of Residual Certificate Transfer Affidavit (Transferor)

              
	
                Exhibit
                  E

              	
                Servicing
                  Agreements for GMAC Mortgage Corporation and GreenPoint Mortgage
                  Funding,
                  Inc.

              
	
                Exhibit
                  F

              	
                Form
                  of Rule 144A Transfer Certificate

              
	
                Exhibit
                  G

              	
                Form
                  of Purchaser’s Letter for Institutional Accredited
                  Investors

              
	
                Exhibit
                  H

              	
                Form
                  of ERISA Transfer Affidavit

              
	
                Exhibit
                  I

              	
                [Reserved]

              
	
                Exhibit
                  J

              	
                [Reserved]

              
	
                Exhibit
                  K

              	
                Custodial
                  Agreement for U.S. Bank National Association

              
	
                Exhibit
                  L

              	
                [Reserved]

              
	
                Exhibit
                  M

              	
                [Reserved]

              
	
                Exhibit
                  N

              	
                [Reserved]

              
	
                Exhibit
                  O

              	
                Form
                  of Certificate Insurance Policy

              
	
                Exhibit
                  P

              	
                Forms
                  of Deferred Interest Cap Agreements

              
	
                Exhibit
                  Q-1

              	
                Additional
                  Form 10-D Disclosure

              
	
                Exhibit
                  Q-2

              	
                Additional
                  Form 10-K Disclosure

              
	
                Exhibit
                  Q-3

              	
                Additional
                  Form 8-K Disclosure

              
	
                Exhibit
                  Q-4

              	
                Additional
                  Disclosure Notification

              
	
                Exhibit
                  R

              	
                Servicing
                  Criteria to be Addressed in Report on Assessment of
                  Compliance

              
	
                Exhibit
                  S

              	
                Transaction
                  Parties

              
	
                Exhibit
                  T

              	
                Form
                  of Back-Up Sarbanes-Oxley Certification

              
	
                Exhibit
                  U

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

              
	
                Exhibit
                  V-1

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

              
	
                Exhibit
                  V-2

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

              
	 	 
	
                Schedule
                  A

              	
                Mortgage
                  Loan Schedule

              

      

      
        
          
          

        

        
          -vi-

          
            

          

        

        
          
          

        

      

    This
      TRUST AGREEMENT, dated as of November 1, 2006 (the “Agreement”), is by and among
      STRUCTURED ASSET SECURITIES CORPORATION, a Delaware corporation, as depositor
      (the “Depositor”), AURORA LOAN SERVICES LLC, as master servicer (the “Master
      Servicer”), and U.S. BANK NATIONAL ASSOCIATION, a national banking association,
      as trustee (the “Trustee”).

     

    PRELIMINARY
      STATEMENT

     

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

     

    As
      provided herein, the Trustee shall elect that the Trust Fund (other than (i)
      the
      Basis Risk Reserve Fund, (ii) the rights to receive Prepayment Premiums
      distributable to the Class P Certificates, (iii) the Class X Account, (iv)
      the
      assets of the Grantor Trusts established pursuant to Section 5.02(g) and (v)
      the
      Lower Tier Interests) be treated for federal income tax purposes as comprising
      two real estate mortgage investment conduits (each a “REMIC” or, in the
      alternative, “REMIC 1” and “REMIC 2”). Each LIBOR Certificate represents
      ownership of a regular interest in REMIC 2 for purposes of the REMIC Provisions.
      In addition, each LIBOR Certificate represents the right to receive payments
      with respect to Excess Interest. Each Grantor Trust Certificate represents
      a
      beneficial interest in a Grantor Trust holding the related Underlying Interest
      and certain other assets for the benefit of the Grantor Trust Certificates.
      The
      Class R Certificate represents ownership of the sole Class of residual interest
      in each of REMIC 1 and REMIC 2.

     

    REMIC
      2
      shall hold as its assets the several Classes of uncertificated REMIC 1 Regular
      Interests and each such REMIC 1 Regular Interest is hereby designated as a
      regular interest in REMIC 1. REMIC
      1
      shall hold as its assets the property of the Trust Fund other than (i) the
      Lower
      Tier Interests, (ii) the Basis Risk Reserve Fund, (iii) the Class X Account,
      (iv) the assets of the Grantor Trusts established pursuant to Section 5.02(g)
      and (v) the rights to receive Prepayment Premiums distributable to the Class
      P
      Certificates.

     

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

     

    
      
        
        

      

      
        -1-

        
          

        

      

      
        
        

      

    

    REMIC
      1

     

    The
      following table sets forth (or describes) the Class designation, interest rate,
      and initial principal amount for each Class of REMIC 1 Interests.

     

    
      	 	 	 	 	
              Initial
                Class

            	 	
              Related
                

            	 	
              Corresponding

            
	
              Class

            	 	
              Interest

            	 	
              Principal

            	 	
              Mortgage
                Pool or

            	 	
              Class
                of

            
	
              Designation

            	 	
              Rate

            	 	
              Amount

            	 	
              Senior
                Certificates

            	 	
              Certificates

            
	 	 	 	 	 	 	 	 	 
	
              LT1-1A1A

            	 	
              (1)

            	 	
              (4)

            	 	
              N/A

            	 	
              1-A1A

            
	
              LT1-1A1B

            	 	
              (1)

            	 	
              (4)

            	 	
              N/A

            	 	
              1-A1B
                Underlying Interest

            
	
              LT1-1A2A1

            	 	
              (1)

            	 	
              (4)

            	 	
              N/A

            	 	
              1-A2A1

            
	
              LT1-1A2A2

            	 	
              (1)

            	 	
              (4)

            	 	
              N/A

            	 	
              1-A2A2
                Underlying Interest

            
	
              LT1-1A3A1

            	 	
              (1)

            	 	
              (4)

            	 	
              N/A

            	 	
              1-A3A1

            
	
              LT1-1A3A2

            	 	
              (1)

            	 	
              (4)

            	 	
              N/A

            	 	
              1-A3A2
                Underlying Interest

            
	
              LT1-1A3B

            	 	
              (1)

            	 	
              (4)

            	 	
              N/A

            	 	
              1-A3B
                Underlying Interest

            
	
              LT1-2A1

            	 	
              (1)

            	 	
              (4)

            	 	
              N/A

            	 	
              2-A1
                Underlying Interest

            
	
              LT1-2A2

            	 	
              (1)

            	 	
              (4)

            	 	
              N/A

            	 	
              2-A2
                Underlying Interest

            
	
              LT1-M1

            	 	
              (1)

            	 	
              (4)

            	 	
              N/A

            	 	
              M1

            
	
              LT1-M2

            	 	
              (1)

            	 	
              (4)

            	 	
              N/A

            	 	
              M2

            
	
              LT1-M3

            	 	
              (1)

            	 	
              (4)

            	 	
              N/A

            	 	
              M3

            
	
              LT1-M4

            	 	
              (1)

            	 	
              (4)

            	 	
              N/A

            	 	
              M4

            
	
              LT1-M5

            	 	
              (1)

            	 	
              (4)

            	 	
              N/A

            	 	
              M5

            
	
              LT1-M6

            	 	
              (1)

            	 	
              (4)

            	 	
              N/A

            	 	
              M6

            
	
              LT1-M7

            	 	
              (1)

            	 	
              (4)

            	 	
              N/A

            	 	
              M7

            
	
              LT1-M8

            	 	
              (1)

            	 	
              (4)

            	 	
              N/A

            	 	
              M8

            
	
              LT1-M9

            	 	
              (1)

            	 	
              (4)

            	 	
              N/A

            	 	
              M9

            
	
              LT1-M10

            	 	
              (1)

            	 	
              (4)

            	 	
              N/A

            	 	
              M10

            
	
              LT1-XI

            	 	
              (1)

            	 	
              (5)

            	 	
              N/A

            	 	
              N/A

            
	
              LT1-IA

            	 	
              (1)

            	 	
              (6)

            	 	
              Pool
                1/ 

              Pool
                1 Senior Certificates

            	 	
              N/A

            
	
              LT1-IB

            	 	
              (2)

            	 	
              (7)

            	 	
              Pool
                1/ 

              Pool
                1 Senior Certificates

            	 	
              N/A

            
	
              LT1-IIA

            	 	
              (1)

            	 	
              (8)

            	 	
              Pool
                2/ 

              Pool
                2 Senior Certificates

            	 	
              N/A

            
	
              LT1-IIB

            	 	
              (3)

            	 	
              (9)

            	 	
              Pool
                2/ 

              Pool
                2 Senior Certificates

            	 	
              N/A

            
	
              LT1-XII

            	 	
              (1)

            	 	
              (10)

            	 	
              N/A

            	 	
              N/A

            
	
              LT1-R

            	 	
              (11)

            	 	
              (11)

            	 	
              N/A

            	 	
              N/A

            

    

     

    
      	
              (1)

            	
              The
                interest rate with respect to any Distribution Date (and the related
                Accrual Period) for each of these REMIC 1 Interests is a per annum
                rate
                equal to the Net Rate.

            

    

     

    
      
        
        

      

      
        -2-

        
          

        

      

      
        
        

      

    

    
      	
              (2)

            	
              The
                interest rate with respect to any Distribution Date (and the related
                Accrual Period) for the Class LT1-IB Interest is a per annum rate
                equal to
                the Pool 1 Net Funds Cap.

            

    

     

    
      	
              (3)

            	
              The
                interest rate with respect to any Distribution Date (and the related
                Accrual Period) for the Class LT1-IIB Interest is a per annum rate
                equal
                to the Pool 2 Net Funds Cap.

            

    

     

    
      	
              (4)

            	
              The
                initial principal amount for each of these REMIC 1 Interests shall
                equal
                25% of the initial principal balance of the Corresponding Class of
                Certificates.

            

    

     

    
      	
              (5)

            	
              The
                initial principal amount for the Class LT1-XI Interest shall equal
                the
                excess of (i) 50% of the aggregate Pool Balance of Pool 1 and Pool
                2 as of
                the Cut-off Date over (ii) the aggregate initial principal balance
                of the
                REMIC 1-I Marker Classes.

            

    

     

    
      	
              (6)

            	
              The
                initial principal amount for the Class LT1-IA Interest shall equal
                0.0005%
                of the Pool Subordinate Amount for Pool 1 as of the first Distribution
                Date.

            

    

     

    
      	
              (7)

            	
              The
                initial principal amount for the Class LT1-IB Interest shall equal
                0.0005%
                of the aggregate Scheduled Principal Balance of the Mortgage Loans
                in Pool
                1 as of the Cut-off Date.

            

    

     

    
      	
              (8)

            	
              The
                initial principal amount for the Class LT1-IIA Interest shall equal
                0.0005% of the Pool Subordinate Amount for Pool 2 as of the first
                Distribution Date.

            

    

     

    
      	
              (9)

            	
              The
                initial principal amount for the Class LT1-IIB Interest shall equal
                0.0005% of the aggregate Scheduled Principal Balance of the Mortgage
                Loans
                in Pool 2 as of the Cut-off Date.

            

    

     

    
      	
              (10)

            	
              The
                initial principal amount for the Class LT1-XII Interest shall equal
                the
                excess of (i) 50% of the aggregate Pool Balance of Pool 1 and Pool
                2 as of
                the Cut-off Date over (ii) the aggregate initial principal balance
                of the
                REMIC 1-II Marker Classes.

            

    

     

    
      	
              (11)

            	
              The
                Class LT1-R Interest is the sole class of residual interest in REMIC
                1. It
                does not have an interest rate or a principal
                balance.

            

    

     

    
      
        
        

      

      
        -3-

        
          

        

      

      
        
        

      

    

    REMIC
      2

     

    The
      following table sets forth (or describes) the Class designation, interest rate,
      and initial principal amount for each Class of REMIC 2 Interests.

     

    
      	
              Class

            	 	 	 	
              Initial
                Class

            	 	
              Class
                of Related

            
	
              Designation

            	 	
              Interest
                Rate

            	 	
              Principal
                Amount

            	 	
              Certificates

            
	 	 	 	 	 	 	 
	
              LT2-1A1A

            	 	
              (1)

            	 	
              (2)

            	 	
              1-A1A

            
	
              LT2-1A1BU

            	 	
              (1)

            	 	
              (2)

            	 	
              1-A1B
                Underlying Interest

            
	
              LT2-1A2A1

            	 	
              (1)

            	 	
              (2)

            	 	
              1-A2A1

            
	
              LT2-1A2A2U

            	 	
              (1)

            	 	
              (2)

            	 	
              1-A2A2
                Underlying Interest

            
	
              LT2-1A3A1

            	 	
              (1)

            	 	
              (2)

            	 	
              1-A3A1

            
	
              LT2-1A3A2U

            	 	
              (1)

            	 	
              (2)

            	 	
              1-A3A2
                Underlying Interest

            
	
              LT2-1A3BU

            	 	
              (1)

            	 	
              (2)

            	 	
              1-A3B
                Underlying Interest

            
	
              LT2-2A1U

            	 	
              (1)

            	 	
              (2)

            	 	
              2-A1
                Underlying Interest

            
	
              LT2-2A2U

            	 	
              (1)

            	 	
              (2)

            	 	
              2-A2
                Underlying Interest

            
	
              LT2-M1

            	 	
              (1)

            	 	
              (2)

            	 	
              M1

            
	
              LT2-M2

            	 	
              (1)

            	 	
              (2)

            	 	
              M2

            
	
              LT2-M3

            	 	
              (1)

            	 	
              (2)

            	 	
              M3

            
	
              LT2-M4

            	 	
              (1)

            	 	
              (2)

            	 	
              M4

            
	
              LT2-M5

            	 	
              (1)

            	 	
              (2)

            	 	
              M5

            
	
              LT2-M6

            	 	
              (1)

            	 	
              (2)

            	 	
              M6

            
	
              LT2-M7

            	 	
              (1)

            	 	
              (2)

            	 	
              M7

            
	
              LT2-M8

            	 	
              (1)

            	 	
              (2)

            	 	
              M8

            
	
              LT2-M9

            	 	
              (1)

            	 	
              (2)

            	 	
              M9

            
	
              LT2-M10

            	 	
              (1)

            	 	
              (2)

            	 	
              M10

            
	
              Uncertificated
                Class X Interest 

            	 	
              (3)

            	 	
              (3)

            	 	
              N/A

            
	
              Residual
                Interest

            	 	
              (4)

            	 	
              (4)

            	 	
              N/A

            
	 	 	 	 	 	 	 

    

     

    
      	
              (1)

            	
              The
                interest rate with respect to any Distribution Date (and the related
                Accrual Period) for each of these REMIC 2 Interests is a per annum
                rate
                equal to the Certificate Interest Rate for the Related Certificates,
                provided that these REMIC 2 Interests shall not be entitled to payments
                in
                respect of Excess Interest.

            

    

     

    
      	
              (2)

            	
              The
                initial principal balance for each of these REMIC 2 Interests shall
                equal
                the initial principal balance of the Related
                Certificates.

            

    

     

    
      	
              (3)

            	
              The
                Uncertificated Class X Interest shall have an initial principal balance
                equal to $5,864,773.88. The Uncertificated Class X Interest shall
                accrue
                interest on a notional balance equal to the Class X Notional Balance
                at a
                rate equal to the Class X Interest Rate. The Uncertificated Class
                X
                Interest shall be represented by the Class X
                Certificates.

            

    

     

    
      	
              (4)

            	
              The
                Residual Interest is the sole Class of residual interest in REMIC
                2. It
                does not have an interest rate or a principal
                balance.

            

    

     

    
      
        
        

      

      
        -4-

        
          

        

      

      
        
        

      

    

    The
      Certificates

     

    The
      following table sets forth (or describes) the Class designation, Certificate
      Interest Rate, initial Class Principal Amount (or Class Notional Amount) and
      minimum denomination for each Class of Certificates comprising interests in
      the
      Trust Fund created hereunder. Each LIBOR Certificate and the Class X Certificate
      represents ownership of regular interests in REMIC 2. Each Class of the Class
      1-A1B, Class 1-A2A2, Class 1-A3A2, Class 1-A3B, Class 2-A1 and Class 2-A2
      Certificates represents a beneficial interests in a separate Grantor Trust
      whose
      assets consist of the
      related Underlying Interest, the related Deferred Interest Cap Agreement, the
      related Grantor Trust Certificate Account and the related Deferred Interest
      Cap
      Account. 

     

    
      
        
          
            	 	 	 	 	
                    Initial
                      Class

                  	 	
                    Minimum

                  	 
	
                    Class
                      Designation

                  	 	
                    Interest
                      Rate

                  	 	
                    Principal
                      Amount

                  	 	
                    Denominations

                  	 
	
                    Class
                      1-A1A 

                  	 	 	
                    (1)

                  	 	
                    $

                  	
                    354,124,000

                  	 	
                    $

                  	
                    25,000.00

                  	 
	
                    Class
                      1-A1B Underlying Interest 

                  	 	 	
                    (2)

                  	 	 	 	 	 	 	 
	
                    Class
                      1-A1B 

                  	 	 	
                    (3)

                  	 	
                    $

                  	
                    39,347,000

                  	 	
                    $

                  	
                    25,000.00

                  	 
	
                    Class
                      1-A2A1 

                  	 	 	
                    (4)

                  	 	
                    $

                  	
                    115,000,000

                  	 	
                    $

                  	
                    25,000.00

                  	 
	
                    Class
                      1-A2A2 Underlying Interest 

                  	 	 	
                    (5)

                  	 	 	 	 	 	 	 
	
                    Class
                      1-A2A2 

                  	 	 	
                    (6)

                  	 	
                    $

                  	
                    46,758,000

                  	 	
                    $

                  	
                    25,000.00

                  	 
	
                    Class
                      1-A3A1 

                  	 	 	
                    (7)

                  	 	
                    $

                  	
                    200,000,000

                  	 	
                    $

                  	
                    25,000.00

                  	 
	
                    Class
                      1-A3A2 Underlying Interest 

                  	 	 	
                    (8)

                  	 	 	 	 	 	 	 
	
                    Class
                      1-A3A2 

                  	 	 	
                    (9)

                  	 	
                    $

                  	
                    29,388,000

                  	 	
                    $

                  	
                    25,000.00

                  	 
	
                    Class
                      1-A3B Underlying Interest 

                  	 	 	
                    (10)

                  	 	 	 	 	 	 	 
	
                    Class
                      1-A3B 

                  	 	 	
                    (11)

                  	 	
                    $

                  	
                    60,813,000

                  	 	
                    $

                  	
                    25,000.00

                  	 
	
                    Class
                      2-A1 Underlying Interest 

                  	 	 	
                    (12)

                  	 	 	 	 	 	 	 
	
                    Class
                      2-A1 

                  	 	 	
                    (13)

                  	 	
                    $

                  	
                    120,530,000

                  	 	
                    $

                  	
                    25,000.00

                  	 
	
                    Class
                      2-A2 Underlying Interest 

                  	 	 	
                    (14)

                  	 	 	 	 	 	 	 
	
                    Class
                      2-A2 

                  	 	 	
                    (15)

                  	 	
                    $

                  	
                    80,352,000

                  	 	
                    $

                  	
                    25,000.00

                  	 
	
                    Class
                      M1 

                  	 	 	
                    (16)

                  	 	
                    $

                  	
                    39,650,000

                  	 	
                    $

                  	
                    100,000.00

                  	 
	
                    Class
                      M2 

                  	 	 	
                    (17)

                  	 	
                    $

                  	
                    20,003,000

                  	 	
                    $

                  	
                    100,000.00

                  	 
	
                    Class
                      M3 

                  	 	 	
                    (18)

                  	 	
                    $

                  	
                    25,625,000

                  	 	
                    $

                  	
                    100,000.00

                  	 
	
                    Class
                      M4 

                  	 	 	
                    (19)

                  	 	
                    $

                  	
                    13,019,000

                  	 	
                    $

                  	
                    100,000.00

                  	 
	
                    Class
                      M5 

                  	 	 	
                    (20)

                  	 	
                    $

                  	
                    13,019,000

                  	 	
                    $

                  	
                    100,000.00

                  	 
	
                    Class
                      M6 

                  	 	 	
                    (21)

                  	 	
                    $

                  	
                    4,734,000

                  	 	
                    $

                  	
                    100,000.00

                  	 
	
                    Class
                      M7 

                  	 	 	
                    (22)

                  	 	
                    $

                  	
                    4,734,000

                  	 	
                    $

                  	
                    100,000.00

                  	 
	
                    Class
                      M8 

                  	 	 	
                    (23)

                  	 	
                    $

                  	
                    4,734,000

                  	 	
                    $

                  	
                    100,000.00

                  	 
	
                    Class
                      M9 

                  	 	 	
                    (24)

                  	 	
                    $

                  	
                    4,142,000

                  	 	
                    $

                  	
                    100,000.00

                  	 
	
                    Class
                      M10 

                  	 	 	
                    (25)

                  	 	
                    $

                  	
                    1,775,000

                  	 	
                    $

                  	
                    100,000.00

                  	 
	
                    Class
                      X

                  	 	 	
                    (26)

                  	 	 	
                    (26)

                  	 	 	
                    (27)

                  	 
	
                    Class
                      P

                  	 	 	
                    (28)

                  	 	 	
                    (28)

                  	
                     

                  	 	
                    (27)

                  	
                     

                  
	
                    Class
                      C

                  	 	 	
                    (29)

                  	
                     

                  	 	
                    (29)

                  	 	 	
                    (27)

                  	 
	
                    Class
                      R

                  	 	 	
                    (30)

                  	 	 	
                    (30)

                  	 	 	
                    (27)

                  	 

          

        

      

    

     

    
      	
              (1)

            	
              The
                Certificate Interest Rate with respect to any Distribution Date (and
                the
                related Accrual Period) for the Class 1-A1A Certificates is the per
                annum
                rate equal to the lesser of (i) LIBOR plus 0.080% (the “1-A1A Margin”) and
                (ii) the Pool 1 Net Funds Cap for such Distribution Date; provided,
                that
                if the Mortgage Loans and related property are not purchased pursuant
                to
                Section 7.01(b) on the Initial Optional Termination Date, then with
                respect to each subsequent Distribution Date the per annum rate calculated
                pursuant to clause (i) above with respect to the Class 1-A1A Certificates
                will be LIBOR plus 0.160%.

            

    

     

    
      
        
        

      

      
        -5-

        
          

        

      

      
        
        

      

    

    
      	
              (2)

            	
              The
                Certificate Interest Rate with respect to any Distribution Date (and
                the
                related Accrual Period) for the Class 1-A1B Underlying Interest is
                the per
                annum rate equal to the lesser of (i) LIBOR plus 0.120% (the “1-A1BU
                Margin”) and (ii) the Pool 1 Net Funds Cap for such Distribution Date;
                provided, that if the Mortgage Loans and related property are not
                purchased pursuant to Section 7.01(b) on the Initial Optional Termination
                Date, then with respect to each subsequent Distribution Date the
                per annum
                rate calculated pursuant to clause (i) above with respect to the
                Class
                1-A1B Underlying Interest will be LIBOR plus
                0.240%.

            

    

     

    
      	
              (3)

            	
              The
                Certificate Interest Rate with respect to any Distribution Date (and
                the
                related Accrual Period) for the Class 1-A1B Certificates is the per
                annum
                rate equal to the lesser of (i) LIBOR plus 0.120% (the “1-A1B Margin”) and
                (ii) the Pool 1 Net Funds Cap for such Distribution Date; provided,
                that
                if the Mortgage Loans and related property are not purchased pursuant
                to
                Section 7.01(b) on the Initial Optional Termination Date, then with
                respect to each subsequent Distribution Date the per annum rate calculated
                pursuant to clause (i) above with respect to the Class 1-A1B Certificates
                will be LIBOR plus 0.240%.

            

    

     

    
      	
              (4)

            	
              The
                Certificate Interest Rate with respect to any Distribution Date (and
                the
                related Accrual Period) for the Class 1-A2A1 Certificates is the
                per annum
                rate equal to the lesser of (i) LIBOR plus 0.175% (the “1-A2A1 Margin”)
                and (ii) the Pool 1 Net Funds Cap for such Distribution Date; provided,
                that if the Mortgage Loans and related property are not purchased
                pursuant
                to Section 7.01(b) on the Initial Optional Termination Date, then
                with
                respect to each subsequent Distribution Date the per annum rate calculated
                pursuant to clause (i) above with respect to the Class 1-A2A1 Certificates
                will be LIBOR plus 0.350%.

            

    

     

    
      	
              (5)

            	
              The
                Certificate Interest Rate with respect to any Distribution Date (and
                the
                related Accrual Period) for the Class 1-A2A2 Underlying Interest
                is the
                per annum rate equal to the lesser of (i) LIBOR plus 0.150% (the
“1-A2A2U
                Margin”) and (ii) the Pool 1 Net Funds Cap for such Distribution Date;
                provided, that if the Mortgage Loans and related property are not
                purchased pursuant to Section 7.01(b) on the Initial Optional Termination
                Date, then with respect to each subsequent Distribution Date the
                per annum
                rate calculated pursuant to clause (i) above with respect to the
                Class
                1-A2A2 Underlying Interest will be LIBOR plus
                0.300%.

            

    

     

    
      	
              (6)

            	
              The
                Certificate Interest Rate with respect to any Distribution Date (and
                the
                related Accrual Period) for the Class 1-A2A2 Certificates is the
                per annum
                rate equal to the lesser of (i) LIBOR plus 0.150% (the “1-A2A2 Margin”)
                and (ii) the Pool 1 Net Funds Cap for such Distribution Date; provided,
                that if the Mortgage Loans and related property are not purchased
                pursuant
                to Section 7.01(b) on the Initial Optional Termination Date, then
                with
                respect to each subsequent Distribution Date the per annum rate calculated
                pursuant to clause (i) above with respect to the Class 1-A2A2 Certificates
                will be LIBOR plus 0.300%.

            

    

     

    
      	
              (7)

            	
              The
                Certificate Interest Rate with respect to any Distribution Date (and
                the
                related Accrual Period) for the Class 1-A3A1 Certificates is the
                per annum
                rate equal to the lesser of (i) LIBOR plus 0.225% (the “1-A3A1 Margin”)
                and (ii) the Pool 1 Net Funds Cap for such Distribution Date; provided,
                that if the Mortgage Loans and related property are not purchased
                pursuant
                to Section 7.01(b) on the Initial Optional Termination Date, then
                with
                respect to each subsequent Distribution Date the per annum rate calculated
                pursuant to clause (i) above with respect to the Class 1-A3A1 Certificates
                will be LIBOR plus 0.450%.

            

    

     

    
      	
              (8)

            	
              The
                Certificate Interest Rate with respect to any Distribution Date (and
                the
                related Accrual Period) for the Class 1-A3A2
                Underlying
                Interest is the per annum rate equal to the lesser of (i) LIBOR plus
                0.200% (the “1-A3A2U Margin”) and (ii) the Pool 1 Net Funds Cap for such
                Distribution Date; provided, that if the Mortgage Loans and related
                property are not purchased pursuant to Section 7.01(b) on the Initial
                Optional Termination Date, then with respect to each subsequent
                Distribution Date the per annum rate calculated pursuant to clause
                (i)
                above with respect to the Class 1-A3A2 Underlying Interest will be
                LIBOR
                plus 0.400%.

            

    

     

    
      	
              (9)

            	
              The
                Certificate Interest Rate with respect to any Distribution Date (and
                the
                related Accrual Period) for the Class 1-A3A2 Certificates is the
                per annum
                rate equal to the lesser of (i) LIBOR plus 0.200% (the “1-A3A2 Margin”)
                and (ii) the Pool 1 Net Funds Cap for such Distribution Date; provided,
                that if the Mortgage Loans and related property are not purchased
                pursuant
                to Section 7.01(b) on the Initial Optional Termination Date, then
                with
                respect to each subsequent Distribution Date the per annum rate calculated
                pursuant to clause (i) above with respect to the Class 1-A3A2 Certificates
                will be LIBOR plus 0.400%.

            

    

     

     

    
      
        
        

      

      
        -6-

        
          

        

      

      
        
        

      

    

    
      	
              (10)

            	
              The
                Certificate Interest Rate with respect to any Distribution Date (and
                the
                related Accrual Period) for the Class 1-A3BU Underlying Interest
                is the
                per annum rate equal to the lesser of (i) LIBOR plus 0.170% (the
“1-A3B
                Margin”) and (ii) the Pool 1 Net Funds Cap for such Distribution Date;
                provided, that if the Mortgage Loans and related property are not
                purchased pursuant to Section 7.01(b) on the Initial Optional Termination
                Date, then with respect to each subsequent Distribution Date the
                per annum
                rate calculated pursuant to clause (i) above with respect to the
                Class
                1-A3B Underlying Interest will be LIBOR plus
                0.340%.

            

    

     

    
      	
              (11)

            	
              The
                Certificate Interest Rate with respect to any Distribution Date (and
                the
                related Accrual Period) for the Class 1-A3B Certificates is the per
                annum
                rate equal to the lesser of (i) LIBOR plus 0.170% (the “1-A3B Margin”) and
                (ii) the Pool 1 Net Funds Cap for such Distribution Date; provided,
                that
                if the Mortgage Loans and related property are not purchased pursuant
                to
                Section 7.01(b) on the Initial Optional Termination Date, then with
                respect to each subsequent Distribution Date the per annum rate calculated
                pursuant to clause (i) above with respect to the Class 1-A3B Certificates
                will be LIBOR plus 0.340%.

            

    

     

    
      	
              (12)

            	
              The
                Certificate Interest Rate with respect to any Distribution Date (and
                the
                related Accrual Period) for the Class 2-A1 Underlying Interest is
                the per
                annum rate equal to the lesser of (i) LIBOR plus 0.200% (the “2-A1U
                Margin”) and (ii) the Pool 2 Net Funds Cap for such Distribution Date;
                provided, that if the Mortgage Loans and related property are not
                purchased pursuant to Section 7.01(b) on the Initial Optional Termination
                Date, then with respect to each subsequent Distribution Date the
                per annum
                rate calculated pursuant to clause (i) above with respect to the
                Class
                2-A1 Underlying Interest will be LIBOR plus
                0.400%.

            

    

     

    
      	
              (13)

            	
              The
                Certificate Interest Rate with respect to any Distribution Date (and
                the
                related Accrual Period) for the Class 2-A1 Certificates is the per
                annum
                rate equal to the lesser of (i) LIBOR plus 0.200% (the “2-A1 Margin”) and
                (ii) the Pool 2 Net Funds Cap for such Distribution Date; provided,
                that
                if the Mortgage Loans and related property are not purchased pursuant
                to
                Section 7.01(b) on the Initial Optional Termination Date, then with
                respect to each subsequent Distribution Date the per annum rate calculated
                pursuant to clause (i) above with respect to the Class 2-A1 Certificates
                will be LIBOR plus 0.400%.

            

    

     

    
      	
              (14)

            	
              The
                Certificate Interest Rate with respect to any Distribution Date (and
                the
                related Accrual Period) for the Class 2-A2 Underlying Interest is
                the per
                annum rate equal to the lesser of (i) LIBOR plus 0.225% (the “2-A2U
                Margin”) and (ii) the Pool 2 Net Funds Cap for such Distribution Date;
                provided, that if the Mortgage Loans and related property are not
                purchased pursuant to Section 7.01(b) on the Initial Optional Termination
                Date, then with respect to each subsequent Distribution Date the
                per annum
                rate calculated pursuant to clause (i) above with respect to the
                Class
                2-A2 Underlying Interest will be LIBOR plus
                0.450%.

            

    

     

    
      	
              (15)

            	
              The
                Certificate Interest Rate with respect to any Distribution Date (and
                the
                related Accrual Period) for the Class 2-A2 Certificates is the per
                annum
                rate equal to the lesser of (i) LIBOR plus 0.225% (the “2-A2 Margin”) and
                (ii) the Pool 2 Net Funds Cap for such Distribution Date; provided,
                that
                if the Mortgage Loans and related property are not purchased pursuant
                to
                Section 7.01(b) on the Initial Optional Termination Date, then with
                respect to each subsequent Distribution Date the per annum rate calculated
                pursuant to clause (i) above with respect to the Class 2-A2 Certificates
                will be LIBOR plus 0.450%.

            

    

     

    
      	
              (16)

            	
              The
                Certificate Interest Rate with respect to any Distribution Date (and
                the
                related Accrual Period) for the Class M1 Certificates is the per
                annum
                rate equal to the lesser of (i) LIBOR plus 0.410% (the “M1 Margin”) and
                (ii) the Subordinate Net Funds Cap for such Distribution Date; provided,
                that if the Mortgage Loans and related property are not purchased
                pursuant
                to Section 7.01(b) on the Initial Optional Termination Date, then
                with
                respect to each subsequent Distribution Date the per annum rate calculated
                pursuant to clause (i) above with respect to the Class M1 Certificates
                will be LIBOR plus 0.615%.

            

    

     

    
      	
              (17)

            	
              The
                Certificate Interest Rate with respect to any Distribution Date (and
                the
                related Accrual Period) for the Class M2 Certificates is the per
                annum
                rate equal to the lesser of (i) LIBOR plus 0.430% (the “M2 Margin”) and
                (ii) the Subordinate Net Funds Cap for such Distribution Date; provided,
                that if the Mortgage Loans and related property are not purchased
                pursuant
                to Section 7.01(b) on the Initial Optional Termination Date, then
                with
                respect to each subsequent Distribution Date the per annum rate calculated
                pursuant to clause (i) above with respect to the Class M2 Certificates
                will be LIBOR plus 0.645%.

            

    

     

    
      
        
        

      

      
        -7-

        
          

        

      

      
        
        

      

    

    
      	
              (18)

            	
              The
                Certificate Interest Rate with respect to any Distribution Date (and
                the
                related Accrual Period) for the Class M3 Certificates is the per
                annum
                rate equal to the lesser of (i) LIBOR plus 0.480% (the “M3 Margin”) and
                (ii) the Subordinate Net Funds Cap for such Distribution Date; provided,
                that if the Mortgage Loans and related property are not purchased
                pursuant
                to Section 7.01(b) on the Initial Optional Termination Date, then
                with
                respect to each subsequent Distribution Date the per annum rate calculated
                pursuant to clause (i) above with respect to the Class M3 Certificates
                will be LIBOR plus 0.720%.

            

    

     

    
      	
              (19)

            	
              The
                Certificate Interest Rate with respect to any Distribution Date (and
                the
                related Accrual Period) for the Class M4 Certificates is the per
                annum
                rate equal to the lesser of (i) LIBOR plus 0.540% (the “M4 Margin”) and
                (ii) the Subordinate Net Funds Cap for such Distribution Date; provided,
                that if the Mortgage Loans and related property are not purchased
                pursuant
                to Section 7.01(b) on the Initial Optional Termination Date, then
                with
                respect to each subsequent Distribution Date the per annum rate calculated
                pursuant to clause (i) above with respect to the Class M4 Certificates
                will be LIBOR plus 0.810%.

            

    

     

    
      	
              (20)

            	
              The
                Certificate Interest Rate with respect to any Distribution Date (and
                the
                related Accrual Period) for the Class M5 Certificates is the per
                annum
                rate equal to the lesser of (i) LIBOR plus 0.650% (the “M5 Margin”) and
                (ii) the Subordinate Net Funds Cap for such Distribution Date; provided,
                that if the Mortgage Loans and related property are not purchased
                pursuant
                to Section 7.01(b) on the Initial Optional Termination Date, then
                with
                respect to each subsequent Distribution Date the per annum rate calculated
                pursuant to clause (i) above with respect to the Class M5 Certificates
                will be LIBOR plus 0.975%.

            

    

     

    
      	
              (21)

            	
              The
                Certificate Interest Rate with respect to any Distribution Date (and
                the
                related Accrual Period) for the Class M6 Certificates is the per
                annum
                rate equal to the lesser of (i) LIBOR plus 1.250% (the “M6 Margin”) and
                (ii) the Subordinate Net Funds Cap for such Distribution Date; provided,
                that if the Mortgage Loans and related property are not purchased
                pursuant
                to Section 7.01(b) on the Initial Optional Termination Date, then
                with
                respect to each subsequent Distribution Date the per annum rate calculated
                pursuant to clause (i) above with respect to the Class M6 Certificates
                will be LIBOR plus 1.875%.

            

    

     

    
      	
              (22)

            	
              The
                Certificate Interest Rate with respect to any Distribution Date (and
                the
                related Accrual Period) for the Class M7 Certificates is the per
                annum
                rate equal to the lesser of (i) LIBOR plus 1.600% (the “M7 Margin”) and
                (ii) the Subordinate Net Funds Cap for such Distribution Date; provided,
                that if the Mortgage Loans and related property are not purchased
                pursuant
                to Section 7.01(b) on the Initial Optional Termination Date, then
                with
                respect to each subsequent Distribution Date the per annum rate calculated
                pursuant to clause (i) above with respect to the Class M7 Certificates
                will be LIBOR plus 2.400%.

            

    

     

    
      	
              (23)

            	
              The
                Certificate Interest Rate with respect to any Distribution Date (and
                the
                related Accrual Period) for the Class M8 Certificates is the per
                annum
                rate equal to the lesser of (i) LIBOR plus 1.750% (the “M8 Margin”) and
                (ii) the Subordinate Net Funds Cap for such Distribution Date; provided,
                that if the Mortgage Loans and related property are not purchased
                pursuant
                to Section 7.01(b) on the Initial Optional Termination Date, then
                with
                respect to each subsequent Distribution Date the per annum rate calculated
                pursuant to clause (i) above with respect to the Class M8 Certificates
                will be LIBOR plus 2.625%.

            

    

     

    
      	
              (24)

            	
              The
                Certificate Interest Rate with respect to any Distribution Date (and
                the
                related Accrual Period) for the Class M9 Certificates is the per
                annum
                rate equal to the lesser of (i) LIBOR plus 1.750% (the “M9 Margin”) and
                (ii) the Subordinate Net Funds Cap for such Distribution Date; provided,
                that if the Mortgage Loans and related property are not purchased
                pursuant
                to Section 7.01(b) on the Initial Optional Termination Date, then
                with
                respect to each subsequent Distribution Date the per annum rate calculated
                pursuant to clause (i) above with respect to the Class M9 Certificates
                will be LIBOR plus 2.625%.

            

    

     

    
      	
              (25)

            	
              The
                Certificate Interest Rate with respect to any Distribution Date (and
                the
                related Accrual Period) for the Class M10 Certificates is the per
                annum
                rate equal to the lesser of (i) LIBOR plus 1.750% (the “M10 Margin”) and
                (ii) the Subordinate Net Funds Cap for such Distribution Date; provided,
                that if the Mortgage Loans and related property are not purchased
                pursuant
                to Section 7.01(b) on the Initial Optional Termination Date, then
                with
                respect to each subsequent Distribution Date the per annum rate calculated
                pursuant to clause (i) above with respect to the Class M10 Certificates
                will be LIBOR plus 2.625%.

            

    

     

    
      	
              (26)

            	
              The
                Class X Certificate shall have an initial principal balance of
                $5,864,773.88. For each Distribution Date, the Class X Certificate
                shall
                be entitled to the Class X Current Interest. Unpaid interest on the
                Class
                X Certificates shall not itself bear
                interest.

            

    

     

    
      
        
        

      

      
        -8-

        
          

        

      

      
        
        

      

    

    
      	
              (27)

            	
              The
                Class X Certificates, Class P Certificates and Class C Certificates
                will
                each be issued in minimum Percentage Interests of 10% and increments
                of 1%
                thereafter. The Class R Certificate will be issued as a single Certificate
                evidencing the entire Percentage Interest in such
                Class.

            

    

     

    
      	
              (28)

            	
              The
                Class P Certificates will be entitled to receive Prepayment Premiums
                paid
                by borrowers upon voluntary full or partial prepayment of the Mortgage
                Loans.

            

    

     

    
      	
              (29)

            	
              The
                Class C Certificates will be issued without a Certificate Principal
                Amount
                and will not bear interest at a stated rate. The Class C Certificates
                shall be entitled to receive all reinvestment income on amounts on
                deposit
                in the Class X Account and amounts on deposit in the Class X Account
                on
                the Distribution Date as described herein as provided in Section
                5.02(e).

            

    

     

    
      	
              (30)

            	
              The
                Class R Certificate will be issued without a Certificate Principal
                Amount
                and will not bear interest at a stated rate. The Class R Certificate
                represents ownership of the residual interest in REMIC 2, as well
                as
                ownership of the Class LT1-R
                Interest.

            

    

     

    As
      of the
      Cut-off Date, the Mortgage Loans had an aggregate Scheduled Principal Balance
      of
      $1,183,611,773.88.

     

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

    
      
        
        

      

      
        -9-

        
          

        

      

      
        
        

      

    

    ARTICLE
      I.

     

    DEFINITIONS

     

    Section
      1.01. Definitions

     

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

     

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

     

    1-A1A
      Margin:
      As
      defined in footnote (1) of the Preliminary Statement under the caption “The
      Certificates”.

     

    1-A1BU
      Margin:
      As
      defined in footnote (2) of the Preliminary Statement under the caption “The
      Certificates”.

     

    1-A1B
      Margin:
      As
      defined in footnote (3) of the Preliminary Statement under the caption “The
      Certificates”.

     

    1-A2A1
      Margin:
      As
      defined in footnote (4) of the Preliminary Statement under the caption “The
      Certificates”.

     

    1-A2A2U
      Margin:
      As
      defined in footnote (5) of the Preliminary Statement under the caption “The
      Certificates”.

     

    1-A2A2
      Margin:
      As
      defined in footnote (6) of the Preliminary Statement under the caption “The
      Certificates”.

     

    1-A3A1
      Margin:
      As
      defined in footnote (7) of the Preliminary Statement under the caption “The
      Certificates”.

     

    1-A3A2U
      Margin:
      As
      defined in footnote (8) of the Preliminary Statement under the caption “The
      Certificates”.

     

    1-A3A2
      Margin:
      As
      defined in footnote (9) of the Preliminary Statement under the caption “The
      Certificates”.

     

    1-A3BU
      Margin:
      As
      defined in footnote (10) of the Preliminary Statement under the caption “The
      Certificates”.

     

    1-A3B
      Margin:
      As
      defined in footnote (11) of the Preliminary Statement under the caption “The
      Certificates”.

     

    2-A1U
      Margin:
      As
      defined in footnote (12) of the Preliminary Statement under the caption “The
      Certificates”.

     

    2-A1
      Margin:
      As
      defined in footnote (13) of the Preliminary Statement under the caption “The
      Certificates”.

     

    
      
        
        

      

      
        -10-

        
          

        

      

      
        
        

      

    

    2-A2U
      Margin:
      As
      defined in footnote (14) of the Preliminary Statement under the caption “The
      Certificates”.

     

    2-A2
      Margin:
      As
      defined in footnote (15) of the Preliminary Statement under the caption “The
      Certificates”.

     

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

     

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

     

    Accrual
      Period:
      For the
      LIBOR Certificates, the Grantor Trust Certificates and their Related REMIC
      2
      Interests and the REMIC 1 Interests for each Distribution Date, the period
      beginning on the immediately preceding Distribution Date (or on November 25,
      2006, in the case of the first Distribution Date) and ending on the day
      immediately preceding the related Distribution Date. The LIBOR Certificates,
      the
      Grantor Trust Certificates and their Related REMIC 2 Interests and the REMIC
      1
      Interests shall accrue interest on the basis of a 360-day year and the actual
      number of days in each Accrual Period.

     

    Act:
      As
      defined in Section 3.03(c).

     

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

     

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

     

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

     

    Additional
      Termination Event:
      Not
      applicable.

     

    Advance:
      An
      advance of the aggregate of payments of principal and interest (net of the
      General Servicing Fee) on one or more Mortgage Loans that were due on the Due
      Date in the related Collection Period and not received as of the close of
      business on the related Determination Date, required to be made by the
Master
      Servicer (or by the Trustee as successor master servicer)
      pursuant
      to Section 5.04.

     

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

     

    
      
        
        

      

      
        -11-

        
          

        

      

      
        
        

      

    

    Affected
      Party:
      Not
      applicable.

     

    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
      Loan Balance:
      As of
      any Distribution Date, the total Scheduled Principal Balance of the Mortgage
      Loans included in Pool 1 and Pool 2 for that Distribution Date.

     

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

     

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

     

    Applied
      Loss Amount:
      With
      respect to any Distribution Date, the amount, if any, by which (x) the aggregate
      Certificate Principal Amount of the LIBOR Certificates after giving effect
      to
      all Realized Losses incurred with respect to the Mortgage Loans during the
      related Collection Period and distributions of principal on such Distribution
      Date, but before giving effect to any application of the Applied Loss Amount
      with respect to such date, exceeds (y) the Aggregate Loan Balance for such
      Distribution Date.

     

    Apportioned
      Principal Balance:
      For any
      Class of Subordinate Certificates for any Distribution Date, the Class Principal
      Amount of that Class immediately prior to that Distribution Date multiplied
      by a
      fraction, the numerator of which is the applicable Pool Subordinate Amount
      for
      that date and the denominator of which is the sum of the Pool Subordinate
      Amounts for each Mortgage Pool for that date.

     

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

     

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

     

    Aurora:
      Aurora
      Loan Services LLC or its successors in interest.

     

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

     

    Authorized
      Officer:
      Not
      applicable.

     

    
      
        
        

      

      
        -12-

        
          

        

      

      
        
        

      

    

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

     

    Balloon
      Mortgage Loan:
      Not
      applicable.

     

    Balloon
      Payment:
      Not
      applicable.

     

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

     

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

     

    Basis
      Risk Payment:
      With
      respect to any Distribution Date, an amount equal to the sum of (i) any Basis
      Risk Shortfall for such Distribution Date and (ii) any Unpaid Basis Risk
      Shortfall for such Distribution Date. The amount of the Basis Risk Payment
      for
      any Distribution Date, however, cannot exceed the amount of Monthly Excess
      Cashflow that would be distributable to the Class X Certificate pursuant to
      Section 5.02(d) hereof on such Distribution Date (as determined under the
      definition of “Class X Distributable Amount” without regard to the Basis Risk
      Payment for such Distribution Date).

     

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

     

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

     

    Benefit
      Plan Opinion:
      Not
      applicable.

     

    Book-Entry
      Certificates:
      Beneficial interests in Certificates designated as “Book-Entry Certificates” in
      this Agreement, ownership and transfers of which shall be evidenced or made
      through book entries by a Clearing Agency as described in Section 3.09;
      provided, that after the occurrence of a condition whereupon book-entry
      registration and transfer are no longer permitted and Definitive Certificates
      are to be issued to Certificate Owners, such Book-Entry Certificates shall
      no
      longer be “Book-Entry Certificates.” As of the Closing Date, the Offered
      Certificates and the Class M10 Certificates constitute Book-Entry
      Certificates.

     

    Bulk
      PMI Policy:
      Not
      applicable.

     

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

     

    
      
        
        

      

      
        -13-

        
          

        

      

      
        
        

      

    

    Cap
      Agreement:
      Not
      applicable.

     

    Cap
      Agreement Account:
      Not
      applicable.

     

    Cap
      Deferred Interest Amount:
      As of
      any Distribution Date and with respect to each Class of Grantor Trust
      Certificates, the amount, if any, of Deferred Interest allocated to the related
      Underlying Interest, as applicable, to the extent covered by a previous payment
      made by the Cap Provider and not previously paid to the Cap
      Provider.

     

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

     

    Cap
      Provider:
      Lehman
      Brothers Special Financing Inc.

     

    Cap
      Termination Payment:
      Upon an
      optional termination pursuant to Section 7.01(b), any payment required to be
      made to the Cap Provider or by the Cap Provider to the Trustee pursuant to
      the
      terms of the applicable Deferred Interest Cap Agreement, and any unpaid amounts
      due on previous Cap Payment Dates and accrued interest thereon as provided
      in
      the applicable Deferred Interest Cap Agreement, as calculated by the Cap
      Provider and furnished to the Trustee.

     

    Capitalized
      Interest Account:
      Not
      applicable.

     

    Capitalized
      Interest Amount:
      Not
      applicable.

     

    Carryforward
      Interest:
      With
      respect to any Distribution Date and any Class of LIBOR Certificates or Grantor
      Trust Certificates, the sum of (i) the amount, if any, by which (x) the sum
      of
      (A) Current Interest for such Class for the immediately preceding Distribution
      Date and (B) any unpaid Carryforward Interest for such Class from previous
      Distribution Dates exceeds (y) the amount distributed in respect of interest
      on
      such Class on such immediately preceding Distribution Date, and (ii) interest
      on
      such amount for the related Accrual Period at the applicable Certificate
      Interest Rate. Carryforward Interest shall not include amounts attributable
      to
      an allocation of Deferred Interest.

     

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

     

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

     

    Certificate
      Group:
      Not
      applicable.

     

    
      
        
        

      

      
        -14-

        
          

        

      

      
        
        

      

    

    Certificate
      Insurance Policy:
      The
      financial guaranty insurance policy dated the Closing Date issued by the
      Certificate Insurer to the Trustee for the benefit of the Holders of the
      Guaranteed Certificates, a form of which is attached as Exhibit O
      hereto.

     

    Certificate
      Insurance Premium:
      With
      respect to any Distribution Date, an amount equal to 1/12th of the product
      of
      (a) the Class Principal Amount of the Class 1-A3B Certificates as of such
      Distribution Date (prior to giving effect to any distributions thereon on such
      Distribution Date) and (b) the Premium Percentage. 

     

    Certificate
      Insurer:
      Financial Security Assurance Inc., or any successor thereto.

     

    Certificate
      Insurer Default:
      The
      occurrence and continuance of any of the following events:

     

    (a) the
      Certificate Insurer shall have failed to make a payment required to be made
      under the Certificate Insurance Policy in accordance with its
      terms;

     

    (b) the
      Certificate Insurer shall have (i) filed a petition or commenced a case or
      proceeding under any provision or chapter of the Bankruptcy Code or any other
      similar federal or state law relating to insolvency, bankruptcy, rehabilitation,
      liquidation or reorganization, (ii) made a general assignment for the benefit
      of
      its creditors, or (iii) had an order for relief entered against it under the
      Bankruptcy Code or any other similar federal or state law relating to
      insolvency, bankruptcy, rehabilitation, liquidation or reorganization that
      is
      final and nonappealable; or

     

    (c) a
      court
      of competent jurisdiction, the Office of the Commissioner of Insurance of the
      State of New York or other competent regulatory authority shall have entered
      a
      final and nonappealable order, judgment or decree (i) appointing a custodian,
      trustee, agent or receiver for the Certificate Insurer or for all or any
      material portion of its property or (ii) authorizing the taking of possession
      by
      a custodian, trustee, agent or receiver of the Certificate Insurer (or the
      taking of possession of all or any material portion of the property of the
      Certificate Insurer).

     

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

     

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

     

    Certificate
      Principal Amount:
      With
      respect to any Certificate (other than the Class C, Class P, Class X and Class
      R
      Certificates) and any Distribution Date, the initial Certificate Principal
      Amount thereof on the Closing Date, less the amount of all principal
      distributions previously distributed with respect to such Certificate prior
      to
      such Distribution Date and as reduced by any Applied Loss Amount, previously
      allocated thereto, plus, in the case of any Negative Amortization Certificate,
      any Deferred Interest allocated thereto on previous Distribution Dates;
      provided, however, that on each Distribution Date on which a Subsequent Recovery
      is distributed, the Certificate Principal Amount of any Certificate that has
      been reduced by application of an Applied Loss Amount will be increased, in
      order of seniority, by an amount (to be applied pro rata to all Certificates
      of
      such Class) equal to the lesser of (1) any Deferred Amount for each such Class
      immediately prior to such date and (2) the total amount of any Subsequent
      Recovery distributed on such date to Certificateholders, after application
      (for
      this purpose) to more senior Classes of such Certificates; provided, further,
      that to the extent that any Applied Loss Amount was reimbursed under the
      Certificate Insurance Policy, any Subsequent Recovery otherwise payable on
      the
      Guaranteed Certificates shall instead be payable to the Certificate Insurer.
      The
      Class C, Class P, Class X and Class R Certificates are issued without
      Certificate Principal Amounts.

     

    
      
        
        

      

      
        -15-

        
          

        

      

      
        
        

      

    

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

     

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

     

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

     

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

     

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

     

    Class
      1-A1B Grantor Trust:
      The
      Grantor Trust formed pursuant to this Agreement, the assets of which consist
      of
      (i) the Class 1-A1B Underlying Interest, (ii) the related Deferred Interest
      Cap
      Agreement and Deferred Interest Cap Account and (iii) the related Grantor Trust
      Certificate Account.

     

    Class
      1-A1B Underlying Interest.
      The
      Underlying Interest related to the Class 1-A1B Certificates.

     

    Class
      1-A2A2 Grantor Trust:
      The
      Grantor Trust formed pursuant to this Agreement, the assets of which consist
      of
      (i) the Class 1-A2A2 Underlying Interest, (ii) the related Deferred Interest
      Cap
      Agreement and Deferred Interest Cap Account and (iii) the related Grantor Trust
      Certificate Account.

     

    Class
      1-A2A2 Underlying Interest.
      The
      Underlying Interest related to the Class 1-A2A2 Certificates.

     

    Class
      1-A3A2 Grantor Trust:
      The
      Grantor Trust formed pursuant to this Agreement, the assets of which consist
      of
      (i) the Class 1-A3A2 Underlying Interest, (ii) the related Deferred Interest
      Cap
      Agreement and Deferred Interest Cap Account and (iii) the related Grantor Trust
      Certificate Account.

     

    Class
      1-A3A2 Underlying Interest.
      The
      Underlying Interest related to the Class 1-A3A2 Certificates.

     

    Class
      1-A3B Grantor Trust:
      The
      Grantor Trust formed pursuant to this Agreement, the assets of which consist
      of
      (i) the Class 1-A3B Underlying Interest, (ii) the related Deferred Interest
      Cap
      Agreement and Deferred Interest Cap Account and (iii) the related Grantor Trust
      Certificate Account.

     

    
      
        
        

      

      
        -16-

        
          

        

      

      
        
        

      

    

    Class
      1-A3B Underlying Interest.
      The
      Underlying Interest related to the Class 1-A3B Certificates.

     

    Class
      2-A1 Grantor Trust:
      The
      Grantor Trust formed pursuant to this Agreement, the assets of which consist
      of
      (i) the Class 2-A1 Underlying Interest, (ii) the related Deferred Interest
      Cap
      Agreement and Deferred Interest Cap Account and (iii) the related Grantor Trust
      Certificate Account.

     

    Class
      2-A1 Underlying Interest.
      The
      Underlying Interest related to the Class 2-A1 Certificates.

     

    Class
      2-A2 Grantor Trust:
      The
      Grantor Trust formed pursuant to this Agreement, the assets of which consist
      of
      (i) the Class 2-A2 Underlying Interest, (ii) the related Deferred Interest
      Cap
      Agreement and Deferred Interest Cap Account and (iii) the related Grantor Trust
      Certificate Account.

     

    Class
      2-A2 Underlying Interest.
      The
      Underlying Interest related to the Class 2-A2 Certificates.

     

    Class
      C Distributable Amount:
      For
      each Distribution Date on and prior to the Distribution Date occurring on the
      Class X Account Termination Date, an amount equal to the lesser of (a) aggregate
      investment earnings on the Class X Account for the related Collection Period
      and
      (b) the amount on deposit in the Class X Account on such Distribution Date,
      after taking into account any payments made from the Class X Account on such
      Distribution Date to the Class X Certificates. On the Distribution Date
      occurring on the Class X Account Termination Date, an amount equal to the entire
      amount remaining on deposit in the Class X Account after making the payments
      set
      forth in the preceding sentence.

     

    Class
      C Mortgage Loan:
      Any
      Mortgage Loan which has become a Liquidated Mortgage Loan on or prior to the
      Collection Period ending on March 1, 2009.

     

    Class
      CX Excess Cap Amount:
      Not
      applicable.

     

    Class
      I Shortfalls:
      Not
      applicable.

     

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

     

    Class
      Notional Amount:
      Not
      applicable.

     

    Class
      P Interest:
      Not
      applicable.

     

    Class
      P Principal Amount:
      Not
      applicable.

     

    
      
        
        

      

      
        -17-

        
          

        

      

      
        
        

      

    

    Class
      Principal Amount:
      With
      respect to each Class of Certificates other than the Class C, Class P, Class
      R
      and Class X Certificates, the aggregate of the Certificate Principal Amounts
      (or
      related Percentage Interest therein aggregating to 100%) of all Certificates
      of
      such Class at the date of determination. With respect to the Class C, Class
      P,
      Class R and Class X Certificates, zero.

     

    Class
      R Certificate:
      The
      Class R Certificate executed by the Trustee, and authenticated and delivered
      by
      the Certificate Registrar, substantially in the form annexed hereto as Exhibit
      A
      and evidencing the ownership of the residual interest in each REMIC created
      hereunder.

     

    Class
      X Account:
      An
      account established as part of the Trust Fund pursuant to Section 5.12 of this
      Agreement but which is not an asset of any of the REMICs for the benefit of
      the
      Class X and Class C Certificates.

     

    Class
      X Account Termination Date:
      The
      Distribution Date in March 2009.

     

    Class
      X Current Interest: For
      any
      Distribution Date, the interest accrued during the related Accrual Period on
      the
      Class X Notional Balance at the Class X Interest Rate.

     

    Class
      X Distributable Amount:
      On any
      Distribution Date, the excess of (i) the sum of (x) $5,864,773.88 and (y) the
      aggregate Class X Current Interest for such Distribution Date and all prior
      Distribution Dates over (ii) the sum of (x) the aggregate Basis Risk Payment
      for
      such Distribution Date and all prior Distribution Dates and (y) all prior
      distributions to the Class X Certificate under Section 5.02(d)(v)
      hereof.

     

    Class
      X Interest Rate:
      For any
      Distribution Date, the excess of (i) the weighted average of the interest rates
      on the REMIC 1 Regular Interests over (ii) two times the weighted average of
      the
      interest rates on the REMIC 1-I Marker Classes and the Class LT1-XI Interest
      (treating for purposes of this clause (ii) the interest rate on each of the
      REMIC 1-I Marker Classes as being subject to a cap and a floor equal to the
      interest rate of the Corresponding Classes of Certificates (as adjusted, if
      necessary, to reflect accruals on the basis of the actual number of days in
      the
      Accrual Period for the LIBOR Certificates) and treating the interest rate on
      the
      Class LT1-XI Interest as capped at zero). The average described in the preceding
      sentence shall be weighted on the basis of the respective principal balances
      of
      the REMIC 1 Regular Interests immediately prior to such Distribution
      Date.

     

    Class
      X Notional Balance:
      With
      respect to any Distribution Date (and the related Accrual Period), the aggregate
      principal balance of the REMIC 1 Regular Interests immediately prior to such
      Distribution Date.

     

    Class
      XI Current Interest: Not
      applicable.

     

    Class
      XI Distributable Amount:
      Not
      applicable.

     

    Class
      XI Interest Rate:
      Not
      applicable.

     

    Class
      XI Notional Balance:
      Not
      applicable.

     

    
      
        
        

      

      
        -18-

        
          

        

      

      
        
        

      

    

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

     

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

     

    Clearstream:
      Clearstream Banking Luxembourg, and any successor thereto.

     

    Closing
      Date:
      November 30, 2006.

     

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

     

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

     

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

     

    Commission:
      The
      Securities and Exchange Commission.

     

    Compensating
      Interest Payment:
      With
      respect to any Distribution Date and prepayments in full or in part, an amount
      equal the aggregate amount of any Prepayment Interest Shortfalls required to
      be
      paid by the Master Servicer with respect to such Distribution Date. The
      Servicers shall not be responsible for making any Compensating Interest
      Payment.

     

    Component:
      Not
      applicable.

     

    Component
      Interest Rate:
      Not
      applicable.

     

    Component
      Principal Amount:
      Not
      applicable.

     

    Conventional
      Loan:
      Not
      applicable.

     

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

     

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

     

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

     

    
      
        
        

      

      
        -19-

        
          

        

      

      
        
        

      

    

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

     

    Cooperative
      Shares:
      Shares
      issued by a Cooperative Corporation.

     

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

     

    Corporate
      Trust Office:
      The
      principal corporate trust office of the Trustee is located at U.S. Bank National
      Association, One Federal Street, 3rd
      Floor,
      Boston, M.A. 02110, Attention: GPMF 2006-AR7.

     

    Corresponding
      Class:
      For any
      REMIC 1 Interest, the Class of Certificates listed opposite such REMIC 1
      Interest in the table entitled “REMIC 1” in the Preliminary Statement
      hereto.

     

    Credit
      Score:
      Not
      applicable.

     

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

     

    
      	
              Distribution
                Date

            	
              Loss
                Percentage

            
	 	 
	
              December
                2009 through November 2010

            	
              0.55%
                for the first month plus
                an
                additional 1/12th of 0.45% for each month thereafter.

            
	 	 
	
              December
                2010 through November 2011

            	
              1.00%
                for the first month plus
                an
                additional 1/12th of 0.45% for each month thereafter.

            
	 	 
	
              December
                2011 through November 2012

            	
              1.45%
                for the first month plus
                an
                additional 1/12th of 0.55% for each month thereafter.

            
	 	 
	
              December
                2012 through November 2013

            	
              2.00%
                for the first month plus
                an
                additional 1/12th of 0.20% for each month thereafter.

            
	 	 
	
              December
                2013 and thereafter

            	
              2.20%

            
	 	 

    

     

    
      
        
        

      

      
        -20-

        
          

        

      

      
        
        

      

    

     

    Current
      Interest:
      With
      respect to any Class of LIBOR Certificates or Grantor Trust Certificates and
      any
      Distribution Date, the aggregate amount of interest accrued at the applicable
      Certificate Interest Rate during the related Accrual Period on the Class
      Principal Amount of such Class immediately prior to such Distribution Date
      minus
      the Deferred Interest, if any, allocated to that Class for that Distribution
      Date in accordance with Section 5.02.

     

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

     

    Custodial
      Agreement:
      The
      custodial agreement attached as Exhibit K hereto, and any custodial agreement
      subsequently executed by the Trustee and acknowledged by the Master Servicer
      substantially in the form thereof.

     

    Custodian:
      Any
      custodian appointed by the Trustee pursuant to a Custodial Agreement, and any
      successor thereto. The initial Custodian is U.S. Bank National
      Association.

     

    Cut-off
      Date:
      With
      respect to all Mortgage Loans, November 1, 2006.

     

    Cut-off
      Date Balance:
      With
      respect to the Mortgage Loans in a Mortgage Pool on the Closing Date, the Pool
      Balance as of the Cut-off Date.

     

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

     

    Defaulting
      Party:
      Not
      applicable.

     

    Deferred
      Amount:
      For
      each Distribution Date and for each Class of LIBOR Certificates, the sum of
      (A)
      the amount by which (x) the aggregate of Applied Loss Amounts previously applied
      in reduction of the Class Principal Amount thereof exceeds (y) the sum of (1)
      the aggregate of amounts previously distributed in reimbursement thereof and
      (2)
      the amount by which the Class Principal Amount of such Class has been increased
      due to any Subsequent Recovery and (B) for the Senior Certificates only,
      interest accrued on the related amount calculated under clause (A); provided,
      however, that any Applied Loss Amount allocated to the Class 1-A3B Certificates
      will not be considered a Deferred Amount to the extent such amounts are paid
      by
      the Certificate Insurer as part of a Guaranteed Distribution.

     

    Deferred
      Interest:
      Any
      interest shortfall resulting from Net Negative Amortization.

     

    Deferred
      Interest Cap Account:
      Each of
      the separate Eligible Accounts created and initially maintained by the Trustee
      entitled: “Class 1-A1B Deferred Interest Cap Account, U.S. Bank National
      Association, as Trustee, in trust for the benefit of the Holders of GreenPoint
      Mortgage Funding Trust Mortgage Pass-Through Certificates, Series 2006-AR7,”
“Class 1-A2A2 Deferred Interest Cap Account, U.S. Bank National Association,
      as
      Trustee, in trust for the benefit of the Holders of GreenPoint Mortgage Funding
      Trust Mortgage Pass-Through Certificates, Series 2006-AR7,” “Class 1-A3A2
      Deferred Interest Cap Account, U.S. Bank National Association, as Trustee,
      in
      trust for the benefit of the Holders of GreenPoint Mortgage Funding Trust
      Mortgage Pass-Through Certificates, Series 2006-AR7,” “Class 1-A3B Deferred
      Interest Cap Account, U.S. Bank National Association, as Trustee, in trust
      for
      the benefit of the Holders of GreenPoint Mortgage Funding Trust Mortgage
      Pass-Through Certificates, Series 2006-AR7,” “Class 2-A1 Deferred Interest Cap
      Account, U.S. Bank National Association, as Trustee, in trust for the benefit
      of
      the Holders of GreenPoint Mortgage Funding Trust Mortgage Pass-Through
      Certificates, Series 2006-AR7” and “Class 2-A2 Deferred Interest Cap Account,
      U.S. Bank National Association, as Trustee, in trust for the benefit of the
      Holders of GreenPoint Mortgage Funding Trust Mortgage Pass-Through Certificates,
      Series 2006-AR7.”

     

    
      
        
        

      

      
        -21-

        
          

        

      

      
        
        

      

    

    Deferred
      Interest Cap Agreement:
      With
      respect to the Class 1-A1B, Class 1-A2A2, Class 1-A3A2, Class 1-A3B, Class
      2-A1
      and Class 2-A2 Certificates, each transaction evidenced by the related
      confirmation between the Trustee and the Cap Provider, forms of which are
      attached as Exhibit P.

     

    Deficient
      Valuation:
      With
      respect to any Mortgage Loan, a valuation by a court of competent jurisdiction
      of the Mortgaged Property in an amount less than the then outstanding
      indebtedness under such Mortgage Loan, which valuation results from a proceeding
      under Bankruptcy law or any similar proceeding.

     

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

     

    Deleted
      Loan REMIC:
      Not
      applicable.

     

    Deleted
      Loan REMIC Interest:
      Not
      applicable.

     

    Deleted
      Loan REMIC Regular Interest:
      Not
      applicable.

     

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

     

    Delinquency
      Event:
      With
      respect to any Distribution Date, a “Delinquency Event” shall occur if the
      Rolling Three Month Delinquency Rate as of the last day of the immediately
      preceding month equals or exceeds, for Distribution Dates prior to December
      2012, 24.15%, and, for Distribution Dates during or after December 2012, 30.15%
      of the Senior Enhancement Percentage for such Distribution Date.

     

    Delinquency
      Rate:
      With
      respect to any calendar month, the fraction, expressed as a percentage, the
      numerator of which is the aggregate outstanding principal balance of all
      Mortgage Loans that are 60 or more days Delinquent (including all foreclosures,
      bankruptcies and REO Properties, without duplication, as of the close of
      business on the last day of such month), and the denominator of which is the
      Aggregate Loan Balance as of the close of business on the last day of such
      month.

     

    
      
        
        

      

      
        -22-

        
          

        

      

      
        
        

      

    

    Delinquent:
      For
      reporting purposes, a Mortgage Loan is “delinquent” when any payment
      contractually due thereon has not been made by the close of business on the
      Due
      Date therefor. Such Mortgage Loan is “30 days Delinquent” if such payment has
      not been received by the close of business on the corresponding day of the
      month
      immediately succeeding the month in which such payment was first due, or, if
      there is no such corresponding day (e.g., as when a 30-day month follows a
      31-day month in which a payment was due on the 31st day of such month), then
      on
      the last day of such immediately succeeding month. Similarly for “60 days
      Delinquent” and the second immediately succeeding month and “90 days Delinquent”
and the third immediately succeeding month.

     

    Deposit
      Date:
      With
      respect to each Distribution Date, the Business Day immediately preceding such
      Distribution Date.

     

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

     

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

     

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

     

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

     

    Distribution
      Date:
      The
      25th day of each month or, if such 25th day is not a Business Day, the next
      succeeding Business Day, commencing in December 2006.

     

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

     

    Due
      for Payment:
      Not
      applicable.

     

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

     

    
      
        
        

      

      
        -23-

        
          

        

      

      
        
        

      

    

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

     

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

     

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

     

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

     

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

     

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

     

    
      
        
        

      

      
        -24-

        
          

        

      

      
        
        

      

    

    (vi) a
      Qualified GIC;

     

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

     

    (viii) any
      other
      demand, money market, common trust fund or time deposit or obligation, or
      interest bearing or other security or investment (including those managed or
      advised by the Trustee or any Affiliate thereof), (A) rated in the highest
      rating category by each Rating Agency or (B) that would not adversely affect
      the
      then current rating assigned by each Rating Agency of any of the Certificates
      (in the case of the Guaranteed Certificates, determined without regard to the
      Certificate Insurance Policy) or the NIM Securities and has a short-term rating
      of at least “A-1” or its equivalent by each Rating Agency. Such investments in
      this subsection (viii) may include money market mutual funds or common trust
      funds, including any fund for which U.S. Bank National Association, in its
      capacity other than as Trustee, the Master Servicer or an affiliate thereof
      serves as an investment advisor, administrator, shareholder, servicing agent,
      and/or custodian or subcustodian, notwithstanding that (x) U.S. Bank National
      Association, the Trustee, the Master Servicer or any affiliate thereof charges
      and collects fees and expenses from such funds for services rendered, (y) U.S.
      Bank National Association, the Trustee, the Master Servicer, or any affiliate
      thereof charges and collects fees and expenses for services rendered pursuant
      to
      this Agreement, and (z) services performed for such funds and pursuant to this
      Agreement may converge at any time. U.S. Bank National Association or an
      affiliate thereof is hereby authorized to charge and collect from the Trust
      Fund
      such fees as are collected from all investors in such funds for services
      rendered to such funds (but not to exceed investment earnings thereon);
      provided, however, that no such instrument shall be an Eligible Investment
      if
      such instrument evidences either (i) a right to receive only interest payments
      with respect to the obligations underlying such instrument, or (ii) both
      principal and interest payments derived from obligations underlying such
      instrument and the principal and interest payments with respect to such
      instrument provide a yield to maturity of greater than 120% of the yield to
      maturity at par of such underlying obligations, and provided further that in
      order to be an Eligible Investment any such investment must be a “permitted
      investment” within the meaning of Section 860G(a)(5) of the Code.

     

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

     

    ERISA-Qualifying
      Underwriting:
      A best
      efforts or firm commitment underwriting or private placement that would satisfy
      the requirements of the Underwriter’s Exemption, except, in relevant part, for
      the requirement that the certificates have received a rating at the time of
      acquisition that is in one of the three (or four, in the case of a “designated
      transaction”) highest generic rating categories by at least one of the Rating
      Agencies.

     

    ERISA-Restricted
      Certificate:
      Any
      Class M10, Class C, Class X or Class P Certificate and any other Certificate
      as
      long as the acquisition and holding of such other Certificate is not covered
      by
      and exempt under the Underwriter’s Exemption.

     

    
      
        
        

      

      
        -25-

        
          

        

      

      
        
        

      

    

    Errors
      and Omission Insurance Policy:
      The
      errors or omission insurance policy required to be obtained by the Servicers
      satisfying the requirements of the Servicing Agreements.

     

    Escrow
      Account:
      Any
      account established and maintained by the Servicers pursuant to the Servicing
      Agreements.

     

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

     

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

     

    Excess
      Interest:
      On any
      Distribution Date, for each Class of LIBOR Certificates, the excess, if any,
      of
      (1) the amount of interest such Class of Certificates is entitled to receive
      on
      such Distribution Date over (2) the amount of interest such Class of
      Certificates would have been entitled to receive on such Distribution Date
      at an
      interest rate equal to the applicable REMIC Pass-Through Rate.

     

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

     

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

     

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

     

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

     

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

     

    Final
      Scheduled Distribution Date:
      With
      respect to all Classes of Certificates, the Latest Possible Maturity
      Date.

     

    Financial
      Intermediary:
      Not
      applicable.

     

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

     

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

     

    Funding
      Account:
      Not
      applicable.

     

    Funding
      Amount:
      Not
      applicable.

     

    General
      Servicing Fee:
      With
      respect to any Distribution Date and each Mortgage Loan, an amount equal to
      the
      product of (a) one-twelfth of the General Servicing Fee Rate and (b) the
      outstanding principal balance of such Mortgage Loan as of the first day of
      the
      related Collection Period.

     

    
      
        
        

      

      
        -26-

        
          

        

      

      
        
        

      

    

    General
      Servicing Fee Rate:
      With
      respect to each Mortgage Loan, 0.375% per annum.

     

    Ginnie
      Mae:
      Ginnie
      Mae, f/k/a the Government National Mortgage Association, a wholly owned
      corporate instrumentality of the United States within HUD.

     

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

     

    GMACM:
      GMAC
      Mortgage, LLC or any successors in interest thereto.

     

    Grantor
      Trust:
      Each of
      the “grantor trusts” (within the meaning of the Grantor Trust Provisions)
      described in Section 10.01 or established pursuant to Section 5.02(g)
      herein.

     

    Grantor
      Trust Available Funds:
      For any
      Distribution Date and each of the Grantor Trusts established pursuant to Section
      5.02(g), the sum, without duplication, of:

     

    (i) any
      payments received on the related Class 1-A1B Underlying Interest, Class 1-A2A2
      Underlying Interest, Class 1-A3A2 Underlying Interest, Class 1-A3B Underlying
      Interest, Class 2-A1 Underlying Interest or Class 2-A2 Underlying Interest,
      as
      applicable, on that Distribution Date;

     

    (ii) any
      payments received by the Trustee from the Cap Provider under the related
      Deferred Interest Cap Agreement on the Business Day prior to that Distribution
      Date; and

     

    (iii) all
      other
      assets of the Class 1-A1B Grantor Trust, Class 1-A2A2 Grantor Trust, Class
      1-A3A2 Grantor Trust, Class 1-A3B Grantor Trust, Class 2-A1 Grantor Trust or
      Class 2-A2 Grantor Trust, as applicable, following the payments (solely out
      of
      such other assets) of amounts to reimburse the Trustee for its related
      reimbursable expenses.

     

    Grantor
      Trust Certificates:
      The
      Class 1-A1B, Class 1-A2A2, Class 1-A3A2, Class 1-A3B, Class 2-A1 and Class
      2-A2
      Certificates.

     

    Grantor
      Trust Certificate Account:
      Any of
      the separate Eligible Accounts created and maintained by the Trustee pursuant
      to
      Section 4.04 in the name of the Trustee for the benefit of the Grantor Trust
      Certificates and designated “Class 1-A1B Grantor Trust Certificate Account, U.S.
      Bank National Association, as Trustee, in trust for the benefit of the Holders
      of GreenPoint Mortgage Funding Trust Mortgage Pass-Through Certificates, Series
      2006-AR7,” “Class 1-A2A2 Grantor Trust Certificate Account, U.S. Bank National
      Association, as Trustee, in trust for the benefit of the Holders of GreenPoint
      Mortgage Funding Trust Mortgage Pass-Through Certificates, Series 2006-AR7,”
“Class 1-A3A2 Grantor Trust Certificate Account, U.S. Bank National Association,
      as Trustee, in trust for the benefit of the Holders of GreenPoint Mortgage
      Funding Trust Mortgage Pass-Through Certificates, Series 2006-AR7,” “Class 1-A3B
      Grantor Trust Certificate Account, U.S. Bank National Association, as Trustee,
      in trust for the benefit of the Holders of GreenPoint Mortgage Funding Trust
      Mortgage Pass-Through Certificates, Series 2006-AR7 and Financial Security
      Assurance Inc., as certificate insurer,” “Class 2-A1 Grantor Trust Certificate
      Account, U.S. Bank National Association, as Trustee, in trust for the benefit
      of
      the Holders of GreenPoint Mortgage Funding Trust Mortgage Pass-Through
      Certificates, Series 2006-AR7” and “Class 2-A2 Grantor Trust Certificate
      Account, U.S. Bank National Association, as Trustee, in trust for the benefit
      of
      the Holders of GreenPoint Mortgage Funding Trust Mortgage Pass-Through
      Certificates, Series 2006-AR7.” Funds in the Grantor Trust Certificate Accounts
      shall be held in trust for the applicable Certificateholders and the Certificate
      Insurer, as applicable, for the uses and purposes set forth in this
      Agreement.

     

    
      
        
        

      

      
        -27-

        
          

        

      

      
        
        

      

    

    Grantor
      Trust Provisions:
      Subpart
      E of Subchapter J of the Code, including Treasury regulation section
      301.7701-4(c)(2).

     

    GreenPoint:
      GreenPoint Mortgage Funding, Inc. or its successors in interest.

     

    Group
      I Certificates:
      Not
      applicable.

     

    Group
      I LIBOR Certificates:
      Not
      applicable.

     

    Group
      I Senior Certificates:
      Not
      applicable.

     

    Group
      I Subordinate Certificates:
      Not
      applicable.

     

    Group
      II Certificates:
      Not
      applicable.

     

    Group
      II Senior Certificates:
      Not
      applicable.

     

    Group
      II Subordinate Certificates:
      Not
      applicable.

     

    Group
      II Subordinate Priority:
      Not
      applicable.

     

    Guaranteed
      Certificates:
      The
      Class 1-A3B Certificates.

     

    Guaranteed
      Distribution:
      With
      respect to the Guaranteed Certificates, (i) with respect to any Distribution
      Date, the amount, if any, by which (a) the amount equal to (x) the amount
      available to be distributed to the Guaranteed Certificates as Current Interest
      (assuming the Certificate Principal Amount of the Guaranteed Certificates has
      been increased by any related Cap Deferred Interest Amount) pursuant to the
      priority of payments set forth in this Agreement less (y) the amount described
      in clause (x) that is payable on such Distribution Date to the Cap Provider,
      if
      any, as interest on the Cap Deferred Interest Amount, is less than (b) the
      Current Interest (assuming the Certificate Principal Amount of the Guaranteed
      Certificates has not been increased by any related Cap Deferred Interest Amount)
      due on the Guaranteed Certificates, (ii) with respect to any Distribution Date,
      any Applied Loss Amount allocated to the Guaranteed Certificates pursuant to
      the
      provisions of this Agreement, after giving effect to all other allocations
      and
      distributions on such Distribution Date; provided, that in no event shall the
      aggregate amount payable by the Certificate Insurer under this clause (ii)
      exceed the Certificate Principal Amount of the Guaranteed Certificates (assuming
      the Certificate Principal Amount of such Guaranteed Certificates has not been
      increased by any related Cap Deferred Interest Amount), and (iii) to the extent
      unpaid on the Final Scheduled Distribution Date, after payment of all other
      amounts due to the Guaranteed Certificates on such Distribution Date, any
      remaining Class Principal Amount of the Guaranteed Certificates (assuming the
      Certificate Principal Amount of the Guaranteed Certificates has not been
      increased by any related Cap Deferred Interest Amount), in each case, in
      accordance with the original terms of the Guaranteed Certificates when issued
      and without regard to any amendment or modification of the Guaranteed
      Certificates or this Agreement except amendments or modifications to which
      the
      Certificate Insurer has given its prior written consent.

     

    
      
        
        

      

      
        -28-

        
          

        

      

      
        
        

      

    

    Holder
      or Certificateholder:
      The
      registered owner of any Certificate (other than the Underlying Interests) as
      recorded on the books of the Certificate Registrar except that, solely for
      the
      purposes of taking any action or giving any consent pursuant to this Agreement,
      any Certificate registered in the name of the Depositor, the Trustee, the Master
      Servicer, a Servicer, the Cap Provider or any Affiliate thereof shall be deemed
      not to be outstanding in determining whether the requisite percentage necessary
      to effect any such consent has been obtained, except that, in determining
      whether the Trustee and any NIMS Insurer shall be protected in relying upon
      any
      such consent, only Certificates which a Responsible Officer of the Trustee
      knows
      to be so owned shall be disregarded. The Trustee and any NIMS Insurer may
      request and conclusively rely on certifications by the Depositor, the Master
      Servicer, any Servicer or the Cap Provider, in determining whether any
      Certificates are registered to an Affiliate of the Depositor, the Master
      Servicer, such Servicer or the Cap Provider, respectively.

     

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

     

    Indenture:
      An
      indenture relating to the issuance of notes secured by the Class X Certificates
      (or any portion thereof) which may or may not be guaranteed by a NIMS
      Insurer.

     

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

     

    Initial
      LIBOR Rate:
      5.320%
      per annum.

     

    Initial
      One-Year MTA Rate:
      Not
      applicable.

     

    Initial
      Optional Termination Date:
      The
      Distribution Date occurring in the month following the month in which the
      Aggregate Loan Balance initially declines to less than 10.00% of the Cut-off
      Date Balance.

     

    Insolvency
      Proceeding:
      As
      defined in Section 6.11(f).

     

    Insurance
      Fee Rate:
      Not
      applicable.

     

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

     

    
      
        
        

      

      
        -29-

        
          

        

      

      
        
        

      

    

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

     

    Interest
      Remittance Amount:
      With
      respect to any Distribution Date and either Mortgage Pool, an amount equal
      to
      (a) the sum of (1) all interest collected (other than in connection with
      Payaheads and Prepayment Premiums) or advanced in respect of Scheduled Payments
      on the related Mortgage Loans during the related Collection Period by any
      Servicer, the Master Servicer, or the Trustee (solely acting in its capacity
      as
      successor master servicer), minus (x) the General Servicing Fee with respect
      to
      such Mortgage Loans and (y) previously unreimbursed Advances and other amounts
      due to any Servicer, the Master Servicer or the Trustee (solely acting in its
      capacity as successor master servicer) to the extent allocable to interest
      and
      the allocable portion of previously unreimbursed Servicing Advances with respect
      to the related Mortgage Loans, (2) any Compensating Interest Payments with
      respect to the related Mortgage Loans with respect to the related Prepayment
      Period, (3) the portion of any Purchase Price or Substitution Amount paid with
      respect to such Mortgage Loans during the related Prepayment Period allocable
      to
      interest, and (4) all Net Liquidation Proceeds, Insurance Proceeds and any
      other
      recoveries collected with respect to the related Mortgage Loans during the
      related Prepayment Period, to the extent allocable to interest, as reduced
      by
      (b) the amount of other costs, expenses or liabilities related to such Mortgage
      Pool and reimbursable to the Master Servicer, any Servicer, the Custodian
      pursuant to the Custodial Agreement or the Trustee and as increased by (c)
      the
      lesser of (1) the aggregate amount set forth in clauses (a) (1) through (5)
      of
      the definition of Principal Remittance Amount with respect to the Mortgage
      Loans
      in such Mortgage Pool for such Distribution Date and (2) the aggregate amount
      of
      Negative Amortization with respect to the Mortgage Loans in such Mortgage Pool
      during the related Collection Period. 

     

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

     

    Late
      Payment Rate:
      Not
      applicable.

     

    Latest
      Possible Maturity Date:
      The
      Distribution Date occurring in December 2046.

     

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

     

    LIBOR:
      With
      respect to the first Accrual Period, the Initial LIBOR Rate. With respect to
      each subsequent Accrual Period, a per annum rate determined on the LIBOR
      Determination Date in the following manner by the Trustee on the basis of the
      “Interest Settlement Rate” set by the British Bankers’ Association (the “BBA”)
      for one-month United States dollar deposits, as such rates appear on the
      Telerate Page 3750, as of 11:00 a.m. (London time) on such LIBOR Determination
      Date.

     

    
      
        
        

      

      
        -30-

        
          

        

      

      
        
        

      

    

    If
      on
      such a LIBOR Determination Date, the BBA’s Interest Settlement Rate does not
      appear on the Telerate Page 3750 as of 11:00 a.m. (London time), or if the
      Telerate Page 3750 is not available on such date, the Trustee will obtain such
      rate from Reuters’ “page LIBOR 01” or Bloomberg’s page “BBAM.” If such rate is
      not published for such LIBOR Determination Date, LIBOR for such date will be
      the
      most recently published Interest Settlement Rate. In the event that the BBA
      no
      longer sets an Interest Settlement Rate, the Trustee will designate an
      alternative index that has performed, or that the Trustee expects to perform,
      in
      a manner substantially similar to the BBA’s Interest Settlement Rate. The
      Trustee will select a particular index as the alternative index only if it
      receives an Opinion of Counsel (a copy of which shall be furnished to any NIMS
      Insurer), which opinion shall be an expense reimbursed from the Certificate
      Account pursuant to Section 4.04, that the selection of such index will not
      cause any of the REMICs to lose their classification as REMICs for federal
      income tax purposes.

     

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

     

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

     

    LIBOR
      Certificate:
      (i) Any
      Offered Certificate (other than the Grantor Trust Certificates) or Class M10
      Certificate and (ii) any Underlying Interest.

     

    LIBOR
      Determination Date:
      The
      second LIBOR Business Day immediately preceding the commencement of each Accrual
      Period (other than the first Accrual Period) for any LIBOR
      Certificates.

     

    Liquidated
      Mortgage Loan:
      Any
      defaulted Mortgage Loan as to which the Master Servicer or a Servicer has
      determined that all amounts that it expects to recover on behalf of the Trust
      Fund from or on account of such Mortgage Loan have been recovered (exclusive
      of
      any possibility of a deficiency judgment).

     

    Liquidation
      Expenses:
      Expenses that are incurred by the Master Servicer or a Servicer in connection
      with the liquidation of any defaulted Mortgage Loan and that are not recoverable
      under the applicable Primary Mortgage Insurance Policy, if any, including,
      without limitation, foreclosure and rehabilitation expenses, legal expenses
      and
      unreimbursed amounts, if any, expended pursuant to Sections 9.06, 9.16 or
      9.22.

     

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

     

    Loan-to-Value
      Ratio:
      With
      respect to any Mortgage Loan, the ratio of the principal balance of such
      Mortgage Loan at origination, or such other date as is specified, to the
      Original Value thereof.

     

    
      
        
        

      

      
        -31-

        
          

        

      

      
        
        

      

    

    Lower
      Tier Interest:
      Any of
      the REMIC 1 Interests.

     

    M1
      Margin:
      As
      defined in footnote (16) of the Preliminary Statement under the caption “The
      Certificates”.

     

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

     

    M1
      Target Amount:
      With
      respect to any Distribution Date an amount equal to the lesser of (a) the
      product of (i) (x) for each distribution prior to the Distribution Date in
      December 2012, 79.36% and (y) thereafter, 83.49% and (ii) the Aggregate Loan
      Balance for such Distribution Date determined as of the last day of the related
      Collection Period immediately prior to such Distribution Date and (b) the
      amount, if any, by which (1) the Aggregate Loan Balance for such Distribution
      Date determined as of the last day of the related Collection Period exceeds
      (2)
      the Overcollateralization Floor.

     

    M2
      Margin:
      As
      defined in footnote (17) of the Preliminary Statement under the caption “The
      Certificates”.

     

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

     

    M2
      Target Amount:
      With
      respect to any Distribution Date an amount equal to the lesser of (a) the
      product of (i) (x) for each distribution prior to the Distribution Date in
      December 2012, 83.59% and (y) thereafter, 86.87% and (ii) the Aggregate Loan
      Balance for such Distribution Date determined as of the last day of the related
      Collection Period immediately prior to such Distribution Date and (b) the
      amount, if any, by which (1) the Aggregate Loan Balance for such Distribution
      Date determined as of the last day of the related Collection Period exceeds
      (2)
      the Overcollateralization Floor.

     

    M3
      Margin:
      As
      defined in footnote (18) of the Preliminary Statement under the caption “The
      Certificates”.

     

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

     

    
      
        
        

      

      
        -32-

        
          

        

      

      
        
        

      

    

    M3
      Target Amount:
      With
      respect to any Distribution Date an amount equal to the lesser of (a) the
      product of (i) (x) for each distribution prior to the Distribution Date in
      December 2012, 89.00% and (y) thereafter, 91.20% and (ii) the Aggregate Loan
      Balance for such Distribution Date determined as of the last day of the related
      Collection Period immediately prior to such Distribution Date and (b) the
      amount, if any, by which (1) the Aggregate Loan Balance for such Distribution
      Date determined as of the last day of the related Collection Period exceeds
      (2)
      the Overcollateralization Floor.

     

    M4
      Margin:
      As
      defined in footnote (19) of the Preliminary Statement under the caption “The
      Certificates”.

     

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

     

    M4
      Target Amount:
      With
      respect to any Distribution Date an amount equal to the lesser of (a) the
      product of (i) (x) for each distribution prior to the Distribution Date in
      December 2012, 91.75% and (y) thereafter, 93.40% and (ii) the Aggregate Loan
      Balance for such Distribution Date determined as of the last day of the related
      Collection Period immediately prior to such Distribution Date and (b) the
      amount, if any, by which (1) the Aggregate Loan Balance for such Distribution
      Date determined as of the last day of the related Collection Period exceeds
      (2)
      the Overcollateralization Floor.

     

    M5
      Margin:
      As
      defined in footnote (20) of the Preliminary Statement under the caption “The
      Certificates”.

     

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

     

    
      
        
        

      

      
        -33-

        
          

        

      

      
        
        

      

    

    M5
      Target Amount:
      With
      respect to any Distribution Date an amount equal to the lesser of (a) the
      product of (i) (x) for each distribution prior to the Distribution Date in
      December 2012, 94.50% and (y) thereafter, 95.60% and (ii) the Aggregate Loan
      Balance for such Distribution Date determined as of the last day of the related
      Collection Period immediately prior to such Distribution Date and (b) the
      amount, if any, by which (1) the Aggregate Loan Balance for such Distribution
      Date determined as of the last day of the related Collection Period exceeds
      (2)
      the Overcollateralization Floor.

     

    M6
      Margin:
      As
      defined in footnote (21) of the Preliminary Statement under the caption “The
      Certificates”.

     

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

     

    M6
      Target Amount:
      With
      respect to any Distribution Date an amount equal to the lesser of (a) the
      product of (i) (x) for each distribution prior to the Distribution Date in
      December 2012, 95.50% and (y) thereafter, 96.40% and (ii) the Aggregate Loan
      Balance for such Distribution Date determined as of the last day of the related
      Collection Period immediately prior to such Distribution Date and (b) the
      amount, if any, by which (1) the Aggregate Loan Balance for such Distribution
      Date determined as of the last day of the related Collection Period exceeds
      (2)
      the Overcollateralization Floor.

     

    M7
      Margin:
      As
      defined in footnote (22) of the Preliminary Statement under the caption “The
      Certificates”.

     

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

     

    M7
      Target Amount:
      With
      respect to any Distribution Date an amount equal to the lesser of (a) the
      product of (i) (x) for each distribution prior to the Distribution Date in
      December 2012, 96.50% and (y) thereafter, 97.20% and (ii) the Aggregate Loan
      Balance for such Distribution Date determined as of the last day of the related
      Collection Period immediately prior to such Distribution Date and (b) the
      amount, if any, by which (1) the Aggregate Loan Balance for such Distribution
      Date determined as of the last day of the related Collection Period exceeds
      (2)
      the Overcollateralization Floor.

     

    
      
        
        

      

      
        -34-

        
          

        

      

      
        
        

      

    

    M8
      Margin:
      As
      defined in footnote (23) of the Preliminary Statement under the caption “The
      Certificates”.

     

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

     

    M8
      Target Amount:
      With
      respect to any Distribution Date an amount equal to the lesser of (a) the
      product of (i) (x) for each distribution prior to the Distribution Date in
      December 2012, 97.50% and (y) thereafter, 98.00% and (ii) the Aggregate Loan
      Balance for such Distribution Date determined as of the last day of the related
      Collection Period immediately prior to such Distribution Date and (b) the
      amount, if any, by which (1) the Aggregate Loan Balance for such Distribution
      Date determined as of the last day of the related Collection Period exceeds
      (2)
      the Overcollateralization Floor.

     

    M9
      Margin:
      As
      defined in footnote (24) of the Preliminary Statement under the caption “The
      Certificates”.

     

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

     

    M9
      Target Amount:
      With
      respect to any Distribution Date an amount equal to the lesser of (a) the
      product of (i) (x) for each distribution prior to the Distribution Date in
      December 2012, 98.38% and (y) thereafter, 98.70% and (ii) the Aggregate Loan
      Balance for such Distribution Date determined as of the last day of the related
      Collection Period immediately prior to such Distribution Date and (b) the
      amount, if any, by which (1) the Aggregate Loan Balance for such Distribution
      Date determined as of the last day of the related Collection Period exceeds
      (2)
      the Overcollateralization Floor.

     

    
      
        
        

      

      
        -35-

        
          

        

      

      
        
        

      

    

    M10
      Margin:
      As
      defined in footnote (25) of the Preliminary Statement under the caption “The
      Certificates”.

     

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

     

    M10
      Target Amount:
      With
      respect to any Distribution Date an amount equal to the lesser of (a) the
      product of (i) (x) for each distribution prior to the Distribution Date in
      December 2012, 98.75% and (y) thereafter, 99.00% and (ii) the Aggregate Loan
      Balance for such Distribution Date determined as of the last day of the related
      Collection Period immediately prior to such Distribution Date and (b) the
      amount, if any, by which (1) the Aggregate Loan Balance for such Distribution
      Date determined as of the last day of the related Collection Period exceeds
      (2)
      the Overcollateralization Floor.

     

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

     

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

     

    Master
      Servicing Fee Rate:
      0.00%
      per annum.

     

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

     

    Maximum
      Interest Rate:
      Any of
      the Pool 1 Maximum Interest Rate, Pool 2 Maximum Interest Rate or Subordinate
      Maximum Interest Rate.

     

    Maximum
      Rate:
      For any
      Mortgage Loan, the rate specified in the related Mortgage Note which the related
      mortgage rate will never exceed.

     

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

     

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

     

    
      
        
        

      

      
        -36-

        
          

        

      

      
        
        

      

    

    Monthly
      Excess Cashflow:
      With
      respect to any Distribution Date, the sum of (x) the Monthly Excess Interest
      for
      such date, (y) Overcollateralization Release Amount for such date and (z) that
      portion, if any, of the Principal Distribution Amount for such date available
      for distribution pursuant to Section 5.02(c)(i)(A)(7), Section 5.02(c)(i)(B)(5)
      or Section 5.02(c)(ii)(M) hereof.

     

    Monthly
      Excess Interest:
      With
      respect to any Distribution Date, that portion, if any, of the Interest
      Remittance Amount available for distribution pursuant to Section 5.02(b)(vi)
      hereof for such date.

     

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

     

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

     

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

     

    Mortgage
      Loan:
      A
      Mortgage and the related notes or other evidences of indebtedness secured by
      each such Mortgage conveyed, transferred, sold, assigned to or deposited with
      the Trustee pursuant to Section 2.01 or Section 2.05, including without
      limitation, each Mortgage Loan listed on the Mortgage Loan Schedule, as amended
      from time to time.

     

    Mortgage
      Loan Sale Agreement:
      The
      mortgage loan sale and assignment agreement dated as of November 1, 2006 for
      the
      sale of the Mortgage Loans by the Seller to the Depositor.

     

    Mortgage
      Loan Schedule:
      The
      schedule attached hereto as Schedule A, which shall identify each Mortgage
      Loan,
      as such schedule may be amended from time to time to reflect the addition of
      Mortgage Loans to, or the deletion of Mortgage Loans from, the Trust Fund.
      Such
      schedule shall set forth, among other things, the following information with
      respect to each Mortgage Loan: (i) the Mortgage Loan identifying number; (ii)
      the Mortgagor’s name; (iii) the street address of the Mortgaged Property
      including the city, state and zip code; (iv) the original principal amount
      of
      the Mortgage Loan; (v) the Mortgage Rate at origination; (vi) the monthly
      payment of principal and interest at origination; (vii) the Seller of such
      Mortgage Loan to the Depositor; (viii) the Servicer servicing such Mortgage
      Loan
      and the applicable Servicing Fee; (ix) the applicable prepayment premium, if
      any, and the method of calculation and (x) the Custodian with respect to the
      Mortgage File related to such Mortgage Loan. The Depositor shall be responsible
      for providing the Trustee and the Master Servicer with all amendments to the
      Mortgage Loan Schedule.

     

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

     

    Mortgage
      Pool:
      Either
      of Pool 1 or Pool 2.

     

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

     

    
      
        
        

      

      
        -37-

        
          

        

      

      
        
        

      

    

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

     

    Mortgagor:
      The
      obligor on a Mortgage Note.

     

    Negative
      Amortization:
      With
      respect to each Distribution Date, the amount of interest on the Mortgage Loans
      that the related Mortgagors are not obligated to pay as interest (and which
      shall be added to the Scheduled Principal Balance of each such Mortgage Loan)
      due to the negative amortization feature of such Mortgage Loans, in each case
      during the related Collection Period.

     

    Negative
      Amortization Certificate:
      Any
      Certificate (other than the Class R Certificate and other than a Grantor Trust
      Certificate, unless there has been a default in payment under the related
      Deferred Interest Cap Agreement).

     

    Net
      Funds Cap:
      Either
      of the Pool 1 Net Funds Cap or the Pool 2 Net Funds Cap or the Subordinate
      Net
      Funds Cap.

     

    Net
      Liquidation Proceeds:
      With
      respect to any Liquidated Mortgage Loan, the related Liquidation Proceeds net
      of
      (i) unreimbursed expenses and (ii) any unreimbursed Advances, if any, received
      and retained in connection with the liquidation of such Mortgage
      Loan.

     

    Net
      Mortgage Rate:
      With
      respect to any Mortgage Loan, the Mortgage Rate thereof reduced by the General
      Servicing Fee Rate.

     

    Net
      Negative Amortization:
      For any
      Distribution Date and each Mortgage Pool, the excess, if any, of (i) the
      Negative Amortization with respect to all Mortgage Loans in such Mortgage Pool
      for the calendar month prior to that Distribution Date, over (ii) the aggregate
      amount of all scheduled monthly principal payments received with respect to
      all
      Mortgage Loans in such Mortgage Pool during the related Collection Period,
      prepayments in full and partial prepayments received with respect to all
      Mortgage Loans in such Mortgage Pool during the related Prepayment Period
      (including principal received in connection with the repurchase of a Mortgage
      Loan from the Trust Fund and all other principal received other than scheduled
      monthly payments) and recoveries in respect of the Mortgage Loans in such
      Mortgage Pool received during the related Prepayment Period. 

     

    Net
      Prepayment Interest Shortfall:
      With
      respect to any Deposit Date and any Class of Certificates (with respect to
      the
      Grantor Trust Certificates, indirectly through the related Underlying
      Interests), the excess, if any, of any Prepayment Interest Shortfalls with
      respect to the Mortgage Loans in a Mortgage Pool for such date over (i) any
      Prepayment Interest Excess with respect to such Mortgage Loans for such date
      and
      (ii) any amounts paid with respect to such shortfalls by the Master
      Servicer.

     

    Net
      Rate:
      With
      respect to any Distribution Date (and the related Accrual Period), a per annum
      rate equal to (a) a fraction, expressed as a percentage, the numerator of which
      is the product of (x) the excess of (i) the aggregate Optimal Interest
      Remittance Amount for such Distribution Date over (ii) the Certificate Insurance
      Premium for such Distribution Date and (y) 12, and the denominator of which
      is
      the aggregate Pool Balance as of the first day of the related Collection Period
      (not including for this purpose Mortgage Loans for which prepayments in full
      have been received and distributed in the month prior to that Distribution
      Date), multiplied by (b) a fraction, the numerator of which is 30 and the
      denominator of which is the actual number of days in the Accrual Period related
      to such Distribution Date.

     

    
      
        
        

      

      
        -38-

        
          

        

      

      
        
        

      

    

    Net
      WAC:
      Not
      applicable.

     

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

     

    NIM
      Securities:
      Any net
      interest margin securities issued subsequent to the Closing Date by an owner
      trust or other special purpose entity, the principal assets of such trust or
      other entity including the Class P and Class X Certificates and the payments
      received thereon, which principal assets back such securities.

     

    NIMS
      Agreement:
      Not
      applicable.

     

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

     

    Non-Book-Entry
      Certificate:
      Not
      applicable.

     

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

     

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

     

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

     

    Nonpayment:
      Not
      applicable.

     

    Notice:
      Not
      applicable.

     

    Notional
      Amount:
      Not
      applicable.

     

    Notional
      Certificate:
      None.

     

    Offered
      Certificates:
      Collectively, the Class 1-A1A, Class 1-A1B, Class 1-A2A1, Class 1-A2A2, Class
      1-A3A1, Class 1-A3A2, Class 1-A3B, Class 2-A1, Class 2-A2, Class M1, Class
      M2,
      Class M3, Class M4, Class M5, Class M6, Class M7, Class M8 and Class M9
      Certificates.

     

    Offering
      Document:
      Either
      of
      the private placement memorandum dated November 29, 2006, relating to the Class
      M10 Certificates or the Prospectus.

     

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

     

    
      
        
        

      

      
        -39-

        
          

        

      

      
        
        

      

    

    Opinion
      of Counsel:
      A
      written opinion of counsel, reasonably acceptable in form and substance to
      the
      Trustee, and who may be in house or outside counsel to the Depositor, the Master
      Servicer or the Servicer but which must be Independent outside counsel with
      respect to any such opinion of counsel concerning the transfer of any Residual
      Certificate or concerning certain matters with respect to the Employee
      Retirement Income Security Act of 1974, as amended (“ERISA”), or the taxation,
      or the federal income tax status, of each REMIC.

     

    Optimal
      Interest Remittance Amount:
      With
      respect to each Mortgage Pool for each Distribution Date, the product of (A)
      (x)
      the weighted average of the Net Mortgage Rates for the Mortgage Loans in such
      Mortgage Pool (based on their Scheduled Principal Balances as of the first
      day
      of the related Collection Period) divided by (y) 12 and (B) the Pool Balance
      for
      such Mortgage Pool as of the first day of the related Collection Period (not
      including for this purpose Mortgage Loans for which prepayments in full have
      been received and distributed in the month prior to that Distribution
      Date).

     

    Original
      Loan-to-Value Ratio:
      Not
      applicable.

     

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

     

    Originator:
      GreenPoint.

     

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

     

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

     

    Overcollateralization
      Floor:
      For any
      Distribution Date after the Stepdown Date, $5,918,059 (0.50% of the Cut-off
      Date
      Balance).

     

    Overcollateralization
      Release Amount:
      With
      respect to any Distribution Date, the lesser of (x) the Principal Remittance
      Amount for such Distribution Date and (y) the amount, if any, by which (1)
      the
      Overcollateralization Amount for such Distribution Date (calculated for this
      purpose on the basis of the assumption that 100% of the Principal Remittance
      Amount for such date is applied on such Distribution Date in reduction of the
      aggregate Certificate Principal Amount of the LIBOR Certificates), exceeds
      (2)
      the Targeted Overcollateralization Amount for such Distribution
      Date.

     

    
      
        
        

      

      
        -40-

        
          

        

      

      
        
        

      

    

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

     

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

     

    PCAOB:
      The
      Public Company Accounting Oversight Board.

     

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

     

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

     

    Permitted
      Transferee:
      As
      defined in Section 3.03(f).

     

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

     

    Placement
      Agent:
      Lehman
      Brothers Inc.

     

    Plan:
      As
      defined in Section 3.03(d).

     

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

     

    Policy
      Payments Account:
      A
      separate Trust Account created and maintained by the Trustee, solely for the
      benefit of the Class 1-A3B Certificates, to which payments under the Certificate
      Insurance Policy are deposited for distribution to the Holders of the Class
      1-A3B Certificates.

     

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

     

    Pool
      1
      Maximum Interest Rate:
      For any
      Distribution Date, an annual rate equal to the Pool 1 Net Funds Cap for such
      Distribution Date if the Optimal Interest Remittance Amount was computed by
      reference to the weighted average of the excess of the Maximum Rates for the
      Pool 1 Mortgage Loans over the General Servicing Fee Rate.

     

    
      
        
        

      

      
        -41-

        
          

        

      

      
        
        

      

    

    Pool
      1
      Mortgage Loan:
      A
      Mortgage in Pool 1 and the related notes or other evidences of indebtedness
      secured by each such Mortgage conveyed, transferred, sold, assigned to or
      deposited with the Trustee pursuant to Section 2.01 or Section 2.05, including
      without limitation, each Pool 1 Mortgage Loan listed on the Mortgage Loan
      Schedule, as amended from time to time.

     

    Pool
      1
      Net Funds Cap:
      With
      respect to any Distribution Date, an annual rate equal to (a) a fraction,
      expressed as a percentage, the numerator of which is the product of (x) the
      excess of (i) the Optimal Interest Remittance Amount for Pool 1 for such
      Distribution Date over (ii) the Certificate Insurance Premium for such
      Distribution Date and (y) 12, and the denominator of which is the Pool Balance
      for Pool 1 as of the first day of the related Collection Period (not including
      for this purpose Mortgage Loans for which prepayments in full have been received
      and distributed in the month prior to that Distribution Date), multiplied by
      (b)
      a fraction, the numerator of which is 30 and the denominator of which is the
      actual number of days in the Accrual Period related to such Distribution
      Date.

     

    Pool
      1
      Senior Certificates:
      The
      Class 1-A1A Certificates, Class 1-A1B Underlying Interest, Class 1-A2A1
      Certificates, Class 1-A2A2 Underlying Interest, Class 1-A3A1 Certificates,
      Class
      1-A3A2 Underlying Interest and Class 1-A3B Underlying Interest.

     

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

     

    Pool
      2
      Maximum Interest Rate:
      For any
      Distribution Date, an annual rate equal to the Pool 2 Net Funds Cap for such
      Distribution Date if the Optimal Interest Remittance Amount was computed by
      reference to the weighted average of the excess of the Maximum Rates for the
      Pool 2 Mortgage Loans over the General Servicing Fee Rate.

     

    Pool
      2
      Mortgage Loan:
      A
      Mortgage in Pool 2 and the related notes or other evidences of indebtedness
      secured by each such Mortgage conveyed, transferred, sold, assigned to or
      deposited with the Trustee pursuant to Section 2.01 or Section 2.05, including
      without limitation, each Pool 2 Mortgage Loan listed on the Mortgage Loan
      Schedule, as amended from time to time.

     

    Pool
      2
      Net Funds Cap:
      With
      respect to any Distribution Date, an annual rate equal to (a) a fraction,
      expressed as a percentage, the numerator of which is the product of (i) the
      Optimal Interest Remittance Amount for Pool 2 for such Distribution Date and
      (ii) 12, and the denominator of which is the Pool Balance for Pool 2 as of
      the
      first day of the related Collection Period (not including for this purpose
      Mortgage Loans for which prepayments in full have been received and distributed
      in the month prior to that Distribution Date), multiplied by (b) a fraction,
      the
      numerator of which is 30 and the denominator of which is the actual number
      of
      days in the Accrual Period related to such Distribution Date.

     

    Pool
      2
      Senior Certificates:
      The
      Class 2-A1 Underlying Interest and Class 2-A2 Underlying Interest.

     

    
      
        
        

      

      
        -42-

        
          

        

      

      
        
        

      

    

    Pool
      Balance:
      As to
      each Mortgage Pool and any Distribution Date or the Cut-off Date, the sum of
      the
      Scheduled Principal Balance of the Mortgage Loans included in such Mortgage
      Pool
      for that Distribution Date or the Cut-off Date, as applicable.

     

    Pool
      Percentage:
      For any
      Mortgage Pool and any Distribution Date, a fraction, the numerator of which
      is
      the Pool Balance for such Mortgage Pool for such Distribution Date and the
      denominator of which is the Aggregate Loan Balance for such Distribution
      Date.

     

    Pool
      Subordinate Amount:
      With
      respect to any Mortgage Pool and any Distribution Date, the excess of the Pool
      Balance for such Mortgage Pool for the immediately preceding Distribution Date
      (or on the Cut-off Date in the case of the first Distribution Date) over the
      aggregate Class Principal Amount of the related Senior Certificates immediately
      prior to the related Distribution Date.

     

    Preference
      Claim:
      As
      defined in Section 6.11(f).

     

    Premium
      Percentage:
      0.10%

     

    Prepayment
      Interest Excess:
      Not
      applicable.

     

    Prepayment
      Interest Shortfall:
      With
      respect to any Distribution Date and any Principal Prepayment in full, the
      difference between (i) one full month’s interest at the applicable Net Mortgage
      Rate (after giving effect to any applicable Relief Act Reduction) on the
      outstanding principal balance of such Mortgage Loan immediately prior to such
      prepayment and (ii) the amount of interest actually received with respect to
      such Mortgage Loan in connection with such Principal Prepayment.

     

    Prepayment
      Period:
      With
      respect to any Distribution Date and any Principal Prepayment (including any
      liquidation) in full or in part, the calendar month immediately preceding the
      month in which such Distribution Date occurs.

     

    Prepayment
      Premiums:
      With
      respect to any Distribution Date, all premiums or charges paid by the obligors
      under the related Mortgage Notes due to Principal Prepayments and required
      to be
      remitted to the Custodial Accounts pursuant to the Servicing Agreements and
      are
      remitted to the Collection Account during the immediately preceding Prepayment
      Period, if any.

     

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

     

    Prime
      Rate:
      The per
      annum rate of interest publicly announced from time to time by JPMorgan Chase
      Bank, N.A. as its prime or base lending rate (any change in such rate of
      interest to be effective on the date such change is announced by JPMorgan Chase
      Bank, N.A.).

     

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

     

    
      
        
        

      

      
        -43-

        
          

        

      

      
        
        

      

    

    Principal
      Distribution Amount:
      With
      respect to any Distribution Date and for Pool 1 and Pool 2, an amount equal
      to
      the Principal Remittance Amount for such date for such Mortgage Pool minus
      the
      Overcollateralization Release Amount attributable to such Mortgage Pool, based
      on the Principal Allocation Percentage for such Pool, if any, for such
      Distribution Date.

     

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

     

    Principal
      Remittance Amount:
      With
      respect to each Mortgage Pool and any Distribution Date, an amount equal to
      (a)
      the sum of (1) all principal collected (other than in connection with Payaheads)
      or advanced in respect of Scheduled Payments on the Mortgage Loans in such
      Mortgage Pool during the related Collection Period whether by a Servicer, the
      Master Servicer or the Trustee in its capacity as successor master servicer
      (less unreimbursed Advances due to the Master Servicer, the applicable Servicer
      or the Trustee, in its capacity as successor master servicer, with respect
      to
      the related Mortgage Loans, to the extent allocable to principal, and any
      unreimbursed Servicing Advances), (2) all Principal Prepayments in full or
      in
      part received during the related Prepayment Period with respect to the Mortgage
      Loans in such Mortgage Pool, (3) the outstanding principal balance of each
      Mortgage Loan in such Mortgage Pool that was repurchased by the Seller or the
      Transferor during the related Prepayment Period or any NIMS Insurer (in the
      case
      of certain Mortgage Loans 90 days or more delinquent), (4) the principal portion
      of any Substitution Amount paid with respect to any Deleted Mortgage Loan in
      such Mortgage Pool during the related Prepayment Period allocable to principal
      and (5) all Net Liquidation Proceeds, Insurance Proceeds, any Subsequent
      Recovery and other recoveries collected with respect to the Mortgage Loans
      in
      such Mortgage Pool during the related Prepayment Period, to the extent allocable
      to principal, as reduced (but not by more than the sum of items (1) through
      (5)
      above) by the aggregate amount of Negative Amortization with respect to the
      Mortgage Loans in such Mortgage Pool during the related Collection Period,
      reduced by (b) other costs, expenses or liabilities reimbursable to the Trustee,
      the Master Servicer, the Certificate Insurer and any Servicer to the extent
      provided in this Agreement and the applicable Servicing Agreement or to the
      Custodian pursuant to the Custodial Agreement, as applicable to each Mortgage
      Pool from the Interest Remittance Amount described in clause (b) of the
      definition thereof and not reimbursed therefrom or otherwise. 

     

    Proceeding:
      Not
      applicable.

     

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

     

    Prospectus:
      The
      prospectus supplement dated November 29, 2006 together with the accompanying
      prospectus dated November 13, 2006, relating to the Offered
      Certificates.

     

    
      
        
        

      

      
        -44-

        
          

        

      

      
        
        

      

    

    Purchase
      Price:
      With
      respect to the purchase of a Mortgage Loan or related REO Property pursuant
      to
      this Agreement, an amount equal to the sum of (a) 100% of the unpaid principal
      balance of such Mortgage Loan, (b) accrued interest thereon at the applicable
      Mortgage Rate, from the date as to which interest was last paid to (but not
      including) the Due Date in the Collection Period immediately preceding the
      related Distribution Date; (c) any unreimbursed Servicing Advances with respect
      to such Mortgage Loan; (d) any costs and damages incurred by the Trust Fund
      with
      respect to such Mortgage Loan in connection with any violation of any federal,
      state or local predatory or abusive lending laws or other similar laws; (e)
      the
      fair market value of all other property being purchased (reduced, in the case
      of
      REO Property relating to the Mortgage Loans, by (1) reasonably anticipated
      disposition costs and (2) any amount by which the fair market value as so
      reduced exceeds the outstanding principal balance of the related Mortgage Loan);
      (f) any Cap Termination Payment payable to the Cap Provider as a result of
      an
      optional termination pursuant to Section 7.01(b) and (g) any amounts due and
      owing to the Certificate Insurer under this Agreement. The Master Servicer
      and
      the Servicer (or the Trustee, in its capacity as successor master servicer,
      if
      applicable) shall be reimbursed from the Purchase Price for any Mortgage Loan
      or
      related REO Property for any Advances made or other amounts advanced with
      respect to such Mortgage Loan that are reimbursable to the Master Servicer
      or
      the Servicer under this Agreement or the Servicing Agreement (or to the Trustee
      hereunder in its capacity as successor master servicer), together with any
      accrued and unpaid compensation due to the Master Servicer, the Servicer or
      the
      Trustee hereunder or thereunder.

     

    QIB:
      As
      defined in Section 3.03(c).

     

    QIB-Restricted
      Certificate:
      Any
      Class C Certificate.

     

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

     

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

     

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

     

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

     

    
      
        
        

      

      
        -45-

        
          

        

      

      
        
        

      

    

    (iv) provide
      that the Trustee’s interest therein shall be transferable to any successor
      trustee hereunder; and

     

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

     

    Qualified
      Insurer:
      Not
      applicable.

     

    Qualifying
      Substitute Mortgage Loan:
      In the
      case of a Mortgage Loan substituted for a Deleted Mortgage Loan pursuant to
      the
      terms of this Agreement, a Mortgage Loan that, on the date of such substitution,
      (i) has an outstanding Scheduled Principal Balance (or in the case of a
      substitution of more than one mortgage loan for a Deleted Mortgage Loan, an
      aggregate Scheduled Principal Balance), after application of all Scheduled
      Payments due during or prior to the month of substitution, not in excess of,
      and
      not more than 5% less than, the outstanding Scheduled Principal Balance of
      the
      Deleted Mortgage Loan as of the Due Date in the calendar month during which
      the
      substitution occurs, (ii) has a Mortgage Rate not less than the Mortgage Rate
      on
      the Deleted Mortgage Loan, (iii) if applicable, has a maximum Mortgage Rate
      not
      less than the maximum Mortgage Rate on the Deleted Mortgage Loan, (iv) if
      applicable, has a minimum Mortgage Rate not less than the minimum Mortgage
      Rate
      of the Deleted Mortgage Loan, (v) if applicable, has a gross margin equal to
      or
      greater than the gross margin of the Deleted Mortgage Loan, (vi) is not a
      Cooperative Loan unless the related Deleted Mortgage Loan was a Cooperative
      Loan, (vii) if applicable, has a next adjustment date not later than the next
      adjustment date on the Deleted Mortgage Loan, (viii) has the same Due Date
      as
      the Deleted Mortgage Loan, (ix) has a remaining stated term to maturity not
      longer than 18 months and not more than 18 months shorter than the remaining
      stated term to maturity of the related Deleted Mortgage Loan, (x) is current
      as
      of the date of substitution, (xi) has a Loan-to-Value Ratio as of the date
      of
      substitution equal to or lower than the Loan-to-Value Ratio of the Deleted
      Mortgage Loan as of such date, (xii) has been underwritten by a Transferor
      in
      accordance with the same underwriting criteria and guidelines as the Deleted
      Mortgage Loan, (xiii) has a risk grading determined by the Seller at least
      equal
      to the risk grading assigned on the Deleted Mortgage Loan, (xiv) is secured
      by
      the same property type as the Deleted Mortgage Loan, (xv) conforms to each
      representation and warranty applicable to the Deleted Mortgage Loan made in
      the
      Mortgage Loan Sale and Assignment Agreement, (xvi) has the same or higher lien
      position as the Deleted Mortgage Loan, (xvii) is covered by a Primary Mortgage
      Insurance Policy if the Deleted Mortgage Loan was so covered and (xviii)
      contains provisions covering the payment of Prepayment Premium by the Mortgagor
      for early prepayment of the Mortgage Loan at least as favorable as the Deleted
      Mortgage Loan. In the event that one or more mortgage loans are substituted
      for
      one or more Deleted Mortgage Loans, the amounts described in clause (i) hereof
      shall be determined on the basis of aggregate Scheduled Principal Balances,
      the
      Mortgage Rates described in clause (ii) hereof shall be determined on the basis
      of weighted average Mortgage Rates, the risk gradings described in clause (xiii)
      hereof shall be satisfied as to each such mortgage loan, the terms described
      in
      clause (ix) hereof shall be determined on the basis of weighted average
      remaining term to maturity, the Loan-to-Value Ratios described in clause (xi)
      hereof shall be satisfied as to each such mortgage loan and, except to the
      extent otherwise provided in this sentence, the representations and warranties
      described in clause (xv) hereof must be satisfied as to each Qualified
      Substitute Mortgage Loan or in the aggregate, as the case may be.

     

    
      
        
        

      

      
        -46-

        
          

        

      

      
        
        

      

    

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

     

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

     

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

     

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

     

    Regulation
      AB:
      Subpart
      229.1100
      - Asset Backed Securities (Regulation AB), 17 C.F.R. §§229.1100-229.1123, as
      such may be amended from time to time, and subject to such clarification and
      interpretation as have been provided by the Commission in the adopting release
      (Asset-Backed Securities, Securities Act Release No. 33-8518, 70 Fed Reg. 1,506,
      1,531 (Jan. 7, 2005)) or by the staff of the Commission, or as may otherwise
      be
      provided by the Commission or its staff from time to time; and all references
      to
      any rule, item, section or subsection of, or definition or term contained in,
      Regulation AB mean such rule, item, section, subsection, definition or term,
      as
      the case may be, or any successor thereto, in each case as the same may be
      amended from time to time.

     

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

     

    Regulation
      S Global Security:
      As
      defined in Section 3.01(d).

     

    Related
      Certificates:
      For any
      REMIC 2 Interest, the Class of Certificates or Underlying Interest set forth
      on
      the same row in the table under “REMIC 2” in the Preliminary Statement
      hereto.

     

    
      
        
        

      

      
        -47-

        
          

        

      

      
        
        

      

    

    Related
      Mortgage Pool:
      For any
      REMIC 1 Interest, the Mortgage Pool listed opposite such REMIC 1 Interest in
      the
      table entitled “REMIC 1” in the Preliminary Statement hereto.

     

    Related
      REMIC 2 Interest:
      For any
      Related Certificates, the REMIC 2 Interest set forth on the same row in the
      table under “REMIC 2” in the Preliminary Statement hereto.

     

    Related
      Senior Certificates:
      For any
      REMIC 1 Interest, the Senior Certificates listed opposite such REMIC 1 Interest
      in the table entitled “REMIC 1” in the Preliminary Statement
      hereto.

     

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

     

    Relief
      Act:
      The
      Servicemembers Civil Relief Act and any similar state law or
      regulation.

     

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

     

    REMIC:
      Each of
      REMIC 1 and REMIC 2, as described in the Preliminary Statement
      hereto.

     

    REMIC
      1:
      As
      described in the Preliminary Statement.

     

    REMIC
      1 Interest:
      Any one
      of the Classes of REMIC 1 Interests described in the Preliminary Statement
      hereto.

     

    REMIC
      1-I Marker Classes:
      Any of
      the REMIC 1 Regular Interests other than the REMIC 1-II Marker Classes, the
      Class LT1-XI Interest and the Class LT1-XII Interest.

     

    REMIC
      1-II Marker Classes:
      Any of
      the Class LT1-IA, Class LT1-IB, Class LT1-IIA and Class LT1-IIB
      Interests.

     

    REMIC
      1 Regular Interest:
      Any of
      the REMIC 1 Interests other than the Class LT1-R Interest.

     

    REMIC
      1 Subordinated Balance Ratio:
      As
      of any
      Distribution Date, the ratio among the uncertificated principal balances of
      each
      of the REMIC 1-II Marker Classes ending with the designation “A” that is equal
      to the ratio among, with respect to each such REMIC 1-II Marker Class, the
      excess of (x) the aggregate Scheduled Principal Balance of the Mortgage Loans
      in
      the related Mortgage Pool over (y) the aggregate Class Principal Amounts of
      the
      Classes of Related Senior Certificates as set forth in the Preliminary Statement
      under the table entitled “REMIC 1” (after giving effect to distributions on such
      Distribution Date).

     

    
      
        
        

      

      
        -48-

        
          

        

      

      
        
        

      

    

    REMIC
      2:
      As
      described in the Preliminary Statement.

     

    REMIC
      2 Interest:
      Any one
      of the Classes of REMIC 2 Interests described in the Preliminary Statement
      hereto.

     

    REMIC
      2 Regular Interest:
      Any of
      the REMIC 2 Interests other than the Residual Interest. Alternatively, any
      of
      the REMIC regular interests represented by (i) the rights associated with any
      Class of LIBOR Certificates other than the rights to payments in respect of
      Excess Interest and (ii) the Uncertificated Class X Interest.

     

    REMIC
      Pass-Through Rate:
      For
      any
      Distribution Date, the applicable Net Funds Cap for such Distribution Date
      (as
      adjusted, in the case of any Class of Certificates or REMIC 2 Interest that
      accrues interest on the basis of a 360-day year consisting of twelve 30-day
      months, to reflect accruals on such basis).

     

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

     

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

     

    Replacement
      Receipts:
      Not
      applicable.

     

    Replacement
      Receipts Account:
      Not
      applicable.

     

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

     

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

     

    Required
      Reserve Fund Amount:
      Not
      applicable.

     

    Residual
      Certificates:
      The
      Class R Certificates.

     

    Residual
      Interest:
      An
      interest in REMIC 2 that is entitled to all distributions on the Class R
      Certificate other than distributions in respect of the Class LT1-R
      Interest.

     

    Responsible
      Officer:
      When
      used with respect to the Trustee, any Vice President, Assistant Vice President,
      the Secretary, any assistant secretary, or any officer, working in its Corporate
      Trust Office and having direct responsibility for the administration of this
      Agreement, and any other officer to whom a matter arising under this Agreement
      may be referred.

     

    
      
        
        

      

      
        -49-

        
          

        

      

      
        
        

      

    

    Restricted
      Certificate:
      Any
      Class P, Class X or Class R Certificate.

     

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

     

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

     

    Rules:
      As
      defined in Section 6.20(c).

     

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

     

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

     

    Scheduled
      Principal Balance:
      With
      respect to (i) any Mortgage Loan as of any Distribution Date, the principal
      balance of such Mortgage Loan at the close of business on the Cut-off Date
      after
      giving effect to principal payments due on or before the Cut-off Date, whether
      or not received, less an amount equal to principal payments due after the
      Cut-off Date, and on or before the Due Date in the related Collection Period,
      whether or not received from the Mortgagor or advanced by the applicable
      Servicer or the Master Servicer, and all amounts received thereon which are
      allocable to unscheduled principal payments (including Principal Prepayments,
      Liquidation Proceeds, Insurance Proceeds and condemnation proceeds, in each
      case
      to the extent identified and applied prior to or during the related Prepayment
      Period) and as increased by the amounts of any Negative Amortization with
      respect to such Mortgage Loan after the Cut-off Date through the Due Date in
      the
      related Collection Period and (ii) any REO Property as of any Distribution
      Date,
      the Scheduled Principal Balance of the related Mortgage Loan on the Due Date
      immediately preceding the date of acquisition of such REO Property by or on
      behalf of the Trustee (reduced by any amount applied as a reduction of principal
      on the Mortgage Loan). With respect to any Mortgage Loan and the Cut-off Date,
      as specified in the Mortgage Loan Schedule. The Scheduled Principal Balance
      of a
      Liquidated Mortgage Loan shall be zero.

     

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

     

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

     

    Senior
      Certificates:
      The
      Pool 1 Senior Certificates and the Pool 2 Senior Certificates.

     

    
      
        
        

      

      
        -50-

        
          

        

      

      
        
        

      

    

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

     

    Senior
      Principal Distribution Amount:
      For any
      Distribution Date (a) prior to the Stepdown Date or if a Trigger Event is in
      effect with respect to such

      Distribution Date, 100% of the Principal Distribution Amounts for such
      Distribution Date and (b) on
      or
      after the Stepdown Date and as long as a Trigger Event is not in effect with
      respect to such Distribution Date, the amount, if any, by which (x) the
      aggregate Class Principal Amount of each Class of Senior Certificates after
      the
      allocation of Deferred Interest, if any, for each Distribution Date and
      immediately prior to distributions on such Distribution Date exceeds (y) the
      Senior Target Amount.

     

    Senior
      Priority:
      Not
      applicable.

     

    Senior
      Proportionate Percentage:
      For
      Pool 1 with respect to any Distribution Date, a fraction, expressed as a
      percentage, the numerator of which is the aggregate of the current Class
      Principal Amounts of each class of the Pool 1 Senior Certificates for such
      Distribution Date and the denominator of which is the aggregate of the current
      Class Principal Amounts for the Senior Certificates for such date. For Pool
      2
      with respect to any Distribution Date, a fraction, expressed as a percentage,
      the numerator of which is the aggregate of the current Class Principal Amounts
      of each class of the Pool 2 Senior Certificates for such Distribution Date
      and
      the denominator of which is the aggregate of the current Class Principal Amounts
      for the Senior Certificates for such date. 

     

    Senior
      Target Amount:
      With
      respect to any Distribution Date an amount equal to the lesser of (a) the
      product of (1) (i) for each distribution prior to the Distribution Date in
      December 2012, 70.99%; and (ii) thereafter, 76.79% and (2) the Aggregate Loan
      Balance for such Distribution Date determined as of the last day of the related
      Collection Period and (b) the amount, if any, by which (1) the Aggregate Loan
      Balance for such Distribution Date determined as of the last day of the related
      Collection Period exceeds (2) the Overcollateralization Floor.

     

    Servicer:
      Each
      Servicer that has entered into one of the Servicing Agreements attached as
      Exhibit E hereto, or any successor in interest. Initially, the Servicers are
      GreenPoint and GMACM. As of December 1, 2006 the servicing for certain of the
      Mortgage Loans will transfer to GMACM. As of January 1, 2007 the servicing
      for
      the remainder of the Mortgage Loans will transfer to GMACM. 

     

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

     

    
      
        
        

      

      
        -51-

        
          

        

      

      
        
        

      

    

    Servicer
      Remittance Date:
      The day
      in each calendar month on which the applicable Servicer is required to remit
      payments to the Collection Account, as specified in the related Servicing
      Agreement, which is the 10th day of each calendar month (or, if such 10th day
      is
      not a Business Day, the first preceding or next succeeding Business Day, as
      applicable).

     

    Servicing
      Advances:
      Expenditures incurred by a Servicer in connection with the liquidation or
      foreclosure of a Mortgage Loan which are eligible for reimbursement under the
      applicable Servicing Agreement.

     

    Servicing
      Agreement:
      Any of
      the servicing agreements between a Servicer and the Seller, dated as of November
      1, 2006, and attached hereto in Exhibit E, and any other servicing agreement
      entered into between a successor servicer and the Seller or the Trustee pursuant
      to the terms hereof.

     

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

     

    Servicing
      Fee:
      A
      monthly fee paid to the related Servicer by the Master Servicer as specified
      in
      the applicable Servicing Agreement.

     

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

     

    Sponsor:
      Lehman
      Brothers Holdings Inc. and any successor in interest thereto.

     

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

     

    Stepdown
      Date:
      The
      later to occur of (x) the Distribution Date in December 2009 and (y) the first
      Distribution Date on which the Senior Enhancement Percentage (calculated for
      this purpose after giving effect to payments or other recoveries in respect
      of
      the Mortgage Loans during the related Collection Period but before giving effect
      to distributions on any Certificates on such Distribution Date) is greater
      than
      or equal to (i) prior to the Distribution Date in December 2012, 29.01% and
      (ii)
      on or after the Distribution Date in December 2012, 23.21%.

     

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

     

    
      
        
        

      

      
        -52-

        
          

        

      

      
        
        

      

    

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

     

    Subordinate
      Maximum Interest Rate:
      For
      each Distribution Date, the weighted average of the Pool 1 Maximum Interest
      Rate
      and the Pool 2 Maximum Interest Rate, weighted on the basis of the Pool
      Subordinate Amount for each such Mortgage Pool.

     

    Subordinate
      Net Funds Cap:
      For
      each Distribution Date, the weighted average of the Pool 1 Net Funds Cap and
      the
      Pool 2 Net Funds Cap weighted on the basis of the Pool Subordinate Amount for
      each such Mortgage Pool.

     

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

     

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

     

    Subservicer:
      Any
      Person that (i) is considered to be a Servicing Function Participant, (ii)
      services Mortgage Loans on behalf of any Servicer or an Additional Servicer,
      and
      (iii) is responsible for the performance (whether directly or through
      subservicers or Subcontractors) of material servicing functions required to
      be
      performed by the Servicer or Master Servicer under this Agreement, the Servicing
      Agreements, the Custodial Agreements or other Servicing agreements entered
      into
      with respect to some or all of the Mortgage Loans, that are identified in Item
      1122(d) of Regulation AB.

     

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

     

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

     

    Targeted
      Overcollateralization Amount:
      For any
      Distribution Date $5,918,059 (0.50% of the Aggregate Loan Balance as of the
      Cut-off Date).

     

    Tax
      Matters Person:
      Not
      applicable.

     

    Telerate
      Page 3750:
      The
      display currently so designated as “Page 3750” on the Moneyline Telerate Service
      (or such other page selected by the Trustee as may replace Page 3750 on that
      service for the purpose of displaying daily comparable rates on
      prices).

     

    Termination
      Event:
      Not
      applicable.

     

    
      
        
        

      

      
        -53-

        
          

        

      

      
        
        

      

    

    Termination
      Receipts:
      Not
      applicable.

     

    Termination
      Receipts Account:
      Not
      applicable.

     

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

     

    Total
      Distribution Amount:
      With
      respect to any Distribution Date, the sum of (i) the Interest Remittance Amount
      for both Mortgage Pools for such date; (ii) the Principal Remittance Amount
      for
      both Mortgage Pools for such date; and (iii) the Prepayment
      Premiums.

     

    Transfer
      Agreements:
      As
      defined in the Mortgage Loan Sale Agreement.

     

    Transferor:
      GreenPoint.

     

    Trigger
      Event:
      With
      respect to any Distribution Date, means that either a Delinquency Event or
      a
      Cumulative Loss Trigger Event is in effect for such Distribution
      Date.

     

    Trust
      Fund:
      The
      corpus of the GreenPoint Mortgage Funding Trust, Series 2006-AR7 created
      pursuant to this Agreement (GreenPoint Mortgage Funding Trust, Series 2006-AR7)
      consisting of the Mortgage Loans, the assignment of the Depositor’s rights under
      the Transfer Agreements, the Mortgage Loan Sale Agreement and the Servicing
      Agreements, such amounts as shall from time to time be held in the Basis Risk
      Reserve Fund, Collection Account, Certificate Account, any Custodial Account
      and
      any Escrow Account, the Insurance Policies, any REO Property and the other
      items
      referred to in, and conveyed to the Trustee under, Section 2.01(a). In addition,
      the Guaranteed Certificates will have the benefit of the Certificate Insurance
      Policy and the Policy Payments Account. For the avoidance of doubt, the assets
      of the Trust Fund shall not include the Deferred Interest Cap Agreements, the
      Deferred Interest Cap Accounts and the Grantor Trust Certificate Accounts,
      which
      are assets of the Grantor Trusts established pursuant to Section 5.02(g). With
      respect to Exchange Act reporting requirements, the Trust Fund shall be deemed
      to include each Grantor Trust established pursuant to Section
      5.02(g).

     

    Trust
      REMIC:
      Each of
      REMIC 1 and REMIC 2, as described in the Preliminary Statement
      hereto.

     

    Trustee:
      U.S.
      Bank National Association, a national banking association, not in its individual
      capacity, but solely in its capacity as trustee or as grantor trustee, as
      applicable, for the benefit of the related Certificateholders and the
      Certificate Insurer under this Agreement, and any successor thereto, and any
      corporation or national banking association resulting from or surviving any
      consolidation or merger to which it or its successors may be a party and any
      successor trustee as may from time to time be serving as successor trustee
      hereunder.

     

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

     

    Uncertificated
      Class X Interest:
      An
      uncertificated regular interest in REMIC 2 with an initial principal balance
      equal to the excess of (i) the Cut-off Date Balance over (ii) the aggregate
      initial principal amounts of the LIBOR Certificates and
      bearing interest on a each Distribution Date in an amount equal to the Class
      X
      Current Interest for such Distribution Date; provided, however, that such
      interest shall have no obligation or right to make or receive any payments
      treated as paid or received by the Class X Certificates pursuant to interest
      rate cap agreements or notional principal contracts under Section 10.01 and
      shall have no rights to receive payments in respect of Class X Shortfall Amounts
      from the Master Servicer as described in Section 10.01.

     

    
      
        
        

      

      
        -54-

        
          

        

      

      
        
        

      

    

    Underlying
      Interests:
      With
      respect to the Class 1-A1B Certificates, the Class 1-A1B Underlying Interest.
      With respect to the Class 1-A2A2 Certificates, the Class 1-A2A2 Underlying
      Interest. With respect to the Class 1-A3A2 Certificates, the Class 1-A3A2
      Underlying Interest. With respect to the Class 1-A3B Certificates, the Class
      1-A3B Underlying Interest. With respect to the Class 2-A1 Certificates, the
      Class 2-A1 Underlying Interest. With respect to the Class 2-A2 Certificates,
      the
      Class 2-A2 Underlying Interest. 

     

    Underwriter:
      Lehman
      Brothers Inc.

     

    Underwriter’s
      Exemption:
      Prohibited Transaction Exemption 2002-41, 67 Fed. Reg. 54487 (2002), as amended
      (or any successor thereto), or any substantially similar administrative
      exemption granted by the U.S. Department of Labor.

     

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

     

    Upper
      Tier REMIC:
      Not
      applicable.

     

    Voting
      Interests:
      The
      portion of the voting rights of all the Certificates that is allocated to any
      Certificate for purposes of the voting provisions of this Agreement. At all
      times during the term of this Agreement, 97% of all Voting Interests shall
      be
      allocated to the Class 1-A1A, Class 1-A1B, Class 1-A2A1, Class 1-A2A2, Class
      1-A3A1, Class 1-A3A2, Class 1-A3B, Class 2-A1, Class 2-A2, Class M1, Class
      M2,
      Class M3, Class M4, Class M5, Class M6, Class M7, Class M8, Class M9 and Class
      M10 Certificates and 1% of all Voting Interests shall be allocated to each
      Class
      of the Class R Certificates, the Class P Certificates and the Class X
      Certificates; provided, however that the Certificate Insurer will be entitled
      to
      exercise all consent, voting or related rights of the holders of the Class
      1-A3B
      Certificates until such time as the Certificate Insurance Policy is no longer
      outstanding in accordance with its terms. Voting Interests shall be allocated
      among such Classes of Certificates (other than the Class P, Class X and Class
      R
      Certificates) in proportion to their Class Principal Amounts or Class Notional
      Amounts and among the Certificates of each Class in proportion to their
      Percentage Interests. The Class C Certificates will not have any Voting
      Interests.

     

    Section
      1.02. Calculations
      Respecting Mortgage Loans

     

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

     

     

    
      
        
        

      

      
        -55-

        
          

        

      

      
        
        

      

    

    Section
      1.03. Calculations
      Respecting Accrued Interest

     

    Accrued
      interest, if any, on any LIBOR Certificate shall be calculated based upon a
      360-day year and the actual number of days elapsed in each Accrual
      Period.

     

    Section
      1.04. Rights
      of the NIMS Insurer

     

    Each
      of
      the rights of any NIMS Insurer set forth in this Agreement shall exist so long
      as (i) the NIMS Insurer has undertaken to guarantee certain payments of NIM
      Securities issued pursuant to the Indenture and (ii) the NIM Securities issued
      pursuant to the Indenture remain outstanding or the NIMS Insurer is owed amounts
      in respect of its guarantee of payment on such notes; provided, however, the
      NIMS Insurer shall not have any rights hereunder (except pursuant to Section
      11.03 and any rights to indemnification hereunder in the case of clause (ii)
      below) so long as (i) the NIMS Insurer has not undertaken to guarantee certain
      payments of notes issued pursuant to the Indenture or (ii) any default has
      occurred and is continuing under the insurance policy issued by the NIMS Insurer
      with respect to such notes.

     

    ARTICLE
      II.

     

    DECLARATION
      OF TRUST;

    ISSUANCE
      OF CERTIFICATES

     

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

     

    (a) Concurrently
      with the execution and delivery of this Agreement, the Depositor does hereby
      transfer, assign, set over, deposit with and otherwise convey to the Trustee,
      without recourse, subject to Sections 2.02, 2.04, 2.05 and 2.06, in trust,
      all
      the right, title and interest of the Depositor in and to the Mortgage Loans.
      Such conveyance includes, without limitation, the right to all payments of
      principal and interest received on or with respect to the Mortgage Loans on
      and
      after the Cut-off Date (other than payments of principal and interest due on
      or
      before such date), and all such payments due after such date but received prior
      to such date and intended by the related Mortgagors to be applied after such
      date together with all of the Depositor’s right, title and interest in and to
      the Collection Account, the Deferred Interest Cap Accounts, the Certificate
      Account, the Grantor Trust Certificate Account and all amounts from time to
      time
      credited to and the proceeds of the Certificate Account, the Grantor Trust
      Certificate Account, any Custodial Accounts, any Escrow Account established
      pursuant to Section 9.06, the Basis Risk Reserve Fund established pursuant
      to
      Section 5.06 and all amounts from time to time credited to and the proceeds
      of
      each such account, the Class X Account established pursuant to Section 5.12
      and
      all amounts from time to time credited to and the proceeds of each such account,
      any REO Property and the proceeds thereof, the Depositor’s rights under any
      Insurance Policies related to the Mortgage Loans, the Depositor’s security
      interest in any collateral pledged to secure the Mortgage Loans, including
      the
      Mortgaged Properties, and any proceeds of the foregoing, to have and to hold,
      in
      trust; and the Trustee declares that, subject to the review provided for in
      Section 2.02, it has received and shall hold the Trust Fund, as trustee, and
      the
      Grantor Trusts established pursuant to Section 5.02(g), as grantor trustee,
      in
      trust, for the benefit and use of the Holders of the related Certificates and
      for the purposes and subject to the terms and conditions set forth in this
      Agreement, and, concurrently with such receipt, has caused to be executed,
      authenticated and delivered to or upon the order of the Depositor, in exchange
      for the Trust Fund and Grantor Trusts established pursuant to Section 5.02(g),
      Certificates in the authorized denominations evidencing the entire ownership
      of
      the Trust Fund. or the Grantor Trusts established pursuant to Section 5.02(g),
      as applicable. In addition, the Trustee shall hold the Certificate Insurance
      Policy and the Policy Payments Account in trust for the benefit of the Holders
      of the Guaranteed Certificates.

    
      
        
        

      

      
        -56-

        
          

        

      

      
        
        

      

    

    Concurrently
      with the execution and delivery of this Agreement, the Depositor does hereby
      assign to the Trustee all of its rights and interest under the Mortgage Loan
      Sale Agreement, including all rights of the Seller under the Servicing
      Agreements and each related Transfer Agreement (other than first payment date
      default or early payment date default rights against the Transferor) but, in
      each case, only to the extent assigned under the Mortgage Loan Sale Agreement.
      The Trustee hereby accepts such assignment and delegation, and shall be entitled
      to exercise all the rights of the Depositor under the Mortgage Loan Sale
      Agreement as if, for such purpose, it were the Depositor. The foregoing sale,
      transfer, assignment, set-over, deposit, delegation and conveyance does not
      and
      is not intended to result in the creation or assumption by the Trustee of any
      obligation of the Depositor, the Sellers or any other Person in connection
      with
      the Mortgage Loans or any other agreement or instrument relating thereto except
      as specifically set forth herein.

     

    Concurrently
      with the execution of this Agreement, the Certificate Insurance Policy shall
      be
      delivered to the Trustee.

     

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

     

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

     

    (ii) if
      applicable, the original of any guarantee, security agreement or pledge
      agreement executed in connection with the Mortgage Note, assigned to the
      Trustee;

     

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

     

    
      
        
        

      

      
        -57-

        
          

        

      

      
        
        

      

    

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

     

    (v) with
      respect to each Non-MERS Mortgage Loan, an original Assignment of Mortgage,
      in
      form and substance acceptable for recording. The related Mortgage shall be
      assigned either (A) in blank, without recourse or (B) to “U.S. Bank National
      Association, as Trustee of the GreenPoint Mortgage Funding Trust Mortgage
      Pass-Through Certificates, Series 2006-AR7,” without recourse;

     

    (vi) if
      applicable, such original intervening assignments of the Mortgage, notice of
      transfer or equivalent instrument (each, an “Intervening Assignment”), as may be
      necessary to show a complete chain of assignment from the originator, or, in
      the
      case of an Intervening Assignment that has been lost, a written Opinion of
      Counsel delivered to the Trustee that such original Intervening Assignment
      is
      not required to enforce the Trustee’s interest in the Mortgage
      Loans;

     

    (vii) with
      respect to any Mortgage Loan other than a Cooperative Loan, the original
      mortgagee title insurance policy or attorney’s opinion of title and abstract of
      title, and, if applicable, the original Primary Mortgage Insurance Policy or
      certificate;

     

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

     

    
      
        
        

      

      
        -58-

        
          

        

      

      
        
        

      

    

    (ix) with
      respect to any manufactured housing contract, any related manufactured housing
      sales contract, installment loan agreement or participation interest;
      and

     

    (x) with
      respect to any Cooperative Loan, the Cooperative Loan Documents.

     

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

     

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

     

    (ii) With
      respect to each MERS Mortgage Loan, the Master Servicer, at the expense of
      the
      Depositor and with the cooperation of the Servicer, shall cause the Servicer
      to
      take such actions as are necessary to cause the Trustee to be clearly identified
      as the owner of each such Mortgage Loan on the records of MERS for purposes
      of
      the system of recording transfers of beneficial ownership of mortgages
      maintained by MERS.

     

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

     

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

     

     

    
      
        
        

      

      
        -59-

        
          

        

      

      
        
        

      

    

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

     

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

     

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

     

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

     

    
      
        
        

      

      
        -60-

        
          

        

      

      
        
        

      

    

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

     

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

     

    (f) Each
      of
      the parties hereto acknowledges that the Custodian shall perform the applicable
      review of the Mortgage Loans and respective certifications thereof as provided
      in this Section 2.02 and in the Custodial Agreement.

     

    (g) Upon
      execution of this Agreement, the Depositor hereby delivers to the Trustee and
      the Trustee acknowledges a receipt of the Mortgage Loan Sale Agreement and
      the
      Servicing Agreement.

     

    Section
      2.03. Representations
      and Warranties of the Depositor

     

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

     

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

     

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

     

    
      
        
        

      

      
        -61-

        
          

        

      

      
        
        

      

    

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

     

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

     

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

     

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

     

    (b) The
      representations and warranties of the Transferor with respect to the related
      Mortgage Loans in the applicable Transfer Agreement, which have been assigned
      to
      the Trustee hereunder, were made as of the date specified in the applicable
      Transfer Agreement (or underlying agreement, if such Transfer Agreement is
      in
      the form of an assignment of a prior agreement). To the extent that any fact,
      condition or event with respect to a Mortgage Loan constitutes a breach of
      both
      (i) a representation or warranty of the applicable Transferor under the
      applicable Transfer Agreement and (ii) a representation or warranty of the
      Seller under the Mortgage Loan Sale Agreement, the only right or remedy of
      the
      Trustee or any Certificateholder hereunder (other than a breach by the Seller
      of
      the representations made pursuant to Sections 1.04(b)(xii), 1.04(b)(xvii),
      1.04(b)(xviii), 1.04(b)(ix) and 1.04(b)(xx) of the Mortgage Loan Sale Agreement)
      shall be their rights to enforce the obligations of the applicable Transferor
      under any applicable representation or warranty made by it. Pursuant to the
      terms of the Mortgage Loan Sale Agreement, the representations and warranties
      made by the Seller pursuant to Sections 1.04(b)(xii), 1.04(b)(xvii),
      1.04(b)(xviii), 1.04(b)(ix) and 1.04(b)(xx) of the Mortgage Loan Sale Agreement
      shall be the direct obligations of the Seller. With the exception of the
      immediately proceeding sentence, the Seller shall not have any other obligation
      or liability with respect to any breach of a representation or warranty made
      by
      it with respect to the Mortgage Loans sold by it if the fact, condition or
      event
      constituting such breach also constitutes a breach of a representation or
      warranty made by the applicable Transferor in the applicable Transfer Agreement,
      without regard to whether such Transferor fulfills its contractual obligations
      in respect of such representation or warranty. The Depositor shall have no
      obligation or liability with respect to any breach of any representation or
      warranty with respect to the Mortgage Loans (except as set forth in Section
      2.03(a)(vi)) under any circumstances.

     

     

    
      
        
        

      

      
        -62-

        
          

        

      

      
        
        

      

    

    Section
      2.04. Discovery
      of Breach

     

    It
      is
      understood and agreed that the representations and warranties (i) set forth
      in
      Section 2.03, (ii) of the Seller set forth in the Mortgage Loan Sale Agreement
      and assigned to the Depositor by the Seller under the Mortgage Loan Sale
      Agreement and to the Trustee by the Depositor hereunder and (iii) of the
      Transferor and of the Servicer assigned by the Seller to the Depositor pursuant
      to the Mortgage Loan Sale Agreement and assigned to the Trustee by the Depositor
      hereunder, shall each survive delivery of the Mortgage Files and the Assignment
      of Mortgage of each Mortgage Loan to the Trustee and shall continue throughout
      the term of this Agreement. Upon discovery by any of the Depositor, the
      Certificate Insurer, any NIMS Insurer, the Master Servicer or the Trustee of
      a
      breach of any of such representations and warranties that materially and
      adversely affects the value of the related Mortgage Loan, the party discovering
      such breach shall give prompt written notice to the other parties; provided,
      to
      the extent that knowledge of such breach with respect to any Mortgage Loan
      is
      known by any officer, director, employee or agent of Aurora acting in any
      capacity other than as Master Servicer hereunder, the Master Servicer shall
      not
      be deemed to have knowledge of any such breach until an officer of Aurora acting
      in a capacity as Master Servicer has actual knowledge thereof. Within 90 days
      of
      the discovery of a breach of any representation or warranty given to the Trustee
      by the Depositor or given by a Transferor or the Seller and assigned to the
      Trustee, the Depositor, such Transferor or the Seller, as applicable, shall
      either (a) cure such breach in all material respects, (b) repurchase such
      Mortgage Loan or any property acquired in respect thereof from the Trustee
      at
      the Purchase Price (or, with respect to Mortgage Loans as to which there is
      a
      breach of a representation or warranty set forth in Section 1.04(b)(v) of the
      Mortgage Loan Sale Agreement, at the purchase price therefor paid by the Seller
      under the Mortgage Loan Sale Agreement) or (c) within the two-year period
      following the Closing Date, substitute a Qualifying Substitute Mortgage Loan
      for
      the affected Mortgage Loan. In the event of discovery of a breach of any
      representation and warranty of a Transferor assigned to the Trustee, the Trustee
      shall enforce its rights under the applicable Transfer Agreement and the
      Mortgage Loan Sale Agreement for the benefit of Certificateholders. As provided
      in the Mortgage Loan Sale Agreements, if a Transferor substitutes a mortgage
      loan for a Deleted Mortgage Loan pursuant to the Transfer Agreement and such
      substitute mortgage loan is not a Qualifying Substitute Mortgage Loan, then
      pursuant to the terms of the Mortgage Loan Sale Agreement the Seller will,
      in
      exchange for such substitute mortgage loan, (i) pay to the Trust Fund the
      applicable Purchase Price for the affected Mortgage Loan or (ii) within two
      years of the Closing Date, substitute a Qualifying Substitute Mortgage
      Loan.

     

     

    
      
        
        

      

      
        -63-

        
          

        

      

      
        
        

      

    

    Section
      2.05. Repurchase,
      Purchase or Substitution of Mortgage Loans

     

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

     

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

     

    
      
        
        

      

      
        -64-

        
          

        

      

      
        
        

      

    

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

     

    Section
      2.06. Grant
      Clause

     

    (a) It
      is
      intended that the conveyance of the Depositor’s right, title and interest in and
      to property constituting the Trust Fund pursuant to this Agreement shall
      constitute, and shall be construed as, a sale of such property and not a grant
      of a security interest to secure a loan. However, if such conveyance is deemed
      to be in respect of a loan, it is intended that: (1) the rights and obligations
      of the parties shall be established pursuant to the terms of this Agreement;
      (2)
      the Depositor hereby grants to the Trustee for the benefit of the Holders of
      the
      Certificates and the Certificate Insurer a first priority security interest
      to
      secure repayment of an obligation in an amount equal to the aggregate Class
      Principal Amount of the Certificates in all of the Depositor’s right, title and
      interest in, to and under, whether now owned or hereafter acquired, the Trust
      Fund and all proceeds of any and all property constituting the Trust Fund to
      secure payment of the Certificates; and (3) this Agreement shall constitute
      a
      security agreement under applicable law. If such conveyance is deemed to be
      in
      respect of a loan and the trust created by this Agreement terminates prior
      to
      the satisfaction of the claims of any Person holding any Certificate and payment
      in full of all amounts due and owing to the Certificate Insurer hereunder and
      under the Certificate Insurance Policy, the security interest created hereby
      shall continue in full force and effect and the Trustee shall be deemed to
      be
      the collateral agent for the benefit of such Person, and all proceeds shall
      be
      distributed as herein provided.

     

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

    
      
        
        

      

      
        -65-

        
          

        

      

      
        
        

      

    

    ARTICLE
      III.

     

    THE
      CERTIFICATES

     

    Section
      3.01. The
      Certificates

     

    (a) The
      Certificates (other than the Underlying Interests) shall be issuable in
      registered form only and shall be securities governed by Article 8 of the New
      York Uniform Commercial Code. The Book-Entry Certificates will be evidenced
      by
      one or more certificates, beneficial ownership of which will be held in the
      dollar denominations in Certificate Principal Amount (or Notional Amount),
      or in
      the Percentage Interests, specified herein. Each Class of LIBOR Certificates
      (other than the Underlying Interests) and Grantor Trust Certificates will be
      issued in the minimum denominations in Certificate Principal Amount (or Notional
      Amount) specified in the Preliminary Statement hereto and in integral multiples
      of $1 in excess thereof. The Class C, Class P and Class X Certificates shall
      be
      maintained in definitive, fully registered form in a minimum denomination equal
      to 10% of the Percentage Interest of the Class. The Class R Certificate shall
      be
      issued as a single Certificate and maintained in definitive, fully registered
      form in a minimum denomination equal to 100% of the Percentage Interest of
      such
      Class. The Certificates (other than the Underlying Interests) may be issued
      in
      the form of typewritten certificates.

     

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

     

    
      
        
        

      

      
        -66-

        
          

        

      

      
        
        

      

    

    (c) The
      Class
      M10 Certificates offered and sold in reliance on the exemption from registration
      under Rule 144A under the Act shall be issued initially in the form of one
      or
      more permanent global Certificates in definitive, fully registered form without
      interest coupons with the applicable legends set forth in Exhibit A added to
      the
      forms of such Certificates (each, a “Restricted Global Security”), which shall
      be deposited on behalf of the subscribers for such Certificates represented
      thereby with the Trustee, as custodian for The Depository Trust Company (“DTC”)
      and registered in the name of a nominee of DTC, duly executed and authenticated
      by the Trustee as hereinafter provided. The aggregate principal amounts of
      the
      Restricted Global Securities may from time to time be increased or decreased
      by
      adjustments made on the records of the Trustee or DTC or its nominee, as the
      case may be, as hereinafter provided.

     

    (d) The
      Class
      M10 Certificates sold in offshore transactions in reliance on Regulation S
      shall
      be issued initially in the form of one or more permanent global Certificates
      in
      definitive, fully registered form without interest coupons with the applicable
      legends set forth in Exhibit A hereto added to the forms of such Certificates
      (each, a “Regulation S Global Security”), which shall be deposited on behalf of
      the subscribers for such Certificates represented thereby with the Trustee,
      as
      custodian for DTC and registered in the name of a nominee of DTC, duly executed
      and authenticated by the Trustee as hereinafter provided. The aggregate
      principal amounts of the Regulation S Global Securities may from time to time
      be
      increased or decreased by adjustments made on the records of the Trustee or
      DTC
      or its nominee, as the case may be, as hereinafter provided.

     

    (e) The
      Class
      M10 Certificates sold to an “accredited investor” under Rule 501(a)(1), (2), (3)
      or (7) under the Act shall be issued initially in the form of one or more
      Definitive Certificates.

     

    Section
      3.02. Registration

     

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

     

    
      
        
        

      

      
        -67-

        
          

        

      

      
        
        

      

    

    Section
      3.03. Transfer
      and Exchange of Certificates

     

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

     

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

     

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

     

    
      
        
        

      

      
        -68-

        
          

        

      

      
        
        

      

    

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

     

    (i) The
      Certificate Registrar shall register the transfer of a Restricted Certificate
      if
      the requested transfer is (x) to the Depositor, the Placement Agent or an
      affiliate (as defined in Rule 405 under the Securities Act of 1933, as amended
      (the “Act”)) of the Depositor or the Placement Agent or (y) being made to a
“qualified institutional buyer” (a “QIB”) as defined in Rule 144A under the Act
      by a transferor that has provided the Trustee with a certificate in the form
      of
      Exhibit F hereto; and

     

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

     

    (d) No
      transfer of a Grantor Trust Certificate will be registered unless the Trustee,
      the Certificate Registrar and the Depositor receive (A) a representation as
      set
      forth in Exhibit H to the effect that such transferee is not, and is not acting
      for, on behalf of or with any assets of, an employee benefit plan or other
      arrangement subject to Title I of ERISA or plan subject to Section 4975 of
      the
      Code, or (ii) until the termination of the applicable Deferred Interest Cap
      Agreement, the acquisition and holding of the Grantor Trust Certificate are
      eligible for exemptive relief under any of Section 408(b)(17) of ERISA or
      Section 4975(d)(20) of the Code, Prohibited Transaction Class Exemption (“PTCE”)
      84-14, PTCE 90-1, PTCE 91-38, PTCE 95-60 or PTCE 96-23, each as amended.

     

    No
      Transfer of an ERISA-Restricted Certificate or a Class R Certificate will be
      registered unless the Trustee, the Certificate Registrar and the Depositor
      receive (A) a representation as set forth in Exhibit D-1 for Class R
      Certificates or Exhibit H for ERISA-Restricted Certificates to the effect that
      such transferee is not an employee benefit plan or other arrangement subject
      to
      Title I of ERISA, a plan subject to Section 4975 of the Code or a plan subject
      to any provisions under any federal, state, local, non-U.S. or other laws or
      regulations that are substantively similar to the foregoing provisions of ERISA
      or the Code (“Similar Law”) (collectively, a “Plan”), and is not directly or
      indirectly acquiring the Class R Certificate for, on behalf of, or with any
      assets of any such Plan, or (B) solely in the case of an ERISA-Restricted
      Certificate (I) a representation as set forth in Exhibit H for ERISA-Restricted
      Certificates that, if the Certificate has been the subject of an
      ERISA-Qualifying Underwriting, such transferee is an insurance company that
      is
      acquiring the Certificate with assets contained in an “insurance company general
      account,” as defined in Section V(e) of Prohibited Transaction Class Exemption
      (“PTCE”) 95-60, and the acquisition and holding of the Certificate are covered
      and exempt under Sections I and III of PTCE 95-60, or (II) solely in the case
      of
      an ERISA-Restricted Certificate that is a Definitive Certificate, an Opinion
      of
      Counsel satisfactory to the Trustee, the Certificate Registrar and the
      Depositor, and upon which the Trustee, the Certificate Registrar and the
      Depositor shall be entitled to rely, to the effect that the acquisition and
      holding of such Certificate will not constitute or result in a nonexempt
      prohibited transaction under ERISA or the Code, or a violation of Similar Law,
      and will not subject the Trustee, the Certificate Registrar, the Master
      Servicer, any Servicer or the Depositor to any obligation in addition to those
      expressly undertaken in this Agreement, which Opinion of Counsel shall not
      be an
      expense of the Trustee, the Certificate Registrar, the Master Servicer, any
      Servicer or the Depositor.

     

    
      
        
        

      

      
        -69-

        
          

        

      

      
        
        

      

    

    Except
      in
      the case of Definitive Certificates, the representations set forth in the
      preceding paragraphs, other than clause (B)(II) in the immediately preceding
      paragraph, shall be deemed to have been made to the Trustee, the Certificate
      Registrar and the Depositor by the transferee’s acceptance of a Grantor Trust
      Certificate, an ERISA-Restricted Certificate or a Class R Certificate (or the
      acceptance by a Certificate Owner of the beneficial interest in any Class of
      Grantor Trust Certificate, ERISA Restricted Certificate or Class R Certificate).
      The Trustee, the Certificate Registrar and the Depositor shall not have any
      obligation to monitor transfers of Book-Entry Certificates or Restricted Global
      Securities that are Grantor Trust Certificates, ERISA-Restricted Certificates
      or
      Class R Certificates or any liability for transfers of such Certificates in
      violation of the transfer restrictions.

     

    Notwithstanding
      any other provision herein to the contrary, any purported transfer of a Grantor
      Trust Certificate, an ERISA-Restricted Certificate or Class R Certificate to
      or
      on behalf of a Plan without the delivery to the Trustee, the Certificate
      Registrar and the Depositor of a representation or an Opinion of Counsel
      satisfactory to the Trustee, the Certificate Registrar and the Depositor as
      described above shall be void and of no effect and 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. The
      Trustee, the Certificate Registrar and the Depositor shall not have any
      liability to any Person for any registration or transfer of any Grantor
      Trust Certificate, ERISA
      Restricted Certificate or Class R Certificate that is in fact not permitted
      by
      this Section 3.03(d) and the Trustee, the Certificate Registrar and the
      Depositor shall not have any liability for making any payments due on such
      Certificate to the Holder thereof or taking any other action with respect to
      such Holder under the provisions of this Agreement so long as the transfer
      was
      registered by the Certificate Registrar in accordance with the foregoing
      requirements. The Trustee, the Certificate Registrar and the Depositor shall
      be
      entitled, but not obligated, to recover from any Holder of any Grantor Trust
      Certificate, ERISA Restricted Certificate or Class R Certificate that was in
      fact a Plan and that held such Certificate in violation of this Section 3.03(d)
      all payments made on such Grantor Trust Certificate, ERISA Restricted
      Certificate or Class R Certificate at and after the time it commenced such
      holding. Any such payments so recovered shall be paid and delivered to the
      last
      preceding Holder of such Certificate that is not a Plan.

     

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

     

    
      
        
        

      

      
        -70-

        
          

        

      

      
        
        

      

    

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

     

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

     

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

     

    
      
        
        

      

      
        -71-

        
          

        

      

      
        
        

      

    

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

     

    (h) Notwithstanding
      any provision to the contrary herein, so long as a Global Security representing
      any Class M10 Certificate remains outstanding and is held by or on behalf of
      DTC, transfers of a Global Security representing any such Certificates, in
      whole
      or in part, shall only be made in accordance with Section 3.01 and this Section
      3.03(h).

     

    (i) Subject
      to clauses (ii) and (iii) of this Section 3.03(h), transfers of a Global
      Security representing any Class M10 Certificate shall be limited to transfers
      of
      such Global Security, in whole or in part, to nominees of DTC or to a successor
      of DTC or such successor’s nominee.

     

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

     

    
      
        
        

      

      
        -72-

        
          

        

      

      
        
        

      

    

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

     

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

     

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

     

    Section
      3.04. Cancellation
      of Certificates

     

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

     

     

    
      
        
        

      

      
        -73-

        
          

        

      

      
        
        

      

    

    Section
      3.05. Replacement
      of Certificates

     

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

     

    Section
      3.06. Persons
      Deemed Owners

     

    Subject
      to the provisions of Section 3.09 with respect to Book Entry Certificates,
      the
      Depositor, the Master Servicer, the Trustee, any NIMS Insurer, the Certificate
      Insurer, the Certificate Registrar and any agent of any of them may treat the
      Person in whose name any Certificate is registered upon the books of the
      Certificate Registrar as the owner of such Certificate for the purpose of
      receiving distributions pursuant to Sections 5.01 and 5.02 and for all other
      purposes whatsoever, and neither the Depositor, the Master Servicer, the
      Trustee, any NIMS Insurer, the Certificate Insurer, the Certificate Registrar
      nor any agent of any of them shall be affected by notice to the
      contrary.

     

    Section
      3.07. Temporary
      Certificates

     

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

     

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

     

     

    
      
        
        

      

      
        -74-

        
          

        

      

      
        
        

      

    

    Section
      3.08. Appointment
      of Paying Agent

     

    (a) The
      Trustee hereby appoints itself as Paying Agent. The Trustee may appoint a
      successor Paying Agent acceptable to the NIMS Insurer, for the purpose of making
      distributions to Certificateholders and the Certificate Insurer hereunder.
      The
      Trustee shall cause such Paying Agent (if other than the Trustee) to execute
      and
      deliver to the Trustee an instrument in which such Paying Agent shall agree
      with
      the Trustee that such Paying Agent will hold all sums held by it for the payment
      to Certificateholders and the Certificate Insurer in an Eligible Account in
      trust for the benefit of the Certificateholders and the Certificate Insurer
      entitled thereto until such sums shall be paid to the Certificateholders and
      the
      Certificate Insurer. All funds remitted by the Trustee to any such Paying Agent
      for the purpose of making distributions shall be paid to Certificateholders
      and
      the Certificate Insurer on each Distribution Date and any amounts not so paid
      shall be returned on such Distribution Date to the Trustee. If the Paying Agent
      is not the Trustee, the Trustee shall cause to be remitted to the Paying Agent
      on or before the Business Day prior to each Distribution Date, by wire transfer
      in immediately available funds, the funds to be distributed on such Distribution
      Date.

     

    (b) Any
      Paying Agent shall be either a bank or trust company or otherwise authorized
      under law to exercise corporate trust powers. A Paying Agent shall comply with
      its reporting obligations under Regulation AB with respect to the Trust Fund
      in
      form and substance similar to those of the Trustee pursuant to Section 6.20,
      and
      the related assessment of compliance shall cover, at a minimum, the matters
      indicated as obligations with respect to the Paying Agent on Exhibit R attached
      hereto. In addition, the Paying Agent (if other than the Trustee) shall notify
      the Sponsor, the Master Servicer and the Depositor within five (5) calendar
      days
      of knowledge thereof (i) of any legal proceedings pending against the Paying
      Agent of the type described in Item 1117
      (§
      229.1117) of Regulation AB, (ii) any merger, consolidation or sale of
      substantially all of the assets of the Paying Agent and (iii) if the Paying
      Agent shall become (but only to the extent not previously disclosed) at any
      time
      an Affiliate of any of the parties listed on Exhibit S hereto or any of their
      Affiliates.

     

    (c) Any
      Paying Agent (if other than the Trustee) agrees to indemnify the Depositor,
      the
      Trustee (if other than the Paying Agent) and the Master Servicer, and each
      of
      their respective directors, officers, employees and agents and the Trust Fund
      and hold each of them harmless from and against any losses, damages, penalties,
      fines, forfeitures, legal fees and expenses and related costs, judgments, and
      any other costs, fees and expenses that any of them may sustain arising out
      of
      or based upon the failure by such Paying Agent to deliver any information,
      report or certification when and as required under Section 6.20 and Section
      9.25(a), provided, however, that this sentence shall not apply if the Paying
      Agent is the Trustee. This indemnification shall survive the termination of
      this
      Agreement or the termination of such Paying Agent hereunder.

     

    Section
      3.09. Book
      Entry Certificates

     

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

     

    
      
        
        

      

      
        -75-

        
          

        

      

      
        
        

      

    

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

     

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

     

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

     

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

     

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

     

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

     

     

    
      
        
        

      

      
        -76-

        
          

        

      

      
        
        

      

    

    ARTICLE
      IV.

     

    ADMINISTRATION
      OF THE TRUST FUND

     

    Section
      4.01. Collection
      Account

     

    (a) On
      the
      Closing Date, the Master Servicer shall open and shall thereafter maintain
      a
      segregated account held in trust (the “Collection Account”), entitled “Aurora
      Loan Services LLC, as Master Servicer, in trust for the benefit of the Holders
      of GreenPoint Mortgage Funding Trust Mortgage Pass-Through Certificates, Series
      2006-AR7 and Financial Security Assurance Inc., as certificate insurer.” The
      Collection Account shall relate solely to the Certificates issued by the Trust
      Fund hereunder, and funds in such Collection Account shall not be commingled
      with any other monies.

     

    (b) The
      Collection Account shall be an Eligible Account. If an existing Collection
      Account ceases to be an Eligible Account, the Master Servicer shall establish
      a
      new Collection Account that is an Eligible Account within 15 days and transfer
      all funds and investment property on deposit in such existing Collection Account
      into such new Collection Account.

     

    (c) The
      Master Servicer shall give to the Trustee, the Certificate Insurer and any
      NIMS
      Insurer prior written notice of the name and address of the depository
      institution at which the Collection Account is maintained and the account number
      of such Collection Account. The Master Servicer shall take such actions as
      are
      necessary to cause the depository institution holding the Collection Account
      to
      hold such account in the name of the Master Servicer under this Agreement.
      No
      later than 2:00 p.m. New York City time on each Deposit Date, the entire amount
      on deposit in the Collection Account (subject to permitted withdrawals set
      forth
      in Section 4.02), other than amounts not included in the Total Distribution
      Amount for such Distribution Date, shall be remitted to the Trustee for deposit
      into the Certificate Account by wire transfer in immediately available funds.
      The Master Servicer, at its option (but with prior notice to the Trustee),
      may
      choose to make daily remittances from the Collection Account to the Trustee
      for
      deposit into the Certificate Account.

     

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

     

    
      
        
        

      

      
        -77-

        
          

        

      

      
        
        

      

    

    (i) all
      payments on account of principal, including Principal Prepayments, late
      collections, and any Prepayment Premiums, on the Mortgage Loans;

     

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

     

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

     

    (iv) all
      Insurance Proceeds;

     

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

     

    (vi) all
      amounts paid by the Master Servicer with respect to Prepayment Interest
      Shortfalls; and

     

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

     

    (e) Funds
      in
      the Collection Account may be invested in Eligible Investments selected by
      and
      at the written direction of the Master Servicer, which shall mature not later
      than one Business Day prior to the Deposit Date (except that if such Eligible
      Investment is an obligation of the Trustee, then such Eligible Investment shall
      mature not later than such applicable Deposit Date) and any such Eligible
      Investment shall not be sold or disposed of prior to its maturity. All such
      Eligible Investments shall be made in the name of the Master Servicer in trust
      for the benefit of the Trustee, the Holders of GreenPoint Mortgage Funding
      Trust
      Mortgage Pass-Through Certificates, Series 2006-AR7 and the Certificate Insurer.
      All income and gain realized from any Eligible Investment shall be for the
      benefit of the Master Servicer and shall be subject to its withdrawal or order
      from time to time and shall not be part of the Trust Fund. The amount of any
      losses incurred in respect of any such investments shall be deposited in such
      Collection Account by the Master Servicer out of its own funds, without any
      right of reimbursement therefor, immediately as realized. The foregoing
      requirements for deposit in the Collection Account are exclusive, it being
      understood and agreed that, without limiting the generality of the foregoing,
      payments of interest on funds in the Collection Account and payments in the
      nature of late payment charges, assumption fees, prepayment penalties with
      respect to mortgages for which the Seller does not own the servicing rights,
      and
      other incidental fees and charges relating to the Mortgage Loans (other than
      Prepayment Premiums) need not be deposited by the Master Servicer in the
      Collection Account and may be retained by the Master Servicer or the applicable
      Servicer as additional servicing compensation. If the Master Servicer deposits
      in the Collection Account any amount not required to be deposited therein,
      it
      may at any time withdraw such amount from such Collection Account.

     

     

    
      
        
        

      

      
        -78-

        
          

        

      

      
        
        

      

    

    Section
      4.02. Application
      of Funds in the Collection Account

     

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

     

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

     

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

     

    (iii) to
      reimburse itself or any Servicer from Liquidation Proceeds for Liquidation
      Expenses and for amounts expended by it pursuant to Sections 9.20 and 9.22(c)
      or
      the applicable Servicing Agreement in good faith in connection with the
      restoration of damaged property and, to the extent that Liquidation Proceeds
      after such reimbursement exceed the unpaid principal balance of the related
      Mortgage Loan, together with accrued and unpaid interest thereon at the
      applicable Mortgage Rate less the General Servicing Fee Rate for such Mortgage
      Loan to the Due Date next succeeding the date of its receipt of such Liquidation
      Proceeds, to pay to itself out of such excess the amount of any unpaid
      assumption fees, late payment charges or other Mortgagor charges on the related
      Mortgage Loan and to retain any excess remaining thereafter as additional
      servicing compensation, it being understood, in the case of any such
      reimbursement or payment, that such Master Servicer’s or Servicer’s right
      thereto shall be prior to the rights of the Certificateholders;

     

    
      
        
        

      

      
        -79-

        
          

        

      

      
        
        

      

    

    (iv) [Reserved];

     

    (v) to
      reimburse itself or any Servicer for expenses incurred by and recoverable by
      or
      reimbursable to it or such Servicer pursuant to Sections 9.04, 9.05, 9.06,
      9.07(a), 9.16, 9.30 or 11.15 or pursuant to the applicable Servicing
      Agreement;

     

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

     

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

     

    (viii) to
      make
      payments to the Trustee on each Deposit Date for deposit into the Certificate
      Account in the amount provided in Section 4.04;

     

    (ix) to
      make
      payment to itself, the Trustee and others pursuant to any other provision of
      this Agreement and to reimburse any Custodian pursuant to the Custodial
      Agreement, but only to the extent that the items reimbursed constitute
“unanticipated expenses” within the meaning of Treasury Regulation Section
      1.860G-1(b)(3)(ii);

     

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

     

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

     

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

     

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

     

    If
      provided in its applicable Servicing Agreement, a Servicer shall be entitled
      to
      retain as additional servicing compensation any Prepayment Interest Excess
      (to
      the extent not offset by Prepayment Interest Shortfalls).

     

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

     

    
      
        
        

      

      
        -80-

        
          

        

      

      
        
        

      

    

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

     

    Any
      withdrawals described in this section shall be allocated and limited to
      collections or other recoveries on the related Mortgage Pool and shall be
      accounted for in such manner.

     

    (b) The
      Trustee shall afford the NIMS Insurer and the Certificate Insurer upon
      reasonable notice, during normal business hours, access to all records
      maintained by the Trustee in respect of its duties hereunder and access to
      officers of the Trustee responsible for performing such duties. The Trustee
      shall cooperate fully with the NIMS Insurer and the Certificate Insurer and
      shall make available to the NIMS Insurer and the Certificate Insurer for review
      and copying at the expense of the NIMS Insurer or the Certificate Insurer,
      as
      applicable, such books, documents or records as may be requested with respect
      to
      the Trustee’s duties hereunder. Neither the NIMS Insurer nor the Certificate
      Insurer shall have any responsibility or liability for any action or failure
      to
      act by the Trustee and neither the NIMS Insurer nor the Certificate Insurer
      are
      obligated to supervise the performance of the Trustee under this Agreement
      or
      otherwise. The Trustee shall also afford the NIMS Insurer and the Certificate
      Insurer, upon reasonable notice, during normal business hours, access to the
      Mortgage Files and shall cause the Master Servicer and the Servicer to provide
      such access to the Mortgage Files.

     

    Section
      4.03. Reports
      to Certificateholders

     

    (a) On
      each
      Distribution Date, the Trustee shall prepare (based solely on information
      provided by the Master Servicer or the Cap Provider) and shall make available
      to
      the Certificateholders, the Certificate Insurer and any NIMS Insurer a written
      report setting forth the following information by Mortgage Pool (on the basis
      of
      Mortgage Loan level information obtained from the applicable
      Servicer):

     

    (i) the
      aggregate amount of the distribution to be made on such Distribution Date to
      the
      Holders of each Class of LIBOR Certificates and Grantor Trust Certificates,
      other than any Class of Notional Certificates, allocable to principal on the
      Mortgage Loans, including Liquidation Proceeds and Insurance Proceeds, stating
      separately the amount attributable to scheduled principal payments and
      unscheduled payments in the nature of principal in each Mortgage
      Pool;

     

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

     

    
      
        
        

      

      
        -81-

        
          

        

      

      
        
        

      

    

    (iii) the
      amount, if any, of any distributions to the Holders of the Class C, Class X
      and
      Class R Certificates on such Distribution Date, stated separately, and the
      aggregate amounts, if any, of distributions to the Holders of the Class C,
      Class
      X and Class R Certificates on all Distribution Dates, stated
      separately;

     

    (iv) the
      amount, if any, of any distributions to the Cap Provider with respect to each
      Class of Grantor Trust Certificates (A) as interest on any outstanding Cap
      Deferred Interest Amount, (B) in reduction of such Cap Deferred Interest Amount
      or (C) as a termination payment or for any other reason;

     

    (v) the
      amount of the Cap Deferred Interest Amount for each Class of Grantor Trust
      Certificates after distributions on such Distribution Date;

     

    (vi) by
      Mortgage Pool and in the aggregate (A) the aggregate amount of any Advances
      required to be made as of the end of the month immediately preceding the month
      in which such Distribution Date occurs by the Master Servicer (or by the Trustee
      as successor master servicer) with respect to such Distribution Date, (B) the
      aggregate amount of such Advances actually made, and (C) the amount, if any,
      by
      which (A) above exceeds (B) above;

     

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

     

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

     

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

     

    (x) by
      Mortgage Pool and in the aggregate, the amount of the General Servicing Fees
      paid during the Collection Period to which such distribution
      relates;

     

    (xi) by
      Mortgage Pool and in the aggregate, the number and aggregate Scheduled Principal
      Balance of Mortgage Loans, as reported to the Trustee by the Master Servicer,
      (a) remaining outstanding (b) delinquent one month, (c) delinquent two months,
      (d) delinquent three or more months, (e) as to which foreclosure proceedings
      have been commenced as of the close of business on the last Business Day of
      the
      calendar month immediately preceding the month in which such Distribution Date
      occurs, (f) in bankruptcy and (g) that are REO Properties;

     

    (xii) by
      Mortgage Pool and in the aggregate, the aggregate Scheduled Principal Balance
      of
      any Mortgage Loans with respect to which the related Mortgaged Property became
      a
      REO Property as of the close of business on the last Business Day of the
      calendar month immediately preceding the month in which such Distribution Date
      occurs;

     

    
      
        
        

      

      
        -82-

        
          

        

      

      
        
        

      

    

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

     

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

     

    (xv) the
      Certificate Interest Rate applicable to such Distribution Date with respect
      to
      each Class of Certificates (with a notation if such Certificate Interest Rate
      reflects the application of the applicable Net Funds Cap);

     

    (xvi) the
      Interest Remittance Amount, the Principal Remittance Amount, the Principal
      Distribution Amount and the Overcollateralization Release Amount applicable
      to
      such Distribution Date;

     

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

     

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

     

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

     

    (xx) the
      level
      of LIBOR and the Certificate Interest Rate of each of the LIBOR Certificates
      and
      the Grantor Trust Certificates; 

     

    (xxi) the
      amount of the monthly Certificate Insurance Premiums (and the aggregate
      Certificate Insurance Premium, if different) due to the Certificate Insurer
      on
      the related Distribution Date and the amount of any Guaranteed Distributions
      paid to the Class 1-A3B Certificates under the Certificate Insurance
      Policy;

     

    (xxii) the
      amount of any payments made to each Class of Certificates that are treated
      as
      payments received in respect of a REMIC 2 Regular Interest and the amount of
      any
      payments to each Class of Certificates that are not treated as payments received
      in respect of a REMIC 2 Regular Interest; and

     

    (xxiii) the
      amount of any payments made by the Cap Provider under the Deferred Interest
      Cap
      Agreements.

     

    In
      the
      case of information furnished pursuant to sub-clauses (i), (ii) and (vi) above,
      the amounts shall (except with respect to the Class X Certificates) be expressed
      as a dollar amount per $1,000 of original principal amount of
      Certificates.

     

    
      
        
        

      

      
        -83-

        
          

        

      

      
        
        

      

    

    In
      addition to the information listed above for any year in which the Depositor
      is
      subject to Exchange Act reporting with respect to the Certificates, such
      Distribution Date report shall also include such other information as is
      required by Form 10-D, including, but not limited to, the information required
      by Item 1121 (§ 229.1121) of Regulation AB to the extent that the Trustee
      shall have received any such information from the Depositor, the Sponsor, the
      Master Servicer, any Servicer, the Custodian, the Cap Provider or any
      Subservicer or Subcontractor therefor, as applicable, no later than four
      Business Days prior to the Distribution Date.

     

    The
      Trustee will make such report and additional loan level information (and, at
      its
      option, any additional files containing the same information in an alternative
      format) provided to it by the Master Servicer available each month to
      Certificateholders, the Certificate Insurer, any NIMS Insurer, and the Rating
      Agencies via the Trustee’s internet website. The Trustee’s internet website
      shall initially be located at http://trustinvestorreporting.com and assistance
      in using the website can be obtained by emailing the Trustee’s customer service
      desk at ct.information.delivery@usbank.com. Such parties that are unable to
      use
      the website are entitled to have a paper copy mailed to them via first class
      mail by calling the customer service desk and indicating such. The Trustee
      shall
      have the right to change the way such statements are distributed in order to
      make such distribution more convenient and/or more accessible to the above
      parties and the Trustee shall provide timely and adequate notification to all
      above parties regarding any such changes.

     

    The
      Trustee shall provide a “zero settlement file” to Bloomberg L.P. within seven
      (7) calendar days after the receipt of the collateral data file from the
      Depositor, but in no event later than the first Distribution Date, which shall
      contain all of the information in the initial Monthly Report (without giving
      effect to any distributions); provided, however, that in no event will such
      zero
      settlement file contain any mortgagor-specific information.

     

    The
      foregoing information and reports shall be prepared and determined by the
      Trustee based solely on Mortgage Loan data provided to the Trustee by the Master
      Servicer (in a format agreed to by the Trustee and the Master Servicer) no
      later
      than 2:00 p.m. Eastern Time four Business Days prior to the Distribution Date
      or
      such other time period as set forth in Section 9.23(c). In preparing or
      furnishing the foregoing information, the Trustee shall be entitled to rely
      conclusively on the accuracy and completeness of the information or data (i)
      regarding the Mortgage Loans and the related REO Property that has been provided
      to the Master Servicer by the Servicer and to the Trustee by the Master Servicer
      and (ii) regarding the Cap Agreement that has been provided to the Trustee
      by
      the Cap Provider, and the Trustee shall not be obligated to verify, recompute,
      reconcile or recalculate any such information or data. The Trustee shall be
      entitled to conclusively rely on the Mortgage Loan data provided by the Master
      Servicer and shall have no liability for any errors or omissions in such
      Mortgage Loan data.

     

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

     

    
      
        
        

      

      
        -84-

        
          

        

      

      
        
        

      

    

    (c) Within
      90
      days, or such shorter period as may be required by statute or regulation, after
      the end of each calendar year, the Trustee shall, upon written request, have
      prepared and shall make available to each Person who at any time during the
      calendar year was a Certificateholder of record, and to any NIMS Insurer, and
      make available to Certificate Owners (identified as such by the Clearing Agency)
      in accordance with applicable regulations, a report summarizing the items
      provided to the Certificateholders pursuant to Section 4.03(a)(i) and (ii)
      on an
      annual basis as may be required to enable such Holders to prepare their federal
      income tax returns; provided, however that this Section 4.03(c) shall not be
      applicable where relevant reports or summaries are required elsewhere in this
      Agreement. Such information shall include the amount of original issue discount
      accrued on each Class of Certificates and information regarding the expenses
      of
      the Trust Fund. The Trustee shall be deemed to have satisfied this requirement
      if it forwards such information in any other format permitted by the Code.
      The
      Master Servicer shall provide the Trustee with such information as is necessary
      for the Trustee to prepare such reports.

     

    (d) The
      Trustee shall prepare and file with the Internal Revenue Service (“IRS”), on
      behalf of the Trust Fund, an application for an employer identification number
      on IRS Form SS-4 or by any other acceptable method. The Trustee shall also
      file
      a Form 8811 as required. The Trustee, upon receipt from the IRS of the Notice
      of
      Taxpayer Identification Number Assigned, shall upon request promptly forward
      a
      copy of such notice to the Master Servicer and the Depositor. The Trustee shall
      furnish any other information that is required by the Code and regulations
      thereunder to be made available to Certificateholders. The Master Servicer
      shall
      provide the Trustee with such information (to the extent readily available
      to
      the Master Servicer) as is necessary for the Trustee to comply with the
      foregoing.

     

    Section
      4.04. Certificate
      Account and Grantor Trust Certificate Accounts

     

    (a) The
      Trustee shall establish and maintain in its name, as trustee, trust accounts
      entitled “Certificate Account, U.S. Bank National Association, as Trustee, in
      trust for the benefit of the Holders of GreenPoint Mortgage Funding Trust
      Mortgage Pass-Through Certificates, Series 2006-AR7 and Financial Security
      Assurance Inc., as certificate insurer” (the “Certificate Account”), “Class
      1-A1B Certificate Account, U.S. Bank National Association, as Trustee, in trust
      for the benefit of the Holders of GreenPoint Mortgage Funding Trust Mortgage
      Pass-Through Certificates, Series 2006-AR7,” “Class 1-A2A2 Certificate Account,
      U.S. Bank National Association, as Trustee, in trust for the benefit of the
      Holders of GreenPoint Mortgage Funding Trust Mortgage Pass-Through Certificates,
      Series 2006-AR7,” “Class 1-A3A2 Certificate Account, U.S. Bank National
      Association, as Trustee, in trust for the benefit of the Holders of GreenPoint
      Mortgage Funding Trust Mortgage Pass-Through Certificates, Series 2006-AR7,”
“Class 1-A3B Certificate Account, U.S. Bank National Association, as Trustee,
      in
      trust for the benefit of the Holders of GreenPoint Mortgage Funding Trust
      Mortgage Pass-Through Certificates, Series 2006-AR7 and Financial Security
      Assurance Inc., as certificate insurer,” “Class 2-A1 Certificate Account, U.S.
      Bank National Association, as Trustee, in trust for the benefit of the Holders
      of GreenPoint Mortgage Funding Trust Mortgage Pass-Through Certificates, Series
      2006-AR7” and “Class 2-A2 Certificate Account, U.S. Bank National Association,
      as Trustee, in trust for the benefit of the Holders of Holders of GreenPoint
      Mortgage Funding Trust Mortgage Pass-Through Certificates, Series 2006-AR7”
(each, a “Grantor Trust Certificate Account”) until disbursed pursuant to the
      terms of this Agreement. The Certificate Account and each Grantor Trust
      Certificate Account shall be an Eligible Account and shall be for the benefit
      of
      the related Certificateholders and the Certificate Insurer. If the existing
      Certificate Account (or Grantor Trust Certificate Account, as applicable) ceases
      to be an Eligible Account, the Trustee shall establish a new Certificate Account
      that is an Eligible Account within 20 Business Days and transfer all funds
      and
      investment property on deposit in such existing Certificate Account into such
      new Certificate Account. The Certificate Account (or Grantor Trust Certificate
      Account, as applicable) shall relate solely to the Certificates issued hereunder
      and funds in the Certificate Account (or Grantor Trust Certificate Account,
      as
      applicable) shall be held separate and apart from and shall not be commingled
      with any other monies including, without limitation, other monies of the Trustee
      held under this Agreement. The Trustee shall give to the Depositor, Master
      Servicer, the Certificate Insurer and any NIMS Insurer prior written notice
      of
      the name and address of the depository institution at which the Certificate
      Account (or Grantor Trust Certificate Account, as applicable) is maintained
      and
      the account number of such Certificate Account (or Grantor Trust Certificate
      Account, as applicable). 

    
      
        
        

      

      
        -85-

        
          

        

      

      
        
        

      

    

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

     

    (i) to
      pay
      itself any investment income earned with respect to funds in the Certificate
      Account (or Grantor Trust Certificate Account, as applicable) invested in
      Eligible Investments as set forth in subsection (c) below, and to make payments
      to itself and others prior to making distributions pursuant to Section 5.02
      for
      any expenses or other indemnification owing to itself and others pursuant to
      any
      provision of this Agreement or any Custodial Agreement; provided that such
      payments are for “unanticipated expenses” within the meaning of Treasury
      Regulation Section 1.860G-1(b)(3)(ii);

     

    (ii) to
      make
      payment to itself pursuant to any provision of this Agreement, or to reimburse
      itself or its agents for any amounts reimbursable to it pursuant to Sections
      6.11, 6.12 or 7.01; provided that such payments are for “unanticipated expenses”
within the meaning of Treasury Regulation Section
      1.860G-1(b)(3)(ii);

     

    (iii) to
      withdraw amounts deposited in the Certificate Account (or Grantor Trust
      Certificate Account, as applicable) in error;

     

    
      
        
        

      

      
        -86-

        
          

        

      

      
        
        

      

    

    (iv) to
      make
      payments to itself and others pursuant to any provision of this Agreement;
      

     

    (v) to
      make
      distributions to Certificateholders and the Certificate Insurer pursuant to
      Article V; and

     

    (vi) to
      clear
      and terminate the Certificate Account (or Grantor Trust Certificate Account,
      as
      applicable) pursuant to Section 7.02.

     

    Any
      withdrawals described in the preceding sentence shall be allocated and limited
      to collections or other recoveries on the related Mortgage Pool and shall be
      accounted for in such manner.

     

    (c) The
      Trustee may invest, or cause to be invested, funds held in the Certificate
      Account (or Grantor Trust Certificate Account, as applicable), which funds,
      if
      invested, shall be invested in Eligible Investments (which may be obligations
      of
      the Trustee). All such investments must be payable on demand or mature no later
      than the next Distribution Date, and shall not be sold or disposed of prior
      to
      their maturity. All such Eligible Investments will be made in the name of the
      Trustee (in its capacity as such) or its nominee. All income and gain realized
      from any such investment shall be compensation to the Trustee and shall be
      subject to its withdrawal on order from time to time. The amount of any losses
      incurred in respect of any such investments shall be paid by the Trustee for
      deposit in the Certificate Account (or Grantor Trust Certificate Account, as
      applicable) out of its own funds, without any right of reimbursement therefor,
      immediately as realized.

     

    Except
      as
      otherwise expressly provided in this Agreement, if any default occurs in the
      making of a payment due under any Eligible Investment, or if a default occurs
      in
      any other performance required under any Eligible Investment, the Trustee may
      and, subject to Section 6.01 and Section 6.02(iv), upon the request of the
      NIMS
      Insurer, shall take such action as may be appropriate to enforce such payment
      or
      performance, including the institution and prosecution of appropriate
      proceedings.

     

    ARTICLE
      V.

     

    DISTRIBUTIONS
      TO HOLDERS OF CERTIFICATES

     

    Section
      5.01. Distributions
      Generally

     

    (a) Subject
      to Section 7.01 respecting the final distribution on the Certificates, on each
      Distribution Date the Trustee or the Paying Agent shall make distributions
      in
      accordance with this Article V. Such distributions shall be made by wire
      transfer if the Certificateholder has provided the Trustee with wire
      instructions or by check mailed to the address of such Certificateholder as
      it
      appears in the books of the Trustee if the Certificateholder has not provided
      the Trustee with wire instructions in immediately available funds to an account
      specified in the request and at the expense of such Certificateholder; provided,
      however, that the final distribution in respect of any Certificate shall be
      made
      only upon presentation and surrender of such Certificate at the Corporate Trust
      Office; provided, further, that the foregoing provisions shall not apply to
      any
      Class of Certificates as long as such Certificate remains a Book-Entry
      Certificate in which case all payments made shall be made through the Clearing
      Agency and its Clearing Agency Participants. Notwithstanding such final payment
      of principal of any of the Certificates, each Residual Certificate will remain
      outstanding until the termination of each REMIC and the payment in full of
      all
      other amounts due with respect to the Residual Certificates and at such time
      such final payment in retirement of any Residual Certificate will be made only
      upon presentation and surrender of such Certificate at the Corporate Trust
      Office. If any payment required to be made on the Certificates is to be made
      on
      a day that is not a Business Day, then such payment will be made on the next
      succeeding Business Day.

    
      
        
        

      

      
        -87-

        
          

        

      

      
        
        

      

    

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

     

    (c) The
      Trustee shall make payments to Certificateholders and any other person pursuant
      to this Article V based solely on the information set forth in the monthly
      report furnished by the Trustee in accordance with Section 4.03(a), and shall
      be
      entitled to conclusively rely on such information and reports, and on the
      calculations contained therein, when making distributions to Certificateholders.
      The Trustee shall have no liability for any errors in such reports or
      information, and shall not be required to verify, recompute, reconcile or
      recalculate any such information or data.

     

    Section
      5.02. Distributions
      from the Certificate Account and Grantor Trust Certificate
      Accounts

     

    (a) On
      each
      Distribution Date, the Trustee (or the Paying Agent on behalf of the Trustee)
      shall withdraw from the Certificate Account the Total Distribution Amount
      (excluding all Prepayment Premiums) and shall allocate such amount to the
      interests issued in respect of each REMIC and shall distribute such amount
      as
      specified in this Section concurrently, as follows:

     

    (i) On
      each
      Distribution Date, the Trustee shall distribute the Interest Remittance Amount
      for Pool 1 for such date as follows:

     

    (A) to
      the
      Certificate Insurer, the Certificate Insurance Premium;

     

    (B) concurrently,
      to each Class of Pool 1 Senior Certificates, Current Interest and any
      Carryforward Interest for such Classes for such Distribution Date; provided,
      however, that if funds available are insufficient to pay such amounts, any
      resulting shortfalls will be allocated pro
      rata
      on the
      basis of Current Interest and Carryforward Interest due such Classes on such
      Distribution Date; 

     

    (C) to
      the
      Certificate Insurer, any unreimbursed Guaranteed Distributions with respect
      to
      the Class 1-A3B Certificates, plus all amounts due to the Certificate Insurer
      under this Agreement and not previously paid to it, together with interest
      thereon at a per annum rate equal to the Prime Rate plus 3%;

     

    
      
        
        

      

      
        -88-

        
          

        

      

      
        
        

      

    

    (D) for
      application pursuant to Section 5.02(b), any such Interest Remittance Amount
      remaining undistributed for such Distribution Date.

     

    (ii) On
      each
      Distribution Date, the Trustee shall distribute the Interest Remittance Amount
      for Pool 2 for such date as follows:

     

    (A) concurrently,
      to each Class of Pool 2 Senior Certificates, Current Interest and any
      Carryforward Interest for such Classes for such Distribution Date; provided,
      however, that if funds available are insufficient to pay such amounts, any
      resulting shortfalls will be allocated pro
      rata
      on the
      basis of Current Interest and Carryforward Interest due such Classes on such
      Distribution Date;

     

    (B) for
      application pursuant to Section 5.02(b), any such Interest Remittance Amount
      remaining undistributed for such Distribution Date.

     

    (b) On
      each
      Distribution Date, the Trustee will distribute the aggregate of any remaining
      Interest Remittance Amounts from Sections 5.02(a)(i)(D) and 5.02(a)(ii)(B),
      as
      applicable, as follows:

     

    (i) to
      the
      Certificate Insurer, the monthly premium due under the Certificate Insurance
      Policy with respect to the Class 1-A3B Certificates to the extent not paid
      pursuant to Section 5.02(a)(i)(A) above;

     

    (ii) concurrently,
      to each Class of Senior Certificates, Current Interest and any Carryforward
      Interest for such Classes for such Distribution Date (any shortfall in Current
      Interest and Carryforward Interest to be allocated among such Classes in
      proportion to the amount of Current Interest and Carryforward Interest that
      would otherwise be distributable thereon) to the extent not paid on such
      Distribution Date pursuant to Sections 5.02(a)(i)(B) and
      5.02(a)(ii)(A);

     

    (iii) to
      the
      Certificate Insurer, any unreimbursed Guaranteed Distributions with respect
      to
      the Class 1-A3B Certificates, plus all amounts due to the Certificate Insurer
      under this Agreement and not previously paid to it, together with interest
      thereon at a per annum rate equal to the Prime Rate plus 3%, to the extent
      not
      paid pursuant to Section 5.02(a)(i)(C) above;

     

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

     

    (v) to
      the
      Trustee, previously unreimbursed extraordinary costs, liabilities and expenses
      related to the Certificates; and

     

    (vi) for
      application as part of the aggregate Monthly Excess Cashflow for such
      Distribution Date, as provided in Section 5.02(d), any such Interest Remittance
      Amount remaining after application pursuant to clauses (i) through (v) above.
      

     

    (c) On
      each
      Distribution Date, the Trustee shall distribute the Principal Distribution
      Amount with respect to each Mortgage Pool for such date, concurrently, as
      follows:

     

    
      
        
        

      

      
        -89-

        
          

        

      

      
        
        

      

    

    (i) On
      each
      Distribution Date (a) prior to the Stepdown Date or (b) with respect to which
      a
      Trigger Event is in effect, until the aggregate Certificate Principal Amount
      of
      the LIBOR Certificates equals the Target Amount for such Distribution Date,
      the
      Trustee shall distribute the Principal Distribution Amount concurrently, as
      follows:

     

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

     

    (1) pro
      rata
      to the
      Class 1-A1A Certificates and Class 1-A1B Underlying Interest until the Class
      Principal Amount of each such Class has been reduced to zero;

     

    (2) concurrently
      (a) 90% of the Principal Distribution Amount for Pool 1 available for
      distribution pursuant to this Section 5.02(c)(i)(A)(2) sequentially (i)
pro
      rata
      to the
      Class 1-A2A1 Certificates and Class 1-A2A2 Underlying Interest until the Class
      Principal Amount of each such Class has been reduced to zero and (ii)
pro
      rata
      to the
      Class 1-A3A1 Certificates and Class 1-A3A2 Underlying Interest until the Class
      Principal Amount of each such Class has been reduced to zero; and (b) 10% of
      the
      Principal Distribution Amount for Pool 1 available for distribution pursuant
      to
      this Section 5.02(c)(i)(A)(2) to the Class 1-A3B Underlying Interest until
      the
      Class Principal Amount of such Class has been reduced to zero; 

     

    (3) to
      the
      Class 1-A3B Underlying Interest until the Class Principal Amount of such Class
      has been reduced to zero;

     

    (4) to
      the
      Certificate Insurer, any unreimbursed Guaranteed Distributions with respect
      to
      the Class 1-A3B Certificates, plus all amounts due to the Certificate Insurer
      under this Agreement and not previously paid to it, together with interest
      thereon at a per annum rate equal to the Prime Rate plus 3%, to the extent
      not
      paid pursuant to Sections 5.02(a) and (b) above;

     

    (5) pro
      rata,
      to the
      Class 2-A1 Underlying Interest and Class 2-A2 Underlying Interest, after giving
      effect to distributions in Section 5.02(c)(i)(B)(1), until the Class Principal
      Amount of each such Class has been reduced to zero; 

     

    (6) to
      the
      Class M1, Class M2, Class M3, Class M4, Class M5, Class M6, Class M7, Class
      M8,
      Class M9 and Class M10 Certificates, sequentially, in that order, in each case
      until the Class Principal Amount of each such Class has been reduced to zero;
      and

     

    (7) for
      application as part of the Monthly Excess Cashflow for such Distribution Date,
      pursuant to Section 5.02(d), any such Principal Distribution Amount remaining
      after application pursuant to Sections 5.02(c)(i)(A)(1) through (6)
      above.

     

    
      
        
        

      

      
        -90-

        
          

        

      

      
        
        

      

    

    (B) For
      Pool
      2: The Principal Distribution Amount for Pool 1 will be distributed on each
      Distribution Date in the following order of priority:

     

    (1) pro
      rata,
      to the
      Class 2-A1 Underlying Interest and Class 2-A2 Underlying Interest, until the
      Class Principal Amount of each such Class has been reduced to zero;

     

    (2) to
      each
      Class of Pool 1 Senior Certificates, in accordance with the priorities set
      forth
      in Sections 5.02(c)(i)(A)(1) through (3), after giving effect to distributions
      in 5.02(c)(i)(A)(1) through (3), until the Class Principal Amount of each such
      Class has been reduced to zero; 

     

    (3) to
      the
      Certificate Insurer, any unreimbursed Guaranteed Distributions with respect
      to
      the Class 1-A3B Certificates, plus all amounts due to the Certificate Insurer
      under this Agreement and not previously paid to it, together with interest
      thereon at a per annum rate equal to the Prime Rate plus 3%, to the extent
      not
      paid pursuant to Sections 5.02(a), 5.02(b) or 5.02(c)(i)(A) above;

     

    (4) to
      the
      Class M1, Class M2, Class M3, Class M4, Class M5, Class M6, Class M7, Class
      M8,
      Class M9 and Class M10 Certificates, sequentially, in that order, until the
      Class Principal Amount of each such Class has been reduced to zero;
      and

     

    (5) for
      application as part of the Monthly Excess Cashflow for such Distribution Date,
      pursuant to Section 5.02(d), any such Principal Distribution Amount remaining
      after application pursuant to Section 5.02(c)(i)(B)(1) through (4)
      above.

     

    (ii) On
      each
      Distribution Date (a) on or after the Stepdown Date and (b) with respect to
      which a Trigger Event is not in effect, the Principal Distribution Amount for
      each of Pool 1 and Pool 2 for such date will be distributed in the following
      order of priority:

     

    (A) (a)
      so
      long as any of the Subordinate Certificates are outstanding, to the Pool 1
      Senior Certificates (from amounts in Pool 1, except as provided below) and
      to
      the Pool 2 Senior Certificates (from amounts in Pool 2, except as provided
      below), in each case in accordance with Section 5.02(c)(i), concurrently by
      Principal Allocation Percentage, in an amount equal to the lesser of (x) the
      Principal Distribution Amount for the related Mortgage Pool for such
      Distribution Date and (y) the Senior Principal Distribution Amount for the
      related Mortgage Pool (allocated by Principal Allocation Percentage) for such
      Distribution Date until the Class Principal Amount of each such Class has been
      reduced to zero; or (b) otherwise to the Senior Certificates (in each case
      in
      accordance with Section 5.02(c)(i) concurrently by Principal Allocation
      Percentage), the Principal Distribution Amount for the related Mortgage Pool
      for
      such Distribution Date;

     

    (B) to
      the
      Certificate Insurer, any unreimbursed Guaranteed Distributions with respect
      to
      the Class 1-A3B Certificates, plus all amounts due to the Certificate Insurer
      under this Agreement and not previously paid to it, together with interest
      thereon at a per annum rate equal to the Prime Rate plus 3%, to the extent
      not
      paid pursuant to Sections 5.02(a) and (b) above;

     

    
      
        
        

      

      
        -91-

        
          

        

      

      
        
        

      

    

    (C) to
      the
      Class M1 Certificates, an amount equal to the lesser of (x) the excess of (a)
      the Principal Distribution Amount for such Distribution Date over (b) the amount
      distributed to the Senior Certificates and the Certificate Insurer on such
      Distribution Date pursuant to clauses (A) and (B) above and (y) the M1 Principal
      Distribution Amount for such Distribution Date, until the Class Principal Amount
      of such Class has been reduced to zero;

     

    (D) to
      the
      Class M2 Certificates, an amount equal to the lesser of (x) the excess of (a)
      the Principal Distribution Amount for such Distribution Date over (b) the amount
      distributed to the Senior Certificates, the Certificate Insurer and the Class
      M1
      Certificates on such Distribution Date pursuant to clauses (A) through (C)
      above, and (y) the M2 Principal Distribution Amount for such Distribution Date,
      until the Class Principal Amount of such Class has been reduced to
      zero;

     

    (E) to
      the
      Class M3 Certificates, an amount equal to the lesser of (x) the excess of (a)
      the Principal Distribution Amount for such Distribution Date over (b) the amount
      distributed to the Senior Certificates, the Certificate Insurer and the Class
      M1
      and Class M2 Certificates on such Distribution Date pursuant to clauses (A)
      through (D) above, and (y) the M3 Principal Distribution Amount for such
      Distribution Date, until the Class Principal Amount of such Class has been
      reduced to zero; 

     

    (F) to
      the
      Class M4 Certificates, an amount equal to the lesser of (x) the excess of (a)
      the Principal Distribution Amount for such Distribution Date over (b) the amount
      distributed to the Senior Certificates, the Certificate Insurer and the Class
      M1, Class M2 and Class M3 Certificates on such Distribution Date pursuant to
      clauses (A) through (E) above, and (y) the M4 Principal Distribution Amount
      for
      such Distribution Date, until the Class Principal Amount of such Class has
      been
      reduced to zero; 

     

    (G) to
      the
      Class M5 Certificates, an amount equal to the lesser of (x) the excess of (a)
      the Principal Distribution Amount for such Distribution Date over (b) the amount
      distributed to the Senior Certificates, the Certificate Insurer and the Class
      M1, Class M2, Class M3 and Class M4 Certificates on such Distribution Date
      pursuant to clauses (A) through (F) above, and (y) the M5 Principal Distribution
      Amount for such Distribution Date, until the Class Principal Amount of such
      Class has been reduced to zero;

     

    (H) to
      the
      Class M6 Certificates, an amount equal to the lesser of (x) the excess of (a)
      the Principal Distribution Amount for such Distribution Date over (b) the amount
      distributed to the Senior Certificates, the Certificate Insurer and the Class
      M1, Class M2, Class M3, Class M4 and Class M5 Certificates on such Distribution
      Date pursuant to clauses (A) through (G) above, and (y) the M6 Principal
      Distribution Amount for such Distribution Date, until the Class Principal Amount
      of such Class has been reduced to zero;

     

    
      
        
        

      

      
        -92-

        
          

        

      

      
        
        

      

    

    (I) to
      the
      Class M7 Certificates, an amount equal to the lesser of (x) the excess of (a)
      the Principal Distribution Amount for such Distribution Date over (b) the amount
      distributed to the Senior Certificates, the Certificate Insurer and the Class
      M1, Class M2, Class M3, Class M4, Class M5 and Class M6 Certificates on such
      Distribution Date pursuant to clauses (A) through (H) above, and (y) the M7
      Principal Distribution Amount for such Distribution Date, until the Class
      Principal Amount of such Class has been reduced to zero;

     

    (J) to
      the
      Class M8 Certificates, an amount equal to the lesser of (x) the excess of (a)
      the Principal Distribution Amount for such Distribution Date over (b) the amount
      distributed to the Senior Certificates, the Certificate Insurer and the Class
      M1, Class M2, Class M3, Class M4, Class M5, Class M6 and Class M7 Certificates
      on such Distribution Date pursuant to clauses (A) through (I) above, and (y)
      the
      M8 Principal Distribution Amount for such Distribution Date, until the Class
      Principal Amount of such Class has been reduced to zero;

     

    (K) to
      the
      Class M9 Certificates, an amount equal to the lesser of (x) the excess of (a)
      the Principal Distribution Amount for such Distribution Date over (b) the amount
      distributed to the Senior Certificates, the Certificate Insurer and the Class
      M1, Class M2, Class M3, Class M4, Class M5, Class M6, Class M7 and Class M8
      Certificates on such Distribution Date pursuant to clauses (A) through (J)
      above, and (y) the M9 Principal Distribution Amount for such Distribution Date,
      until the Class Principal Amount of such Class has been reduced to zero;

     

    (L) to
      the
      Class M10 Certificates, an amount equal to the lesser of (x) the excess of
      (a)
      the Principal Distribution Amount for such Distribution Date over (b) the amount
      distributed to the Senior Certificates, the Certificate Insurer and the Class
      M1, Class M2, Class M3, Class M4, Class M5, Class M6, Class M7, Class M8 and
      Class M9 Certificates on such Distribution Date pursuant to clauses (A) through
      (K) above, and (y) the M10 Principal Distribution Amount for such Distribution
      Date, until the Class Principal Amount of such Class has been reduced to zero;
      and

     

    (M) for
      application as part of the aggregate Monthly Excess Cashflow for such
      Distribution Date pursuant to Section 5.02(d), any Principal Distribution Amount
      remaining after application pursuant to clauses (A) through (L)
      above.

     

    (d) Any
      Monthly Excess Cashflow will, on each Distribution Date, be distributed in
      the
      following order of priority:

     

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

     

    
      
        
        

      

      
        -93-

        
          

        

      

      
        
        

      

    

    (A) pro
      rata,
      based
      upon the Senior Proportionate Percentage, after giving effect to principal
      distributions on such Distribution Date pursuant to Sections 5.02(c)(i) and
      5.02(c)(ii), to the Senior Certificates, in each case in accordance with Section
      5.02(c)(i), in reduction of their respective Class Principal Amounts, until
      the
      Class Principal Amount of each such Class has been reduced to zero;
      and

     

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

     

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

     

    (A) pro
      rata,
      based
      upon the Senior Proportionate Percentage, after giving effect to principal
      distributions on such Distribution Date pursuant to Sections 5.02(c)(i) and
      5.02(c)(ii), to the Senior Certificates, in each case in accordance with Section
      5.02(c)(i), in reduction of their respective Class Principal Amounts, until
      the
      aggregate Class Principal Amount of such Senior Certificates, after giving
      effect to distributions on such Distribution Date, equals the Senior Target
      Amount; 

     

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

     

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

     

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

     

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

     

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

     

    
      
        
        

      

      
        -94-

        
          

        

      

      
        
        

      

    

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

     

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

     

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

     

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

     

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

     

    (iii) (a)
      first, in proportion to their respective Deferred Amounts, to the Senior
      Certificates and (b) second, to the Subordinate Certificates, in accordance
      with
      the Subordinate Priority, any Deferred Amount for each such Class and such
      Distribution Date;

     

    (iv) to
      the
      Basis Risk Reserve Fund, the amount of any Basis Risk Payment and then from
      the
      Basis Risk Reserve Fund, in the following order of priority:

     

    (A) pro
      rata,
      to the
      Senior Certificates, the amount of any Basis Risk Shortfalls and Unpaid Basis
      Risk Shortfalls for each such Class and such Distribution Date, in proportion
      to
      such shortfalls; 

     

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

     

    
      
        
        

      

      
        -95-

        
          

        

      

      
        
        

      

    

    (C) to
      the
      Class X Certificates, any amounts remaining in the Basis Risk Reserve Fund
      in
      excess of amounts required to be on deposit therein after satisfying Sections
      5.02(d)(iv)(A) and (B) for such Distribution Date; 

     

    (v) to
      the
      Class X Certificates, the Class X Distributable Amount for such Distribution
      Date; and

     

    (vi) to
      the
      Residual Certificate, any remaining amount.

     

    (e) (1) On
      each
      Distribution Date on and prior to the Class X Account Termination Date, the
      Trustee shall withdraw the Class C Distributable Amount for such Distribution
      Date from the Class X Account, pursuant to Section 5.12 herein, and shall
      distribute such amount to the Class C Certificates. 

     

    (2) On
      each
      Distribution Date on or prior to the Class X Termination Date, the Trustee
      shall
      withdraw amounts on deposit in the Class X Account and distribute such amounts
      to the Class X Certificates, an amount equal to the excess, if any, of the
      sum
      of Realized Losses attributable to the Class C Mortgage Loans over the sum
      of
      all amounts distributed pursuant to this Section 5.02(e)(2) on prior
      Distribution Dates to the Class X Certificates. 

     

    (f) On
      each
      Distribution Date, the Trustee shall distribute to the Class P Certificates
      any
      Prepayment Premiums paid by borrowers upon voluntary full or partial prepayment
      of the Mortgage Loans.

     

    (g) The
      Depositor shall cause the Trustee to enter into the Deferred Interest Cap
      Agreements. The Trustee’s rights to receive certain proceeds of each Deferred
      Interest Cap Agreement as provided in each Deferred Interest Cap Agreement
      shall
      be rights of the Trustee under this Agreement, shall be an asset of the Class
      1-A1B Grantor Trust, Class 1-A2A2 Grantor Trust, Class 1-A3A2 Grantor Trust,
      Class 1-A3B Grantor Trust, Class 2-A1 Grantor Trust or Class 2-A2 Grantor Trust,
      as applicable, and shall not be an asset of the Trust Fund nor of any REMIC.
      The
      Trustee shall deposit any amounts received from time to time from the Cap
      Provider with respect to each Deferred Interest Cap Agreement into the
      applicable Deferred Interest Cap Account. 

     

    Funds
      in
      the Deferred Interest Cap Accounts shall remain uninvested. For federal income
      tax purposes, the Class 1-A1B, Class 1-A2A2, Class 1-A3A2, Class 1-A3B, Class
      2-A1 and Class 2-A2 Certificates shall each evidence a beneficial interest
      in
      the Deferred Interest Cap Agreement related to such Class and the Deferred
      Interest Cap Account related to such Deferred Interest Cap Agreement. For
      federal income tax purposes, (i) each Underlying Interest, (ii) the related
      Deferred Interest Cap Agreement, (iii) the related Deferred Interest Cap Account
      and (iv) the related Grantor Trust Certificate Account shall be treated as
      comprising a “grantor trust” within the meaning of the Grantor Trust Provisions
      for the benefit of the holders of the related Grantor Trust
      Certificates.

     

    (h) On
      each
      Distribution Date, the Trustee, as holder of the Underlying Interests, shall
      deposit all distributions received on those Underlying Interests for that
      Distribution Date into the related Grantor Trust Certificate Account. On each
      Distribution Date, the Trustee will withdraw the Grantor Trust Available Funds
      for each Grantor Trust Fund and such amounts will be distributed in the
      following priority:

     

    
      
        
        

      

      
        -96-

        
          

        

      

      
        
        

      

    

    (i) to
      the
      Cap Provider, interest, if any, on the Cap Deferred Interest Amount due to
      the
      Cap Provider from the applicable Grantor Trust Available Funds;

     

    (ii) to
      the
      related Grantor Trust Certificates, the Current Interest and any Carryforward
      Interest for such Distribution Date;

     

    (iii) to
      the
      Cap Provider, the Cap Deferred Interest Amount for such Distribution Date from
      the applicable Grantor Trust Available Funds;

     

    (iv) to
      the
      related Grantor Trust Certificates, any principal distributions received from
      the Class
      1-A1B Underlying Interest (in the case of the Class 1-A1B Certificates), Class
      1-A2A2 Underlying Interest (in the case of the Class 1-A2A2 Certificates),
      Class
      1-A3A2 Underlying Interest (in the case of the Class 1-A3A2 Certificates),
      Class
      1-A3B Underlying Interest (in the case of the Class 1-A3B Certificates), Class
      2-A1 Underlying Interest (in the case of the Class 2-A1 Certificates) and Class
      2-A2 Underlying Interest (in the case of the Class 2-A2
      Certificates),
      in
      reduction of the Class Principal Amount of such Grantor Trust Certificates,
      until the Class Principal Amount thereof has been reduced to zero;
      and

     

    (v) to
      the
      Cap Provider, any termination payments (as set forth in the related Deferred
      Interest Cap Agreement) from the applicable Grantor Trust Available
      Funds.

     

    (i) Any
      interest shortfall resulting from Deferred Interest on the Mortgage Loans in
      a
      Mortgage Pool will be allocated to the related LIBOR Certificates, pro
      rata,
      according to the Class Principal Amount of each such Class of related Senior
      Certificates and according to the related Apportioned Principal Balances of
      the
      Subordinate Certificates in reduction of the amount of interest otherwise
      distributable to such Classes of Certificates; provided, however, that to the
      extent the amount of Net Negative Amortization otherwise allocable to such
      Certificates exceeds the amount of Current Interest accrued
      on such Certificates
      (or on
      the Apportioned Principal Balance thereof in the case of the Subordinate
      Certificates),
      then
      such excess Net Negative Amortization shall be allocated to the Class X
      Certificates to the extent payments would otherwise be made to the Class X
      Certificates, and then, if necessary, among the related LIBOR Certificates
      in
      proportion to, and up to, the amount of any remaining interest otherwise
      distributable on the related Senior Certificates and in the case of the
      Subordinate Certificates,
      on
      their respective Apportioned Principal Balances.

     

    The
      amount of the reduction of Current Interest distributable to each Class of
      Certificates attributable to Net Negative Amortization will be added to the
      Class Principal Amount of that Class (other than the Grantor Trust Certificates,
      unless there has been a default in payment under the related Deferred Interest
      Cap Agreement). 

     

    Section
      5.03. Allocation
      of Losses

     

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

     

    
      
        
        

      

      
        -97-

        
          

        

      

      
        
        

      

    

    (i) to
      the
      Class M10 Certificates, until the Class Principal Amount of such Class has
      been
      reduced to zero;

     

    (ii) to
      the
      Class M9 Certificates, until the Class Principal Amount of such Class has been
      reduced to zero;

     

    (iii) to
      the
      Class M8 Certificates, until the Class Principal Amount of such Class has been
      reduced to zero;

     

    (iv) to
      the
      Class M7 Certificates, until the Class Principal Amount of such Class has been
      reduced to zero;

     

    (v) to
      the
      Class M6 Certificates, until the Class Principal Amount of such Class has been
      reduced to zero;

     

    (vi) to
      the
      Class M5 Certificates, until the Class Principal Amount of such Class has been
      reduced to zero;

     

    (vii) to
      the
      Class M4 Certificates, until the Class Principal Amount of such Class has been
      reduced to zero;

     

    (viii) to
      the
      Class M3 Certificates, until the Class Principal Amount of such Class has been
      reduced to zero; 

     

    (ix) to
      the
      Class M2 Certificates, until the Class Principal Amount of such Class has been
      reduced to zero; 

     

    (x) to
      the
      Class M1 Certificates, until the Class Principal Amount of such Class has been
      reduced to zero; and

     

    (xi) concurrently,
      on the basis of Realized Losses on the related Mortgage Pool, (a) concurrently
      (i) the Class 1-A1B Underlying Interest until their Class Principal Amount
      has
      been reduced to zero and second, the Class 1-A1A Certificates until their Class
      Principal Amount has been reduced to zero and (ii) first, the Class 1-A3B
      Underlying Interest until its Class Principal Amount has been reduced to zero
      and second, pro
      rata,
      the
      Class 1-A2A1 Certificates, Class 1-A2A2 Underlying Interest, Class 1-A3A1
      Certificates and Class 1-A3A2 Underlying Interest until their respective Class
      Principal Amounts have been reduced to zero and (b) first, to the Class 2-A2
      Underlying Interest and second, to the Class 2-A1 Underlying Interest, until
      their respective Class Principal Amounts have been reduced to zero. Realized
      losses allocated to the underlying Class 1-A1B Underlying Interest, Class 1-A2A2
      Underlying Interest, Class 1-A3A2 Underlying Interest, Class 1-A3B Underlying
      Interest, Class 2-A1 Underlying Interest and Class 2-A2 Underlying Interest
      will
      be allocated to the Class 1-A1B, Class 1-A2A2, Class 1-A3A2, Class 1-A3B, Class
      2-A1 and Class 2-A2 Certificates, respectively. 

     

     

    
      
        
        

      

      
        -98-

        
          

        

      

      
        
        

      

    

    Section
      5.04. Advances
      by Master Servicer and Trustee

     

    (a) Subject
      to Section 9.07, Advances shall be made in respect of each Determination Date
      as
      provided herein. If, on any Determination Date, the Master Servicer determines
      that any Scheduled Payments due during the related Collection Period (other
      than
      Balloon Payments) and relating to any of the Mortgage Loans have not been
      received, the Master Servicer shall advance such amount; provided, however,
      that
      required Advances remitted by the Master Servicer may be reduced by an amount,
      if any, to be set forth in an Officer’s Certificate to be delivered to the
      Trustee on such Determination Date, which if advanced the Master Servicer has
      determined would not be recoverable from amounts received with respect to such
      Mortgage Loan, including late payments, Liquidation Proceeds, Insurance Proceeds
      or otherwise. If the Master Servicer determines that an Advance is required,
      it
      shall on the Deposit Date immediately following such Determination Date either
      (i) remit to the Trustee from its own funds (or funds advanced by the applicable
      Servicer) for deposit in the Certificate Account immediately available funds
      in
      an amount equal to such Advance, (ii) cause to be made an appropriate entry
      in
      the records of the Collection Account that funds in such account being held
      for
      future distribution or withdrawal have been, as permitted by this Section 5.04,
      used by the Master Servicer to make such Advance, and remit such immediately
      available funds to the Trustee for deposit in the Certificate Account or (iii)
      make Advances in the form of any combination of clauses (i) and (ii) aggregating
      the amount of such Advance. Any funds being held in the Collection Account
      for
      future distribution to Certificateholders and so used shall be replaced by
      the
      Master Servicer from its own funds by remittance to the Trustee for deposit
      in
      the Certificate Account on or before any future Deposit Date to the extent
      that
      funds in the Certificate Account on such Deposit Date shall be less than
      payments to Certificateholders required to be made on the related Distribution
      Date. The Master Servicer shall be entitled to be reimbursed from the Collection
      Account for all Advances made by it as provided in Section 4.02. Notwithstanding
      anything to the contrary herein, in the event the Master Servicer determines
      in
      its reasonable judgment that an Advance is non-recoverable, the Master Servicer
      shall be under no obligation to make such Advance. The Trustee shall be entitled
      to conclusively rely upon any determination by the Master Servicer that an
      Advance, if made, would constitute a non-recoverable Advance.

     

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

     

     

    
      
        
        

      

      
        -99-

        
          

        

      

      
        
        

      

    

    Section
      5.05. Compensating
      Interest Payments

     

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

     

    Section
      5.06. Basis
      Risk Reserve Fund

     

    (a) On
      the
      Closing Date, the Trustee shall establish and maintain in its name, in trust
      for
      the benefit of the holders of the Certificates, a Basis Risk Reserve Fund.
      The
      Basis Risk Reserve Fund shall be an Eligible Account, and funds on deposit
      therein shall be held separate and apart from, and shall not be commingled
      with,
      any other moneys, including, without limitation, other moneys of the Trustee
      held pursuant to this Agreement.

     

    (b) [Reserved]

     

    (c) Funds
      in
      the Basis Risk Reserve Fund shall be invested in Eligible Investments. The
      Class
      X Certificates shall evidence ownership of the Basis Risk Reserve Fund for
      federal income tax purposes and LBH, on behalf of the Holders thereof, shall
      direct the Trustee, in writing, as to investment of amounts on deposit therein.
      LBH shall be liable for any losses incurred on such investments. In the absence
      of written instructions from LBH as to investment funds on deposit in the Basis
      Risk Reserve Fund, such funds shall remain uninvested.

     

    Section
      5.07. [Reserved]

     

    Section
      5.08. [Reserved]

     

    Section
      5.09. [Reserved]

     

    Section
      5.10. [Reserved]

     

    Section
      5.11. The
      Certificate Insurance Policy

     

    (a) If,
      at or
      before 12:00 p.m., New York time (or such time soon thereafter as shall be
      acceptable to the Certificate Insurer), on the second Business Day prior to
      a
      Distribution Date, the Trustee determines that the Total Distribution Amount
      for
      such Distribution Date distributable to the Holders of the Guaranteed
      Certificates pursuant to Section 5.02 will be insufficient to pay the Guaranteed
      Distributions on such Distribution Date, the Trustee shall determine the amount
      of any such deficiency and shall give notice to the Certificate Insurer and
      the
      Fiscal Agent (as defined in the Certificate Insurance Policy), if any, by
      telephone, electronic mail or telecopy of the amount of such deficiency. Such
      notice of such Guaranteed Distribution shall be confirmed in writing in the
      form
      set forth as Exhibit A to the Endorsement to the Policy, to the Certificate
      Insurer at or before 2:00 p.m. New York time on the second Business Day prior
      to
      such Distribution Date. Following Receipt (as defined in the Certificate
      Insurance Policy) by the Certificate Insurer of such notice in such form, the
      Certificate Insurer will pay any amount payable under the Certificate Insurance
      Policy on the later to occur of (i) 11:00 a.m. New York time on the second
      Business Day following such receipt and (ii) 11:00 a.m. New York time on the
      Distribution Date to which such claims relates, as provided in the Certificate
      Insurance Policy. The Trustee’s responsibility for delivering such notice to the
      Certificate Insurer is limited to the availability, timeliness and accuracy
      of
      the information provided to it by the Master Servicer.

     

    
      
        
        

      

      
        -100-

        
          

        

      

      
        
        

      

    

    (b) At
      the
      time of the execution hereof, and for the purposes hereof, the Trustee shall
      establish the Policy Payments Account over which the Trustee shall have
      exclusive control and sole right of withdrawal. The Policy Payments Account
      shall be an Eligible Account. The Trustee shall deposit any amount paid under
      the Certificate Insurance Policy into the Policy Payments Account and distribute
      such amount only for the purposes of making payments to Holders of the
      Guaranteed Certificates in respect of the Guaranteed Distributions (or any
      amount in respect of a Preference Claim) for which the related claim was made
      under the Certificate Insurance Policy. Such amounts shall be allocated by
      the
      Trustee to Holders of Guaranteed Certificates entitled to such payments in
      the
      same manner as principal and interest distributions are to be allocated with
      respect to such Certificates pursuant to Section 5.02. It shall not be necessary
      for such payments to be made by checks or wire transfers separate from the
      checks or wire transfers used to make regular payments hereunder with funds
      withdrawn from the Certificate Account. However, any payments made on the
      Guaranteed Certificates from funds in the Policy Payments Account shall be
      noted
      as provided in subsection (e) below. Funds held in the Policy Payments Account
      shall not be invested by the Trustee.

     

    (c) Any
      funds
      received from the Certificate Insurer for deposit into the Policy Payments
      Account pursuant to the Certificate Insurance Policy in respect of a
      Distribution Date or otherwise as a result of any claim under such Certificate
      Insurance Policy shall be applied by the Trustee directly to the payment in
      full
      (i) of the Guaranteed Distributions due on such Distribution Date on the
      Guaranteed Certificates or (ii) of other amounts to which payments under the
      Certificate Insurance Policy are to be applied. Funds received by the Trustee
      as
      a result of any claim under the Certificate Insurance Policy shall be used
      solely for payment to the Holders of the Guaranteed Certificates and may not
      be
      applied for any other purpose, including, without limitation, satisfaction
      of
      any costs, expenses or liabilities of the Master Servicer, the Trustee or the
      Trust Fund. Any funds remaining in the Policy Payments Account on the first
      Business Day after each Distribution Date (other than the final Distribution
      Date to the extent of funds remaining in the Policy Payments Account required
      to
      be paid to Holders of the Guaranteed Certificates) shall be remitted promptly
      to
      the Certificate Insurer pursuant to the written instruction of the Certificate
      Insurer.

     

    (d) The
      Trustee shall keep complete and accurate records in respect of (i) all funds
      remitted to the Trustee by the Certificate Insurer and deposited into the Policy
      Payments Account and (ii) the allocation of such funds to (A) payments of
      interest on and principal in respect of any Guaranteed Certificates (B) any
      Applied Loss Amount allocated to the Guaranteed Certificates and (C) payments
      in
      respect of Preference Claims. The Certificate Insurer shall have the right
      to
      inspect such records at reasonable times during normal business hours upon
      three
      Business Days’ prior notice to the Trustee. Any Guaranteed Distributions
      disbursed by the Trustee from proceeds of the Certificate Insurance Policy
      shall
      be considered payment by the Certificate Insurer and not by the Trust Fund
      with
      respect to the Guaranteed Certificates and the Certificate Insurer will be
      entitled to be reimbursed for such payments pursuant to the priority of payments
      set forth in Section 5.02(b).

     

    
      
        
        

      

      
        -101-

        
          

        

      

      
        
        

      

    

    (e) The
      Trustee acknowledges, and each Holder of a Guaranteed Certificate by their
      acceptance of such Certificate agree, that, without the need for any further
      action on the part of the Certificate Insurer or the Trustee, to the extent
      the
      Certificate Insurer pays Guaranteed Distributions or Preference Claims, directly
      or indirectly, on account of principal of or interest on any such Class of
      Certificates, the Certificate Insurer will be fully subrogated to the rights
      of
      the Holders of such Class to receive reimbursement of such amounts pursuant
      to
      the priority of payments set forth in Section 5.02(b). The Holders of each
      Guaranteed Certificate, by acceptance of their respective Certificates assign
      their rights as Holders of such Certificates to the extent of the Certificate
      Insurer’s interest with respect to amounts paid under the Certificate Insurance
      Policy. Each of the Depositor and Trustee agrees to such subrogation and,
      further agrees to execute such instruments and to take such actions as, in
      the
      sole judgment of the Certificate Insurer are necessary to evidence such
      subrogation and, subject to the priority of payment provisions of this
      Agreement, to perfect the rights of the Certificate Insurer to receive any
      moneys paid or payable in respect of the Guaranteed Certificates under this
      Agreement or otherwise. Anything herein to the contrary notwithstanding, solely
      for purposes of determining the Certificate Insurer’s rights as subrogee for
      payments distributable pursuant to Section 5.02, any payment with respect to
      distributions to the Guaranteed Certificates that is made with funds received
      pursuant to the terms of the Certificate Insurance Policy shall not be
      considered payment of such Class of Certificates from the Trust Fund and shall
      not result in the distribution or the provision for the distribution in
      reduction of the Class Principal Amount of such Class of Certificates or Current
      Interest thereon, within the meaning of Article V.

     

    (f) The
      Trustee shall promptly notify the Certificate Insurer of either of the following
      as to which a Responsible Officer has actual knowledge: (A) the commencement
      of
      any proceeding by or against the Depositor commenced under the Bankruptcy Code
      or any other applicable bankruptcy, insolvency, receivership, rehabilitation
      or
      similar law (an “Insolvency Proceeding”) and (B) the making of any claim in
      connection with any Insolvency Proceeding seeking the avoidance as a
      preferential transfer (a “Preference Claim”) of any distribution made with
      respect to the Guaranteed Certificates. Each Holder of a Guaranteed Certificate,
      by its purchase of its respective Certificate, the Master Servicer and the
      Trustee hereby agree that the Certificate Insurer (so long as no Certificate
      Insurer Default exists) may at any time during the continuation of any
      proceeding relating to a Preference Claim direct all matters relating to such
      Preference Claim, including, without limitation, (i) the direction of any appeal
      of any order relating to any Preference Claim and (ii) the posting of any
      surety, supersedeas or performance bond pending any such appeal. In addition
      and
      without limitation of the foregoing, the Certificate Insurer shall be subrogated
      to the rights of the Master Servicer, the Trustee and each Holder of a
      Guaranteed Certificate in the conduct of any Preference Claim, including,
      without limitation, all rights of any party to an adversary proceeding action
      with respect to any court order issued in connection with any such Preference
      Claim.

     

    (g) Anything
      herein to the contrary notwithstanding, any payment with respect to principal
      of
      or interest on any Guaranteed Certificate which is made with moneys received
      pursuant to the terms of the Certificate Insurance Policy shall not be
      considered payment of such Guaranteed Certificate from the Trust Fund and shall
      not result in the payment of or the provision for the payment of the principal
      of or interest on such Guaranteed Certificate. The Depositor, the Master
      Servicer and the Trustee each acknowledge, and each Holder of a Guaranteed
      Certificate by its acceptance of such Certificate agrees, that without the
      need
      for any further action on the part of the Certificate Insurer, the Depositor,
      the Master Servicer or the Trustee (i) to the extent the Certificate Insurer
      makes payments, directly or indirectly, on account of principal of or interest
      on any Guaranteed Certificate to the Holder of such Certificate, the Certificate
      Insurer will be fully subrogated to the rights of such Holder to receive such
      principal and interest from the Trust Fund and (ii) the Certificate Insurer
      shall be paid such principal and interest but only from the sources and in
      the
      manner provided herein for the payment of such principal and
      interest.

     

    
      
        
        

      

      
        -102-

        
          

        

      

      
        
        

      

    

    (h) The
      Trustee and the Master Servicer shall cooperate in a commercially reasonable
      manner with any reasonable request by the Certificate Insurer for action to
      preserve or enforce the Certificate Insurer’s rights or interests under this
      Agreement without limiting the rights or affecting the interests of the Holders
      as otherwise set forth herein.

     

    (i) The
      Trustee shall surrender the Certificate Insurance Policy to the Certificate
      Insurer for cancellation upon the reduction of the Class Principal Amount of
      the
      Guaranteed Certificates to zero.

     

    Section
      5.12. Class
      X Account

     

    (a) On
      the
      Closing Date, the Trustee shall establish and maintain in its name, in trust
      for
      the benefit of the holders of the Class X Certificates, the Class X Account.
      No
      later than the first date on which any NIMS Securities are issued, the Depositor
      may deposit a dollar amount into the Class X Account. The Class X Account shall
      be an Eligible Account, and funds on deposit therein shall be held separate
      and
      apart from, and shall not be commingled with, any other moneys, including,
      without limitation, other moneys of the Trustee held pursuant to this
      Agreement.

     

    (b) Funds
      in
      the Class X Account may be invested in Eligible Investments having fixed
      maturities described in clauses (i), (iv), (v) or (vii) of the definition
      thereof by the Trustee at the direction of the holders of the Class C
      Certificates maturing on or prior to the next succeeding Distribution Date.
      No
      Eligible Investments shall be acquired or disposed of for the primary purpose
      of
      recognizing gains or decreasing losses from market value changes. Any funds
      held
      in the Class X Account that are not invested shall be held in cash. In the
      absence of such written direction, all funds in the Class X Account shall remain
      uninvested. Any investment earnings on such amounts shall be payable to the
      holders of the Class C Certificates. The Trustee shall account for the Class
      X
      Account as an outside reserve fund within the meaning of Treasury regulation
      1.860G-2(h) and not an asset of any REMIC created pursuant to this Agreement.
      The Class C Certificates shall evidence ownership of the Class X Account for
      federal tax purposes and the Holders thereof shall direct the Trustee in writing
      as to the investment of amounts therein. The Trustee shall have no liability
      for
      losses on investments in Eligible Investments made pursuant to this Section
      5.12(b) (other than as obligor on any such investments). Upon termination of
      the
      Class X Account, any amounts remaining in the Class X Account shall be
      distributed to the Holders of the Class C Certificates in the same manner as
      if
      distributed pursuant to Section 5.02(e)(1) hereof.

     

    (c) On
      each
      Distribution Date on or prior to the Class X Termination Date, amounts on
      deposit in the Class X Account will be withdrawn and applied to make payments
      on
      the Class X and Class C Certificates, as provided in Section 5.02(e)(1) of
      this
      Agreement. Any amounts that the Trustee is not required to distribute from
      the
      Class X Account pursuant to Section 5.02(e) of this Agreement shall remain
      on
      deposit in the Class X Account.

     

    
      
        
        

      

      
        -103-

        
          

        

      

      
        
        

      

    

    (d) The
      Class
      X Account shall terminate on the earlier of (i) the Class X Account Termination
      Date or (ii) the Distribution Date on which the amount on deposit in the Class
      X
      Account is reduced to zero.

     

    ARTICLE
      VI.

     

    CONCERNING
      THE TRUSTEE; EVENTS OF DEFAULT

     

    Section
      6.01. Duties
      of Trustee

     

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

     

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

     

    (c) The
      Trustee shall not have any liability arising out of or in connection with this
      Agreement, except for its negligence or willful misconduct. Notwithstanding
      anything in this Agreement to the contrary, the Trustee shall not be liable
      for
      special, indirect or consequential losses or damages of any kind whatsoever
      (including, but not limited to, lost profits). No provision of this Agreement
      shall be construed to relieve the Trustee from liability for its own negligent
      action, its own negligent failure to act or its own willful misconduct;
      provided, however, that:

     

    
      
        
        

      

      
        -104-

        
          

        

      

      
        
        

      

    

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

     

    (ii) For
      all
      purposes under this Agreement, the Trustee shall not be deemed to have notice
      of
      any Event of Default (other than resulting from a failure by the Master Servicer
      to remit funds or to furnish information to the Trustee when required to do
      so)
      unless a Responsible Officer of the Trustee has actual knowledge thereof or
      unless written notice of any event which is in fact such a default is received
      by the Trustee at the address provided in Section 11.07, and such notice
      references the Holders of the Certificates and this Agreement; and

     

    (iii) The
      Trustee shall not be responsible for the acts or omissions of any Servicer,
      Custodian, the Certificate Insurer or the Master Servicer, it being understood
      that this Agreement shall not be construed to render any of them agents of
      one
      another.

     

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

     

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

     

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

     

    
      
        
        

      

      
        -105-

        
          

        

      

      
        
        

      

    

    (g) The
      Trustee shall not be held liable by reason of any insufficiency in any account
      (including without limitation the Collection Account and the Certificate
      Account) held by or on behalf of the Trustee resulting from any investment
      loss
      on any Eligible Investment included therein (except to the extent that the
      Trustee is the obligor and has defaulted thereon).

     

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

     

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

     

    (j) Notwithstanding
      anything in this Agreement to the contrary, the Trustee shall not be liable
      for
      special, indirect or consequential losses or damages of any kind whatsoever
      (including, but not limited to, lost profits), even if the Trustee has been
      advised of the likelihood of such loss or damage and regardless of the form
      of
      action.

     

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

     

    (l) For
      so
      long as the Depositor is subject to Exchange Act reporting requirements for
      the
      GreenPoint Mortgage Funding Trust Mortgage Pass-Through Certificates, Series
      2006-AR7 transaction, the Trustee shall give prior written notice to the
      Sponsor, the Master Servicer and the Depositor of the appointment of any
      Subcontractor by it and a written description (in form and substance
      satisfactory to the Sponsor and the Depositor) of the role and function of
      each
      Subcontractor utilized by the Trustee, specifying (A) the identity of each
      such
      Subcontractor and (B) which elements of the servicing criteria set forth under
      Item 1122(d) of Regulation AB will be addressed in assessments of compliance
      provided by each such Subcontractor.

     

    (m) The
      Trustee shall notify the Sponsor, the Master Servicer, the Certificate Insurer
      and the Depositor within five (5) calendar days of knowledge thereof (i) of
      any
      legal proceedings pending against the Trustee, of the type described in Item
      1117 (§ 229.1117) of Regulation AB, (ii) of any merger, consolidation or sale of
      substantially all of the assets of the Trustee and (iii) if the Trustee shall
      become (but only to the extent not previously disclosed) at any time an
      affiliate of any of the parties listed on Exhibit S hereto or any of their
      affiliates. On or before March 1st of each year, the Depositor shall distribute
      the information in Exhibit S to the Trustee.

     

     

    
      
        
        

      

      
        -106-

        
          

        

      

      
        
        

      

    

    Section
      6.02. Certain
      Matters Affecting the Trustee

     

    Except
      as
      otherwise provided in Section 6.01:

     

    (i) The
      Trustee may request, and may rely upon and shall be protected in acting or
      refraining from acting upon any resolution, Officer’s Certificate, certificate
      of auditors or any other certificate, statement, instrument, opinion, report,
      notice, request, consent, order, approval, bond or other paper or document
      believed by it to be genuine and to have been signed or presented by the proper
      party or parties;

     

    (ii) The
      Trustee may consult with counsel and any advice of its counsel or Opinion of
      Counsel shall be full and complete authorization and protection in respect
      of
      any action taken or suffered or omitted by it hereunder in good faith and in
      accordance with such advice or Opinion of Counsel;

     

    (iii) The
      Trustee shall not be personally liable for any action taken, suffered or omitted
      by it in good faith and reasonably believed by it to be authorized or within
      the
      discretion or rights or powers conferred upon it by this Agreement;

     

    (iv) Unless
      an
      Event of Default shall have occurred and be continuing, the Trustee shall not
      be
      bound to make any investigation into the facts or matters stated in any
      resolution, certificate, statement, instrument, opinion, report, notice,
      request, consent, order, approval, bond or other paper or document (provided
      the
      same appears regular on its face), unless requested in writing to do so by
      any
      NIMS Insurer, the Certificate Insurer or the Holders of at least a majority
      in
      Class Principal Amount (or Percentage Interest) of each Class of Certificates;
      provided, however, that, if the payment within a reasonable time to the Trustee
      of the costs, expenses or liabilities likely to be incurred by it in the making
      of such investigation is, in the opinion of the Trustee not reasonably assured
      to the Trustee by the security afforded to it by the terms of this Agreement,
      the Trustee may require reasonable indemnity against such expense or liability
      or payment of such estimated expenses from any NIMS Insurer or the
      Certificateholders, as applicable, as a condition to proceeding. The reasonable
      expense thereof shall be paid by the party requesting such investigation and
      if
      not reimbursed by the requesting party shall be reimbursed to the Trustee by
      the
      Trust Fund;

     

    (v) The
      Trustee may execute any of the trusts or powers hereunder or perform any duties
      hereunder either directly or by or through agents, custodians or attorneys,
      which agents, custodians or attorneys shall have any and all of the rights,
      powers, duties and obligations of the Trustee conferred on them by such
      appointment, provided that the Trustee shall continue to be responsible for
      its
      duties and obligations hereunder to the extent provided herein, and provided
      further that the Trustee shall not be responsible for any misconduct or
      negligence on the part of any such agent or attorney appointed with due care
      by
      the Trustee;

     

    (vi) The
      Trustee shall not be under any obligation to exercise any of the trusts or
      powers vested in it by this Agreement or to institute, conduct or defend any
      litigation hereunder or in relation hereto, in each case at the request, order
      or direction of any of the Certificateholders, the Certificate Insurer or any
      NIMS Insurer pursuant to the provisions of this Agreement, unless such
      Certificateholders, the Certificate Insurer or any NIMS Insurer shall have
      offered to the Trustee reasonable security or indemnity against the costs,
      expenses and liabilities which may be incurred therein or thereby;

     

    
      
        
        

      

      
        -107-

        
          

        

      

      
        
        

      

    

    (vii) The
      right
      of the Trustee to perform any discretionary act enumerated in this Agreement
      shall not be construed as a duty, and the Trustee shall not be answerable for
      other than its negligence or willful misconduct in the performance of such
      act;
      and

     

    (viii) The
      Trustee shall not be required to give any bond or surety in respect of the
      execution of the Trust Fund created hereby or the powers granted
      hereunder.

     

    Section
      6.03. Trustee
      Not Liable for Certificates

     

    The
      Trustee makes no representations as to the validity or sufficiency of this
      Agreement, the Cap Agreements, the Certificate Insurance Policy or of the
      Certificates (other than the certificate of authentication on the Certificates)
      or of any Mortgage Loan, or related document save that the Trustee represents
      that, assuming due execution and delivery by the other parties hereto, this
      Agreement has been duly authorized, executed and delivered by it and constitutes
      its valid and binding obligation, enforceable against it in accordance with
      its
      terms except that such enforceability may be subject to (A) applicable
      bankruptcy and insolvency laws and other similar laws affecting the enforcement
      of the rights of creditors generally, and (B) general principles of equity
      regardless of whether such enforcement is considered in a proceeding in equity
      or at law. The Trustee shall not be accountable for the use or application
      by
      the Depositor of funds paid to the Depositor in consideration of the assignment
      of the Mortgage Loans to the Trust Fund by the Depositor or for the use or
      application of any funds deposited into the Collection Account, the Certificate
      Account, any Escrow Account or any other fund or account maintained with respect
      to the Certificates. The Trustee shall not be responsible for the legality
      or
      validity of this Agreement or the Deferred Interest Cap Agreements or the
      validity, priority, perfection or sufficiency of the security for the
      Certificates issued or intended to be issued hereunder. Except as otherwise
      provided herein, the Trustee shall have no responsibility for filing any
      financing or continuation statement in any public office at any time or to
      otherwise perfect or maintain the perfection of any security interest or lien
      granted to it hereunder or to record this Agreement.

     

    Section
      6.04. Trustee
      May Own Certificates

     

    The
      Trustee and any Affiliate or agent of the Trustee in its individual or any
      other
      capacity may become the owner or pledgee of Certificates and may transact
      banking and trust business with the other parties hereto and their Affiliates
      with the same rights it would have if it were not Trustee or such
      agent.

     

    Section
      6.05. Eligibility
      Requirements for Trustee

     

    The
      Trustee hereunder shall at all times be (i) an institution whose accounts are
      insured by the FDIC, (ii) a corporation or national banking association,
      organized and doing business under the laws of any State or the United States
      of
      America, authorized under such laws to exercise corporate trust powers, having
      a
      combined capital and surplus of not less than $50,000,000 and subject to
      supervision or examination by federal or state authority and (iii) not an
      Affiliate of the Master Servicer or any Servicer. If such corporation or
      national banking association publishes reports of condition at least annually,
      pursuant to law or to the requirements of the aforesaid supervising or examining
      authority, then, for the purposes of this Section, the combined capital and
      surplus of such corporation or national banking association shall be deemed
      to
      be its combined capital and surplus as set forth in its most recent report
      of
      condition so published. In case at any time the Trustee shall cease to be
      eligible in accordance with provisions of this Section, the Trustee shall resign
      immediately in the manner and with the effect specified in Section
      6.06.

     

     

    
      
        
        

      

      
        -108-

        
          

        

      

      
        
        

      

    

    Section
      6.06. Resignation
      and Removal of Trustee

     

    (a) The
      Trustee may at any time resign and be discharged from the trust hereby created
      by giving written notice thereof to the Depositor, the Certificate Insurer,
      any
      NIMS Insurer and the Master Servicer. Upon receiving such notice of resignation,
      the Depositor will promptly appoint a successor trustee acceptable to the
      Certificate Insurer and any NIMS Insurer by written instrument, one copy of
      which instrument shall be delivered to the resigning Trustee, one copy to the
      successor trustee, one copy to the Certificate Insurer and one copy to each
      of
      the Master Servicer and any NIMS Insurer. If no successor trustee shall have
      been so appointed and shall have accepted appointment within 30 days after
      the
      giving of such notice of resignation, the resigning Trustee may petition any
      court of competent jurisdiction for the appointment of a successor
      trustee.

     

    (b) If
      at any
      time (i) the Trustee shall cease to be eligible in accordance with the
      provisions of Section 6.05 and shall fail to resign after written request
      therefor by the Depositor, the Certificate Insurer or any NIMS Insurer, (ii)
      the
      Trustee shall become incapable of acting, or shall be adjudged a bankrupt or
      insolvent, or a receiver of the Trustee or of its property shall be appointed,
      or any public officer shall take charge or control of the Trustee or of its
      property or affairs for the purpose of rehabilitation, conservation or
      liquidation, (iii) a tax is imposed or threatened with respect to the Trust
      Fund
      by any state in which the Trustee or the Trust Fund held by the Trustee is
      located, (iv) the continued use of the Trustee would result in a downgrading
      of
      the rating by any Rating Agency of any Class of Certificates with a rating
      (with
      respect to the Class 1-A3B Certificates, without giving effect to the
      Certificate Insurance Policy) or (v) the Trustee shall fail to provide the
      information required pursuant to Section 6.01(l) or (m) or Section 9.25 hereof,
      then the Depositor, any NIMS Insurer, the Certificate Insurer or the Master
      Servicer shall remove the Trustee and the Depositor shall appoint a successor
      trustee acceptable to any NIMS Insurer, the Certificate Insurer and the Master
      Servicer by written instrument, one copy of which instrument shall be delivered
      to each of the Trustee so removed, the successor trustee, the Certificate
      Insurer, the Master Servicer and any NIMS Insurer.

     

    (c) The
      Holders of more than 50% of the Class Principal Amount (or Percentage Interest)
      of each Class of Certificates (or any NIMS Insurer in the event of failure
      of
      the Trustee to perform its obligations hereunder) may at any time upon 30 days’
written notice to the Trustee and the Depositor remove the Trustee by such
      written instrument, signed by such Holders or their attorney in fact duly
      authorized (or by any NIMS Insurer), one copy of which instrument shall be
      delivered to each of the Depositor, the Trustee, the Certificate Insurer, the
      Master Servicer and any NIMS Insurer; and the Depositor shall thereupon appoint
      a successor trustee in accordance with this Section mutually acceptable to
      the
      Depositor, the Master Servicer, the Certificate Insurer and any NIMS
      Insurer.

     

    
      
        
        

      

      
        -109-

        
          

        

      

      
        
        

      

    

    (d) Any
      resignation or removal of the Trustee and appointment of a successor trustee
      pursuant to any of the provisions of this Section shall become effective upon
      (i) the payment of all unpaid amounts owed to the Trustee and (ii) the
      acceptance of appointment by the successor trustee as provided in Section
      6.07.

     

    Section
      6.07. Successor
      Trustee

     

    (a) Any
      successor trustee appointed as provided in Section 6.06 shall execute,
      acknowledge and deliver to the Depositor, the Master Servicer, the Certificate
      Insurer and any NIMS Insurer and to its predecessor trustee an instrument
      accepting such appointment hereunder, and thereupon the resignation or removal
      of the predecessor trustee shall become effective and such successor trustee
      without any further act, deed or conveyance, shall become fully vested with
      all
      the rights, powers, duties and obligations of its predecessor hereunder, with
      like effect as if originally named as trustee herein. The predecessor trustee
      (or its custodian) shall deliver to the successor trustee (or assign to the
      Trustee its interest under the Custodial Agreement, to the extent permitted
      thereunder) all Mortgage Files and documents and statements related to each
      Mortgage File held by it hereunder, and shall duly assign, transfer, deliver
      and
      pay over to the successor trustee the entire Trust Fund, together with all
      necessary instruments of transfer and assignment or other documents properly
      executed necessary to effect such transfer and such of the records or copies
      thereof maintained by the predecessor trustee in the administration hereof
      as
      may be requested by the successor trustee and shall thereupon be discharged
      from
      all duties and responsibilities under this Agreement. In addition, the Master
      Servicer and the predecessor trustee shall execute and deliver such other
      instruments and do such other things as may reasonably be required to more
      fully
      and certainly vest and confirm in the successor trustee all such rights, powers,
      duties and obligations.

     

    (b) No
      successor trustee shall accept appointment as provided in this Section unless
      at
      the time of such appointment such successor trustee shall be eligible under
      the
      provisions of Section 6.05.

     

    (c) Upon
      acceptance of appointment by a successor trustee as provided in this Section,
      the predecessor trustee shall mail notice of the succession of such trustee
      hereunder to the Certificate Insurer and all Holders of Certificates at their
      addresses as shown in the Certificate Register and to any Rating Agency. The
      expenses of such mailing shall be borne by the predecessor trustee.

     

    Section
      6.08. Merger
      or Consolidation of Trustee

     

    Any
      Person into which the Trustee may be merged or with which it may be
      consolidated, or any Person resulting from any merger, conversion or
      consolidation to which the Trustee shall be a party, or any Persons succeeding
      to the corporate trust business of the Trustee shall be the successor to the
      Trustee hereunder, without the execution or filing of any paper or any further
      act on the part of any of the parties hereto, anything herein to the contrary
      notwithstanding, provided that such Person shall be eligible under the
      provisions of Section 6.05. As
      a
      condition to the succession to the Trustee under this Agreement by any Person
      (i) into which the Trustee may be merged or consolidated, or (ii) which may
      be
      appointed as a successor to the Trustee, the Trustee shall notify the Depositor
      and the Master Servicer, at least 15 calendar days prior to the effective date
      of such succession or appointment, of such succession or appointment and shall
      furnish to the Depositor in writing and in form and substance reasonably
      satisfactory to the Depositor, all information reasonably necessary for the
      Trustee to accurately and timely report, pursuant to Section 6.20, the event
      under Item 6.02 of Form 8-K pursuant to the Exchange Act (if such reports under
      the Exchange Act are required to be filed under the Exchange Act).

     

     

    
      
        
        

      

      
        -110-

        
          

        

      

      
        
        

      

    

    Section
      6.09. Appointment
      of Co-Trustee, Separate Trustee or Custodian

     

    (a) Notwithstanding
      any other provisions hereof, at any time, the Trustee, the Depositor or the
      Certificateholders evidencing more than 50% of the Class Principal Amount (or
      Percentage Interest) of every Class of Certificates shall have the power from
      time to time to appoint one or more Persons, approved by the Trustee, the
      Certificate Insurer and any NIMS Insurer, to act either as co-trustees jointly
      with the Trustee, or as separate trustees, or as custodians, for the purpose
      of
      holding title to, foreclosing or otherwise taking action with respect to any
      Mortgage Loan outside the state where the Trustee has its principal place of
      business where such separate trustee or co-trustee is necessary or advisable
      (or
      the Trustee has been advised by the Master Servicer that such separate trustee
      or co-trustee is necessary or advisable) under the laws of any state in which
      a
      property securing a Mortgage Loan is located or for the purpose of otherwise
      conforming to any legal requirement, restriction or condition in any state
      in
      which a property securing a Mortgage Loan is located or in any state in which
      any portion of the Trust Fund is located. The separate Trustees, co-trustees,
      or
      custodians so appointed shall be trustees or custodians for the benefit of
      all
      the Certificateholders and the Certificate Insurer and shall have such powers,
      rights and remedies as shall be specified in the instrument of appointment;
      provided, however, that no such appointment shall, or shall be deemed to,
      constitute the appointee an agent of the Trustee. The obligation of the Trustee
      to make Advances pursuant to Section 5.04 and 6.14 shall not be affected or
      assigned by the appointment of a co-trustee. Prior to the appointment hereunder
      of any co-trustee, separate trustee, or custodian pursuant to this Section
      6.09,
      such Person shall enter into an agreement, in form and substance satisfactory
      to
      the Depositor, the Master Servicer and the Trustee, relating to the satisfaction
      of such Person of its reporting obligations under Regulation AB with respect
      to
      any servicing performed by it in connection with the Trust Fund. The Trustee
      shall not be responsible for any action or omission of any separate trustee,
      co-trustee or custodian. Notwithstanding the foregoing, if such co-custodian
      or
      co-trustee is determined to be a Servicing Function Participant, no such
      co-custodian or co-trustee shall be vested with any powers, rights and remedies
      under this Agreement unless such party has agreed to comply with all Regulation
      AB requirements set forth under this Agreement or the Custodial Agreement,
      as
      applicable.

     

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

     

    (i) all
      powers, duties, obligations and rights conferred upon the Trustee in respect
      of
      the receipt, custody and payment of moneys shall be exercised solely by the
      Trustee;

     

    
      
        
        

      

      
        -111-

        
          

        

      

      
        
        

      

    

    (ii) all
      other
      rights, powers, duties and obligations conferred or imposed upon the Trustee
      shall be conferred or imposed upon and exercised or performed by the Trustee
      and
      such separate trustee, co-trustee, or custodian jointly, except to the extent
      that under any law of any jurisdiction in which any particular act or acts
      are
      to be performed the Trustee shall be incompetent or unqualified to perform
      such
      act or acts, in which event such rights, powers, duties and obligations,
      including the holding of title to the Trust Fund or any portion thereof in
      any
      such jurisdiction, shall be exercised and performed by such separate trustee,
      co-trustee, or custodian;

     

    (iii) no
      trustee or custodian hereunder shall be personally liable by reason of any
      act
      or omission of any other trustee or custodian hereunder; and

     

    (iv) the
      Trustee or the Certificateholders evidencing more than 50% of the Aggregate
      Voting Interests of the Certificates may at any time accept the resignation
      of
      or remove any separate trustee, co-trustee or custodian, so appointed by it
      or
      them, if such resignation or removal does not violate the other terms of this
      Agreement.

     

    (c) Any
      notice, request or other writing given to the Trustee shall be deemed to have
      been given to each of the then separate trustees and co-trustees, as effectively
      as if given to each of them. Every instrument appointing any separate trustee,
      co-trustee or custodian shall refer to this Agreement and the conditions of
      this
      Article VI. Each separate trustee and co-trustee, upon its acceptance of the
      trusts conferred, shall be vested with the estates or property specified in
      its
      instrument of appointment, either jointly with the Trustee or separately, as
      may
      be provided therein, subject to all the provisions of this Agreement,
      specifically including every provision of this Agreement relating to the conduct
      of, affecting the liability of, or affording protection to, the Trustee. Every
      such instrument shall be filed with the Trustee and a copy given to the Master
      Servicer and any NIMS Insurer.

     

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

     

    (e) No
      separate trustee, co-trustee or custodian hereunder shall be required to meet
      the terms of eligibility as a successor trustee under Section 6.05 hereunder
      and
      no notice to Certificateholders of the appointment shall be required under
      Section 6.07 hereof.

     

    (f) The
      Trustee agrees to instruct the co-trustees, if any, to the extent necessary
      to
      fulfill the Trustee’s obligations hereunder.

     

    (g) The
      Trustee shall pay the reasonable compensation of the co-trustees requested
      by
      the Trustee to be so appointed (which compensation shall not reduce any
      compensation payable to the Trustee) and, if paid by the Trustee, shall be
      a
      reimbursable expense pursuant to Section 6.12.

     

     

    
      
        
        

      

      
        -112-

        
          

        

      

      
        
        

      

    

    (h) Notwithstanding
      the foregoing, for so long as reports are required to be filed with the
      Commission under the Exchange Act with respect to the Trust, the Trustee shall
      not utilize any Subcontractor for the performance of its duties hereunder if
      such Subcontractor would be “participating in the servicing function” within the
      meaning of Item 1122 of Regulation AB without (a) giving notice to the Seller,
      the Master Servicer and the Depositor and (b) requiring any such Subcontractor
      to provide to the Trustee an assessment of compliance as provided in Section
      9.25(a) and an attestation report as provided in Section 9.25(b), which reports
      the Trustee shall include in its assessment and attestation reports. The Trustee
      shall indemnify the Depositor and the Master Servicer and any director, officer,
      employee or agent of each of the Depositor and the Master Servicer and hold
      them
      harmless against any and all claims, losses, damages, penalties, fines,
      forfeitures, reasonable and necessary legal fees and related costs, judgments,
      and any other costs, fees and expenses that any of them may sustain arising
      out
      of or based upon the failure by the Trustee (i) to give notice of the engagement
      of any Subcontractor or (ii) to require any Subcontractor to provide the Trustee
      an assessment of compliance as provided in Section 9.25(a) and an attestation
      report as provided in Section 9.25(b). This indemnity shall survive the
      termination of this Agreement or the earlier resignation or removal of the
      Trustee.

     

    Section
      6.10. Authenticating
      Agents

     

    (a) The
      Trustee may appoint one or more Authenticating Agents which shall be authorized
      to act on behalf of the Trustee in authenticating Certificates. Wherever
      reference is made in this Agreement to the authentication of Certificates by
      the
      Trustee or the Trustee’s certificate of authentication, such reference shall be
      deemed to include authentication on behalf of the Trustee by an Authenticating
      Agent and a certificate of authentication executed on behalf of the Trustee
      by
      an Authenticating Agent. Each Authenticating Agent must be a corporation
      organized and doing business under the laws of the United States of America
      or
      of any state, having a combined capital and surplus of at least $15,000,000,
      authorized under such laws to do a trust business and subject to supervision
      or
      examination by federal or state authorities and acceptable to any NIMS
      Insurer.

     

    (b) Any
      Person into which any Authenticating Agent may be merged or converted or with
      which it may be consolidated, or any Person resulting from any merger,
      conversion or consolidation to which any Authenticating Agent shall be a party,
      or any Person succeeding to the corporate agency business of any Authenticating
      Agent, shall continue to be the Authenticating Agent without the execution
      or
      filing of any paper or any further act on the part of the Trustee or the
      Authenticating Agent.

     

    (c) Any
      Authenticating Agent may at any time resign by giving at least 30 days’ advance
      written notice of resignation to the Trustee, any NIMS Insurer and the
      Depositor. The Trustee may at any time terminate the agency of any
      Authenticating Agent by giving written notice of termination to such
      Authenticating Agent, any NIMS Insurer and the Depositor. Upon receiving a
      notice of resignation or upon such a termination, or in case at any time any
      Authenticating Agent shall cease to be eligible in accordance with the
      provisions of this Section 6.10, the Trustee may appoint a successor
      Authenticating Agent, shall give written notice of such appointment to the
      Depositor and any NIMS Insurer and shall mail notice of such appointment to
      all
      Holders of Certificates. Any successor Authenticating Agent upon acceptance
      of
      its appointment hereunder shall become vested with all the rights, powers,
      duties and responsibilities of its predecessor hereunder, with like effect
      as if
      originally named as Authenticating Agent. No successor Authenticating Agent
      shall be appointed unless eligible under the provisions of this Section 6.10.
      No
      Authenticating Agent shall have responsibility or liability for any action
      taken
      by it as such at the direction of the Trustee. Any Authenticating Agent shall
      be
      entitled to reasonable compensation for its services and, if paid by the
      Trustee, it shall be a reimbursable expense pursuant to Section
      6.12.

     

     

    
      
        
        

      

      
        -113-

        
          

        

      

      
        
        

      

    

    Section
      6.11. Indemnification
      of Trustee

     

    The
      Trustee and its respective directors, officers, employees and agents shall
      be
      entitled to indemnification from the Trust Fund for any loss, liability or
      expense incurred in connection with any legal proceeding or incurred without
      negligence or willful misconduct on their part (it being understood that the
      negligence or willful misconduct of any Custodian shall not constitute
      negligence or willful misconduct on the part of the Trustee or its directors,
      officers, employees or agents for such purpose), arising out of, or in
      connection with, the acceptance or administration of the trusts created
      hereunder or in connection with the performance of their duties hereunder,
      the
      Mortgage Loan Sale Agreement, the Cap Agreements, any Transfer Agreement, any
      Servicing Agreement or any Custodial Agreement, including any applicable fees
      and expenses payable pursuant to Section 6.12 and the costs and expenses of
      defending themselves against any claim in connection with the exercise or
      performance of any of their powers or duties hereunder, provided
      that:

     

    (i) with
      respect to any such claim, the Trustee shall have given the Depositor, the
      Master Servicer and the Holders written notice thereof promptly after the
      Trustee shall have knowledge thereof; provided that failure to so notify shall
      not relieve the Trust Fund of the obligation to indemnify the Trustee; however,
      any reasonable delay by the Trustee to provide written notice to the Depositor,
      the Master Servicer and the Holders promptly after the Trustee shall have
      obtained knowledge of a claim shall not relieve the Trust Fund of the obligation
      to indemnify the Trustee under this Section 6.11;

     

    (ii) while
      maintaining control over its own defense, the Trustee shall cooperate and
      consult fully with the Depositor in preparing such defense; and

     

    (iii) notwithstanding
      anything to the contrary in this Section 6.11, the Trust Fund shall not be
      liable for settlement of any such claim by the Trustee entered into without
      the
      prior consent of the Depositor, which consent shall not be unreasonably
      withheld.

     

    The
      provisions of this Section 6.11 shall survive any termination of this Agreement
      and the resignation or removal of the Trustee and shall be construed to include,
      but not be limited to any loss, liability or expense under any environmental
      law.

     

    Section
      6.12. Fees
      and Expenses of Trustee and Custodian

     

    The
      Trustee shall be entitled to (i) receive, and is authorized to pay itself,
      the
      amount of income or gain earned from investment of funds in the Certificate
      Account and (ii) reimbursement of all reasonable expenses, disbursements and
      advances incurred or made by the Trustee in accordance with this Agreement
      (including fees and expenses of its counsel and all persons not regularly in
      its
      employment and any amounts described in Section 10.01 to which the Trustee
      is
      entitled as provided therein), except for expenses, disbursements and advances
      that either (i) do not constitute “unanticipated expenses” within the meaning of
      Treasury Regulations Section 1.860G-1(b)(3)(ii) or (ii) arise from its
      negligence, bad faith or willful misconduct. The Custodian shall receive
      compensation and reimbursement or payment of its expenses under the Custodial
      Agreement as provided therein; provided that, to the extent required under
      Section 6 or Section 20 of the Custodial Agreement, the Trustee is hereby
      authorized to pay such compensation or reimbursement from amounts on deposit
      in
      the Certificate Account prior to any distributions to Certificateholders
      pursuant to Section 5.02 hereof.

     

     

    
      
        
        

      

      
        -114-

        
          

        

      

      
        
        

      

    

    Section
      6.13. Collection
      of Monies

     

    Except
      as
      otherwise expressly provided in this Agreement, the Trustee may demand payment
      or delivery of, and shall receive and collect, all money and other property
      payable to or receivable by the Trustee pursuant to this Agreement. The Trustee
      shall hold all such money and property received by it as part of the Trust
      Fund
      and shall distribute it as provided in this Agreement. If the Trustee shall
      not
      have timely received amounts to be remitted with respect to the Mortgage Loans
      from the Master Servicer, the Trustee shall request the Master Servicer to
      make
      such distribution as promptly as practicable or legally permitted. If the
      Trustee shall subsequently receive any such amount, it may withdraw such
      request.

     

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

     

    (a) The
      occurrence of any one or more of the following events shall constitute an “Event
      of Default”:

     

    (i) Any
      failure by the Master Servicer to furnish to the Trustee the Mortgage Loan
      data
      sufficient to prepare the reports described in Section 4.03(a) which continues
      unremedied for a period of two (2) Business Days after the date upon which
      written notice of such failure shall have been given to such Master Servicer
      by
      the Trustee or to such Master Servicer and the Trustee by any NIMS Insurer
      or
      Holders of not less than 25% of the Class Principal Amount of each Class of
      Certificates affected thereby; or

     

    (ii) Any
      failure on the part of the Master Servicer duly to observe or perform in any
      material respect any other of the covenants or agreements on the part of the
      Master Servicer contained in this Agreement which continues unremedied for
      a
      period of 30 days (or 15 days, in the case of failure to maintain any Insurance
      Policy required to be maintained pursuant to this Agreement) after the date
      on
      which written notice of such failure, requiring the same to be remedied, shall
      have been given to the Master Servicer by the Trustee or to the Master Servicer
      and the Trustee by any NIMS Insurer or Holders of not less than 25% of the
      Class
      Principal Amount (or Class Notional Amount) of each Class of Certificates
      affected thereby or by any NIMS Insurer; or

     

    (iii) A
      decree
      or order of a court or agency or supervisory authority having jurisdiction
      for
      the appointment of a conservator or receiver or liquidator in any insolvency,
      readjustment of debt, marshalling of assets and liabilities or similar
      proceedings, or for the winding up or liquidation of its affairs, shall have
      been entered against the Master Servicer, and such decree or order shall have
      remained in force undischarged or unstayed for a period of 60 days or any Rating
      Agency reduces or withdraws or threatens to reduce or withdraw the rating of
      the
      Certificates because of the financial condition or loan servicing capability
      of
      such Master Servicer; or

     

    
      
        
        

      

      
        -115-

        
          

        

      

      
        
        

      

    

    (iv) The
      Master Servicer shall consent to the appointment of a conservator or receiver
      or
      liquidator in any insolvency, readjustment of debt, marshalling of assets and
      liabilities, voluntary liquidation or similar proceedings of or relating to
      the
      Master Servicer or of or relating to all or substantially all of its property;
      or

     

    (v) 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

     

    (vi) The
      Master Servicer shall be dissolved, or shall dispose of all or substantially
      all
      of its assets, or consolidate with or merge into another entity or shall permit
      another entity to consolidate or merge into it, such that the resulting entity
      does not meet the criteria for a successor servicer as specified in Section
      9.27
      hereof; or

     

    (vii) If
      a
      representation or warranty set forth in Section 9.14 hereof shall prove to
      be
      incorrect as of the time made in any respect that materially and adversely
      affects the interests of the Certificateholders, and the circumstance or
      condition in respect of which such representation or warranty was incorrect
      shall not have been eliminated or cured within 30 days after the date on which
      written notice of such incorrect representation or warranty shall have been
      given to the Master Servicer by the Trustee or to the Master Servicer and the
      Trustee by the Holders of more than 50% of the Aggregate Voting Interests of
      the
      Certificates or by any NIMS Insurer; or

     

    (viii) A
      sale or
      pledge of any of the rights of the Master Servicer hereunder or an assignment
      of
      this Agreement by the Master Servicer or a delegation of the rights or duties
      of
      the Master Servicer hereunder shall have occurred in any manner not otherwise
      permitted hereunder and without the prior written consent of the Trustee, any
      NIMS Insurer and Certificateholders holding more than 50% of the Aggregate
      Voting Interests of the Certificates; or

     

    (ix) The
      Master Servicer has notice or actual knowledge that a Servicer at any time
      is
      not either a Fannie Mae- or Freddie Mac- approved Seller/Servicer, and the
      Master Servicer has not terminated the rights and obligations of such Servicer
      under the Servicing Agreement and replaced such Servicer with a Fannie Mae-
      or
      Freddie Mac-approved servicer within 60 days of the date the Master Servicer
      receives such notice or acquires such actual knowledge; or

     

    (x) After
      any
      receipt of notice from the Trustee or any NIMS Insurer, any failure of the
      Master Servicer to remit to the Trustee any payment required to be made to
      the
      Trustee for the benefit of Certificateholders under the terms of this Agreement,
      including any Advance, on any Deposit Date, which failure continues unremedied
      for a period of one Business Day after the date upon which such written notice
      of such failure shall have been given to the Master Servicer by the
      Trustee.

     

    
      
        
        

      

      
        -116-

        
          

        

      

      
        
        

      

    

    If
      an
      Event of Default described in clauses (i) through (ix) of this Section 6.14
      shall occur, then, in each and every case, subject to applicable law, so long
      as
      any such Event of Default shall not have been remedied within any period of
      time
      prescribed by this Section, the Trustee, by notice in writing to the Master
      Servicer may, and shall, if so directed by Certificateholders evidencing more
      than 50% of the Class Principal Amount (or Class Notional Amount) of each Class
      of Certificates or any NIMS Insurer, terminate all of the rights and obligations
      of the Master Servicer hereunder and in and to the Mortgage Loans and the
      proceeds thereof. If an Event of Default described in clause (x) of this Section
      6.14 shall occur, then, in each and every case, subject to applicable law,
      so
      long as such Event of Default shall not have been remedied within the time
      period prescribed by clause (x) of this Section 6.14, the Trustee, by notice
      in
      writing to the Master Servicer, the Certificate Insurer and the NIMS Insurer,
      shall promptly terminate all the rights and obligations of the Master Servicer
      hereunder and in and to the Mortgage Loans and the proceeds thereof. On or
      after
      the receipt by the Master Servicer of such written notice, all authority and
      power of the Master Servicer, and only in its capacity as Master Servicer under
      this Agreement, whether with respect to the Mortgage Loans or otherwise, shall
      pass to and be vested in the Trustee and pursuant to and under the terms of
      this
      Agreement; provided, however, the parties acknowledge that notwithstanding
      the
      preceding sentence, there may be a transition period, not to exceed 90 days,
      in
      order to effect the transfer of the Master Servicer’s obligations to the
      Trustee, the Trustee is hereby authorized and empowered to execute and deliver,
      on behalf of the defaulting Master Servicer as attorney-in-fact or otherwise,
      any and all documents and other instruments, and to do or accomplish all other
      acts or things necessary or appropriate to effect the purposes of such notice
      of
      termination, whether to complete the transfer and endorsement or assignment
      of
      the Mortgage Loans and related documents or otherwise. The defaulting Master
      Servicer agrees to cooperate with the Trustee in effecting the termination
      of
      the defaulting Master Servicer’s responsibilities and rights hereunder as Master
      Servicer including, without limitation, notifying the Servicers of the
      assignment of the master servicing function and providing the Trustee or its
      designee all documents and records in electronic or other form reasonably
      requested by it to enable the Trustee or its designee to assume the defaulting
      Master Servicer’s functions hereunder and the transfer to the Trustee for
      administration by it of all amounts which shall at the time be or should have
      been deposited by the defaulting Master Servicer in the Collection Account
      maintained by such defaulting Master Servicer and any other account or fund
      maintained with respect to the Certificates or thereafter received with respect
      to the Mortgage Loans. The Master Servicer being terminated (or the Trust Fund,
      if the Master Servicer is unable to fulfill its obligations hereunder) as a
      result of an Event of Default shall bear all costs of a master servicing
      transfer, including but not limited to those of the Trustee reasonably allocable
      to specific employees and overhead, legal fees and expenses, accounting and
      financial consulting fees and expenses, and costs of amending the Agreement,
      if
      necessary.

     

    The
      Trustee shall be entitled to be reimbursed from the Master Servicer (or by
      the
      Trust Fund, if the Master Servicer is unable to fulfill its obligations
      hereunder) for all costs associated with the transfer of master servicing from
      the predecessor Master Servicer, including, without limitation, any costs or
      expenses associated with the complete transfer of all master servicing data
      and
      the completion, correction or manipulation of such servicing data as may be
      required by the Trustee to correct any errors or insufficiencies in the master
      servicing data or otherwise to enable the Trustee to master service the Mortgage
      Loans properly and effectively. If the terminated Master Servicer does not
      pay
      such reimbursement within thirty (30) days of its receipt of an invoice
      therefor, such reimbursement shall be an expense of the Trust Fund and the
      Trustee shall be entitled to withdraw such reimbursement from amounts on deposit
      in the Certificate Account pursuant to Section 4.04(b); provided that the
      terminated Master Servicer shall reimburse the Trust Fund for any such expense
      incurred by the Trust Fund.

     

    
      
        
        

      

      
        -117-

        
          

        

      

      
        
        

      

    

    Notwithstanding
      the termination of its activities as Master Servicer, each terminated Master
      Servicer shall continue to be entitled to reimbursement to the extent provided
      in Section 4.02(a)(i), (ii), (iii), (v), (vii) and (ix) to the extent such
      reimbursement relates to the period prior to such Master Servicer’s
      termination.

     

    If
      any
      Event of Default shall occur of which a Responsible Officer of the Trustee
      has
      actual knowledge, the Trustee, shall promptly notify the Certificate Insurer,
      any NIMS Insurer and each Rating Agency of the nature and extent of such Event
      of Default. The Trustee shall immediately give written notice to the Master
      Servicer upon the Master Servicer’s failure to remit funds on the Deposit
      Date.

     

    (b) On
      or
      after the time the Master Servicer (and the Trustee, if notice is sent by any
      NIMS Insurer) receives a notice of termination from the Trustee pursuant to
      Section 6.14(a) or the Trustee receives the resignation of the Master Servicer
      evidenced by an Opinion of Counsel pursuant to Section 9.28, the Trustee, within
      90 days of such notice unless another master servicer acceptable to the NIMS
      Insurer and the Certificate Insurer shall have been appointed, shall be the
      successor in all respects to the Master Servicer in its capacity as such under
      this Agreement and the transactions set forth or provided for herein and shall
      have all the rights and powers and be subject to all the responsibilities,
      duties and liabilities relating thereto and arising thereafter placed on the
      Master Servicer hereunder, including the obligation to make Advances; provided,
      however, that any failure to perform such duties or responsibilities caused
      by
      the Master Servicer’s failure to provide information required by this Agreement
      shall not be considered a default by the Trustee hereunder. In addition, the
      Trustee shall have no responsibility for any act or omission of the Master
      Servicer prior to the issuance of any notice of termination. The Trustee shall
      have no liability relating to the representations and warranties of the Master
      Servicer set forth in Section 9.14. In the Trustee’s capacity as such successor,
      the Trustee shall have the same limitations on liability herein granted to
      the
      Master Servicer. As compensation therefor, the Trustee shall be entitled to
      receive all compensation payable to the Master Servicer under this Agreement,
      including the Master Servicing Fee. The Trustee shall be entitled to be
      reimbursed from the Master Servicer (or by the Trust Fund if the Master Servicer
      is unable to fulfill its obligations hereunder) for all costs associated with
      the transfer of master servicing from the predecessor master servicer,
      including, without limitation, any costs or expenses associated with the
      complete transfer of all master servicing data and the completion, correction
      or
      manipulation of such master servicing data as may be required by the Trustee
      to
      correct any errors or insufficiencies in the master servicing data or otherwise
      to enable the Trustee to master service the Mortgage Loans properly and
      effectively.

     

    (c) Notwithstanding
      the above, the Trustee may, if it shall be unwilling to continue to so act,
      or
      shall, if it is unable to so act or if any NIMS Insurer so requests in writing
      to the Trustee, request the Depositor to appoint, petition a court of competent
      jurisdiction to appoint, or appoint on its own behalf any established housing
      and home finance institution servicer, master servicer, servicing or mortgage
      servicing institution acceptable to the NIMS Insurer and the Certificate Insurer
      having a net worth of not less than $15,000,000 and meeting such other standards
      for a successor master servicer as are set forth in this Agreement, as the
      successor to such Master Servicer in the assumption of all of the
      responsibilities, duties or liabilities of a master servicer, like the Master
      Servicer hereunder. Any entity designated by the Trustee as a successor master
      servicer may be an Affiliate of the Trustee; provided, however, that, unless
      such Affiliate meets the net worth requirements and other standards set forth
      herein for a successor master servicer, the Trustee in its individual capacity
      shall agree, at the time of such designation, to be and remain liable to the
      Trust Fund for such Affiliate’s actions and omissions in performing its duties
      hereunder. In connection with such appointment and assumption, the Trustee
      may
      make such arrangements for the compensation of such successor out of payments
      on
      Mortgage Loans as it and such successor shall agree; provided, however, that
      no
      such compensation shall be in excess of that permitted to the Master Servicer
      hereunder. The Trustee and such successor shall take such actions, consistent
      with this Agreement, as shall be necessary to effectuate any such succession
      and
      may make other arrangements with respect to the servicing to be conducted
      hereunder which are not inconsistent herewith. The Master Servicer shall
      cooperate with the Trustee and any successor master servicer in effecting the
      termination of the Master Servicer’s responsibilities and rights hereunder
      including, without limitation, notifying Mortgagors of the assignment of the
      master servicing functions and providing the Trustee and successor master
      servicer, as applicable, all documents and records in electronic or other form
      reasonably requested by it to enable it to assume the Master Servicer’s
      functions hereunder and the transfer to the Trustee or such successor master
      servicer, as applicable, all amounts which shall at the time be or should have
      been deposited by the Master Servicer in the Collection Account and any other
      account or fund maintained with respect to the Certificates or thereafter be
      received with respect to the Mortgage Loans. Neither the Trustee nor any other
      successor master servicer shall be deemed to be in default hereunder by reason
      of any failure to make, or any delay in making, any distribution hereunder
      or
      any portion thereof caused by (i) the failure of the Master Servicer to deliver,
      or any delay in delivering, cash, documents or records to it, (ii) the failure
      of the Master Servicer to cooperate as required by this Agreement, (iii) the
      failure of the Master Servicer to deliver the Mortgage Loan data to the Trustee
      or such successor master servicer as required by this Agreement or (iv)
      restrictions imposed by any regulatory authority having jurisdiction over the
      Master Servicer. No successor master servicer shall be deemed to be in default
      hereunder by reason of any failure to make, or any delay in making, any
      distribution hereunder or any portion thereof caused by (i) the failure of
      the
      terminated Master Servicer to deliver, or any delay in delivering cash,
      documents or records to it, or (ii) the failure of the terminated Master
      Servicer to cooperate as required by this Agreement.

     

     

    
      
        
        

      

      
        -118-

        
          

        

      

      
        
        

      

    

    Section
      6.15. Additional
      Remedies of Trustee Upon Event of Default

     

    During
      the continuance of any Event of Default, so long as such Event of Default shall
      not have been remedied, the Trustee, in addition to the rights specified in
      Section 6.14, shall have the right, in its own name and as trustee of an express
      trust, to take all actions now or hereafter existing at law, in equity or by
      statute to enforce its rights and remedies and to protect the interests, and
      enforce the rights and remedies, of any NIMS Insurer, the Certificate Insurer
      and the Certificateholders (including the institution and prosecution of all
      judicial, administrative and other proceedings and the filings of proofs of
      claim and debt in connection therewith). Except as otherwise expressly provided
      in this Agreement, no remedy provided for by this Agreement shall be exclusive
      of any other remedy, and each and every remedy shall be cumulative and in
      addition to any other remedy, and no delay or omission to exercise any right
      or
      remedy shall impair any such right or remedy or shall be deemed to be a waiver
      of any Event of Default.

     

     

    
      
        
        

      

      
        -119-

        
          

        

      

      
        
        

      

    

    Section
      6.16. Waiver
      of Defaults

     

    More
      than
      50% of the Aggregate Voting Interests of Certificateholders (with the consent
      of
      any NIMS Insurer and the Certificate Insurer) may waive any default or Event
      of
      Default by the Master Servicer in the performance of its obligations hereunder,
      except that a default in the making of any required deposit to the Certificate
      Account that would result in a failure of the Trustee to make any required
      payment of principal of or interest on the Certificates may only be waived
      with
      the consent of 100% of the affected Certificateholders and with the consent
      of
      any NIMS Insurer. Upon any such waiver of a past default, such default shall
      cease to exist, and any Event of Default arising therefrom shall be deemed
      to
      have been remedied for every purpose of this Agreement. No such waiver shall
      extend to any subsequent or other default or impair any right consequent thereon
      except to the extent expressly so waived.

     

    Section
      6.17. Notification
      to Holders

     

    Upon
      termination of the Master Servicer or appointment of a successor to the Master
      Servicer, in each case as provided herein, the Trustee shall promptly mail
      notice thereof by first class mail to the Certificate Insurer and to the
      Certificateholders at their respective addresses appearing on the Certificate
      Register and any NIMS Insurer. The Trustee shall also, within 45 days after
      the
      occurrence of any Event of Default known to a Responsible Officer of the
      Trustee, give written notice thereof to any NIMS Insurer, the Certificate
      Insurer and the Certificateholders, unless such Event of Default shall have
      been
      cured or waived prior to the issuance of such notice and within such 45 day
      period.

     

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

     

    Subject
      to the provisions of Section 8.01 hereof, during the continuance of any Event
      of
      Default, Holders of Certificates evidencing not less than 25% of the Class
      Principal Amount (or Percentage Interest) of each Class of Certificates affected
      thereby may, with the consent of any NIMS Insurer and the Certificate Insurer,
      direct the time, method and place of conducting any proceeding for any remedy
      available to the Trustee, or exercising any trust or power conferred upon the
      Trustee, under this Agreement; provided, however, that the Trustee shall be
      under no obligation to pursue any such remedy, or to exercise any of the trusts
      or powers vested in it by this Agreement (including, without limitation, (i)
      the
      conducting or defending of any administrative action or litigation hereunder
      or
      in relation hereto and (ii) the terminating of the Master Servicer or any
      successor master servicer from its rights and duties as master servicer
      hereunder) at the request, order or direction of any of the Certificateholders,
      or any NIMS Insurer, unless such Certificateholders, or any NIMS Insurer, shall
      have offered to the Trustee reasonable security or indemnity against the cost,
      expenses and liabilities which may be incurred therein or thereby; and, provided
      further, that, subject to the provisions of Section 8.01, the Trustee shall
      have
      the right to decline to follow any such direction if the Trustee, in accordance
      with an Opinion of Counsel, determines that the action or proceeding so directed
      may not lawfully be taken or if the Trustee in good faith determines that the
      action or proceeding so directed would involve it in personal liability for
      which it is not indemnified to its satisfaction or be unjustly prejudicial
      to
      the non assenting Certificateholders.

     

     

    
      
        
        

      

      
        -120-

        
          

        

      

      
        
        

      

    

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

     

    In
      the
      event that a Responsible Officer of the Trustee shall have actual knowledge
      of
      any action or inaction of the Master Servicer that would become an Event of
      Default upon the Master Servicer’s failure to remedy the same after notice, the
      Trustee shall give notice thereof to the Master Servicer. For all purposes
      of
      this Agreement, in the absence of actual knowledge by a Responsible Officer
      of
      the Trustee, the Trustee shall not be deemed to have knowledge of any failure
      of
      the Master Servicer or any other Event of Default unless notified in writing
      by
      the Depositor, the Master Servicer, the Certificate Insurer or the
      Certificateholders.

     

    Section
      6.20. Preparation
      of Tax Returns and Other Reports

     

    (a) The
      Trustee shall prepare or cause to be prepared on behalf of the Trust Fund,
      based
      upon information calculated in accordance with this Agreement pursuant to
      instructions given by the Depositor, and the Trustee shall file federal tax
      returns, all in accordance with Article X hereof. The Trustee shall prepare
      and
      file required state income tax returns and such other returns as may be required
      by applicable law relating to the Trust Fund, and, if required by state law,
      and
      shall file any other documents to the extent required by applicable state tax
      law (to the extent such documents are in the Trustee’s possession). The Trustee
      shall forward copies to the Depositor of all such returns and Form 1099
      supplemental tax information and such other information within the control
      of
      the Trustee as the Depositor may reasonably request in writing, and shall
      distribute to each Certificateholder such forms and furnish such information
      within the control of the Trustee as are required by the Code and the REMIC
      Provisions to be furnished to them, and will prepare and distribute to
      Certificateholders Form 1099 (supplemental tax information) (or otherwise
      furnish information within the control of the Trustee) to the extent required
      by
      applicable law. The Master Servicer shall indemnify the Trustee for any
      liability of or assessment against the Trustee arising out of or based upon
      any
      error in any of such tax or information returns arising out of or based upon
      errors in the information provided by such Master Servicer.

     

    (b) The
      Trustee shall prepare and file with the Internal Revenue Service (“IRS”), on
      behalf of each REMIC created hereby, an application on IRS Form SS-4. The
      Trustee, upon receipt from the IRS of the Notice of Taxpayer Identification
      Number Assigned for each REMIC, shall promptly forward copies of such notices
      to
      the Master Servicer and the Depositor. The Trustee will file an IRS Form 8811
      for all REMICs created hereunder. The Trustee shall have no obligation to verify
      the information in any Form 8811 or Form SS-4 filing.

     

    
      
        
        

      

      
        -121-

        
          

        

      

      
        
        

      

    

    (c) Reports
      Filed on Form 10-D.

     

    (i) Within
      15
      days after each Distribution Date (or, if applicable, within such shorter period
      of time as is required under the rules of the Commission as in effect from
      time
      to time (the “Rules”)) during each year in which the Trust Fund is subject to
      Exchange Act reporting requirements, the Trustee shall prepare and file on
      behalf of the Trust Fund any Form 10-D required by the Exchange Act, in form
      and
      substance as required by the Exchange Act. The Trustee shall file each Form
      10-D
      with a copy of the related Distribution Date Statement attached thereto. Any
      disclosure in addition to the Distribution Date Statement that is required
      to be
      included on Form 10-D (“Additional Form 10-D Disclosure”) shall be determined
      and prepared by and at the direction of the Depositor pursuant to the following
      paragraph and the Trustee will have no duty or liability for any failure
      hereunder to determine or prepare any Additional Form 10-D Disclosure, except
      as
      set forth in the next paragraph.

     

    (ii) As
      set
      forth on Exhibit Q-1 hereto, within five calendar days after the related
      Distribution Date, (A) certain parties to the GreenPoint Mortgage Funding Trust
      Mortgage Pass-Through Certificates, Series 2006-AR7 transaction shall be
      required to provide to the Trustee, to the extent known by a Responsible Officer
      thereof, in EDGAR-compatible form (which may be Word or Excel documents easily
      convertible to EDGAR format), or in such other form as otherwise agreed upon
      by
      the Trustee and such party, the form and substance of any Additional Form 10-D
      Disclosure, if applicable, and included with such Additional Form 10-D
      Disclosure, an Additional Disclosure Notification in the form attached hereto
      as
      Exhibit Q-4, (B) the Trustee shall forward to the Depositor, the form and
      substance of the Additional Form 10-D Disclosure, and (C) the Depositor will
      approve, as to form and substance, or disapprove, as the case may be, the
      inclusion of the Additional Form 10-D Disclosure on Form 10-D. The Sponsor
      will
      be responsible for any reasonable fees and expenses assessed or incurred by
      the
      Trustee in connection with including any Additional Form 10-D Disclosure on
      Form
      10-D pursuant to this paragraph.

     

    (iii) After
      preparing the Form 10-D, the Trustee shall forward electronically a draft copy
      of the Form 10-D to the Exchange Act Signing Party for review and approval.
      If
      the Master Servicer is the Exchange Act Signing Party and the Form 10-D includes
      Additional Form 10-D Disclosure, then the Form 10-D shall also be electronically
      distributed to the Depositor for review and approval. No later than two Business
      Days prior to the 15th calendar day after the related Distribution Date, a
      senior officer of the Exchange Act Signing Party shall sign the Form 10-D and
      return an electronic or fax copy of such signed Form 10-D (with an original
      executed hard copy to follow by overnight mail) to the Trustee. If a Form 10-D
      cannot be filed on time or if a previously filed Form 10-D needs to be amended,
      the Trustee will follow the procedures set forth in subsection (f)(ii) of this
      Section 6.20. Promptly (but no later than one Business Day) after the deadline
      for filing such report with the Commission, the Trustee will make available
      on
      its internet website a final executed copy of each Form 10-D. Each party to
      this
      Agreement acknowledges that the performance by the Trustee of its duties under
      this Section 6.20(c) related to the timely preparation and filing of Form 10-D
      is contingent upon such parties strictly observing all applicable deadlines
      in
      the performance of their duties under this Section 6.20(c). The Trustee shall
      have no liability for any loss, expense, damage, claim arising out of or with
      respect to any failure to properly prepare and/or timely file such Form 10-D,
      where such failure results from the Trustee’s inability or failure to obtain or
      receive, on a timely basis, any information from any other party hereto needed
      to prepare, arrange for execution or file such Form 10-D, not resulting from
      its
      own negligence, bad faith or willful misconduct.

     

    
      
        
        

      

      
        -122-

        
          

        

      

      
        
        

      

    

    (d) Reports
      Filed on Form 10-K.

     

    (i) Unless
      and until a Form 15 suspension notice shall have been filed, on or prior to
      March 31 after the end of each fiscal year of the Trust Fund or such earlier
      date as may be required by the Exchange Act (the “10-K Filing Deadline”) (it
      being understood that the fiscal year for the Trust Fund ends on December 31st
      of each year), commencing in March 2007, the Trustee shall prepare and file
      on
      behalf of the Trust Fund a Form 10-K, in form and substance as required by
      the
      Exchange Act. To facilitate the Trustee’s preparation of the Form 10-K, the
      Depositor shall provide to the Trustee, no later than 30 days prior to the
      10-K
      Filing Deadline, a template of the Form 10-K in an Edgar-compatible format.
      Each
      such Form 10-K shall include the following items, in each case to the extent
      they have been delivered to the Trustee within the applicable time frames set
      forth in this Agreement and in the Servicing Agreement and the Custodial
      Agreement, (A) an annual compliance statement for the Servicer, each Additional
      Servicer and the Master Servicer, as described under Section 9.26 hereof and
      in
      the Servicing Agreement, (B)(I) the annual reports on assessment of compliance
      with servicing criteria for the Servicer, the Custodian, each Additional
      Servicer, the Master Servicer, any Servicing Function Participant, the Paying
      Agent (if other than the Trustee) and the Trustee (each, a “Reporting
      Servicer”), as described under Section 9.25(a) hereof and in the Servicing
      Agreement and Custodial Agreement, and (II) if any Reporting Servicer’s report
      on assessment of compliance with servicing criteria described under Section
      9.25(a) hereof or in the Servicing Agreement or Custodial Agreement identifies
      any material instance of noncompliance, disclosure identifying such instance
      of
      noncompliance, or if any Reporting Servicer’s report on assessment of compliance
      with servicing criteria described under Section 9.25(a) hereof or in the
      Servicing Agreement or Custodial Agreement is not included as an exhibit to
      such
      Form 10-K, disclosure that such report is not included and an explanation why
      such report is not included, (C)(I) the registered public accounting firm
      attestation report for each Reporting Servicer, as described under Section
      9.25(b) hereof and in the Servicing Agreement and Custodial Agreement and (II)
      if any registered public accounting firm attestation report described under
      Section 9.25(b) hereof or in the Servicing Agreement or Custodial Agreement
      identifies any material instance of noncompliance, disclosure identifying such
      instance of noncompliance, or if any such registered public accounting firm
      attestation report is not included as an exhibit to such Form 10-K, disclosure
      that such report is not included and an explanation why such report is not
      included, and (D) a Sarbanes-Oxley Certification. Any disclosure or information
      in addition to (A) through (D) above that is required to be included on Form
      10-K (“Additional Form 10-K Disclosure”) shall be determined and prepared by and
      at the direction of the Depositor pursuant to the following paragraph and the
      Trustee will have no duty or liability for any failure hereunder to determine
      or
      prepare any Additional Form 10-K Disclosure, except as set forth in the next
      paragraph.

     

    (ii) As
      set
      forth on Exhibit Q-2 hereto, no later than March 15 of each year that the Trust
      Fund is subject to the Exchange Act reporting requirements, commencing in 2007,
      (A) certain parties to the GreenPoint Mortgage Funding Trust Mortgage
      Pass-Through Certificates, Series 2006-AR7 transaction shall be required to
      provide to the Trustee, to the extent known by a Responsible Officer thereof,
      in
      EDGAR-compatible form (which may be Word or Excel documents easily convertible
      to EDGAR format), or in such other form as otherwise agreed upon by the Trustee
      and such party, the form and substance of any Additional Form 10-K Disclosure,
      if applicable, and include with such Additional Form 10-K Disclosure, an
      Additional Disclosure Notification in the form attached hereto as Exhibit Q-4,
      (B) the Trustee shall forward to the Depositor, the form and substance of the
      Additional Form 10-K Disclosure, and (C) the Depositor will approve, as to
      form
      and substance, or disapprove, as the case may be, the inclusion of the
      Additional Form 10-K Disclosure on Form 10-K. The Trustee has no duty under
      this
      Agreement to monitor or enforce the performance by the parties listed on Exhibit
      Q-2 of their duties under this paragraph or proactively solicit or procure
      from
      such parties any Form 10-K Disclosure Information. The Sponsor will be
      responsible for any reasonable fees and expenses assessed or incurred by the
      Trustee in connection with including any Additional Form 10-K Disclosure on
      Form
      10-K pursuant to this paragraph.

     

    
      
        
        

      

      
        -123-

        
          

        

      

      
        
        

      

    

    (iii) After
      preparing the Form 10-K, the Trustee shall forward electronically a draft copy
      of the Form 10-K to the Exchange Act Signing Party for review and approval.
      If
      the Master Servicer is the Exchange Act Signing Party and the Form 10-K includes
      Additional Form 10-K Disclosure, then the Form 10-K shall also be electronically
      distributed to the Depositor for review and approval. No later than the close
      of
      business New York City time on the 4th Business Day prior to the 10-K Filing
      Deadline, a senior officer of the Exchange Act Signing Party shall sign the
      Form
      10-K and return an electronic or fax copy of such signed Form 10-K (with an
      original executed hard copy to follow by overnight mail) to the Trustee. If
      a
      Form 10-K cannot be filed on time or if a previously filed Form 10-K needs
      to be
      amended, the Trustee will follow the procedures set forth in subsection (f)
      of
      this Section 6.20. Promptly (but no later than one Business Day) after the
      deadline for filing such report with the Commission, the Trustee will make
      available on its internet website a final executed copy of each Form 10-K.
      The
      parties to this Agreement acknowledge that the performance by the Trustee of
      its
      duties under this Section 6.20(d) related to the timely preparation and filing
      of Form 10-K is contingent upon such parties (and any Additional Servicer or
      Servicing Function Participant) strictly observing all applicable deadlines
      in
      the performance of their duties under this Section 6.20(d), Section 9.25(a),
      Section 9.25(b) and Section 9.26. The Trustee shall have no liability for any
      loss, expense, damage, claim arising out of or with respect to any failure
      to
      properly prepare and/or timely file such Form 10-K, where such failure results
      from the Trustee’s inability or failure to obtain or receive, on a timely basis,
      any information from any other party hereto needed to prepare, arrange for
      execution or file such Form 10-K, not resulting from its own negligence, bad
      faith or willful misconduct.

     

    (iv) Each
      Form
      10-K shall include the Sarbanes-Oxley Certification. The Trustee, the Paying
      Agent and, if the Depositor is the Exchange Act Signing Party, the Master
      Servicer, shall, and the Trustee, the Paying Agent and the Master Servicer
      (if
      applicable) shall cause any Servicing Function Participant engaged by it to,
      provide to the Person who signs the Sarbanes-Oxley Certification (the
“Certifying Person”), by March 15 of each year in which the Trust Fund is
      subject to the reporting requirements of the Exchange Act (each, a “Back-Up
      Certification”), in the form attached hereto as Exhibit T (or, in the case of
      (x) the Paying Agent (if other than the Trustee), such other form as agreed
      to
      between the Paying Agent and the Exchange Act Signing Party, and (y) the
      Trustee, the form attached hereto as Exhibit U), upon which the Certifying
      Person, the entity for which the Certifying Person acts as an officer, and
      such
      entity’s officers, directors and Affiliates (collectively with the Certifying
      Person, “Certification Parties”) can reasonably rely. The senior officer of the
      Exchange Act Signing Party shall serve as the Certifying Person on behalf of
      the
      Trust Fund. In the event the Master Servicer, the Trustee, the Paying Agent
      or
      any Servicing Function Participant engaged by such parties is terminated or
      resigns pursuant to the terms of this Agreement, such party or Servicing
      Function Participant shall provide a Back-Up Certification to the Certifying
      Person pursuant to this Section 6.20(d)(iv) with respect to the period of time
      it was subject to this Agreement.

     

    
      
        
        

      

      
        -124-

        
          

        

      

      
        
        

      

    

    (v) Each
      person (including their officers or directors) that signs any Form 10-K
      Certification shall be entitled to indemnification from the Trust Fund for
      any
      liability or expense incurred by it in connection with such certification,
      other
      than any liability or expense attributable to such Person’s own bad faith,
      negligence or willful misconduct. The provisions of this subsection shall
      survive any termination of this Agreement and the resignation or removal of
      such
      Person.

     

    (e) Reports
      Filed on Form 8-K.

     

    (i) During
      any year in which the Trust Fund is subject to Exchange Act reports, within
      four
      Business Days after the occurrence of an event requiring disclosure on Form
      8-K
      (each such event, a “Reportable Event”) or such later date as may be required by
      the Commission, and if requested by the Depositor, the Trustee shall prepare
      and
      file on behalf of the Trust Fund any Form 8-K, as required by the Exchange
      Act;
      provided that the Depositor shall file the initial Form 8-K in connection with
      the issuance of the Certificates. Any disclosure or information related to
      a
      Reportable Event or that is otherwise required to be included on Form 8-K (“Form
      8-K Disclosure Information”) shall be determined and prepared by and at the
      direction of the Depositor pursuant to the following paragraphs and the Trustee
      will have no duty or liability for any failure hereunder to determine or prepare
      any Form 8-K Disclosure Information or any Form 8-K, except as set forth in
      the
      next paragraph.

     

    (ii) As
      set
      forth on Exhibit Q-3 hereto, for so long as the Trust Fund is subject to the
      Exchange Act reporting requirements, no later than Noon New York City time
      on
      the 2nd Business Day after the occurrence of a Reportable Event (A) certain
      parties to the GreenPoint Mortgage Funding Trust Mortgage Pass-Through
      Certificates, Series 2006-AR7 transaction shall be required to provide to the
      Trustee, to the extent known by a Responsible Officer thereof, in
      EDGAR-compatible form (which may be Word or Excel documents easily convertible
      to EDGAR format), or in such other form as otherwise agreed upon by the Trustee
      and such party, the form and substance of any Form 8-K Disclosure Information,
      if applicable, and include with such Form 8-K Disclosure Information, an
      Additional Disclosure Notification in the form attached hereto as Exhibit Q-4,
      (B) the Trustee shall forward to the Depositor, the form and substance of the
      Form 8-K Disclosure Information, and (C) the Depositor will approve, as to
      form
      and substance, or disapprove, as the case may be, the inclusion of the Form
      8-K
      Disclosure Information. The Trustee has no duty under this Agreement to monitor
      or enforce the performance by the parties listed on Exhibit Q-3 of their duties
      under this paragraph or proactively solicit or procure from such parties any
      Form 8-K Disclosure Information. The Sponsor will be responsible for any
      reasonable fees and expenses assessed or incurred by the Trustee in connection
      with including any Form 8-K Disclosure Information on Form 8-K pursuant to
      this
      paragraph.

     

    
      
        
        

      

      
        -125-

        
          

        

      

      
        
        

      

    

    (iii) After
      preparing the Form 8-K, the Trustee shall forward electronically, no later
      than
      Noon New York city time on the 3rd Business Day after the Reportable Event,
      a
      draft copy of the Form 8-K to the Exchange Act Signing Party for review and
      approval. If the Master Servicer is the Exchange Act Signing Party, then the
      Form 8-K shall also be electronically distributed to the Depositor for review
      and approval. No later than Noon New York City time on the 4th Business Day
      after the Reportable Event, a senior officer of the Exchange Act Signing Party
      shall sign the Form 8-K and return an electronic or fax copy of such signed
      Form
      8-K (with an original executed hard copy to follow by overnight mail) to the
      Trustee. If a Form 8-K cannot be filed on time or if a previously filed Form
      8-K
      needs to be amended, the Trustee will follow the procedures set forth in
      subsection (f) of this Section 6.20. Promptly (but no later than one Business
      Day) after the deadline for filing such form with the Commission, the Trustee
      will, make available on its internet website a final executed copy of each
      Form
      8-K. The parties to this Agreement acknowledge that the performance by the
      Trustee of its duties under this Section 6.20(e) related to the timely
      preparation and filing of Form 8-K is contingent upon such parties strictly
      observing all applicable deadlines in the performance of their duties under
      this
      Section 6.20(e). The Trustee shall have no liability for any loss, expense,
      damage or claim arising out of or with respect to any failure to properly
      prepare and/or timely file such Form 8-K, where such failure results from the
      Trustee’s inability or failure to obtain or receive, on a timely basis, any
      information from any other party hereto needed to prepare, arrange for execution
      or file such Form 8-K, not resulting from its own negligence, bad faith or
      willful misconduct.

     

    (f) Delisting;
      Amendments; Late Filings.

     

    (i) Prior
      to
      January 30 of the first year in which the Trustee is able to do so under
      applicable law, unless otherwise directed by the Depositor, the Trustee shall
      prepare and file a Form 15 relating to the automatic suspension of reporting
      in
      respect of the Trust Fund under the Exchange Act.

     

    (ii) In
      the
      event that the Trustee becomes aware that it will be unable to timely file
      with
      the Commission all or any required portion of any Form 8-K, 10-D or 10-K
      required to be filed by this Agreement because required disclosure information
      was either not delivered to it or delivered to it after the delivery deadlines
      set forth in this Agreement or for any other reason, the Trustee will
      immediately notify the Depositor. In the case of Form 10-D and 10-K, the parties
      to this Agreement and the Servicer will cooperate to prepare and file a Form
      12b-25 and a 10-D/A and 10-K/A as applicable, pursuant to Rule 12b-25 of the
      Exchange Act. In the case of Form 8-K, the Trustee will, upon receipt of all
      required Form 8-K Disclosure Information and upon the approval and direction
      of
      the Depositor, include such disclosure information on the next Form 10-D. In
      the
      event that any previously filed Form 8-K, 10-D or 10-K needs to be amended,
      the
      Trustee will notify the Depositor and the Servicer and such parties will
      cooperate to prepare any necessary 8-K/A, 10-D/A or 10-K/A. Any Form 15, Form
      12b-25 or any amendment to Form 8-K, 10-D or 10-K shall be signed by a senior
      officer of the Exchange Act Signing Party. The parties to this Agreement
      acknowledge that the performance by the Trustee of its duties under this Section
      6.20(f) related to the timely preparation and filing of Form 15, a Form 12b-25
      or any amendment to Form 8-K, 10-D or 10-K is contingent upon each such party
      performing its duties under this Section. The Trustee shall have no liability
      for any loss, expense, damage, claim arising out of or with respect to any
      failure to properly prepare and/or timely file any such Form 15, Form 12b-25
      or
      any amendments to Forms 8-K, 10-D or 10-K, where such failure results from
      the
      Trustee’s inability or failure to obtain or receive, on a timely basis, any
      information from any other party hereto needed to prepare, arrange for execution
      or file such Form 15, Form 12b-25 or any amendments to Forms 8-K, 10-D or 10-K,
      not resulting from its own negligence, bad faith or willful
      misconduct.

     

    
      
        
        

      

      
        -126-

        
          

        

      

      
        
        

      

    

    (g) Any
      party
      that signs any Exchange Act report that the Trustee is required to file shall
      provide to the Trustee prompt notice of the execution of such Exchange Act
      report along with the name and contact information for the person signing such
      report and shall promptly deliver to the Trustee the original executed signature
      page for such report. In addition, each of the parties agrees to provide to
      the
      Trustee such additional information related to such party as the Trustee may
      reasonably request, including evidence of the authorization of the person
      signing any certification or statement, financial information and reports,
      and
      such other information related to such party or its performance
      hereunder.

     

    (h) The
      Depositor and the Master Servicer, by mutual agreement, shall determine which
      of
      the Depositor or the Master Servicer shall be the initial Exchange Act Signing
      Party. Upon such determination, the Depositor shall timely notify the Trustee,
      and such notice shall provide contact information for the Exchange Act Signing
      Party. If the Depositor and Master Servicer, at any time, mutually agree to
      change the identity of the Exchange Act Signing Party, the Depositor shall
      provide timely notice to the Trustee of any such change.

     

    (i) The
      Trustee shall promptly send copies of each periodic report filed on Form 8-K,
      Form 10-D or other applicable form, each annual report on Form 10-K, and each
      Form 15 Suspension Notification, together in each case with the acceptance
      confirmation receipt from EDGAR, to McKee Nelson LLP and to the Depositor (i)
      by
      e-mail to the e-mail addresses provided in writing by each of McKee Nelson
      LLP
      and the Depositor, respectively and (ii) to McKee Nelson LLP at 1919 M Street,
      N.W., Washington, D.C. 20036, and to the Depositor at the address specified
      in
      Section 11.07, in each case to the attention of a designated contact specified
      by each of McKee Nelson LLP and the Depositor, respectively.

     

    Section
      6.21. Reporting
      Requirements of the Commission

     

    Each
      of
      the parties hereto acknowledges
      and agrees that the purpose of Sections 6.01, 6.20, 9.25(a) and 9.25(b) of
      this
      Agreement is to
      facilitate compliance by the Sponsor, the Master Servicer and the Depositor
      with
      the provisions of Regulation AB, as such may be amended or clarified from time
      to time. Therefore, each of the parties agrees that (a) the obligations of
      the
      parties hereunder shall be interpreted in such a manner as to accomplish
      compliance with Regulation AB, (b) the parties’ obligations hereunder will be
      supplemented and modified as necessary to be consistent with any such
      amendments, interpretive advice or guidance, convention or consensus among
      active participants in the asset-backed securities markets, advice of counsel,
      or otherwise in respect of the requirements of Regulation AB and (c) the parties
      shall comply with reasonable requests made by the Sponsor, the Depositor, the
      Master Servicer or the Trustee for delivery of additional or different
      information as the Sponsor, the Depositor, the Master Servicer or the Trustee
      may determine in good faith is necessary to comply with the provisions of
      Regulation AB, provided that such information is available without unreasonable
      effort or expense and within such timeframe as may be reasonably
      requested.

     

     

    
      
        
        

      

      
        -127-

        
          

        

      

      
        
        

      

    

    Section
      6.22. Indemnification
      by the Trustee

     

    The
      Trustee (including in its capacity as Paying Agent) agrees to indemnify the
      Depositor and the Master Servicer, and each of their respective directors,
      officers, employees and agents and the Trust Fund and hold each of them harmless
      from and against any losses, damages, penalties, fines, forfeitures, legal
      fees
      and expenses and related costs, judgments, and any other costs, fees and
      expenses that any of them may sustain arising out of or based upon the
      engagement of any Subcontractor in violation of Section 6.01(l) or any failure
      by the Trustee to deliver any assessment of compliance pursuant to Section
      9.25(a). This indemnification shall survive the termination of this Agreement
      or
      the termination of the Trustee hereunder.

     

    ARTICLE
      VII.

     

    PURCHASE
      OF MORTGAGE LOANS AND

    TERMINATION
      OF THE TRUST FUND

     

    Section
      7.01. Purchase
      of Mortgage Loans; Termination of the Trust Fund Upon Purchase or Liquidation
      of
      Mortgage Loans

     

    (a) The
      respective obligations and responsibilities of the Trustee and the Master
      Servicer created hereby (other than the obligation of the Trustee to make
      payments to Certificateholders as set forth in Section 7.02, the obligation
      of
      the Master Servicer to make a final remittance to the Trustee pursuant to
      Section 4.01, and the obligations of the Master Servicer to the Trustee pursuant
      to Sections 9.10 and 9.14) shall terminate on the earliest of (i) the final
      payment or other liquidation of the last Mortgage Loan remaining in the Trust
      Fund and the disposition of all REO Property, (ii) the sale of the property
      held
      by the Trust Fund in accordance with Section 7.01(b) and (iii) the Latest
      Possible Maturity Date; provided, however, that in no event shall the Trust
      Fund
      created hereby continue beyond the expiration of 21 years from the death of
      the
      last survivor of the descendants of Joseph P. Kennedy, the late Ambassador
      of
      the United States to the Court of St. James’s, living on the date hereof. Any
      termination of the Trust Fund shall be carried out in such a manner so that
      the
      termination of each REMIC included therein shall qualify as a “qualified
      liquidation” under the REMIC Provisions.

     

    
      
        
        

      

      
        -128-

        
          

        

      

      
        
        

      

    

    (b) On
      any
      Distribution Date occurring on or after the Initial Optional Termination Date,
      the Master Servicer, with the prior written consent of the Certificate Insurer
      (if the purchase of the mortgage loans and the termination of the trust fund
      pursuant to this Section 7.01 would result in a draw on the Certificate
      Insurance Policy), any NIMS Insurer and the Seller, which consent shall not
      be
      unreasonably withheld, has the option to cause each of REMIC 1 and REMIC 2
      to
      adopt a plan of complete liquidation and to purchase the Mortgage Loans and
      any
      REO Property related to the Mortgage Pool (the “Pool Assets”) for a price equal
      to the Purchase Price, pursuant to Section 7.03 hereof. Upon exercise of such
      option, the property of the Mortgage Pool shall be sold to the Master Servicer
      at a price (the “Purchase Price”) equal to the sum of (i) 100% of the unpaid
      principal balance of each Mortgage Loan on the day of such purchase plus
      interest accrued thereon at the Mortgage Rate with respect to such Mortgage
      Loan
      to the Due Date in the Collection Period immediately preceding the Distribution
      Date on which the proceeds of such sale will be distributed to the holders
      of
      the Certificates, (ii) the fair market value of any REO Property related to
      the
      Mortgage Loans and any other property related to the Mortgage Loans held by
      any
      REMIC, such fair market value to be determined by an independent appraiser
      or
      appraisers mutually agreed upon by the Master Servicer, any NIMS Insurer and
      the
      Trustee (reduced, in the case of REO Property, by (1) reasonably anticipated
      disposition costs and (2) any amount by which the fair market value as so
      reduced exceeds the outstanding principal balance of the related Mortgage Loan
      plus interest accrued thereon at the applicable Net Mortgage Rate to the date
      of
      such purchase), (iii) any unreimbursed Servicing Advances and other amounts
      to
      be reimbursed pursuant to the immediately following sentence related to the
      Mortgage Loans and (iv) any amounts due and owing to the Certificate Insurer
      pursuant to this Agreement; provided, however, if there are any NIM Securities
      outstanding, the Master Servicer may only exercise its option after receiving
      the prior written consent of the holders of such NIM Securities and, if such
      consent is given, the Purchase Price shall also include an amount equal to
      the
      sum of (1) any accrued interest on the NIM Securities related to the Mortgage
      Loans, (2) the unpaid principal balance of any such NIM Securities and (3)
      any
      other reimbursable expenses owed by the issuer of the NIM Securities (the “NIM
      Redemption Amount”). If the Master Servicer fails to exercise such right, the
      NIMS Insurer will have the option to direct the Master Servicer to exercise
      such
      option so long as it is insuring the NIMS Securities or it is owed any amounts
      in connection with its guaranty of the NIM Securities. Following receipt of
      such
      notice from the NIMS Insurer, the Master Servicer shall advise the NIMS Insurer
      whether it will exercise the option under this Section 7.01(b) for its own
      account and using its own funds, or whether it will exercise such option in
      its
      own name but for the NIMS Insurer's account and utilizing the NIMS Insurer's
      funds. If the Master Servicer exercises such option for the NIMS Insurer's
      account, the NIMS Insurer will remit the Purchase Price to the Master Servicer
      one Business Day prior to the day the Master Servicer is required to remit
      the
      Purchase Price to the Trustee. Following its receipt from the NIMS Insurer
      of
      the entire Purchase Price and its subsequent remittance to the Trustee of the
      entire Purchase Price, the Master Servicer will convey to the NIMS Insurer
      all
      of the rights it receives from the Trustee with respect to the related Mortgage
      Loans as a result of such remittance. The Master Servicer, the Servicer, the
      Trustee and the Custodian shall be reimbursed from the Purchase Price for any
      Mortgage Loan or related REO Property for any Advances made or other amounts
      advanced with respect to the Mortgage Loans that are reimbursable to any such
      entity under this Agreement, the related Servicing Agreement or the Custodial
      Agreement, together with any accrued and unpaid compensation and any other
      amounts due to the Master Servicer, the Certificate Insurer or the Trustee
      hereunder or the applicable Servicer or the Custodian, to the extent such
      amounts relate to the Mortgage Loans. Subject to Section 7.03, the Trustee
      shall
      distribute the assets of the Trust Fund on the Distribution Date on which the
      repurchase occurred. If the NIMS Insurer directs the Master Servicer to exercise
      such right as described above, then (i) the Master Servicer shall cause each
      REMIC to adopt a plan of complete liquidation as described above and (ii) the
      NIMS Insurer shall remit the Purchase Price in immediately available funds
      to
      the Master Servicer at least three Business Days prior to the applicable
      Distribution Date and, upon receipt of such funds from the NIMS Insurer, the
      Master Servicer shall promptly deposit such funds in the Collection Account.
      The
      NIMS Insurer shall be obligated to reimburse the Master Servicer and the Trustee
      for their reasonable out-of-pocket expenses incurred in connection with the
      purchase of the Mortgage Loans and REO Property related to the Mortgage Pool
      at
      the direction of the NIMS Insurer and shall indemnify and hold harmless the
      Master Servicer and the Trustee for any losses, liabilities or expenses
      resulting from any claims arising out of or based upon the Master Servicer’s or
      Trustee’s purchase of the Pool Assets at the direction of the NIMS Insurer at
      the direction of the NIMS Insurer, except to the extent such losses, liabilities
      or expenses arise out of or result from the Master Servicer’s or Trustee’s, as
      the case may be, negligence, bad faith or willful misconduct.

    
      
        
        

      

      
        -129-

        
          

        

      

      
        
        

      

    

    Section
      7.02. Procedure
      Upon Termination of Trust Fund

     

    (a) Notice
      of
      any termination pursuant to the provisions of Section 7.01 (or the retirement
      of
      Certificates), specifying the Distribution Date upon which the final
      distribution shall be made, shall be given promptly by the Trustee by first
      class mail to the Certificateholders, the Certificate Insurer and any NIMS
      Insurer, mailed upon (x) no later than five Business Days after the Trustee
      has
      received notice from the Master Servicer of its intent to exercise its right
      to
      cause the termination of the Trust Fund pursuant to Section 7.01(b) (or the
      retirement of the Certificates) or (y) upon final payment or other liquidation
      of the last Mortgage Loan or REO Property in the Trust Fund. Such notice shall
      specify (A) the Distribution Date upon which final distribution on the
      Certificates of all amounts required to be distributed to Certificateholders
      pursuant to Section 5.02 will be made upon presentation and surrender of the
      related Certificates at the Corporate Trust Office, and (B) that the Record
      Date
      otherwise applicable to such Distribution Date is not applicable, distribution
      being made only upon presentation and surrender of the related Certificates
      at
      the office or agency of the Trustee therein specified. The Trustee shall give
      such notice to the Master Servicer and the Certificate Registrar at the time
      such notice is given to Holders of the related Certificates. Upon any
      termination pursuant to Section 7.01(b), the duties of the Certificate Registrar
      with respect to the applicable Certificates shall terminate and the Trustee
      shall terminate or request the Master Servicer to terminate, the Collection
      Account it maintains, the Certificate Account and any other account or fund
      maintained with respect to the related Certificates, subject to the Trustee’s
      obligation hereunder to hold all amounts payable to Certificateholders in trust
      without interest pending such payment.

     

    (b) In
      the
      event that all of the Holders do not surrender their Certificates for
      cancellation within three months after the time specified in the above mentioned
      written notice, the Trustee shall give a second written notice to the remaining
      Certificateholders to surrender their Certificates for cancellation and receive
      the final distribution with respect thereto. If within one year after the second
      notice any Certificates shall not have been surrendered for cancellation, the
      Trustee may take appropriate steps to contact the remaining Certificateholders
      concerning surrender of such Certificates, and the cost thereof shall be paid
      out of the amounts distributable to such Holders. If within two years after
      the
      second notice any Certificates shall not have been surrendered for cancellation,
      the Trustee shall, subject to applicable state law relating to escheatment,
      hold
      all amounts distributable to such Holders for the benefit of such Holders.
      No
      interest shall accrue on any amount held by the Trustee and not distributed
      to a
      Certificateholder due to such Certificateholder’s failure to surrender its
      Certificate(s) for payment of the final distribution thereon in accordance
      with
      this Section.

     

    (c) Any
      reasonable expenses incurred by the Trustee in connection with any termination
      or liquidation of the Trust Fund (or a Mortgage Pool thereof) shall be
      reimbursed from proceeds received from the liquidation of the related Mortgage
      Pool or Mortgage Pools.

     

     

    
      
        
        

      

      
        -130-

        
          

        

      

      
        
        

      

    

    Section
      7.03. Additional
      Trust Fund Termination Requirements

     

    Any
      sale
      pursuant to Section 7.01(b) shall be effected in accordance with the following
      additional requirements, unless the Trustee seeks (at the request of the party
      exercising the option to repurchase all of the Mortgage Loans pursuant to
      Section 7.01(b)), and subsequently receives, an Opinion of Counsel (at the
      expense of such requesting party), addressed to the Trustee, the Certificate
      Insurer and any NIMS Insurer to the effect that the failure of the Trust Fund
      to
      comply with the requirements of this Section 7.03 will not (I) result in the
      imposition of taxes on any REMIC under the REMIC Provisions or (II) cause any
      REMIC established hereunder to fail to qualify as a REMIC at any time that
      any
      Certificates are outstanding:

     

    (i) The
      Trustee shall sell all of the assets of the Mortgage Pool for cash and, within
      90 days of such sale, shall distribute the proceeds of such sale to the
      Certificateholders in complete liquidation of each REMIC; and

     

    (ii) The
      Trustee shall attach a statement to the final Federal income tax return for
      each
      REMIC stating that pursuant to Treasury Regulation § 1.860F-1, the first day of
      the 90-day liquidation period for each such REMIC was the date on which the
      Trustee sold such assets.

     

    Section
      7.04. Optional
      Purchase Right of NIMS Insurer

     

    The
      NIMS
      Insurer may purchase any Distressed Mortgage Loan for a purchase price equal
      to
      the outstanding principal balance of such Mortgage Loan, plus accrued interest
      thereon to the date of repurchase plus any unreimbursed Advances, Servicing
      Advances, General Servicing Fees or Trustee Fees and any unreimbursed expenses
      of the Trustee allocable to such Distressed Mortgage Loan. Any such purchase
      shall be accomplished by the NIM Insurer’s remittance of the purchase price for
      the Distressed Mortgage Loan to the Master Servicer for deposit into the
      Collection Account.

     

    Section
      7.05. Grantor
      Trust Termination

     

    The
      Class
      1-A1B Grantor Trust, the Class 1-A2A2 Grantor Trust, the Class 1-A3A2 Grantor
      Trust, the Class 1-A3B Grantor Trust, the Class 2-A1 Grantor Trust and the
      Class
      2-A2 Grantor Trust each will terminate on the earlier of the date on which
      the
      Class Principal Amount of the related Grantor Trust Certificate is reduced
      to
      zero and the termination of this Agreement.

     

    ARTICLE
      VIII.

     

    RIGHTS
      OF
      CERTIFICATEHOLDERS

     

    Section
      8.01. Limitation
      on Rights of Holders

     

    (a) The
      death
      or incapacity of any Certificateholder shall not operate to terminate this
      Agreement or this Trust Fund, nor entitle such Certificateholder’s legal
      representatives or heirs to claim an accounting or take any action or proceeding
      in any court for a partition or winding up of this Trust Fund, nor otherwise
      affect the rights, obligations and liabilities of the parties hereto or any
      of
      them. Except as otherwise expressly provided herein, no Certificateholder,
      solely by virtue of its status as a Certificateholder, shall have any right
      to
      vote or in any manner otherwise control the Master Servicer or the operation
      and
      management of the Trust Fund, or the obligations of the parties hereto, nor
      shall anything herein set forth, or contained in the terms of the Certificates,
      be construed so as to constitute the Certificateholders from time to time as
      partners or members of an association, nor shall any Certificateholder be under
      any liability to any third person by reason of any action taken by the parties
      to this Agreement pursuant to any provision hereof.

     

    
      
        
        

      

      
        -131-

        
          

        

      

      
        
        

      

    

    (b) No
      Certificateholder, solely by virtue of its status as Certificateholder, shall
      have any right by virtue or by availing of any provision of this Agreement
      to
      institute any suit, action or proceeding in equity or at law upon or under
      or
      with respect to this Agreement, unless such Holder previously shall have given
      to the Trustee a written notice of an Event of Default and of the continuance
      thereof, as hereinbefore provided, and unless also the Holders of Certificates
      evidencing not less than 25% of the Class Principal Amount or Class Notional
      Amount (or Percentage Interest) of Certificates of each Class affected thereby
      shall have made written request upon the Trustee to institute such action,
      suit
      or proceeding in its own name as Trustee hereunder and shall have offered to
      the
      Trustee such reasonable indemnity as it may require against the cost, expenses
      and liabilities to be incurred therein or thereby, and the Trustee, for sixty
      days after its receipt of such notice, request and offer of indemnity, shall
      have neglected or refused to institute any such action, suit or proceeding
      and
      no direction inconsistent with such written request has been given such Trustee
      during such sixty day period by such Certificateholders; it being understood
      and
      intended, and being expressly covenanted by each Certificateholder with every
      other Certificateholder and the Trustee, that no one or more Holders of
      Certificates shall have any right in any manner whatever by virtue or by
      availing 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
      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
      8.02. Access
      to List of Holders

     

    (a) If
      the
      Trustee is not acting as Certificate Registrar, the Certificate Registrar will
      furnish or cause to be furnished to the Trustee, within fifteen days after
      receipt by the Certificate Registrar of a request by the Trustee in writing,
      a
      list, in such form as the Trustee may reasonably require, of the names and
      addresses of the Certificateholders of each Class as of the most recent Record
      Date.

     

    (b) If
      three
      or more Holders or Certificate Owners (hereinafter referred to as “Applicants”)
      apply in writing to the Trustee, and such application states that the Applicants
      desire to communicate with other Holders with respect to their rights under
      this
      Agreement or under the Certificates and is accompanied by a copy of the
      communication which such Applicants propose to transmit, then the Trustee shall,
      within five Business Days after the receipt of such application, afford such
      Applicants reasonable access during the normal business hours of the Trustee
      to
      the most recent list of Certificateholders held by the Trustee or shall, as
      an
      alternative, send, at the Applicants’ expense, the written communication
      proffered by the Applicants to all Certificateholders at their addresses as
      they
      appear in the Certificate Register.

     

    
      
        
        

      

      
        -132-

        
          

        

      

      
        
        

      

    

    (c) Every
      Holder or Certificate Owner, if the Holder is a Clearing Agency, by receiving
      and holding a Certificate, agrees with the Depositor, the Master Servicer,
      the
      Certificate Registrar and the Trustee, that none of the Depositor, the Master
      Servicer, the Certificate Registrar, the Paying Agent or the Trustee shall
      be
      held accountable by reason of the disclosure of any such information as to
      the
      names and addresses of the Certificateholders hereunder, regardless of the
      source from which such information was derived.

     

    Section
      8.03. Acts
      of Holders of Certificates

     

    (a) Any
      request, demand, authorization, direction, notice, consent, waiver or other
      action provided by this Agreement to be given or taken by Holders or Certificate
      Owner, if the Holder is a Clearing Agency, may be embodied in and evidenced
      by
      one or more instruments of substantially similar tenor signed by such Holders
      in
      person or by agent duly appointed in writing; and, except as herein otherwise
      expressly provided, such action shall become effective when such instrument
      or
      instruments are delivered to the Trustee, the Certificate Registrar and the
      Paying Agent and, where expressly required herein, to the Master Servicer.
      Such
      instrument or instruments (as the action embodies therein and evidenced thereby)
      are herein sometimes referred to as an “Act” of the Holders signing such
      instrument or instruments. Proof of execution of any such instrument or of
      a
      writing appointing any such agents shall be sufficient for any purpose of this
      Agreement and conclusive in favor of the Trustee and the Master Servicer, if
      made in the manner provided in this Section. Each of the Trustee and the Master
      Servicer shall promptly notify the other of receipt of any such instrument
      by
      it, and shall promptly forward a copy of such instrument to the
      other.

     

    (b) The
      fact
      and date of the execution by any Person of any such instrument or writing may
      be
      proved by the affidavit of a witness of such execution or by the certificate
      of
      any notary public or other officer authorized by law to take acknowledgments
      or
      deeds, certifying that the individual signing such instrument or writing
      acknowledged to him the execution thereof. Whenever such execution is by an
      officer of a corporation or a member of a partnership on behalf of such
      corporation or partnership, such certificate or affidavit shall also constitute
      sufficient proof of his authority. The fact and date of the execution of any
      such instrument or writing, or the authority of the individual executing the
      same, may also be proved in any other manner which the Trustee deems
      sufficient.

     

    (c) The
      ownership of Certificates (whether or not such Certificates shall be overdue
      and
      notwithstanding any notation of ownership or other writing thereon made by
      anyone other than the Trustee) shall be proved by the Certificate Register,
      and
      none of the Trustee, the Master Servicer, the Paying Agent, the Certificate
      Insurer or the Depositor shall be affected by any notice to the
      contrary.

     

    (d) Any
      request, demand, authorization, direction, notice, consent, waiver or other
      action by the Holder of any Certificate shall bind every future Holder of the
      same Certificate and the Holder of every Certificate issued upon the
      registration of transfer thereof or in exchange therefor or in lieu thereof,
      in
      respect of anything done, omitted or suffered to be done by the Trustee or
      the
      Master Servicer in reliance thereon, whether or not notation of such action
      is
      made upon such Certificate.

     

     

    
      
        
        

      

      
        -133-

        
          

        

      

      
        
        

      

    

    ARTICLE
      IX.

     

    ADMINISTRATION
      AND SERVICING OF MORTGAGE LOANS

    BY
      THE
      MASTER SERVICER

     

    Section
      9.01. Duties
      of the Master Servicer

     

    The
      Certificateholders, by their purchase and acceptance of the Certificates,
      appoint Aurora Loan Services LLC, as Master Servicer. For and on behalf of
      the
      Depositor, the Trustee, the Certificate Insurer and the Certificateholders,
      the
      Master Servicer shall master service the Mortgage Loans in accordance with
      the
      provisions of this Agreement and the provisions of the Servicing
      Agreements.

     

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

     

    (a) The
      Master Servicer, at its expense, shall maintain in effect a Master Servicer
      Fidelity Bond and a Master Servicer Errors and Omissions Insurance Policy,
      affording coverage with respect to all directors, officers, employees and other
      Persons acting on such Master Servicer’s behalf, and covering errors and
      omissions in the performance of the Master Servicer’s obligations hereunder. The
      Master Servicer Errors and Omissions Insurance Policy and the Master Servicer
      Fidelity Bond shall be in such form and amount that would meet the requirements
      of Fannie Mae or Freddie Mac if it were the purchaser of the Mortgage Loans,
      and
      if the Master Servicer receives notice that such policy is or shall be
      cancelled, it shall immediately notify the NIMS Insurer. The Master Servicer
      shall provide the Trustee, the Certificate Insurer and any NIMS Insurer upon
      request, with a copy of such policy and fidelity bond. The Master Servicer
      shall
      (i) require each Servicer to maintain an Errors and Omissions Insurance Policy
      and the Servicer Fidelity Bond in accordance with the provisions of the
      applicable Servicing Agreement, (ii) cause each Servicer to provide to the
      Master Servicer certificates evidencing that such policy and bond is in effect
      and to furnish to the Master Servicer any notice of cancellation, non-renewal
      or
      modification of the policy or bond received by it, as and to the extent provided
      in the applicable Servicing Agreement, and (iii) furnish copies of such policies
      and of the certificates and notices referred to in clause (ii) to the Trustee
      upon request. The Fidelity Bond and Errors and Omissions Insurance Policy may
      be
      obtained and maintained in blanket form.

     

    (b) The
      Master Servicer shall promptly report to the Trustee any material changes that
      may occur in the Master Servicer Fidelity Bond or the Master Servicer Errors
      and
      Omissions Insurance Policy and shall furnish to the Trustee, on request,
      certificates evidencing that such bond and insurance policy are in full force
      and effect. The Master Servicer shall promptly report to the Trustee all cases
      of embezzlement or fraud, if such events involve funds relating to the Mortgage
      Loans. The total losses, regardless of whether claims are filed with the
      applicable insurer or surety, shall be disclosed in such reports together with
      the amount of such losses covered by insurance. If a bond or insurance claim
      report is filed with any of such bonding companies or insurers, the Master
      Servicer shall promptly furnish a copy of such report to the Trustee. Any
      amounts relating to the Mortgage Loans collected by the Master Servicer under
      any such bond or policy shall be promptly remitted by the Master Servicer to
      the
      Trustee for deposit into the Certificate Account. Any amounts relating to the
      Mortgage Loans collected by a Servicer under any such bond or policy shall
      be
      remitted to the Master Servicer to the extent provided in the applicable
      Servicing Agreement.

     

     

    
      
        
        

      

      
        -134-

        
          

        

      

      
        
        

      

    

    Section
      9.03. Master
      Servicer’s Financial Statements and Related Information

     

    For
      each
      year this Agreement is in effect, the Master Servicer shall submit to the
      Trustee, each Rating Agency, the Depositor and, upon request, the Certificate
      Insurer a copy of the annual audited financial statements of its parent on
      or
      prior to March 31st of each year commencing on March 31, 2007. Such financial
      statements shall include comparative balance sheets, income statements,
      statement of changes in shareholder's equity, statements of cash flows, a
      consolidating schedule showing consolidated subsidiaries and any related notes
      required pursuant to generally accepted accounting principles, certified by
      a
      nationally recognized firm of Independent Accountants to the effect that such
      financial statements were examined and prepared in accordance with generally
      accepted accounting principles applied on a basis consistent with that of the
      preceding year.

     

    Section
      9.04. Power
      to Act; Procedures

     

    (a) The
      Master Servicer shall master service the Mortgage Loans and shall have full
      power and authority, subject to the REMIC Provisions and the provisions of
      Article X hereof, and each Servicer shall have full power and authority (to
      the
      extent provided in the applicable Servicing Agreement) to do any and all things
      that it may deem necessary or desirable in connection with the servicing and
      administration of the Mortgage Loans, including but not limited to the power
      and
      authority (i) to execute and deliver, on behalf of the Certificateholders and
      the Trustee, customary consents or waivers and other instruments and documents,
      (ii) to consent to transfers of any Mortgaged Property and assumptions of the
      Mortgage Notes and related Mortgages, (iii) to collect any Insurance Proceeds
      and Liquidation Proceeds, and (iv) to effectuate foreclosure or other conversion
      of the ownership of the Mortgaged Property securing any Mortgage Loan, in each
      case, in accordance with the provisions of this Agreement and the applicable
      Servicing Agreement, as applicable; provided that the Master Servicer shall
      not
      take, or knowingly permit any Servicer to take, any action that is inconsistent
      with or prejudices the interests of the Trust Fund, the Certificate Insurer
      or
      the Certificateholders in any Mortgage Loan or the rights and interests of
      the
      Depositor, the Trustee, the Certificate Insurer or the Certificateholders under
      this Agreement. The Master Servicer further is authorized and empowered by
      the
      Trustee, on behalf of the Certificateholders, the Certificate Insurer and the
      Trustee, in its own name or in the name of any Servicer (to the extent permitted
      in the applicable Servicing Agreement), when the Master Servicer or a Servicer,
      as the case may be, believes it is appropriate in its best judgment to register
      any Mortgage Loan with MERS, or cause the removal from the registration of
      any
      Mortgage Loan on the MERS system, to execute and deliver, on behalf of the
      Trustee, the Certificate Insurer 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. The Master Servicer
      shall represent and protect the interests of the Trust Fund in the same manner
      as it protects its own interests in mortgage loans in its own portfolio in
      any
      claim, proceeding or litigation regarding a Mortgage Loan and shall not make
      or
      knowingly permit any Servicer to make any modification, waiver or amendment
      of
      any term of any Mortgage Loan that would cause an Adverse REMIC Event. Without
      limiting the generality of the foregoing, the Master Servicer in its own name
      or
      in the name of a Servicer, and each Servicer, to the extent such authority
      is
      delegated to such Servicer under the applicable Servicing Agreement, is hereby
      authorized and empowered by the Trustee when the Master Servicer or a Servicer,
      as the case may be, believes it appropriate in its best judgment and in
      accordance with Accepted Servicing Practices and the applicable Servicing
      Agreement, to execute and deliver, on behalf of itself and the
      Certificateholders, the Trustee or any of them, any and all instruments of
      satisfaction or cancellation, or of partial or full release or discharge and
      all
      other comparable instruments, with respect to the Mortgage Loans and with
      respect to the Mortgaged Properties. The Trustee shall execute, upon request,
      any powers of attorney furnished to it by the Master Servicer empowering the
      Master Servicer or such 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 the applicable Servicing Agreement and
      this Agreement, and the Trustee shall execute and deliver such other documents,
      as the Master Servicer may request, necessary or appropriate to enable the
      Master Servicer to master service the Mortgage Loans and carry out its duties
      hereunder and to allow each Servicer to service the Mortgage Loans, in each
      case
      in accordance with Accepted Servicing Practices (and the Trustee shall have
      no
      liability for misuse of any such powers of attorney by the Master Servicer
      or
      the applicable Servicer). If the Master Servicer or the Trustee has been advised
      that it is likely that the laws of the state in which action is to be taken
      prohibit such action if taken in the name of the Trustee or that the Trustee
      would be adversely affected under the “doing business” or tax laws of such state
      if such action is taken in its name, then upon request of the Trustee the Master
      Servicer shall join with the Trustee in the appointment of a co-trustee pursuant
      to Section 6.09 hereof. In 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. Notwithstanding anything to the contrary, the Master
      Servicer shall not without the Trustee’s written consent: (i) initiate any
      action, suit or proceeding solely under the Trustee’s name without indicating
      the Master Servicer’s representative capacity or (ii) take any action with the
      intent to cause, and which actually does cause, the Trustee to be registered
      to
      do business in any state.

    
      
        
        

      

      
        -135-

        
          

        

      

      
        
        

      

    

    (b) In
      master
      servicing and administering the Mortgage Loans, the Master Servicer shall employ
      procedures, and shall exercise the same care that it customarily employs and
      exercises master servicing and administering loans for its own account, giving
      due consideration to Accepted Servicing Practices where such practices do not
      conflict with this Agreement. Consistent with the foregoing, the Master Servicer
      may, and may permit the Servicer to, in its discretion (i) waive any late
      payment charge (but not any Prepayment Premium, except as set forth below)
      and
      (ii) extend the due dates for payments due on a Mortgage Note for a period
      not
      greater than 120 days; provided, however, that the maturity of any Mortgage
      Loan
      shall not be extended past the date on which the final payment is due on the
      latest maturing Mortgage Loan as of the Cut-off Date. In the event of any
      extension described in clause (ii) above, the Master Servicer shall make
      Advances on the related Mortgage Loan in accordance with the provisions of
      Section 5.04 on the basis of the amortization schedule of such Mortgage Loan
      without modification thereof by reason of such extension. Notwithstanding
      anything to the contrary in this Agreement, the Master Servicer shall not make
      or knowingly permit any modification, waiver or amendment of any material term
      of any Mortgage Loan unless: (1) such Mortgage Loan is in default or default
      by
      the related Mortgagor is, in the reasonable judgment of the Master Servicer
      or
      the applicable Servicer, reasonably foreseeable, (2) in the case of a waiver
      of
      a Prepayment Premium if (a) such Mortgage Loan is in default or default by
      the
      related Mortgagor is, in the reasonable judgment of the Master Servicer or
      Servicer, reasonably foreseeable, and such waiver would maximize recovery of
      total proceeds taking into account the value of such Prepayment Premium and
      the
      related Mortgage Loan or (b) if the prepayment is not the result of a
      refinancing by the Servicer or any of its Affiliates and (i) such Mortgage
      Loan
      is in default or default by the related Mortgagor is, in the reasonable judgment
      of the Master Servicer or the applicable Servicer, reasonably foreseeable,
      and
      such waiver would maximize recovery of total proceeds taking into account the
      value of such Prepayment Premium and the related Mortgage Loan or (ii) the
      collection of the Prepayment Premium would be in violation of applicable laws
      or
      (iii) the collection of such Prepayment Premium would be considered “predatory”
pursuant to written guidance published or issued by any applicable federal,
      state or local regulatory authority acting in its official capacity and having
      jurisdiction over such matters, and (3) the Master Servicer shall have provided
      or caused to be provided to the Trustee an Opinion of Counsel addressed to
      the
      Trustee (which opinion shall, if provided by the Master Servicer, be an expense
      reimbursed from the Collection Account pursuant to Section 4.02(v)) in writing
      to the effect that such modification, waiver or amendment would not cause an
      Adverse REMIC Event; provided, in no event shall an Opinion of Counsel be
      required for the waiver of a Prepayment Premium under clause (2)
      above.

     

     

    
      
        
        

      

      
        -136-

        
          

        

      

      
        
        

      

    

    Section
      9.05. Enforcement
      of Servicers’ and Master Servicer’s Obligations; Obligations to the Certificate
      Insurer

     

    (a) Each
      Servicing Agreement requires the applicable Servicer to service the Mortgage
      Loans in accordance with the provisions thereof. References in this Agreement
      to
      actions taken or to be taken by the Master Servicer include actions taken or
      to
      be taken by a Servicer on behalf of the Master Servicer. Any fees, costs,
      expenses and other amounts payable to such Servicer shall be deducted from
      amounts remitted to the Master Servicer by the Servicer to the extent permitted
      by the applicable Servicing Agreement and shall not be an obligation of the
      Trust Fund, the Trustee or the Master Servicer.

     

    (b) The
      Master Servicer shall not be required to (i) take any action with respect to
      the
      servicing of any Mortgage Loan that the applicable Servicer is not required
      to
      take under the related Servicing Agreement and (ii) cause a Servicer to take
      any
      action or refrain from taking any action if the related Servicing Agreement
      does
      not require such Servicer to take such action or refrain from taking such
      action; in both cases notwithstanding any provision of this Agreement that
      requires the Master Servicer to take such action or cause such Servicer to
      take
      such action.

     

    (c) The
      Master Servicer, for the benefit of the Trustee, the Certificate Insurer and
      the
      Certificateholders, shall use its reasonable best efforts to enforce the
      obligations of each Servicer under the related Servicing Agreement, and shall,
      upon obtaining actual knowledge of the failure of a Servicer to perform its
      obligations in accordance therewith, to the extent that such non-performance
      of
      such obligations would have a material adverse effect on a Mortgage Loan, the
      Trust Fund, the Certificate Insurer or the Certificateholders (determined in
      the
      case of the Guaranteed Certificates without regard to the Certificate Insurance
      Policy), terminate the rights and obligations of such Servicer thereunder and
      either act as servicer of the related Mortgage Loans or cause the other parties
      hereto to enter into a Servicing Agreement (and such parties hereby agree to
      execute and deliver any such successor Servicing Agreement), with a successor
      Servicer. Such enforcement, including, without limitation, the legal prosecution
      of claims, termination of Servicing Agreements and the pursuit of other
      appropriate remedies, shall be in such form and carried out to such an extent
      and at such time as the Master Servicer, in its good faith business judgment,
      would require were it the owner of the related Mortgage Loans. The Master
      Servicer shall pay the costs of such enforcement at its own expense, and shall
      be reimbursed therefor initially (i) from a general recovery resulting from
      such
      enforcement only to the extent, if any, that such recovery exceeds all amounts
      due in respect of the related Mortgage Loans, (ii) from a specific recovery
      of
      costs, expenses or attorneys’ fees against the party against whom such
      enforcement is directed, and then, (iii) to the extent that such amounts are
      insufficient to reimburse the Master Servicer for the costs of such enforcement,
      from the Collection Account.

     

    
      
        
        

      

      
        -137-

        
          

        

      

      
        
        

      

    

    (d) The
      Master Servicer shall be entitled to conclusively rely on any certifications
      or
      other information provided by the Servicers under the terms of the applicable
      Servicing Agreement, in its preparation of any certifications, notifications,
      filings or reports, in accordance with the terms hereof or as may be required
      by
      applicable law or regulation.

     

    (e) Notwithstanding
      anything to the contrary set forth in this Agreement, the Custodial Agreement
      or
      any Servicing Agreement, all references to any action, consent, waiver,
      approval, direction or authorization (other than references related to routine
      matters for which the Trustee and Master Servicer will act in accordance with
      Accepted Servicing Practices) by the Trustee or the Master Servicer in the
      Custodial Agreement or any Servicing Agreement shall in addition be deemed
      to
      require the prior written consent of the Certificate Insurer, which consent
      shall not be unreasonably withheld.

     

    Section
      9.06. Collection
      of Taxes, Assessments and Similar Items

     

    (a) To
      the
      extent provided in the applicable Servicing Agreement, the Master Servicer
      shall
      cause each Servicer to establish and maintain one or more custodial accounts
      at
      a depository institution (which may be a depository institution with which
      the
      Master Servicer or the Servicer establishes accounts in the ordinary course
      of
      its servicing activities), the accounts of which are insured to the maximum
      extent permitted by the FDIC (each, an “Escrow Account”) and to deposit therein
      any collections of amounts received with respect to amounts due for taxes,
      assessments, water rates, Standard Hazard Insurance Policy premiums, Payaheads,
      if applicable, or any comparable items for the account of the Mortgagors.
      Withdrawals from any Escrow Account may be made (to the extent amounts have
      been
      escrowed for such purpose) only in accordance with the Servicing Agreements.
      Each Servicer shall be entitled to all investment income not required to be
      paid
      to Mortgagors on any Escrow Account maintained by such Servicer. The Master
      Servicer shall make (or cause to be made) to the extent provided in the
      applicable Servicing Agreement advances to the extent necessary in order to
      effect timely payment of taxes, water rates, assessments, Standard Hazard
      Insurance Policy premiums or comparable items in connection with the related
      Mortgage Loan (to the extent that the Mortgagor is required, but fails, to
      pay
      such items), provided that it or the applicable Servicer has determined that
      the
      funds so advanced are recoverable from escrow payments, reimbursement pursuant
      to Section 4.02 or otherwise.

     

    
      
        
        

      

      
        -138-

        
          

        

      

      
        
        

      

    

    (b) Costs
      incurred by the Master Servicer or by the Servicers in effecting the timely
      payment of taxes and assessments on the properties subject to the Mortgage
      Loans
      may be added to the amount owing under the related Mortgage Note where the
      terms
      of the Mortgage Note so permit; provided, however, that the addition of any
      such
      cost shall not be taken into account for purposes of calculating the
      distributions to be made to Certificateholders. Such costs, to the extent that
      they are unanticipated, extraordinary costs, and not ordinary or routine costs
      shall be recoverable as a Servicing Advance by the Master Servicer pursuant
      to
      Section 4.02.

     

    Section
      9.07. Termination
      of Servicing Agreements; Successor Servicers

     

    (a) The
      Master Servicer, with the consent of the Certificate Insurer, shall be entitled
      to terminate the rights and obligations of any Servicer under the applicable
      Servicing Agreement in accordance with the terms and conditions of such
      Servicing Agreement and without any limitation by virtue of this Agreement;
      provided, however, that in the event of termination of any Servicing Agreement
      by the Master Servicer or a related Servicer, the Master Servicer shall either
      act as Servicer of the related Mortgage Loans or provide for the servicing
      of
      the Mortgage Loans by a successor Servicer, acceptable to the Certificate
      Insurer, to be appointed as provided in the related Servicing
      Agreement.

     

    The
      parties acknowledge that notwithstanding the preceding sentence, there may
      be a
      transition period, not to exceed 90 days, in order to effect the transfer of
      servicing to a successor Servicer. The Master Servicer shall be entitled to
      be
      reimbursed from each Servicer (or by the Trust Fund, if such Servicer is unable
      to fulfill its obligations hereunder) for all costs associated with the transfer
      of servicing from the predecessor servicer, including without limitation, any
      costs or expenses associated with the complete transfer of all servicing data
      and the completion, correction or manipulation of such servicing data, as may
      be
      required by the Master Servicer to correct any errors or insufficiencies in
      the
      servicing data or otherwise to enable the Master Servicer to service the
      Mortgage Loans properly and effectively.

     

    (b) If
      the
      Master Servicer acts as a successor Servicer, it will not assume liability
      for
      the representations and warranties of the Servicer, if any, that it replaces.
      The Master Servicer shall use reasonable efforts to have the successor Servicer
      assume liability for the representations and warranties made by the terminated
      Servicer in the related Servicing Agreement, and in the event of any such
      assumption by the successor Servicer, the Trustee or the Master Servicer, as
      applicable, may, in the exercise of its business judgment, release the
      terminated Servicer from liability for such representations and
      warranties.

     

    (c) If
      the
      Master Servicer acts as a successor servicer, it will have no obligation to
      make
      an Advance if it determines in its reasonable judgment that such Advance is
      non-recoverable. To the extent that the Master Servicer is unable to find a
      successor servicer that is willing to service the Mortgage Loans for the
      Servicing Fee because of the obligation of the servicer to make Advances
      regardless of whether such Advance is recoverable, the applicable Servicing
      Agreement may be amended to provide that the successor servicer shall have
      no
      obligation to make an Advance if it determines in its reasonable judgment that
      such Advance is non-recoverable and provides an Officer’s Certificate to such
      effect to the Master Servicer and the Trustee.

     

     

    
      
        
        

      

      
        -139-

        
          

        

      

      
        
        

      

    

    Section
      9.08. Master
      Servicer Liable for Enforcement

     

    Notwithstanding
      any Servicing Agreement, the Master Servicer shall remain obligated and liable
      to the Trustee, the Certificate Insurer and the Certificateholders in accordance
      with the provisions of this Agreement, to the extent of its obligations
      hereunder, without diminution of such obligation or liability by virtue of
      such
      Servicing Agreements. The Master Servicer shall use commercially reasonable
      efforts to ensure that the Mortgage Loans are serviced in accordance with the
      provisions of this Agreement and shall use commercially reasonable efforts
      to
      enforce the provisions of each Servicing Agreement for the benefit of the
      Certificateholders and the Certificate Insurer. The Master Servicer shall be
      entitled to enter into any agreement with the Servicers for indemnification
      of
      the Master Servicer and nothing contained in this Agreement shall be deemed
      to
      limit or modify such indemnification. Except as expressly set forth herein,
      the
      Master Servicer shall have no liability for the acts or omissions of any
      Servicer in the performance by such Servicer of its obligations under the
      related Servicing Agreement.

     

    Section
      9.09. No
      Contractual Relationship Between the Servicer, Any NIMS Insurer and Trustee
      or
      Depositor

     

    Any
      Servicing Agreement and any other transactions or services relating to the
      Mortgage Loans involving a Servicer in its capacity as such and not as an
      originator shall be deemed to be between such Servicer, the Seller and the
      Master Servicer, and the Trustee and the Depositor shall not be deemed parties
      thereto and shall have no obligations, duties or liabilities with respect to
      such Servicer except as set forth in Section 9.10 hereof, but shall have rights
      thereunder as third party beneficiaries.

     

    Section
      9.10. Assumption
      of Servicing Agreement by the Trustee

     

    (a) In
      the
      event the Master Servicer shall for any reason no longer be the Master Servicer
      (including by reason of any Event of Default under this Agreement), after a
      period not to exceed ninety days after the issuance of any notice of termination
      pursuant to Section 6.14 or Section 9.28, as applicable, the Trustee, or a
      successor master servicer appointed by it, with the consent of the Certificate
      Insurer, in accordance with Section 6.14, shall assume all of the rights and
      obligations of such Master Servicer hereunder and under each Servicing Agreement
      entered into with respect to the Mortgage Loans. The Trustee, its designee
      or
      any successor master servicer appointed by the Trustee, with the consent of
      the
      Certificate Insurer, shall be deemed to have assumed all of the Master
      Servicer’s interest herein and therein to the same extent as if such Servicing
      Agreement had been assigned to the assuming party, except that the Master
      Servicer shall not thereby be relieved of any liability or obligations of the
      Master Servicer under such Servicing Agreement accruing prior to its replacement
      as Master Servicer, and shall be liable to the Trustee, and hereby agrees to
      indemnify and hold harmless the Trustee from and against all costs, damages,
      expenses and liabilities (including reasonable attorneys’ fees) incurred by the
      Trustee as a result of such liability or obligations of the Master Servicer
      and
      in connection with the Trustee’s assumption (but not its performance, except to
      the extent that costs or liability of the Trustee are created or increased
      as a
      result of negligent or wrongful acts or omissions of the Master Servicer prior
      to its replacement as Master Servicer) of the Master Servicer’s obligations,
      duties or responsibilities thereunder; provided that the Master Servicer shall
      not indemnify or hold harmless the Trustee against negligent or willful
      misconduct of the Trustee.

     

    
      
        
        

      

      
        -140-

        
          

        

      

      
        
        

      

    

    (b) The
      Master Servicer that has been terminated shall, upon request of the Trustee
      but
      at the expense of such Master Servicer or at the expense of the Trust Fund,
      deliver to the assuming party all documents and records relating to each
      Servicing Agreement and the related Mortgage Loans and an accounting of amounts
      collected and held by it and otherwise use its best efforts to effect the
      orderly and efficient transfer of each Servicing Agreement to the assuming
      party.

     

    Section
      9.11. Due-on-Sale
      Clauses; Assumption Agreements; Easements

     

    (a) To
      the
      extent provided in the applicable Servicing Agreement, to the extent Mortgage
      Loans contain enforceable due on sale clauses, and to the extent that the Master
      Servicer has knowledge of the conveyance of a Mortgaged Property, the Master
      Servicer shall use its reasonable best efforts to cause the Servicers to enforce
      such clauses in accordance with the applicable Servicing Agreement. If
      applicable law prohibits the enforcement of a due on sale clause or such clause
      is otherwise not enforced in accordance with the applicable Servicing Agreement,
      and, as a consequence, a Mortgage Loan is assumed, the original Mortgagor may
      be
      released from liability in accordance with the applicable Servicing Agreement.
      

     

    (b) The
      Master Servicer or the related Servicer, as the case may be, shall be entitled
      to approve a request from a Mortgagor for the granting of an easement thereon
      in
      favor of another Person or any alteration or demolition of the related Mortgaged
      Property if it has determined, exercising its good faith business judgment
      in
      the same manner as it would if it were the owner of the related Mortgage Loan,
      that the security for, and the timely and full collectability of, such Mortgage
      Loan would not be materially adversely affected thereby. Any fee collected
      by
      the Master Servicer or the related Servicer for processing such a request will
      be retained by the Master Servicer or such Servicer as additional servicing
      compensation.

     

    Section
      9.12. Release
      of Mortgage Files

     

    (a) Upon
      (i)
      becoming aware of the payment in full of any Mortgage Loan or (ii) the receipt
      by the Master Servicer of a notification that payment in full has been or will
      be escrowed in a manner customary for such purposes, the Master Servicer shall,
      or shall cause the applicable Servicer to, promptly notify the Trustee (or
      the
      Custodian) by a certification (which certification shall include a statement
      to
      the effect that all amounts received in connection with such payment that are
      required to be deposited in the Collection Account maintained by the Master
      Servicer pursuant to Section 4.01 hereof have been or will be so deposited)
      of a
      Servicing Officer and shall request (on the form attached hereto as Exhibit
      C or
      on the form attached to the Custodial Agreement) the Trustee or the Custodian,
      to deliver to the applicable Servicer the related Mortgage File; provided,
      however, that in lieu of sending a hard copy certification of a Servicing
      Officer, the Master Servicer may, or may cause the applicable Servicer to,
      deliver the request for release in a mutually agreeable electronic format,
      and
      to the extent that such a request, on its face, originates from a Servicing
      Officer, no original signature shall be required. Upon receipt of such
      certification and request, the Trustee or the Custodian, shall promptly release
      the related Mortgage File to the Servicer and neither the Trustee nor the
      Custodian shall have any further responsibility with regard to such Mortgage
      File. Upon any such payment in full, the Master Servicer is authorized, and
      the
      applicable Servicer, to the extent such authority is provided for under the
      related Servicing Agreement, is authorized, to give, as agent for the Trustee,
      as the mortgagee under the Mortgage that secured the Mortgage Loan, an
      instrument of satisfaction (or assignment of mortgage without recourse)
      regarding the Mortgaged Property subject to the Mortgage, which instrument
      of
      satisfaction or assignment, as the case may be, shall be delivered to the Person
      or Persons entitled thereto against receipt therefor of such payment, it being
      understood and agreed that no expenses incurred in connection with such
      instrument of satisfaction or assignment, as the case may be, shall be
      chargeable to the Collection Account.

     

    
      
        
        

      

      
        -141-

        
          

        

      

      
        
        

      

    

    (b) From
      time
      to time and as appropriate for the servicing or foreclosure of any Mortgage
      Loan
      and in accordance with Accepted Servicing Practices and the applicable Servicing
      Agreement, the Trustee shall execute such documents as shall be prepared and
      furnished to the Trustee by the Master Servicer, or by the applicable Servicer
      (in form reasonably acceptable to the Trustee) and as are necessary to the
      prosecution of any such proceedings. The Trustee or the Custodian, shall, upon
      request of the Master Servicer, or of the applicable Servicer, and delivery
      to
      the Trustee or the Custodian, of a trust receipt signed by a Servicing Officer
      substantially in the form of Exhibit C, release the related Mortgage File held
      in its possession or control to the Master Servicer (or the applicable
      Servicer). Such trust receipt shall obligate the Master Servicer or applicable
      Servicer to return the Mortgage File to the Trustee or the Custodian, as
      applicable, when the need therefor by the Master Servicer or applicable Servicer
      no longer exists unless (i) the Mortgage Loan shall be liquidated, in which
      case, upon receipt of a certificate of a Servicing Officer similar to that
      hereinabove specified, the trust receipt shall be released by the Trustee or
      the
      Custodian, as applicable, to the Master Servicer (or the applicable Servicer)
      or
      (ii) the Mortgage File has been delivered directly or through a Servicer to
      an
      attorney, or to a public trustee or other public official as required by law,
      for purposes of initiating or pursuing legal action or other proceedings for
      the
      foreclosure of the Mortgaged Property either judicially or non-judicially,
      and
      the Master Servicer has delivered directly or through a Servicer to the Trustee
      a certificate of a Servicing Officer certifying as to the name and address
      of
      the Person to which such Mortgage File or such document was delivered and the
      purpose of such delivery.

     

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

     

    (a) The
      Master Servicer shall transmit, or shall cause the applicable Servicer to
      transmit, to the Trustee such documents and instruments coming into the
      possession of the Master Servicer or such Servicer from time to time as are
      required by the terms hereof or of the related Servicing Agreement to be
      delivered to the Trustee or the Custodian. Any funds received by the Master
      Servicer or by a Servicer in respect of any Mortgage Loan or which otherwise
      are
      collected by the Master Servicer or a Servicer as a Subsequent Recovery,
      Liquidation Proceeds or Insurance Proceeds in respect of any Mortgage Loan
      shall
      be held for the benefit of the Trustee, the Certificate Insurer and the
      Certificateholders subject to the Master Servicer’s right to retain or withdraw
      from the Collection Account the Master Servicing Fee, the General Servicing
      Fee
      and other amounts provided in this Agreement and to the right of each Servicer
      to retain its Servicing Fee and other amounts as provided in the Servicing
      Agreement. The Master Servicer shall, and shall (to the extent provided in
      the
      applicable Servicing Agreement) cause each Servicer to, provide access to
      information and documentation regarding the Mortgage Loans to the Trustee,
      the
      Certificate Insurer, their respective agents and accountants and to any NIMS
      Insurer, 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. The Master Servicer shall afford the Certificate Insurer and the
      NIMS Insurer, and shall (to the extent provided in the Servicing Agreement)
      cause the Servicer to afford the Certificate Insurer and the NIMS Insurer,
      upon
      reasonable advance notice, during normal business hours access to all records
      related to their respective rights and obligations hereunder and access to
      officers of the Master Servicer and the Servicer responsible for such
      obligations.

     

    
      
        
        

      

      
        -142-

        
          

        

      

      
        
        

      

    

    (b) All
      Mortgage Files and funds collected or held by, or under the control of, the
      Master Servicer, or any Servicer, in respect of any Mortgage Loans, whether
      from
      the collection of principal and interest payments or from a Subsequent Recovery,
      Liquidation Proceeds or Insurance Proceeds, shall be held by the Master
      Servicer, or by such Servicer, for and on behalf of the Trustee, the Certificate
      Insurer and the Certificateholders and shall be and remain the sole and
      exclusive property of the Trustee; provided, however, that the Master Servicer
      and each Servicer shall be entitled to setoff against, and deduct from, any
      such
      funds any amounts that are properly due and payable to the Master Servicer
      or
      such Servicer under this Agreement or the applicable Servicing Agreement and
      shall be authorized to remit such funds to the Trustee in accordance with this
      Agreement.

     

    (c) The
      Master Servicer hereby acknowledges that concurrently with the execution of
      this
      Agreement, the Trustee shall own or, to the extent that a court of competent
      jurisdiction shall deem the conveyance of the Mortgage Loans from the Seller
      to
      the Depositor not to constitute a sale, the Trustee shall have a security
      interest in the Mortgage Loans and in all Mortgage Files representing such
      Mortgage Loans and in all funds and investment property now or hereafter held
      by, or under the control of, a Servicer or the Master Servicer that are
      collected by such Servicer or the Master Servicer in connection with the
      Mortgage Loans, whether as scheduled installments of principal and interest
      or
      as full or partial prepayments of principal or interest or as a Subsequent
      Recovery, Liquidation Proceeds or Insurance Proceeds or otherwise, and in all
      proceeds of the foregoing and proceeds of proceeds (but excluding any fee or
      other amounts to which such Servicer is entitled under the applicable Servicing
      Agreement, or the Master Servicer or the Depositor is entitled to hereunder);
      and the Master Servicer agrees that so long as the Mortgage Loans are assigned
      to and held by the Trustee or the Custodian, all documents or instruments
      constituting part of the Mortgage Files, and such funds relating to the Mortgage
      Loans which come into the possession or custody of, or which are subject to
      the
      control of, the Master Servicer or any Servicer shall be held by the Master
      Servicer or such Servicer for and on behalf of the Trustee as the Trustee’s
      agent and bailee for purposes of perfecting the Trustee’s security interest
      therein as provided by the applicable Uniform Commercial Code or other
      applicable laws.

     

    
      
        
        

      

      
        -143-

        
          

        

      

      
        
        

      

    

    (d) The
      Master Servicer agrees that it shall not, and shall not authorize any Servicer
      to, create, incur or subject any Mortgage Loans, or any funds that are deposited
      in any Custodial Account, Escrow Account or the Collection Account, or any
      funds
      that otherwise are or may become due or payable to the Trustee, to any claim,
      lien, security interest, judgment, levy, writ of attachment or other
      encumbrance, nor assert by legal action or otherwise any claim or right of
      setoff against any Mortgage Loan or any funds collected on, or in connection
      with, a Mortgage Loan.

     

    Section
      9.14. Representations
      and Warranties of the Master Servicer

     

    (a) The
      Master Servicer hereby represents and warrants to the Depositor, the Certificate
      Insurer and the Trustee, for the benefit of the Certificateholders, as of the
      Closing Date that:

     

    (i) it
      is
      validly existing and in good standing under the laws of the State of Delaware,
      and as Master Servicer has full power and authority to transact any and all
      business contemplated by this Agreement and to execute, deliver and comply
      with
      its obligations under the terms of this Agreement, the execution, delivery
      and
      performance of which have been duly authorized by all necessary corporate action
      on the part of the Master Servicer;

     

    (ii) the
      execution and delivery of this Agreement by the Master Servicer and its
      performance and compliance with the terms of this Agreement will not (A) violate
      the Master Servicer’s charter or bylaws, (B) violate any law or regulation or
      any administrative decree or order to which it is subject or (C) constitute
      a
      default (or an event which, with notice or lapse of time, or both, would
      constitute a default) under, or result in the breach of, any material contract,
      agreement or other instrument to which the Master Servicer is a party or by
      which it is bound or to which any of its assets are subject, which violation,
      default or breach would materially and adversely affect the Master Servicer’s
      ability to perform its obligations under this Agreement;

     

    (iii) this
      Agreement constitutes, assuming due authorization, execution and delivery hereof
      by the other respective parties hereto, a legal, valid and binding obligation
      of
      the Master Servicer, enforceable against it in accordance with the terms hereof,
      except as such enforcement may be limited by bankruptcy, insolvency,
      reorganization, moratorium and other laws affecting the enforcement of
      creditors’ rights in general, and by general equity principles (regardless of
      whether such enforcement is considered in a proceeding in equity or at
      law);

     

    (iv) the
      Master Servicer is not in default with respect to any order or decree of any
      court or any order or regulation of any federal, state, municipal or
      governmental agency to the extent that any such default would materially and
      adversely affect its performance hereunder;

     

    (v) the
      Master Servicer is not a party to or bound by any agreement or instrument or
      subject to any charter provision, bylaw or any other corporate restriction
      or
      any judgment, order, writ, injunction, decree, law or regulation that may
      materially and adversely affect its ability as Master Servicer to perform its
      obligations under this Agreement or that requires the consent of any third
      person to the execution of this Agreement or the performance by the Master
      Servicer of its obligations under this Agreement;

     

    
      
        
        

      

      
        -144-

        
          

        

      

      
        
        

      

    

    (vi) no
      litigation is pending or, to the best of the Master Servicer’s knowledge,
      threatened against the Master Servicer which would prohibit its entering into
      this Agreement or performing its obligations under this Agreement;

     

    (vii) the
      Master Servicer, or an Affiliate thereof the primary business of which is the
      servicing of conventional residential mortgage loans, is a Fannie Mae- or
      Freddie Mac-approved seller/servicer;

     

    (viii) no
      consent, approval, authorization or order of any court or governmental agency
      or
      body is required for the execution, delivery and performance by the Master
      Servicer of or compliance by the Master Servicer with this Agreement or the
      consummation of the transactions contemplated by this Agreement, except for
      such
      consents, approvals, authorizations and orders (if any) as have been
      obtained;

     

    (ix) the
      consummation of the transactions contemplated by this Agreement are in the
      ordinary course of business of the Master Servicer;

     

    (x) the
      Master Servicer has obtained an Errors and Omissions Insurance Policy and a
      Fidelity Bond in accordance with Section 9.02 each of which is in full force
      and
      effect, and each of which provides at least such coverage as is required
      hereunder; and

     

    (xi) the
      information about the Master Servicer under the heading “The Master Servicer” in
      the Prospectus relating to the Master Servicer does not include an untrue
      statement of a material fact and does not omit to state a material fact, with
      respect to the statements made, necessary in order to make the statements in
      light of the circumstances under which they were made not
      misleading.

     

    (b) It
      is
      understood and agreed that the representations and warranties set forth in
      this
      Section 9.14 shall survive the execution and delivery of this Agreement. The
      Master Servicer shall indemnify the Depositor, the Certificate Insurer and
      the
      Trustee and hold them harmless against any loss, damages, penalties, fines,
      forfeitures, legal fees and related costs, judgments, and other costs and
      expenses arising out of or based upon any claim, demand, defense or assertion
      based on or grounded upon, or resulting from, a breach of the Master Servicer’s
      representations and warranties contained in Section 9.14(a). It is understood
      and agreed that the enforcement of the obligation of the Master Servicer set
      forth in this Section to indemnify the Depositor, the Certificate Insurer and
      the Trustee as provided in this Section constitutes the sole remedy (other
      than
      as set forth in Section 6.14) of the Depositor, the Certificate Insurer and
      the
      Trustee, respecting a breach of the foregoing representations and warranties.
      Such indemnification shall survive any termination of the Master Servicer as
      Master Servicer hereunder, and any termination of this Agreement.

     

    Any
      cause
      of action against the Master Servicer relating to or arising out of the breach
      of any representations and warranties made in this Section shall accrue upon
      discovery of such breach by any of the Depositor, the Master Servicer, the
      Certificate Insurer, any NIMS Insurer or the Trustee or notice thereof by any
      one of such parties to the other parties. Notwithstanding anything in this
      Agreement to the contrary, the Master Servicer shall not be liable for special,
      indirect or consequential losses or damages of any kind whatsoever (including,
      but not limited to, lost profits).

     

    
      
        
        

      

      
        -145-

        
          

        

      

      
        
        

      

    

    (c) It
      is
      understood and agreed that the representations and warranties of the Depositor
      set forth in Sections 2.03(a)(i) through (vi) shall survive the execution and
      delivery of this Agreement. The Depositor shall indemnify the Master Servicer
      and hold it harmless against any loss, damages, penalties, fines, forfeitures,
      legal fees and related costs, judgments, and other costs and expenses resulting
      from any claim, demand, defense or assertion based on or grounded upon, or
      resulting from, a breach of the Depositor’s representations and warranties
      contained in Sections 2.03(a)(i) through (vi) hereof. It is understood and
      agreed that the enforcement of the obligation of the Depositor set forth in
      this
      Section to indemnify the Master Servicer as provided in this Section constitutes
      the sole remedy hereunder of the Master Servicer respecting a breach by the
      Depositor of the representations and warranties in Sections 2.03(a)(i) through
      (vi) hereof.

     

    Any
      cause
      of action against the Depositor relating to or arising out of the breach of
      the
      representations and warranties made in Sections 2.03(a)(i) through (vi) hereof
      shall accrue upon discovery of such breach by either the Depositor or the Master
      Servicer or notice thereof by any one of such parties to the other
      parties.

     

    Section
      9.15. Opinion

     

    On
      or
      before the Closing Date, the Master Servicer shall cause to be delivered to
      the
      Depositor, the Seller, the Certificate Insurer and the Trustee one or more
      Opinions of Counsel, dated the Closing Date, in form and substance reasonably
      satisfactory to the Depositor and Lehman Brothers Inc., as to the due
      authorization, execution and delivery of this Agreement by the Master Servicer
      and the enforceability thereof.

     

    Section
      9.16. Standard
      Hazard and Flood Insurance Policies

     

    For
      each
      Mortgage Loan (other than a Cooperative Loan), the Master Servicer shall
      maintain, or cause to be maintained by each Servicer, standard fire and casualty
      insurance and, where applicable, flood insurance, all in accordance with the
      provisions of this Agreement and the Servicing Agreement, as applicable. It
      is
      understood and agreed that such insurance shall be with insurers meeting the
      eligibility requirements set forth in the applicable Servicing Agreement and
      that no earthquake or other additional insurance is to be required of any
      Mortgagor or to be maintained on property acquired in respect of a defaulted
      loan, other than pursuant to such applicable laws and regulations as shall
      at
      any time be in force and as shall require such additional
      insurance.

     

    Pursuant
      to Section 4.01, any amounts collected by the Master Servicer, or by any
      Servicer, under any insurance policies maintained pursuant to this Section
      9.16
      or the applicable Servicing Agreement (other than amounts to be applied to
      the
      restoration or repair of the property subject to the related Mortgage or
      released to the Mortgagor in accordance with such Servicing Agreement) shall
      be
      deposited into the Collection Account, subject to withdrawal pursuant to Section
      4.02. Any cost incurred by the Master Servicer or any Servicer in maintaining
      any such insurance if the Mortgagor defaults in its obligation to do so shall
      be
      added to the amount owing under the Mortgage Loan where the terms of the
      Mortgage Loan so permit; provided, however, that the addition of any such cost
      shall not be taken into account for purposes of calculating the distributions
      to
      be made to Certificateholders and shall be recoverable by the Master Servicer
      or
      such Servicer pursuant to Section 4.02.

     

     

    
      
        
        

      

      
        -146-

        
          

        

      

      
        
        

      

    

    Section
      9.17. Presentment
      of Claims and Collection of Proceeds

     

    The
      Master Servicer shall cause each Servicer (to the extent provided in the
      applicable Servicing Agreement) to, prepare and present on behalf of the
      Trustee, the Certificate Insurer and the Certificateholders all claims under
      the
      Insurance Policies with respect to the Mortgage Loans, and take such actions
      (including the negotiation, settlement, compromise or enforcement of the
      insured’s claim) as shall be necessary to realize recovery under such policies.
      Any proceeds disbursed to the Master Servicer (or disbursed to the Servicer
      and
      remitted to the Master Servicer) in respect of such policies or bonds shall
      be
      promptly deposited in the Collection Account or any Custodial Account upon
      receipt, except that any amounts realized that are to be applied to the repair
      or restoration of the related Mortgaged Property or released to the related
      Mortgagor in accordance with the Master Servicer’s or the applicable Servicer’s
      normal servicing procedures need not be so deposited (or remitted).

     

    Section
      9.18. Maintenance
      of the Primary Mortgage Insurance Policies

     

    (a) The
      Master Servicer shall not take, or knowingly permit any Servicer (consistent
      with the applicable Servicing Agreement) to take, any action that would result
      in noncoverage under any applicable Primary Mortgage Insurance Policy of any
      loss which, but for the actions of such Master Servicer or such Servicer, would
      have been covered thereunder. To the extent that coverage is available, the
      Master Servicer shall use its best reasonable efforts to keep in force and
      effect, or to cause each Servicer to keep in force and effect (to the extent
      that the Mortgage Loan requires the Mortgagor to maintain such insurance),
      primary mortgage insurance applicable to each Mortgage Loan in accordance with
      the provisions of this Agreement and the applicable Servicing Agreement, as
      applicable. The Master Servicer shall not, and shall not knowingly permit any
      Servicer to, cancel or refuse to renew any such Primary Mortgage Insurance
      Policy that is in effect at the date of the initial issuance of the Certificates
      and is required to be kept in force hereunder except in accordance with the
      provisions of this Agreement and the applicable Servicing Agreement, as
      applicable.

     

    (b) The
      Master Servicer agrees, to the extent provided in the related Servicing
      Agreement, to cause each Servicer to present, on behalf of the Trustee, the
      Certificate Insurer and the Certificateholders, claims to the insurer under
      any
      Primary Mortgage Insurance Policies and, in this regard, to take such reasonable
      action as shall be necessary to permit recovery under any Primary Mortgage
      Insurance Policies respecting defaulted Mortgage Loans. Pursuant to Section
      4.01, any amounts collected by the Master Servicer or any Servicer under any
      Primary Mortgage Insurance Policies shall be deposited in the Collection
      Account, subject to withdrawal pursuant to Section 4.02.

     

     

    
      
        
        

      

      
        -147-

        
          

        

      

      
        
        

      

    

    Section
      9.19. Trustee
      To Retain Possession of Certain Insurance Policies and
      Documents

     

    The
      Trustee (or the Custodian) shall retain possession and custody of the originals
      of the 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,
      all
      amounts owing to the Certificate Insurer under this Agreement have been paid
      in
      full and the Master Servicer otherwise has fulfilled its obligations under
      this
      Agreement, the Trustee (or the Custodian) shall also retain possession and
      custody of each Mortgage File in accordance with and subject to the terms and
      conditions of this Agreement. The Master Servicer shall promptly deliver or
      cause the applicable Servicer to deliver to the Trustee (or the Custodian),
      upon
      the execution or receipt thereof the originals of the Primary Mortgage Insurance
      Policies and any certificates of renewal thereof, and such other documents
      or
      instruments that constitute portions of the Mortgage File that come into the
      possession of the Master Servicer or a Servicer from time to time.

     

    Section
      9.20. Realization
      Upon Defaulted Mortgage Loans

     

    (a) The
      Master Servicer shall use its reasonable best efforts to, or to cause the
      applicable Servicer to, foreclose upon, repossess or otherwise comparably
      convert the ownership of Mortgaged Properties securing such of the Mortgage
      Loans 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 the applicable Servicing Agreement. Alternatively, the Master
      Servicer may take, or authorize the applicable Servicer to take, other actions
      in respect of a defaulted Mortgage Loan, which may include (i) accepting 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 permitting 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), (ii) arranging for a repayment plan or (iii) agreeing
      to a
      modification in accordance with Section 9.04. In connection with such
      foreclosure or other conversion or action, the Master Servicer shall, consistent
      with Section 9.18, follow such practices and procedures as it shall reasonably
      determine to be in the best interests of the Trust Fund, the Certificate Insurer
      and the Certificateholders and which shall be consistent with its customary
      practices in performing its general mortgage servicing activities; provided
      that
      the Master Servicer shall not be liable in any respect hereunder if the Master
      Servicer is acting in connection with any such foreclosure or other conversion
      or action in a manner that is consistent with the provisions of this Agreement.
      Neither the Master Servicer, nor any Servicer, shall be required to expend
      its
      own funds or incur other reimbursable charges in connection with any
      foreclosure, or attempted foreclosure which is not completed, or toward the
      correction of any default on a related senior mortgage loan, or towards the
      restoration of any property unless it shall determine (i) that such restoration
      and/or foreclosure will increase the proceeds of liquidation of the Mortgage
      Loan to the Certificateholders after reimbursement to itself for such expenses
      or charges and (ii) that such expenses and charges will be recoverable to it
      through Liquidation Proceeds or Insurance Proceeds (as provided in Section
      4.02).

     

    
      
        
        

      

      
        -148-

        
          

        

      

      
        
        

      

    

    (b) Notwithstanding
      the foregoing provisions of this Section 9.20 or any other provision of this
      Agreement, with respect to any Mortgage Loan as to which the Master 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 Master Servicer
      shall not, on behalf of the Trustee, 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 Trustee, the Trust
      Fund, the Certificate Insurer 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 Master Servicer has obtained
      the
      prior written consent of the NIMS Insurer.

     

    Section
      9.21. Compensation
      to the Master Servicer

     

    The
      Master Servicer shall be entitled to withdraw from the Collection Account,
      subject to Section 5.05, the Master Servicing Fee to the extent permitted by
      Section 4.02. Servicing compensation in the form of assumption fees, if any,
      late payment charges, as collected, if any, or otherwise (but not including
      any
      Prepayment Premium) shall be retained by the Master Servicer (or the applicable
      Servicer) and shall not be deposited in the Collection Account. If the Master
      Servicer does not retain or withdraw the Master Servicing Fee from the
      Collection Account as provided herein, the Master Servicer shall be entitled
      to
      direct the Trustee to pay the Master Servicing Fee to such Master Servicer
      by
      withdrawal from the Certificate Account to the extent that payments have been
      received with respect to the applicable Mortgage Loan. The Master Servicer
      shall
      be required to pay all expenses incurred by it in connection with its activities
      hereunder and shall not be entitled to reimbursement therefor except as provided
      in this Agreement. Pursuant to Section 4.01(e), all income and gain realized
      from any investment of funds in the Collection Account shall be for the benefit
      of the Master Servicer as compensation. The provisions of this Section 9.21
      are
      subject to the provisions of Section 6.14.

     

    Section
      9.22. REO
      Property

     

    (a) In
      the
      event the Trust Fund acquires ownership of any REO Property in respect of any
      Mortgage Loan, the deed or certificate of sale shall be issued to the Trustee,
      or to its nominee, on behalf of the Certificateholders and the Certificate
      Insurer. The Master Servicer shall use its reasonable best efforts to sell,
      or
      cause the applicable Servicer, to the extent provided in the related Servicing
      Agreement, to sell any REO Property as expeditiously as possible and in
      accordance with the provisions of this Agreement and such Servicing Agreement,
      as applicable, but in all events within the time period, and subject to the
      conditions set forth in Article X hereof. Pursuant to its efforts to sell such
      REO Property, the Master Servicer shall protect and conserve, or cause the
      applicable Servicer to protect and conserve, such REO Property in the manner
      and
      to such extent required by the related Servicing Agreement, subject to Article
      X
      hereof.

     

    (b) The
      Master Servicer shall deposit or cause to be deposited all funds collected
      and
      received by it, or recovered from the Servicer, in connection with the operation
      of any REO Property in the Collection Account.

     

    
      
        
        

      

      
        -149-

        
          

        

      

      
        
        

      

    

    (c) The
      Master Servicer and the applicable Servicer, upon the final disposition of
      any
      REO Property, shall be entitled to reimbursement for any related unreimbursed
      Advances and other unreimbursed advances as well as any unpaid Master Servicing
      Fees or General Servicing Fees from Liquidation Proceeds received in connection
      with the final disposition of such REO Property; provided, that (without
      limitation of any other right of reimbursement that the Master Servicer or
      any
      Servicer shall have hereunder) any such unreimbursed Advances as well as any
      unpaid Master Servicing Fees or General Servicing Fees may be reimbursed or
      paid, as the case may be, prior to final disposition, out of any net rental
      income or other net amounts derived from such REO Property.

     

    (d) The
      Liquidation Proceeds from the final disposition of the REO Property, net of
      any
      payment to the Master Servicer and the applicable Servicer as provided above,
      shall be deposited in the Collection Account on or prior to the Determination
      Date in the month following receipt thereof (and the Master Servicer shall
      provide written notice to the Trustee upon such deposit) and be remitted by
      wire
      transfer in immediately available funds to the Trustee for deposit into the
      Certificate Account on the next succeeding Deposit Date.

     

    Section
      9.23. Notice
      to the Sponsor, the Depositor and the Trustee

     

    (a) The
      Master Servicer shall promptly notify the Trustee, the Sponsor and the Depositor
      (i) of any legal proceedings pending against the Master Servicer of the type
      described in Item 1117 (§ 229.1117) of Regulation AB.

     

    (b) On
      or
      before March 1st
      of each
      year, the Depositor shall distribute the information in Exhibit S to the Master
      Servicer. If the Master Servicer shall become at any time an affiliate of any
      of
      the parties listed on Exhibit S hereto or any of their affiliates who have
      been
      identified to the Master Servicer in writing, the Master Servicer shall notify
      the Trustee, the Sponsor and the Depositor of such affiliation by March 15
      of
      each year (but only to the extent that the Master Servicer has not previously
      notified the Trustee, the Sponsor or the Depositor of such
      affiliation.)

     

    (c) Not
      later
      than four Business Days prior to the Distribution Date of each month, the Master
      Servicer shall provide to the Trustee, the Sponsor and the Depositor notice
      of
      the occurrence of any material modifications, extensions or waivers of terms,
      fees, penalties or payments relating to the Mortgage Loans during the related
      Collection Period or that have cumulatively become material over time (Item
      1121(a)(11) of Regulation AB) along with all information, data, and materials
      related thereto as may be required to be included in the related Distribution
      Report on Form
      10-D,
      in each
      case solely as reported to the Master Servicer by the applicable Servicer.
      The
      parties to this Agreement acknowledge that the performance by the Master
      Servicer of its duties under this Section 9.23(c) related to the timely
      preparation and delivery of such information is contingent upon each applicable
      Servicer strictly observing all requirements and deadlines in the performance
      of
      their duties under their related Servicing Agreements. The Master Servicer
      shall
      have no liability for any loss, expense, damage or claim arising out of or
      with
      respect to any failure to properly prepare and/or timely deliver all such
      information where such failure results from the Master Servicer’s inability or
      failure to obtain or receive, on a timely basis, any information from any
      Servicer needed to prepare or deliver such information, which failure does
      not
      result from the Master Servicer’s own negligence, bad faith or willful
      misconduct.

     

     

    
      
        
        

      

      
        -150-

        
          

        

      

      
        
        

      

    

    Section
      9.24. Reports
      to the Trustee

     

    (a) Not
      later
      than 30 days after each Distribution Date, the Master Servicer shall, upon
      request, forward to the Trustee, the Certificate Insurer and any NIMS Insurer
      a
      statement, deemed to have been certified by a Servicing Officer, setting forth
      the status of the Collection Account maintained by the Master Servicer as of
      the
      close of business on the related Distribution Date, indicating that all
      distributions required by this Agreement to be made by the Master Servicer
      have
      been made (or if any required distribution has not been made by the Master
      Servicer, specifying the nature and status thereof) and showing, for the period
      covered by such statement, the aggregate of deposits into and withdrawals from
      the Collection Account maintained by the Master Servicer. Copies of such
      statement shall be provided by the Master Servicer, upon request, to the
      Depositor, Attention: Contract Finance, to the Certificate Insurer and to any
      Certificateholders (or by the Trustee at the Master Servicer’s expense if the
      Master Servicer shall fail to provide such copies to the Certificateholders
      (unless (i) the Master Servicer shall have failed to provide the Trustee with
      such statement or (ii) the Trustee shall be unaware of the Master Servicer’s
      failure to provide such statement)).

     

    (b) Not
      later
      than two Business Days following each Distribution Date, the Master Servicer
      shall deliver to one Person designated by the Depositor, in a format consistent
      with other electronic loan level reporting supplied by the Master Servicer
      in
      connection with similar transactions, “loan level” information with respect to
      the Mortgage Loans as of the related Determination Date, to the extent that
      such
      information has been provided to the Master Servicer by the Servicers or by
      the
      Depositor.

     

    (c) All
      information, reports and statements prepared by the Master Servicer under this
      Agreement shall be based upon information supplied to the Master Servicer by
      the
      Servicers without independent verification thereof and the Master Servicer
      shall
      be entitled to rely on such information.

     

    Section
      9.25. Assessment
      of Compliance and Attestation Reports

     

    (a) Assessment
      of Compliance

     

    (i) On
      or
      before March 15th of each calendar year in which the Depositor is required
      to
      file reports with respect to the Trust Fund in accordance with the Exchange
      Act
      and the rules and regulations of the Commission, beginning with March 15, 2007,
      the Master Servicer, the Paying Agent (if other than the Trustee) and the
      Trustee, each at its own expense, shall furnish, and each such party shall
      cause
      any Servicing Function Participant engaged by it to furnish, each at its own
      expense, to the Sponsor, the Depositor, the Master Servicer, the Certificate
      Insurer and the Trustee, a report on an assessment of compliance with the
      Relevant Servicing Criteria that contains (A) a statement by such party of
      its
      responsibility for assessing compliance with the Relevant Servicing Criteria,
      (B) a statement that such party used the Servicing Criteria to assess compliance
      with the Relevant Servicing Criteria, (C) such party’s assessment of compliance
      with the Relevant Servicing Criteria as of and for the fiscal year covered
      by
      the Form 10-K required to be filed pursuant to Section 6.20(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. If the Trustee and the Paying
      Agent are the same party, the Relevant Servicing Criteria of the Paying Agent
      shall be included in the Trustee's report. The Master Servicer shall furnish
      to
      the Trustee a copy of each assessment of compliance provided to it by the
      Custodian pursuant to the Custodial Agreement and by each Servicer pursuant
      to
      the related Servicing Agreement, to the extent that the Trustee is not entitled
      to receive such assessments pursuant to each such applicable
      agreement.

     

    
      
        
        

      

      
        -151-

        
          

        

      

      
        
        

      

    

    (ii) When
      the
      Master Servicer, the Paying Agent (if other than the Trustee) and the Trustee
      (or any Servicing Function Participant engaged by it) submit their assessments
      to the Trustee and the Master Servicer, such parties will also at such time
      include the assessment (and attestation pursuant to subsection (b) of this
      Section 9.25) of each Servicing Function Participant engaged by it and shall
      indicate to the Trustee what Relevant Servicing Criteria will be addressed
      in
      any such reports prepared by any such Servicing Function Participant.

     

    (iii) Promptly
      after receipt of each report on assessment of compliance, the Trustee shall
      confirm that the assessments, taken as a whole, address all applicable Servicing
      Criteria and taken individually address the Relevant Servicing Criteria (and
      disclose the inapplicability of the Servicing Criteria not determined to be
      Relevant Servicing Criteria) for each party as set forth on Exhibit R and on
      any
      similar exhibit set forth in the applicable Servicing Agreement in respect
      of
      any Servicer, and the Custodial Agreement in respect of the Custodian, and
      shall
      notify the Depositor of any exceptions. By way of clarification and for the
      avoidance of doubt, it is acknowledged that the Trustee shall rely exclusively
      on Exhibit R to determine such applicable Servicing Criteria and Relevant
      Servicing Criteria, as the case may be, and shall not otherwise be reporting
      on
      the content of or sufficiency of such assessments. 

     

    (b) Attestation
      Reports

     

    (i) On
      or
      before March 15th of each calendar year in
      which
      the Depositor is required to file reports with respect to the Trust Fund
in
      accordance with the Exchange Act and the rules and regulations of the
      Commission,
      beginning with March 15, 2007, the Master Servicer, the Paying Agent (if other
      than the Trustee) and the Trustee shall, at its own expense, cause a firm of
      independent public accountants (who may also render other services to the Master
      Servicer, Paying Agent or Trustee), which is a member of the American Institute
      of Certified Public Accountants, to furnish to the Sponsor, the Master Servicer,
      the Certificate Insurer the Trustee and the Depositor a report to the effect
      that such firm attests to, and reports on, the assessment made by such asserting
      party pursuant to Section 6.01(l) above, which report shall be made in
      accordance with standards for attestation engagements issued or adopted by
      the
      PCAOB. In addition, on or before March 15th of each calendar year in which
      the
      Depositor is required to file reports with respect to the Trust Fund in
      accordance with the Exchange Act and the rules and regulations of the
      Commission, beginning with March 15, 2007, the Master Servicer, the Paying
      Agent
      (if other than the Trustee) and the Trustee shall cause any Subservicer or
      Subcontractor with respect to the Trustee to furnish to the Sponsor and the
      Depositor an assessment of compliance and attestation report. If the Trustee
      and
      the Paying Agent are the same party, the attestation report caused to be
      furnished by the Trustee shall also address the Relevant Servicing Criteria
      of
      the Paying Agent. 

     

    
      
        
        

      

      
        -152-

        
          

        

      

      
        
        

      

    

    (ii) Promptly
      after receipt of such report from the Master Servicer, the Paying Agent, the
      Trustee or any Servicing Function Participant engaged by such parties, the
      Trustee shall confirm that each assessment submitted pursuant subsection (a)
      of
      this Section 9.25 is coupled with an attestation meeting the requirements of
      this Section and notify the Depositor of any exceptions.

     

    (c) The
      Trustee’s, the Paying Agent’s and the Master Servicer’s obligation to provide
      assessments of compliance and attestations under this Section 9.25 shall
      terminate upon the filing of a Form 15 suspension notice on behalf of the Trust
      Fund. After the occurrence of such event, and provided the Depositor is not
      otherwise provided with such reports or copies of such reports, the Trustee,
      the
      Paying Agent and the Master Servicer shall be obligated to provide a copy of
      such reports, by March 15 of each year, to the Depositor and the Certificate
      Insurer.

     

    Section
      9.26. Annual
      Statement of Compliance with Applicable Servicing Criteria

     

    The
      Master Servicer shall deliver (and the Master Servicer shall cause any
      Additional Servicer engaged by it to deliver) to the Sponsor, the Depositor,
      the
      Certificate Insurer and the Trustee on or before March 15 of each year,
      commencing in March 2007, an Officer’s Certificate stating, as to the signer
      thereof, that (A) a review of such party’s activities during the preceding
      calendar year or portion thereof and of such party’s performance under this
      Agreement, or such other applicable agreement in the case of an Additional
      Servicer, has been made under such officer’s supervision and (B) to the best of
      such officer’s knowledge, based on such review, such party has fulfilled all its
      obligations under this Agreement, or such other applicable agreement in the
      case
      of an Additional Servicer, in all material respects throughout such year or
      portion thereof, or, if there has been a failure to fulfill any such obligation
      in any material respect, specifying each such failure known to such officer
      and
      the nature and status thereof. 

     

    Section
      9.27. Merger
      or Consolidation

     

    Any
      Person into which the Master Servicer may be merged or consolidated, or any
      Person resulting from any merger, conversion, other change in form or
      consolidation to which the Master Servicer shall be a party, or any Person
      succeeding to the business of the Master Servicer, shall be the successor to
      the
      Master Servicer hereunder, without the execution or filing of any paper or
      any
      further act on the part of any of the parties hereto, anything herein to the
      contrary notwithstanding; provided, however, that the successor or resulting
      Person to the Master Servicer shall be a Person that shall be qualified and
      approved to service mortgage loans for Fannie Mae or Freddie Mac and shall
      have
      a net worth of not less than $15,000,000. Notwithstanding the foregoing, as
      a
      condition to the succession to the Master Servicer under this Agreement by
      any
      Person (i) into which the Master Servicer may be merged or consolidated, or
      (ii)
      which may be appointed as a successor to the Master Servicer, the Master
      Servicer shall notify the Depositor, at least 15 calendar days prior to the
      effective date of such succession or appointment, of such succession or
      appointment and shall furnish to the Depositor in writing and in form and
      substance reasonably satisfactory to the Depositor, all information reasonably
      necessary for the Trustee to accurately and timely report, pursuant to Section
      6.20, the event under Item 6.02 of Form 8-K pursuant to the Exchange Act (if
      such reports under the Exchange Act are required to be filed under the Exchange
      Act).

     

     

    
      
        
        

      

      
        -153-

        
          

        

      

      
        
        

      

    

    Section
      9.28. Resignation
      of Master Servicer

     

    Except
      as
      otherwise provided in Sections 9.27 and 9.29 hereof, the Master Servicer shall
      not resign from the obligations and duties hereby imposed on it unless it or
      the
      Trustee determines that the Master Servicer’s duties hereunder are no longer
      permissible under applicable law or are in material conflict by reason of
      applicable law with any other activities carried on by it and cannot be cured.
      Any such determination permitting the resignation of the Master Servicer shall
      be evidenced by an Opinion of Counsel that shall be Independent to such effect
      delivered to the Trustee, the Certificate Insurer and the NIMS Insurer. No
      such
      resignation shall become effective until a period of time not to exceed 90
      days
      after the Trustee, the Certificate Insurer and the NIMS Insurer receives written
      notice thereof from the Master Servicer and until the Trustee shall have
      assumed, or a successor master servicer shall have been appointed by the
      Trustee, such successor master servicer being acceptable to the Certificate
      Insurer and the NIMS Insurer, and until such successor shall have assumed,
      the
      Master Servicer’s responsibilities and obligations under this Agreement. Notice
      of such resignation shall be given promptly by the Master Servicer and the
      Depositor to the Trustee.

     

    Section
      9.29. Assignment
      or Delegation of Duties by the Master Servicer

     

    Except
      as
      expressly provided herein, the Master Servicer shall not assign or transfer
      any
      of its rights, benefits or privileges hereunder to any other Person, or delegate
      to or subcontract with, or authorize or appoint any other Person to perform
      any
      of the duties, covenants or obligations to be performed by the Master Servicer
      hereunder; provided, however, that the Master Servicer shall have the right
      without the prior written consent of the Trustee or the Depositor to delegate
      or
      assign to or subcontract with or authorize or appoint an Affiliate of the Master
      Servicer to perform and carry out any duties, covenants or obligations to be
      performed and carried out by the Master Servicer hereunder. In no case, however,
      shall any such delegation, subcontracting or assignment to an Affiliate of
      the
      Master Servicer relieve the Master Servicer of any liability hereunder. Notice
      of such permitted assignment shall be given promptly by the Master Servicer
      to
      the Depositor and the Trustee. If, pursuant to any provision hereof, the duties
      of the Master Servicer are transferred to a successor master servicer, the
      entire amount of the Master Servicing Fees and other compensation payable to
      the
      Master Servicer pursuant hereto, including amounts payable to or permitted
      to be
      retained or withdrawn by the Master Servicer pursuant to Section 9.21 hereof,
      shall thereafter be payable to such successor master servicer.

     

    Notwithstanding
      the foregoing, for so long as reports are required to be filed with the
      Commission under the Exchange Act with respect to the Trust, the Master Servicer
      shall not utilize any Subcontractor for the performance of its duties hereunder
      if such Subcontractor would be “participating in the servicing function” within
      the meaning of Item 1122 of Regulation AB without (a) giving notice to the
      Trustee and the Depositor and (b) requiring any such Subcontractor to provide
      to
      the Master Servicer an attestation report as provided for in Section 9.25(b)
      and
      an assessment of compliance as provided in Section 9.25(a), which reports the
      Master Servicer shall include in its attestation report and assessment of
      compliance.

     

     

    
      
        
        

      

      
        -154-

        
          

        

      

      
        
        

      

    

    Section
      9.30. Limitation
      on Liability of the Master Servicer and Others

     

    (a) The
      Master Servicer undertakes to perform such duties and only such duties as are
      specifically set forth in this Agreement.

     

    (b) No
      provision of this Agreement shall be construed to relieve the Master Servicer
      from liability for its own negligent action, its own negligent failure to act
      or
      its own willful misconduct; provided, however, that the duties and obligations
      of the Master Servicer shall be determined solely by the express provisions
      of
      this Agreement, the Master Servicer shall not be liable except for the
      performance of such duties and obligations as are specifically set forth in
      this
      Agreement; no implied covenants or obligations shall be read into this Agreement
      against the Master Servicer and, in absence of bad faith on the part of the
      Master Servicer, the Master Servicer may conclusively rely, as to the truth
      of
      the statements and the correctness of the opinions expressed therein, upon
      any
      certificates or opinions furnished to the Master Servicer and conforming to
      the
      requirements of this Agreement.

     

    (c) None
      of
      the Master Servicer, the Seller, any NIMS Insurer or the Depositor or any of
      the
      directors, officers, employees or agents of any of them shall be under any
      liability to the Trustee or the Certificateholders for any action taken or
      for
      refraining from the taking of any action in good faith pursuant to this
      Agreement, or for errors in judgment; provided, however, that this provision
      shall not protect the Master Servicer, the Seller, any NIMS Insurer or the
      Depositor or any such person against any liability that would otherwise be
      imposed by reason of willful misfeasance, bad faith or negligence in its
      performance of its duties or by reason of reckless disregard for its obligations
      and duties under this Agreement. The Master Servicer, the Seller, any NIMS
      Insurer, the Certificate Insurer and the Depositor and any director, officer,
      employee or agent of any of them shall be entitled to indemnification by the
      Trust Fund and will be held harmless against any loss, liability or expense
      incurred in connection with any legal action relating to this Agreement or
      the
      Certificates other than any loss, liability or expense incurred by reason of
      willful misfeasance, bad faith or negligence in the performance of his or its
      duties hereunder or by reason of reckless disregard of his or its obligations
      and duties hereunder. The Master Servicer, the Seller, any NIMS Insurer, the
      Certificate Insurer and the Depositor and any director, officer, employee or
      agent of any of them may rely in good faith on any document of any kind prima
      facie properly executed and submitted by any Person respecting any matters
      arising hereunder. The Master Servicer shall be under no obligation to appear
      in, prosecute or defend any legal action that is not incidental to its duties
      to
      master service the Mortgage Loans in accordance with this Agreement and that
      in
      its opinion may involve it in any expenses or liability; provided, however,
      that
      the Master Servicer may in its sole discretion undertake any such action that
      it
      may deem necessary or desirable in respect to this Agreement and the rights
      and
      duties of the parties hereto and the interests of the Certificateholders
      hereunder. In such event, the legal expenses and costs of such action and any
      liability resulting therefrom shall be expenses, costs and liabilities of the
      Trust Fund and the Master Servicer shall be entitled to be reimbursed therefor
      out of the Collection Account it maintains as provided by Section
      4.02.

     

    Section
      9.31. Indemnification;
      Third Party Claims

     

    The
      Master Servicer agrees to indemnify the Depositor, the Sponsor, the Certificate
      Registrar, the Certificate Insurer, the Paying Agent and the Trustee (and each
      of their respective directors, officers, employees and agents) and hold each
      of
      them harmless against any and all claims, losses, penalties, fines, forfeitures,
      reasonable legal fees and related costs, judgments, and any other costs,
      liability, fees and expenses that the Depositor, the Sponsor, the Certificate
      Insurer, the Certificate Registrar, the Paying Agent or the Trustee may sustain
      arising out of or based upon (a) any material breach by the Master Servicer
      of
      any of its obligations hereunder, including particularly its obligations to
      provide any report under Section 9.25(a), Section 9.25(b) or Section 9.26 or
      any
      information, data or materials required to be included in any Exchange Act
      report, provided, however, that in no event shall the Master Servicer be liable
      for any special, consequential, indirect or punitive damages pursuant to this
      Section 9.31, even if advised of the possibility of such damages, (b) any
      material misstatement or omission on any information, data, or materials
      provided by the Master Servicer, or (c) the negligence, bad faith or willful
      misconduct of the Master Servicer in connection with its performance hereunder.
      The Depositor, the Sponsor, the Certificate Insurer the Certificate Registrar,
      the Paying Agent and the Trustee shall immediately notify the Master Servicer
      if
      a claim is made by a third party with respect to this Agreement or the Mortgage
      Loans entitling the Depositor, the Sponsor, the Certificate Insurer or the
      Trustee to indemnification hereunder, whereupon the Master Servicer shall assume
      the defense of any such claim and pay all expenses in connection therewith,
      including counsel fees, and promptly pay, discharge and satisfy any judgment
      or
      decree which may be entered against it or them in respect of such claim. This
      indemnification shall survive the termination of this Agreement or the
      termination of the Master Servicer as a party to this Agreement.

      
        
          
          

        

        
          -155-

          
            

          

        

        
          
          

        

      

    Section
      9.32. Special
      Servicing of Delinquent Mortgage Loans

     

    If
      permitted under the terms of any Servicing Agreement, the Seller may appoint,
      pursuant to the terms of such Servicing Agreement and with the written consent
      of the Depositor, the Master Servicer, the Trustee, the Certificate Insurer
      and
      the NIMS Insurer, a Special Servicer to special service any Distressed Mortgage
      Loans. Any applicable Termination Fee related to the termination of the Servicer
      and the appointment of any Special Servicer shall be paid by the Seller. Any
      fees paid to any such Special Servicer shall not exceed the General Servicing
      Fee Rate.

     

    Section
      9.33. Allocation
      to Related Mortgage Pool

     

    Payments
      described in this Article IX made from the Trust Fund shall be allocated and
      limited to collections or other recoveries on the related Mortgage Pool or
      Mortgage Pools and shall be accounted for in such manner.

     

    ARTICLE
      X.

     

    REMIC
      ADMINISTRATION

     

    Section
      10.01. REMIC
      Administration

     

    (a) REMIC
      elections as set forth in the Preliminary Statement and this Section 10.01
      shall
      be made on Forms 1066 or other appropriate federal tax or information return
      for
      the taxable year ending on the last day of the calendar year in which the
      Certificates are issued. The regular interests and residual interest in each
      REMIC shall be as designated in the Preliminary Statement and this Section
      10.01. For purposes of such designations, the interest rate of any regular
      interest that is computed by taking into account the weighted average of the
      Net
      Mortgage Rates of the Mortgage Loans shall be reduced to take into account
      any
      expense paid by the Trust to the extent that (i) such expense was not taken
      into
      account in computing the Net Mortgage Rate of any Mortgage Loan or any Net
      Funds
      Cap, (ii) such expense does not constitute an “unanticipated expense” of a REMIC
      within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii) and (iii)
      the amount of such expense was not taken into account in computing the interest
      rate of a more junior Class of regular interests.

     

    
      
        
        

      

      
        -156-

        
          

        

      

      
        
        

      

    

    (b) The
      Closing Date is hereby designated as the “Startup Day” of each REMIC within the
      meaning of section 860G(a)(9) of the Code. The latest possible maturity date
      for
      purposes of Treasury Regulation 1.860G-1(a)(4) will be the Latest Possible
      Maturity Date.

     

    (c) The
      Trustee shall represent the Trust Fund in any administrative or judicial
      proceeding relating to an examination or audit by any governmental taxing
      authority with respect thereto. The Trustee shall pay any and all tax related
      expenses (not including taxes) of each REMIC and Grantor Trust, including but
      not limited to any professional fees or expenses related to audits or any
      administrative or judicial proceedings with respect to such REMIC or Grantor
      Trust that involve the Internal Revenue Service or state tax authorities, but
      only to the extent that (i) such expenses are ordinary or routine expenses,
      including expenses of a routine audit but not expenses of litigation (except
      as
      described in (ii)); or (ii) such expenses or liabilities (including taxes and
      penalties) are attributable to the negligence or willful misconduct of the
      Trustee in fulfilling its duties hereunder (including its duties as tax return
      preparer). The Trustee shall be entitled to reimbursement from the Certificate
      Account of the expenses to the extent (x) provided in clause (i) above and
      (y)
      with respect to each REMIC, such expenses are “unanticipated expenses” within
      the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii). Any reimbursement
      described in the preceding sentence shall be allocated and limited to
      collections or other recoveries on the related Mortgage Pool and shall be
      accounted for in such manner.

     

    (d) The
      Trustee shall prepare, the Trustee shall sign, and the Trustee will file, all
      of
      each REMIC’s federal and state tax and information returns as such REMIC’s
      direct representative. The Trustee shall prepare, sign and file all of the
      tax
      or information returns in respect of each Grantor Trust. The Trustee shall
      comply with such requirement by filing Form 1041. The expenses of preparing
      and
      filing such returns shall be borne by the Trustee.

     

    (e) The
      Trustee or its designee shall perform on behalf of the Trust Fund and each
      REMIC
      and Grantor Trust all reporting and other tax compliance duties that are the
      responsibility of the Trust Fund or such REMIC or Grantor Trust under the Code,
      the REMIC Provisions, or other compliance guidance issued by the Internal
      Revenue Service or any state or local taxing authority. Among its other duties,
      if required by the Code, the REMIC Provisions, or other such guidance, the
      Trustee shall provide (i) to the Treasury or other governmental authority such
      information as is necessary for the application of any tax relating to the
      transfer of a Residual Certificate to any disqualified person or organization
      pursuant to Treasury Regulation 1.860E-2(a)(5) and any person designated in
      Section 860E(e)(3) of the Code and (ii) to the Certificateholders such
      information or reports as are required by the Code or REMIC
      Provisions.

     

    
      
        
        

      

      
        -157-

        
          

        

      

      
        
        

      

    

    (f) The
      Trustee, the Master Servicer and the Holders of Certificates shall take any
      action, within their respective control and scope of their duties, or cause
      any
      REMIC to take any action necessary to create or maintain the status of any
      REMIC
      as a REMIC under the REMIC Provisions and shall assist each other as necessary
      to create or maintain such status. Neither the Trustee, the Master Servicer
      nor
      the Holder of any Residual Certificate shall knowingly take any action, cause
      any REMIC to take any action or fail to take (or fail to cause to be taken)
      any
      action, within their respective control and scope of their duties, that, under
      the REMIC Provisions, if taken or not taken, as the case may be, could result
      in
      an Adverse REMIC Event unless the Trustee, the NIMS Insurer and the Master
      Servicer have received an Opinion of Counsel (at the expense of the party
      seeking to take such action) to the effect that the contemplated action will
      not
      result in an Adverse REMIC Event. In addition, prior to taking any action with
      respect to any REMIC or the assets therein, or causing any REMIC to take any
      action, which is not expressly permitted under the terms of this Agreement,
      any
      Holder of a Residual Certificate will consult with the Trustee, the NIMS
      Insurer, the Master Servicer or their respective designees, in writing, with
      respect to whether such action could cause an Adverse REMIC Event to occur
      with
      respect to any REMIC, and no such Person shall take any such action or cause
      any
      REMIC to take any such action as to which the Trustee, the NIMS Insurer or
      the
      Master Servicer has advised it in writing that an Adverse REMIC Event could
      occur.

     

    (g) Each
      Holder of a Residual Certificate shall pay when due any and all taxes imposed
      on
      the related REMIC by federal or state governmental authorities. To the extent
      that such taxes are not paid by a Residual Certificateholder, the Trustee shall
      pay any remaining REMIC taxes out of current or future amounts otherwise
      distributable to the Holder of the Residual Certificate in any such REMIC or,
      if
      no such amounts are available, out of other amounts held in the Collection
      Account, and shall reduce amounts otherwise payable to holders of regular
      interests in any such REMIC, as the case may be.

     

    (h) The
      Trustee shall, for federal income tax purposes, maintain books and records
      with
      respect to each REMIC on a calendar year and on an accrual basis.

     

    (i) No
      additional contributions of assets shall be made to any REMIC, except as
      expressly provided in this Agreement with respect to Qualifying Substitute
      Mortgage Loans.

     

    (j) Neither
      the Trustee nor the Master Servicer shall enter into any arrangement by which
      any REMIC will receive a fee or other compensation for services.

     

    (k) Upon
      the
      request of any Rating Agency or any NIMS Insurer, the Trustee shall deliver
      an
      Officer’s Certificate to the Rating Agency and to the NIMS Insurer stating,
      without regard to any actions taken by any party other than the Trustee, the
      Trustee’s compliance with provisions of this Section 10.01.

     

    (l) The
      Class
      P Certificates shall be neither regular interests nor residual interests in
      any
      REMIC created hereunder. It is the intention of the parties hereto that the
      segregated pool of assets consisting of any collections of Prepayment Premiums
      related to the Mortgage Loans distributable to the Class P Certificates shall
      constitute a grantor trust for federal income tax purposes. The Trustee, by
      its
      execution and delivery hereof, acknowledges the assignment to it of the rights
      to receive such Prepayment Premiums and declares that it holds and will hold
      such assets in trust for the exclusive use and benefit of all present and future
      Holders of the Class P Certificates. The rights of Holders of the Class P
      Certificates to receive distributions from the proceeds of such Prepayment
      Premiums, and all ownership interests of such Holders in and to such
      distributions, shall be as set forth in this Agreement.

     

    
      
        
        

      

      
        -158-

        
          

        

      

      
        
        

      

    

    (m) REMIC
      1
      shall consist of all of the assets of the Trust Fund (other than (i) the Lower
      Tier Interests, (ii) the grantor trusts described in Section 10.01 hereof,
      (iii)
      the Basis Risk Reserve Fund, (iv) the rights to receive Prepayment Premiums
      distributable to the Class P Certificates, (v) the Class X Account and (vi)
      the
      assets of the Grantor Trusts established pursuant to Section 5.02(g). The REMIC
      1 Regular Interests shall be designated as the regular interests in REMIC 1,
      and
      the Class LT1-R Interest shall be designated as the sole class of residual
      interest in REMIC 1. Each of the REMIC 1 Regular Interests shall have the
      characteristics set forth in the Preliminary Statement.

     

    The
      assets of REMIC 2 shall be the REMIC 1 Regular Interests. The REMIC 2 Regular
      Interests shall be designated as the regular interests in REMIC 2 and the
      Residual Interest shall be designated as the sole class of residual interest
      in
      REMIC 2. For federal income tax purposes, the interest rate on each REMIC 2
      Regular Interest (other than the Uncertificated Class X Interest) shall be
      subject to a cap equal to the REMIC Pass-Through Rate.

     

    The
      beneficial ownership of the Class LT1-R Interest and the Residual Interest
      shall
      be represented by the Class R Certificate. Neither the Class LT1-R Interest
      nor
      the Residual Interest shall have a principal balance or bear
      interest.

     

    (n) It
      is
      intended that the rights of each Class of LIBOR Certificates to receive payments
      in respect of Excess Interest shall be treated as a right in interest rate
      cap
      contracts written by the holders of the Class X Certificates in favor of the
      holders of each Class of the LIBOR Certificates and such shall be accounted
      for
      as property held separate and apart from the regular interests in REMIC 2 held
      by the holders of the LIBOR Certificates. This provision is intended to satisfy
      the requirements of Treasury Regulations Section 1.860G-2(i) for the treatment
      of property rights coupled with REMIC interests to be separately respected
      and
      shall be interpreted consistently with such regulation. On each Distribution
      Date, to the extent that any of the LIBOR Certificates receive payments in
      respect of Excess Interest, such amounts, to the extent not derived from
      payments in respect of Class X Shortfalls as set forth in Section 10.01(p),
      will
      be treated as distributed by REMIC 2 to the Class X Certificates in respect
      of
      the Uncertificated Class X Interest pro
      rata
      and then
      paid to the relevant Class of LIBOR Certificates pursuant to the related
      interest cap agreement. The Trustee is hereby directed to perform its duties
      and
      obligations in accordance with this Section 10.01(n).

     

    (o) The
      parties hereto intend that the Uncertificated Class X Interest, the Basis Risk
      Reserve Fund, the right to receive payments in respect of Class X Shortfalls
      as
      set forth in Section 10.01(p) and the obligation of the holders of the Class
      X
      Certificates to pay amounts of Excess Interest to the holders of the LIBOR
      Certificates shall be treated as a “grantor trust” under the Code, and the
      provisions hereof shall be interpreted consistently with this intention. In
      furtherance of such intention, the Trustee shall (i) furnish or cause to be
      furnished to the holders of the Class X Certificates information regarding
      their
      allocable share, if any, of the income with respect to such grantor trust,
      (ii)
      file or cause to be filed with the Internal Revenue Service Form 1041 (together
      with any necessary attachments) and such other forms as may be applicable and
      (iii) comply with such information reporting obligations with respect to
      payments from such grantor trust to the holders of LIBOR Certificates as may
      be
      applicable under the Code. The Trustee is hereby directed to perform its duties
      and obligations in accordance with this Section 10.01(o).

     

    
      
        
        

      

      
        -159-

        
          

        

      

      
        
        

      

    

    (p) The
      excess, if any, of amounts payable with respect to the REMIC regular interests
      held by REMIC 2 over the amounts payable with respect to the REMIC 2 Regular
      Interests with respect to each Accrual Period shall, solely for purposes of
      the
      REMIC Provisions, be deemed earned by the Master Servicer as an additional
      fee,
      which amount shall be deemed paid by the Master Servicer to the holders of
      the
      Class X Certificates. It is intended that the rights of the holders of the
      Class
      X Certificates to receive such deemed payments (“Class X Shortfalls”) shall be
      treated as rights in respect of an interest rate cap contract written by the
      Master Servicer in favor of the holders of the Class X Certificates and shall
      be
      accounted for as property separate and apart from the REMIC regular interest
      represented by the Class X Certificates. This provision is intended to comply
      with the requirements of Treasury Regulations Section 1.860G-2(i) for the
      treatment of property rights coupled with regular interests to be separately
      respected and shall be interpreted consistently with such regulation. The
      holders of the Class X Certificates agree by their acceptance of such
      Certificates, that they will take tax reporting positions that allocate no
      more
      than a nominal value to the right to receive deemed payments in respect of
      Class
      X Shortfalls. The Master Servicer and Trustee shall agree to take tax reporting
      positions consistent with the allocations by the holders of the Class X
      Certificates of no more than a nominal value to the right to receive deemed
      payments in respect of Class X Shortfalls. For information reporting purposes,
      it will be assumed that such rights have no value. Each payment deemed made
      to
      the Class X Certificates in respect of Class X Shortfalls shall be treated
      for
      federal income tax purposes or having been paid to the Master Servicer as an
      additional servicing fee and then paid by the Master Servicer to the Holders
      of
      the Class X Certificates. The Trustee and Master Servicer agree and each holder
      or beneficial owner of a Class X Certificate agrees, by virtue of its
      acquisition of such Certificate or beneficial interest, to adopt tax reporting
      positions consistent with the payments deemed made to the Class X Certificates
      in respect of Class X Shortfalls as payments in respect of interest rate cap
      agreements written by the Master Servicer. The Trustee is hereby directed to
      perform its duties and obligations in accordance with this Section
      10.01(p).

     

    (q) Payments
      in the nature of expenses, reimbursements and indemnifications made from the
      Trust Fund shall be allocated and limited to collections or other recoveries
      on
      the related Mortgage Pool or Mortgage Pools (if applicable) and shall be
      accounted for in such manner.

     

    (r) The
      Trustee shall treat the Class X Account as an outside reserve fund within the
      meaning of Treasury Regulation 1.860G-2(h) that is owned by the Holder of the
      Class C Certificates and that is not an asset of any REMIC.

     

    (s) On
      each
      Distribution Date, the Trustee shall first pay or charge as an expense of REMIC
      1 all expenses of the Trust Fund for such Distribution Date. All payments of
      principal and interest at the Net Mortgage Rate on each of the Mortgage Loans
      received with respect to the Mortgage Loans (net of payments in the nature
      of
      expenses, reimbursements and indemnifications related to such Mortgage Pool
      made
      from the Trust Fund (which payments shall be limited to collections or other
      recoveries on such Mortgage Loans and shall be accounted for in such manner))
      shall be paid to the REMIC 1 Regular Interests until the principal balance
      of
      all such interests have been reduced to zero and any losses allocated to such
      interests have been reimbursed. Any excess amounts shall be distributed to
      the
      Class LT1-R Interest.

     

    
      
        
        

      

      
        -160-

        
          

        

      

      
        
        

      

    

    On
      each
      Distribution Date,

     

    (i) interest
      shortfalls with respect to the Mortgage Loans (other than interest shortfalls
      attributable to Negative Amortization) shall be allocated to the REMIC 1 Regular
      Interests pro
      rata
      based on
      the interest otherwise accrued thereon;

     

    (ii) the
      principal balance of each REMIC 1 Regular Interest shall be increased by the
      amount of interest accrued thereon (net of interest shortfalls allocated thereto
      pursuant to the immediately preceding clause (i));

     

    (iii) 50%
      of
      the cash received by REMIC 1 shall be distributed to, and 50% of losses with
      respect to the Mortgage Loans shall be allocated to the REMIC 1-II Marker
      Classes and the Class LT1-XII Interest in reduction of their principal amounts
      as follows:

     

    first,
      to each
      of the REMIC 1-II Marker Classes ending with the designation “B”, so that its
      principal balance is as close as possible to .0005% of the aggregate Scheduled
      Principal Balance of the Mortgage Loans in the Related Mortgage
      Pool;

     

    second,
      to each
      of the REMIC 1-II Marker Classes ending with the designation “A”, so that its
      principal balance is as close as possible to .0005% of the excess of (x) the
      aggregate Scheduled Principal Balance of the Mortgage Loans in the Related
      Mortgage Pool over (y) the aggregate principal amounts of the Classes of Related
      Senior Certificates after giving effect to distributions and allocations on
      such
      Distribution Date (provided that the REMIC 1 Subordinated Balance Ratio is
      maintained); and 

     

    third,
      to the
      Class LT1-XII Interest, all remaining amounts; 

     

    (iv) 50%
      of
      the cash received by REMIC 1 with respect to the Mortgage Loans shall be
      distributed to, and losses with respect to the Mortgage Loans shall be allocated
      to, the REMIC 1-I Marker Classes and the Class LT1-XI Interest in reduction
      of
      their principal amounts sequentially as follows:

     

    (a) to
      the
      Class LT1-M10 Interest in reduction of its principal balance so that its
      principal balance is as close as possible to 25% of the principal balance of
      its
      Corresponding Class;

     

    (b) to
      the
      Class LT1-M9 Interest in reduction of its principal balance so that its
      principal balance is as close as possible to 25% of the principal balance of
      its
      Corresponding Class;

     

    
      
        
        

      

      
        -161-

        
          

        

      

      
        
        

      

    

    (c) to
      the
      Class LT1-M8 Interest in reduction of its principal balance so that its
      principal balance is as close as possible to 25% of the principal balance of
      its
      Corresponding Class;

     

    (d) to
      the
      Class LT1-M7 Interest in reduction of its principal balance so that its
      principal balance is as close as possible to 25% of the principal balance of
      its
      Corresponding Class;

     

    (e) to
      the
      Class LT1-M6 Interest in reduction of its principal balance so that its
      principal balance is as close as possible to 25% of the principal balance of
      its
      Corresponding Class;

     

    (f) to
      the
      Class LT1-M5 Interest in reduction of its principal balance so that its
      principal balance is as close as possible to 25% of the principal balance of
      its
      Corresponding Class;

     

    (g) to
      the
      Class LT1-M4 Interest in reduction of its principal balance so that its
      principal balance is as close as possible to 25% of the principal balance of
      its
      Corresponding Class;

     

    (h) to
      the
      Class LT1-M3 Interest in reduction of its principal balance so that its
      principal balance is as close as possible to 25% of the principal balance of
      its
      Corresponding Class;

     

    (i) to
      the
      Class LT1-M2 Interest in reduction of its principal balance so that its
      principal balance is as close as possible to 25% of the principal balance of
      its
      Corresponding Class;

     

    (j) to
      the
      Class LT1-M1 Interest in reduction of its principal balance so that its
      principal balance is as close as possible to 25% of the principal balance of
      its
      Corresponding Class;

     

    (k) to
      the
      Class LT1-2A2 Interest in reduction of its principal balance so that its
      principal balance is as close as possible to 25% of the principal balance of
      its
      Corresponding Class;

     

    (l) to
      the
      Class LT1-1A3A1 Interest in reduction of its principal balance so that its
      principal balance is as close as possible to 25% of the principal balance of
      its
      Corresponding Class;

     

    (m) to
      the
      Class LT1-2A1 Interest in reduction of its principal balance so that its
      principal balance is as close as possible to 25% of the principal balance of
      its
      Corresponding Class;

     

    (n) to
      the
      Class LT1-1A3A2 Interest in reduction of its principal balance so that its
      principal balance is as close as possible to 25% of the principal balance of
      its
      Corresponding Class;

     

    
      
        
        

      

      
        -162-

        
          

        

      

      
        
        

      

    

    (o) to
      the
      Class LT1-1A2A1 Interest in reduction of its principal balance so that its
      principal balance is as close as possible to 25% of the principal balance of
      its
      Corresponding Class;

     

    (p) to
      the
      Class LT1-1A3B Interest in reduction of its principal balance so that its
      principal balance is as close as possible to 25% of the principal balance of
      its
      Corresponding Class;

     

    (q) to
      the
      Class LT1-1A2A2 Interest in reduction of its principal balance so that its
      principal balance is as close as possible to 25% of the principal balance of
      its
      Corresponding Class;

     

    (r) to
      the
      Class LT1-1A1B Interest in reduction of its principal balance so that its
      principal balance is as close as possible to 25% of the principal balance of
      its
      Corresponding Class;

     

    (s) to
      the
      Class LT1-1A1A Interest in reduction of its principal balance so that its
      principal balance is as close as possible to 25% of the principal balance of
      its
      Corresponding Class; and

     

    (t) to
      the
      Class LT1-XI Interest in reduction of its principal balance so that its
      principal balance is as close as possible to the sum of (x) 25% of the aggregate
      Scheduled Principal Balance of the Mortgage Loans and (y) 25%
      of the
      Overcollateralization Amount.

     

    If
      on any
      Distribution Date there is an increase in the Certificate Principal Amount of
      any LIBOR Certificate as a result of the proviso in the definition of
      Certificate Principal Amount, then there shall be a corresponding increase
      in
      the principal amount of the REMIC 1 Regular Interests allocated as
      follows:

     

    (a) 50%
      of
      such increase shall be allocated among the REMIC 1-II Marker Classes and the
      Class LT1-XII Interest as follows:

     

    first,
      to each
      of the REMIC 1-II Marker Classes ending with the designation “B” so that its
      principal balance is as close as possible to .0005% of the aggregate Schedule
      Principal Balance of the Mortgage Loans in the Related Mortgage
      Pool;

     

    second,
      to each
      of the REMIC 1-II Marker Classes ending with the designation “A”, so that its
      principal balance is as close as possible to .0005% of the excess of (x) the
      aggregate Scheduled Principal Balance of the Mortgage Loans in the Related
      Mortgage Pool over (y) the aggregate principal amounts of the Classes of Related
      Senior Certificates after giving effect to distributions and allocations on
      such
      Distribution Date (provided that the REMIC 1 Subordinated Balance Ratio is
      maintained; and 

     

    third,
      to the
      Class LT1-XII Interest all remaining amounts; and

     

    (b) 50%
      of
      such increase shall be allocated among the REMIC 1-I Marker Classes and the
      Class LT1-XI Interest as follows:

     

    
      
        
        

      

      
        -163-

        
          

        

      

      
        
        

      

    

    first,
      to each
      of the REMIC 1-I Marker Classes so that the principal balance of each such
      interest is as close as possible to 25% of the principal balance of its
      Corresponding Class; and

     

    second,
      to the
      Class LT1-XI Interest so that the principal balance of such interest is as
      close
      as possible to the sum of (x) 25% of the aggregate Scheduled Principal Balance
      of the Mortgage Loans and (y) 25% of the Overcollateralization
      Amount.

     

    (t) Notwithstanding
      the priority and sources of payments set forth in Article 5 hereof or otherwise,
      the Trustee shall account for all distributions with respect to a Class of
      Certificates in amounts that differ from those payable pursuant to the regular
      interest in REMIC 2 corresponding to such Class as amounts paid or received
      (as
      appropriate) pursuant to the interest rate cap contracts or notional principal
      contracts provided for in this Section. In no event shall any such amounts
      be
      treated as payments with respect to a “regular interest” in a REMIC within the
      meaning of Code Section 860G(a)(1).

     

    Section
      10.02. Prohibited
      Transactions and Activities

     

    None
      of
      the Depositor, the Master Servicer or the Trustee shall sell, dispose of, or
      substitute for any of the Mortgage Loans, except in a disposition pursuant
      to
      (i) the foreclosure of a Mortgage Loan, (ii) the bankruptcy of the Trust Fund,
      (iii) the termination of the REMIC holding such Mortgage Loan pursuant to
      Article VII of this Agreement, (iv) a substitution pursuant to Article II of
      this Agreement or (v) a repurchase of Mortgage Loans pursuant to Article II
      of
      this Agreement, nor acquire any assets for any REMIC, nor sell or dispose of
      any
      investments in the Certificate Account for gain, nor accept any contributions
      to
      any REMIC after the Closing Date, unless it has received an Opinion of Counsel
      (at the expense of the party causing such sale, disposition, or substitution),
      a
      copy of which shall be provided to any NIMS Insurer, that such disposition,
      acquisition, substitution, or acceptance will not (a) result in an Adverse
      REMIC
      Event, (b) affect the distribution of interest or principal on the Certificates,
      or (c) result in the encumbrance of the assets transferred or assigned to the
      Trust Fund (except pursuant to the provisions of this Agreement).

     

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

     

    Upon
      the
      occurrence of an Adverse REMIC Event due to the negligent performance by the
      Trustee of its duties and obligations set forth herein, the Trustee shall
      indemnify the NIMS Insurer, the Certificate Insurer, the Holder of the related
      Residual Certificate or the Trust Fund, as applicable, against any and all
      losses, claims, damages, liabilities or expenses (“Losses”) resulting from such
      negligence; provided, however, that the Trustee shall not be liable for any
      such
      Losses attributable to the action or inaction of the Master Servicer, the
      Depositor, the Class X or Class R Certificateholder, as applicable, nor for
      any
      such Losses resulting from misinformation provided by the Holder of such
      Residual Certificate on which the Trustee has relied. The foregoing shall not
      be
      deemed to limit or restrict the rights and remedies of the Holder of such
      Residual Certificate now or hereafter existing at law or in equity.
      Notwithstanding the foregoing, however, in no event shall the Trustee have
      any
      liability (1) for any action or omission that is taken in accordance with and
      in
      compliance with the express terms of, or which is expressly permitted by the
      terms of, this Agreement or any Servicing Agreement, (2) for any Losses other
      than arising out of a negligent performance by the Trustee of its duties and
      obligations set forth herein, and (3) for any special or consequential damages
      to Certificateholders (in addition to payment of principal and interest on
      the
      Certificates).

     

     

    
      
        
        

      

      
        -164-

        
          

        

      

      
        
        

      

    

    Section
      10.04. REO
      Property

     

    (a) Notwithstanding
      any other provision of this Agreement, the Master Servicer, acting on behalf
      of
      the Trustee hereunder, shall not, except to the extent provided in the
      applicable Servicing Agreement, knowingly permit any Servicer to, rent, lease,
      or otherwise earn income on behalf of any REMIC with respect to any REO Property
      which might cause an Adverse REMIC Event unless the Master Servicer has advised,
      or has caused such Servicer to advise, the Trustee in writing to the effect
      that, under the REMIC Provisions, such action would not result in an Adverse
      REMIC Event.

     

    (b) The
      Master Servicer shall cause the applicable Servicer (to the extent provided
      in
      the related Servicing Agreement) to make reasonable efforts to sell any REO
      Property for its fair market value. In any event, however, the Master Servicer
      shall, or shall cause the applicable Servicer to, dispose of any REO Property
      within three years of its acquisition by the Trust Fund unless the Master
      Servicer has received a grant of extension from the Internal Revenue Service
      to
      the effect that, under the REMIC Provisions, the REMIC may hold REO Property
      for
      a longer period without causing an Adverse REMIC Event. If the Master Servicer
      has received such an extension, then the Master Servicer, acting on the
      Trustee’s behalf hereunder, shall, or shall cause the Servicer to, continue to
      attempt to sell the REO Property for its fair market value for such period
      longer than three years as such extension permits (the “Extended Period”). If
      the Master Servicer has not received such an extension and the Master Servicer
      or the applicable Servicer, acting on behalf of the Trustee hereunder, is unable
      to sell the REO Property within 33 months after its acquisition by the Trust
      Fund or if the Master Servicer has received such an extension, and the Master
      Servicer or such Servicer is unable to sell the REO Property within the period
      ending three months before the close of the Extended Period, the Master Servicer
      shall cause such Servicer, before the end of the three year period or the
      Extended Period, as applicable, to (i) purchase such REO Property at a price
      equal to the REO Property’s fair market value or (ii) auction the REO Property
      to the highest bidder (which may be such Servicer) in an auction reasonably
      designed to produce a fair price prior to the expiration of the three year
      period or the Extended Period, as the case may be.

     

    ARTICLE
      XI.

     

    MISCELLANEOUS
      PROVISIONS

     

    Section
      11.01. Binding
      Nature of Agreement; Assignment

     

    This
      Agreement shall be binding upon and inure to the benefit of the parties hereto
      and their respective successors and permitted assigns.

     

    Section
      11.02. Entire
      Agreement

     

    This
      Agreement contains the entire agreement and understanding among the parties
      hereto with respect to the subject matter hereof, and supersedes all prior
      and
      contemporaneous agreements, understandings, inducements and conditions, express
      or implied, oral or written, of any nature whatsoever with respect to the
      subject matter hereof. The express terms hereof control and supersede any course
      of performance and/or usage of the trade inconsistent with any of the terms
      hereof.

     

     

    
      
        
        

      

      
        -165-

        
          

        

      

      
        
        

      

    

    Section
      11.03. Amendment

     

    (a) This
      Agreement may be amended from time to time by the Depositor, the Master Servicer
      and the Trustee, with the consent of the NIMS Insurer and without notice to
      or
      the consent of any of the Holders, (i) to cure any ambiguity, (ii) to cause
      the
      provisions herein to conform to or be consistent with or in furtherance of
      the
      statements made with respect to the Certificates, the Trust Fund or this
      Agreement in any Offering Document, or to correct or supplement any provision
      herein which may be inconsistent with any other provisions herein or with the
      provisions of any Servicing Agreement, (iii) to make any other provisions with
      respect to matters or questions arising under this Agreement or (iv) to add,
      delete, or amend any provisions to the extent necessary or desirable to comply
      with any requirements imposed by the Code and the REMIC Provisions. No such
      amendment effected pursuant to the preceding sentence shall, as evidenced by
      an
      Opinion of Counsel, result in an Adverse REMIC Event, nor shall such amendment
      effected pursuant to clause (iii) of such sentence adversely affect in any
      material respect the interests of any Holder (without regard to the Certificate
      Insurance Policy). Prior to entering into any amendment without the consent
      of
      Holders pursuant to this paragraph, the Trustee and the NIMS Insurer shall
      be
      provided with an Opinion of Counsel addressed to the Trustee and the NIMS
      Insurer (at the expense of the party requesting such amendment) to the effect
      that such amendment is permitted under this Section. Any such amendment shall
      be
      deemed not to adversely affect in any material respect any Holder, if the
      Trustee and the NIMS Insurer receive written confirmation from each Rating
      Agency that such amendment will not cause such Rating Agency to reduce the
      then
      current rating assigned to the Certificates (and any Opinion of Counsel
      requested by the Trustee in connection with any such amendment may rely
      expressly on such confirmation as the basis therefor) (determined in the case
      of
      the Guaranteed Certificates, without regard to the Certificate Insurance
      Policy).

     

    (b) This
      Agreement may also be amended from time to time by the Depositor, the Master
      Servicer, the NIMS Insurer and the Trustee, with the consent of the Holders
      of
      not less than 66 2/3% of the Class Principal Amount or Class Notional Amount
      (or
      Percentage Interest) of each Class of Certificates (other than the Grantor
      Trust
      Certificates) affected thereby, for the purpose of adding any provisions to
      or
      changing in any manner or eliminating any of the provisions of this Agreement
      or
      of modifying in any manner the rights of the Holders; provided, however, that
      no
      such amendment shall be made unless the Trustee receives an Opinion of Counsel
      addressed to the Trustee and the NIMS Insurer, at the expense of the party
      requesting the change, that such change will not cause an Adverse REMIC Event;
      and provided further, that no such amendment may (i) reduce in any manner the
      amount of, or delay the timing of, payments received on Mortgage Loans which
      are
      required to be distributed on any Certificate, without the consent of the Holder
      of such Certificate or (ii) reduce the aforesaid percentages of Class Principal
      Amount (or Percentage Interest) of Certificates of each Class, the Holders
      of
      which are required to consent to any such amendment without the consent of
      the
      Holders of 100% of the Class Principal Amount or Class Notional Amount (or
      Percentage Interest) of each Class of Certificates affected thereby. For
      purposes of this paragraph, references to “Holder” or “Holders” shall be deemed
      to include, in the case of any Class of Book-Entry Certificates, the related
      Certificate Owners.

     

    
      
        
        

      

      
        -166-

        
          

        

      

      
        
        

      

    

    (c) Promptly
      after the execution of any such amendment, the Trustee shall furnish written
      notification of the substance of such amendment to each Holder, the Certificate
      Insurer, the NIMS Insurer, the Depositor and to the Rating
      Agencies.

     

    (d) It
      shall
      not be necessary for the consent of Holders under this Section 11.03 to approve
      the particular form of any proposed amendment, but it shall be sufficient if
      such consent shall approve the substance thereof. The manner of obtaining such
      consents and of evidencing the authorization of the execution thereof by Holders
      shall be subject to such reasonable regulations as the Trustee may
      prescribe.

     

    (e) Notwithstanding
      anything to the contrary in any Servicing Agreement, the Trustee shall not
      consent to any amendment of any Servicing Agreement unless (i) such amendment
      is
      effected pursuant to the standards provided in this Section with respect to
      amendment of this Agreement, (ii) except for a Permitted Servicing Amendment,
      any such amendment pursuant to Section 11.03(a)(iii) shall not be materially
      inconsistent with the provisions of such Servicing Agreement and (iii) the
      Certificate Insurer has consented in writing to such amendment.

     

    (f) Notwithstanding
      anything to the contrary in this Section 11.03, this Agreement may be amended
      from time to time by the Depositor, the Master Servicer and the Trustee to
      the
      extent necessary, in the judgment of the Depositor and its counsel, to comply
      with the Rules, Regulation AB and any related rules and
      regulations.

     

    (g) Notwithstanding
      anything to the contrary in this Section 11.03, this Agreement may not be
      amended without the prior written consent of the Certificate Insurer to the
      extent that any such amendment could reasonably be expected to have a material
      adverse effect in respect to the rights or interests of the Certificate Insurer
      under this Agreement.

     

    Section
      11.04. Voting
      Rights

     

    Except
      to
      the extent that the consent of all affected Certificateholders is required
      pursuant to this Agreement, with respect to any provision of this Agreement
      requiring the consent of Certificateholders representing specified percentages
      of aggregate outstanding Certificate Principal Amount or Class Notional Amount
      (or Percentage Interest), Certificates owned by the Depositor, the Master
      Servicer, the Trustee, the Servicer or Affiliates thereof are not to be counted
      so long as such Certificates are owned by the Depositor, the Master Servicer,
      the Trustee, any Servicer or any Affiliate thereof.

     

    Section
      11.05. Provision
      of Information

     

    (a) For
      so
      long as any of the Certificates of any series or Class are “restricted
      securities” within the meaning of Rule 144(a)(3) under the Act, each of the
      Depositor, the Master Servicer and the Trustee agree to cooperate with each
      other to provide to any Certificateholders, and to any prospective purchaser
      of
      Certificates designated by such holder, upon the request of such holder or
      prospective purchaser, any information required to be provided to such holder
      or
      prospective purchaser to satisfy the condition set forth in Rule 144A(d)(4)
      under the Act. Any reasonable, out-of-pocket expenses incurred by the Trustee
      in
      providing such information shall be reimbursed by the Depositor.

     

    
      
        
        

      

      
        -167-

        
          

        

      

      
        
        

      

    

    (b) The
      Trustee shall make available to any person to whom a Prospectus was delivered,
      upon the request of such person specifying the document or documents requested,
      (i) a copy (excluding exhibits) of any report on Form 8-K, Form 10-D or Form
      10-K filed with the Commission pursuant to Section 6.20(c), (d) or (e) and
      (ii)
      a copy of any other document incorporated by reference in the Prospectus (to
      the
      extent that the Trustee has such documents in its possession or such documents
      are reasonably obtainable by the Trustee). Any reasonable out-of-pocket expenses
      incurred by the Trustee in providing copies of such documents shall be
      reimbursed by the Depositor.

     

    (c) On
      each
      Distribution Date, the Trustee shall make available on its website or otherwise
      deliver to the Depositor a copy of the report delivered to Certificateholders
      pursuant to Section 4.03.

     

    Section
      11.06. Governing
      Law

     

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

     

    Section
      11.07. Notices

     

    All
      demands, notices and communications hereunder shall be in writing and shall
      be
      deemed to have been duly given when received by (a) in the case of the
      Depositor, Structured Asset Securities Corporation, 745 Seventh Avenue, 7th
      Floor, New York, New York 10019, Attention: Mortgage Finance, GPMF 2006-AR7,
      (b)
      in the case of the Seller, Lehman Brothers Holdings Inc., 745 Seventh Avenue,
      7th Floor, New York, New York 10019, Attention: Mortgage Finance, GPMF 2006-AR7,
      (c) in the case of the Trustee, U.S. Bank National Association, One Federal
      Street, Boston, M.A. 02110, Attention: Corporate Trust Services, (d) in the
      case
      of the NIMS Insurer, if any, as set forth in the Indenture, (e) in the case
      of
      the Master Servicer, Aurora Loan Services LLC, 10350 Park Meadows Drive,
      Littleton, Colorado 80124; Attention: Master Servicing, GPMF 2006-AR7 and (f)
      in
      the case of the Certificate Insurer, Financial Security Assurance Inc., 31
      West
      52nd
      Street,
      New York, New York 10019, Attention: Surveillance Department. All demands,
      notices and communications to a party hereunder shall be in writing and shall
      be
      deemed to have been duly given when delivered to such party at the relevant
      address, facsimile number or electronic mail address set forth above or at
      such
      other address, facsimile number or electronic mail address as such party may
      designate from time to time by written notice in accordance with this Section
      11.07.

     

    Section
      11.08. Severability
      of Provisions

     

    If
      any
      one or more of the covenants, agreements, provisions or terms of this Agreement
      shall be for any reason whatsoever held invalid, then such covenants,
      agreements, provisions or terms shall be deemed severable from the remaining
      covenants, agreements, provisions or terms of this Agreement and shall in no
      way
      affect the validity or enforceability of the other provisions of this Agreement
      or of the Certificates or the rights of the Holders thereof.

     

     

    
      
        
        

      

      
        -168-

        
          

        

      

      
        
        

      

    

    Section
      11.09. Indulgences;
      No Waivers

     

    Neither
      the failure nor any delay on the part of a party to exercise any right, remedy,
      power or privilege under this Agreement shall operate as a waiver thereof,
      nor
      shall any single or partial exercise of any right, remedy, power or privilege
      preclude any other or further exercise of the same or of any other right,
      remedy, power or privilege, nor shall any waiver of any right, remedy, power
      or
      privilege with respect to any occurrence be construed as a waiver of such right,
      remedy, power or privilege with respect to any other occurrence. No waiver
      shall
      be effective unless it is in writing and is signed by the party asserted to
      have
      granted such waiver.

     

    Section
      11.10. Headings
      Not To Affect Interpretation

     

    The
      headings contained in this Agreement are for convenience of reference only,
      and
      they shall not be used in the interpretation hereof.

     

    Section
      11.11. Benefits
      of Agreement

     

    Nothing
      in this Agreement or in the Certificates, express or implied, shall give to
      any
      Person, other than the parties to this Agreement and their successors hereunder,
      the Holders of the Certificates, any benefit or any legal or equitable right,
      power, remedy or claim under this Agreement, except to the extent specified
      in
      Section 11.16.

     

    Section
      11.12. Special
      Notices to the Rating Agencies, Certificate Insurer and NIMS
      Insurer

     

    (a) The
      Depositor shall give prompt notice to the Rating Agencies, the Certificate
      Insurer and the NIMS Insurer of the occurrence of any of the following events
      of
      which it has notice:

     

    (i) any
      amendment to this Agreement pursuant to Section 11.03;

     

    (ii) any
      Assignment by the Master Servicer of its rights hereunder or delegation of
      its
      duties hereunder;

     

    (iii) the
      occurrence of any Event of Default described in Section 6.14;

     

    (iv) any
      notice of termination given to the Master Servicer pursuant to Section 6.14
      and
      any resignation of the Master Servicer hereunder;

     

    (v) the
      appointment of any successor to any Master Servicer pursuant to Section
      6.14;

     

    (vi) the
      making of a final payment pursuant to Section 7.02; and

     

    
      
        
        

      

      
        -169-

        
          

        

      

      
        
        

      

    

    (vii) any
      termination of the rights and obligations of any Servicer under any Servicing
      Agreement.

     

    (b) All
      notices to the Rating Agencies provided for this Section shall be in writing
      and
      sent by first class mail, telecopy or overnight courier, as
      follows:

     

    If
      to
      Moody’s, to:

     

    Moody’s
      Investors Service, Inc.

    99
      Church
      Street

    New
      York,
      New York 10007

    Attention:
      Residential Mortgages

     

    If
      to
      S&P, to:

     

    Standard
      & Poor’s Ratings Services, a division of The McGraw-Hill Companies,
      Inc.

    55
      Water
      Street

    New
      York,
      New York 10014

    Attention:
      Residential Mortgages

     

    (c) The
      Trustee shall provide or make available to the Rating Agencies, the Certificate
      Insurer and the NIMS Insurer reports prepared pursuant to Section 4.03. In
      addition, the Trustee shall, at the expense of the Trust Fund, make available
      to
      each Rating Agency such information as such Rating Agency may reasonably request
      regarding the Certificates or the Trust Fund, to the extent that such
      information is reasonably available to the Trustee.

     

    Section
      11.13. Conflicts

     

    To
      the
      extent that the terms of this Agreement conflict with the terms of any Servicing
      Agreement, such Servicing Agreement shall govern unless such provisions shall
      adversely affect the Trustee, the Trust Fund, the Certificate Insurer or the
      status of any REMIC created hereunder as a REMIC, provided that nothing in
      this
      Section 11.13 shall be construed to limit the rights or obligations of the
      Master Servicer under Section 9.05 of this Agreement.

     

    Section
      11.14. Counterparts.

     

    This
      Agreement may be executed in one or more counterparts, each of which shall
      be
      deemed to be an original, and all of which together shall constitute one and
      the
      same instrument.

     

    Section
      11.15. Transfer
      of Servicing

     

    The
      Seller agrees that it shall provide written notice to the Master Servicer,
      the
      NIMS Insurer, the Certificate Insurer and the Trustee thirty days prior to
      any
      proposed transfer or assignment by the Seller of its rights under any Servicing
      Agreement or of the servicing thereunder from time to time with respect to
      any
      Mortgage Loan or group of Mortgage Loans, or delegation of its rights or duties
      thereunder or any portion thereof to any other Person other than the initial
      Servicer under such Servicing Agreement; provided, however, that the Seller
      shall not be required to provide prior notice of any transfer of servicing
      that
      occurs within three months following the Closing Date to an entity that is
      a
      Servicer on the Closing Date. In addition, the ability of the Seller to transfer
      or assign its rights and delegate its duties under a Servicing Agreement or
      to
      transfer the servicing thereunder, from time to time with respect to any
      Mortgage Loan or group of Mortgage Loans, to a successor servicer shall be
      subject to the following conditions:

     

    
      
        
        

      

      
        -170-

        
          

        

      

      
        
        

      

    

    (i) Satisfaction
      of the conditions to such transfer as set forth in the Servicing Agreement
      including, without limitation, receipt of written consent of the Master Servicer
      to such transfer;

     

    (ii) Receipt
      of the written consent of the Certificate Insurer and any NIMS Insurer, such
      consent not to be unreasonably withheld;

     

    (iii) Such
      successor servicer must be qualified to service loans for Fannie Mae or Freddie
      Mac, and must be a member in good standing of MERS;

     

    (iv) Such
      successor servicer must satisfy the seller/servicer eligibility standards in
      the
      applicable Servicing Agreement, exclusive of any experience in mortgage loan
      origination and must be reasonably acceptable to the Master Servicer, whose
      approval shall not be unreasonably withheld;

     

    (v) Such
      successor servicer must execute and deliver to the Trustee and the Master
      Servicer an agreement, in form and substance reasonably satisfactory to the
      Trustee and the Master Servicer, that contains an assumption by such successor
      servicer of the due and punctual performance and observance of each covenant
      and
      condition to be performed and observed by the applicable Servicer under the
      related Servicing Agreement or such successor servicer shall execute and deliver
      to the Trustee and the Master Servicer a servicing agreement which contains
      customary and reasonable servicing provisions and which will not cause either
      Rating Agency to qualify, withdraw or downgrade the then-current rating of
      any
      of the Certificates (without giving effect to the Certificate Insurance Policy)
      or, (i) in the case of a transfer of servicing to a party that is already a
      Servicer pursuant to this Agreement, an agreement to add the related Mortgage
      Loans to the Servicing Agreement already in effect with such Servicer and (ii)
      in the case of a transfer of servicing to a Special Servicer pursuant to Section
      9.32 herein, a special servicing agreement in the form of that attached to
      the
      applicable Servicing Agreement;

     

    (vi) If
      the
      successor servicer is not a Servicer of Mortgage Loans at the time of the
      transfer, 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
      will not result in a qualification, withdrawal or downgrade of the then-current
      rating of any of the Certificates (determined in the case of Guaranteed
      Certificates, without regard to the Certificate Insurance Policy);
      and

     

    (vii) The
      Seller shall, at its cost and expense, take such steps, or cause the
      transferring Servicer to take such steps, as may be necessary or appropriate
      to
      effectuate and evidence the transfer of the servicing of the specified Mortgage
      Loans to such successor or replacement servicer, including, but not limited
      to,
      the following: (A) to the extent required by the terms of the Mortgage Loans
      and
      by applicable federal and state laws and regulations, the Seller shall cause
      the
      prior Servicer to timely mail to each obligor under a Mortgage Loan any required
      notices or disclosures describing the transfer of servicing of the Mortgage
      Loans to the successor or replacement servicer; (B) prior to the effective
      date
      of such transfer of servicing, the Seller shall cause the prior Servicer to
      transmit to any related insurer notification of such transfer of servicing;
      (C)
      on or prior to the effective date of such transfer of servicing, the Seller
      shall cause the prior Servicer to deliver to the successor or replacement
      servicer all Mortgage Loan Documents and any related records or materials;
      (D)
      on or prior to the effective date of such transfer of servicing, the Seller
      shall cause the prior Servicer to transfer to the successor or replacement
      servicer, or, if such transfer occurs after a Servicer Remittance Date but
      before the next succeeding Deposit Date, to the Trustee, all funds held by
      the
      prior Servicer in respect of the Mortgage Loans; (E) on or prior to the
      effective date of such transfer of servicing, the Seller shall cause the prior
      Servicer to, after the effective date of the transfer of servicing to the
      successor or replacement servicer, continue to forward to such successor or
      replacement servicer, within one Business Day of receipt, the amount of any
      payments or other recoveries received by the prior Servicer, and to notify
      the
      successor or replacement servicer of the source and proper application of each
      such payment or recovery; and (F) the Seller shall cause the prior Servicer
      to,
      after the effective date of transfer of servicing to the successor or
      replacement servicer, continue to cooperate with the successor or replacement
      servicer to facilitate such transfer in such manner and to such extent as the
      successor or replacement servicer may reasonably request. Notwithstanding the
      foregoing, the prior Servicer shall be obligated to perform the items listed
      above to the extent provided in the applicable Servicing Agreement.

     

     

    
      
        
        

      

      
        -171-

        
          

        

      

      
        
        

      

    

    Section
      11.16. Third
      Party Rights

     

    The
      NIMS
      Insurer and the Certificate Insurer shall each be deemed a third-party
      beneficiary of this Agreement to the same extent as if it were a party hereto,
      and shall have the right to enforce the provisions of this
      Agreement.

     

    Section
      11.17. Matters
      Relating to the Certificate Insurance Policy

     

    (a) All
      notices, statements, reports, certificates or opinions required by this
      Agreement to be sent to any other party hereto or to the Class 1-A3B
      Certificateholders shall also be sent, and any report or statement sent by
      the
      Master Servicer to the Trustee or any notices, statements, reports, certificates
      or opinions received by the Master Servicer or the Trustee under the Custodial
      Agreement or Servicing Agreements (to the extent the Custodian or applicable
      Servicer has not undertaken to provide a copy to the Certificate Insurer and
      other than routine notices, statements, reports, certificates or opinions
      provided in the ordinary course of business and not specifically required
      pursuant to the terms of such Custodial Agreement or Servicing Agreements)
      shall
      be sent, within one (1) Business Day of receipt, by the Trustee or the Master
      Servicer, as applicable, to the Certificate Insurer at the address set forth
      in
      Section 11.07.

     

    (b) Notwithstanding
      anything to the contrary set forth in this Agreement, the Custodial Agreement
      or
      any Servicing Agreement, neither the Trustee nor the Master Servicer shall
      (i)
      agree to any amendment of the Custodial Agreement or any Servicing Agreement
      or
      (ii) remove, replace or appoint a successor to the Custodian, any Servicer,
      the
      Trustee or the Master Servicer, without the prior written consent of the
      Certificate Insurer.

     

    
      
        
        

      

      
        -172-

        
          

        

      

      
        
        

      

    

    (c) All
      references herein to the rating of the Certificates shall be without regard
      to
      the Certificate Insurance Policy.

     

    (d) Any
      rights and benefits granted to the Certificate Insurer under this Agreement
      shall only remain in effect for so long as the Certificate Insurance Policy
      is
      outstanding or amounts are owed to the Certificate Insurer thereunder or under
      this Agreement.

     

    [SIGNATURE
      PAGE IMMEDIATELY FOLLOWS]

      
        
          
          

        

        
          -173-

          
            

          

        

        
          
          

        

      

    IN
      WITNESS WHEREOF, the Depositor, the Trustee and the Master Servicer have caused
      their names to be signed hereto by their respective officers hereunto duly
      authorized as of the day and year first above written.

     

    STRUCTURED
      ASSET SECURITIES 

    CORPORATION,
      as Depositor

     

    By:__________________________________

    Name:
      Michael C. Hitzmann

    Title:
      Senior Vice President

     

    

     

    U.S.
      BANK
      NATIONAL ASSOCIATION,

    not
      in
      its individual capacity, but solely

    as
      Trustee

     

    By:__________________________________

    Name:

    Title:

     

    

     

    AURORA
      LOAN SERVICES LLC, 

    as
      Master
      Servicer

     

    By:__________________________________

    Name:
      Jerald W. Dreyer

    Title:
      Vice President

    

    

    Accepted
      and agreed to by:

     

    LEHMAN
      BROTHERS HOLDINGS INC.

     

    By:_______________________________

    Name:
      Ellen Kiernan

    Title:
      Authorized Signatory

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBIT
      A

     

    FORMS
      OF
      CERTIFICATES

     

    [Intentionally
      Omitted]

    

    
      
        
        

      

      
        A-1

        
          

        

      

      
        
        

      

    

    EXHIBIT
      B-1

     

    FORM
      OF
      INITIAL CERTIFICATION

     

    Date

     

    U.S.
      Bank
      National Association

    One
      Federal Street

    Boston,
      M.A. 02110

    Attention:
      Corporate Trust Services

     

    Aurora
      Loan Services LLC, as Master Servicer

    10350
      Park Meadows Drive 

    Littleton,
      Colorado 80124 

    

    Structured
      Asset Securities Corporation, as Depositor

    745
      Seventh Avenue, 7th Floor

    New
      York,
      New York 10019

    Attention:
      Mortgage Finance, GPMF 2006-AR7

     

    Financial
      Security Assurance Inc.

    31
      West
      52nd Street

    New
      York,
      New York 10019

    Attention:
      Surveillance Department. 

    

    [NIMS
      Insurer, if applicable]

    

      
        	 	
                Re:

              	
                Trust
                  Agreement dated as of November 1, 2006 (the “Trust Agreement”), by and
                  among Structured Asset Securities Corporation, as Depositor, Aurora
                  Loan
                  Services LLC, as Master Servicer and U.S. Bank National Association,
                  as
                  Trustee with respect to GreenPoint Mortgage Funding Trust
                  Mortgage Pass-Through Certificates,

                Series
                  2006-AR7

              

      

       

    

    Ladies
      and Gentlemen:

     

    In
      accordance with Section 2.02(a) of the Trust Agreement, subject to review of
      the
      contents thereof, the undersigned, as Custodian, hereby certifies that it has
      received the documents listed in Section 2.01(b) of the Trust Agreement for
      each
      Mortgage File pertaining to each Mortgage Loan listed on Schedule A, to the
      Trust Agreement, subject to any exceptions noted on Schedule I
      hereto.

     

    Capitalized
      words and phrases used herein and not otherwise defined herein shall have the
      respective meanings assigned to them in the Trust Agreement. This Certificate
      is
      subject in all respects to the terms of Section 2.02 of the Trust Agreement
      and
      the Trust Agreement sections cross-referenced therein.

     

    [Custodian]

     

    By:_____________________________________

    Name:

    Title:

    

    
      
        
        

      

      
        B-1-1

        
          

        

      

      
        
        

      

    

    EXHIBIT
      B-2

     

    FORM
      OF
      INTERIM CERTIFICATION

     

    Date

    U.S.
      Bank
      National Association

    One
      Federal Street

    Boston,
      M.A. 02110

    Attention:
      Corporate Trust Services

     

    Aurora
      Loan Services LLC, as Master Servicer

    10350
      Park Meadows Drive 

    Littleton,
      Colorado 80124 

    

    Structured
      Asset Securities Corporation, as Depositor

    745
      Seventh Avenue, 7th Floor

    New
      York,
      New York 10019

    Attention:
      Mortgage Finance, GPMF 2006-AR7

     

    Financial
      Security Assurance Inc.

    31
      West
      52nd Street

    New
      York,
      New York 10019

    Attention:
      Surveillance Department. 

     

    [NIMS
      Insurer, if applicable]

     

    
      	 	
              Re:

            	
              Trust
                Agreement dated as of November 1, 2006 (the “Trust Agreement”), by and
                among Structured Asset Securities Corporation, as Depositor, Aurora
                Loan
                Services LLC, as Master Servicer and U.S. Bank National Association,
                as
                Trustee with respect to GreenPoint Mortgage Funding Trust Mortgage
                Pass-Through Certificates, Series
                2006-AR7

            

    

     

    Ladies
      and Gentlemen:

     

    In
      accordance with Section 2.02(b) of the Trust Agreement, the undersigned, as
      Custodian, hereby certifies that as to each Mortgage Loan listed in the Mortgage
      Loan Schedule (other than any Mortgage Loan paid in full or listed on Schedule
      I
      hereto) it (or its custodian) has received the applicable documents listed
      in
      Section 2.01(b) of the Trust Agreement.

     

    The
      undersigned hereby certifies that as to each Mortgage Loan identified on the
      Mortgage Loan Schedule, other than any Mortgage Loan listed on Schedule I
      hereto, it has reviewed the documents listed in Section 2.01(b) of the Trust
      Agreement and has determined that each such document appears regular on its
      face
      and appears to relate to the Mortgage Loan identified in such
      document.

     

    Capitalized
      words and phrases used herein shall have the respective meanings assigned to
      them in the Trust Agreement. This Certificate is qualified in all respects
      by
      the terms of said Trust Agreement including, but not limited to, Section
      2.02(b).

     

    [Custodian]

     

    By:_____________________________________

    Name:

    Title:

    

    
      
        
        

      

      
        B-2-1

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      B-3

     

    FORM
      OF
      FINAL CERTIFICATION

     

    Date

    U.S.
      Bank
      National Association

    One
      Federal Street

    Boston,
      M.A. 02110

    Attention:
      Corporate Trust Services

     

    Aurora
      Loan Services LLC, as Master Servicer

    10350
      Park Meadows Drive 

    Littleton,
      Colorado 80124 

    

    Structured
      Asset Securities Corporation, as Depositor

    745
      Seventh Avenue, 7th Floor

    New
      York,
      New York 10019

    Attention:
      Mortgage Finance, GPMF 2006-AR7

     

    Financial
      Security Assurance Inc.

    31
      West
      52nd Street

    New
      York,
      New York 10019

    Attention:
      Surveillance Department. 

    

    [NIMS
      Insurer, if applicable]

     

    
      	 	
              Re:

            	
              Trust
                Agreement dated as of November 1, 2006 (the “Trust Agreement”), by and
                among Structured Asset Securities Corporation, as Depositor, Aurora
                Loan
                Services LLC, as Master Servicer and U.S. Bank National Association,
                as
                Trustee with respect to GreenPoint Mortgage Funding Trust Mortgage
                Pass-Through Certificates, Series
                2006-AR7

            

    

     

    Ladies
      and Gentlemen:

     

    In
      accordance with Section 2.02(d) of the Trust Agreement, the undersigned, as
      Custodian on behalf of the Trustee, hereby certifies that as to each Mortgage
      Loan listed in the Mortgage Loan Schedule (other than any Mortgage Loan paid
      in
      full or listed on Schedule I hereto) it (or its custodian) has received the
      applicable documents listed in Section 2.01(b) of the Trust
      Agreement.

     

    The
      undersigned hereby certifies that as to each Mortgage Loan identified in the
      Mortgage Loan Schedule, other than any Mortgage Loan listed on Schedule I
      hereto, it has reviewed the documents listed in Section 2.01(b) of the Trust
      Agreement and has determined that each such document appears to be complete
      and,
      based on an examination of such documents, the information set forth in items
      (i) through (vi) of the Mortgage Loan Schedule is correct.

     

    Capitalized
      words and phrases used herein shall have the respective meanings assigned to
      them in the Trust Agreement. This Certificate is qualified in all respects
      by
      the terms of said Trust Agreement.

     

    [Custodian]

     

    By:_____________________________________

    Name:

    Title:

    
      
        
        

      

      
        B-3-1

        
          

        

      

      
        
        

      

    

    EXHIBIT
      B-4

     

    FORM
      OF
      ENDORSEMENT

     

    Pay
      to
      the order of U.S. Bank National Association, as trustee (the “Trustee”), under a
      Trust Agreement dated as of November 1, 2006, among Structured Asset Securities
      Corporation, as depositor, Aurora Loan Services LLC, as master servicer, and
      the
      Trustee, relating to GreenPoint Mortgage Funding Trust Mortgage Pass-Through
      Certificates, Series 2006-AR7, without recourse.

     

    __________________________________

    [current
      signatory on note]

     

    By:_______________________________

    Name:

    Title:

     

    
      
        
        

      

      
        B-4-1

        
          

        

      

      
        
        

      

    

    EXHIBIT
      C

     

    REQUEST
      FOR RELEASE OF DOCUMENTS AND RECEIPT

     

    Date

     

    [Addressed
      to Trustee

    or,
      if
      applicable, Custodian]

     

    In
      connection with the administration of the mortgages held by you as Trustee
      under
      a certain Trust Agreement dated as of November 1, 2006 by and among Structured
      Asset Securities Corporation, as Depositor, U.S. Bank National Association,
      as
      Trustee, and Aurora Loan Services LLC, as Master Servicer (the “Trust
      Agreement”), the undersigned Servicer hereby requests a release of the Mortgage
      File held by you as Trustee with respect to the following described Mortgage
      Loan for the reason indicated below.

     

    Mortgagor’s
      Name:

     

    Address:

     

    Loan
      No.:

     

    Reason
      for requesting file:

     

    
      	 	
              1.

            	
              Mortgage
                Loan paid in full. (The Servicer hereby certifies that all amounts
                received in connection with the loan have been or will be credited
                to the
                Certificate Account pursuant to the Trust
                Agreement.)

            

    

     

    
      	 	
              2.

            	
              The
                Mortgage Loan is being foreclosed.

            

    

     

    
      	 	
              3.

            	
              Mortgage
                Loan substituted. (The Servicer hereby certifies that a Qualifying
                Substitute Mortgage Loan has been assigned and delivered to you along
                with
                the related Mortgage File pursuant to the Trust
                Agreement.)

            

    

     

    
      	 	
              4.

            	
              Mortgage
                Loan repurchased. (The Servicer hereby certifies that the applicable
                Purchase Price has been credited to the Certificate Account pursuant
                to
                the Trust Agreement.)

            

    

     

    
      	 	
              5.

            	
              Other.
                (Describe)

            

    

     

    The
      undersigned acknowledges that the above Mortgage File will be held by the
      undersigned in accordance with the provisions of the Trust Agreement and will
      be
      returned to you within ten (10) days of our receipt of the Mortgage File, except
      if the Mortgage Loan has been paid in full, or repurchased or substituted for
      a
      Qualifying Substitute Mortgage Loan (in which case the Mortgage File will be
      retained by us permanently) and except if the Mortgage Loan is being foreclosed
      (in which case the Mortgage File will be returned when no longer required by
      us
      for such purpose).

     

    
      
        
        

      

      
        C-1

        
          

        

      

      
        
        

      

    

    Capitalized
      terms used herein shall have the meanings ascribed to them in the Trust
      Agreement.

     

    [Name
      of
      Servicer]

     

    By:__________________________________

    Name:

    Title:
      Servicing Officer

     

    

    
      
        
        

      

      
        C-2

        
          

        

      

      
        
        

      

    

    EXHIBIT
      D-1

     

    FORM
      OF
      RESIDUAL CERTIFICATE TRANSFER AFFIDAVIT (TRANSFEREE)

    

      
        	
                STATE
                  OF

              	)	
              
	 	 	
                )
                  ss.:

              
	
                COUNTY
                  OF

              	)	
                 

              

      

    

     

    [NAME
      OF
      OFFICER], _________________ being first duly sworn, deposes and
      says:

    1. That
      he
      [she] is [title of officer] ________________________ of [name of Purchaser]
      _________________________________________ (the “Purchaser”), a
      _______________________ [description of type of entity] duly organized and
      existing under the laws of the [State of __________] [United States], on behalf
      of which he [she] makes this affidavit.

     

    2. That
      the
      Purchaser’s Taxpayer Identification Number is [ ].

     

    3. That
      the
      Purchaser is not a “disqualified organization” within the meaning of Section
      860E(e)(5) of the Internal Revenue Code of 1986, as amended (the “Code”) and
      will not be a “disqualified organization” as of [date of transfer], and that the
      Purchaser is not acquiring a Residual Certificate (as defined in the Agreement)
      for the account of, or as agent (including a broker, nominee, or other
      middleman) for, any person or entity from which it has not received an affidavit
      substantially in the form of this affidavit. For these purposes, a “disqualified
      organization” means the United States, any state or political subdivision
      thereof, any foreign government, any international organization, any agency
      or
      instrumentality of any of the foregoing (other than an instrumentality if all
      of
      its activities are subject to tax and a majority of its board of directors
      is
      not selected by such governmental entity), any cooperative organization
      furnishing electric energy or providing telephone service to persons in rural
      areas as described in Code Section 1381(a)(2)(C), any “electing large
      partnership” within the meaning of Section 775 of the Code, or any organization
      (other than a farmers’ cooperative described in Code Section 521) that is exempt
      from federal income tax unless such organization is subject to the tax on
      unrelated business income imposed by Code Section 511.

     

    4. That
      the
      Purchaser is not, and on _______________ [date of transfer] will not be, an
      employee benefit plan or other arrangement subject to Title I of the Employee
      Retirement Income Security Act of 1974, as amended (“ERISA”), a plan subject to
      Section 4975 of the Internal Revenue Code of 1986, as amended (the “Code”) or a
      plan subject to any provisions under any federal, state, local, non-U.S. or
      other laws or regulations that are substantively similar to the foregoing
      provisions of ERISA or the Code (collectively, a “Plan”), and is not directly or
      indirectly acquiring a Residual Certificate for, on behalf of or with any assets
      of any such Plan.

     

    5. That
      the
      Purchaser hereby acknowledges that under the terms of the Trust Agreement (the
      “Agreement”) by and among Structured Asset Securities Corporation, as Depositor,
      Aurora Loan Services LLC, as Master Servicer, and U.S. Bank National
      Association, as Trustee, dated as of November 1, 2006, relating to GreenPoint
      Mortgage Funding Trust Mortgage Pass-Through Certificates, Series 2006-AR7,
      no
      transfer of the Residual Certificates shall be permitted to be made to any
      person unless the Depositor and Trustee have received a certificate from such
      transferee containing the representations in paragraphs 3 and 4
      hereof.

     

    
      
        
        

      

      
        D-1-1

        
          

        

      

      
        
        

      

    

    6. That
      the
      Purchaser does not hold REMIC residual securities as nominee to facilitate
      the
      clearance and settlement of such securities through electronic book entry
      changes in accounts of participating organizations (such entity, a “Book-Entry
      Nominee”).

     

    7. That
      the
      Purchaser does not have the intention to impede the assessment or collection
      of
      any federal, state or local taxes legally required to be paid with respect
      to
      such Residual Certificate, and that the Purchaser has provided financial
      statements or other financial information requested by the transferor in
      connection with the transfer of the Residual Certificate in order to permit
      the
      transferor to assess the financial capability of the Purchaser to pay such
      taxes.

     

    8. That
      the
      Purchaser will not transfer a Residual Certificate to any person or entity
      (i)
      as to which the Purchaser has actual knowledge that the requirements set forth
      in paragraph 3, paragraph 6 or paragraph 10 hereof are not satisfied or that
      the
      Purchaser has reason to believe does not satisfy the requirements set forth
      in
      paragraph 7 hereof, and (ii) without obtaining from the prospective Purchaser
      an
      affidavit substantially in this form and providing to the Trustee a written
      statement substantially in the form of Exhibit D-2 to the
      Agreement.

     

    9. That
      the
      Purchaser understands that, as the holder of a Residual Certificate, the
      Purchaser may incur tax liabilities in excess of any cash flows generated by
      the
      interest and that it intends to pay taxes associated with holding such Residual
      Certificate as they become due.

     

    10. That
      the
      Purchaser (i) is not a Non U.S. Person or (ii) is a Non U.S. Person that holds
      a
      Residual Certificate in connection with the conduct of a trade or business
      within the United States and has furnished the transferor and the Trustee with
      an effective Internal Revenue Service Form W-8ECI (Certificate of Foreign
      Person’s Claim for Exemption From Withholding on Income Effectively Connected
      With the Conduct of a Trade or Business in the United States) or successor
      form
      at the time and in the manner required by the Code or (iii) is a Non U.S. Person
      that has delivered to both the transferor and the Trustee an opinion of a
      nationally recognized tax counsel to the effect that the transfer of such
      Residual Certificate to it is in accordance with the requirements of the Code
      and the regulations promulgated thereunder and that such transfer of a Residual
      Certificate will not be disregarded for federal income tax purposes. “Non U.S.
      Person” means an individual, corporation, partnership or other person other than
      (i) a citizen or resident of the United States; (ii) a corporation, partnership
      or other entity created or organized in or under the laws of the United States
      or any state thereof, including for this purpose, the District of Columbia;
      (iii) an estate that is subject to U.S. federal income tax regardless of the
      source of its income; (iv) a trust if a court within the United States is able
      to exercise primary supervision over the administration of the trust and one
      or
      more United States trustees have authority to control all substantial decisions
      of the trust; and, (v) to the extent provided in Treasury regulations, certain
      trusts in existence on August 20, 1996 that are treated as United States persons
      prior to such date and elect to continue to be treated as United States
      persons.

     

    
      
        
        

      

      
        D-1-2

        
          

        

      

      
        
        

      

    

    11. That
      the
      Purchaser agrees to such amendments of the Trust Agreement as may be required
      to
      further effectuate the restrictions on transfer of any Residual Certificate
      to
      such a “disqualified organization,” an agent thereof, a Book Entry Nominee, or a
      person that does not satisfy the requirements of paragraph 7 and paragraph
      10
      hereof.

     

    12. That
      the
      Purchaser consents to the designation of the Trustee as its agent to act as
“tax
      matters person” of the Trust Fund pursuant to the Trust Agreement.

     

    
      
        
        

      

      
        D-1-3

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, the Purchaser has caused this instrument to be executed on
      its
      behalf, pursuant to authority of its Board of Directors, by its [title of
      officer] this _____ day of __________, 20__.

     

    _________________________________

    [name
      of
      Purchaser]

     

    By:______________________________

    Name:

    Title:

     

    Personally
      appeared before me the above named [name of officer] ________________, known
      or
      proved to me to be the same person who executed the foregoing instrument and
      to
      be the [title of officer] _________________ of the Purchaser, and acknowledged
      to me that he [she] executed the same as his [her] free act and deed and the
      free act and deed of the Purchaser.

     

    Subscribed
      and sworn before me this _____ day of __________, 20__.

     

    NOTARY
      PUBLIC

     

    COUNTY
      OF_____________________

     

    STATE
      OF______________________

     

    My
      commission expires the _____ day of __________, 20__.

     

    
      
        
        

      

      
        D-1-4

        
          

        

      

      
        
        

      

    

    EXHIBIT
      D-2

     

    RESIDUAL
      CERTIFICATE TRANSFER AFFIDAVIT (TRANSFEROR)

     

    ____________________________

    Date

     

    
      	 	
              Re:

            	
              GreenPoint
                Mortgage Funding Trust

            

    

    
      	 	 	
              Mortgage
                Pass-Through Certificates, Series
                2006-AR7

            

    

     

    _______________________
      (the “Transferor”) has reviewed the attached affidavit of
      _____________________________ (the “Transferee”), and has no actual knowledge
      that such affidavit is not true and has no reason to believe that the
      information contained in paragraph 7 thereof is not true, and has no reason
      to
      believe that the Transferee has the intention to impede the assessment or
      collection of any federal, state or local taxes legally required to be paid
      with
      respect to a Residual Certificate. In addition, the Transferor has conducted
      a
      reasonable investigation at the time of the transfer and found that the
      Transferee had historically paid its debts as they came due and found no
      significant evidence to indicate that the Transferee will not continue to pay
      its debts as they become due.

     

    Very
      truly yours,

     

    _______________________________

    Name:

    Title:

     

    
      
        
        

      

      
        D-2-1

        
          

        

      

      
        
        

      

    

    EXHIBIT
      E

     

    SERVICING
      AGREEMENTS

     

    See
      Exhibits 99.2 and 99.4

    
      
        
        

      

      
        E-1

        
          

        

      

      
        
        

      

    

    EXHIBIT
      F

     

    FORM
      OF
      RULE 144A TRANSFER CERTIFICATE

     

    
      	 	
              Re:

            	
              GreenPoint
                Mortgage Funding Trust

            

      	 	 	
              Mortgage
                Pass Through Certificates, Series
                2006-AR7

            

    

    
       

    

    Reference
      is hereby made to the Trust Agreement dated as of November 1, 2006 (the “Trust
      Agreement”) by and among Structured Asset Securities Corporation, as Depositor,
      Aurora Loan Services LLC, as Master Servicer, and U.S. Bank National
      Association, as Trustee. Capitalized terms used but not defined herein shall
      have the meanings given to them in the Trust Agreement.

     

    This
      letter relates to $__________ initial Certificate Balance of Class Certificates
      which are held in the form of Definitive Certificates registered in the name
      of
      (the “Transferor”). The Transferor has requested a transfer of such Definitive
      Certificates for Definitive Certificates of such Class registered in the name
      of
      [insert name of transferee].

     

    In
      connection with such request, and in respect of such Certificates, the
      Transferor hereby certifies that such Certificates are being transferred in
      accordance with (i) the transfer restrictions set forth in the Trust Agreement
      and the Certificates and (ii) Rule 144A under the Securities Act to a purchaser
      that the Transferor reasonably believes is a “qualified institutional buyer”
within the meaning of Rule 144A purchasing for its own account or for the
      account of a “qualified institutional buyer,” which purchaser is aware that the
      sale to it is being made in reliance upon Rule 144A, in a transaction meeting
      the requirements of Rule 144A and in accordance with any applicable securities
      laws of any state of the United States or any other applicable
      jurisdiction.

     

    This
      certificate and the statements contained herein are made for your benefit and
      the benefit of the Depositor.

     

    _____________________________________

    [Name
      of
      Transferor]

     

    By:__________________________________

    Name:

    Title:

     

    Dated:
      ___________, ____

    
      
        
        

      

      
        F-1

        
          

        

      

      
        
        

      

    

    EXHIBIT
      G

     

    FORM
      OF
      PURCHASER’S LETTER FOR

    INSTITUTIONAL
      ACCREDITED INVESTOR

     

    Date

     

    Dear
      Sirs:

     

    In
      connection with our proposed purchase of $______________ principal amount of
      GreenPoint Mortgage Funding Trust Mortgage Pass Through Certificates, Series
      2006-AR7 (the “Privately Offered Certificates”) of the Structured Asset
      Securities Corporation (the “Depositor”), we confirm that:

     

    
      	
              (1)

            	
              We
                understand that the Privately Offered Certificates have not been,
                and will
                not be, registered under the Securities Act of 1933, as amended (the
                “Securities Act”), and may not be sold except as permitted in the
                following sentence. We agree, on our own behalf and on behalf of
                any
                accounts for which we are acting as hereinafter stated, that if we
                should
                sell any Privately Offered Certificates within two years of the later
                of
                the date of original issuance of the Privately Offered Certificates
                or the
                last day on which such Privately Offered Certificates are owned by
                the
                Depositor or any Affiliate of the Depositor we will do so only (A)
                to the
                Depositor, (B) to “qualified institutional buyers” (within the meaning of
                Rule 144A under the Securities Act) in accordance with Rule 144A
                under the
                Securities Act (“QIBs”), (C) pursuant to the exemption from registration
                provided by Rule 144 under the Securities Act, or (D) to an institutional
                “accredited investor” within the meaning of Rule 501(a)(1), (2), (3) or
                (7) of Regulation D under the Securities Act that is not a QIB (an
                “Institutional Accredited Investor”) which, prior to such transfer,
                delivers to the Trustee under the Trust Agreement dated as of November
                1,
                2006 by and among the Depositor, Aurora Loan Services LLC, as Master
                Servicer, and U.S. Bank National Association, as Trustee (the “Trustee”),
                a signed letter in the form of this letter; and we further agree,
                in the
                capacities stated above, to provide to any person purchasing any
                of the
                Privately Offered Certificates from us a notice advising such purchaser
                that resales of the Privately Offered Certificates are restricted
                as
                stated herein.

            

    

     

    
      	
              (2)

            	
              We
                understand that, in connection with any proposed resale of any Privately
                Offered Certificates to an Institutional Accredited Investor, we
                will be
                required to furnish to the Trustee and the Depositor a certification
                from
                such transferee in the form hereof to confirm that the proposed sale
                is
                being made pursuant to an exemption from, or in a transaction not
                subject
                to, the registration requirements of the Securities Act. We further
                understand that the Privately Offered Certificates purchased by us
                will
                bear a legend to the foregoing
                effect.

            

    

     

    
      	
              (3)

            	
              We
                are acquiring the Privately Offered Certificates for investment purposes
                and not with a view to, or for offer or sale in connection with,
                any
                distribution in violation of the Securities Act. We have such knowledge
                and experience in financial and business matters as to be capable
                of
                evaluating the merits and risks of our investment in the Privately
                Offered
                Certificates, and we and any account for which we are acting are
                each able
                to bear the economic risk of such
                investment.

            

    

     

    
      
        
        

      

      
        G-1

        
          

        

      

      
        
        

      

    

    
      	
              (4)

            	
              We
                are an Institutional Accredited Investor and we are acquiring the
                Privately Offered Certificates purchased by us for our own account
                or for
                one or more accounts (each of which is an Institutional Accredited
                Investor) as to each of which we exercise sole investment
                discretion.

            

    

     

    
      	
              (5)

            	
              We
                have received such information as we deem necessary in order to make
                our
                investment decision.

            

    

     

    
      	
              (6)

            	
              If
                we are acquiring an ERISA-Restricted Certificate, we are not a Plan
                and we
                are not acquiring the ERISA-Restricted Certificate for, on behalf
                of or
                with any assets of a Plan, except as may be permitted pursuant to
                Section
                3.03(d) of the Trust Agreement.

            

    

     

    Terms
      used in this letter which are not otherwise defined herein have the respective
      meanings assigned thereto in the Trust Agreement.

     

    
      
        
        

      

      
        G-2

        
          

        

      

      
        
        

      

    

    You
      and
      the Depositor are entitled to rely upon this letter and are irrevocably
      authorized to produce this letter or a copy hereof to any interested party
      in
      any administrative or legal proceeding or official inquiry with respect to
      the
      matters covered hereby.

     

    Very
      truly yours,

     

    [Purchaser]

     

    By:
      ________________________________

    Name:

    Title:

    
      
        
        

      

      
        G-3

        
          

        

      

      
        
        

      

    

    EXHIBIT
      H

     

    FORM
      OF
      ERISA TRANSFER AFFIDAVIT

    
      

        
          	
                  STATE
                    OF NEW YORK 

                	)
	 	
                  )
                    ss.:

                
	
                  COUNTY
                    OF NEW YORK 

                	
                  )

                

        

      

    

     

    The
      undersigned, being first duly sworn, deposes and says as follows:

     

    
      	
              (1)

            	
              The
                undersigned is the ______________________ of (the “Investor”), a
                [corporation duly organized] and existing under the laws of __________,
                on
                behalf of which he makes this
                affidavit.

            

    

     

    
      	
              (2)

            	
              The
                Investor in an ERISA-Restricted Certificate (A) is not, and on
                _______________ [date of transfer] will not be, an employee benefit
                plan
                or arrangement subject to Title I of the Employee Retirement Income
                Security Act of 1974, as amended (“ERISA”), a plan subject to Section 4975
                of the Internal Revenue Code of 1986, as amended (the “Code”) or a plan
                subject to any provisions under any federal, state, local, non-U.S.
                or
                other laws or regulations that are substantively similar to the foregoing
                provisions of ERISA or the Code (“Similar Law”) (collectively, a “Plan”),
                and is not directly or indirectly acquiring the Certificate for,
                on behalf
                of or with any assets of any such Plan, (B) if the Certificate has
                been
                the subject of an ERISA-Qualifying Underwriting, is an insurance
                company
                that is acquiring the Certificate with assets of an “insurance company
                general account” as defined in Section V(E) of Prohibited Transaction
                Class Exemption (“PTCE”) 95-60 and the acquisition and holding of the
                Certificate are covered and exempt under Sections I and III of PTCE
                95-60,
                or (C) solely in the case of a Definitive Certificate, shall herewith
                deliver an Opinion of Counsel satisfactory to the Certificate Registrar,
                the Trustee and the Depositor, and upon which the Trustee, the Certificate
                Registrar and the Depositor shall be entitled to rely, to the effect
                that
                the acquisition and holding of such Certificate by the Investor will
                not
                result in a nonexempt prohibited transaction under Title I of ERISA
                or
                Section 4975 of the Code, or a violation of Similar Law, and will
                not
                subject the Trustee, the Master Servicer, the Certificate Registrar,
                any
                Servicer or the Depositor to any obligation in addition to those
                undertaken by such entities in the Trust Agreement, which Opinion
                of
                Counsel shall not be an expense of the Trustee, the Master Servicer,
                the
                Certificate Registrar, any Servicer or the
                Depositor.

            

    

     

    
      	
              (3)

            	
              Either
                (i) the investor in a Grantor Trust Certificate is not, and is not
                acting
                for, on behalf of or with any assets of, an employee benefit plan
                or other
                arrangement subject to Title I of ERISA or plan subject to Section
                4975 of
                the Code, or (ii) until the termination of the applicable Deferred
                Interest Cap Agreement, the acquisition and holding of the Grantor
                Trust
                Certificate by the investor are eligible for exemptive relief under
                any of
                Section 408(b)(17) of ERISA or Section 4975(d)(20) of the Code, PTCE
                84-14, PTCE 90-1, PTCE 91-38, PTCE 95-60 or PTCE 96-23, each as
                amended.

            

    

     

    
      	
              (4)

            	
              The
                Investor hereby acknowledges that under the terms of the Trust Agreement
                (the “Agreement”) by and among Structured Asset Securities Corporation, as
                Depositor, Aurora Loan Services LLC, as Master Servicer, and U.S.
                Bank
                National Association, as Trustee, dated as of November 1, 2006, regarding
                GreenPoint Mortgage Funding Trust Mortgage Pass-Through Certificates,
                Series 2006-AR7, no transfer of the ERISA-Restricted Certificates
                shall be
                permitted to be made to any person unless the Depositor and Trustee
                have
                received a certificate from such transferee in the form
                hereof.

            

    

     

    
      
        
        

      

      
        H-1

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, the Investor has caused this instrument to be executed on
      its
      behalf, pursuant to proper authority, by its duly authorized officer, duly
      attested, this ____ day of _______________, 20___.

     

    _________________________________

    [Investor]

     

    By:______________________________

    Name:

    Title:

     

    ATTEST:

    
      

        
          	
                  STATE
                    OF

                	)	
                
	 	 	
                  )
                    ss.:

                
	
                  COUNTY
                    OF

                	)	
                   

                

        

         

      

    

    Personally
      appeared before me the above-named ________________, known or proved to me
      to be
      the same person who executed the foregoing instrument and to be the
      ____________________ of the Investor, and acknowledged that he executed the
      same
      as his free act and deed and the free act and deed of the Investor.

     

    Subscribed
      and sworn before me this _____ day of _________ 20___.

     

    ______________________________

    NOTARY
      PUBLIC

     

    My
      commission expires the

    _____
      day
      of __________, 20___.

     

    
      
        
        

      

      
        H-2

        
          

        

      

      
        
        

      

    

    EXHIBIT
      I

     

    [RESERVED]

    
      
        
        

      

      
        I-1

        
          

        

      

      
        
        

      

    

    EXHIBIT
      J

     

    [RESERVED]

    
      
        
        

      

      
        J-1

        
          

        

      

      
        
        

      

    

    EXHIBIT
      K

     

    CUSTODIAL
      AGREEMENT

     

    [Intentionally
      Omitted]

    
      
        
        

      

      
        K-1

        
          

        

      

      
        
        

      

    

    EXHIBIT
      L

     

    [RESERVED]

     

    
      
        
        

      

      
        L-1

        
          

        

      

      
        
        

      

    

    EXHIBIT
      M

     

    [RESERVED]

    
      
        
        

      

      
        M-1

        
          

        

      

      
        
        

      

    

    EXHIBIT
      N

     

    [RESERVED]

     

    
      
        
        

      

      
        N-1

        
          

        

      

      
        
        

      

    

    EXHIBIT
      O

     

    FORM
      OF
      CERTIFICATE INSURANCE POLICY

    

    See
      Exhibit 99.7

    
      
        
        

      

      
        O-1

        
          

        

      

      
        
        

      

    

    EXHIBIT
      P

     

    FORMS
      OF
      DEFERRED INTEREST CAP AGREEMENTS

    

    

    See
      Exhibit 99.5

    
      
        
        

      

      
        P-1

        
          

        

      

      
        
        

      

    

    EXHIBIT
      Q-1

     

    ADDITIONAL
      FORM 10-D DISCLOSURE

    
      	 	 
	
              Item
                on Form 10-D

            	
              Party
                Responsible

            
	
              Item
                1: Distribution and Pool Performance Information

              Any
                information required by 1121 which is NOT included on the Distribution
                Date Statement

            	
              Master
                Servicer (as to any Servicer, to the extent provided by such
                Servicer),

              Trustee
                (if Paying Agent), Paying Agent and Depositor (to the extent of any
                additional information that has not already been provided by the
                Master
                Servicer)

            
	
              Item
                2: Legal Proceedings

              per
                Item 1117 of Reg AB

            	
              (i)
                All parties to the Trust Agreement (as to themselves), (ii) the Trustee
                as
                to the issuing entity, (iii) the Depositor as to the sponsor, any
                1110(b)
                originator, any 1100(d)(1) party and (iv) the Master Servicer, as
                to any
                Servicer, to the extent provided by such Servicer

            
	
              Item
                3: Sale of Securities and Use of Proceeds

            	
              Depositor

            
	
              Item
                4: Defaults Upon Senior Securities

            	
              Trustee

            
	
              Item
                5: Submission of Matters to a Vote of Security Holders

            	
              Trustee

            
	
              Item
                6: Significant Obligors of Pool Assets

            	
              Depositor

            
	
              Item
                7: Significant Enhancement Provider Information

            	
              Depositor

            
	
              Item
                8: Other Information

            	
              Any
                party responsible for disclosure items on Form 8-K

            
	
              Item
                9: Exhibits

            	
              Depositor
                and Master Servicer (on behalf of any Servicer or on its own behalf
                if
                acting as a Servicer)

            

    

    

      
        
          
          

        

        
          Q-1-1

          
            

          

        

        
          
          

        

      

    EXHIBIT
      Q-2

     

    ADDITIONAL
      FORM 10-K DISCLOSURE

    
      	 	 
	
              Item
                on Form 10-K

            	
              Party
                Responsible

            
	
              Item
                1B: Unresolved Staff Comments

            	
              Depositor

            
	
              Item
                9B: Other Information

            	
              Any
                party responsible for disclosure items on Form 8-K

            
	
              Item
                15: Exhibits, Financial Statement Schedules

            	
              Depositor,
                Servicer, Master Servicer, Subservicer

            
	
              Additional
                Item:

              Disclosure
                per Item 1117 of Reg AB

            	
              (i)
                All parties to the Trust Agreement (as to themselves), (ii) the Trustee
                and the Depositor as to the issuing entity, (iii) the Depositor as
                to the
                sponsor, any 1110(b) originator, any 1100(d)(1) party and (iv) the
                Master
                Servicer, as to any Servicer, to the extent provided by such
                Servicer

            
	
              Additional
                Item:

              Disclosure
                per Item 1119 of Reg AB

            	
              (i)
                All parties to the Trust Agreement as to themselves, (ii) the Depositor
                as
                to the sponsor, originator, significant obligor, enhancement or support
                provider and (iii) the Master Servicer, as to any Servicer, to the
                extent
                provided by such Servicer

            
	
              Additional
                Item:

              Disclosure
                per Item 1112(b) of Reg AB

            	
              Depositor

            
	
              Additional
                Item:

              Disclosure
                per Items 1114(b) and 1115(b) of Reg AB

            	
              Depositor

            

    

    

      
        
          
          

        

        
          Q-2-1

          
            

          

        

        
          
          

        

      

    EXHIBIT
      Q-3

     

    ADDITIONAL
      FORM 8-K DISCLOSURE

    
      	 	 
	
              Item
                on Form 8-K

            	
              Party
                Responsible

            
	
              Item
                1.01- Entry into a Material Definitive Agreement

            	
              Any
                party to the Trust Agreement which is a party to such
                agreement

            
	
              Item
                1.02- Termination of a Material Definitive Agreement

            	
              Any
                party to the Trust Agreement which is a party to such
                agreement

            
	
              Item
                1.03- Bankruptcy or Receivership

            	
              Depositor

            
	
              Item
                2.04- Triggering Events that Accelerate or Increase a Direct Financial
                Obligation or an Obligation under an Off-Balance Sheet
                Arrangement

            	
              Depositor

            
	
              Item
                3.03- Material Modification to Rights of Security Holders

            	
              Trustee
                and Depositor

            
	
              Item
                5.03- Amendments of Articles of Incorporation or Bylaws; Change of
                Fiscal
                Year

            	
              Depositor

            
	
              Item
                6.01- ABS Informational and Computational Material

            	
              Depositor

            
	
              Item
                6.02- Change of Servicer or Trustee

            	
              Master
                Servicer (as to itself and as to any Servicer, to the extent provided
                by
                such Servicer), Trustee (as to itself), Seller

            
	
              Item
                6.03- Change in Credit Enhancement or External Support

            	
              Depositor

            
	
              Item
                6.04- Failure to Make a Required Distribution

            	
              Trustee

            
	
              Item
                6.05- Securities Act Updating Disclosure

            	
              Depositor

            
	
              Item
                7.01- Reg FD Disclosure

            	
              Depositor

            
	
              Item
                8.01

            	
              Depositor

            
	
              Item
                9.01

            	
              Depositor

            

    

    

    
      
        
        

      

      
        Q-3-1

        
          

        

      

      
        
        

      

    

    EXHIBIT
      Q-4

     

    ADDITIONAL
      DISCLOSURE NOTIFICATION

     

    U.S.
      Bank
      National Association,

    as
      Trustee to GreenPoint Mortgage Funding Trust Mortgage

    Pass-Through
      Certificates, Series 2006-AR7

    One
      Federal Street

    3rd
      Floor

    Boston,
      Massachusetts 02110

     

    RE:
      **Additional Form [10-D][10-K][8-K] Disclosure** Required

     

    Ladies
      and Gentlemen:

     

    In
      accordance with Section [ ] of the Trust Agreement, dated as of February 1,
      2006, by and among Structured Asset Securities Corporation, as Depositor, Aurora
      Loan Services LLC, as Master Servicer, and U.S. Bank 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:

            

    

    

    
      
        
        

      

      
        Q-4-1

        
          

        

      

      
        
        

      

    

    EXHIBIT
      R

     

    SERVICING
      CRITERIA TO BE ADDRESSED

    IN
      ASSESSMENT OF COMPLIANCE

     

    Key:
      X
      -
      obligation

     

    Where
      there are multiple checks for criteria the attesting party will identify in
      their management assertion that they are attesting only to the portion of the
      distribution chain they are responsible for in the related transaction
      agreements. Capitalized terms used herein but not defined herein shall have
      the
      meanings assigned to them in the Trust Agreement dated as of November 1, 2006
      (the “Trust Agreement”), by and among U.S. Bank National Association, (the
“Trustee”), Aurora Loan Services LLC, as master servicer (the “Master
      Servicer”), and Structured Asset Securities Corporation, as depositor (the
“Depositor”).

    
      
        	 	 	 	 	 
	
                Reg
                  AB Reference

              	
                Servicing
                  Criteria

              	
                Paying
                  Agent

                (including
                  the Trustee if acting as Paying Agent)

              	
                Trustee

              	
                Master
                  Servicer

              
	 	
                General Servicing
                  Considerations

              	 	 	 
	
                1122(d)(1)(i)

              	
                Policies
                  and procedures are instituted to monitor any performance or other
                  triggers
                  and events of default in accordance with the transaction
                  agreements.

              	 	 	
                X

              
	
                1122(d)(1)(ii)

              	
                If
                  any material servicing activities are outsourced to third parties,
                  policies and procedures are instituted to monitor the third party’s
                  performance and compliance with such servicing activities.

              	
                If
                  applicable for the transaction participant

              	
                If
                  applicable for the transaction participant

              	
                If
                  applicable for the transaction participant

              
	
                1122(d)(1)(iii)

              	
                Any
                  requirements in the transaction agreements to maintain a back-up
                  servicer
                  for the pool assets are maintained.

              	 	 	
                X

              
	
                1122(d)(1)(iv)

              	
                A
                  fidelity bond and errors and omissions policy is in effect on the
                  party
                  participating in the servicing function throughout the reporting
                  period in
                  the amount of coverage required by and otherwise in accordance
                  with the
                  terms of the transaction agreements.

              	 	 	
                X

              
	 	
                Cash Collection and Administration

              	 	 	 
	
                1122(d)(2)(i)

              	
                Payments
                  on pool assets are deposited into the appropriate custodial bank
                  accounts
                  and related bank clearing accounts no more than two business days
                  following receipt, or such other number of days specified in the
                  transaction agreements.

              	
                X

              	 	
                X

              

      

      
        
          
          

        

        
          R-1

          
            

          

        

        
          
          

        

      

      

      
        	 	 	 	 	 
	
                Reg
                  AB Reference

              	
                Servicing
                  Criteria

              	
                Paying
                  Agent

                (including
                  the Trustee if acting as Paying Agent)

              	
                Trustee

              	
                Master
                  Servicer

              
	
                1122(d)(2)(ii)

              	
                Disbursements
                  made via wire transfer on behalf of an obligor or to an investor
                  are made
                  only by authorized personnel.

              	
                X

              	 	
                X

              
	
                1122(d)(2)(iii)

              	
                Advances
                  of funds or guarantees regarding collections, cash flows or distributions,
                  and any interest or other fees charged for such advances, are made,
                  reviewed and approved as specified in the transaction
                  agreements.

              	 	 	
                X

              
	
                1122(d)(2)(iv)

              	
                The
                  related accounts for the transaction, such as cash reserve accounts
                  or
                  accounts established as a form of over collateralization, are separately
                  maintained (e.g., with respect to commingling of cash) as set forth
                  in the
                  transaction agreements.

              	
                X

              	
                X

              	
                X

              
	
                1122(d)(2)(v)

              	
                Each
                  custodial account is maintained at a federally insured depository
                  institution as set forth in the transaction agreements. For purposes
                  of
                  this criterion, “federally insured depository institution” with respect to
                  a foreign financial institution means a foreign financial institution
                  that
                  meets the requirements of Rule 13k-1(b)(1) of the Securities Exchange
                  Act.

              	 	 	
                X

              
	
                1122(d)(2)(vi)

              	
                Unissued
                  checks are safeguarded so as to prevent unauthorized
                  access.

              	
                X

              	 	
                X

              
	
                1122(d)(2)(vii)

              	
                Reconciliations
                  are prepared on a monthly basis for all asset-backed securities
                  related
                  bank accounts, including custodial accounts and related bank clearing
                  accounts. These reconciliations are (A) mathematically accurate;
                  (B)
                  prepared within 30 calendar days after the bank statement cutoff
                  date, or
                  such other number of days specified in the transaction agreements;
                  (C)
                  reviewed and approved by someone other than the person who prepared
                  the
                  reconciliation; and (D) contain explanations for reconciling items.
                  These
                  reconciling items are resolved within 90 calendar days of their
                  original
                  identification, or such other number of days specified in the transaction
                  agreements.

              	
                X

              	 	
                X

              
	 	
                Investor
                  Remittances and Reporting

              	 	 	 
	
                1122(d)(3)(i)

              	
                Reports
                  to investors, including those to be filed with the Commission,
                  are
                  maintained in accordance with the transaction agreements and applicable
                  Commission requirements. Specifically, such reports (A) are prepared
                  in
                  accordance with timeframes and other terms set forth in the transaction
                  agreements; (B) provide information calculated in accordance with
                  the
                  terms specified in the transaction agreements; (C) are filed with
                  the
                  Commission as required by its rules and regulations; and (D) agree
                  with
                  investors’ or the trustee’s records as to the total unpaid principal
                  balance and number of Pool Assets serviced by the
                  Servicer.

              	 	
                X

              	
                X

              
	
                1122(d)(3)(ii)

              	
                Amounts
                  due to investors are allocated and remitted in accordance with
                  timeframes,
                  distribution priority and other terms set forth in the transaction
                  agreements.

              	 	
                X

              	
                X

              

      

      
        
          
          

        

        
          R-2

          
            

          

        

        
          
          

        

      

      

      
        	 	 	 	 	 
	
                Reg
                  AB Reference

              	
                Servicing
                  Criteria

              	
                Paying
                  Agent

                (including
                  the Trustee if acting as Paying Agent)

              	
                Trustee

              	
                Master
                  Servicer

              
	
                1122(d)(3)(iii)

              	
                Disbursements
                  made to an investor are posted within two business days to the
                  Servicer’s
                  investor records, or such other number of days specified in the
                  transaction agreements.

              	
                X

              	 	
                X

              
	
                1122(d)(3)(iv)

              	
                Amounts
                  remitted to investors per the investor reports agree with cancelled
                  checks, or other form of payment, or custodial bank
                  statements.

              	
                X

              	 	
                X

              
	 	
                Pool
                  Asset Administration

              	 	 	 
	
                1122(d)(4)(i)

              	
                Collateral
                  or security on pool assets is maintained as required by the transaction
                  agreements or related pool asset documents.

              	 	 	 
	
                1122(d)(4)(ii)

              	
                Pool
                  assets and related documents are safeguarded as required by the
                  transaction agreements

              	 	 	 
	
                1122(d)(4)(iii)

              	
                Any
                  additions, removals or substitutions to the asset pool are made,
                  reviewed
                  and approved in accordance with any conditions or requirements
                  in the
                  transaction agreements.

              	 	
                X

              	 
	
                1122(d)(4)(iv)

              	
                Payments
                  on pool assets, including any payoffs, made in accordance with
                  the related
                  pool asset documents are posted to the Servicer’s obligor records
                  maintained no more than two business days after receipt, or such
                  other
                  number of days specified in the transaction agreements, and allocated
                  to
                  principal, interest or other items (e.g., escrow) in accordance
                  with the
                  related pool asset documents.

              	 	 	 
	
                1122(d)(4)(v)

              	
                The
                  Servicer’s records regarding the pool assets agree with the Servicer’s
                  records with respect to an obligor’s unpaid principal
                  balance.

              	 	 	 

      

      
        
          
          

        

        
          R-3

          
            

          

        

        
          
          

        

      

      

      
        	 	 	 	 	 
	
                Reg
                  AB Reference

              	
                Servicing
                  Criteria

              	
                Paying
                  Agent

                (including
                  the Trustee if acting as Paying Agent)

              	
                Trustee

              	
                Master
                  Servicer

              
	
                1122(d)(4)(vi)

              	
                Changes
                  with respect to the terms or status of an obligor's pool assets
                  (e.g.,
                  loan modifications or re-agings) are made, reviewed and approved
                  by
                  authorized personnel in accordance with the transaction agreements
                  and
                  related pool asset documents.

              	 	 	
                X

              
	
                1122(d)(4)(vii)

              	
                Loss
                  mitigation or recovery actions (e.g., forbearance plans, modifications
                  and
                  deeds in lieu of foreclosure, foreclosures and repossessions, as
                  applicable) are initiated, conducted and concluded in accordance
                  with the
                  timeframes or other requirements established by the transaction
                  agreements.

              	 	 	
                X

              
	
                1122(d)(4)(viii)

              	
                Records
                  documenting collection efforts are maintained during the period
                  a pool
                  asset is delinquent in accordance with the transaction agreements.
                  Such
                  records are maintained on at least a monthly basis, or such other
                  period
                  specified in the transaction agreements, and describe the entity’s
                  activities in monitoring delinquent pool assets including, for
                  example,
                  phone calls, letters and payment rescheduling plans in cases where
                  delinquency is deemed temporary (e.g., illness or
                  unemployment).

              	 	 	 
	
                1122(d)(4)(ix)

              	
                Adjustments
                  to interest rates or rates of return for pool assets with variable
                  rates
                  are computed based on the related pool asset documents.

              	 	 	 
	
                1122(d)(4)(x)

              	
                Regarding
                  any funds held in trust for an obligor (such as escrow accounts):
                  (A) such
                  funds are analyzed, in accordance with the obligor’s pool asset documents,
                  on at least an annual basis, or such other period specified in
                  the
                  transaction agreements; (B) interest on such funds is paid, or
                  credited,
                  to obligors in accordance with applicable pool asset documents
                  and state
                  laws; and (C) such funds are returned to the obligor within 30
                  calendar
                  days of full repayment of the related pool assets, or such other
                  number of
                  days specified in the transaction agreements.

              	 	 	 
	
                1122(d)(4)(xi)

              	
                Payments
                  made on behalf of an obligor (such as tax or insurance payments)
                  are made
                  on or before the related penalty or expiration dates, as indicated
                  on the
                  appropriate bills or notices for such payments, provided that such
                  support
                  has been received by the servicer at least 30 calendar days prior
                  to these
                  dates, or such other number of days specified in the transaction
                  agreements.

              	 	 	 

      

      
        
          
          

        

        
          R-4

          
            

          

        

        
          
          

        

      

      

      
        	 	 	 	 	 
	
                Reg
                  AB Reference

              	
                Servicing
                  Criteria

              	
                Paying
                  Agent

                (including
                  the Trustee if acting as Paying Agent)

              	
                Trustee

              	
                Master
                  Servicer

              
	
                1122(d)(4)(xii)

              	
                Any
                  late payment penalties in connection with any payment to be made
                  on behalf
                  of an obligor are paid from the Servicer’s funds and not charged to the
                  obligor, unless the late payment was due to the obligor’s error or
                  omission.

              	 	 	 
	
                1122(d)(4)(xiii)

              	
                Disbursements
                  made on behalf of an obligor are posted within two business days
                  to the
                  obligor’s records maintained by the servicer, or such other number of days
                  specified in the transaction agreements.

              	 	 	 
	
                1122(d)(4)(xiv)

              	
                Delinquencies,
                  charge-offs and uncollectible accounts are recognized and recorded
                  in
                  accordance with the transaction agreements.

              	 	 	
                X

              
	
                1122(d)(4)(xv)

              	
                Any
                  external enhancement or other support, identified in Item 1114(a)(1)
                  through (3) or Item 1115 of Regulation AB, is maintained as set
                  forth in
                  the transaction agreements.

              	 	
                X

              	 

      

      

      
        
          
          

        

        
          R-5

          
            

          

        

        
          
          

        

      

      EXHIBIT
        S

       

      TRANSACTION
        PARTIES

       

      SPONSOR
        AND SELLER: LEHMAN BROTHERS HOLDINGS INC.

       

      DEPOSITOR:
        STRUCTURED ASSET SECURITIES CORPORATION

       

      TRUSTEE:
        U.S. BANK NATIONAL ASSOCIATION

       

      MASTER
        SERVICER: AURORA LOAN SERVICES LLC

       

      SERVICER:
        GREENPOINT MORTGAGE FUNDING, INC. AND GMAC MORTGAGE, LLC

       

      ORIGINATOR:
        GREENPOINT MORTGAGE FUNDING, INC.

       

      CUSTODIAN:
        U.S. BANK NATIONAL ASSOCIATION

       

      CAP
        PROVIDER: LEHMAN BROTHERS SPECIAL FINANCING INC.

       

      CERTIFICATE
        INSURER: FINANCIAL SECURITY ASSURANCE INC.

      
        
          
          

        

        
          S-1

          
            

          

        

        
          
          

        

      

      EXHIBIT
        T

       

      FORM
        OF
        BACK-UP SARBANES-OXLEY CERTIFICATION

       

      [   
        ]

      [   
        ]

      [   
        ]

       

      Re: GreenPoint
        Mortgage Funding Trust Mortgage Pass-Through Certificates, Series
        2006-AR7

       

      [_______],
        the [_______] of [_______] (the “Company”) hereby certifies to the Depositor,
        the Master Servicer and the Trustee, and each of their officers, directors
        and
        affiliates that:

       

      
        	
                (1)

              	
                I
                  have reviewed [the servicer compliance statement of the Company
                  provided
                  in accordance with Item 1123 of Regulation AB (the “Compliance
                  Statement”),] the report on assessment of the Company’s compliance with
                  the Servicing Criteria set forth in Item 1122(d) of Regulation
                  AB (the
                  “Servicing Criteria”), provided in accordance with Rules 13a-18 and 15d-18
                  under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)
                  and Item 1122 of Regulation AB (the “Servicing Assessment”), the
                  registered public accounting firm’s attestation report provided in
                  accordance with Rules 13a-18 and 15d-18 under the Exchange Act
                  and Section
                  1122(b) of Regulation AB (the “Attestation Report”), and all servicing
                  reports, officer’s certificates and other information relating to the
                  servicing of the Mortgage Loans by the Company during 200[ ] that
                  were
                  delivered by the Company to any of the Depositor, the Master Servicer
                  and
                  the Trustee pursuant to the Agreement (collectively, the “Company
                  Servicing Information”);

              

      

       

      
        	
                (2)

              	
                Based
                  on my knowledge, the Company Servicing Information, taken as a
                  whole, does
                  not contain any untrue statement of a material fact or omit to
                  state a
                  material fact necessary to make the statements made, in the light
                  of the
                  circumstances under which such statements were made, not misleading
                  with
                  respect to the period of time covered by the Company Servicing
                  Information;

              

      

       

      
        	
                (3)

              	
                Based
                  on my knowledge, all of the Company Servicing Information required
                  to be
                  provided by the Company under the Agreement has been provided to
                  the
                  Depositor, the Master Servicer and the
                  Trustee;

              

      

       

      
        	
                (4)

              	
                I
                  am responsible for reviewing the activities performed by [_______]
                  as
                  [_______] under the [_______] (the “Agreement”), and based on my knowledge
                  [and the compliance review conducted in preparing the Compliance
                  Statement] and except as disclosed in [the Compliance Statement,]
                  the
                  Servicing Assessment or the Attestation Report, the Company has
                  fulfilled
                  its obligations under the Agreement in all material respects;
                  and

              

      

       

      
        	
                (5)

              	
                [The
                  Compliance Statement required to be delivered by the Company pursuant
                  to
                  the Agreement, and] [The] [the] Servicing Assessment and Attestation
                  Report required to be provided by the Company and [by any Subservicer
                  or
                  Subcontractor] pursuant to the Agreement, have been provided to
                  the
                  Depositor, the Master Servicer and the Trustee. Any material instances
                  of
                  noncompliance described in such reports have been disclosed to
                  the
                  Depositor, the Master Servicer and the Trustee. Any material instance
                  of
                  noncompliance with the Servicing Criteria has been disclosed in
                  such
                  reports.

              

      

       

      
        
          
          

        

        
          T-1

          
            

          

        

        
          
          

        

      

      Capitalized
        terms used but not defined herein have the meanings ascribed to them in the
        Trust Agreement, dated as of November 1, 2006 (the “Trust Agreement”) by and
        among Structured Asset Securities Corporation, as Depositor, Aurora Loan
        Services LLC, as Master Servicer and U.S. Bank National Association, as Trustee.
        Capitalized terms used but not defined herein shall have the meanings given
        to
        them in the Trust Agreement.

       

      
        	 	 	 
	 	
                [_______]

                as
                  [_______]

              
	 	 	 
	 	
                By:

              	 
	 	
                Name:

                Title:

                Date:

              

      

      

        
          
            
            

          

          
            T-2

            
              

            

          

          
            
            

          

        

      EXHIBIT
        U

      

      FORM
        OF
        BACK-UP SARBANES-OXLEY CERTIFICATION 

      TO
        BE
        PROVIDED BY THE TRUSTEE

      

       

      
        	Re:    	
                GreenPoint
                  Mortgage Funding Trust, Series 2006-AR7 (the “Trust”), Mortgage
                  Pass-Through Certificates, Series 2006-AR7, issued pursuant to
                  the Trust
                  Agreement, dated as of November 1, 2006, among Structured Asset
                  Securities
                  Corporation, as Depositor, Aurora Loan Services, LLC, as Master
                  Servicer,
                  and U.S. Bank National Association, as
                  Trustee 

              

      

       

      The
        Trustee hereby certifies to the Depositor and the Master Servicer, and their
        respective officers, directors and affiliates, and with the knowledge and
        intent
        that they will rely upon this certification, that:

       

      (1) I
        have
        reviewed the annual report on Form 10-K for the fiscal year [____] (the “Annual
        Report”), and all reports on Form 10-D required to be filed in respect of period
        covered by the Annual Report (collectively with the Annual Report, the
“Reports”), of the Trust;

       

      (2) To
        my
        knowledge, (a)
        the
        Reports, taken as a whole, do not contain any untrue statement of a material
        fact or omit to state a material fact necessary to make the statements made,
        in
        light of the circumstances under which such statements were made, not misleading
        with respect to the period covered by the Annual Report,
        and (b)
        the Trustee’s assessment of compliance and related attestation report referred
        to below, taken as a whole, do not contain any untrue statement of a material
        fact or omit to state a material fact necessary to make the statements made,
        in
        light of the circumstances under which such statements were made, not misleading
        with respect to the period covered by such assessment of compliance and
        attestation report;

       

      (3) To
        my
        knowledge, the distribution information required to be provided by the Trustee
        under the Trust Agreement for inclusion in the Reports is included in the
        Reports;

       

      (4) I
        am
        responsible for reviewing the activities performed by the Trustee under the
        Trust Agreement, and based on my knowledge and the compliance review conducted
        in preparing the assessment of compliance of the Trustee required by the
        Trust
        Agreement, and except as disclosed in the Reports, the Trustee has fulfilled
        its
        obligations under the Trust Agreement in all material respects; and

       

      (5) The
        report on assessment of compliance with servicing criteria applicable to
        the
        Trustee for asset-backed securities of the Trustee and each Subcontractor
        utilized by the Trustee and related attestation report on assessment of
        compliance with servicing criteria applicable to it required to be included
        in
        the Annual Report in accordance with Item 1122 of Regulation AB and Exchange
        Act
        Rules 13a-18 and 15d-18 has been included as an exhibit to the Annual Report.
        Any material instances of non-compliance are described in such report and
        have
        been disclosed in the Annual Report.

       

      
        
          
          

        

        
          U-1

          
            

          

        

        
          
          

        

      

      In
        giving
        the certifications above, the Trustee has reasonably relied on information
        provided to it by the following unaffiliated parties: [names of servicer(s),
        master servicer, subservicer(s), depositor, trustee, custodian(s)]

       

      

      Date:    

      

      U.S.
        Bank
        National Association, as Trustee

      

      

      _________________________________

      [Signature]

      [Title]

      

      
        
          
          

        

        
          U-2

          
            

          

        

        
          
          

        

      

      EXHIBIT
        V-1

       

      FORM
        OF TRANSFER CERTIFICATE

      FOR
        TRANSFER FROM RESTRICTED GLOBAL SECURITY

      TO
        REGULATION S GLOBAL SECURITY

      (Transfers
        pursuant to § 3.03(h)(ii)

       of
        the Agreement)

       

      Re:    GreenPoint
        Mortgage Funding Trust, Series 2006-AR7 

      

      Reference
        is hereby made to the Trust Agreement (the “Agreement”) by and among Structured
        Asset Securities Corporation, as Depositor, Aurora Loan Services LLC, as
        Master
        Servicer, and U.S. Bank National Association, as Trustee, dated as of November
        1, 2006.Capitalized terms used but not defined herein shall have the meanings
        given to them in the Agreement.

       

      This
        letter relates to U.S. $aggregate principal amount of securities which are
        held
        in the form of a Restricted Global Security with DTC in the name of [name
        of
        transferor](the “Transferor”) to effect the transfer of the Securities in
        exchange for an equivalent beneficial interest in a Regulation S Global
        Security.

       

      In
        connection with such request, the Transferor does hereby certify that such
        transfer has been effected in accordance with the transfer restrictions set
        forth in the Agreement and the securities and in accordance with Rule 904
        of
        Regulation S, and that:

       

      a. the
        offer of the securities was not made to a person in the United States;

      

      b. at
        the time the buy order was originated, the transferee was outside the United
        States or the Transferor and any person acting on its behalf reasonably believed
        that the transferee was outside the United States;

      

      c. no
        directed selling efforts have been made in contravention of the requirements
        of
        Rule 903 or 904 of Regulation S, as applicable;

      

      d. the
        transaction is not part of a plan or scheme to evade the registration
        requirements of the United States Securities Act of 1933, as amended;
        and

      

      e. the
        transferee is not a U.S. person (as defined in Regulation S).

      

      
        
          
          

        

        
          V-1-1

          
            

          

        

        
          
          

        

      

      You
        are entitled to rely upon this letter and are irrevocably authorized to produce
        this letter or a copy hereof to any interested party in any administrative
        or
        legal proceedings or official inquiry with respect to the matters covered
        hereby. Terms used in this certificate have the meanings set forth in Regulation
        S.

       

       

       [Name
        of Transferor]

      

      

      By: 

      Name:

      Title:

       

      Date: ,

      
        
          
          

        

        
          V-1-2

          
            

          

        

        
          
          

        

      

      EXHIBIT
        V-2

       

      FORM
        OF TRANSFER CERTIFICATE FOR TRANSFER 

      FROM
        REGULATION S GLOBAL SECURITY

      TO
        RESTRICTED GLOBAL SECURITY

      (Transfers
        pursuant to § 3.03(h)(C)

      of
        the Agreement)

       

      Re:    GreenPoint
        Mortgage Funding Trust, Series 2006-AR7 

      

      Reference
        is hereby made to the Trust Agreement (the “Agreement”) by and among Structured
        Asset Securities Corporation, as Depositor, Aurora Loan Services LLC, as
        Master
        Servicer, and U.S. Bank National Association, as Trustee, dated as of November
        1, 2006.Capitalized terms used but not defined herein shall have the meanings
        given to them in the Agreement.

       

      This
        letter relates to U.S. $ aggregate principal amount of securities which are
        held in the form of a Regulations S Global Security in the name of [name
        of
        transferor] (the “Transferor”) to effect the transfer of the securities in
        exchange for an equivalent beneficial interest in a Restricted Global
        Security.

       

      In
        connection with such request, and in respect of such securities, the Transferor
        does hereby certify that such Securities are being transferred in accordance
        with (i) the transfer restrictions set forth in the Agreement and the Securities
        and (ii) Rule 144A under the United States Securities Act of 1933, as amended,
        to a transferee that the Transferor reasonably believes is purchasing the
        Securities for its own account or an account with respect to which the
        transferee exercises sole investment discretion, the transferee and any such
        account is a qualified institutional buyer within the meaning of Rule 144A,
        in a
        transaction meeting the requirements of Rule 144A and in accordance with
        any
        applicable securities laws of any state of the United States or any other
        jurisdiction.

       

       

       [Name
        of Transferor]

      

      By:

      Name:

      Title:

       

      Date: , 

      
        
          
          

        

        
          V-2-1

          
            

          

        

        
          
          

        

      

      SCHEDULE
        A

       

      MORTGAGE
        LOAN SCHEDULE

       

      [Intentionally
        Omitted]EXECUTION

    

     

    STRUCTURED
      ASSET SECURITIES CORPORATION, as Depositor,

     

    WELLS
      FARGO BANK, N.A., as 

    Master
      Servicer and Securities Administrator

     

    RISK
      MANAGEMENT GROUP, LLC, as Credit Risk Manager,

     

    and
      

     

    U.S.
      BANK
      NATIONAL ASSOCIATION, as Trustee

     

    
      

    

     

    TRUST
      AGREEMENT

     

    Dated
      as
      of November 1, 2006

     

    
      
 

    STRUCTURED
      ASSET SECURITIES CORPORATION MORTGAGE LOAN TRUST

    MORTGAGE
      PASS-THROUGH CERTIFICATES

    SERIES
      2006-BC5

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    TABLE
      OF
      CONTENTS

     

    
      	 	 	 	 	
              Page 

            	 
	
              ARTICLE
                I DEFINITIONS

            	 	 	 
	 	 	 	 
	
              Section
                1.01.

            	 	 	
              Definitions.

            	 	 	
              16

            	 
	
              Section
                1.02.

            	 	 	
              Calculations
                Respecting Mortgage Loans.

            	 	 	
              62

            	 
	
              Section
                1.03.

            	 	 	
              Calculations
                Respecting Accrued Interest.

            	 	 	
              62

            	 
	 	 	 	 	 
	
              ARTICLE
                II DECLARATION OF TRUST; ISSUANCE OF CERTIFICATES

            	 	 	 	 
	 	 	 	 	 
	
              Section
                2.01.

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

            	 	 	
              63

            	 
	
              Section
                2.02.

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

            	 	 	
              67

            	 
	
              Section
                2.03.

            	 	 	
              Representations
                and Warranties of the Depositor.

            	 	 	
              69

            	 
	
              Section
                2.04.

            	 	 	
              Discovery
                of Breach.

            	 	 	
              71

            	 
	
              Section
                2.05.

            	 	 	
              Repurchase,
                Purchase or Substitution of Mortgage Loans.

            	 	 	
              71

            	 
	
              Section
                2.06.

            	 	 	
              Grant
                Clause.

            	 	 	
              72

            	 
	 	 	 	 	 
	
              ARTICLE
                III THE CERTIFICATES

            	 	 	 	 
	 	 	 	 	 
	
              Section
                3.01.

            	 	 	
              The
                Certificates.

            	 	 	
              74

            	 
	
              Section
                3.02.

            	 	 	
              Registration.

            	 	 	
              75

            	 
	
              Section
                3.03.

            	 	 	
              Transfer
                and Exchange of Certificates.

            	 	 	
              76

            	 
	
              Section
                3.04.

            	 	 	
              Cancellation
                of Certificates.

            	 	 	
              82

            	 
	
              Section
                3.05.

            	 	 	
              Replacement
                of Certificates.

            	 	 	
              82

            	 
	
              Section
                3.06.

            	 	 	
              Persons
                Deemed Owners.

            	 	 	
              83

            	 
	
              Section
                3.07.

            	 	 	
              Temporary
                Certificates.

            	 	 	
              83

            	 
	
              Section
                3.08.

            	 	 	
              Appointment
                of Paying Agent.

            	 	 	
              83

            	 
	
              Section
                3.09.

            	 	 	
              Book-Entry
                Certificates.

            	 	 	
              84

            	 
	 	 	 	 	 
	
              ARTICLE
                IV ADMINISTRATION OF THE TRUST FUND

            	 	 	 	 
	 	 	 	 	 
	
              Section
                4.01.

            	 	 	
              Certificate
                Account.

            	 	 	
              86

            	 
	
              Section
                4.02.

            	 	 	
              Application
                of Funds in the Certificate Account.

            	 	 	
              88

            	 
	
              Section
                4.03.

            	 	 	
              Reports
                to Certificateholders.

            	 	 	
              90

            	 
	 	 	 	 	 
	
              ARTICLE
                V DISTRIBUTIONS TO HOLDERS OF CERTIFICATES

            	 	 	 	 
	 	 	 	 	 
	
              Section
                5.01.

            	 	 	
              Distributions
                Generally.

            	 	 	
              95

            	 
	
              Section
                5.02.

            	 	 	
              Distributions
                from the Certificate Account.

            	 	 	
              95

            	 
	
              Section
                5.03.

            	 	 	
              Allocation
                of Losses.

            	 	 	
              109

            	 
	
              Section
                5.04.

            	 	 	
              Advances
                by Master Servicer and Servicers .

            	 	 	
              109

            	 
	
              Section
                5.05.

            	 	 	
              Compensating
                Interest Payments.

            	 	 	
              110

            	 
	
              Section
                5.06.

            	 	 	
              Basis
                Risk Reserve Fund.

            	 	 	
              110

            	 
	
              Section
                5.07.

            	 	 	
              Supplemental
                Interest Trust.

            	 	 	
              110

            	 
	
              Section
                5.08.

            	 	 	
              Rights
                of Swap Counterparty.

            	 	 	
              113

            	 
	
              Section
                5.09.

            	 	 	
              Termination
                Receipts.

            	 	 	
              114

            	 
	
              Section
                5.10.

            	 	 	
              Final
                Maturity Reserve Trust.

            	 	 	
              115

            	 

    

     

    
      
        
        

      

      
        i

        
          

        

      

      
        
        

      

    

     

    
      	
              ARTICLE
                VI CONCERNING THE TRUSTEE AND THE SECURITIES ADMINISTRATOR; EVENTS
                OF
                DEFAULT

            	 	 	 	 
	 	 	 	 	 
	
              Section
                6.01.

            	 	 	
              Duties
                of Trustee and Securities Administrator.

            	 	 	
              116

            	 
	
              Section
                6.02.

            	 	 	
              Certain
                Matters Affecting the Trustee and the Securities
                Administrator.

            	 	 	
              119

            	 
	
              Section
                6.03.

            	 	 	
              Trustee
                and Securities Administrator Not Liable for Certificates.

            	 	 	
              121

            	 
	
              Section
                6.04.

            	 	 	
              Trustee
                and the Securities Administrator May Own Certificates.

            	 	 	
              121

            	 
	
              Section
                6.05.

            	 	 	
              Eligibility
                Requirements for Trustee and Securities Administrator.

            	 	 	
              121

            	 
	
              Section
                6.06.

            	 	 	
              Resignation
                and Removal of Trustee and the Securities Administrator.

            	 	 	
              122

            	 
	
              Section
                6.07.

            	 	 	
              Successor
                Trustee and Successor Securities Administrator.

            	 	 	
              123

            	 
	
              Section
                6.08.

            	 	 	
              Merger
                or Consolidation of Trustee or the Securities
                Administrator.

            	 	 	
              124

            	 
	
              Section
                6.09.

            	 	 	
              Appointment
                of Co-Trustee, Separate Trustee or Custodian.

            	 	 	
              125

            	 
	
              Section
                6.10.

            	 	 	
              Authenticating
                Agents.

            	 	 	
              126

            	 
	
              Section
                6.11.

            	 	 	
              Indemnification
                of Trustee and Securities Administrator.

            	 	 	
              127

            	 
	
              Section
                6.12.

            	 	 	
              Fees
                and Expenses of Securities Administrator, Trustee and
                Custodians.

            	 	 	
              128

            	 
	
              Section
                6.13.

            	 	 	
              Collection
                of Monies.

            	 	 	
              129

            	 
	
              Section
                6.14.

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

            	 	 	
              129

            	 
	
              Section
                6.15.

            	 	 	
              Additional
                Remedies of Trustee Upon Event of Default.

            	 	 	
              133

            	 
	
              Section
                6.16.

            	 	 	
              Waiver
                of Defaults.

            	 	 	
              134

            	 
	
              Section
                6.17.

            	 	 	
              Notification
                to Holders.

            	 	 	
              134

            	 
	
              Section
                6.18.

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

            	 	 	
              134

            	 
	
              Section
                6.19.

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

            	 	 	
              135

            	 
	
              Section
                6.20.

            	 	 	
              Preparation
                of Tax Returns and Other Reports.

            	 	 	
              135

            	 
	
              Section
                6.21.

            	 	 	
              Reporting
                Requirements of the Commission

            	 	 	
              142

            	 
	
              Section
                6.22.

            	 	 	
              No
                Merger.

            	 	 	
              143

            	 
	
              Section
                6.23.

            	 	 	
              Indemnification
                by the Securities Administrator.

            	 	 	
              143

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

            	 	 	 	 
	 	 	 	 	 
	
              Section
                7.01.

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

            	 	 	
              143

            	 
	
              Section
                7.02.

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

            	 	 	
              145

            	 
	
              Section
                7.03.

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

            	 	 	
              147

            	 
	
              Section
                7.04.

            	 	 	
              Optional
                Repurchase Right.

            	 	 	
              148

            	 
	 	 	 	 	 
	
              ARTICLE
                VIII RIGHTS OF CERTIFICATEHOLDERS

            	 	 	 	 
	 	 	 	 	 
	
              Section
                8.01.

            	 	 	
              Limitation
                on Rights of Holders.

            	 	 	
              148

            	 
	
              Section
                8.02.

            	 	 	
              Access
                to List of Holders.

            	 	 	
              149

            	 
	
              Section
                8.03.

            	 	 	
              Acts
                of Holders of Certificates.

            	 	 	
              150

            	 

    

     

    
      
        
        

      

      
        ii

        
          

        

      

      
        
        

      

    

     

    
      	
              ARTICLE
                IX ADMINISTRATION AND SERVICING OF MORTGAGE LOANS; CREDIT RISK
                MANAGER

            	 	 	 	 
	 	 	 	 	 
	
              Section
                9.01.

            	 	 	
              Duties
                of the Master Servicer.

            	 	 	
              151

            	 
	
              Section
                9.02.

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

            	 	 	
              151

            	 
	
              Section
                9.03.

            	 	 	
              Master
                Servicer’s
                Financial Statements and Related Information.

            	 	 	
              152

            	 
	
              Section
                9.04.

            	 	 	
              Power
                to Act; Procedures.

            	 	 	
              152

            	 
	
              Section
                9.05.

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

            	 	 	
              154

            	 
	
              Section
                9.06.

            	 	 	
              Collection
                of Taxes, Assessments and Similar Items.

            	 	 	
              155

            	 
	
              Section
                9.07.

            	 	 	
              Termination
                of Servicing Agreements; Successor Servicers.

            	 	 	
              156

            	 
	
              Section
                9.08.

            	 	 	
              Master
                Servicer Liable for Enforcement.

            	 	 	
              157

            	 
	
              Section
                9.09.

            	 	 	
              No
                Contractual Relationship Between Any Servicer and Trustee or
                Depositor.

            	 	 	
              157

            	 
	
              Section
                9.10.

            	 	 	
              Assumption
                of Servicing Agreement by Securities Administrator.

            	 	 	
              157

            	 
	
              Section
                9.11.

            	 	 	
              Due-on-Sale
                Clauses; Assumption Agreements.

            	 	 	
              158

            	 
	
              Section
                9.12.

            	 	 	
              Release
                of Mortgage Files.

            	 	 	
              158

            	 
	
              Section
                9.13.

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

            	 	 	
              159

            	 
	
              Section
                9.14.

            	 	 	
              Representations
                and Warranties of the Master Servicer.

            	 	 	
              160

            	 
	
              Section
                9.15.

            	 	 	
              Opinion.

            	 	 	
              162

            	 
	
              Section
                9.16.

            	 	 	
              Standard
                Hazard and Flood Insurance Policies.

            	 	 	
              163

            	 
	
              Section
                9.17.

            	 	 	
              Presentment
                of Claims and Collection of Proceeds.

            	 	 	
              163

            	 
	
              Section
                9.18.

            	 	 	
              Maintenance
                of the Primary Mortgage Insurance Policies.

            	 	 	
              163

            	 
	
              Section
                9.19.

            	 	 	
              Trustee
                To Retain Possession of Certain Insurance Policies and
                Documents.

            	 	 	
              164

            	 
	
              Section
                9.20.

            	 	 	
              [Reserved]

            	
               

            	 	
              164

            	 
	
              Section
                9.21.

            	 	 	
              Compensation
                to the Master Servicer.

            	 	 	
              164

            	 
	
              Section
                9.22.

            	 	 	
              REO
                Property.

            	 	 	
              165

            	 
	
              Section
                9.23.

            	 	 	
              Notices
                to the Depositor and the Securities Administrator

            	 	 	
              165

            	 
	
              Section
                9.24.

            	 	 	
              Reports
                to the Trustee and the Securities Administrator.

            	 	 	
              166

            	 
	
              Section
                9.25.

            	 	 	
              Assessment
                of Compliance and Attestation Reports.

            	 	 	
              167

            	 
	
              Section
                9.26.

            	 	 	
              Annual
                Statement of Compliance with Applicable Servicing Criteria
                .

            	 	 	
              168

            	 
	
              Section
                9.27.

            	 	 	
              Merger
                or Consolidation.

            	 	 	
              168

            	 
	
              Section
                9.28.

            	 	 	
              Resignation
                of Master Servicer.

            	 	 	
              169

            	 
	
              Section
                9.29.

            	 	 	
              Assignment
                or Delegation of Duties by the Master Servicer.

            	 	 	
              169

            	 
	
              Section
                9.30.

            	 	 	
              Limitation
                on Liability of the Master Servicer and Others.

            	 	 	
              170

            	 
	
              Section
                9.31.

            	 	 	
              Indemnification;
                Third-Party Claims.

            	 	 	
              171

            	 
	
              Section
                9.32.

            	 	 	
              Special
                Servicing of Delinquent Mortgage Loans.

            	 	 	
              171

            	 
	
              Section
                9.33.

            	 	 	
              Alternative
                Index.

            	 	 	
              171

            	 
	
              Section
                9.34.

            	 	 	
              Duties
                of the Credit Risk Manager.

            	 	 	
              172

            	 
	
              Section
                9.35.

            	 	 	
              Limitation
                Upon Liability of the Credit Risk Manager.

            	 	 	
              174

            	 
	
              Section
                9.36.

            	 	 	
              Indemnification
                by the Credit Risk Manager.

            	 	 	
              174

            	 
	
              Section
                9.37.

            	 	 	
              Removal
                of Credit Risk Manager.

            	 	 	
              174

            	 
	 	 	 	 	 
	
              ARTICLE
                X REMIC ADMINISTRATION

            	 	 	 	 
	 	 	 	 	 
	
              Section
                10.01.

            	 	 	
              REMIC
                Administration.

            	 	 	
              175

            	 
	
              Section
                10.02.

            	 	 	
              Prohibited
                Transactions and Activities.

            	 	 	
              178

            	 

    

     

    
      
        
        

      

      
        iii

        
          

        

      

      
        
        

      

    

     

    
      	
              Section
                10.03.

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

            	 	 	
              178

            	 
	
              Section
                10.04.

            	 	 	
              REO
                Property.

            	 	 	
              179

            	 
	 	 	 	 	 
	
              ARTICLE
                XI MISCELLANEOUS PROVISIONS

            	 	 	 	 
	 	 	 	 	 
	
              Section
                11.01.

            	 	 	
              Binding
                Nature of Agreement; Assignment.

            	 	 	
              179

            	 
	
              Section
                11.02.

            	 	 	
              Entire
                Agreement.

            	 	 	
              180

            	 
	
              Section
                11.03.

            	 	 	
              Amendment.

            	 	 	
              180

            	 
	
              Section
                11.04.

            	 	 	
              Voting
                Rights.

            	 	 	
              182

            	 
	
              Section
                11.05.

            	 	 	
              Provision
                of Information.

            	 	 	
              182

            	 
	
              Section
                11.06.

            	 	 	
              Governing
                Law.

            	 	 	
              183

            	 
	
              Section
                11.07.

            	 	 	
              Notices.

            	 	 	
              183

            	 
	
              Section
                11.08.

            	 	 	
              Severability
                of Provisions.

            	 	 	
              183

            	 
	
              Section
                11.09.

            	 	 	
              Indulgences;
                No Waivers.

            	 	 	
              184

            	 
	
              Section
                11.10.

            	 	 	
              Headings
                Not To Affect Interpretation.

            	 	 	
              184

            	 
	
              Section
                11.11.

            	 	 	
              Benefits
                of Agreement.

            	 	 	
              184

            	 
	
              Section
                11.12.

            	 	 	
              Special
                Notices to the Rating Agencies and any NIMS Insurer.

            	 	 	
              184

            	 
	
              Section
                11.13.

            	 	 	
              Conflicts.

            	 	 	
              185

            	 
	
              Section
                11.14.

            	 	 	
              Counterparts.

            	 	 	
              185

            	 
	
              Section
                11.15.

            	 	 	
              Transfer
                of Servicing.

            	 	 	
              186

            	 

    

    

    
      
        
        

      

      
        iv

        
          

        

      

      
        
        

      

    

     

    ATTACHMENTS

    

      
        	
                Exhibit
                  A

              	
                Forms
                  of Certificates

              

      

      
        	
                Exhibit
                  B-1

              	
                Form
                  of Initial Certification

              

      

      
        	
                Exhibit
                  B-2

              	
                Form
                  of Interim Certification

              

      

      
        	
                Exhibit
                  B-3

              	
                Form
                  of Final Certification

              

      

      
        	
                Exhibit
                  B-4

              	
                Form
                  of Endorsement

              

      

      
        	
                Exhibit
                  C

              	
                Request
                  for Release of Documents and
                  Receipt

              

      

      
        	
                Exhibit
                  D-l

              	
                Form
                  of Residual Certificate Transfer Affidavit
                  (Transferee)

              

      

      
        	
                Exhibit
                  D-2

              	
                Form
                  of Residual Certificate Transfer Affidavit
                  (Transferor)

              

      

      
        	
                Exhibit
                  E

              	
                List
                  of Servicing Agreements

              

      

      
        	
                Exhibit
                  F

              	
                Form
                  of Rule 144A Transfer Certificate

              

      

      
        	
                Exhibit
                  G

              	
                Form
                  of Purchaser’s Letter for Institutional Accredited Investors
                  

              

      

      
        	
                Exhibit
                  H

              	
                Form
                  of ERISA Transfer Affidavit

              

      

      
        	
                Exhibit
                  I

              	
                Monthly
                  Remittance Advice

              

      

      
        	
                Exhibit
                  J

              	
                Monthly
                  Electronic Data Transmission

              

      

      
        	
                Exhibit
                  K

              	
                List
                  of Custodial Agreements

              

      

      
        	
                Exhibit
                  L

              	
                List
                  of Credit Risk Management Agreements

              

      

      
        	
                Exhibit
                  M-1

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

              

      

      
        
          	
                  Exhibit
                    M-2

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

                

        

      

      
        	
                Exhibit
                  N

              	
                Interest
                  Rate Cap Agreement

              

      

      
        	
                Exhibit
                  O

              	
                Swap
                  Agreement

              

      

      
        	
                Exhibit
                  P-1

              	
                Additional
                  Form 10-D Disclosure

              

      

      
        	
                Exhibit
                  P-2

              	
                Additional
                  Form 10-K Disclosure 

              

      

      
        	
                Exhibit
                  P-3

              	
                Additional
                  Form 8-K Disclosure

              

      

      
        	
                Exhibit
                  P-4

              	
                Additional
                  Disclosure Notification

              

      

      
        	
                Exhibit
                  Q-1

              	
                Form
                  of Back-Up Sarbanes-Oxley
                  Certification

              

      

      
        	
                Exhibit
                  Q-2

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

              

      

      
        	
                Exhibit
                  R-1

              	
                Form
                  of Forecasted Loss Report

              

      

      
        	
                Exhibit
                  R-2

              	
                Form
                  of Watch List Report

              

      

      
        	
                Exhibit
                  R-3

              	
                Form
                  of Redflag Dashboard Report

              

      

      
        	
                Exhibit
                  R-4

              	
                Form
                  of Gain/Loss Report

              

      

      
        	
                Exhibit
                  R-5

              	
                Form
                  of Mortgage Insurance Claims Report

              

      

      
        	
                Exhibit
                  R-6

              	
                Form
                  of Prepayment Premiums Report

              

      

      
        	
                Exhibit
                  R-7

              	
                Form
                  of Highlight Summary Report

              

      

      
        	
                Exhibit
                  S

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

              

      

      
        	
                Exhibit
                  T

              	
                [Reserved]

              

      

      
        	
                Exhibit
                  U

              	
                Form
                  of Certification to be Provided by the Credit Risk
                  Manager

              

      

      
        	
                Exhibit
                  V

              	
                Transaction
                  Parties

              

      

      
        	
                Exhibit
                  W

              	
                Form
                  of Purchase Option Notice

              

      

      
        	
                Exhibit
                  X

              	
                Form
                  of NIM Residual Purchase Option
                  Notice

              

      

      
        	
                Schedule
                  A

              	
                Mortgage
                  Loan Schedule (by Mortgage Pool)

              

      

      
        	
                Schedule
                  B

              	
                Projected
                  Aggregate Scheduled Principal Balance of Forty-Year Mortgage
                  Loans

              

      

       

    

    
      
        
        

      

      
        v

        
          

        

      

      
        
        

      

    

    This
      TRUST AGREEMENT, dated as of November 1, 2006 (the “Agreement”),
      is by
      and among STRUCTURED ASSET SECURITIES CORPORATION, a Delaware corporation,
      as
      depositor (the “Depositor”),
      U.S.
      BANK NATIONAL ASSOCIATION, as trustee (the “Trustee”),
      WELLS
      FARGO BANK, N.A., a national banking association, as master servicer (in such
      capacity, the “Master
      Servicer”)
      and as
      securities administrator (in such capacity, the “Securities
      Administrator”),
      and
      RISK MANAGEMENT GROUP, LLC, a New York limited liability company, as credit
      risk
      manager (the “Credit
      Risk Manager”).

     

    PRELIMINARY
      STATEMENT

    

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

     

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

     

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

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

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

     

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

     

    REMIC
      1:  

     

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

     

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

     

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

     

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

     

    On
      each
      Distribution Date, the Securities Administrator shall distribute the Prepayment
      Premiums collected during the preceding Prepayment Period, in the case of
      Principal Prepayments in full, or during the related Collection Period, in
      the
      case of Principal Prepayments in part, to the Lower Tier Interest in REMIC
      1
      corresponding to the Mortgage Loan with respect to which such amounts were
      received.

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

    REMIC
      2:   

     

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

     

    
      	
              Class
                Designation

            	 	
              Initial
                Principal 

              Balance

            	 	
               

              Interest
                Rate

            	 
	
              LT2-A

            	 	
              $

            	
              43,437,780.10

            	 	 	
              (1)

            	
               

            
	
              LT2-F1

            	 	
              $

            	
              11,492,000.00

            	 	 	
              (2)

            	
               

            
	
              LT2-V1

            	 	
              $

            	
              11,492,000.00

            	 	 	
              (3)

            	
               

            
	
              LT2-F2

            	 	
              $

            	
              11,152,000.00

            	 	 	
              (2)

            	
               

            
	
              LT2-V2

            	 	
              $

            	
              11,152,000.00

            	 	 	
              (3)

            	
               

            
	
              LT2-F3

            	 	
              $

            	
              10,822,000.00

            	 	 	
              (2)

            	
               

            
	
              LT2-V3

            	 	
              $

            	
              10,822,000.00

            	 	 	
              (3)

            	
               

            
	
              LT2-F4

            	 	
              $

            	
              10,502,500.00

            	 	 	
              (2)

            	
               

            
	
              LT2-V4

            	 	
              $

            	
              10,502,500.00

            	 	 	
              (3)

            	
               

            
	
              LT2-F5

            	 	
              $

            	
              10,191,000.00

            	 	 	
              (2)

            	
               

            
	
              LT2-V5

            	 	
              $

            	
              10,191,000.00

            	 	 	
              (3)

            	
               

            
	
              LT2-F6

            	 	
              $

            	
              9,890,000.00

            	 	 	
              (2)

            	
               

            
	
              LT2-V6

            	 	
              $

            	
              9,890,000.00

            	 	 	
              (3)

            	
               

            
	
              LT2-F7

            	 	
              $

            	
              9,597,500.00

            	 	 	
              (2)

            	
               

            
	
              LT2-V7

            	 	
              $

            	
              9,597,500.00

            	 	 	
              (3)

            	
               

            
	
              LT2-F8

            	 	
              $

            	
              9,313,500.00

            	 	 	
              (2)

            	
               

            
	
              LT2-V8

            	 	
              $

            	
              9,313,500.00

            	 	 	
              (3)

            	
               

            
	
              LT2-F9

            	 	
              $

            	
              9,037,500.00

            	 	 	
              (2)

            	
               

            
	
              LT2-V9

            	 	
              $

            	
              9,037,500.00

            	 	 	
              (3)

            	
               

            
	
              LT2-F10

            	 	
              $

            	
              9,698,500.00

            	 	 	
              (2)

            	
               

            
	
              LT2-V10

            	 	
              $

            	
              9,698,500.00

            	 	 	
              (3)

            	
               

            
	
              LT2-F11

            	 	
              $

            	
              9,439,000.00

            	 	 	
              (2)

            	
               

            
	
              LT2-V11

            	 	
              $

            	
              9,439,000.00

            	 	 	
              (3)

            	
               

            
	
              LT2-F12

            	 	
              $

            	
              9,187,000.00

            	 	 	
              (2)

            	
               

            
	
              LT2-V12

            	 	
              $

            	
              9,187,000.00

            	 	 	
              (3)

            	
               

            
	
              LT2-F13

            	 	
              $

            	
              8,942,500.00

            	 	 	
              (2)

            	
               

            
	
              LT2-V13

            	 	
              $

            	
              8,942,500.00

            	 	 	
              (3)

            	
               

            
	
              LT2-F14

            	 	
              $

            	
              8,705,500.00

            	 	 	
              (2)

            	
               

            
	
              LT2-V14

            	 	
              $

            	
              8,705,500.00

            	 	 	
              (3)

            	
               

            
	
              LT2-F15

            	 	
              $

            	
              10,117,000.00

            	 	 	
              (2)

            	
               

            
	
              LT2-V15

            	 	
              $

            	
              10,117,000.00

            	 	 	
              (3)

            	
               

            
	
              LT2-F16

            	 	
              $

            	
              9,990,500.00

            	 	 	
              (2)

            	
               

            
	
              LT2-V16

            	 	
              $

            	
              9,990,500.00

            	 	 	
              (3)

            	
               

            
	
              LT2-F17

            	 	
              $

            	
              9,843,500.00

            	 	 	
              (2)

            	
               

            
	
              LT2-V17

            	 	
              $

            	
              9,843,500.00

            	 	 	
              (3)

            	
               

            
	
              LT2-F18

            	 	
              $

            	
              9,755,000.00

            	 	 	
              (2)

            	
               

            
	
              LT2-V18

            	 	
              $

            	
              9,755,000.00

            	 	 	
              (3)

            	
               

            
	
              LT2-F19

            	 	
              $

            	
              9,607,500.00

            	 	 	
              (2)

            	
               

            
	
              LT2-V19

            	 	
              $

            	
              9,607,500.00

            	 	 	
              (3)

            	
               

            

    

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

    
      	 

              Class
                Designation

            	 	 	
              Initial
                Principal 

              Balance 

            	 	 	
              Interest
                Rate 

            	 
	
              LT2-F20

            	 	
              $

            	
              9,405,000.00

            	 	 	
              (2)

            	
               

            
	
              LT2-V20

            	 	
              $

            	
              9,405,000.00

            	 	 	
              (3)

            	
               

            
	
              LT2-F21

            	 	
              $

            	
              9,189,500.00

            	 	 	
              (2)

            	
               

            
	
              LT2-V21

            	 	
              $

            	
              9,189,500.00

            	 	 	
              (3)

            	
               

            
	
              LT2-F22

            	 	
              $

            	
              8,962,500.00

            	 	 	
              (2)

            	
               

            
	
              LT2-V22

            	 	
              $

            	
              8,962,500.00

            	 	 	
              (3)

            	
               

            
	
              LT2-F23

            	 	
              $

            	
              30,885,500.00

            	 	 	
              (2)

            	
               

            
	
              LT2-V23

            	 	
              $

            	
              30,885,500.00

            	 	 	
              (3)

            	
               

            
	
              LT2-F24

            	 	
              $

            	
              16,598,500.00

            	 	 	
              (2)

            	
               

            
	
              LT2-V24

            	 	
              $

            	
              16,598,500.00

            	 	 	
              (3)

            	
               

            
	
              LT2-F25

            	 	
              $

            	
              14,509,000.00

            	 	 	
              (2)

            	
               

            
	
              LT2-V25

            	 	
              $

            	
              14,509,000.00

            	 	 	
              (3)

            	
               

            
	
              LT2-F26

            	 	
              $

            	
              11,030,000.00

            	 	 	
              (2)

            	
               

            
	
              LT2-V26

            	 	
              $

            	
              11,030,000.00

            	 	 	
              (3)

            	
               

            
	
              LT2-F27

            	 	
              $

            	
              8,599,500.00

            	 	 	
              (2)

            	
               

            
	
              LT2-V27

            	 	
              $

            	
              8,599,500.00

            	 	 	
              (3)

            	
               

            
	
              LT2-F28

            	 	
              $

            	
              6,828,000.00

            	 	 	
              (2)

            	
               

            
	
              LT2-V28

            	 	
              $

            	
              6,828,000.00

            	 	 	
              (3)

            	
               

            
	
              LT2-F29

            	 	
              $

            	
              5,492,500.00

            	 	 	
              (2)

            	
               

            
	
              LT2-V29

            	 	
              $

            	
              5,492,500.00

            	 	 	
              (3)

            	
               

            
	
              LT2-F30

            	 	
              $

            	
              4,458,000.00

            	 	 	
              (2)

            	
               

            
	
              LT2-V30

            	 	
              $

            	
              4,458,000.00

            	 	 	
              (3)

            	
               

            
	
              LT2-F31

            	 	
              $

            	
              3,639,500.00

            	 	 	
              (2)

            	
               

            
	
              LT2-V31

            	 	
              $

            	
              3,639,500.00

            	 	 	
              (3)

            	
               

            
	
              LT2-F32

            	 	
              $

            	
              2,977,000.00

            	 	 	
              (2)

            	
               

            
	
              LT2-V32

            	 	
              $

            	
              2,977,000.00

            	 	 	
              (3)

            	
               

            
	
              LT2-F33

            	 	
              $

            	
              2,830,500.00

            	 	 	
              (2)

            	
               

            
	
              LT2-V33

            	 	
              $

            	
              2,830,500.00

            	 	 	
              (3)

            	
               

            
	
              LT2-F34

            	 	
              $

            	
              2,691,500.00

            	 	 	
              (2)

            	
               

            
	
              LT2-V34

            	 	
              $

            	
              2,691,500.00

            	 	 	
              (3)

            	
               

            
	
              LT2-F35

            	 	
              $

            	
              2,559,000.00

            	 	 	
              (2)

            	
               

            
	
              LT2-V35

            	 	
              $

            	
              2,559,000.00

            	 	 	
              (3)

            	
               

            
	
              LT2-F36

            	 	
              $

            	
              2,434,000.00

            	 	 	
              (2)

            	
               

            
	
              LT2-V36

            	 	
              $

            	
              2,434,000.00

            	 	 	
              (3)

            	
               

            
	
              LT2-F37

            	 	
              $

            	
              2,314,500.00

            	 	 	
              (2)

            	
               

            
	
              LT2-V37

            	 	
              $

            	
              2,314,500.00

            	 	 	
              (3)

            	
               

            
	
              LT2-F38

            	 	
              $

            	
              2,201,000.00

            	 	 	
              (2)

            	
               

            
	
              LT2-V38

            	 	
              $

            	
              2,201,000.00

            	 	 	
              (3)

            	
               

            
	
              LT2-F39

            	 	
              $

            	
              2,093,000.00

            	 	 	
              (2)

            	
               

            
	
              LT2-V39

            	 	
              $

            	
              2,093,000.00

            	 	 	
              (3)

            	
               

            
	
              LT2-F40

            	 	
              $

            	
              1,991,000.00

            	 	 	
              (2)

            	
               

            
	
              LT2-V40

            	 	
              $

            	
              1,991,000.00

            	 	 	
              (3)

            	
               

            
	
              LT2-F41

            	 	
              $

            	
              1,892,500.00

            	 	 	
              (2)

            	
               

            
	
              LT2-V41

            	 	
              $

            	
              1,892,500.00

            	 	 	
              (3)

            	
               

            

    

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

     

    
      	 

              Class
                Designation

            	 	 	
              Initial
                Principal 

              Balance  

            	 	 	
              Interest
                Rate  

            	 
	
              LT2-F42

            	 	
              $

            	
              1,800,500.00

            	 	 	
              (2)

            	
               

            
	
              LT2-V42

            	 	
              $

            	
              1,800,500.00

            	 	 	
              (3)

            	
               

            
	
              LT2-F43

            	 	
              $

            	
              1,712,000.00

            	 	 	
              (2)

            	
               

            
	
              LT2-V43

            	 	
              $

            	
              1,712,000.00

            	 	 	
              (3)

            	
               

            
	
              LT2-F44

            	 	
              $

            	
              1,628,000.00

            	 	 	
              (2)

            	
               

            
	
              LT2-V44

            	 	
              $

            	
              1,628,000.00

            	 	 	
              (3)

            	
               

            
	
              LT2-F45

            	 	
              $

            	
              1,548,000.00

            	 	 	
              (2)

            	
               

            
	
              LT2-V45

            	 	
              $

            	
              1,548,000.00

            	 	 	
              (3)

            	
               

            
	
              LT2-F46

            	 	
              $

            	
              1,472,000.00

            	 	 	
              (2)

            	
               

            
	
              LT2-V46

            	 	
              $

            	
              1,472,000.00

            	 	 	
              (3)

            	
               

            
	
              LT2-F47

            	 	
              $

            	
              1,400,000.00

            	 	 	
              (2)

            	
               

            
	
              LT2-V47

            	 	
              $

            	
              1,400,000.00

            	 	 	
              (3)

            	
               

            
	
              LT2-F48

            	 	
              $

            	
              1,332,000.00

            	 	 	
              (2)

            	
               

            
	
              LT2-V48

            	 	
              $

            	
              1,332,000.00

            	 	 	
              (3)

            	
               

            
	
              LT2-F49

            	 	
              $

            	
              1,266,000.00

            	 	 	
              (2)

            	
               

            
	
              LT2-V49

            	 	
              $

            	
              1,266,000.00

            	 	 	
              (3)

            	
               

            
	
              LT2-F50

            	 	
              $

            	
              1,203,500.00

            	 	 	
              (2)

            	
               

            
	
              LT2-V50

            	 	
              $

            	
              1,203,500.00

            	 	 	
              (3)

            	
               

            
	
              LT2-F51

            	 	
              $

            	
              1,145,500.00

            	 	 	
              (2)

            	
               

            
	
              LT2-V51

            	 	
              $

            	
              1,145,500.00

            	 	 	
              (3)

            	
               

            
	
              LT2-F52

            	 	
              $

            	
              1,088,500.00

            	 	 	
              (2)

            	
               

            
	
              LT2-V52

            	 	
              $

            	
              1,088,500.00

            	 	 	
              (3)

            	
               

            
	
              LT2-F53

            	 	
              $

            	
              1,035,000.00

            	 	 	
              (2)

            	
               

            
	
              LT2-V53

            	 	
              $

            	
              1,035,000.00

            	 	 	
              (3)

            	
               

            
	
              LT2-F54

            	 	
              $

            	
              984,500.00

            	 	 	
              (2)

            	
               

            
	
              LT2-V54

            	 	
              $

            	
              984,500.00

            	 	 	
              (3)

            	
               

            
	
              LT2-F55

            	 	
              $

            	
              936,000.00

            	 	 	
              (2)

            	
               

            
	
              LT2-V55

            	 	
              $

            	
              936,000.00

            	 	 	
              (3)

            	
               

            
	
              LT2-F56

            	 	
              $

            	
              891,000.00

            	 	 	
              (2)

            	
               

            
	
              LT2-V56

            	 	
              $

            	
              891,000.00

            	 	 	
              (3)

            	
               

            
	
              LT2-F57

            	 	
              $

            	
              847,000.00

            	 	 	
              (2)

            	
               

            
	
              LT2-V57

            	 	
              $

            	
              847,000.00

            	 	 	
              (3)

            	
               

            
	
              LT2-F58

            	 	
              $

            	
              808,500.00

            	 	 	
              (2)

            	
               

            
	
              LT2-V58

            	 	
              $

            	
              808,500.00

            	 	 	
              (3)

            	
               

            
	
              LT2-F59

            	 	
              $

            	
              769,000.00

            	 	 	
              (2)

            	
               

            
	
              LT2-V59

            	 	
              $

            	
              769,000.00

            	 	 	
              (3)

            	
               

            
	
              LT2-F60

            	 	
              $

            	
              730,500.00

            	 	 	
              (2)

            	
               

            
	
              LT2-V60

            	 	
              $

            	
              730,500.00

            	 	 	
              (3)

            	
               

            
	
              LT2-F61

            	 	
              $

            	
              695,000.00

            	 	 	
              (2)

            	
               

            
	
              LT2-V61

            	 	
              $

            	
              695,000.00

            	 	 	
              (3)

            	
               

            
	
              LT2-F62

            	 	
              $

            	
              660,000.00

            	 	 	
              (2)

            	
               

            
	
              LT2-V62

            	 	
              $

            	
              660,000.00

            	 	 	
              (3)

            	
               

            
	
              LT2-F63

            	 	
              $

            	
              628,000.00

            	 	 	
              (2)

            	
               

            
	
              LT2-V63

            	 	
              $

            	
              628,000.00

            	 	 	
              (3)

            	
               

            

    

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

     

    
      	 

              Class
                Designation

            	 	 	
              Initial
                Principal 

              Balance  

            	 	 	
              Interest
                Rate   

            	 
	
              LT2-F64

            	 	
              $

            	
              596,500.00

            	 	 	
              (2)

            	
               

            
	
              LT2-V64

            	 	
              $

            	
              596,500.00

            	 	 	
              (3)

            	
               

            
	
              LT2-F65

            	 	
              $

            	
              567,000.00

            	 	 	
              (2)

            	
               

            
	
              LT2-V65

            	 	
              $

            	
              567,000.00

            	 	 	
              (3)

            	
               

            
	
              LT2-F66

            	 	
              $

            	
              539,500.00

            	 	 	
              (2)

            	
               

            
	
              LT2-V66

            	 	
              $

            	
              539,500.00

            	 	 	
              (3)

            	
               

            
	
              LT2-F67

            	 	
              $

            	
              512,500.00

            	 	 	
              (2)

            	
               

            
	
              LT2-V67

            	 	
              $

            	
              512,500.00

            	 	 	
              (3)

            	
               

            
	
              LT2-F68

            	 	
              $

            	
              487,000.00

            	 	 	
              (2)

            	
               

            
	
              LT2-V68

            	 	
              $

            	
              487,000.00

            	 	 	
              (3)

            	
               

            
	
              LT2-F69

            	 	
              $

            	
              463,500.00

            	 	 	
              (2)

            	
               

            
	
              LT2-V69

            	 	
              $

            	
              463,500.00

            	 	 	
              (3)

            	
               

            
	
              LT2-F70

            	 	
              $

            	
              440,000.00

            	 	 	
              (2)

            	
               

            
	
              LT2-V70

            	 	
              $

            	
              440,000.00

            	 	 	
              (3)

            	
               

            
	
              LT2-F71

            	 	
              $

            	
              8,473,000.00

            	 	 	
              (2)

            	
               

            
	
              LT2-V71

            	 	
              $

            	
              8,473,000.00

            	 	 	
              (3)

            	
               

            
	
              LT2-R

            	 	 	
              (4

            	
              )

            	 	
              (4)

            	
               

            

    

    
       

    

    
      
        
          	
                	
                  (1)

                	
                  For
                    any
                    Distribution Date (and the related Accrual Period) the interest
                    rate for
                    the Class LT2-A Interest shall be the Net WAC Rate.
                    

                

        

      

    

     

    
      	 	
              (2)

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

            

    

     

    
      	 	
              (3)

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

            

    

     

    
      	 	
              (4)

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

            

    

     

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

     

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

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

     

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

     

    REMIC
      3:   

     

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

     

    
      	
              REMIC
                3

              Lower
                Tier 

              Class
                Designation

            	 	
              REMIC
                3

              Lower
                Tier

              Interest
                Rate

            	 	
              Initial
                Class 

              Principal
                Amount

            	 	
              Corresponding
                Class of 

              Certificate(s)

            
	
              Class
                LT3-A1

            	 	
              (1)

            	 	
              (3)

            	 	
              A1

            
	
              Class
                LT3-A2

            	 	
              (1)

            	 	
              (3)

            	 	
              A2

            
	
              Class
                LT3-A3

            	 	
              (1)

            	 	
              (3)

            	 	
              A3

            
	
              Class
                LT3-A4

            	 	
              (1)

            	 	
              (3)

            	 	
              A4

            
	
              Class
                LT3-A5

            	 	
              (1)

            	 	
              (3)

            	 	
              A5

            
	
              Class
                LT3-M1

            	 	
              (1)

            	 	
              (3)

            	 	
              M1

            
	
              Class
                LT3-M2

            	 	
              (1)

            	 	
              (3)

            	 	
              M2

            
	
              Class
                LT3-M3

            	 	
              (1)

            	 	
              (3)

            	 	
              M3

            
	
              Class
                LT3-M4

            	 	
              (1)

            	 	
              (3)

            	 	
              M4

            
	
              Class
                LT3-M5

            	 	
              (1)

            	 	
              (3)

            	 	
              M5

            
	
              Class
                LT3-M6

            	 	
              (1)

            	 	
              (3)

            	 	
              M6

            
	
              Class
                LT3-M7

            	 	
              (1)

            	 	
              (3)

            	 	
              M7

            
	
              Class
                LT3-M8

            	 	
              (1)

            	 	
              (3)

            	 	
              M8

            
	
              Class
                LT3-M9

            	 	
              (1)

            	 	
              (3)

            	 	
              M9

            
	
              Class
                LT3-B

            	 	
              (1)

            	 	
              (3)

            	 	
              B

            
	
              Class
                LT3-Q

            	 	
              (1)

            	 	
              (4)

            	 	
              N/A

            
	
              Class
                LT3-IO

            	 	
              (2)

            	 	
              (2)

            	 	
              N/A

            
	
              Class
                LT3-R

            	 	
              (5)

            	 	
              (5)

            	 	
              R

            
	
              Class
                LT3-Reserve-IO

            	 	
              (6)

            	 	
              (6)

            	 	
              N/A

            

    

    
       

      
        

      

    

    
      	 	
              (1)

            	
              For
                any Distribution Date (and the related Accrual Period) the interest
                rate
                for each of these Lower Tier Interests in REMIC 3 is a per annum
                rate
                equal to the weighted average of the interest rates on the Lower
                Tier
                Interests in REMIC 2 for such Distribution Date, provided,
                however, that
                (i) for any Distribution Date on which the Class LT3-IO Interest
                is
                entitled to a portion of the interest accruals on a Lower Tier Interest
                in
                REMIC 2 having an “F”
                in
                its class designation, as described in footnote two below, such weighted
                average shall be computed by first subjecting the rate on such Lower
                Tier
                Interest in REMIC 2 to a cap equal to Swap LIBOR for such Distribution
                Date and (ii) such weighted average shall be reduced by a per annum
                rate
                equal to a fraction (x) the numerator of which is equal to the product
                of
                (a) the Final Maturity Reserve Amount and (b) a fraction, the numerator
                of
                which is 360 and the denominator of which is the actual number of
                days in
                the related Accrual Period and (y) the denominator of which is the
                aggregate Scheduled Principal Balance on the first day of the related
                Collection Period of the Mortgage Loans (not including for this purpose
                any such Mortgage Loans for which prepayments in full have been received
                and distributed in the month prior to that Distribution
                Date).

            

    

     

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

     

    
      	 	
              (2)

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

            

    

     

    

      
        	
                Distribution
                  Dates

              	 	
                REMIC
                  2 

                Class
                  Designation

              
	
                2

              	 	
                Class
                  LT2-F1

              
	
                2-3

              	 	
                Class
                  LT2-F2

              
	
                2-4

              	 	
                Class
                  LT2-F3

              
	
                2-5

              	 	
                Class
                  LT2-F4

              
	
                2-6

              	 	
                Class
                  LT2-F5

              
	
                2-7

              	 	
                Class
                  LT2-F6

              
	
                2-8

              	 	
                Class
                  LT2-F7

              
	
                2-9

              	 	
                Class
                  LT2-F8

              
	
                2-10

              	 	
                Class
                  LT2-F9

              
	
                2-11

              	 	
                Class
                  LT2-F10

              
	
                2-12

              	 	
                Class
                  LT2-F11

              
	
                2-13

              	 	
                Class
                  LT2-F12

              
	
                2-14

              	 	
                Class
                  LT2-F13

              
	
                2-15

              	 	
                Class
                  LT2-F14

              
	
                2-16

              	 	
                Class
                  LT2-F15

              
	
                2-17

              	 	
                Class
                  LT2-F16

              
	
                2-18

              	 	
                Class
                  LT2-F17

              
	
                2-19

              	 	
                Class
                  LT2-F18

              
	
                2-20

              	 	
                Class
                  LT2-F19

              
	
                2-21

              	 	
                Class
                  LT2-F20

              
	
                2-22

              	 	
                Class
                  LT2-F21

              
	
                2-23

              	 	
                Class
                  LT2-F22

              
	
                2-24

              	 	
                Class
                  LT2-F23

              
	
                2-25

              	 	
                Class
                  LT2-F24

              
	
                2-26

              	 	
                Class
                  LT2-F25

              
	
                2-27

              	 	
                Class
                  LT2-F26

              
	
                2-28

              	 	
                Class
                  LT2-F27

              
	
                2-29

              	 	
                Class
                  LT2-F28

              
	
                2-30

              	 	
                Class
                  LT2-F29

              
	
                2-31

              	 	
                Class
                  LT2-F30

              
	
                2-32

              	 	
                Class
                  LT2-F31

              
	
                2-33

              	 	
                Class
                  LT2-F32

              
	
                2-34

              	 	
                Class
                  LT2-F33

              
	
                2-35

              	 	
                Class
                  LT2-F34

              
	
                2-36

              	 	
                Class
                  LT2-F35

              
	
                2-37

              	 	
                Class
                  LT2-F36

              
	
                2-38

              	 	
                Class
                  LT2-F37

              
	
                2-39

              	 	
                Class
                  LT2-F38

              
	
                2-40

              	 	
                Class
                  LT2-F39

              
	
                2-41

              	 	
                Class
                  LT2-F40

              
	
                2-42

              	 	
                Class
                  LT2-F41

              
	
                2-43

              	 	
                Class
                  LT2-F42

              
	
                2-44

              	 	
                Class
                  LT2-F43

              
	
                2-45

              	 	
                Class
                  LT2-F44

              
	
                2-46

              	 	
                Class
                  LT2-F45

              
	
                2-47

              	 	
                Class
                  LT2-F46

              
	
                2-48

              	 	
                Class
                  LT2-F47

              
	
                2-49

              	 	
                Class
                  LT2-F48

              
	
                2-50

              	 	
                Class
                  LT2-F49

              
	
                2-51

              	 	
                Class
                  LT2-F50

              
	
                2-52

              	 	
                Class
                  LT2-F51

              
	
                2-53

              	 	
                Class
                  LT2-F52

              
	
                2-54

              	 	
                Class
                  LT2-F53

              
	
                2-55

              	 	
                Class
                  LT2-F54

              
	
                2-56

              	 	
                Class
                  LT2-F55

              
	
                2-57

              	 	
                Class
                  LT2-F56

              
	
                2-58

              	 	
                Class
                  LT2-F57

              
	
                2-59

              	 	
                Class
                  LT2-F58

              
	
                2-60

              	 	
                Class
                  LT2-F59

              
	
                2-61

              	 	
                Class
                  LT2-F60

              
	
                2-62

              	 	
                Class
                  LT2-F61

              
	
                2-63

              	 	
                Class
                  LT2-F62

              
	
                2-64

              	 	
                Class
                  LT2-F63

              
	
                2-65

              	 	
                Class
                  LT2-F64

              
	
                2-66

              	 	
                Class
                  LT2-F65

              
	
                2-67

              	 	
                Class
                  LT2-F66

              
	
                2-68

              	 	
                Class
                  LT2-F67

              
	
                2-69

              	 	
                Class
                  LT2-F68

              
	
                2-70

              	 	
                Class
                  LT2-F69

              
	
                2-71

              	 	
                Class
                  LT2-F70

              
	
                2-72

              	 	
                Class
                  LT2-F71

              

      

       

        
          

        

      

    

    
      	 	
              (3)

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

            

    

     

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

     

    
      	 	
              (4)

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

            

    

     

    
      	 	
              (5)

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

            

    

     

    
      	 	
              (6)

            	
              The
                Class LT3-Reserve-IO is an interest only class and does not have
                a
                principal balance. For each Distribution Date, this Lower Tier Interest
                shall be entitled to distributions equal to the Final Maturity Reserve
                Amount. 

            

    

     

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

     

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

     

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

     

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

     

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

     

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

    

    The
      Certificates:

     

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

     

    
      	
              Class

              Designation

            	 	
              Certificate

              Interest
                Rate

            	 	
              Initial

              Class
                Principal Amount 

            	 	
              Minimum

              Denomination

            	 
	
              Class
                A1

            	 	 	
              (1)

            	
               

            	
              $

            	
              258,861,000.00

            	 	
              $

            	
              25,000

            	 
	
              Class
                A2

            	 	 	
              (2)

            	
               

            	
              $

            	
              212,550,000.00

            	 	
              $

            	
              25,000

            	 
	
              Class
                A3

            	 	 	
              (3)

            	
               

            	
              $

            	
              36,339,000.00

            	 	
              $

            	
              25,000

            	 
	
              Class
                A4

            	 	 	
              (4)

            	
               

            	
              $

            	
              71,948,000.00

            	 	
              $

            	
              25,000

            	 
	
              Class
                A5

            	 	 	
              (5)

            	
               

            	
              $

            	
              19,167,000.00

            	 	
              $

            	
              25,000

            	 
	
              Class
                M1

            	 	 	
              (6)

            	
               

            	
              $

            	
              71,465,000.00

            	 	
              $

            	
              100,000

            	 
	
              Class
                M2

            	 	 	
              (7)

            	
               

            	
              $

            	
              33,536,000.00

            	 	
              $

            	
              100,000

            	 
	
              Class
                M3

            	 	 	
              (8)

            	
               

            	
              $

            	
              11,179,000.00

            	 	
              $

            	
              100,000

            	 
	
              Class
                M4

            	 	 	
              (9)

            	
               

            	
              $

            	
              11,578,000.00

            	 	
              $

            	
              100,000

            	 
	
              Class
                M5

            	 	 	
              (10)

            	
               

            	
              $

            	
              9,582,000.00

            	 	
              $

            	
              100,000

            	 
	
              Class
                M6

            	 	 	
              (11)

            	
               

            	
              $

            	
              7,586,000.00

            	 	
              $

            	
              100,000

            	 
	
              Class
                M7

            	 	 	
              (12)

            	
               

            	
              $

            	
              9,183,000.00

            	 	
              $

            	
              100,000

            	 
	
              Class
                M8

            	 	 	
              (13)

            	
               

            	
              $

            	
              6,787,000.00

            	 	
              $

            	
              100,000

            	 
	
              Class
                M9

            	 	 	
              (14)

            	
               

            	
              $

            	
              7,985,000.00

            	 	
              $

            	
              100,000

            	 
	
              Class
                B

            	 	 	
              (15)

            	
               

            	
              $

            	
              11,178,000.00

            	 	
              $

            	
              100,000

            	 
	
              Class
                X

            	 	 	
              (16)

            	
               

            	 	
              (16

            	
              )

            	 	
              10

            	
              %

            
	
              Class
                R

            	 	 	
              (17)

            	
               

            	 	
              (17

            	
              )

            	 	
              100

            	
              %

            
	
              Class
                P

            	 	 	
              (18)

            	
               

            	
              $

            	
              100.00

            	 	 	
              10

            	
              %

            
	
              Class
                LT-R

            	 	 	
              (19)

            	
               

            	 	
              (19

            	
              )

            	 	
              100

            	
              %

            

    

      

      

    

    
      	
              (1)

            	
              The
                Certificate Interest Rate with respect to any Distribution Date (and
                the
                related Accrual Period) for the Class A1 Certificates is the per
                annum
                rate equal to the lesser of (i) LIBOR plus 0.160% and (ii) with respect
                to
                any Distribution Date on which the Class Principal Amounts of the
                Group 2
                Senior Certificates are outstanding, the Pool 1 Net Funds Cap for
                such
                Distribution Date or, after the Distribution Date on which the Class
                Principal Amounts of the Group 2 Senior Certificates have been reduced
                to
                zero, the Subordinate Net Funds Cap for such Distribution
                Date;
                provided,
                that if the Mortgage Loans and related property are not purchased
                pursuant
                to Section 7.01(b) on the Initial Optional Termination Date, then
                with
                respect to each subsequent Distribution Date the per annum rate calculated
                pursuant to clause (i) above with respect to the Class A1 Certificates
                will be LIBOR plus 0.320%. For purposes of the REMIC Provisions,
                each
                reference to a Net Funds Cap in clause (ii) of the preceding sentence
                shall be deemed to be a reference to the REMIC 3 Net Funds Cap; therefore,
                on any Distribution Date on which the Certificate Interest Rate for
                the
                Class A1 Certificates exceeds the REMIC 3 Net Funds Cap, interest
                accruals
                based on such excess shall be treated as having been paid from the
                Basis
                Risk Reserve Fund or the Supplemental Interest Trust, as applicable;
                on
                any Distribution Date on which the Certificate Interest Rate on the
                Class
                A1 Certificates is based on a Net Funds Cap, the amount of interest
                that
                would have accrued on the Class A1 Certificates if the REMIC 3 Net
                Funds
                Cap were substituted for the Net Funds Cap shall be treated as having
                been
                paid by the Class A1 Certificateholders to the Supplemental Interest
                Trust, all pursuant to and as further provided in Section 10.01(n)
                hereof.

            

    

     

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

     

    
      	
              (2)

            	
              The
                Certificate Interest Rate with respect to any Distribution Date (and
                the
                related Accrual Period) for the Class A2 Certificates is the per
                annum
                rate equal to the lesser of (i) LIBOR plus 0.050% and (ii) with respect
                to
                any Distribution Date on which the Class Principal Amount of the
                Group 1
                Senior Certificates is outstanding, the Pool 2 Net Funds Cap for
                such
                Distribution Date or, after the Distribution Date on which the Class
                Principal Amounts of the Group 1 Senior Certificates have been reduced
                to
                zero, the Subordinate Net Funds Cap for such Distribution
                Date;
                provided,
                that if the Mortgage Loans and related property are not purchased
                pursuant
                to Section 7.01(b) on the Initial Optional Termination Date, then
                with
                respect to each subsequent Distribution Date the per annum rate calculated
                pursuant to clause (i) above with respect to the Class A2 Certificates
                will be LIBOR plus 0.100%. For purposes of the REMIC Provisions,
                each
                reference to a Net Funds Cap in clause (ii) of the preceding sentence
                shall be deemed to be a reference to the REMIC 3 Net Funds Cap; therefore,
                on any Distribution Date on which the Certificate Interest Rate for
                the
                Class A2 Certificates exceeds the REMIC 3 Net Funds Cap, interest
                accruals
                based on such excess shall be treated as having been paid from the
                Basis
                Risk Reserve Fund or the Supplemental Interest Trust, as applicable;
                on
                any Distribution Date on which the Certificate Interest Rate on the
                Class
                A2 Certificates is based on a Net Funds Cap, the amount of interest
                that
                would have accrued on the Class A2 Certificates if the REMIC 3 Net
                Funds
                Cap were substituted for the Net Funds Cap shall be treated as having
                been
                paid by the Class A2 Certificateholders to the Supplemental Interest
                Trust, all pursuant to and as further provided in Section 10.01(n)
                hereof.

            

    

     

    
      	
              (3)

            	
              The
                Certificate Interest Rate with respect to any Distribution Date (and
                the
                related Accrual Period) for the Class A3 Certificates is the per
                annum
                rate equal to the lesser of (i) LIBOR plus 0.130% and (ii) with respect
                to
                any Distribution Date on which the Class Principal Amount of the
                Group 1
                Senior Certificates is outstanding, the Pool 2 Net Funds Cap for
                such
                Distribution Date or, after the Distribution Date on which the Class
                Principal Amounts of the Group 1 Senior Certificates have been reduced
                to
                zero, the Subordinate Net Funds Cap for such Distribution
                Date;
                provided,
                that if the Mortgage Loans and related property are not purchased
                pursuant
                to Section 7.01(b) on the Initial Optional Termination Date, then
                with
                respect to each subsequent Distribution Date the per annum rate calculated
                pursuant to clause (i) above with respect to the Class A3 Certificates
                will be LIBOR plus 0.260%. For purposes of the REMIC Provisions,
                each
                reference to a Net Funds Cap in clause (ii) of the preceding sentence
                shall be deemed to be a reference to the REMIC 3 Net Funds Cap; therefore,
                on any Distribution Date on which the Certificate Interest Rate for
                the
                Class A3 Certificates exceeds the REMIC 3 Net Funds Cap, interest
                accruals
                based on such excess shall be treated as having been paid from the
                Basis
                Risk Reserve Fund or the Supplemental Interest Trust, as applicable;
                on
                any Distribution Date on which the Certificate Interest Rate on the
                Class
                A3 Certificates is based on a Net Funds Cap, the amount of interest
                that
                would have accrued on the Class A3 Certificates if the REMIC 3 Net
                Funds
                Cap were substituted for the Net Funds Cap shall be treated as having
                been
                paid by the Class A3 Certificateholders to the Supplemental Interest
                Trust, all pursuant to and as further provided in Section 10.01(n)
                hereof.

            

    

     

    
      	
              (4)

            	
              The
                Certificate Interest Rate with respect to any Distribution Date (and
                the
                related Accrual Period) for the Class A4 Certificates is the per
                annum
                rate equal to the lesser of (i) LIBOR plus 0.170% and (ii) with respect
                to
                any Distribution Date on which the Class Principal Amount of the
                Group 1
                Senior Certificates is outstanding, the Pool 2 Net Funds Cap for
                such
                Distribution Date or, after the Distribution Date on which the Class
                Principal Amount of the Group 1 Senior Certificates has been reduced
                to
                zero, the Subordinate Net Funds Cap for such Distribution
                Date;
                provided,
                that if the Mortgage Loans and related property are not purchased
                pursuant
                to Section 7.01(b) on the Initial Optional Termination Date, then
                with
                respect to each subsequent Distribution Date the per annum rate calculated
                pursuant to clause (i) above with respect to the Class A4 Certificates
                will be LIBOR plus 0.340%. For purposes of the REMIC Provisions,
                each
                reference to a Net Funds Cap in clause (ii) of the preceding sentence
                shall be deemed to be a reference to the REMIC 3 Net Funds Cap; therefore,
                on any Distribution Date on which the Certificate Interest Rate for
                the
                Class A4 Certificates exceeds the REMIC 3 Net Funds Cap, interest
                accruals
                based on such excess shall be treated as having been paid from the
                Basis
                Risk Reserve Fund or the Supplemental Interest Trust, as applicable;
                on
                any Distribution Date on which the Certificate Interest Rate on the
                Class
                A4 Certificates is based on a Net Funds Cap, the amount of interest
                that
                would have accrued on the Class A4 Certificates if the REMIC 3 Net
                Funds
                Cap were substituted for the Net Funds Cap shall be treated as having
                been
                paid by the Class A4 Certificateholders to the Supplemental Interest
                Trust, all pursuant to and as further provided in Section 10.01(n)
                hereof.

            

    

     

    
      
        
        

      

      
        11

        
          

        

      

      
        
        

      

    

     

    
      	
              (5)

            	
              The
                Certificate Interest Rate with respect to any Distribution Date (and
                the
                related Accrual Period) for the Class A5 Certificates is the per
                annum
                rate equal to the lesser of (i) LIBOR plus 0.220% and (ii) with respect
                to
                any Distribution Date on which the Class Principal Amount of the
                Group 1
                Senior Certificates is outstanding, the Pool 2 Net Funds Cap for
                such
                Distribution Date or, after the Distribution Date on which the Class
                Principal Amount of the Group 1 Senior Certificates has been reduced
                to
                zero, the Subordinate Net Funds Cap for such Distribution
                Date;
                provided,
                that if the Mortgage Loans and related property are not purchased
                pursuant
                to Section 7.01(b) on the Initial Optional Termination Date, then
                with
                respect to each subsequent Distribution Date the per annum rate calculated
                pursuant to clause (i) above with respect to the Class A5 Certificates
                will be LIBOR plus 0.440%. For purposes of the REMIC Provisions,
                each
                reference to a Net Funds Cap in clause (ii) of the preceding sentence
                shall be deemed to be a reference to the REMIC 3 Net Funds Cap; therefore,
                on any Distribution Date on which the Certificate Interest Rate for
                the
                Class A5 Certificates exceeds the REMIC 3 Net Funds Cap, interest
                accruals
                based on such excess shall be treated as having been paid from the
                Basis
                Risk Reserve Fund or the Supplemental Interest Trust, as applicable;
                on
                any Distribution Date on which the Certificate Interest Rate on the
                Class
                A5 Certificates is based on a Net Funds Cap, the amount of interest
                that
                would have accrued on the Class A5 Certificates if the REMIC 3 Net
                Funds
                Cap were substituted for the Net Funds Cap shall be treated as having
                been
                paid by the Class A5 Certificateholders to the Supplemental Interest
                Trust, all pursuant to and as further provided in Section 10.01(n)
                hereof.

            

    

     

    
      	
              (6)

            	
              The
                Certificate Interest Rate with respect to any Distribution Date (and
                the
                related Accrual Period) for the Class M1 Certificates is the per
                annum
                rate equal to the lesser of (i) LIBOR plus 0.240% and (ii) the Subordinate
                Net Funds Cap for such Distribution Date; provided,
                that
                if the Mortgage Loans and related property are not purchased pursuant
                to
                Section 7.01(b) on the Initial Optional Termination Date, then with
                respect to each subsequent Distribution Date the per annum rate calculated
                pursuant to clause (i) above with respect to the Class M1 Certificates
                will be LIBOR plus 0.360%. For purposes of the REMIC Provisions,
                the
                reference to “Subordinate
                Net Funds Cap”
                in
                clause (ii) of the preceding sentence shall be deemed to be a reference
                to
                the REMIC 3 Net Funds Cap; therefore, on any Distribution Date on
                which
                the Certificate Interest Rate for the Class M1 Certificates exceeds
                the
                REMIC 3 Net Funds Cap, interest accruals based on such excess shall
                be
                treated as having been paid from the Basis Risk Reserve Fund or the
                Supplemental Interest Trust, as applicable; on any Distribution Date
                on
                which the Certificate Interest Rate on the Class M1 Certificates
                is based
                on the Subordinate Net Funds Cap, the amount of interest that would
                have
                accrued on the Class M1 Certificates if the REMIC 3 Net Funds Cap
                were
                substituted for the Subordinate Net Funds Cap shall be treated as
                having
                been paid by the Class M1 Certificateholders to the Supplemental
                Interest
                Trust, all pursuant to and as further provided in Section 10.01(n)
                hereof.
                

            

    

     

    
      	
              (7)

            	
              The
                Certificate Interest Rate with respect to any Distribution Date (and
                the
                related Accrual Period) for the Class M2 Certificates is the per
                annum
                rate equal to the lesser of (i) LIBOR plus 0.290% and (ii) the Subordinate
                Net Funds Cap for such Distribution Date; provided,
                that
                if the Mortgage Loans and related property are not purchased pursuant
                to
                Section 7.01(b) on the Initial Optional Termination Date, then with
                respect to each subsequent Distribution Date the per annum rate calculated
                pursuant to clause (i) above with respect to the Class M2 Certificates
                will be LIBOR plus 0.435%. For purposes of the REMIC Provisions,
                the
                reference to “Subordinate
                Net Funds Cap”
                in
                clause (ii) of the preceding sentence shall be deemed to be a reference
                to
                the REMIC 3 Net Funds Cap; therefore, on any Distribution Date on
                which
                the Certificate Interest Rate for the Class M2 Certificates exceeds
                the
                REMIC 3 Net Funds Cap, interest accruals based on such excess shall
                be
                treated as having been paid from the Basis Risk Reserve Fund or the
                Supplemental Interest Trust, as applicable; on any Distribution Date
                on
                which the Certificate Interest Rate on the Class M2 Certificates
                is based
                on the Subordinate Net Funds Cap, the amount of interest that would
                have
                accrued on the Class M2 Certificates if the REMIC 3 Net Funds Cap
                were
                substituted for the Subordinate Net Funds Cap shall be treated as
                having
                been paid by the Class M2 Certificateholders to the Supplemental
                Interest
                Trust, all pursuant to and as further provided in Section 10.01(n)
                hereof.

            

    

     

    
      
        
        

      

      
        12

        
          

        

      

      
        
        

      

    

     

    
      	
              (8)

            	
              The
                Certificate Interest Rate with respect to any Distribution Date (and
                the
                related Accrual Period) for the Class M3 Certificates is the per
                annum
                rate equal to the lesser of (i) LIBOR plus 0.330% and (ii) the Subordinate
                Net Funds Cap for such Distribution Date; provided,
                that
                if the Mortgage Loans and related property are not purchased pursuant
                to
                Section 7.01(b) on the Initial Optional Termination Date, then with
                respect to each subsequent Distribution Date the per annum rate calculated
                pursuant to clause (i) above with respect to the Class M3 Certificates
                will be LIBOR plus 0.495%. For purposes of the REMIC Provisions,
                the
                reference to “Subordinate
                Net Funds Cap”
                in
                clause (ii) of the preceding sentence shall be deemed to be a reference
                to
                the REMIC 3 Net Funds Cap; therefore, on any Distribution Date on
                which
                the Certificate Interest Rate for the Class M3 Certificates exceeds
                the
                REMIC 3 Net Funds Cap, interest accruals based on such excess shall
                be
                treated as having been paid from the Basis Risk Reserve Fund or the
                Supplemental Interest Trust, as applicable; on any Distribution Date
                on
                which the Certificate Interest Rate on the Class M3 Certificates
                is based
                on the Subordinate Net Funds Cap, the amount of interest that would
                have
                accrued on the Class M3 Certificates if the REMIC 3 Net Funds Cap
                were
                substituted for the Subordinate Net Funds Cap shall be treated as
                having
                been paid by the Class M3 Certificateholders to the Supplemental
                Interest
                Trust, all pursuant to and as further provided in Section 10.01(n)
                hereof.

            

    

     

    
      	
              (9)

            	
              The
                Certificate Interest Rate with respect to any Distribution Date (and
                the
                related Accrual Period) for the Class M4 Certificates is the per
                annum
                rate equal to the lesser of (i) LIBOR plus 0.370% and (ii) the Subordinate
                Net Funds Cap for such Distribution Date; provided,
                that
                if the Mortgage Loans and related property are not purchased pursuant
                to
                Section 7.01(b) on the Initial Optional Termination Date, then with
                respect to each subsequent Distribution Date the per annum rate calculated
                pursuant to clause (i) above with respect to the Class M4 Certificates
                will be LIBOR plus 0.555%. For purposes of the REMIC Provisions,
                the
                reference to “Subordinate
                Net Funds Cap”
                in
                clause (ii) of the preceding sentence shall be deemed to be a reference
                to
                the REMIC 3 Net Funds Cap; therefore, on any Distribution Date on
                which
                the Certificate Interest Rate for the Class M4 Certificates exceeds
                the
                REMIC 3 Net Funds Cap, interest accruals based on such excess shall
                be
                treated as having been paid from the Basis Risk Reserve Fund or the
                Supplemental Interest Trust, as applicable; on any Distribution Date
                on
                which the Certificate Interest Rate on the Class M4 Certificates
                is based
                on the Subordinate Net Funds Cap, the amount of interest that would
                have
                accrued on the Class M4 Certificates if the REMIC 3 Net Funds Cap
                were
                substituted for the Subordinate Net Funds Cap shall be treated as
                having
                been paid by the Class M4 Certificateholders to the Supplemental
                Interest
                Trust, all pursuant to and as further provided in Section 10.01(n)
                hereof.
                

            

    

     

    
      	
              (10)

            	
              The
                Certificate Interest Rate with respect to any Distribution Date (and
                the
                related Accrual Period) for the Class M5 Certificates is the per
                annum
                rate equal to the lesser of (i) LIBOR plus 0.400% and (ii) the Subordinate
                Net Funds Cap for such Distribution Date; provided,
                that
                if the Mortgage Loans and related property are not purchased pursuant
                to
                Section 7.01(b) on the Initial Optional Termination Date, then with
                respect to each subsequent Distribution Date the per annum rate calculated
                pursuant to clause (i) above with respect to the Class M5 Certificates
                will be LIBOR plus 0.600%. For purposes of the REMIC Provisions,
                the
                reference to “Subordinate
                Net Funds Cap”
                in
                clause (ii) of the preceding sentence shall be deemed to be a reference
                to
                the REMIC 3 Net Funds Cap; therefore, on any Distribution Date on
                which
                the Certificate Interest Rate for the Class M5 Certificates exceeds
                the
                REMIC 3 Net Funds Cap, interest accruals based on such excess shall
                be
                treated as having been paid from the Basis Risk Reserve Fund or the
                Supplemental Interest Trust, as applicable; on any Distribution Date
                on
                which the Certificate Interest Rate on the Class M5 Certificates
                is based
                on the Subordinate Net Funds Cap, the amount of interest that would
                have
                accrued on the Class M5 Certificates if the REMIC 3 Net Funds Cap
                were
                substituted for the Subordinate Net Funds Cap shall be treated as
                having
                been paid by the Class M5 Certificateholders to the Supplemental
                Interest
                Trust, all pursuant to and as further provided in Section 10.01(n)
                hereof.
                

            

    

     

    
      	
              (11)

            	
              The
                Certificate Interest Rate with respect to any Distribution Date (and
                the
                related Accrual Period) for the Class M6 Certificates is the per
                annum
                rate equal to the lesser of (i) LIBOR plus 0.460% and (ii) the Subordinate
                Net Funds Cap for such Distribution Date; provided,
                that
                if the Mortgage Loans and related property are not purchased pursuant
                to
                Section 7.01(b) on the Initial Optional Termination Date, then with
                respect to each subsequent Distribution Date the per annum rate calculated
                pursuant to clause (i) above with respect to the Class M6 Certificates
                will be LIBOR plus 0.690%. For purposes of the REMIC Provisions,
                the
                reference to “Subordinate
                Net Funds Cap”
                in
                clause (ii) of the preceding sentence shall be deemed to be a reference
                to
                the REMIC 3 Net Funds Cap; therefore, on any Distribution Date on
                which
                the Certificate Interest Rate for the Class M6 Certificates exceeds
                the
                REMIC 3 Net Funds Cap, interest accruals based on such excess shall
                be
                treated as having been paid from the Basis Risk Reserve Fund or the
                Supplemental Interest Trust, as applicable; on any Distribution Date
                on
                which the Certificate Interest Rate on the Class M6 Certificates
                is based
                on the Subordinate Net Funds Cap, the amount of interest that would
                have
                accrued on the Class M6 Certificates if the REMIC 3 Net Funds Cap
                were
                substituted for the Subordinate Net Funds Cap shall be treated as
                having
                been paid by the Class M6 Certificateholders to the Supplemental
                Interest
                Trust, all pursuant to and as further provided in Section 10.01(n)
                hereof.
                

            

    

     

    
      
        
        

      

      
        13

        
          

        

      

      
        
        

      

    

     

    
      	
              (12)

            	
              The
                Certificate Interest Rate with respect to any Distribution Date (and
                the
                related Accrual Period) for the Class M7 Certificates is the per
                annum
                rate equal to the lesser of (i) LIBOR plus 0.850% and (ii) the Subordinate
                Net Funds Cap for such Distribution Date; provided,
                that
                if the Mortgage Loans and related property are not purchased pursuant
                to
                Section 7.01(b) on the Initial Optional Termination Date, then with
                respect to each subsequent Distribution Date the per annum rate calculated
                pursuant to clause (i) above with respect to the Class M7 Certificates
                will be LIBOR plus 1.275%. For purposes of the REMIC Provisions,
                the
                reference to “Subordinate
                Net Funds Cap”
                in
                clause (ii) of the preceding sentence shall be deemed to be a reference
                to
                the REMIC 3 Net Funds Cap; therefore, on any Distribution Date on
                which
                the Certificate Interest Rate for the Class M7 Certificates exceeds
                the
                REMIC 3 Net Funds Cap, interest accruals based on such excess shall
                be
                treated as having been paid from the Basis Risk Reserve Fund or the
                Supplemental Interest Trust, as applicable; on any Distribution Date
                on
                which the Certificate Interest Rate on the Class M7 Certificates
                is based
                on the Subordinate Net Funds Cap, the amount of interest that would
                have
                accrued on the Class M7 Certificates if the REMIC 3 Net Funds Cap
                were
                substituted for the Subordinate Net Funds Cap shall be treated as
                having
                been paid by the Class M7 Certificateholders to the Supplemental
                Interest
                Trust, all pursuant to and as further provided in Section 10.01(n)
                hereof.
                

            

    

     

    
      	
              (13)

            	
              The
                Certificate Interest Rate with respect to any Distribution Date (and
                the
                related Accrual Period) for the Class M8 Certificates is the per
                annum
                rate equal to the lesser of (i) LIBOR plus 1.350% and (ii) the Subordinate
                Net Funds Cap for such Distribution Date; provided,
                that
                if the Mortgage Loans and related property are not purchased pursuant
                to
                Section 7.01(b) on the Initial Optional Termination Date, then with
                respect to each subsequent Distribution Date the per annum rate calculated
                pursuant to clause (i) above with respect to the Class M8 Certificates
                will be LIBOR plus 2.025%. For purposes of the REMIC Provisions,
                the
                reference to “Subordinate
                Net Funds Cap”
                in
                clause (ii) of the preceding sentence shall be deemed to be a reference
                to
                the REMIC 3 Net Funds Cap; therefore, on any Distribution Date on
                which
                the Certificate Interest Rate for the Class M8 Certificates exceeds
                the
                REMIC 3 Net Funds Cap, interest accruals based on such excess shall
                be
                treated as having been paid from the Basis Risk Reserve Fund or the
                Supplemental Interest Trust, as applicable; on any Distribution Date
                on
                which the Certificate Interest Rate on the Class M8 Certificates
                is based
                on the Subordinate Net Funds Cap, the amount of interest that would
                have
                accrued on the Class M8 Certificates if the REMIC 3 Net Funds Cap
                were
                substituted for the Subordinate Net Funds Cap shall be treated as
                having
                been paid by the Class M8 Certificateholders to the Supplemental
                Interest
                Trust, all pursuant to and as further provided in Section 10.01(n)
                hereof.

            

    

     

    
      	
              (14)

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

            

    

     

    
      	
              (15)

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

            

    

     

    
      
        
        

      

      
        14

        
          

        

      

      
        
        

      

    

    

       

      
        	
                (16)

              	
                For
                  purposes of the REMIC Provisions, Class X shall have an initial
                  principal
                  balance of $19,563,680.10 and the right to receive distributions
                  of such
                  amount represents a regular interest in the Upper Tier REMIC. The
                  Class X
                  Certificate shall also comprise three notional components, each
                  of which
                  represents a regular interest in the Upper Tier REMIC. The first
                  such
                  component has a notional balance that will at all times equal the
                  aggregate of the Class Principal Amounts of the Lower Tier Interests
                  in
                  REMIC 3, and, for each Distribution Date (and the related Accrual
                  Period)
                  this notional component shall bear interest at a per annum rate
                  equal to
                  the excess, if any, of (i) (a) the weighted average of the interest
                  rates
                  on the Lower Tier Interests in REMIC 3 (other than any interest-only
                  regular interests) minus (b) the Credit Risk Manager’s Fee Rate, over (ii)
                  the Adjusted Lower Tier WAC. The second notional component represents
                  the
                  right to receive all distributions in respect of the Class LT3-IO
                  Interest
                  in REMIC 3 (the “Class
                  LT4-I”
                  interest). The third notional component represents the right to
                  receive
                  all distributions in respect of the Class LT3-Reserve-IO Interest.
                  In
                  addition, for purposes of the REMIC Provisions, the Class X Certificate
                  shall represent beneficial ownership of (i) the Basis Risk Reserve
                  Fund;
                  (ii) the Supplemental Interest Trust, including the Swap Agreement,
                  the
                  Swap Account, the Interest Rate Cap Agreement and the Interest
                  Rate Cap
                  Account, (iii) any PPTL Premiums, (iv) any FPD Premiums, (v) the
                  Final
                  Maturity Reserve Trust and (vi) an interest in the notional principal
                  contracts described in Section 10.01(n) hereof.

              

      

    

     

    
      	
              (17)

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

            

    

     

    
      	
              (18)

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

            

    

     

    
      	
              (19)

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

            

    

     

    
      	
              (20)

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

            

    

     

    As
      of the
      Cut-off Date, the Mortgage Loans had an aggregate Scheduled Principal Balance
      of
      $798,487,780.10.

     

    
      
        
        

      

      
        15

        
          

        

      

      
        
        

      

    

     

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

     

    ARTICLE
      I

     

    DEFINITIONS

     

    Section
      1.01. Definitions. 

     

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

     

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

     

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

     

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

     

    Accrual
      Period:
      With
      respect to each Class of LIBOR Certificates and any Distribution Date, the
      period beginning on the Distribution Date in the calendar month immediately
      preceding the month in which the related Distribution Date occurs (or, in the
      case of the first Distribution Date, beginning on November 25, 2006) and ending
      on the day immediately preceding the related Distribution Date, as calculated
      in
      accordance with Section 1.03.

     

    Act:
      As
      defined in Section 3.03(c).

     

    Additional
      Collateral:
      None.

     

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

     

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

     

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

     

    Additional
      Termination Event:
      As
      defined in the Swap Agreement.

     

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

     

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

     

    
      
        
        

      

      
        16

        
          

        

      

      
        
        

      

    

     

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

     

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

     

    Affected
      Party:
      As
      defined in the Swap Agreement.

     

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

     

    
      
        
        

      

      
        17

        
          

        

      

      
        
        

      

    

     

    Aggregate
      Expense Rate:
      With
      respect to any Mortgage Loan, the sum of the related Servicing Fee Rate and
      the
      applicable Insurance Fee Rate, in the case of any Mortgage Loan covered by
      a
      Bulk PMI Policy or a LPMI Policy.

     

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

     

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

     

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

     

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

     

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

     

    Applied
      Loss Amount:
      With
      respect to any Distribution Date, the amount, if any, by which (x) the aggregate
      Certificate Principal Amount of the LIBOR Certificates after giving effect
      to
      distributions of principal on such Distribution Date, but before giving effect
      to any application of the Applied Loss Amount with respect to such date, exceeds
      (y) the Aggregate Pool Balance for such Distribution Date.

     

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

     

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

     

    Aurora:
      Aurora
      Loan Services LLC.

     

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

     

    
      
        
        

      

      
        18

        
          

        

      

      
        
        

      

    

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    
      Bid
        Due Date:
        As
        defined in Section 7.01(d).

       

      Bid
        Holder:
        As
        defined in Section 7.01(d)

       

      Bid
        Month:
        As
        defined in Section 7.01(d).

       

      Bid
        Price:
        As
        defined in Section 7.01(d).

       

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

    

     

    
      
        
        

      

      
        19

        
          

        

      

      
        
        

      

    

     

    Bulk
      PMI Policy:
      Any of
      the (A)(i) the MGIC Mortgage Guaranty Select Master Policy for Multiple Loan
      Transactions No. 22-590-4-3687 and the MGIC Letter Agreement dated November
      22,
      2006 and (ii) Commitment Certificates covering $76,173,256.67 aggregate
      principal balance of insurable Mortgage Loans and (B) PMI Mortgage Master Policy
      No. 21046-0034-0, Bulk No. 2006-0996, subject to the terms and conditions of
      PMI
      Mortgage’s
      Bulk
      Primary First Lien Master Policy UW 2510.00 (09/00) and the PMI Letter Agreement
      dated November 30, 2006, covering $70,946,536.17 aggregate principal balance
      of
      insurable Mortgage Loans.

     

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

     

    Call
      Option:
      The
      option of the Master Servicer or the LTURI-holder to cause the Trust Fund to
      adopt a plan of complete liquidation referred to in Section
      7.01(b).

    
       

      Cap
        Counterparty:
        The
        counterparty to the Supplemental Interest Trust under the Interest Rate Cap
        Agreement, and any successor in interest or assigns. Initially, the Cap
        Counterparty shall be IXIS Financial Products Inc.

    

     

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

     

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

     

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

     

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

     

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

     

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

     

    
      
        
        

      

      
        20

        
          

        

      

      
        
        

      

    

     

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

     

    Certificate
      Account:
      The
      account maintained by the Securities Administrator in accordance with the
      provisions of Section 4.01.

     

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

     

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

     

    Certificate
      Principal Amount:
      With
      respect to any LIBOR Certificate, the initial Certificate Principal Amount
      thereof on the Closing Date, less the amount of all principal distributions
      previously distributed with respect to such Certificate and, in the case of
      the
      Subordinate Certificates, any Applied Loss Amount previously allocated to such
      Certificate; provided,
      however,
      that on
      each Distribution Date on which a Subsequent Recovery is distributed, the
      Certificate Principal Amount of any Class of Subordinate Certificates whose
      Certificate Principal Amount has previously been reduced by application of
      Applied Loss Amounts will be increased, in order of seniority, by an amount
      (to
      be applied pro
      rata
      to all
      Certificates of such Class) equal to the lesser of (1) any Deferred Amount
      for
      each such Class immediately prior to such Distribution Date and (2) the total
      amount of any Subsequent Recovery distributed on such Distribution Date to
      Certificateholders, after application for this purpose to any more senior
      Classes of Certificates. The Class X, Class R and Class LT-R Certificates are
      issued without Certificate Principal Amounts. The Class P Certificates are
      issued with an initial Class P Principal Amount of $100.

    

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    
      
        
        

      

      
        21

        
          

        

      

      
        
        

      

    

     

    Class
      B Target Amount:
      With
      respect to any Distribution Date, an amount equal to the lesser of (a) the
      product of (i) 95.10% and (ii) the Aggregate Pool Balance for such Distribution
      Date determined as of the last day of the related Collection Period and (b)
      the
      amount, if any, by which (i) the Aggregate Pool Balance for such Distribution
      Date determined as of the last day of the related Collection Period exceeds
      (ii)
      the Overcollateralization Floor.

     

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

     

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

     

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

     

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

     

    Class
      Notional Amount:
      Not
      applicable.

     

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

     

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

     

    
      
        
        

      

      
        22

        
          

        

      

      
        
        

      

    

     

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

     

    Class
      X Distributable Amount:
      With
      respect to any Distribution Date, the amount of interest that has accrued on
      the
      Class X Notional Balance, as described in the Preliminary Statement, but that
      has not been distributed prior to such date. In addition, such amount shall
      include the initial Overcollateralization Amount of $19,563,680.10
      ($19,563,780.10 less $100 of such amount allocated to the Class P Certificates)
      to the extent such amount has not been distributed on an earlier Distribution
      Date as part of the Aggregate Overcollateralization Release Amount.

     

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

     

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

     

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

     

    Clearstream:
      Clearstream Banking Luxembourg, and any successor thereto.

     

    Closing
      Date:
      November 30, 2006.

     

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

     

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

     

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

     

    Commission:
      The
      United States Securities and Exchange Commission.

     

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

     

    
      
        
        

      

      
        23

        
          

        

      

      
        
        

      

    

     

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

     

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

     

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

     

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

     

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

     

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

     

    Cooperative
      Shares:
      Shares
      issued by a Cooperative Corporation.

     

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

     

    Corporate
      Trust Office:
      With
      respect to the Securities Administrator, the principal corporate trust office
      of
      the Securities Administrator at which, at any particular time, its corporate
      trust business shall be administered, which office at the date hereof is located
      at (a) for purposes of presentment and surrender of the Certificates, Sixth
      Street and Marquette Avenue, Minneapolis, Minnesota 55479, Attention: Client
      Service Manager - SASCO 2006-BC5 and (b) for all other purposes, 9062 Old
      Annapolis Road, Columbia, Maryland 21045, Attention: Client Service Manager
      -
      SASCO 2006-BC5. With respect to the Trustee, the corporate trust office of
      the
      Trustee at which, at any particular time, its corporate trust business shall
      be
      administered, which office at the date hereof is located at One Federal Street,
      Third Floor, Boston, Massachusetts 02110, Attn: Structured Finance Services:
      SASCO 2006-BC5. 

     

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

     

    
      
        
        

      

      
        24

        
          

        

      

      
        
        

      

    

     

    Countrywide
      Servicing:
      Countrywide Home Loans Servicing LP.

     

    Credit
      Risk Management Agreement:
      Each
      credit risk management agreement dated as of the Closing Date, entered into
      by a
      Servicer or the Master Servicer and the Credit Risk Manager, identified on
      Exhibit L attached hereto.

     

    Credit
      Risk Manager:
      Risk
      Management Group, LLC, a New York limited liability company, and its successors
      and assigns.

     

    Credit
      Risk Manager’s
      Fee:
      With
      respect to any Distribution Date and each Mortgage Loan, an amount equal to
      the
      product of (a) one twelfth, (b) the Credit Risk Manager’s
      Fee
      Rate and (c) the Scheduled Principal Balance of such Mortgage Loan as of the
      first day of the related Collection Period.

     

    Credit
      Risk Manager’s
      Fee
      Rate:
      0.010%
      per annum.

     

    Credit
      Support Annex:
      The
      credit support annex to the Swap Agreement and the Interest Rate Cap Agreement
      dated as of November 30, 2006, between the Securities Administrator, on behalf
      of the Supplemental Interest Trust, and the Swap Counterparty and Cap
      Counterparty.

     

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

     

    
      	
              Distribution
                Date

            	 	
              Loss
                Percentage

            
	 	 	 
	
              December
                2008 to November 2009

            	 	
              1.20%
                for the first month, plus
                an
                additional 1/12th
                of
                1.50% for each month thereafter

            
	 	 	 
	
              December
                2009 to November 2010

            	 	
              2.70%
                for the first month, plus
                an
                additional 1/12th
                of
                1.55% for each month thereafter

            
	 	 	 
	
              December
                2010 to November 2011

            	 	
              4.25%
                for the first month, plus
                an
                additional 1/12th
                of
                1.25% for each month thereafter

            
	 	 	 
	
              December
                2011 to November 2012

            	 	
              5.50%
                for the first month, plus
                an
                additional 1/12th
                of
                0.75% for each month thereafter

            
	 	 	 
	
              December
                2012 and thereafter

            	 	
              6.25%

            

    

     

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

     

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

     

    
      
        
        

      

      
        25

        
          

        

      

      
        
        

      

    

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

     

    Custodial
      Compensation:
      The
      transactional fees or charges (exclusive of the custodian acceptance fee and
      annual administration fee) and reimbursement of out-of-pocket expenses paid
      to
      or allowed Deutsche Bank National Trust Company and Wells Fargo Bank, N.A.,
      in
      their respective capacities as a Custodian, pursuant to the applicable Custodial
      Agreement or any applicable side letter.

     

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

     

    Cut-off
      Date:
      November 1, 2006.

     

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

     

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

     

    Defaulting
      Party:
      As
      defined in the Swap Agreement.

     

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

     

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

     

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

     

    Delinquency
      Default Mortgage Loan:
      Any
      Mortgage Loan originated by BNC Mortgage, Inc. which was 29 days or more
      Delinquent as of the Cut-off Date which is not current in payment on or before
      November 30, 2006.

     

    Delinquency
      Event:
      Any
      Distribution Date on which the Rolling Three Month Delinquency Rate as of the
      last day of the immediately preceding calendar month equals or exceeds
      (1) 32.00% of the Senior Enhancement Percentage for such Distribution Date
      or (2) with respect to any Distribution Date on or after which the
      aggregate Class Principal Amount of the Senior Certificates has been reduced
      to
      zero, 49.80% of the Class M1 Enhancement Percentage.

     

    
      
        
        

      

      
        26

        
          

        

      

      
        
        

      

       

    

    Delinquency
      Rate:
      With
      respect to any calendar month, the fraction, expressed as a percentage, the
      numerator of which is the aggregate outstanding principal balance of (i) all
      Mortgage Loans 60 days Delinquent or more (including all Mortgage Loans 60
      days
      Delinquent for which the related Mortgagor has filed for bankruptcy after the
      Closing Date) and (ii) each Mortgage Loan in foreclosure and all REO Properties
      as of the close of business on the last day of such month, and the denominator
      of which is the Aggregate Pool Balance as of the close of business on the last
      day of such month.

     

    Delinquent:
      For
      reporting purposes, a Mortgage Loan is “delinquent”
      when any
      payment contractually due thereon has not been made by the close of business
      on
      the Due Date therefor. Such Mortgage Loan is “30
      days
      Delinquent”
      if such
      payment has not been received by the close of business on the corresponding
      day
      of the month immediately succeeding the month in which such payment was first
      due, or, if there is no such corresponding day (e.g.,
      as when
      a 30-day month follows a 31-day month in which a payment was due on the 31st
      day
      of such month), then on the last day of such immediately succeeding month.
      Similarly for “60
      days
      Delinquent”
      and the
      second immediately succeeding month and “90
      days
      Delinquent”
      and the
      third immediately succeeding month.

     

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

     

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

     

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

     

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

     

    Distribution
      Date:
      The
      25th day of each month or, if such 25th day is not a Business Day, the next
      succeeding Business Day, commencing in December 2006.

     

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

     

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

     

    
      
        
        

      

      
        27

        
          

        

      

      
        
        

      

       

    

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

     

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

     

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

     

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

    

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

       

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

    

     

    
      
        
        

      

      
        28

        
          

        

      

      
        
        

      

       

    

    (vi) a
      Qualified GIC;

     

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

     

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

       

    

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

     

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

     

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

     

    
      
        
        

      

      
        29

        
          

        

      

      
        
        

      

       

    

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    Exchange
      Act Signing Party:
      With
      respect to any document to be filed in accordance with the Exchange Act other
      than any Form 8-K (other than the initial Form 8-K), Form 10-D, Form 10-K or
      Sarbanes-Oxley Certification, the Depositor, and with respect to any Form 8-K
      (other than the initial Form 8-K), Form 10-D, Form 10-K or Sarbanes-Oxley
      Certification, the Master Servicer, or as otherwise determined by mutual
      agreement between such parties.

     

    Excluded
      Trust Assets:
      As
      described in the Preliminary Statement. 

     

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

     

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

     

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

     

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

     

    Final
      Maturity Reserve Amount:
      For
      each Mortgage Pool and each Distribution Date on and after the Distribution
      Date
      in December 2016 up to and including the earlier of the Final Scheduled
      Distribution Date or the termination of the Trust Fund, if the aggregate
      Scheduled Principal Balance of the Mortgage Loans with forty-year original
      terms
      to maturity is greater than the amount set forth in Schedule B hereto, the
      lesser of (A) the product of (x) the Final Maturity Reserve Rate, (y) the
      aggregate Scheduled Principal Balance on the first day of the related Collection
      Period of the Mortgage Loans with forty-year original terms to maturity in
      such
      Mortgage Pool (not including for this purpose any such Mortgage Loans in the
      related Mortgage Pool for which Principal Prepayments in full have been received
      and distributed in the month prior to such Distribution Date) and (z) a
      fraction, the numerator of which is the actual number of days in the related
      Accrual Period and the denominator of which is 360 and (B) the product of (a)
      the Final Maturity Reserve Shortfall for such Distribution Date and (b) a
      fraction, the numerator of which is the Pool Balance for
      the
      related Mortgage Pool on the first day of the related Collection Period (not
      including for this purpose any such Mortgage Loans in the related Mortgage
      Pool
      for which Principal Prepayments in full have been received and distributed
      in
      the month prior to such Distribution Date)
      and the
      denominator of which is the Aggregate Pool Balance on the first day of the
      related Collection Period (not including for this purpose any such Mortgage
      Loans for which Principal Prepayments in full have been received and distributed
      in the month prior to that Distribution Date). For (a) each Mortgage Pool
      and each Distribution Date prior to the Distribution Date in December 2016
      or
      (b) each Distribution Date on and after the Distribution Date in December
      2016 for which the aggregate Scheduled Principal Balance of the forty-year
      Mortgage Loans does not exceed the aggregate Scheduled Principal Balance in
      Schedule C hereto, zero. 

     

    
      
        
        

      

      
        30

        
          

        

      

      
        
        

      

       

    

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

     

    Final
      Maturity Reserve Shortfall:
      For
      each Distribution Date, the lesser of (A) the excess of (i) the aggregate
      Scheduled Principal Balance of the Mortgage Loans with forty-year original
      terms
      to maturity on the first day of the related Collection Period (not including
      for
      this purpose any such Mortgage Loans for which Principal Prepayments in full
      have been received and distributed in the month prior to that Distribution
      Date)
      over (ii) the amounts on deposit in the Final Maturity Reserve Account or (B)
      the excess of (x) the aggregate Certificate Principal Amount of the Offered
      Certificates after giving effect to distributions on such Distribution Date
      over
      (z) the amounts on deposit in the Final Maturity Reserve Account.

     

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

     

    Final
      Scheduled Distribution Date:
      With
      respect to each Class of Certificates, the Distribution Date occurring in
      December 2036.

     

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

     

    First
      Payment Default Mortgage Loan:
      Any
      Mortgage Loan originated by Countrywide Home Loans, Inc. and Liberty American
      Mortgage Corp. which do not make first payments due to the Seller within the
      time frame required under the related PPTLS or any Mortgage Loan specified
      in
      Section 1.04(e) of the Mortgage Loan Sale and Assignment Agreement in respect
      of
      which the related Mortgagor does not make the first payment due to the Seller
      within the time frame required under such section.

     

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

     

    
      
        
        

      

      
        31

        
          

        

      

      
        
        

      

       

    

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

     

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

     

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

     

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

     

    FPD
      Purchase Price:
      With
      respect to any First Payment Default Mortgage Loan or Delinquency Default
      Mortgage Loan, an amount equal to the sum of (a) 101.50% of the unpaid principal
      balance of such Mortgage Loan and (b) accrued interest thereon at the applicable
      Mortgage Rate from the date as to interest was last paid to (but not including)
      the Due Date in the Collection Period immediately preceding the related
      Distribution Date. 

     

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

     

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

     

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

     

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

     

    Group
      1 Senior Certificates:
      The
      Class A1 Certificates.

     

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

     

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

     

    
      
        
        

      

      
        32

        
          

        

      

      
        
        

      

       

    

    HomEq:
      Barclays Capital Real Estate Inc. d/b/a HomEq Servicing.

     

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

     

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

     

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

     

    Initial
      LIBOR Rate:
      5.320%.

     

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

     

    Insurance
      Fee Rate:
      With
      respect to each Mortgage Loan insured under any Bulk PMI Policy or LPMI Policy,
      the per annum rate specified in the Mortgage Loan Schedule under the field
      “Insurance
      Fee Rate,”
      plus any
      taxes due and payable with respect to any such insured Mortgage Loan where
      the
      related Mortgaged Property is located in the states of Kentucky and West
      Virginia.

     

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

     

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

     

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

     

    
      
        
        

      

      
        33

        
          

        

      

      
        
        

      

       

    

    Interest
      Rate Cap Agreement:
      The
      interest rate cap agreement dated November 30, 2006 entered into by the
      Supplemental Interest Trust and the Cap Counterparty, which agreement provides
      for the monthly payment specified therein to the Securities Administrator (for
      the benefit of the Certificateholders) commencing with the Distribution Date
      in
      November 2007 and ending on the Distribution Date in November 2011, by the
      Cap
      Counterparty, but subject to the conditions set forth therein together with
      any
      schedules, confirmations, credit support annex or other agreements relating
      thereto, attached hereto as Exhibit N.

     

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

     

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

     

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

     

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

     

    
      
        
        

      

      
        34

        
          

        

      

      
        
        

      

       

    

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

     

    JPMorgan:
      JPMorgan Chase Bank, National Association.

     

    Latest
      Possible Maturity Date:
      The
      Distribution Date occurring in September 2046.

     

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

     

    LIBOR:
      (a)
      With respect to the first Accrual Period, the Initial LIBOR Rate. With respect
      to each subsequent Accrual Period, a per annum rate determined on the LIBOR
      Determination Date in the following manner by the Securities Administrator
      on
      the basis of the “Interest
      Settlement Rate”
      set by
      the British Bankers’
      Association (the “BBA”)
      for
      one-month United States dollar deposits, as such rates appear on the Telerate
      Page 3750, as of 11:00 a.m. (London time) on such LIBOR Determination Date.
      

     

    (b) If
      on
      such a LIBOR Determination Date, the BBA’s
      Interest Settlement Rate does not appear on the Telerate Page 3750 as of 11:00
      a.m. (London time), or if the Telerate Page 3750 is not available on such date,
      the Securities Administrator will obtain such rate first
      from
      Reuters’ “page
      LIBOR 01,”
      or if
      such page is not available, then from Bloomberg’s
      page
“BBAM.”
      If any
      such rate is not published for such LIBOR Determination Date, LIBOR for such
      date will be the most recently published Interest Settlement Rate. In the event
      that the BBA no longer sets an Interest Settlement Rate, the Securities
      Administrator will designate an alternative index that has performed, or that
      the Securities Administrator expects to perform, in a manner substantially
      similar to the BBA’s
      Interest Settlement Rate. The Securities Administrator will select a particular
      index as the alternative index only if it receives an Opinion of Counsel (a
      copy
      of which shall be furnished to the Trustee and any NIMS Insurer), which opinion
      shall be an expense reimbursed from the Certificate Account pursuant to Section
      4.02, that the selection of such index will not cause any of the REMICs to
      lose
      their classification as REMICs for federal income tax purposes.

     

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

     

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

     

    
      
        
        

      

      
        35

        
          

        

      

      
        
        

      

       

    

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

     

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

     

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

     

    Liquidation
      Expenses:
      Expenses that are incurred by the Master Servicer or a Servicer in connection
      with the liquidation of any defaulted Mortgage Loan and are not recoverable
      under the related Primary Mortgage Insurance Policy, if any, including, without
      limitation, foreclosure and rehabilitation expenses, legal expenses and
      unreimbursed amounts, if any, expended pursuant to Sections 9.06, 9.16 or
      9.22.

     

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

     

    Loan-to-Value
      Ratio:
      With
      respect to any Mortgage Loan, the ratio of the principal balance of such
      Mortgage Loan at origination, or such other date as is specified, to the
      Original Value of the related Mortgaged Property.

     

    Lower
      Tier Interest:
      As
      described in the Preliminary Statement.

     

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

     

    LPMI
      Policy:
      A
      Primary Mortgage Insurance Policy issued by a Qualified Insurer pursuant to
      which the related premium is to be paid from payments by the
      mortgagee.

     

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

     

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

     

    
      
        
        

      

      
        36

        
          

        

      

      
        
        

      

       

    

    M3
      Target Amount:
      With
      respect to any Distribution Date, an amount equal to the lesser of (a) the
      product of (i) 79.10% and (ii) the Aggregate Pool Balance for such Distribution
      Date determined as of the last day of the related Collection Period and (b)
      the
      amount, if any, by which (i) the Aggregate Pool Balance for such Distribution
      Date determined as of the last day of the related Collection Period exceeds
      (ii)
      the Overcollateralization Floor.

     

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

     

    M4
      Target Amount:
      With
      respect to any Distribution Date, an amount equal to the lesser of (a) the
      product of (i) 82.00% and (ii) the Aggregate Pool Balance for such Distribution
      Date determined as of the last day of the related Collection Period and (b)
      the
      amount, if any, by which (i) the Aggregate Pool Balance for such Distribution
      Date determined as of the last day of the related Collection Period exceeds
      (ii)
      the Overcollateralization Floor.

     

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

     

    M5
      Target Amount:
      With
      respect to any Distribution Date, an amount equal to the lesser of (a) the
      product of (i) 84.40% and (ii) the Aggregate Pool Balance for such Distribution
      Date determined as of the last day of the related Collection Period and (b)
      the
      amount, if any, by which (i) the Aggregate Pool Balance for such Distribution
      Date determined as of the last day of the related Collection Period exceeds
      (ii)
      the Overcollateralization Floor.

     

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

     

    M6
      Target Amount:
      With
      respect to any Distribution Date, an amount equal to the lesser of (a) the
      product of (i) 86.30% and (ii) the Aggregate Pool Balance for such Distribution
      Date determined as of the last day of the related Collection Period and (b)
      the
      amount, if any, by which (i) the Aggregate Pool Balance for such Distribution
      Date determined as of the last day of the related Collection Period exceeds
      (ii)
      the Overcollateralization Floor.

     

    
      
        
        

      

      
        37

        
          

        

      

      
        
        

      

       

    

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

     

    M7
      Target Amount:
      With
      respect to any Distribution Date, an amount equal to the lesser of (a) the
      product of (i) 88.60% and (ii) the Aggregate Pool Balance for such Distribution
      Date determined as of the last day of the related Collection Period and (b)
      the
      amount, if any, by which (i) the Aggregate Pool Balance for such Distribution
      Date determined as of the last day of the related Collection Period exceeds
      (ii)
      the Overcollateralization Floor.

     

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

     

    M8
      Target Amount:
      With
      respect to any Distribution Date, an amount equal to the lesser of (a) the
      product of (i) 90.30% and (ii) the Aggregate Pool Balance for such Distribution
      Date determined as of the last day of the related Collection Period and (b)
      the
      amount, if any, by which (i) the Aggregate Pool Balance for such Distribution
      Date determined as of the last day of the related Collection Period exceeds
      (ii)
      the Overcollateralization Floor.

     

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

     

    M9
      Target Amount:
      With
      respect to any Distribution Date, an amount equal to the lesser of (a) the
      product of (i) 92.30% and (ii) the Aggregate Pool Balance for such Distribution
      Date determined as of the last day of the related Collection Period and (b)
      the
      amount, if any, by which (i) the Aggregate Pool Balance for such Distribution
      Date determined as of the last day of the related Collection Period exceeds
      (ii)
      the Overcollateralization Floor.

     

    Master
      Servicer:
      Wells
      Fargo Bank, N.A., or any successor in interest, or if any successor master
      servicer shall be appointed as herein provided, then such successor master
      servicer.

     

    
      
        
        

      

      
        38

        
          

        

      

      
        
        

      

       

    

    Master
      Servicing Fee:
      As to
      any Distribution Date, any investment earnings from amounts on deposit in the
      Certificate Account for the four-day period from and including four Business
      Days immediately preceding the related Distribution Date to and including the
      related Distribution Date minus any Trustee Fee and Custodial Compensation
      for
      such Distribution Date.

     

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

     

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

     

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

     

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

     

    MGIC:
      Mortgage Guaranty Insurance Corporation, or any successor in
      interest.

     

    MGIC
      Letter Agreement:
      With
      respect to the Bulk PMI Policy with MGIC, the Terms Letter for MGIC Mortgage
      Insurance Coverage for approximately $76,173,256.67 in principal balance of
      insured mortgage loans dated as of November 22, 2006, among Lehman Brothers
      Inc., MGIC and the Trustee.

     

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

     

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

     

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

     

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

     

    Mortgage
      Loan:
      A
      Mortgage and the related notes or other evidences of indebtedness secured by
      each such Mortgage conveyed, transferred, sold, assigned to or deposited with
      the Trustee pursuant to Section 2.01 or Section 2.05, including without
      limitation each Mortgage Loan listed on the Mortgage Loan Schedule, as amended
      from time to time.

     

    Mortgage
      Loan Administrator:
      Aurora
      Loan Services LLC, or any successor in interest.

     

    Mortgage
      Loan Sale Agreement:
      The
      mortgage loan sale and assignment agreement dated as of November 1, 2006, for
      the sale of the Mortgage Loans by the Seller to the Depositor.

     

    
      
        
        

      

      
        39

        
          

        

      

      
        
        

      

       

    

    Mortgage
      Loan Schedule:
      The
      schedule attached hereto as Schedule A, which shall identify each Mortgage
      Loan,
      as such schedule may be amended from time to time to reflect the addition of
      Mortgage Loans to, or the deletion of Mortgage Loans from, the Trust Fund.
      Such
      schedule shall set forth, among other things, the following information with
      respect to each Mortgage Loan: (i) the Mortgage Loan identifying number; (ii)
      the city, state and zip code of the Mortgaged Property; (iii) the original
      principal amount of the Mortgage Loan; (iv) the Mortgage Rate at origination;
      (v) the monthly payment of principal and interest at origination;
      (vi) Mortgage Pool in which such Mortgage Loan is included; (vii) the
      applicable Servicer servicing such Mortgage Loan and the applicable Servicing
      Fee Rate; (viii) the applicable Custodian with respect to the Mortgage File
      related to such Mortgage Loan; (ix) where applicable, whether such Mortgage
      Loan
      is covered by any Bulk PMI Policy or LPMI Policy and the applicable PMI Insurer
      and the applicable Insurance Fee Rate; (x) whether such Mortgage Loan is subject
      to a Prepayment Premium for voluntary prepayments by the Mortgagor, the term
      during which such Prepayment Premiums are imposed and the methods of calculation
      of the Prepayment Premium; and (xi) whether such Mortgage Loan is a Simple
      Interest Mortgage Loan. The Depositor shall be responsible for providing the
      Trustee, the applicable Custodian and the Master Servicer with all amendments
      to
      the Mortgage Loan Schedule.

     

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

     

    Mortgage
      Pool:
      Any of
      Pool 1 or Pool 2.

     

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

     

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

     

    Mortgagor:
      The
      obligor on a Mortgage Note.

     

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

     

    
      
        
        

      

      
        40

        
          

        

      

      
        
        

      

       

    

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

     

    Net
      Liquidation Proceeds:
      With
      respect to any Liquidated Mortgage Loan, the related Liquidation Proceeds net
      of
      (i) unreimbursed expenses and (ii) any unreimbursed Advances, if any, received
      and retained in connection with the liquidation of such Mortgage
      Loan.

     

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

     

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

     

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

     

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

     

    
      
        
        

      

      
        41

        
          

        

      

      
        
        

      

       

    

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

     

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

     

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

     

    
      NIM
        Residual Purchase Option Notice:
        As
        defined in Section 7.01(d).

       

      NIM
        Residual Securities:
        Any
        preference shares, preference certificates or ownership certificates issued
        by a
        trust or other special purpose entity in connection with a NIMS
        Transaction.

       

      NIM
        Notes:
        Any net
        interest margin notes issued by an indenture or other special purpose entity
        pursuant to an Indenture in connection with a NIMS Transaction.

       

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

       

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

       

      NIMS
        Transaction:
        Any
        issuance by a trust or other special purpose entity of NIM Notes and NIM
        Residual Securities, the principal assets of which trust include Class X
        and
        Class P Certificates and payments received thereon.

       

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

    

     

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

     

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

     

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

     

    Notional
      Amount:
      Not
      applicable. 

     

    Notional
      Certificate:
      Not
      applicable.

     

    Offered
      Certificates:
      The
      Class A1, Class A2, Class A3, Class A4, Class A5, Class M1, Class M2, Class
      M3,
      Class M4, Class M5, Class M6, Class M7, Class M8 and Class M9
      Certificates.

     

    Offering
      Document:
      Each of
      the Prospectus and the Private Placement Memorandum.

     

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

     

    
      
        
        

      

      
        42

        
          

        

      

      
        
        

      

       

    

    Opinion
      of Counsel:
      A
      written opinion of counsel, reasonably acceptable in form and substance to
      the
      Trustee or the Securities Administrator, as applicable, and which may be
      in-house or outside counsel to the Depositor, the Master Servicer, the
      Securities Administrator or the Trustee but which must be Independent outside
      counsel with respect to any such opinion of counsel concerning the transfer
      of
      any Residual Certificate or concerning certain matters with respect to the
      Employee Retirement Income Security Act of 1974, as amended (“ERISA”),
      or the
      taxation, or the federal income tax status, of each REMIC.

     

    Option
      One:
      Option
      One Mortgage Corporation.

     

    Original
      Mortgage Loan:
      As
      described in the Preliminary Statement. 

     

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

     

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

     

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

    
       

      Overcollateralization
        Floor:
        An
        amount equal to $3,992,438.00 (approximately 0.50% of the Cut-off Date
        Balance).

       

    

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

     

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

     

    PCAOB:
      The
      Public Company Accounting Oversight Board.

     

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

     

    
      
        
        

      

      
        43

        
          

        

      

      
        
        

      

       

    

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

     

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

     

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

     

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

     

    PMI
      Insurance Premium:
      With
      respect to each Distribution Date and each Mortgage Loan covered by a Bulk
      PMI
      Policy or other lender-paid Primary Mortgage Insurance Policy, the product
      of
      (a) one-twelfth of the applicable Insurance Fee Rate and (b) the Scheduled
      Principal Balance of such Mortgage Loan as of the first day of the related
      Collection Period.

     

    PMI
      Insurer:
      MGIC
      and PMI Mortgage.

     

    PMI
      Letter Agreement:
      With
      respect to the Bulk PMI Policy with PMI Mortgage, the Terms Letter for PMI
      Mortgage Insurance Coverage for approximately $70,946,536.17 in principal
      balance of insured mortgage loans dated as of November 30, 2006, among LBH,
      PMI
      Mortgage and the Trustee.

     

    PMI
      Mortgage:
      PMI
      Mortgage Insurance Co.

     

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

     

    Pool
      1
      Maximum Interest Rate:
      For the
      Group 1 Senior Certificates, for each Distribution Date on or before the
      Distribution Date on which the aggregate Class Principal Amount of the Group
      2
      Senior Certificates have been reduced to zero, an annual rate equal to (a)
      the
      product, expressed as a percentage, of (1) the amount, if any, by which the
      weighted average of the excess of the maximum “lifetime”
      Mortgage
      Rates, as specified in the related Mortgage Notes for the Pool 1 Mortgage Loans
      exceeds the applicable weighted average Aggregate Expense Rate and (2) a
      fraction, the numerator of which is 30 and the denominator of which is the
      actual number of days in the Accrual Period related to such Distribution Date;
      plus
      (b) the
      product, expressed as a percentage, of (1) the sum of (x) the amount of any
      Net
      Swap Payment owed by the Swap Counterparty on
      the
      related Swap Payment Date
      allocable to Pool 1 (based on the applicable Pool Percentage) and (y) any
      Interest Rate Cap Amount owed by the Cap Counterparty on the related Interest
      Rate Cap Payment Date allocable to Pool 1 (based on the applicable Pool
      Percentage) divided by the Pool Balance for Pool 1 as of the beginning of the
      related Collection Period and (2) a fraction, the numerator of which is 360
      and
      the denominator of which is the actual number of days in the Accrual Period
      related to such Distribution Date; minus
      (c) the
      product, expressed as a percentage, of (1) the sum of (x) the amount of any
      Net
      Swap Payment owed to the Swap Counterparty on the related Swap Payment Date
      allocable to Pool 1 (based on the applicable Pool Percentage) and (y) any Final
      Maturity Reserve Amount for Pool 1 for such Distribution Date divided by the
      Pool Balance for Pool 1 as of the beginning of the related Collection Period
      and
      (2) a fraction, the numerator of which is 360 and the denominator of which
      is
      the actual number of days in the Accrual Period related to such Distribution
      Date.

     

    
      
        
        

      

      
        44

        
          

        

      

      
        
        

      

       

    

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

     

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

     

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

     

    Pool
      2
      Maximum Interest Rate:
      For the
      Group 2 Senior Certificates, and for each Distribution Date on or before the
      Distribution Date on which the aggregate Class Principal Amounts of the Group
      1
      Senior Certificates have been reduced to zero, an annual rate equal to (a)
      the
      product, expressed as a percentage, of (1) the amount, if any, by which the
      weighted average of the excess of the maximum “lifetime”
      Mortgage
      Rates, as specified in the related Mortgage Notes for the Pool 2 Mortgage Loans
      exceeds the applicable weighted average Aggregate Expense Rate and (2) a
      fraction, the numerator of which is 30 and the denominator of which is the
      actual number of days in the Accrual Period related to such Distribution Date;
      plus
      (b) the
      product, expressed as a percentage, of (1) the sum of (x) the amount of any
      Net
      Swap Payment owed by the Swap Counterparty on the related Swap Payment Date
      allocable to Pool 2 (based on the applicable Pool Percentage) and (y) any
      Interest Rate Cap Amount owed by the Cap Counterparty on the related Interest
      Rate Cap Payment Date allocable to Pool 2 (based on the applicable Pool
      Percentage) divided by the Pool Balance for Pool 2 as of the beginning of the
      related Collection Period and (2) a fraction, the numerator of which is 360
      and
      the denominator of which is the actual number of days in the Accrual Period
      related to such Distribution Date; minus
      (c) the
      product, expressed as a percentage, of (1) the sum of (x) the amount of any
      Net
      Swap Payment owed to the Swap Counterparty for such Distribution Date allocable
      to Pool 2 (based on the applicable Pool Percentage) and (y) any Final Maturity
      Reserve Amount for Pool 2 for such Distribution Date divided by the Pool Balance
      for Pool 2 as of the beginning of the related Collection Period and (2) a
      fraction, the numerator of which is 360 and the denominator of which is the
      actual number of days in the Accrual Period related to such Distribution
      Date.

     

    
      
        
        

      

      
        45

        
          

        

      

      
        
        

      

       

    

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

     

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

     

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

     

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

     

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

     

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

     

    
      
        
        

      

      
        46

        
          

        

      

      
        
        

      

       

    

    PPTL
      Purchase Price:
      The
      purchase price paid for a First Payment Default Mortgage Loan which is required
      to be repurchased by Countrywide Home Loans, Inc. or Liberty American Mortgage
      Corp. pursuant to the related PPTLS.

     

    PPTLS:
      As to
      any First Payment Default Mortgage Loan, (i)
      the
      Purchase Price and Terms Letter between Lehman Brothers Bank, FSB and
      Countrywide Home Loans, Inc. dated as of February 22, 2006, (ii) the Purchase
      Price and Terms Letter between Lehman Brothers Bank, FSB and Countrywide Home
      Loans, Inc. dated as of the several dates specified in Exhibit C thereto and
      (iii) the Purchase Price and Terms Letter between Lehman Brothers Bank, FSB
      and
      Liberty American Mortgage Corp. dated as of August 25, 2006.

     

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

     

    Prepayment
      Period:
      With
      respect to any Distribution Date and any Principal Prepayment in full in respect
      of any Mortgage Loan serviced by Aurora, the period from and including the
      seventeenth (17th)
      day of
      the preceding calendar month through and including the sixteenth (16th)
      day of
      the calendar month in which the Distribution Date occurs (except in the case
      of
      the December 2006 Distribution Date, for which the related Prepayment Period
      will be the period from November 1, 2006 through December 16, 2006); with
      respect to any Distribution Date and any Principal Prepayment in part in respect
      of any Mortgage Loan serviced by Aurora, the calendar month immediately
      preceding the month in which such Distribution Date occurs; with respect to
      any
      Distribution Date and any Principal Prepayment in respect of any Mortgage Loan
      serviced by Countrywide Servicing, whether in part or in full, (including any
      Principal Prepayment due to liquidation of a Mortgage Loan), the period from
      and
      including the sixteenth (16th) day of the preceding calendar month through
      and
      including the fifteenth (15th) day of the calendar month in which such
      Distribution Date occurs (except in the case of the December 2006 Distribution
      Date, for which such Prepayment Period shall be the period from November 1,
      2006
      through and including December 15,
      2006); with respect to any Distribution Date and any Principal Prepayment in
      full in respect of any Mortgage Loan serviced by HomEq, the period from and
      including the sixteenth (16th)
      day of
      the preceding calendar month through and including the fifteenth (15th)
      day of
      the calendar month in which the Distribution Date occurs (except in the case
      of
      the December 2006 Distribution Date, for which the related Prepayment Period
      will be the period from November 1, 2006 through December 15, 2006); with
      respect to any Distribution Date and any Principal Prepayment in part in respect
      of any Mortgage Loan serviced by HomEq, the calendar month immediately preceding
      the month in which such Distribution Date occurs; with respect to any
      Distribution Date and any Principal Prepayment in respect of any Mortgage Loan
      serviced by Option One, whether in part or in full, (including any Principal
      Prepayment due to liquidation of a Mortgage Loan), the calendar month
      immediately preceding the month in which such Distribution Date occurs; with
      respect to any Distribution Date and any Principal Prepayment in full in respect
      of any Mortgage Loan serviced by JPMorgan (including any Principal Prepayment
      due to liquidation of a Mortgage Loan), the period from and including the
      fifteenth (15th) day of the preceding calendar month through and including
      the
      fourteenth (14th) day of the calendar month in which such Distribution Date
      occurs (except in the case of the December 2006 Distribution Date, for which
      such Prepayment Period shall be the period from November 1, 2006 through and
      including December 14, 2006); with respect to any Distribution Date and any
      Principal Prepayment in part in respect of any Mortgage Loan serviced by
      JPMorgan, the calendar month immediately preceding the month in which such
      Distribution Date occurs; and in the case of each Distribution Date related
      to
      the transfer of servicing from Option One to Aurora or Wells Fargo, for which
      the related Prepayment Period shall be the period beginning the first day of
      such preceding calendar month through the fourteenth (14th) day of the calendar
      month in which such Distribution Date occurs); with respect to any Distribution
      Date and any Principal Prepayment in full in respect of any Mortgage Loan
      serviced by Wells
      Fargo, the period from the fourteenth (14th) day of the preceding calendar
      month
      through the thirteenth (13th) day of the calendar month in which the
      Distribution Date occurs (except in the case of the December 2006 Distribution
      Date, for which the related Prepayment Period will be the period from November
      1, 2006 through December 13,
      2006,
      and in the case of the Distribution Date relating to the transfer of servicing
      from Option One to Wells Fargo, for which the related Prepayment Period shall
      be
      the period beginning the first day of the preceding calendar month through
      the
      thirteenth (13th) day of the calendar month in which the Distribution Date
      occurs);
      and with respect to any Distribution Date and any Principal Prepayment in part
      in respect of any Mortgage Loan serviced by Wells Fargo, the calendar month
      immediately preceding the month in which such Distribution Date
      occurs. 

     

    
      
        
        

      

      
        47

        
          

        

      

      
        
        

      

       

    

    Prepayment
      Premiums:
      Any
      prepayment fees and penalties to be paid by the Mortgagor on a Mortgage
      Loan.

     

    Primary
      Mortgage Insurance Policy:
      Any
      mortgage guaranty insurance, if any, on an individual Mortgage Loan, including
      any Bulk PMI Policy or any LPMI Policy, as evidenced by a policy or certificate,
      whether such policy is obtained by the originator, the lender, the borrower
      or
      the Seller on behalf of the Trust Fund.

     

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

     

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

     

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

     

    Principal
      Remittance Amount:
      With
      respect to each Mortgage Pool and any Distribution Date, (a) the sum of (i)
      all
      principal collected (other than Payaheads) or advanced in respect of Scheduled
      Payments on the Mortgage Loans in such Mortgage Pool during the related
      Collection Period whether by the applicable Servicers, the Master Servicer
      or
      the Securities Administrator (less unreimbursed Advances due to the Master
      Servicer, any Servicer or the Securities Administrator with respect to the
      related Mortgage Loans, to the extent allocable to principal), (ii) all
      Principal Prepayments in full or in part received during the related Prepayment
      Period on the Mortgage Loans in such Mortgage Pool, (iii) the outstanding
      principal balance of each Mortgage Loan in such Mortgage Pool that was purchased
      from the Trust Fund by the Seller or the Transferor during the related
      Prepayment Period or the NIMS Insurer (in the case of certain Mortgage Loans
      90
      days or more delinquent) from such Mortgage Pool, (iv) the portion of the
      Purchase Price (or the PPTL Purchase Price (excluding any PPTL Premium) or
      FPD
      Purchase Price (excluding any FPD Premium) payable with respect to a First
      Payment Default Mortgage Loan or Delinquency Default Mortgage Loan) or
      Substitution Amount paid with respect to any Deleted Mortgage Loan in such
      Mortgage Pool during the related Prepayment Period allocable to principal and
      (v) all Net Liquidation Proceeds, Insurance Proceeds, any Subsequent Recovery
      and other recoveries collected with respect to the Mortgage Loans in such
      Mortgage Pool during the related Prepayment Period, to the extent allocable
      to
      principal, as reduced by (b) to the extent not reimbursed from amounts otherwise
      allocable to interest, the related Pool Percentage for such date of any other
      costs, expenses or liabilities reimbursable to the Trustee, the Master Servicer,
      the Securities Administrator, each Custodian and each Servicer to the extent
      provided in this Agreement, each Servicing Agreement and each Custodial
      Agreement and, with respect to the Trustee, to the extent the Interest
      Remittance Amount is less than amounts reimbursable to the Trustee pursuant
      to
      Section 4.02, the product of (x) the applicable Pool Percentage for such
      Distribution Date and (y) any amounts reimbursable during the related
      Anniversary Year to the Trustee therefrom and not reimbursed from the Interest
      Remittance Amount, or otherwise; provided,
      however,
      that
      such reimbursable amounts from the Interest Remittance Amount and Principal
      Remittance Amount may not exceed $200,000 in the aggregate during any
      Anniversary Year. In the event that the Trustee incurs reimbursable amounts
      in
      excess of $200,000, it may seek reimbursement for such amounts in subsequent
      Anniversary Years, but in no event shall more than $200,000 be reimbursed to
      the
      Trustee per Anniversary Year. Notwithstanding the foregoing, costs and expenses
      incurred by the Trustee pursuant to Section 6.14(a) in connection with any
      transfer of servicing shall be excluded from the $200,000 per Anniversary Year
      limit on reimbursable amounts. For the avoidance of doubt, (i) the Principal
      Remittance Amount available on each Swap Payment Date for distributions to
      the
      Swap Account shall be equal to the Principal Remittance Amount on the related
      Distribution Date and (ii) the Principal Remittance Amount for each Distribution
      Date shall be calculated without regard to any distributions to the Swap Account
      on the related Swap Payment Date.

     

    
      
        
        

      

      
        48

        
          

        

      

      
        
        

      

       

    

    Private
      Placement Memorandum:
      The
      private placement memorandum dated November 28, 2006, relating to the Class
      B Certificates.

     

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

     

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

     

    Prospectus:
      The
      prospectus supplement dated November 28, 2006, together with the accompanying
      prospectus dated November 13, 2006, relating to the Offered
      Certificates.

    

      Purchase
        Option Notice:
        As
        defined in Section 7.01(d).

       

    

    
      
        
        

      

      
        49

        
          

        

      

      
        
        

      

       

    

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

     

    QIB:
      As
      defined in Section 3.03(c).

     

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

     

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

     

    (ii) provide
      that the Trustee or the Securities Administrator may exercise all of the rights
      under such contract or surety bond without the necessity of taking any action
      by
      any other Person;

     

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

       

    

    (iv) provide
      that the Trustee’s
      or the
      Securities Administrator’s
      interest therein shall be transferable to any successor trustee or successor
      securities administrator hereunder; and

     

    
      
        
        

      

      
        50

        
          

        

      

      
        
        

      

       

    

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

     

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

     

    Qualifying
      Substitute Mortgage Loan:
      In the
      case of a Mortgage Loan substituted for a Deleted Mortgage Loan pursuant to
      the
      terms of this Agreement, a Mortgage Loan that, on the date of such substitution,
      (i) has an outstanding Scheduled Principal Balance (or in the case of a
      substitution of more than one mortgage loan for a Deleted Mortgage Loan, an
      aggregate Scheduled Principal Balance), after application of all Scheduled
      Payments due during or prior to the month of substitution, not in excess of,
      and
      not more than 5% less than, the outstanding Scheduled Principal Balance of
      the
      Deleted Mortgage Loan as of the Due Date in the calendar month during which
      the
      substitution occurs, (ii) has a Mortgage Rate not less than the Mortgage Rate
      on
      the Deleted Mortgage Loan, (iii) if applicable, has a maximum Mortgage Rate
      not
      less than the maximum Mortgage Rate on the Deleted Mortgage Loan, (iv) if
      applicable, has a minimum Mortgage Rate not less than the minimum Mortgage
      Rate
      of the Deleted Mortgage Loan, (v) if applicable, has a gross margin equal to
      or
      greater than the gross margin of the Deleted Mortgage Loan, (vi) is not a
      Cooperative Loan unless the related Deleted Mortgage Loan was a Cooperative
      Loan, (vii) if applicable, has a next adjustment date not later than the next
      adjustment date on the Deleted Mortgage Loan, (viii) has the same Due Date
      as
      the Deleted Mortgage Loan, (ix) has a remaining stated term to maturity not
      longer than 18 months and not more than 18 months shorter than the remaining
      stated term to maturity of the related Deleted Mortgage Loan; provided,
      that
      in
      no case should such substitute Mortgage Loan have a maturity date later than
      the
      Final Scheduled Distribution Date; (x) is current as of the date of
      substitution, (xi) has a Loan-to-Value Ratio as of the date of substitution
      equal to or lower than the Loan-to-Value Ratio of the Deleted Mortgage Loan
      as
      of such date, (xii) has been underwritten by the Transferor in accordance with
      the same underwriting criteria and guidelines as the Deleted Mortgage Loan,
      (xiii) has a risk grading determined by the Seller at least equal to the risk
      grading assigned on the Deleted Mortgage Loan, (xiv) is secured by the same
      property type as the Deleted Mortgage Loan, (xv) conforms to each representation
      and warranty applicable to the Deleted Mortgage Loan made in the related
      Mortgage Loan Sale Agreement, (xvi) has the same or higher lien position as
      the
      Deleted Mortgage Loan, (xvii) is covered by a Primary Mortgage Insurance Policy
      if the Deleted Mortgage Loan was so covered, (xviii) contains provisions
      covering the payment of Prepayment Premium by the Mortgagor for early prepayment
      of the Mortgage Loan at least as favorable as the Deleted Mortgage Loan and
      (xix) for any Mortgage Loan to be substituted into Pool 1, has an original
      Scheduled Principal Balance within the maximum dollar amount limitations
      prescribed by Fannie Mae for conforming one-to-four family residential mortgaged
      properties. In the event that one or more mortgage loans are substituted for
      one
      or more Deleted Mortgage Loans, the amounts described in clause (i) hereof
      shall
      be determined on the basis of aggregate Scheduled Principal Balances, the
      Mortgage Rates described in clause (ii) hereof shall be determined on the basis
      of weighted average Mortgage Rates, the risk gradings described in clause (xiii)
      hereof shall be satisfied as to each such mortgage loan, the terms described
      in
      clause (ix) hereof shall be determined on the basis of weighted average
      remaining term to maturity; provided,
      that
      the
      stated maturity date of any Qualifying Substitute Mortgage Loan shall not be
      later than the Final Scheduled Distribution Date, the Loan-to-Value Ratios
      described in clause (xi) hereof shall be satisfied as to each such mortgage
      loan
      and, except to the extent otherwise provided in this sentence, the
      representations and warranties described in clause (xv) hereof must be satisfied
      as to each Qualifying Substitute Mortgage Loan or in the aggregate, as the
      case
      may be.

     

    
      
        
        

      

      
        51

        
          

        

      

      
        
        

      

       

    

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

     

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

     

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

     

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

    
       

      Regular
        Interests Purchase Option:
        The
        Seller’s option to purchase all of the Lower Tier REMIC 1 Uncertificated Regular
        Interests referred to in Section 7.01(c).

       

    

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

     

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

    

     

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

     

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

     

    
      
        
        

      

      
        52

        
          

        

      

      
        
        

      

       

    

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

     

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

     

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

     

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

     

    REMIC
      1:
      As
      described in the Preliminary Statement.

     

    REMIC
      2:
      As
      described in the Preliminary Statement.

     

    REMIC
      3:
      As
      described in the Preliminary Statement.

     

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

     

    REMIC
      4:
      As
      described in the Preliminary Statement.

     

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

     

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

     

    
      
        
        

      

      
        53

        
          

        

      

      
        
        

      

       

    

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

     

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

     

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

     

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

     

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

     

    Responsible
      Officer:
      When
      used with respect to the Trustee or the Securities Administrator, any vice
      president, assistant vice president, the secretary, any assistant secretary,
      or
      any officer, working in its Corporate Trust Office and having responsibility
      for
      the administration of this Agreement, and any other officer to whom a matter
      arising under this Agreement may be referred. 

     

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

     

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

     

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

     

    Rules:
      As
      defined in Section 6.20(c).

     

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

     

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

     

    
      
        
        

      

      
        54

        
          

        

      

      
        
        

      

       

    

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    
      
        
        

      

      
        55

        
          

        

      

      
        
        

      

       

    

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

     

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

     

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

     

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

     

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

     

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

     

    Senior
      Target Amount:
      With
      respect to any Distribution Date, an amount equal to the lesser of (a) the
      product of (i) 50.00% and (ii) the Aggregate Pool Balance for such Distribution
      Date determined as of the last day of the related Collection Period and (b)
      the
      amount, if any, by which (i) the Aggregate Pool Balance for such Distribution
      Date determined as of the last day of the Collection Period exceeds (ii) the
      Overcollateralization Floor.

     

    Servicer
      Remittance Date:
      The day
      in each calendar month on which each Servicer (other than Countrywide Servicing)
      is required to remit payments to the Certificate Account, as specified in the
      related Servicing Agreement, which is the 18th
      day of
      each calendar month (or, if such 18th
      day is
      not a Business Day, the next succeeding Business Day). With respect to
      Countrywide Servicing, the 24th
      day of
      each calendar month (or, if such 24th
      day is
      not a Business Day, the preceding Business Day).

     

    
      
        
        

      

      
        56

        
          

        

      

      
        
        

      

       

    

    Servicers:
      As of
      the Closing Date, each of Aurora, Countrywide Servicing, HomEq, JPMorgan, Option
      One or Wells Fargo, or any of their respective successors in
      interest.

     

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

     

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

     

    Servicing
      Agreement:
      Each
      servicing agreement, subservicing agreement or reconstituted servicing agreement
      identified on Exhibit E hereto, dated as of November 1, 2006, among the Seller,
      the Master Servicer and one of the above-named Servicers, and any other
      servicing agreement entered into between a successor servicer and the Seller
      pursuant to the terms of this Agreement.

     

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

     

    Servicing
      Fee:
      As to
      any Distribution Date and each Mortgage Loan, an amount equal to the product
      of
      (a) one-twelfth of the Servicing Fee Rate and (b) the outstanding principal
      balance of such Mortgage Loan as of the first day of the related Collection
      Period.

     

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

     

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

     

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

     

    
      
        
        

      

      
        57

        
          

        

      

      
        
        

      

       

    

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

     

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

     

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

     

    Stepdown
      Date:
      The
      earlier of (i) the first Distribution Date following the Distribution Date
      on
      which the Class Principal Amounts of the Senior Certificates have each been
      reduced to zero or (ii) the later to occur of (x) the Distribution Date in
      December 2009 and (y) the first Distribution Date on which the Senior
      Enhancement Percentage (calculated for this purpose after giving effect to
      payments or other recoveries in respect of the Mortgage Loans during the related
      Collection Period but before giving effect to distributions on the Certificates
      on such Distribution Date) is greater than or equal to 50.00%.

     

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

     

    Subordinate
      Certificate:
      Any
      Class M Certificate or Class B Certificate.

     

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

     

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

     

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

     

    
      
        
        

      

      
        58

        
          

        

      

      
        
        

      

       

    

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

     

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

     

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

     

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

     

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

     

    Swap
      Agreement:
      The
      interest rate swap agreement entered into by the Supplemental Interest Trust,
      which agreement provides for, among other things, a Net Swap Payment to be
      paid
      pursuant to the conditions provided therein, together with any schedules,
      confirmations, credit support annex or other agreements relating thereto,
      attached hereto as Exhibit O.

     

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

     

    Swap
      Counterparty:
      The
      counterparty to the Supplemental Interest Trust under the Swap Agreement, and
      any successor in interest or assigns. Initially, the Swap Counterparty shall
      be
      IXIS Financial Products Inc.

     

    Swap
      Counterparty Trigger Event:
      A Swap
      Counterparty Trigger Event shall have occurred if any of a Swap Default with
      respect to which the Swap Counterparty is a Defaulting Party, a Termination
      Event (other than a Termination Event for Illegality or Tax Event) with respect
      to which the Swap Counterparty is the sole Affected Party or an Additional
      Termination Event with respect to which the Swap Counterparty is the sole
      Affected Party has occurred.

     

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

     

    
      
        
        

      

      
        59

        
          

        

      

      
        
        

      

       

    

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    Targeted
      Overcollateralization Amount:
      For any
      Distribution Date prior to the Stepdown Date, an amount equal to $19,563,780.10
      (or approximately 2.45% of the Cut-off Date Balance). For any Distribution
      Date
      on or after the Stepdown Date and provided a Trigger Event is not in effect,
      an
      amount equal to the greater of (i) the lesser of (a) $19,563,780.10 (or
      approximately 2.45% of the Cut-off Date Balance) and (b) 4.90% of the Aggregate
      Pool Balance after giving effect to distributions on such Distribution Date
      and
      (ii) the Overcollateralization Floor. With respect to any Distribution Date
      on
      or after the Stepdown Date and provided a Trigger Event is in effect, an amount
      equal to the Targeted Overcollateralization Amount for the immediately preceding
      Distribution Date.

     

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

     

    Telerate
      Page 3750:
      The
      display currently so designated as “Page
      3750”
      on the
      Reuters Telerate Service (or such other page selected by the Securities
      Administrator as may replace Page 3750 on that service for the purpose of
      displaying daily comparable rates on prices).

     

    Termination
      Event:
      As
      defined in the Swap Agreement.

     

    Termination
      Price:
      As
      defined in Section 7.01.

     

    
      
        
        

      

      
        60

        
          

        

      

      
        
        

      

    

     

    Threshold
      Calculation:
      For
      each PMI Insurer and each Distribution Date, the percentage obtained by dividing
      (a) the aggregate of the maximum amount payable for each Mortgage Loan covered
      under the related Bulk PMI Policy as of the last day of the related Collection
      Period by (b) the aggregate Class Principal Amount of the Certificates as of
      the
      last day of the related Collection Period.

     

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

     

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

     

    Transfer
      Agreements:
      As
      defined in the Mortgage Loan Sale Agreement.

     

    Transferor:
      Each
      seller of Mortgage Loans to the Seller pursuant to the Transfer
      Agreements.

     

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

     

    Trust
      Fund:
      The
      corpus of the trust created pursuant to this Agreement, consisting of the
      Mortgage Loans, the assignment of the Depositor’s
      rights
      under the Transfer Agreements, the Mortgage Loan Sale Agreement and each
      Servicing Agreement, such amounts as shall from time to time be held in the
      Certificate Account, any Custodial Account and any Escrow Account, the Swap
      Termination Receipts Account, the Swap Replacement Receipts Account, the Cap
      Termination Receipts Account, the Cap Replacement Receipts Account, the Basis
      Risk Reserve Fund, the Final Maturity Reserve Account, any REO Property and
      the
      other items referred to in, and conveyed to the Trustee under, Section 2.01(a).
      

     

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

     

    Trustee:
      U.S.
      Bank National Association, not in its individual capacity but solely as Trustee,
      or any successor in interest, or if any successor trustee shall be appointed
      as
      herein provided, then such successor in interest or successor trustee, as the
      case may be.

     

    Trustee
      Fee:
      A fixed
      annual fee of $3,500 which is paid by the Master Servicer from the Master
      Servicing Fee.

     

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

     

    Underwriter:
      Lehman
      Brothers Inc. 

     

    
      
        
        

      

      
        61

        
          

        

      

      
        
        

      

       

    

    Underwriter’s
      Exemption:
      Prohibited Transaction Exemption 2002-41, 67 Fed. Reg. 54487 (2002), as amended
      (or any successor thereto), or any substantially similar administrative
      exemption granted by the U.S. Department of Labor.

     

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

     

    Upper
      Tier REMIC:
      REMIC
      4.

     

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

     

    Wells
      Fargo:
      Wells
      Fargo Bank, N.A.

     

    Section
      1.02. Calculations
      Respecting Mortgage Loans.

     

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

     

    Section
      1.03. Calculations
      Respecting Accrued Interest. 

     

    Accrued
      interest, if any, on any LIBOR Certificate shall be calculated based upon a
      360-day year and the actual number of days in each Accrual Period. 

     

    
      
        
        

      

      
        62

        
          

        

      

      
        
        

      

    

     

    ARTICLE
      II

     

    DECLARATION
      OF TRUST;

    ISSUANCE
      OF CERTIFICATES

     

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

     

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

     

    Concurrently
      with the execution of this Agreement, the MGIC Letter Agreement and the PMI
      Letter Agreement shall be delivered to the Trustee on behalf of the Issuing
      Entity. In connection therewith, the Depositor hereby directs the Trustee
      (solely in its capacity as such) and the Trustee is hereby authorized to execute
      and deliver the MGIC Letter Agreement and the PMI Letter Agreement for the
      benefit of the Certificateholders. The Seller, the Master Servicer, the
      Securities Administrator, the Depositor, the Servicers and the
      Certificateholders (by their acceptance of such Certificates) acknowledge and
      agree that the Trustee is executing and delivering the MGIC Letter Agreement
      and
      the PMI Letter Agreement solely in its capacity as Trustee of the Trust Fund,
      and not in its individual capacity.

     

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

     

    
      
        
        

      

      
        63

        
          

        

      

      
        
        

      

       

    

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

     

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

     

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

     

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

     

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

     

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

     

    
      
        
        

      

      
        64

        
          

        

      

      
        
        

      

       

    

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

     

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

     

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

     

    (v) with
      respect to each Non-MERS Mortgage Loan other than a Cooperative Loan, an
      original Assignment of Mortgage, in form and substance acceptable for recording.
      The Mortgage shall be assigned either (A) in blank, without recourse or (B)
      to
“U.S.
      Bank
      National Association, as Trustee of the Structured Asset Securities Corporation
      Mortgage Loan Trust, 2006-BC5,”
      without
      recourse;

     

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

     

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

     

    
      
        
        

      

      
        65

        
          

        

      

      
        
        

      

       

    

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    
      
        
        

      

      
        66

        
          

        

      

      
        
        

      

       

    

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

     

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

     

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

     

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

     

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

     

    
      
        
        

      

      
        67

        
          

        

      

      
        
        

      

       

    

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

     

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

     

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

     

    (f) Each
      of
      the parties hereto acknowledges that the Custodian shall perform the applicable
      review of the Mortgage Loans and respective certifications thereof as provided
      in this Section 2.02 and the Custodial Agreement. The Trustee is hereby
      authorized and directed by the Depositor to appoint the Custodian and to execute
      and deliver the Custodial Agreement and to execute and deliver Transaction
      Addendum SASCO 2006-BC5 to the Master Consulting Agreement with the Credit
      Risk
      Manager.

     

    
      
        
        

      

      
        68

        
          

        

      

      
        
        

      

       

    

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

     

    Section
      2.03. Representations
      and Warranties of the Depositor. 

     

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

     

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

     

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

     

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

     

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

     

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

     

    
      
        
        

      

      
        69

        
          

        

      

      
        
        

      

       

    

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

     

    (b) The
      representations and warranties of the Transferor with respect to the related
      Mortgage Loans in the Transfer Agreement, which have been assigned to the
      Trustee hereunder, were made as of the date specified in the Transfer Agreement
      (or underlying agreement, if such Transfer Agreement is in the form of an
      assignment of a prior agreement). To the extent that any fact, condition or
      event with respect to a Mortgage Loan constitutes a breach of both (i) a
      representation or warranty of the Transferor under the Transfer Agreement and
      (ii) a representation or warranty of the Seller under the Mortgage Loan Sale
      Agreement, the only right or remedy of the Trustee, any Certificateholder or
      any
      NIMS Insurer hereunder shall be their rights to enforce the obligations of
      the
      Transferor under any applicable representation or warranty made by it. The
      Trustee acknowledges that, except as otherwise provided in the Mortgage Loan
      Sale Agreement, the Seller shall not have any obligation or liability with
      respect to any breach of a representation or warranty made by it with respect
      to
      the Mortgage Loans sold by it if the fact, condition or event constituting
      such
      breach also constitutes a breach of a representation or warranty made by the
      Transferor in the Transfer Agreement, without regard to whether such Transferor
      fulfills its contractual obligations in respect of such representation or
      warranty. The Trustee further acknowledges that the Depositor shall have no
      obligation or liability with respect to any breach of any representation or
      warranty with respect to the Mortgage Loans (except as set forth in Section
      2.03(a)(vi)) under any circumstances. 

     

    
      
        
        

      

      
        70

        
          

        

      

      
        
        

      

       

    

    Section
      2.04. Discovery
      of Breach. 

     

    It
      is
      understood and agreed that the representations and warranties (i) of the
      Depositor set forth in Section 2.03, (ii) of the Seller set forth in the
      Mortgage Loan Sale Agreement and assigned to the Depositor by the Seller under
      the Mortgage Loan Sale Agreement and to the Trustee by the Depositor hereunder
      and (iii) of the Transferor and of each Servicer assigned by the Seller to
      the
      Depositor pursuant to the Mortgage Loan Sale Agreement and assigned to the
      Trustee by the Depositor hereunder, shall each survive delivery of the Mortgage
      Files and the Assignment of Mortgage of each Mortgage Loan to the Trustee and
      shall continue throughout the term of this Agreement. Upon discovery by any
      of
      the Depositor, the Master Servicer, the Securities Administrator or the Trustee
      of a breach of any of such representations and warranties that adversely and
      materially affects the value of the related Mortgage Loan, the party discovering
      such breach shall give prompt written notice to the other parties. Within 90
      days of the discovery of a breach of any representation or warranty given to
      the
      Trustee by the Depositor or given by the Transferor or the Seller and assigned
      to the Trustee, the Depositor, the Transferor or the Seller, as applicable,
      shall either (a) cure such breach in all material respects, (b) repurchase
      such
      Mortgage Loan or any property acquired in respect thereof from the Trustee
      at
      the Purchase Price (or in the case of a First Payment Default Mortgage Loan
      or a
      Delinquency Default Mortgage Loan, the PPTL Purchase Price (excluding any PPTL
      Premium) or FPD Purchase Price (excluding any FPD Premium)) or (c) within the
      two-year period following the Closing Date, substitute a Qualifying Substitute
      Mortgage Loan for the affected Mortgage Loan. In the event of discovery of
      a
      breach of any representation and warranty of the Transferor assigned to the
      Trustee, the Trustee shall enforce its rights under the Transfer Agreement
      and
      the Mortgage Loan Sale Agreement for the benefit of Certificateholders and
      any
      NIMS Insurer. As provided in the Mortgage Loan Sale Agreement, if the Transferor
      substitutes a mortgage loan for a Deleted Mortgage Loan pursuant to the Transfer
      Agreement and such substitute mortgage loan is not a Qualifying Substitute
      Mortgage Loan, then pursuant to the terms of the Mortgage Loan Sale Agreement
      the Seller will, in exchange for such substitute mortgage loan, (i) pay to
      the
      Trust Fund the applicable Purchase Price for the affected Mortgage Loan or
      (ii) within two years of the Closing Date, substitute a Qualifying
      Substitute Mortgage Loan. 

     

    Section
      2.05. Repurchase,
      Purchase or Substitution of Mortgage Loans.  

     

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

     

    
      
        
        

      

      
        71

        
          

        

      

      
        
        

      

       

    

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

     

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

     

    Section
      2.06. Grant
      Clause. 

     

    (a) It
      is
      intended that the conveyance of the Depositor’s
      right,
      title and interest in and to property constituting the Trust Fund pursuant
      to
      this Agreement shall constitute, and shall be construed as, a sale of such
      property and not a grant of a security interest to secure a loan. However,
      if
      such conveyance is deemed to be in respect of a loan, it is intended that:
      (1)
      the rights and obligations of the parties shall be established pursuant to
      the
      terms of this Agreement; (2) the Depositor hereby grants to the Trustee for
      the
      benefit of the Holders of the Certificates a first priority security interest
      to
      secure repayment of an obligation in an amount equal to the aggregate Class
      Principal Amount of the Certificates (or the aggregate principal balance of
      the
      Lower Tier REMIC 1 Uncertificated Regular Interests, if applicable) in all
      of
      the Depositor’s
      right,
      title and interest in, to and under, whether now owned or hereafter acquired,
      the Trust Fund, the Supplemental Interest Trust, the Final Maturity Reserve
      Trust and all proceeds of any and all property constituting the Trust Fund,
      the
      Supplemental Interest Trust and the Final Maturity Reserve Trust to secure
      payment of the Certificates or Lower Tier REMIC 1 Uncertificated Regular
      Interests, as applicable (such security interest being, to the extent of the
      assets that constitute the Supplemental Interest Trust, pari passu with the
      security interest as provided in clause (4) below); (3) this Agreement shall
      constitute a security agreement under applicable law; and (4) the Swap
      Counterparty shall be deemed, during the term of such agreement and while such
      agreement is the property of the Trustee, to have a security interest in all
      of
      the assets that constitute the Supplemental Interest Trust, but only to the
      extent of such Swap Counterparty’s
      right
      to payment under the Swap Agreement (such security interest being pari passu
      with the security interest as provided in clause (2) above). If such conveyance
      is deemed to be in respect of a loan and the trust created by this Agreement
      terminates prior to the satisfaction of the claims of any Person holding any
      Certificate or Lower Tier REMIC 1 Uncertificated Regular Interests, as
      applicable, the security interest created hereby shall continue in full force
      and effect and the Trustee shall be deemed to be the collateral agent for the
      benefit of such Person, and all proceeds shall be distributed as herein
      provided.

     

    
      
        
        

      

      
        72

        
          

        

      

      
        
        

      

       

    

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

     

    
      
        
        

      

      
        73

        
          

        

      

      
        
        

      

    

     

    ARTICLE
      III

     

    THE
      CERTIFICATES

     

    Section
      3.01. The
      Certificates.  

     

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

     

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

     

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

     

    
      
        
        

      

      
        74

        
          

        

      

      
        
        

      

       

    

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

     

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

     

    Section
      3.02. Registration. 

     

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

     

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

     

    
      
        
        

      

      
        75

        
          

        

      

      
        
        

      

       

    

    Section
      3.03. Transfer
      and Exchange of Certificates.  

     

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

     

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

     

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

     

    
      
        
        

      

      
        76

        
          

        

      

      
        
        

      

       

    

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

     

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

     

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

     

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

     

    
      
        
        

      

      
        77

        
          

        

      

      
        
        

      

       

    

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

     

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

     

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

     

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

     

    
      
        
        

      

      
        78

        
          

        

      

      
        
        

      

       

    

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

     

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

     

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

     

    
      
        
        

      

      
        79

        
          

        

      

      
        
        

      

       

    

    If
      any
      purported transferee shall become a registered Holder of a Residual Certificate
      in violation of the provisions of this Section 3.03(f), then upon receipt of
      written notice to the Securities Administrator that the registration of transfer
      of such Residual Certificate was not in fact permitted by this Section 3.03(f),
      the last preceding Permitted Transferee shall be restored to all rights as
      Holder thereof retroactive to the date of such registration of transfer of
      such
      Residual Certificate. The 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 3.03(f), for making any payment due on
      such Certificate to the registered Holder thereof or for taking any other action
      with respect to such Holder under the provisions of this Agreement so long
      as
      the transfer was registered upon receipt of the affidavit described in the
      preceding paragraph of this Section 3.03(f).

     

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

     

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

     

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

     

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

     

    
      
        
        

      

      
        80

        
          

        

      

      
        
        

      

       

    

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

     

    
      
        
        

      

      
        81

        
          

        

      

      
        
        

      

       

    

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

     

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

     

    Section
      3.04. Cancellation
      of Certificates. 

     

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

     

    Section
      3.05. Replacement
      of Certificates. 

     

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

     

    
      
        
        

      

      
        82

        
          

        

      

      
        
        

      

    

     

    Section
      3.06. Persons
      Deemed Owners. 

     

    Subject
      to the provisions of Section 3.09 with respect to Book-Entry Certificates,
      the
      Depositor, the Master Servicer, the Securities Administrator, the Trustee,
      the
      Certificate Registrar, any NIMS Insurer and any agent of any of them may treat
      the Person in whose name any Certificate is registered upon the books of the
      Certificate Registrar as the owner of such Certificate for the purpose of
      receiving distributions pursuant to Sections 5.01 and 5.02 and for all other
      purposes whatsoever, and neither the Depositor, the Master Servicer, the
      Securities Administrator, the Trustee, the Certificate Registrar, any NIMS
      Insurer nor any agent of any of them shall be affected by notice to the
      contrary.

     

    Section
      3.07. Temporary
      Certificates.  

     

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

     

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

     

    Section
      3.08. Appointment
      of Paying Agent. 

     

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

     

    
      
        
        

      

      
        83

        
          

        

      

      
        
        

      

       

    

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

     

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

     

    Section
      3.09. Book-Entry
      Certificates. 

     

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

     

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

     

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

     

    
      
        
        

      

      
        84

        
          

        

      

      
        
        

      

       

    

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

     

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

     

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

     

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

     

    
      
        
        

      

      
        85

        
          

        

      

      
        
        

      

    

     

    ARTICLE
      IV

     

    ADMINISTRATION
      OF THE TRUST FUND

     

    Section
      4.01. Certificate
      Account. 

     

    (a) On
      the
      Closing Date, the Securities Administrator shall open and shall thereafter
      maintain a segregated account held in trust (the “Certificate
      Account”),
      entitled “Certificate
      Account, Wells Fargo Bank, N.A., as Securities Administrator, in trust for
      the
      benefit of the Holders of Structured Asset Securities Corporation Mortgage
      Loan
      Trust Mortgage Pass-Through Certificates, Series 2006-BC5.”
      The
      Certificate Account shall relate solely to the Certificates and to the Lower
      Tier REMIC 1 Uncertificated Regular Interests issued by the Trust Fund
      hereunder, and funds in such Certificate Account shall not be commingled with
      any other monies.

     

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

     

    (c) The
      Securities Administrator shall give to the Trustee prior written notice of
      the
      name and address of the depository institution at which the Certificate Account
      is maintained and the account number of such Certificate Account. The Securities
      Administrator shall take such actions as are necessary to cause the depository
      institution holding the Certificate Account to hold such account in the name
      of
      the Securities Administrator under this Agreement. 

     

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

     

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

     

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

     

    
      
        
        

      

      
        86

        
          

        

      

      
        
        

      

       

    

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

     

    (iv) all
      Insurance Proceeds;

     

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

     

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

     

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

     

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

     

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

     

    (e) Funds
      in
      the Certificate Account for the period from each Servicer Remittance Date to
      and
      including four Business Days immediately preceding the related Distribution
      Date
      shall be invested in Eligible Investments selected by and at the written
      direction of LBH, which shall mature not later than one Business Day prior
      to
      the Distribution Date and any such Eligible Investment shall not be sold or
      disposed of prior to its maturity. In the absence of written instructions from
      LBH regarding the investment of any such funds on deposit in the Certificate
      Account, such funds shall be invested in the Wells Fargo Advantage Prime Money
      Market Fund. All such Eligible Investments shall be made in the name of the
      Master Servicer in trust for the benefit of the Trustee and Holders of the
      Structured Asset Securities Corporation Mortgage Loan Trust Mortgage
      Pass-Through Certificates, Series 2006-BC5. Funds in the Certificate Account
      for
      the period from three Business Days immediately preceding the related
      Distribution Date through and including the related Distribution Date (the
      “Master
      Servicer Investment Period”)
      may be
      invested in Eligible Investments selected by the Master Servicer (which shall
      mature not later than such applicable Distribution Date). All income and gain
      realized from any Eligible Investment (i) during the Master Servicer Investment
      Period shall be compensation (1) to the Trustee, in payment of its Trustee
      Fee,
      to the extent not paid in accordance with Section 6.12, (2) to Deutsche Bank
      National Trust Company and Wells Fargo Bank, N.A., in their respective
      capacities as Custodians, in payment of their Custodial Compensation, to the
      extent not paid when due in accordance with Section 6.12 and (3) to the Master
      Servicer and Securities Administrator, any income and gain remaining and (ii)
      other than during the Master Servicer Investment Period shall be shall be for
      the benefit of LBH, in either case subject to its withdrawal or order from
      time
      to time, and shall not be part of the Trust Fund. The amount of any losses
      incurred in respect of any such investments during the Master Servicer
      Investment Period shall be deposited in such Certificate Account by the Master
      Servicer out of its own funds, without any right of reimbursement therefor,
      immediately as realized. The amount of any losses incurred in respect of any
      such investments for any period other than during the Master Servicer Investment
      Period shall be deposited in such Certificate Account by LBH out of its own
      funds, without any right of reimbursement therefor, immediately as realized.
      The
      foregoing requirements for deposit in the Certificate Account are exclusive,
      it
      being understood and agreed that, without limiting the generality of the
      foregoing, (i) payments of interest on funds in the Certificate Account need
      not
      be deposited by the Master Servicer in the Certificate Account and may be
      retained by the Master Servicer or remitted directly to LBH, as applicable,
      and
      (ii) payments in the nature of late payment charges, assumption fees and other
      incidental fees and charges relating to the Mortgage Loans (other than
      Prepayment Premiums) need not be deposited by the Master Servicer in the
      Certificate Account and may be retained by the Master Servicer or the applicable
      Servicer as additional servicing compensation. If the Master Servicer deposits
      in the Certificate Account any amount not required to be deposited therein,
      it
      may at any time withdraw such amount from such Certificate Account.

     

    
      
        
        

      

      
        87

        
          

        

      

      
        
        

      

       

    

    Section
      4.02. Application
      of Funds in the Certificate Account. 

     

    The
      Master Servicer (or if applicable, the Securities Administrator), may, from
      time
      to time, make, or cause to be made, withdrawals from the Certificate Account
      for
      the following purposes:

     

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

     

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

     

    
      
        
        

      

      
        88

        
          

        

      

      
        
        

      

       

    

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

     

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

     

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

     

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

     

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

     

    (viii) to
      pay
      the PMI Insurance Premium with respect to each Bulk PMI Policy;

     

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

     

    
      
        
        

      

      
        89

        
          

        

      

      
        
        

      

       

    

    (x) subject
      to Section 5.01, to pay to itself the Master Servicing Fee;

     

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

     

    (xii) to
      make
      payments out of the Master Servicing Fee (A) to the Trustee to pay the Trustee
      Fee, if due and (B) to Deutsche Bank National Trust Company and Wells Fargo
      Bank, N.A., in their respective capacities as Custodians, to pay the Custodial
      Compensation, if due;

     

    (xiii) to
      make
      distributions to Certificateholders pursuant to Article V;

     

    (xiv) to
      make
      payment to itself, the Securities Administrator, the Trustee, Deutsche Bank
      National Trust Company and Wells Fargo Bank, N.A., in their respective
      capacities as Custodians, and others pursuant to any provision of this
      Agreement;

     

    (xv) to
      withdraw funds deposited in error in the Certificate Account;

     

    (xvi) to
      clear
      and terminate the Certificate Account pursuant to Section 7.02; and

     

    (xvii) to
      pay to
      the Seller any income and gain realized on the Certificate Account from any
      Eligible Investment other than during the Master Servicer Investment Period
      in
      accordance with Section 4.01(e) hereto;

     

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

     

    Section
      4.03. Reports
      to Certificateholders. 

     

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

     

    
      
        
        

      

      
        90

        
          

        

      

      
        
        

      

       

    

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

     

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

     

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

     

    (iv) 
      (A) the aggregate amount of any Advances required to be made as of the end
      of the month immediately preceding the month in which the Distribution Date
      occurs by or on behalf of the Servicers (or the Master Servicer) with respect
      to
      such Distribution Date, (B) the aggregate amount of such Advances actually
      made, and (C) the amount, if any, by which (A) above exceeds (B)
      above;

     

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

     

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

     

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

     

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

     

    (ix) the
      amount of the Servicing Fees, Credit Risk Manager’s
      Fees
      and PMI Insurance Premiums paid during the Collection Period to which such
      distribution relates;

     

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

     

    
      
        
        

      

      
        91

        
          

        

      

      
        
        

      

       

    

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    (xviii) the
      aggregate amount of any insurance claim payments received with respect to the
      Bulk PMI Policy and any LPMI Policy during the related Collection
      Period;

     

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

     

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

     

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

     

    
      
        
        

      

      
        92

        
          

        

      

      
        
        

      

       

    

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

     

    (xxiii) the
      amount of any deposit in the Final Maturity Reserve Account, and, on the earlier
      of the Distribution Date in December 2036 and the termination of the Trust
      Fund,
      the amount distributed from the Final Maturity Reserve Account. 

     

    In
      addition to the information listed above, such Distribution Date Statement
      shall
      also include such other information as is required by Item 1121 (§ 229.1121) of
      Regulation AB and as provided to the Securities Administrator pursuant to this
      Agreement.

     

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

     

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

     

    The
      Securities Administrator shall make such report and any additional loan level
      information (and, at its option, any additional files containing the same
      information in an alternative format) available each month to the Trustee,
      any
      NIMS Insurer, Certificateholders and the Rating Agencies via the Securities
      Administrator’s
      internet website. The Securities Administrator’s
      internet website shall initially be located at “www.ctslink.com.”
      Assistance in using the website can be obtained by calling the Securities
      Administrator’s
      customer service desk at 1-301-815-6600. Such parties that are unable to use
      the
      website are entitled to have a paper copy mailed to them via first class mail
      by
      calling the customer service desk and 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.

     

    The
      foregoing information and reports shall be prepared and determined by the
      Securities Administrator based solely on Mortgage Loan data provided to the
      Securities Administrator by the Master Servicer (in a format attached hereto
      as
      Exhibit J) no later than 2:00 p.m. Eastern Time four Business Days prior to
      the
      Distribution Date, and on the information provided to the Securities
      Administrator by the Swap Counterparty and the Cap Counterparty. In preparing
      or
      furnishing the foregoing information to the Trustee, Certificateholders and
      any
      NIMS Insurer, the Securities Administrator shall be entitled to rely
      conclusively on the accuracy and completeness of the information or data (i)
      regarding the Mortgage Loans and the related REO Property, that has been
      provided to the Securities Administrator by the Master Servicer and each
      Servicer, (ii) regarding the Swap Agreement, that has been provided to the
      Securities Administrator by the Swap Counterparty and (iii) regarding the
      Interest Rate Cap Agreement, that has been provided to the Securities
      Administrator by the Cap Counterparty, and the Securities Administrator shall
      not be obligated to verify, recompute, reconcile or recalculate any such
      information or data. The Securities Administrator shall be entitled to
      conclusively rely on the Mortgage Loan data provided by the Master Servicer
      and
      shall have no liability for any errors or omissions in such Mortgage Loan data.
      The information and reports described in the first paragraph of this Section
      4.03(a) shall be made available to the Trustee by the Securities Administrator
      no later than the Distribution Date. Concurrently with the distribution by
      the
      Master Servicer of the Mortgage Loan data to the Securities Administrator,
      the
      Master Servicer shall also make available a copy of such Mortgage Loan data
      to
      the Credit Risk Manager no later than the Distribution Date. 

     

    
      
        
        

      

      
        93

        
          

        

      

      
        
        

      

       

    

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

     

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

     

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

     

    
      
        
        

      

      
        94

        
          

        

      

      
        
        

      

       

    

    (e) The
      Master Servicer shall provide to the Depositor or to any party designated by
      the
      Depositor, as promptly as practicable upon the Depositor’s
      request, any and all loan-level information that the Depositor may request
      in
      any format reasonably requested by the Depositor. 

     

    ARTICLE
      V

     

    DISTRIBUTIONS
      TO HOLDERS OF CERTIFICATES

     

    Section
      5.01. Distributions
      Generally.  

     

    (a) Subject
      to Section 7.01 respecting the final distribution on the Certificates or Lower
      Tier REMIC 1 Uncertificated Regular Interests, on each Distribution Date the
      Securities Administrator shall make distributions based on the Distribution
      Date
      Statement for such Distribution Date prepared by it pursuant to Section 4.03(a).
      Such distributions shall be made by wire transfer in immediately available
      funds
      to an account specified in writing to the Securities Administrator at least
      five
      (5) Business Days prior to the first Distribution Date to such Certificateholder
      and at the expense of such Certificateholder.

     

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

     

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

     

    (d) The
      Securities Administrator shall make payments to Certificateholders and to the
      Swap Counterparty and any other person pursuant to this Article V and make
      deposits to the Supplemental Interest Trust and the Final Maturity Reserve
      Trust
      based on the Distribution Date Statement prepared by it in accordance with
      Section 4.03(a). 

     

    Section
      5.02. Distributions
      from the Certificate Account. 

     

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

     

    
      
        
        

      

      
        95

        
          

        

      

      
        
        

      

       

    

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

     

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

     

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

     

    (iii) on
      the
      Distribution Date in December 2016 and each Distribution Date
      thereafter:

     

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

     

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

     

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

     

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

     

    
      
        
        

      

      
        96

        
          

        

      

      
        
        

      

       

    

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

     

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

     

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

     

    (iii) on
      the
      Distribution Date in December 2016 and each Distribution Date
      thereafter:

     

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

     

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

     

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

     

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

     

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

     

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

     

    
      
        
        

      

      
        97

        
          

        

      

      
        
        

      

       

    

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

     

    (iii) to
      the
      Credit Risk Manager, the Credit Risk Manager’s
      Fee;

     

    (iv) to
      the
      Trustee, any amounts reimbursable pursuant to Section 4.02 and not previously
      reimbursed to the Trustee; and

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    
      
        
        

      

      
        98

        
          

        

      

      
        
        

      

       

    

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    
      
        
        

      

      
        99

        
          

        

      

      
        
        

      

       

    

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

     

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

     

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

     

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

     

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

     

    (C) (1)
      so
      long as any of the Subordinate Certificates are outstanding, to the Class A1
      Certificates (from amounts generated by Pool 1, except as provided below) and
      to
      the Group 2 Senior Certificates in accordance with the Related Senior Priority
      (from amounts generated by Pool 2, except as provided below) in each case,
      an
      amount equal to the lesser of (x) the excess of (a) the Principal Distribution
      Amount for the related Mortgage Pool for such Distribution Date over (b) the
      amount paid to the Supplemental Interest Trust for deposit into the Swap Account
      on the related Swap Payment Date pursuant to clauses (A) and (B) above and
      (y)
      the Related Senior Principal Distribution Amount for such Mortgage Pool for
      such
      Distribution Date, in each case, until the Class Principal Amount of each such
      Class has been reduced to zero; provided,
      however,
      to the
      extent that the Principal Distribution Amount for a Mortgage Pool exceeds the
      Related Senior Principal Distribution Amount for such Mortgage Pool, such excess
      shall be applied to the Senior Certificates related to the other Mortgage Pool
      (in accordance with the Related Senior Priority), but in an amount not to exceed
      the Senior Principal Distribution Amount for such Distribution Date (as reduced
      by any distributions pursuant to subclauses (x) or (y) of this clause (1) on
      such Distribution Date); or (2) if none of the Subordinate Certificates are
      outstanding, to the Group 1 and Group 2 Senior Certificates (in each case in
      accordance with the Related Senior Priority), the excess of (A) the Principal
      Distribution Amount for the related Mortgage Pool for such Distribution Date
      over (B) the amount paid to the Supplemental Interest Trust for deposit into
      the
      Swap Account for the related Mortgage Pool on the related Swap Payment Date
      pursuant to clauses (A) and (B) above, in each case until the Class Principal
      Amount of each such Class has been reduced to zero;

     

    
      
        
        

      

      
        100

        
          

        

      

      
        
        

      

       

    

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

     

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

     

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

     

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

     

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

     

    
      
        
        

      

      
        101

        
          

        

      

      
        
        

      

       

    

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

     

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

     

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

     

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

     

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

     

    (i) for
      each
      Distribution Date occurring (a) before the Stepdown Date or (b) on or after
      the Stepdown Date but for which a Trigger Event is in effect, then until the
      aggregate Certificate Principal Amount of the LIBOR Certificates equals the
      Target Amount for such Distribution Date, in the following order of
      priority:

     

    
      
        
        

      

      
        102

        
          

        

      

      
        
        

      

    

     

    (A) concurrently,
      to the Group 1 Senior Certificates and Group 2 Senior Certificates, in
      proportion to the aggregate Class Principal Amount of the Senior Certificates
      related to each Group, after giving effect to previous principal distributions
      on such Distribution Date pursuant to subsection 5.02(e)(ii)(A) above, to the
      Group 1 Senior Certificates and Group 2 Senior Certificates, in each case in
      accordance with the Related Senior Priority, in reduction of their respective
      Class Principal Amounts, until the Class Principal Amount of each such Class
      has
      been reduced to zero; and

     

    (B) to
      each
      Class of Subordinate Certificates, in accordance with the Subordinate Priority,
      in reduction of their respective Class Principal Amounts, until the Class
      Principal Amount of each such Class has been reduced to zero.

     

    (ii) for
      each
      Distribution Date occurring on or after the Stepdown Date and for which a
      Trigger Event is not in effect, in the following order of priority:

     

    (A) concurrently,
      to the Group 1 Senior Certificates and Group 2 Senior Certificates, in
      proportion to the aggregate Class Principal Amount of the Senior Certificates
      related to each Group, after giving effect to previous principal distributions
      on such Distribution Date pursuant to subsection 5.02(e)(iii)(C) above, to
      the
      Group 1 Senior Certificates and Group 2 Senior Certificates, in each case in
      accordance with the Related Senior Priority, in reduction of their respective
      Class Principal Amounts, until the aggregate Class Principal Amount of each
      such
      Class, after giving effect to distributions on such Distribution Date, equals
      the Senior Target Amount;

     

    (B) to
      the
      Class M1, Class M2 and Class M3 Certificates, sequentially and in that order,
      in
      reduction of their respective Class Principal Amounts, until the aggregate
      of
      the Class Principal Amounts of each such Class and the Senior Certificates,
      after giving effect to distributions on such Distribution Date, equals the
      M3
      Target Amount;

     

    (C) to
      the
      Class M4 Certificates, in reduction of their Class Principal Amount, until
      the
      aggregate of the Class Principal Amounts of such Class, the Senior Certificates
      and the Class M1, Class M2 and Class M3 Certificates, after giving effect to
      distributions on such Distribution Date, equals the M4 Target
      Amount;

     

    (D) to
      the
      Class M5 Certificates, in reduction of their Class Principal Amount, until
      the
      aggregate of the Class Principal Amounts of such Class, the Senior Certificates
      and the Class M1, Class M2, Class M3 and Class M4 Certificates, after giving
      effect to distributions on such Distribution Date, equals the M5 Target
      Amount;

     

    (E) to
      the
      Class M6 Certificates, in reduction of their Class Principal Amount, until
      the
      aggregate of the Class Principal Amounts of such Class, the Senior Certificates
      and the Class M1, Class M2, Class M3, Class M4 and Class M5 Certificates, after
      giving effect to distributions on such Distribution Date, equals the M6 Target
      Amount;

     

    
      
        
        

      

      
        103

        
          

        

      

      
        
        

      

       

    

    (F) to
      the
      Class M7 Certificates, in reduction of their Class Principal Amount, until
      the
      aggregate of the Class Principal Amounts of such Class, the Senior Certificates
      and the Class M1, Class M2, Class M3, Class M4, Class M5, and Class M6
      Certificates, after giving effect to distributions on such Distribution Date,
      equals the M7 Target Amount;

     

    (G) to
      the
      Class M8 Certificates, in reduction of their Class Principal Amount, until
      the
      aggregate of the Class Principal Amounts of such Class, the Senior Certificates
      and the Class M1, Class M2, Class M3, Class M4, Class M5, Class M6 and Class
      M7
      Certificates, after giving effect to distributions on such Distribution Date,
      equals the M8 Target Amount;

     

    (H) to
      the
      Class M9 Certificates, in reduction of their Class Principal Amount, until
      the
      aggregate of the Class Principal Amounts of such Class, the Senior Certificates
      and the Class M1, Class M2, Class M3, Class M4, Class M5, Class M6, Class M7
      and
      Class M8 Certificates, after giving effect to distributions on such Distribution
      Date, equals the M9 Target Amount; and

     

    (I) to
      the
      Class B Certificates, in reduction of their Class Principal Amount, until the
      aggregate of the Class Principal Amounts of such Class, the Senior Certificates
      and the Class M1, Class M2, Class M3, Class M4, Class M5, Class M6, Class M7,
      Class M8 and Class M9 Certificates, after giving effect to distributions on
      such
      Distribution Date, equals the Class B Target Amount;

     

    (iii) to
      each
      Class of Subordinate Certificates, in accordance with the Subordinate Priority,
      any Deferred Amount for each such Class and such Distribution Date;

     

    (iv) to
      the
      Basis Risk Reserve Fund, an amount equal to the Basis Risk Payment for such
      Distribution Date, and then from the Basis Risk Reserve Fund, in the following
      order of priority:

     

    (A) concurrently,
      in proportion to their respective Basis Risk Shortfalls and Unpaid Basis Risk
      Shortfalls, to each Class of Senior Certificates, any applicable Basis Risk
      Shortfall and Unpaid Basis Risk Shortfall for each such Class and such
      Distribution Date;

     

    (B) to
      each
      Class of Subordinate Certificates, in accordance with the Subordinate Priority,
      any applicable Basis Risk Shortfall and Unpaid Basis Risk Shortfall for each
      such Class and such Distribution Date; and

     

    (C) to
      the
      Swap Account, for application pursuant to Section 5.02(f)(vi), any amounts
      remaining in the Basis Risk Reserve Fund, after taking into account
      distributions pursuant to clauses (A) and (B) above, in excess of the
      Required Reserve Fund Deposit for such Distribution Date;

     

    
      
        
        

      

      
        104

        
          

        

      

      
        
        

      

       

    

    (v) on
      the
      Distribution Date occurring in December 2011 (or the next succeeding
      Distribution Date on which sufficient funds are available in the Certificate
      Account to make such distributions to the Class P Certificates), $100 to the
      Class P Certificates in payment of its Class P Principal Amount;

     

    (vi) to
      the
      Swap Account, the Class X Distributable Amount (less any Basis Risk Payment
      for
      such Distribution Date) for such Distribution Date, for application pursuant
      to
      Section 5.02(g)(x) and (g)(xi) below; and

     

    (vii) to
      the
      Class LT-R Certificate, any amount remaining on such date after application
      pursuant to clauses (i) through (vi) above to the extent attributable to REMIC
      1, and otherwise to the Class R Certificates.

     

    (g) On
      each
      Distribution Date (or, with respect to clauses (i), (ii), (ix) and (x) below,
      on
      the related Swap Payment Date), the Securities Administrator shall distribute
      the Swap Amount for such date as follows:

     

    (i) to
      the
      Swap Counterparty, any Net Swap Payment owed to the Swap Counterparty pursuant
      to the Swap Agreement for such Swap Payment Date;

     

    (ii) to
      the
      Swap Counterparty, any Swap Termination Payment not due to a Swap Counterparty
      Trigger Event owed to the Swap Counterparty pursuant to the Swap Agreement
      for
      such Swap Payment Date;

     

    (iii) concurrently,
      to the Senior Certificates, Current Interest and any Carryforward Interest
      for
      each such Class and such Distribution Date, to the extent unpaid (any shortfall
      in Current Interest and Carryforward Interest to be allocated among such Classes
      in proportion to the amount of Current Interest and Carryforward Interest that
      would have otherwise been distributable thereon);

     

    (iv) to
      the
      Subordinate Certificates, in accordance with the Subordinate Priority, Current
      Interest and any Carryforward Interest for each such Class and such Distribution
      Date to the extent unpaid;

     

    (v) to
      the
      LIBOR Certificates, any amount necessary to maintain the Targeted
      Overcollateralization Amount as specified in Sections 5.02(f)(i) and (ii) above
      for such Distribution Date, for application pursuant to the priorities set
      forth
      in such Sections, after giving effect to distributions pursuant to such
      Sections; provided, however, that the sum of all such amounts distributed
      pursuant to this Section 5.02(g)(v) and all amounts distributed pursuant to
      Section 5.02(g)(vi) and Sections 5.02(h)(iii) and (iv) shall not exceed the
      aggregate amount of cumulative Realized Losses incurred from the Cut-off Date
      through the last day of the related Collection Period less any amounts
      previously distributed pursuant to this Section 5.02(g)(v) and Section
      5.02(g)(vi), together with any amounts previously distributed pursuant to
      Sections 5.02(h)(iii) and (iv);

     

    (vi) to
      the
      Subordinate Certificates, in accordance with the Subordinate Priority, any
      Deferred Amount for each such Class and such Distribution Date, to the extent
      unpaid; provided, however, that the sum of all such amounts distributed pursuant
      to this Section 5.02(g)(vi) and all amounts distributed pursuant to Section
      5.02(g)(v) and Sections 5.02(h)(iii) and (iv) shall not exceed the aggregate
      amount of cumulative Realized Losses incurred from the Cut-off Date through
      the
      last day of the related Collection Period less any amounts previously
      distributed pursuant to this Section 5.02(g)(vi) and Section 5.02(g)(v),
      together with any amounts previously distributed pursuant to Sections
      5.02(h)(iii) and (iv);

     

    
      
        
        

      

      
        105

        
          

        

      

      
        
        

      

       

    

    (vii) to
      the
      Senior Certificates, any Basis Risk Shortfalls and Unpaid Basis Risk Shortfalls
      for each such Class for such Distribution Date, for application pursuant to
      the
      priorities set forth in Section 5.02(f)(iv)(A), to the extent
      unpaid;

     

    (viii) to
      the
      Subordinate Certificates, any Basis Risk Shortfalls and Unpaid Basis Risk
      Shortfalls for each such Class and for such Distribution Date, for application
      pursuant to the priorities set forth Section 5.02(f)(iv)(B), to the extent
      unpaid;

     

    (ix) if
      applicable, to the Swap Termination Receipts Account for application to the
      purchase of a replacement swap agreement pursuant to Section
      5.09(a);

     

    (x) to
      the
      Swap Counterparty, any Swap Termination Payment due to a Swap Counterparty
      Trigger Event owed to the Swap Counterparty pursuant to the Swap
      Agreement;

     

    (xi) to
      the
      Class X Certificates, any amount deposited into the Swap Account pursuant to
      Section 5.02(f)(iv)(C) or Section 5.02(f)(vi) and any remaining Swap Amount;
      and

     

    (xii) on
      the
      first Distribution Date on which the Class Principal Amount of each Class of
      Certificates has been reduced to zero, to the Class X Certificates, all amounts
      remaining in the Swap Account.

     

    (h) On
      each
      Distribution Date, the Securities Administrator shall distribute the Interest
      Rate Cap Amount for such date after making all distributions under Section
      5.02(g) above as follows:

     

    (i) concurrently,
      to the Senior Certificates, Current Interest and any Carryforward Interest
      for
      each such Class for such Distribution Date, to the extent unpaid pursuant to
      Section 5.02(g)(iii) above (any shortfall in Current Interest and Carryforward
      Interest to be allocated among such Classes in proportion to the amount of
      Current Interest and Carryforward Interest that would have otherwise been
      distributable thereon);

     

    (ii) to
      the
      Subordinate Certificates, in accordance with the Subordinate Priority, Current
      Interest and any Carryforward Interest for such Class and such Distribution
      Date
      to the extent unpaid;

     

    (iii) to
      the
      LIBOR Certificates, any amount necessary to maintain the Targeted
      Overcollateralization Amount specified in Sections 5.02(f)(i) and (ii) above
      for
      such Distribution Date, for application pursuant to the priorities set forth
      in
      such Sections; provided, however, that the sum of all such amounts distributed
      pursuant to this Section 5.02(h)(iii) and all amounts distributed pursuant
      to
      Section 5.02(h)(iv) and Sections 5.02(g)(v) and (vi) shall not exceed the
      aggregate amount of cumulative Realized Losses incurred from the Cut-off Date
      through the last day of the related Collection Period less any amounts
      previously distributed pursuant to this Section 5.02(h)(iii) and Section
      5.02(h)(iv), together with any amounts previously distributed pursuant to
      Sections 5.02(g)(v) and (vi);

     

    
      
        
        

      

      
        106

        
          

        

      

      
        
        

      

       

    

    (iv) to
      the
      Subordinate Certificates, in accordance with the Subordinate Priority, any
      Deferred Amount for each such Class and such Distribution Date to the extent
      unpaid; provided, however, that the sum of all such amounts distributed pursuant
      to this Section 5.02(h)(iv) and all amounts distributed pursuant to Section
      5.02(h)(iii) and Sections 5.02(g)(v) and (vi) shall not exceed the aggregate
      amount of cumulative Realized Losses incurred from the Cut-off Date through
      the
      last day of the related Collection Period less any amounts previously
      distributed pursuant to this Section 5.02(h)(iv) and Section 5.02(h)(iii),
      together with any amounts previously distributed pursuant to Sections 5.02(g)(v)
      and (vi);

     

    (v) to
      the
      Senior Certificates, any Basis Risk Shortfalls and Unpaid Basis Risk Shortfalls
      for each such Class and for such Distribution Date, for application pursuant
      to
      the priorities set forth in Section 5.02(f)(iv)(A), to the extent
      unpaid;

     

    (vi) to
      the
      Subordinate Certificates, any Basis Risk Shortfalls and Unpaid Basis Risk
      Shortfalls for each such Class and for such Distribution Date, for application
      pursuant to the priorities set forth in Section 5.02(f)(iv)(B), to the extent
      unpaid;

     

    (vii) to
      the
      Cap Termination Receipts Account for application to the purchase of a
      replacement cap agreement pursuant to Section 5.09(b); and

     

    (viii) to
      the
      Class X Certificates, any remaining Interest Rate Cap Amount.

     

    (i) On
      each
      Distribution Date, an amount equal to the aggregate of all Prepayment Premiums
      collected during the preceding Prepayment Period shall be distributed to the
      Class P Certificates.

     

    (j) On
      the
      earlier of the Distribution Date in December 2036 and the termination of the
      Trust Fund, the Securities Administrator shall distribute the funds on deposit
      in the Final Maturity Reserve Account in the following order of
      priority:

     

    (i) to
      the
      Senior Certificates, concurrently, in proportion to their respective Class
      Principal Amounts, after giving effect to principal distributions on such
      Distribution Date, in reduction of their respective Class Principal Amounts,
      until the Class Principal Amount of each such Class has been reduced to
      zero;

     

    (ii) to
      the
      Subordinate Certificates, in accordance with the Subordinate Priority, after
      giving effect to principal distributions on such Distribution Date, in reduction
      of their respective Class Principal Amounts, until the Class Principal Amount
      of
      each such Class has been reduced to zero;

     

    
      
        
        

      

      
        107

        
          

        

      

      
        
        

      

       

    

    (iii) to
      the
      LIBOR Certificates, any Current Interest and Carryforward Interest for each
      such
      Class, to the extent unpaid, in accordance with the priorities set forth in
      Sections 5.02(d)(i) and (d)(ii);

     

    (iv) to
      the
      Subordinate Certificates, in accordance with the Subordinate Priority, any
      Deferred Amounts for each such Class, to the extent unpaid;

     

    (v) to
      the
      LIBOR Certificates, any Basis Risk Shortfalls and Unpaid Basis Risk Shortfalls
      for each such Class, to the extent unpaid, in accordance with the priorities
      set
      forth in Sections 5.02(f)(iv)(A) and (f)(iv)(B); and

     

    (vi) to
      the
      Class X Certificates, any remaining amount.

     

    Notwithstanding
      anything to the contrary in this Section 5.02(j), all amounts distributable
      to
      the Group 1 Senior Certificates on account of the Mortgage Loans, shall be
      distributable first on account of the Pool 1 Mortgage Loans. 

     

    (k) On
      each
      Distribution Date occurring after a Section 7.01(c) Purchase Event but on or
      prior to a Trust Fund Termination Event, the Securities Administrator (or the
      Paying Agent on behalf of the Securities Administrator), shall withdraw from
      the
      Certificate Account the Total Distribution Amount (to the extent such amount
      is
      on deposit in the Certificate Account), and shall allocate such amount to the
      interests issued in respect of the Lower Tier REMIC 1 Uncertificated Regular
      Interests created pursuant to this Agreement and shall distribute such amount
      first, for deposit into the Swap Account, an amount equal to any Net Swap
      Payment or Swap Termination Payment owed to the Swap Counterparty on the related
      Swap Payment Date, second, to the Credit Risk Manager, the Credit Risk
      Manager’s
      Fee,
      third, to the Trustee, any amounts reimbursable pursuant to Section 4.02 and
      not
      previously reimbursed to the Trustee and fourth, to the LTURI-holder, any
      remaining Total Distribution Amount to the extent payable on the Lower Tier
      REMIC I Uncertificated Regular Interests as provided in the Preliminary
      Statement, and fifth, to the Class LT-R Certificates.

     

    (l) On
      each
      Swap Payment Date occurring after a Section 7.01(c) Purchase Event but on or
      prior to a Trust Fund Termination Event, the Securities Administrator shall
      distribute the Swap Amount for such date first, to the Swap Counterparty to
      pay
      any Net Swap Payment owed to the Swap Counterparty pursuant to the Swap
      Agreement for such Swap Payment Date; second, to the Swap Counterparty, to
      pay
      any Swap Termination Payment owed to the Swap Counterparty pursuant to the
      Swap
      Agreement for such Swap Payment Date, third, if applicable, to the Swap
      Termination Receipts Account, for application to the purchase of a replacement
      swap agreement pursuant to Section 5.09(a); and fourth, any remaining amount
      of
      Swap Amount, to the LTURI-holder.

     

    (m) On
      each
      Distribution Date occurring after a Section 7.01(c) Purchase Event but on or
      prior to a Trust Fund Termination Event, the Securities Administrator shall
      distribute any amounts received from the Cap Counterparty under the Interest
      Rate Cap Agreement for such Distribution Date first, to the Cap Termination
      Receipts Account, for application to the purchase of a replacement cap agreement
      pursuant to Section 5.09(b); and second, any remaining amount from the Cap
      Counterparty under the Interest Rate Cap Agreement, to the
      LTURI-holder

     

    
      
        
        

      

      
        108

        
          

        

      

      
        
        

      

       

    

    (n) On
      each
      Distribution Date, an amount equal to the aggregate PPTL Premium and FPD Premium
      collected during the preceding Prepayment Period shall be distributed to the
      Class X Certificates.

     

    Section
      5.03. Allocation
      of Losses. 

     

    On
      each
      Distribution Date, the Class Principal Amounts of the Subordinate Certificates
      will be reduced by the amount of any Applied Loss Amount for such date, in
      the
      following order of priority:

     

    (i) to
      the
      Class B Certificates, until the Class Principal Amount thereof has been reduced
      to zero;

     

    (ii) to
      the
      Class M9 Certificates, until the Class Principal Amount thereof has been reduced
      to zero;

     

    (iii) to
      the
      Class M8 Certificates, until the Class Principal Amount thereof has been reduced
      to zero;

     

    (iv) to
      the
      Class M7 Certificates, until the Class Principal Amount thereof has been reduced
      to zero;

     

    (v) to
      the
      Class M6 Certificates, until the Class Principal Amount thereof has been reduced
      to zero;

     

    (vi) to
      the
      Class M5 Certificates, until the Class Principal Amount thereof has been reduced
      to zero;

     

    (vii) to
      the
      Class M4 Certificates, until the Class Principal Amount thereof has been reduced
      to zero;

     

    (viii) to
      the
      Class M3 Certificates, until the Class Principal Amount thereof has been reduced
      to zero;

     

    (ix) to
      the
      Class M2 Certificates, until the Class Principal Amount thereof has been reduced
      to zero; and

     

    (x) to
      the
      Class M1 Certificates, until the Class Principal Amount thereof has been reduced
      to zero.

     

    Section
      5.04. Advances
      by Master Servicer and Servicers . 

     

    Subject
      to Section 9.07, Advances shall be made not later than the Business Day
      immediately preceding the related Distribution Date as provided herein. If,
      on
      any Determination Date, any Servicer determines that any Scheduled Payments
      (or
      in the case of Simple Interest Mortgage Loans, the amount of any scheduled
      interest payments) due during the related Collection Period (other than Balloon
      Payments) have not been received, such Servicer shall advance such amount to
      the
      extent provided in the applicable Servicing Agreement. If any Servicer fails
      to
      remit Advances required to be made under the applicable Servicing Agreement,
      the
      Master Servicer shall itself make, or shall cause the successor servicer to
      make, such Advance not later than the Business Day immediately preceding the
      related Distribution Date. If the Master Servicer determines that an Advance
      is
      required, it shall not later than the Business Day immediately preceding the
      related Distribution Date deposit in the Certificate Account from its own funds
      (or funds advanced by the applicable Servicer) immediately available funds
      in an
      amount equal to such Advance. The Master Servicer and each Servicer shall be
      entitled to be reimbursed from the Certificate Account for all Advances made
      by
      it as provided in Section 4.02. Notwithstanding anything to the contrary
      herein, in the event the Master Servicer determines in its reasonable judgment
      that an Advance is non-recoverable, the Master Servicer shall be under no
      obligation to make such Advance.

     

    
      
        
        

      

      
        109

        
          

        

      

      
        
        

      

       

    

    Section
      5.05. Compensating
      Interest Payments. 

     

    The
      Master Servicer shall not be responsible for making any Compensating Interest
      Payments not made by the Servicers. Any Compensating Interest Payments made
      by
      the Servicers shall be a component of the Interest Remittance
      Amount.

     

    Section
      5.06. Basis
      Risk Reserve Fund. 

     

    (a) On
      the
      Closing Date, the Securities Administrator shall establish and maintain in
      its
      name, in trust for the benefit of the Certificateholders, a Basis Risk Reserve
      Fund, into which Lehman Brothers Holdings Inc. (“LBH”)
      shall
      initially deposit $1,000. The Basis Risk Reserve Fund shall be an Eligible
      Account, and funds on deposit therein shall be held separate and apart from,
      and
      shall not be commingled with, any other monies, including, without limitation,
      other monies of the Securities Administrator held pursuant to this
      Agreement.

     

    (b) The
      Securities Administrator shall make withdrawals from the Basis Risk Reserve
      Fund
      to make distributions pursuant to Section 5.02(f)(iv) hereof in accordance
      with
      the Distribution Date Reports.

     

    (c) Funds
      in
      the Basis Risk Reserve Fund shall be invested in Eligible Investments.
The
      Class
      X Certificates shall evidence ownership of the Basis Risk Reserve Fund for
      federal income tax purposes and LBH on behalf of the Holder thereof shall direct
      the Securities Administrator, in writing, as to investment of amounts on deposit
      therein. LBH shall be liable for any losses incurred on such investments. In
      the
      absence of written instructions from LBH as to investment of funds on deposit
      in
      the Basis Risk Reserve Fund, such funds shall be invested in the Wells Fargo
      Advantage Prime Money Market Fund. The Basis Risk Reserve Fund shall be
      terminated after the earlier of (A) a Section 7.01(c) Purchase Event or (B)
      a
      Trust Fund Termination Event and any funds remaining in such fund upon such
      termination shall be released to Holders of the Class X
      Certificates.

     

    Section
      5.07. Supplemental
      Interest Trust. 

     

    (a) A
      separate trust is hereby established (the “Supplemental
      Interest Trust”),
      the
      corpus of which shall be held, in trust, for the benefit of the
      Certificateholders and the Swap Counterparty. The Securities Administrator,
      on
      behalf of the Supplemental Interest Trust, shall establish an account (the
      “Swap
      Account”),
      into
      which LBH shall initially deposit $1,000. The Swap Account shall be an Eligible
      Account, and funds on deposit therein shall be held separate and apart from,
      and
      shall not be commingled with, any other monies, including, without limitation,
      other monies of the Securities Administrator held by the Securities
      Administrator pursuant to this Agreement. 

     

    
      
        
        

      

      
        110

        
          

        

      

      
        
        

      

       

    

    (b) In
      addition, the Securities Administrator, on behalf of the Supplemental Interest
      Trust, shall establish an account (the “Interest
      Rate Cap Account”),
      into
      which LBH shall initially deposit $1,000. The Interest Rate Cap Account shall
      be
      an Eligible Account, and funds on deposit therein shall be held separate and
      apart from, and shall not be commingled with, any other monies, including,
      without limitation, other monies of the Securities Administrator held pursuant
      to this Agreement.

     

    (c) In
      addition, the Securities Administrator, on behalf of the Supplemental Interest
      Trust, shall establish an account (the “Collateral
      Account”)
      into
      which funds shall be deposited pursuant to Section 5.07(h). The Collateral
      Account shall be an Eligible Account, and funds on deposit therein shall be
      held
      separate and apart from, and shall not be commingled with, any other monies,
      including, without limitation, other monies of the Securities Administrator
      held
      pursuant to this Agreement. 

     

    (d) The
      Securities Administrator shall deposit into the Swap Account any Net Swap
      Payment required pursuant to Sections 5.02(b), (c), (e) and (j), any Swap
      Termination Payment required pursuant to Sections 5.02(b), (c), (e) and (j),
      any
      amounts received from the Swap Counterparty under the Swap Agreement and any
      amounts distributed from the Basis Risk Reserve Fund required pursuant to
      Sections 5.02(f)(iv)(C) and (f)(vi), and shall distribute from the Swap Account
      any Net Swap Payment required pursuant to Section 5.02(g)(i) or Section 5.02(k)
      or Swap Termination Payment required pursuant to Sections 5.02(g)(ii), Section
      5.02(g)(x), or Section 5.02(k), as applicable.

     

    (e) The
      Securities Administrator shall deposit into the Interest Rate Cap Account any
      amounts received from the Cap Counterparty under the Interest Rate Cap
      Agreement.

     

    (f) Funds
      in
      the Swap Account shall be invested in Eligible Investments. Any earnings on
      such
      amounts shall be distributed on each Distribution Date pursuant to Section
      5.02(g) or Section 5.02(l), as applicable. The Class X Certificates shall
      evidence ownership of the Swap Account for federal income tax purposes and
      the
      Holder thereof shall direct the Securities Administrator, in writing, as to
      investment of amounts on deposit therein. LBH shall be liable for any losses
      incurred on such investments. In the absence of written instructions from the
      Class X Certificateholders as to investment of funds on deposit in the Swap
      Account, such funds shall be invested in the
      Wells
      Fargo Advantage Prime Money Market Fund
      or
      comparable investment vehicle. Any amounts on deposit in the Swap Account in
      excess of the Swap Amount on any Distribution Date shall be held for
      distribution pursuant to Section 5.02(g) or Section 5.02(l), as applicable,
      on
      the following Distribution Date.

     

    (g) Funds
      in
      the Interest Rate Cap Account shall be invested in Eligible Investments. Any
      earnings on such amounts shall be distributed on each Distribution Date pursuant
      to Section 5.02(h) or Section 5.02(m), as applicable. The Class X Certificates
      shall evidence ownership of the Interest Rate Cap Account for federal income
      tax
      purposes and the Holder thereof shall direct the Securities Administrator,
      in
      writing, as to investment of amounts on deposit therein. LBH shall be liable
      for
      any losses incurred on such investments. In the absence of written instructions
      from the Class X Certificateholders as to investment of funds on deposit in
      the
      Interest Rate Cap Account, such funds shall be invested in the Wells Fargo
      Advantage Prime Money Market Fund or comparable investment vehicle. Any amounts
      on deposit in the Interest Rate Cap Account in excess of the Interest Rate
      Cap
      Amount on any Distribution Date shall be held for distribution pursuant to
      Section 5.02(h) or Section 5.02(m), as applicable, on the following Distribution
      Date.

     

    
      
        
        

      

      
        111

        
          

        

      

      
        
        

      

       

    

    (h) Funds
      required to be held pursuant to the Credit Support Annex shall be deposited
      into
      the Collateral Account. Funds posted by the Cap Counterparty (or its credit
      support provider) and/or the Swap Counterparty (or its credit support provider)
      in the Collateral Account shall be invested in Eligible Investments. Any
      interest earnings on such amounts shall be remitted to the Cap Counterparty
      and/or Swap Counterparty, as applicable, pursuant to the terms of the Credit
      Support Annex. The Securities Administrator shall not be liable for any losses
      incurred on such investments. In the absence of written instructions from the
      Cap Counterparty (or its credit support provider) and/or the Swap Counterparty
      (or its credit support provider) as to investment of funds on deposit in the
      Collateral Account, such funds shall be invested in the Wells Fargo Advantage
      Prime Money Market Fund or comparable investment vehicle. On the first
      Distribution Date immediately following any Swap Payment Date as to which a
      shortfall exists with respect to a Net Swap Payment or a Swap Termination
      Payment owed by the Swap Counterparty as a result of its failure to make
      payments pursuant to the Swap Agreement, amounts necessary to cover such
      shortfall shall be removed from the Collateral Account, remitted to the Swap
      Account and distributed as all or a portion of such Net Swap Payment or Swap
      Termination Payment pursuant to Section 5.02(g) or Section 5.02(l), as
      applicable. On any Distribution Date as to which a shortfall exists with respect
      to Interest Rate Cap Amounts owed by the Cap Counterparty as a result of its
      failure to make payments pursuant to the Interest Rate Cap Agreement, amounts
      necessary to cover such shortfall shall be removed from the Collateral Account,
      remitted to the Interest Rate Cap Account and distributed as all or a portion
      of
      such Interest Rate Cap Amount pursuant to Section 5.02(h) or Section 5.02(m),
      as
      applicable. Any amounts on deposit in the Collateral Account required to be
      returned to the Cap Counterparty (or its credit support provider) and/or the
      Swap Counterparty (or its credit support provider), as applicable, as a result
      of (i) the termination of the Swap Agreement or Interest Rate Cap Agreement,
      as
      applicable, (ii) the procurement of a guarantor, (iii) the reinstatement of
      required ratings or (iv) otherwise pursuant to the Swap Agreement, shall be
      released directly to the Swap Counterparty and/or the Cap Counterparty, as
      applicable, pursuant to the terms of the Credit Support Annex.

     

    (i) Upon
      termination of the Trust Fund, any amounts remaining in the Swap Account shall
      be distributed pursuant to the priorities set forth in Sections 5.02(g) or
      5.02(l), as applicable.

     

    (j) Upon
      termination of the Trust Fund, any amounts remaining in the Interest Rate Cap
      Account shall be distributed pursuant to the priorities set forth in Section
      5.02(h) or Section 5.02(l), as applicable.

     

    (k) Upon
      termination of the Trust Fund, any amounts remaining in the Collateral Account
      shall be distributed as required pursuant to the terms of the Credit Support
      Annex.

     

    
      
        
        

      

      
        112

        
          

        

      

      
        
        

      

       

    

    (l) It
      is the
      intention of the parties hereto that, for federal and state income and state
      and
      local franchise tax purposes, the Supplemental Interest Trust be disregarded
      as
      an entity separate from the holder of the Class X Certificates unless and until
      the date when either (a) there is more than one Class X Certificateholder or
      (b)
      any Class of Certificates in addition to the Class X Certificates is
      recharacterized as an equity interest in the Supplemental Interest Trust for
      federal income tax purposes. Neither the Securities Administrator nor the
      Trustee shall be responsible for any entity level tax reporting for the
      Supplemental Interest Trust.

     

    (m) To
      the
      extent that the Supplemental Interest Trust is determined to be a separate
      legal
      entity from the Trustee, any obligation of the Trustee or the Securities
      Administrator under the Swap Agreement or the Interest Rate Cap Agreement shall
      be deemed to be an obligation of the Supplemental Interest Trust.

     

    (n) In
      the
      event that either the Swap Counterparty or the Cap Counterparty fails to perform
      any of its obligations under the Swap Agreement or the Interest Rate Cap
      Agreement, respectively, (including, without limitation, its obligations to
      make
      any payment or transfer collateral), or breaches any of its representations
      and
      warranties under the Swap Agreement or the Interest Rate Cap Agreement, as
      applicable, or in the event that an Event of Default, Termination Event, or
      Additional Termination Event occurs (as such terms are defined in the Swap
      Agreement or the Interest Rate Cap Agreement, as applicable), the Securities
      Administrator, on behalf of the Supplemental Interest Trust, shall (upon a
      Responsible Officer of the Securities Administrator receiving notice or becoming
      aware of the occurrence thereof), no later than the next Business Day following
      such failure, breach or occurrence, notify the Swap Counterparty or Cap
      Counterparty, as applicable, and give any notice of such failure and make any
      demand for payment pursuant to the Swap Agreement or Interest Rate Cap
      Agreement, as applicable. In the event that the Swap Counterparty’s
      obligations under the Swap Agreement or the Cap Counterparty’s
      obligations under the Interest Rate Cap Agreement are at any time guaranteed
      by
      a third party, then to the extent that the Swap Counterparty or Cap Counterparty
      fails to make any payment or delivery required under terms of the Swap Agreement
      or the Interest Rate Cap Agreement, as applicable, the Securities Administrator,
      on behalf of the Supplemental Interest Trust, shall (upon a Responsible Officer
      of the Securities Administrator receiving notice or becoming aware of the
      occurrence thereof), no later than the next Business Day following such failure,
      demand that such guarantor make any and all payments then required to be made
      by
      the applicable guarantor. 

     

    Section
      5.08. Rights
      of Swap Counterparty. 

     

    (a) The
      Swap
      Counterparty shall be deemed a third-party beneficiary of this Agreement to
      the
      same extent as if it were a party hereto and shall have the right, upon
      designation of an “Early
      Termination Date”
      (as
      defined in the Swap Agreement), to enforce its rights under this Agreement,
      which rights include but are not limited to the obligation of the Securities
      Administrator (A) to deposit any Net Swap Payment required pursuant to Sections
      5.02(b), (c), (e) and (k), and any Swap Termination Payment required pursuant
      to
      Sections 5.02(b), (c), (e) and (k), into the Swap Account, (B) to deposit any
      amounts from the Basis Risk Reserve Fund required pursuant to Sections
      5.02(f)(iv)(C) and Section 5.02(f)(vi) into the Swap Account, (C) to pay any
      Net
      Swap Payment required pursuant to Section 5.02(g)(i) or Section 5.02(k), as
      applicable, or Swap Termination Payment required pursuant to Sections
      5.02(g)(ii), Section 5.02(g)(x) or Section 5.02(k), as applicable to the Swap
      Counterparty and (D) to establish and maintain the Swap Account, to make such
      deposits thereto, investments therein and distributions therefrom as are
      required pursuant to Section 5.07. For the protection and enforcement of the
      provisions of this Section the Swap Counterparty shall be entitled to such
      relief as can be given either at law or in equity.

     

    
      
        
        

      

      
        113

        
          

        

      

      
        
        

      

       

    

    Section
      5.09. Termination
      Receipts.

     

    (a) In
      the
      event of an “Early
      Termination Event”
      as
      defined under the Swap Agreement, (i) any Swap Termination Payment made by
      the
      Swap Counterparty to the Swap Account and paid pursuant to Section 5.02(g)(ix),
      Section 5.02(k) or Section 5.02(l), as applicable (“Termination
      Receipts”)
      will be
      deposited in a segregated non-interest bearing account which shall be an
      Eligible Account established by the Securities Administrator (the “Swap
      Termination Receipts Account”)
      and
      (ii) any amounts received from a replacement Swap Counterparty (“Swap
      Replacement Receipts”)
      will be
      deposited in a segregated non-interest bearing account which shall be an
      Eligible Account established by the Securities Administrator (the “Swap
      Replacement Receipts Account”).
      The
      Securities Administrator shall invest, or cause to be invested, funds held
      in
      the Swap Termination Receipts Account and the Swap Replacement Receipts Account
      in time deposits of the Securities Administrator as permitted by clause (ii)
      of
      the definition of Eligible Investments or as otherwise directed in writing
      by a
      majority of the Certificateholders. All such investments must be payable on
      demand or mature on a Swap Payment Date, a Distribution Date or such other
      date
      as directed by the Certificateholders. All such Eligible Investments will be
      made in the name of the Supplemental Interest Trust or its nominee. All income
      and gain realized from any such investment shall be deposited in the Swap
      Termination Receipts Account or the Swap Replacement Receipts Account, as
      applicable, and all losses, if any, shall be borne by the related account.
      

     

    Unless
      otherwise permitted by the Rating Agencies as evidenced in a written
      confirmation, the Depositor shall arrange for replacement Swap Agreement(s)
      or
      procure a replacement guarantor, if applicable, and the Securities Administrator
      shall promptly, with the assistance and cooperation of the Depositor, use
      amounts on deposit in the Swap Termination Receipts Account, if necessary,
      to
      enter into replacement Swap Agreement(s) or to execute any other agreements
      with
      respect to such replacement guarantor, if applicable, which shall be executed
      and delivered by the Securities Administrator on behalf of the Supplemental
      Interest Trust upon receipt of written confirmation from each Rating Agency
      (if
      required pursuant to the terms of the Swap Agreement) that such replacement
      Swap
      Agreement(s) will not result in the reduction or withdrawal of the rating of
      any
      outstanding Class of Certificates with respect to which it is a Rating Agency.
      

     

    Amounts
      on deposit in the Swap Replacement Receipts Account shall be held for the
      benefit of the related Swap Counterparty and paid to such Swap Counterparty
      if
      the Supplemental Interest Trust is required to make a payment to such Swap
      Counterparty following an event of default or termination event with respect
      to
      the Supplemental Interest Trust under the related Swap Agreement. Any amounts
      not so applied shall, following the termination or expiration of such Swap
      Agreement, be paid to the Class X Certificates.

     

    
      
        
        

      

      
        114

        
          

        

      

      
        
        

      

       

    

    (b) In
      the
      event of an “Early
      Termination Event”
      as
      defined under the Interest Rate Cap Agreement, (i) any Cap Termination Payment
      made by the Cap Counterparty to the Interest Rate Cap Account and paid pursuant
      to Section 5.02(h)(vii) (“Cap
      Termination Receipts”)
      shall
      be deposited in a segregated non-interest bearing account which shall be an
      Eligible Account established by the Securities Administrator (the “Cap
      Termination Receipts Account”)
      and
      (ii) any amounts received from a replacement Cap Counterparty (“Cap
      Replacement Receipts”)
      will be
      deposited in a segregated non-interest bearing account which shall be an
      Eligible Account established by the Securities Administrator (the “Cap
      Replacement Receipts Account”).
      The
      Securities Administrator shall invest, or cause to be invested, funds held
      in
      the Cap Termination Receipts Account in time deposits of the Securities
      Administrator as permitted by clause (ii) of the definition of Eligible
      Investments or as otherwise directed in writing by a majority of the
      Certificateholders. All such investments must be payable on demand or mature
      on
      a Interest Rate Cap Payment Date, a Distribution Date or such other date as
      directed by the Certificateholders. All such Eligible Investments shall be
      made
      in the name of the Supplemental Interest Trust or its nominee. All income and
      gain realized from any such investment shall be deposited in the Cap Termination
      Receipts Account and all losses, if any, shall be borne by such account.

     

    Unless
      otherwise permitted by the Rating Agencies as evidenced in a written
      confirmation, the Depositor shall arrange for replacement Interest Rate Cap
      Agreement(s) and the Securities Administrator shall promptly, with the
      assistance and cooperation of the Depositor, use amounts on deposit in the
      Cap
      Termination Receipts Account, if necessary, to enter into replacement Interest
      Rate Cap Agreement(s) which shall be executed and delivered by the Securities
      Administrator on behalf of the Supplemental Interest Trust upon receipt of
      written confirmation from each Rating Agency that such replacement Interest
      Rate
      Cap Agreement(s) will not result in the reduction or withdrawal of the rating
      of
      any outstanding Class of Certificates with respect to which it is a Rating
      Agency. 

     

    Section
      5.10. Final
      Maturity Reserve Trust. 

     

    (a) A
      separate trust is hereby established (the “Final
      Maturity Reserve Trust”),
      the
      corpus of which shall be held, in trust, for the Certificateholders. The
      Securities Administrator, on behalf of the Final Maturity Reserve Trust, shall
      establish an account (the “Final
      Maturity Reserve Account”),
      into
      which LBH shall initially deposit $1,000. The Final Maturity Reserve Account
      shall be an Eligible Account, and funds on deposit therein shall be held
      separate and apart from, and shall not be commingled with, any other monies,
      including, without limitation, other monies of the Securities Administrator
      held
      pursuant to this Agreement.

     

    (b) The
      Securities Administrator shall deposit into the Final Maturity Reserve Trust
      any
      Final Maturity Reserve Amount pursuant to Sections 5.02(b)(iii) and
      5.02(c)(iii). The Securities Administrator shall distribute the funds in the
      Final Maturity Reserve Account pursuant to Section 5.02(j).

     

    (c) Funds
      in
      the Final Maturity Reserve Account shall be invested in Eligible Investments.
      Any earnings on such amounts shall be distributed pursuant to Section 5.02(j).
      The Class X Certificates shall evidence ownership of the Final Maturity Reserve
      Trust for federal income tax purposes and LBH on behalf of the Holder thereof
      shall direct the Securities Administrator, in writing, as to investment of
      amounts on deposit therein. LBH shall be liable for any losses incurred on
      such
      investments. In the absence of written instructions from the Class X
      Certificateholders as to investment of funds on deposit in the Final Maturity
      Reserve Account, such funds shall be invested in the Wells Fargo Advantage
      Prime
      Money Market Fund or a comparable investment vehicle. 

     

    
      
        
        

      

      
        115

        
          

        

      

      
        
        

      

       

    

    (d) Upon
      termination of the Trust Fund, any amounts remaining in the Final Maturity
      Reserve Account shall be distributed pursuant to the priorities in Section
      5.02(h).

     

    (e) It
      is the
      intention of the parties hereto that, for federal and state income and state
      and
      local franchise tax purposes, the Final Maturity Reserve Trust be disregarded
      as
      an entity separate from the holder of the Class X Certificates unless and until
      the date when either (a) there is more than one Class X Certificateholder or
      (b)
      any Class of Certificates in addition to the Class X Certificates is
      recharacterized as an equity interest in the Final Maturity Reserve Trust for
      federal income tax purposes. Neither the Securities Administrator nor the
      Trustee shall be responsible for any entity level tax reporting for the Final
      Maturity Reserve Trust.

     

    (f) For
      federal income tax purposes, any Certificateholder that receives a principal
      payment from the Final Maturity Reserve Trust shall be treated as selling a
      portion of its Certificate to the Class X Certificateholder and as having
      received the amount of the principal payment from the Class X Certificateholder
      as the proceeds of the sale. The portion of the Certificate that is treated
      as
      having been sold shall equal the amount of the corresponding reduction in the
      Certificate Principal Amount of such Certificate. Principal payments received
      from the Final Maturity Reserve Trust shall not be treated as distributions
      from
      any REMIC created hereby. All principal distributions from the Final Maturity
      Reserve Trust shall be accounted for hereunder in accordance with this Section
      5.10(f).

     

    ARTICLE
      VI

     

    CONCERNING
      THE TRUSTEE AND THE SECURITIES ADMINISTRATOR; EVENTS OF DEFAULT

     

    Section
      6.01. Duties
      of Trustee and Securities Administrator. 

     

    (a) The
      Trustee, except during the continuance of an Event of Default, and the
      Securities Administrator, undertake to perform such duties and only such duties
      as are specifically set forth in this Agreement. Any permissive right of the
      Trustee or the Securities Administrator provided for in this Agreement shall
      not
      be construed as a duty of the Trustee or the Securities Administrator. If an
      Event of Default has occurred and has not otherwise been cured or waived, the
      Trustee or the Securities Administrator shall exercise such of the rights and
      powers vested in it by this Agreement and use the same degree of care and skill
      in their exercise as a prudent Person would exercise or use under the
      circumstances in the conduct of such Person’s
      own
      affairs, unless the Securities Administrator is acting as Master Servicer,
      in
      which case it shall use the same degree of care and skill as the Master Servicer
      hereunder.

     

    (b) Each
      of
      the Trustee and the Securities Administrator, upon receipt of all resolutions,
      certificates, statements, opinions, reports, documents, orders or other
      instruments furnished to the Trustee or the Securities Administrator which
      are
      specifically required to be furnished pursuant to any provision of this
      Agreement, shall examine them to determine whether they are on their face in
      the
      form required by this Agreement; provided, however, that neither the Trustee
      nor
      the Securities Administrator shall be responsible for the accuracy or content
      of
      any such resolution, certificate, statement, opinion, report, document, order
      or
      other instrument furnished by the Master Servicer, any Servicer, the Swap
      Counterparty, the Cap Counterparty or the Credit Risk Manager to the Trustee
      or
      the Securities Administrator pursuant to this Agreement, and shall not be
      required to recalculate or verify any numerical information furnished to the
      Trustee or the Securities Administrator pursuant to this Agreement. Subject
      to
      the immediately preceding sentence, if any such resolution, certificate,
      statement, opinion, report, document, order or other instrument is found not
      to
      conform on its face to the form required by this Agreement in a material manner
      the Trustee or Securities Administrator, as applicable, shall notify the Person
      providing such resolutions, certificates, statements, opinions, reports or
      other
      documents of the non-conformity, and if the instrument is not corrected to
      the
      Trustee’s
      or
      Securities Administrator’s,
      as
      applicable, satisfaction, the Trustee or Securities Administrator, as
      applicable, will provide notice thereof to the Certificateholders and any NIMS
      Insurer and will, at the expense of the Trust Fund, which expense shall be
      reasonable given the scope and nature of the required action, take such further
      action as directed by the Certificateholders and any NIMS Insurer.

     

    
      
        
        

      

      
        116

        
          

        

      

      
        
        

      

       

    

    (c) Neither
      the Trustee nor the Securities Administrator shall have any liability arising
      out of or in connection with this Agreement, except for its negligence or
      willful misconduct. No provision of this Agreement shall be construed to relieve
      the Trustee or the Securities Administrator from liability for its own negligent
      action, its own negligent failure to act or its own willful misconduct;
provided,
      however,
      that:

     

    (i) 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 as provided in Section 6.18
      hereof;

     

    (ii) For
      all
      purposes under this Agreement, the Trustee shall not be deemed to have notice
      of
      any Event of Default unless a Responsible Officer of the Trustee has actual
      knowledge thereof or unless written notice of any event which is in fact such
      a
      default is received by the Trustee at the address provided in Section 11.07,
      and
      such notice references the Holders of the Certificates and this
      Agreement;

     

    (iii) For
      all
      purposes under this Agreement, the Securities Administrator shall not be deemed
      to have notice of any Event of Default (other than resulting from a failure
      by
      the Master Servicer to furnish information to the Securities Administrator
      when
      required to do so) unless a Responsible Officer of the Securities Administrator
      has actual knowledge thereof or unless written notice of any event which is
      in
      fact such a default is received by the Securities Administrator at the Corporate
      Trust Office, and such notice references the Holders of the Certificates and
      this Agreement;

     

    (iv) No
      provision of this Agreement shall require the Trustee or the Securities
      Administrator to expend or risk its own funds or otherwise incur any financial
      liability in the performance of any of its duties hereunder, or in the exercise
      of any of its rights or powers, if it shall have reasonable grounds for
      believing that repayment of such funds or adequate indemnity against such risk
      or liability is not reasonably assured to it; and none of the provisions
      contained in this Agreement shall in any event require the Trustee or the
      Securities Administrator to perform, or be responsible for the manner of
      performance of, any of the obligations of the Master Servicer under this
      Agreement;

     

    
      
        
        

      

      
        117

        
          

        

      

      
        
        

      

       

    

    (v) Neither
      the Trustee nor the Securities Administrator shall be responsible for any act
      or
      omission of the Master Servicer, any Servicer, the Credit Risk Manager, the
      Depositor, the Seller or the Custodian and neither the Securities Administrator
      nor the Trustee shall be responsible for any act or omission of the
      other.

     

    (d) The
      Trustee shall have no duty hereunder with respect to any complaint, claim,
      demand, notice or other document it may receive or which may be alleged to
      have
      been delivered to or served upon it by the parties as a consequence of the
      assignment of any Mortgage Loan hereunder; provided,
      however,
      that
      the Trustee shall promptly remit to the Master Servicer upon receipt any such
      complaint, claim, demand, notice or other document (i) which is delivered to
      the
      address of the Trustee provided in Section 11.07 and makes reference to this
      series of Certificate or this Agreement, (ii) of which a Responsible Officer
      has
      actual knowledge, and (iii) which contains information sufficient to permit
      the
      Trustee to make a determination that the real property to which such document
      relates is a Mortgaged Property.

     

    (e) Neither
      the Trustee nor the Securities Administrator shall be personally liable with
      respect to any action taken, suffered or omitted to be taken by it in good
      faith
      in accordance with the direction of any NIMS Insurer or the Certificateholders
      of any Class holding Certificates which evidence, as to such Class, Percentage
      Interests aggregating not less than 25% as to the time, method and place of
      conducting any proceeding for any remedy available to the Trustee or the
      Securities Administrator or exercising any trust or power conferred upon the
      Trustee or the Securities Administrator, as applicable, under this
      Agreement.

     

    (f) Neither
      the Trustee nor the Securities Administrator shall be required to perform
      services under this Agreement, or to expend or risk its own funds or otherwise
      incur financial liability for the performance of any of its duties hereunder
      or
      the exercise of any of its rights or powers if there is reasonable ground for
      believing that the timely payment of its fees and expenses or the repayment
      of
      such funds or adequate indemnity against such risk or liability is not
      reasonably assured to it, and none of the provisions contained in this Agreement
      shall in any event require the Trustee or the Securities Administrator, as
      applicable, to perform, or be responsible for the manner of performance of,
      any
      of the obligations of the Master Servicer or any Servicer under this Agreement
      or any Servicing Agreement except during such time, if any, as the Trustee
      shall
      be the successor to, and be vested with the rights, duties, powers and
      privileges of, the Master Servicer in accordance with the terms of this
      Agreement.

     

    (g) [Reserved.]

     

    (h) The
      Trustee shall not and, except as otherwise provided herein, the Securities
      Administrator shall not have any duty (A) to see to any recording, filing,
      or
      depositing of this Agreement or any agreement referred to herein or any
      financing statement or continuation statement evidencing a security interest,
      or
      to see to the maintenance of any such recording or filing or depositing or
      to
      any rerecording, refiling or redepositing of any thereof, (B) to see to any
      insurance or claim under any Insurance Policy, and (C) to see to the payment
      or
      discharge of any tax, assessment, or other governmental charge or any lien
      or
      encumbrance of any kind owing with respect to, assessed or levied against,
      any
      part of the Trust Fund, the Final Maturity Reserve Trust or the Supplemental
      Interest Trust other than from funds available in the Certificate Account.
      Except as otherwise provided herein, neither the Trustee nor the Securities
      Administrator shall have any duty to confirm or verify the contents of any
      reports or certificates of the Master Servicer, any Servicer, the Swap
      Counterparty, the Cap Counterparty or the Credit Risk Manager delivered to
      the
      Trustee or the Securities Administrator pursuant to this Agreement believed
      by
      the Trustee or the Securities Administrator, as applicable, to be genuine and
      to
      have been signed or presented by the proper party or parties.

     

    
      
        
        

      

      
        118

        
          

        

      

      
        
        

      

       

    

    (i) Neither
      the Securities Administrator nor the Trustee shall be liable in its individual
      capacity for an error of judgment made in good faith by a Responsible Officer
      or
      other officers of the Trustee or the Securities Administrator, as applicable,
      unless it shall be proved that the Trustee or the Securities Administrator,
      as
      applicable, was negligent in ascertaining the pertinent facts.

     

    (j) Notwithstanding
      anything in this Agreement to the contrary, none of the Securities
      Administrator, any Paying Agent or the Trustee shall be liable for special,
      indirect or consequential losses or damages of any kind whatsoever (including,
      but not limited to, lost profits), even if the Securities Administrator, the
      Paying Agent or the Trustee, as applicable, has been advised of the likelihood
      of such loss or damage and regardless of the form of action, provided,
      however,
      that
      this Subsection 6.01(j) shall not apply in connection with any failure by the
      Securities Administrator to comply with the provisions of Subsections 6.01(l)
      hereof and Subsections 9.25(a) and (b) hereof.

     

    (k) Neither
      the Securities Administrator nor the Trustee shall be responsible for the acts
      or omissions of the other, it being understood that this Agreement shall not
      be
      construed to render them agents of one another, or of the Master Servicer or
      any
      Servicer.

     

    (l) The
      Securities Administrator shall give prior written notice to the Sponsor, the
      Master Servicer and the Depositor of the appointment of any Subcontractor by
      it
      and a written description (in form and substance satisfactory to the Sponsor
      and
      the Depositor) of the role and function of each Subcontractor utilized by the
      Securities Administrator specifying (A) the identity of each such Subcontractor
      and (B) which elements of the servicing criteria set forth under Item 1122(d)
      of
      Regulation AB will be addressed in assessments of compliance provided by each
      such Subcontractor.

     

    Section
      6.02. Certain
      Matters Affecting the Trustee and the Securities Administrator.

     

    Except
      as
      otherwise provided in Section 6.01:

     

    (a) Each
      of
      the Trustee and the Securities Administrator may request, and may rely and
      shall
      be protected in acting or refraining from acting upon any resolution,
      Officer’s
      Certificate, certificate of auditors or any other certificate, statement,
      instrument, opinion, report, notice, request, consent, order, approval, bond
      or
      other paper or document believed by it to be genuine and to have been signed
      or
      presented by the proper party or parties;

     

    
      
        
        

      

      
        119

        
          

        

      

      
        
        

      

       

    

    (b) Each
      of
      the Trustee and the Securities Administrator may consult with counsel and any
      advice of its counsel or Opinion of Counsel shall be full and complete
      authorization and protection in respect of any action taken or suffered or
      omitted by it hereunder in good faith and in accordance with such advice or
      Opinion of Counsel;

     

    (c) Neither
      the Trustee nor the Securities Administrator shall be personally liable for
      any
      action taken, suffered or omitted by it in good faith and reasonably believed
      by
      it to be authorized or within the discretion or rights or powers conferred
      upon
      it by this Agreement;

     

    (d) Unless
      an
      Event of Default shall have occurred and be continuing, 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 (provided the same appears regular on its face), unless requested
      in
      writing to do so by any NIMS Insurer or the Holders of at least a majority
      in
      Class Principal Amount (or Percentage Interest) of each Class of Certificates;
      provided,
      however,
      that,
      if the payment within a reasonable time to the Trustee or the Securities
      Administrator, as applicable, 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 the security afforded to
      it by
      the terms of this Agreement, the Trustee or the Securities Administrator, as
      applicable, may require reasonable indemnity against such expense or liability
      or payment of such estimated expenses from any NIMS Insurer or the
      Certificateholders, as applicable, as a condition to proceeding. The reasonable
      expense thereof shall be paid by the party requesting such investigation and
      if
      not reimbursed by the requesting party shall be reimbursed to the Trustee by
      the
      Trust Fund;

     

    (e) Each
      of
      the Trustee and the Securities Administrator may execute any of the trusts
      or
      powers hereunder or perform any duties hereunder either directly or by or
      through agents, custodians or attorneys, which agents, custodians or attorneys
      shall have any and all of the rights, powers, duties and obligations of the
      Trustee and the Securities Administrator conferred on them by such appointment,
      provided that each of the Trustee and the Securities Administrator shall
      continue to be responsible for its duties and obligations hereunder to the
      extent provided herein, and provided further that neither the Trustee nor the
      Securities Administrator shall be responsible for any misconduct or negligence
      on the part of any such agent or attorney appointed with due care by the Trustee
      or the Securities Administrator, as applicable;

     

    (f) 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,
      in
      each case at the request, order or direction of any of the Certificateholders
      or
      any NIMS Insurer pursuant to the provisions of this Agreement, unless such
      Certificateholders or any NIMS Insurer shall have offered to the Trustee or
      the
      Securities Administrator, as applicable, reasonable security or indemnity
      against the costs, expenses and liabilities which may be incurred therein or
      thereby;

     

    
      
        
        

      

      
        120

        
          

        

      

      
        
        

      

       

    

    (g) The
      right
      of the Trustee and the Securities Administrator to perform any discretionary
      act
      enumerated in this Agreement shall not be construed as a duty, and neither
      the
      Trustee nor the Securities Administrator shall be answerable for other than
      its
      negligence or willful misconduct in the performance of such act;
      and

     

    (h) Neither
      the Trustee nor the Securities Administrator shall be required to give any
      bond
      or surety in respect of the execution of the Trust Fund, the Final Maturity
      Reserve Trust or the Supplemental Interest Trust created hereby or the powers
      granted hereunder.

     

    Section
      6.03. Trustee
      and Securities Administrator Not Liable for Certificates. 

     

    The
      Trustee and the Securities Administrator make no representations as to the
      validity or sufficiency of this Agreement, the Swap Agreement, the Interest
      Rate
      Cap Agreement, the Bulk PMI Policies, the Certificates (other than the
      certificate of authentication on the Certificates) or the Lower Tier REMIC
      1
      Uncertificated Regular Interests, or of any Mortgage Loan, or related document
      save that the Trustee and the Securities Administrator represent that, assuming
      due execution and delivery by the other parties hereto, this Agreement has
      been
      duly authorized, executed and delivered by it and constitutes its valid and
      binding obligation, enforceable against it in accordance with its terms except
      that such enforceability may be subject to (A) applicable bankruptcy and
      insolvency laws and other similar laws affecting the enforcement of the rights
      of creditors generally, and (B) general principles of equity regardless of
      whether such enforcement is considered in a proceeding in equity or at law.
      The
      Trustee and the Securities Administrator shall not be accountable for the use
      or
      application by the Depositor of funds paid to the Depositor in consideration
      of
      the assignment of the Mortgage Loans to the Trust Fund by the Depositor or
      for
      the use or application of any funds deposited into the Certificate Account,
      any
      Escrow Account or any other fund or account maintained with respect to the
      Certificates. The Trustee and the Securities Administrator shall not be
      responsible for the legality or validity of this Agreement, the Swap Agreement
      or the Interest Rate Cap Agreement or the validity, priority, perfection or
      sufficiency of the security for the Certificates or the Lower Tier REMIC 1
      Uncertificated Regular Interests issued or intended to be issued hereunder.
      The
      Trustee shall not, and except as otherwise provided herein, the Securities
      Administrator shall have no responsibility for filing any financing or
      continuation statement in any public office at any time or to otherwise perfect
      or maintain the perfection of any security interest or lien granted to it
      hereunder or to record this Agreement.

     

    Section
      6.04. Trustee
      and the Securities Administrator May Own Certificates.

     

    The
      Trustee and the Securities Administrator and any Affiliate or agent of either
      of
      them in its individual or any other capacity may become the owner or pledgee
      of
      Certificates and may transact banking and trust business with the other parties
      hereto and their Affiliates with the same rights it would have if it were not
      Trustee, Securities Administrator or such agent.

     

    Section
      6.05. Eligibility
      Requirements for Trustee and Securities Administrator. 

     

    The
      Trustee and the Securities Administrator hereunder shall at all times be (i)
      an
      institution whose accounts are insured by the FDIC, (ii) a corporation or
      national banking association, organized and doing business under the laws of
      any
      State or the United States of America, authorized under such laws to exercise
      corporate trust powers, having a combined capital and surplus of not less than
      $50,000,000 and subject to supervision or examination by federal or state
      authority and (iii) not an Affiliate of the Master Servicer or any Servicer
      (except in the case of the Securities Administrator). If such corporation or
      national banking association publishes reports of condition at least annually,
      pursuant to law or to the requirements of the aforesaid supervising or examining
      authority, then, for the purposes of this Section, the combined capital and
      surplus of such corporation or national banking association shall be deemed
      to
      be its combined capital and surplus as set forth in its most recent report
      of
      condition so published. In addition, the Securities Administrator (i) may not
      be
      an originator of Mortgage Loans, the Master Servicer, a Servicer, the Depositor
      or an affiliate of the Depositor unless the Securities Administrator is in
      an
      institutional trust department of the Securities Administrator, (ii) must be
      authorized to exercise corporate trust powers under the laws of its jurisdiction
      of organization and (iii) must be rated at least “A/F1”
      by
      Fitch, if Fitch is a Rating Agency that has rated the Securities Administrator,
      or the equivalent rating by S&P or Moody’s.
      In
      case at any time the Trustee or the Securities Administrator shall cease to
      be
      eligible in accordance with 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 6.06.

     

    
      
        
        

      

      
        121

        
          

        

      

      
        
        

      

    

     

    Section
      6.06. Resignation
      and Removal of Trustee and the Securities Administrator.

     

    (a) Each
      of
      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
      Trustee or the Securities Administrator, as applicable, the Depositor, the
      Swap
      Counterparty, the Cap Counterparty, any NIMS Insurer and the Master Servicer.
      Upon receiving such notice of resignation, the Depositor will promptly appoint
      a
      successor trustee or a successor securities administrator, as applicable,
      acceptable to any NIMS Insurer by written instrument, one copy of which
      instrument shall be delivered to the resigning Trustee and the resigning
      Securities Administrator, as applicable, one copy to the successor trustee
      or
      successor securities administrator, as applicable, and one copy to each of
      the
      Master Servicer and any NIMS Insurer. If no successor trustee or successor
      securities administrator shall have been so appointed and shall have accepted
      appointment within 30 days after the giving of such notice of resignation,
      the
      resigning Trustee or resigning Securities Administrator, as applicable, may
      petition any court of competent jurisdiction for the appointment of a successor
      trustee or successor securities administrator, as applicable.

     

    (b) If
      at any
      time (i) the Trustee shall cease to be eligible in accordance with the
      provisions of Section 6.05 and shall fail to resign after written request
      therefor by the Depositor or any NIMS Insurer, (ii) the Trustee or the
      Securities Administrator shall become incapable of acting, or shall be adjudged
      a bankrupt or insolvent, or a receiver of the Trustee or the Securities
      Administrator of its property shall be appointed, or any public officer shall
      take charge or control of the Trustee or the Securities Administrator or of
      either of their property or affairs for the purpose of rehabilitation,
      conservation or liquidation, (iii) the Securities Administrator shall fail
      to
      observe or perform in any material respect any of the covenants or agreements
      of
      the Securities Administrator contained in this Agreement, including any failure
      to provide the information, reports, assessments or attestations required
      pursuant to Subsection 9.25(a) or 9.25(b) hereof, (iv) a tax is imposed or
      threatened with respect to the Trust Fund by any state in which the Trustee
      or
      the Trust Fund held by the Trustee is located, (v) the continued use of the
      Trustee or Securities Administrator would result in a downgrading of the rating
      by any Rating Agency of any Class of Certificates with a rating, (vi) the Paying
      Agent shall fail to provide the information required pursuant to Subsection
      3.08(b) hereof or (vii) the Depositor desires to replace the Securities
      Administrator with a successor Securities Administrator, then the Depositor,
      the
      Master Servicer, the Trustee (with regard to clause (iii) only) or any NIMS
      Insurer shall remove the Trustee, the Paying Agent or the Securities
      Administrator, as applicable, and the Depositor shall appoint a successor
      trustee or successor securities administrator, as applicable, acceptable to
      any
      NIMS Insurer and the Master Servicer by written instrument, one copy of which
      instrument shall be delivered to the Trustee or Securities Administrator so
      removed, one copy each to the successor trustee or successor securities
      administrator, as applicable, and one copy to each of the Master Servicer and
      any NIMS Insurer.

     

    
      
        
        

      

      
        122

        
          

        

      

      
        
        

      

       

    

    (c) The
      Holders of more than 50% of the Class Principal Amount (or Percentage Interest)
      of each Class of Certificates (or any NIMS Insurer in the event of failure
      of
      the Trustee or Securities Administrator, as applicable, to perform its
      obligations hereunder) may at any time upon 30 days’
      written
      notice to the Trustee or the Securities Administrator, as applicable, and to
      the
      Depositor remove the Trustee or the Securities Administrator, as applicable,
      by
      such written instrument, signed by such Holders or their attorney-in-fact duly
      authorized (or by any NIMS Insurer), one copy of which instrument shall be
      delivered to the Depositor, one copy to the Trustee, one copy each to the Master
      Servicer and any NIMS Insurer; the Depositor shall thereupon appoint a successor
      trustee or successor securities administrator, as applicable, in accordance
      with
      this Section mutually acceptable to the Depositor, the Master Servicer and
      any
      NIMS Insurer.

     

    (d) Any
      resignation or removal of the Trustee or the Securities Administrator, as
      applicable, and appointment of a successor trustee or successor securities
      administrator pursuant to any of the provisions of this Section shall become
      effective upon acceptance of appointment by the successor trustee or the
      successor securities administrator, as applicable, as provided in Section
      6.07.

     

    Section
      6.07. Successor
      Trustee and Successor Securities Administrator. 

     

    (a) Any
      successor trustee or successor securities administrator appointed as provided
      in
      Section 6.06 shall execute, acknowledge and deliver to the Depositor, the Master
      Servicer, any NIMS Insurer, the Swap Counterparty and to its predecessor trustee
      or predecessor securities administrator, as applicable, an instrument accepting
      such appointment hereunder, and thereupon the resignation or removal of the
      predecessor trustee or predecessor securities administrator, as applicable,
      shall become effective and such successor trustee or successor securities
      administrator, as applicable, without any further act, deed or conveyance,
      shall
      become fully vested with all the rights, powers, duties and obligations of
      its
      predecessor hereunder, with like effect as if originally named as trustee or
      securities administrator, as applicable, herein. A predecessor trustee shall
      deliver to the Trustee or any successor trustee (or assign to the Trustee its
      interest under the Custodial Agreement, to the extent permitted thereunder),
      all
      Mortgage Files and documents and statements related to each Mortgage File held
      by it hereunder, and shall duly assign, transfer and deliver to the successor
      trustee the entire Trust Fund, together with all necessary instruments of
      transfer and assignment or other documents properly executed necessary to effect
      such transfer and such of the records or copies thereof maintained by the
      predecessor trustee in the administration hereof as may be requested by the
      successor trustee and shall thereupon be discharged from all duties and
      responsibilities under this Agreement. In addition, the Master Servicer and
      the
      predecessor trustee or predecessor securities administrator, as applicable,
      shall execute and deliver such other instruments and do such other things as
      may
      reasonably be required to more fully and certainly vest and confirm in the
      successor trustee or successor securities administrator, as applicable, all
      such
      rights, powers, duties and obligations. 

     

    
      
        
        

      

      
        123

        
          

        

      

      
        
        

      

       

    

    (b) No
      successor trustee or successor securities administrator shall accept appointment
      as provided in this Section unless at the time of such appointment such
      successor trustee or successor securities administrator shall be eligible under
      the provisions of Section 6.05.

     

    (c) Upon
      acceptance of appointment by a successor trustee or successor securities
      administrator, as applicable, as provided in this Section, the predecessor
      trustee or predecessor securities administrator, as applicable, shall mail
      notice of the succession of such trustee or securities administrator, as
      applicable, to all Holders of Certificates at their addresses as shown in the
      Certificate Register and to any Rating Agency. The expenses of such mailing
      shall be borne by the predecessor trustee or predecessor securities
      administrator, as applicable.

     

    (d) Upon
      the
      resignation or removal of the Securities Administrator pursuant to this Section
      6.06, the Securities Administrator shall deliver the amounts held in its
      possession for the benefit of the Certificateholders to the successor securities
      administrator upon the appointment of the successor securities
      administrator.

     

    Section
      6.08. Merger
      or Consolidation of Trustee or the Securities Administrator. 

     

    Any
      Person into which the Trustee or Securities Administrator may be merged or
      with
      which it may be consolidated, or any Person resulting from any merger,
      conversion or consolidation to which the Trustee or Securities Administrator
      shall be a party, or any Persons succeeding to the corporate trust business
      of
      the Trustee or Securities Administrator, shall be the successor to the Trustee
      or Securities Administrator hereunder, without the execution or filing of any
      paper or any further act on the part of any of the parties hereto, anything
      herein to the contrary notwithstanding, provided
      that, in
      the case of the Trustee, such Person shall be eligible under the provisions
      of
      Section 6.05. As a condition to a succession to the Trustee or the Securities
      Administrator under this Agreement by any Person (i) into which the Trustee
      or
      the Securities Administrator may be merged or consolidated, or (ii) which may
      be
      appointed as a successor to the Trustee or the Securities Administrator, the
      Trustee or the Securities Administrator shall notify the Sponsor, the Master
      Servicer and the Depositor, at least 15 calendar days prior to the effective
      date of such succession or appointment, of such succession or appointment and
      shall furnish to the Sponsor, the Master Servicer and the Depositor in writing
      and in form and substance reasonably satisfactory to the Sponsor, the Master
      Servicer and the Depositor, all information reasonably necessary for the
      Securities Administrator to accurately and timely report, pursuant to Section
      6.20, the event under Item 6.02 of Form 8-K pursuant to the Exchange Act (if
      such reports under the Exchange Act are required to be filed under the Exchange
      Act).

     

    
      
        
        

      

      
        124

        
          

        

      

      
        
        

      

       

    

    Section
      6.09. Appointment
      of Co-Trustee, Separate Trustee or Custodian. 

     

    (a) Notwithstanding
      any other provisions hereof, at any time, the Trustee, the Depositor or the
      Certificateholders evidencing more than 50% of the Class Principal Amount (or
      Percentage Interest) of every Class of Certificates shall
      have the power from time to time to appoint one or more Persons, approved by
      the
      Trustee and any NIMS Insurer, to act either as co-trustees jointly with the
      Trustee, or as separate trustees, or as custodians, for the purpose of holding
      title to, foreclosing or otherwise taking action with respect to any Mortgage
      Loan outside the state where the Trustee has its principal place of business
      where such separate trustee or co-trustee is necessary or advisable (or the
      Trustee has been advised by the Master Servicer that such separate trustee
      or
      co-trustee is necessary or advisable) under the laws of any state in which
      a
      property securing a Mortgage Loan is located or for the purpose of otherwise
      conforming to any legal requirement, restriction or condition in any state
      in
      which a property securing a Mortgage Loan is located or in any state in which
      any portion of the Trust Fund is located. The separate Trustees, co-trustees,
      or
      custodians so appointed shall be trustees or custodians for the benefit of
      all
      the Certificateholders and shall have such powers, rights and remedies as shall
      be specified in the instrument of appointment; provided, however, that no such
      appointment shall, or shall be deemed to, constitute the appointee an agent
      of
      the Trustee. The obligation of the Trustee (acting as successor master servicer)
      to make Advances pursuant to Section 5.04 and 6.14 hereof shall not be affected
      or assigned by the appointment of a co-trustee. Notwithstanding the foregoing,
      no such co-custodian or co-trustee shall be vested with any powers, rights
      and
      remedies under this Agreement unless such party has agreed to comply with all
      Regulation AB requirements set forth under this Agreement or the related
      Custodial Agreement, as applicable.

     

    (b) Every
      separate trustee, co-trustee, and custodian shall, to the extent permitted
      by
      law, be appointed and act subject to the following provisions and
      conditions:

     

    (i) all
      powers, duties, obligations and rights conferred upon the Trustee in respect
      of
      the receipt, custody and, if applicable, payment of monies shall be exercised
      solely by the Trustee;

     

    (ii) all
      other
      rights, powers, duties and obligations conferred or imposed upon the Trustee
      shall be conferred or imposed upon and exercised or performed by the Trustee
      and
      such separate trustee, co-trustee, or custodian jointly, except to the extent
      that under any law of any jurisdiction in which any particular act or acts
      are
      to be performed the Trustee shall be incompetent or unqualified to perform
      such
      act or acts, in which event such rights, powers, duties and obligations,
      including the holding of title to the Trust Fund or any portion thereof in
      any
      such jurisdiction, shall be exercised and performed by such separate trustee,
      co-trustee, or custodian;

     

    (iii) no
      trustee or custodian hereunder shall be personally liable by reason of any
      act
      or omission of any other trustee or custodian hereunder; and

     

    (iv) the
      Trustee or the Certificateholders evidencing more than 50% of the Aggregate
      Voting Interests of the Certificates may at any time accept the resignation
      of
      or remove any separate trustee, co-trustee or custodian, so appointed by it
      or
      them, if such resignation or removal does not violate the other terms of this
      Agreement.

     

    
      
        
        

      

      
        125

        
          

        

      

      
        
        

      

       

    

    (c) Any
      notice, request or other writing given to the Trustee shall be deemed to have
      been given to each of the then separate trustees and co-trustees, as effectively
      as if given to each of them. Every instrument appointing any separate trustee,
      co-trustee or custodian shall refer to this Agreement and the conditions of
      this
      Article VI. Each separate trustee and co-trustee, upon its acceptance of the
      trusts conferred, shall be vested with the estates or property specified in
      its
      instrument of appointment, either jointly with the Trustee or separately, as
      may
      be provided therein, subject to all the provisions of this Agreement,
      specifically including every provision of this Agreement relating to the conduct
      of, affecting the liability of, or affording protection to, the Trustee. Every
      such instrument shall be filed with the Trustee and a copy given to the Master
      Servicer and any NIMS Insurer.

     

    (d) Any
      separate trustee, co-trustee or custodian may, at any time, constitute the
      Trustee its agent or attorney-in-fact with full power and authority, to the
      extent not prohibited by law, to do any lawful act under or in respect of this
      Agreement on its behalf and in its name. If any separate trustee, co-trustee
      or
      custodian shall die, become incapable of acting, resign or be removed, all
      of
      its estates, properties, rights, remedies and trusts shall vest in and be
      exercised by the Trustee, to the extent permitted by law, without the
      appointment of a new or successor trustee.

     

    (e) No
      separate trustee, co-trustee or custodian hereunder shall be required to meet
      the terms of eligibility as a successor trustee under Section 6.05 hereunder
      and
      no notice to Certificateholders of the appointment shall be required under
      Section 6.07 hereof.

     

    (f) The
      Trustee agrees to instruct the co-trustees, if any, to the extent necessary
      to
      fulfill the Trustee’s
      obligations hereunder.

     

    (g) The
      Trustee shall pay the reasonable compensation of the co-trustees requested
      by
      the Trustee to be so appointed (which compensation shall not reduce any
      compensation payable to the Trustee ) and, if paid by the Trustee, shall be
      a
      reimbursable expense pursuant to Section 6.12.

     

    Section
      6.10. Authenticating
      Agents.

     

    (a) The
      Securities Administrator may appoint one or more Authenticating Agents which
      shall be authorized to act on behalf of the Securities Administrator in
      authenticating Certificates. Wherever reference is made in this Agreement to
      the
      authentication of Certificates by the Securities Administrator or the Securities
      Administrator’s
      certificate of authentication, such reference shall be deemed to include
      authentication on behalf of the Securities Administrator by an Authenticating
      Agent and a certificate of authentication executed on behalf of the Securities
      Administrator by an Authenticating Agent. Each Authenticating Agent must be
      a
      corporation organized and doing business under the laws of the United States
      of
      America or of any state, having a combined capital and surplus of at least
      $15,000,000, authorized under such laws to do a trust business and subject
      to
      supervision or examination by federal or state authorities and acceptable to
      any
      NIMS Insurer.

     

    
      
        
        

      

      
        126

        
          

        

      

      
        
        

      

       

    

    (b) Any
      Person into which any Authenticating Agent may be merged or converted or with
      which it may be consolidated, or any Person resulting from any merger,
      conversion or consolidation to which any Authenticating Agent shall be a party,
      or any Person succeeding to the corporate agency business of any Authenticating
      Agent, shall continue to be the Authenticating Agent without the execution
      or
      filing of any paper or any further act on the part of the Securities
      Administrator or the Authenticating Agent.

     

    (c) Any
      Authenticating Agent may at any time resign by giving at least 30
      days’
      advance
      written notice of resignation to the Securities Administrator, the Trustee,
      any
      NIMS Insurer and the Depositor. The Securities Administrator may at any time
      terminate the agency of any Authenticating Agent by giving written notice of
      termination to such Authenticating Agent, any NIMS Insurer and the Depositor.
      Upon receiving a notice of resignation or upon such a termination, or in case
      at
      any time any Authenticating Agent shall cease to be eligible in accordance
      with
      the provisions of this Section 6.10, the Securities Administrator may appoint
      a
      successor Authenticating Agent, shall give written notice of such appointment
      to
      the Depositor and any NIMS Insurer and shall mail notice of such appointment
      to
      all Holders of Certificates. Any successor Authenticating Agent upon acceptance
      of its appointment hereunder shall become vested with all the rights, powers,
      duties and responsibilities of its predecessor hereunder, with like effect
      as if
      originally named as Authenticating Agent. No successor Authenticating Agent
      shall be appointed unless eligible under the provisions of this Section 6.10.
      No
      Authenticating Agent shall have responsibility or liability for any action
      taken
      by it as such at the direction of the Securities Administrator. Any
      Authenticating Agent shall be entitled to reasonable compensation for its
      services and, if paid by the Securities Administrator, it shall be a
      reimbursable expense pursuant to Section 6.12.

     

    Section
      6.11. Indemnification
      of Trustee and Securities Administrator. 

     

    The
      Trustee and the Securities Administrator and their respective directors,
      officers, employees and agents shall be entitled to indemnification from the
      Trust Fund for any loss, liability or expense incurred in connection with any
      legal proceeding or incurred without negligence or willful misconduct on their
      part, arising out of, or in connection with, the acceptance or administration
      of
      the trusts created hereunder or in connection with the performance of their
      duties hereunder or under the Swap Agreement, the Interest Rate Cap Agreement,
      the Mortgage Loan Sale Agreement, the Transfer Agreement, any Servicing
      Agreement, the MGIC Letter Agreement or the PMI Letter Agreement or the
      Custodial Agreements, including any applicable fees and expenses payable
      pursuant to Section 6.12 and the costs and expenses of defending themselves
      against any claim in connection with the exercise or performance of any of
      their
      powers or duties hereunder, provided that:

     

    (i) with
      respect to any such claim, the Trustee or the Securities Administrator, as
      applicable, shall have given the Depositor, the Master Servicer, any NIMS
      Insurer and the Holders written notice thereof promptly after a Responsible
      Officer of the Trustee or the Securities Administrator, as applicable, shall
      have knowledge thereof provided that the failure to provide such prompt written
      notice shall not affect the Trustee’s
      or
      Securities Administrator’s
      right
      to indemnification hereunder;

     

    
      
        
        

      

      
        127

        
          

        

      

      
        
        

      

       

    

    (ii) while
      maintaining control over its own defense, the Trustee or the Securities
      Administrator, as applicable, shall cooperate and consult fully with the
      Depositor, the Master Servicer and any NIMS Insurer in preparing such defense;
      and

     

    (iii) notwithstanding
      anything to the contrary in this Section 6.11, the Trust Fund shall not be
      liable for settlement of any such claim by the Trustee or the Securities
      Administrator, as applicable, entered into without the prior consent of the
      Depositor, the Master Servicer and any NIMS Insurer, which consent shall not
      be
      unreasonably withheld.

     

    The
      Trustee shall be further indemnified by the Seller for and held harmless
      against, any loss, liability or expense arising out of, or in connection with,
      the provisions set forth in the fourth paragraph of Section 2.01(a) hereof,
      including, without limitation, all costs, liabilities and expenses (including
      reasonable legal fees and expenses) of investigating and defending itself
      against any claim, action or proceeding, pending or threatened, relating to
      the
      provisions of such paragraph.

     

    The
      provisions of this Section 6.11 shall survive any termination of this Agreement
      and the resignation or removal of the Trustee or the Securities Administrator,
      as applicable, and shall be construed to include, but not be limited to any
      loss, liability or expense under any environmental law.

     

    Section
      6.12. Fees
      and Expenses of Securities Administrator, Trustee and
      Custodians. 

     

    The
      Trustee shall be entitled, annually, to the Trustee Fee, which shall be paid
      by
      the Securities Administrator on the first Distribution Date of each Anniversary
      Year from the Master Servicing Fee. The Securities Administrator shall be
      entitled to the Master Servicing Fee (other than any amounts required to be
      deducted in respect of the Trustee Fee and Custodial Compensation as provided
      in
      Section 4.01). Each of Deutsche Bank National Trust Company and Wells Fargo
      Bank, N.A., in their respective capacities as a Custodian, shall be entitled
      to
      the Custodial Compensation provided for in the applicable Custodial Agreement
      which shall be paid by the Securities Administrator as invoiced by each such
      Custodian. The Trustee and the Securities Administrator shall be entitled to
      reimbursement of all reasonable expenses, disbursements and advances incurred
      or
      made by the Securities Administrator or Trustee, as applicable, in accordance
      with this Agreement (including fees and expenses of its counsel and all persons
      not regularly in its employment and any amounts described in Section 10.01
      to
      which such party is entitled as provided therein), except for expenses,
      disbursements and advances that either (i) do not constitute “unanticipated
      expenses”
      within
      the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii) or (ii) arise
      from
      its negligence, bad faith or willful misconduct.  If
      either
      the Trustee Fee or any Custodial Compensation is not fully paid from the Master
      Servicing Fee, the Trust Fund shall immediately reimburse the Trustee or the
      related Custodian, as applicable, upon demand for any shortfall from amounts
      on
      deposit in the Certificate Account; provided
      that,
      to the
      extent required under Section 6 or Section 20 of the related Custodial
      Agreement, the Securities Administrator is hereby authorized to pay such
      compensation or indemnity amounts from amounts on deposit in the Certificate
      Account prior to any distributions to Certificateholders pursuant to Section
      5.02 hereof. LaSalle Bank, N.A. and U.S. Bank, N.A., each in their respective
      capacities as Custodian, shall receive compensation and reimbursement or payment
      of its expenses under the related Custodial Agreement as provided therein;
      provided
      that,
      to the
      extent required under Section 6 or Section 20 of the related Custodial
      Agreement, the Securities Administrator is hereby authorized to pay such
      compensation or indemnity amounts from amounts on deposit in the Certificate
      Account prior to any distributions to Certificateholders pursuant to Section
      5.02 hereof. 

     

    
      
        
        

      

      
        128

        
          

        

      

      
        
        

      

       

    

    Section
      6.13. Collection
      of Monies.

     

    Except
      as
      otherwise expressly provided in this Agreement, the Securities Administrator
      and
      the Trustee, as applicable, may demand payment or delivery of, and shall receive
      and collect, all money and other property payable to or receivable by it
      pursuant to this Agreement. The Securities Administrator and the Trustee shall
      hold all such money and property received by it as part of the Trust Fund and
      shall distribute it as provided in this Agreement. If the Securities
      Administrator shall not have timely received amounts to be remitted with respect
      to the Mortgage Loans from the Master Servicer, the Securities Administrator
      shall request the Master Servicer to make such distribution as promptly as
      practicable or legally permitted. If the Securities Administrator shall
      subsequently receive any such amounts, it may withdraw such
      request.

     

    Section
      6.14. Events
      of Default; Trustee To Act; Appointment of Successor. 

     

    (a) The
      occurrence of any one or more of the following events shall constitute an
“Event
      of
      Default”:

     

    (i) Any
      failure by the Master Servicer to furnish to the Securities Administrator the
      Mortgage Loan data sufficient to prepare the reports described in Section
      4.03(a) (other than with respect to the information referred to in clauses
      (xix), (xx) and (xxi) of such Section 4.03(a)) which continues unremedied for
      a
      period of two (2) Business Days after the date upon which written notice of
      such
      failure shall have been given to such Master Servicer by the Trustee or the
      Securities Administrator or to such Master Servicer, the Securities
      Administrator and the Trustee by the Holders of not less than 25% of the Class
      Principal Amount of each Class of Certificates affected thereby; or

     

    (ii) Any
      failure by the Master Servicer to duly perform, within the required time period
      and without notice, its obligations to provide any certifications required
      pursuant to Sections 9.25 or 9.26; or

     

    (iii) Except
      with respect to those items listed in clause (ii) above, any failure by the
      Servicer to duly perform, within the required time period, without notice or
      grace period, its obligations to provide any information, data or materials
      required to be provided hereunder pursuant to Sections 9.23 and 9.29(b),
      including any items required to be included in any Exchange Act report;
      or

     

    (iv) Any
      failure on the part of the Master Servicer duly to observe or perform in any
      material respect any other of the covenants or agreements on the part of the
      Master Servicer contained in this Agreement which continues unremedied for
      a
      period of 30 days after the date on which written notice of such failure,
      requiring the same to be remedied, shall have been given to the Master Servicer
      by the Trustee or the Securities Administrator, or to the Master Servicer,
      the
      Securities Administrator and the Trustee by the Holders of more than 50% of
      the
      Aggregate Voting Interests of the Certificates or by any NIMS Insurer;
      or

     

    
      
        
        

      

      
        129

        
          

        

      

      
        
        

      

       

    

    (v) A
      decree
      or order of a court or agency or supervisory authority having jurisdiction
      for
      the appointment of a conservator or receiver or liquidator in any insolvency,
      readjustment of debt, marshalling of assets and liabilities or similar
      proceedings, or for the winding-up or liquidation of its affairs, shall have
      been entered against the Master Servicer, and such decree or order shall have
      remained in force undischarged or unstayed for a period of 60 days or any Rating
      Agency reduces or withdraws or threatens to reduce or withdraw the rating of
      the
      Certificates because of the financial condition or loan servicing capability
      of
      such Master Servicer; or

     

    (vi) The
      Master Servicer shall consent to the appointment of a conservator or receiver
      or
      liquidator in any insolvency, readjustment of debt, marshalling of assets and
      liabilities, voluntary liquidation or similar proceedings of or relating to
      the
      Master Servicer or of or relating to all or substantially all of its property;
      or

     

    (vii) The
      Master Servicer shall admit in writing its inability to pay its debts generally
      as they become due, file a petition to take advantage of any applicable
      insolvency or reorganization statute, make an assignment for the benefit of
      its
      creditors or voluntarily suspend payment of its obligations; or

     

    (viii) The
      Master Servicer shall be dissolved, or shall dispose of all or substantially
      all
      of its assets, or consolidate with or merge into another entity or shall permit
      another entity to consolidate or merge into it, such that the resulting entity
      does not meet the criteria for a successor servicer as specified in Section
      9.27
      hereof; or

     

    (ix) If
      a
      representation or warranty set forth in Section 9.14 hereof shall prove to
      be
      incorrect as of the time made in any respect that materially and adversely
      affects the interests of the Certificateholders, and the circumstance or
      condition in respect of which such representation or warranty was incorrect
      shall not have been eliminated or cured within 30 days after the date on which
      written notice of such incorrect representation or warranty shall have been
      given to the Master Servicer by the Trustee or the Securities Administrator,
      or
      to the Master Servicer, the Securities Administrator and the Trustee by the
      Holders of more than 50% of the Aggregate Voting Interests of the Certificates
      or by any NIMS Insurer; or

     

    (x) A
      sale or
      pledge of any of the rights of the Master Servicer hereunder or an assignment
      of
      this Agreement by the Master Servicer or a delegation of the rights or duties
      of
      the Master Servicer hereunder shall have occurred in any manner not otherwise
      permitted hereunder and without the prior written consent of the Trustee, any
      NIMS Insurer and Certificateholders holding more than 50% of the Aggregate
      Voting Interests of the Certificates; or

     

    (xi) The
      Master Servicer has notice or actual knowledge that any Servicer at any time
      is
      not either a Fannie Mae- or Freddie Mac- approved Seller/Servicer, and the
      Master Servicer has not terminated the rights and obligations of such Servicer
      under the applicable Servicing Agreement and replaced such Servicer with a
      Fannie Mae- or Freddie Mac -approved servicer within 60 days of the date the
      Master Servicer receives such notice or acquires such actual
      knowledge.

     

    
      
        
        

      

      
        130

        
          

        

      

      
        
        

      

       

    

    (xii) After
      receipt of notice from the Trustee, Securities Administrator or any NIMS
      Insurer, any failure of the Master Servicer to deposit into the Certificate
      Account any payment required to be made for the benefit of Certificateholders
      under the terms of this Agreement, including any Advance, on the Business Day
      immediately preceding the related Distribution Date which such failure continues
      unremedied for a period of one Business Day after the date upon which notice
      of
      such failure shall have been given to the Master Servicer by the Trustee or
      the
      Securities Administrator.

     

    If
      an
      Event of Default described in clauses (i) through (xii) of this Section shall
      occur, then, in each and every case, subject to applicable law, so long as
      any
      such Event of Default shall not have been remedied within any period of time
      prescribed by this Section, the Trustee, by notice in writing to the Master
      Servicer (with a copy to the Securities Administrator) may, and shall, if so
      directed by Certificateholders evidencing more than 50% of the Class Principal
      Amount of each Class of Certificates, terminate all of the rights and
      obligations of the Master Servicer hereunder and in and to the Mortgage Loans
      and the proceeds thereof. If an Event of Default described in clause (xii)
      of
      this Section shall occur, then, in each and every case, subject to applicable
      law,
      so long
      as such Event of Default shall not have been remedied within the time period
      prescribed by clause (xii) of this Section 6.14, the
      Trustee (upon a Responsible Officer becoming aware of the occurrence thereof),
      by notice in writing to the Master Servicer (with a copy to the Securities
      Administrator), shall promptly terminate all of the rights and obligations
      of
      the Master Servicer hereunder and in and to the Mortgage Loans and the proceeds
      thereof. On or after the receipt by the Master Servicer of such written notice,
      all authority and power of the Master Servicer, and only in its capacity as
      Master Servicer under this Agreement, whether with respect to the Mortgage
      Loans
      or otherwise, shall pass to and be vested in the Trustee; provided,
      however,
      the
      parties acknowledge that notwithstanding the preceding sentence there may be
      a
      transition period, not to exceed 90 days, in order to effect the transfer of
      the
      Master Servicing obligations to the Trustee. The Trustee is hereby authorized
      and empowered to execute and deliver, on behalf of the defaulting Master
      Servicer as attorney-in-fact or otherwise, any and all documents and other
      instruments, and to do or accomplish all other acts or things necessary or
      appropriate to effect the purposes of such notice of termination, whether to
      complete the transfer and endorsement or assignment of the Mortgage Loans and
      related documents or otherwise. The defaulting Master Servicer agrees to
      cooperate with the Trustee in effecting the termination of the defaulting Master
      Servicer’s
      responsibilities and rights hereunder as Master Servicer including, without
      limitation, notifying Servicers of the assignment of the master servicing
      function and providing the Trustee or its designee all documents and records
      in
      electronic or other form reasonably requested by it to enable the Trustee or
      its
      designee to assume the defaulting Master Servicer’s
      functions hereunder and the transfer to the Trustee for administration by it
      of
      all amounts which shall at the time be or should have been deposited by the
      defaulting Master Servicer in the Certificate Account and any other account
      or
      fund maintained with respect to the Certificates or thereafter received with
      respect to the Mortgage Loans. The Master Servicer being terminated (or the
      Trust Fund, if the Master Servicer is unable to fulfill its obligations
      hereunder) as a result of an Event of Default shall bear all reasonable costs
      and expenses of a master servicing transfer.

     

    
      
        
        

      

      
        131

        
          

        

      

      
        
        

      

       

    

    The
      Trustee shall be entitled to be reimbursed from the Master Servicer (or by
      the
      Trust Fund, if the Master Servicer is unable to fulfill its obligations
      hereunder) for all costs associated with the transfer of master servicing from
      the predecessor Master Servicer, including, without limitation, any costs or
      expenses associated with the complete transfer of all master servicing data
      and
      the completion, correction or manipulation of such servicing data as may be
      required by the Trustee to correct any errors or insufficiencies in the master
      servicing data or otherwise to enable the Trustee to master service the Mortgage
      Loans properly and effectively. If the terminated Master Servicer does not
      pay
      such reimbursement within thirty (30) days of its receipt of an invoice
      therefore, such reimbursement shall be an expense of the Trust and the Trustee
      shall be entitled to withdraw such reimbursement from amounts on deposit in
      the
      Certificate Account pursuant to Section 4.02; provided
      that the
      terminated Master Servicer shall reimburse the Trust for any such expense
      incurred by the Trust; and provided,
      further,
      that
      the Trustee shall decide whether and to what extent it is in the best interest
      of the Certificateholders to pursue any remedy against any party obligated
      to
      make such reimbursement.

     

    Notwithstanding
      the termination of its activities as Master Servicer, each terminated Master
      Servicer shall continue to be entitled to reimbursement to the extent provided
      in Section 4.02 to the extent such reimbursement relates to the period prior
      to
      such Master Servicer’s
      termination.

     

    If
      any
      Event of Default shall occur, the Trustee, upon a Responsible Officer of the
      Trustee becoming aware of the occurrence thereof, shall promptly notify the
      Securities Administrator, any NIMS Insurer, the Swap Counterparty, the Cap
      Counterparty, and each Rating Agency of the nature and extent of such Event
      of
      Default. If any Event of Default shall occur, the Securities Administrator,
      upon
      a Responsible Officer of the Securities Administrator becoming aware of the
      occurrence thereof, shall promptly notify the Trustee of the nature and extent
      of such Event of Default.

     

    (b) On
      and
      after the time the Master Servicer receives a notice of termination from the
      Trustee pursuant to Section 6.14(a) or the Trustee receives the resignation
      of
      the Master Servicer evidenced by an Opinion of Counsel pursuant to Section
      9.28,
      the Trustee, unless another master servicer shall have been appointed, shall
      be
      the successor in all respects to the Master Servicer in its capacity as such
      under this Agreement and the transactions set forth or provided for herein
      and
      shall have all the rights and powers and be subject to all the responsibilities,
      duties and liabilities relating thereto and arising thereafter placed on the
      Master Servicer hereunder, including the obligation to make Advances;
provided,
      however,
      that
      any failure to perform such duties or responsibilities caused by the Master
      Servicer’s
      or the
      Securities Administrator’s
      failure
      to provide information required by this Agreement shall not be considered a
      default by the Trustee hereunder. In addition, the Trustee shall have no
      responsibility for any act or omission of the Master Servicer prior to the
      issuance of any notice of termination. The Trustee shall have no liability
      relating to the representations and warranties of the Master Servicer set forth
      in Section 9.14. In the Trustee’s
      capacity as such successor, the Trustee shall have the same limitations on
      liability herein granted to the Master Servicer. As compensation therefor,
      the
      Trustee shall be entitled to receive all compensation payable to the Master
      Servicer under this Agreement, including the Master Servicing Fee.

     

    
      
        
        

      

      
        132

        
          

        

      

      
        
        

      

       

    

    (c) Notwithstanding
      the above, the Trustee may, if it shall be unwilling to continue to so act,
      or
      shall, if it is unable to so act, petition a court of competent jurisdiction
      to
      appoint, or appoint on its own behalf any established housing and home finance
      institution servicer, master servicer, servicing or mortgage servicing
      institution having a net worth of not less than $15,000,000 and meeting such
      other standards for a successor master servicer as are set forth in this
      Agreement, as the successor to such Master Servicer in the assumption of all
      of
      the responsibilities, duties or liabilities of the Master Servicer hereunder.
      Any entity designated by the Trustee as a successor master servicer may be
      an
      Affiliate of the Trustee; provided,
      however,
      that,
      unless such Affiliate meets the net worth requirements and other standards
      set
      forth herein for a successor master servicer, the Trustee, in its individual
      capacity shall agree, at the time of such designation, to be and remain liable
      to the Trust Fund for such Affiliate’s
      actions
      and omissions in performing its duties hereunder. In connection with such
      appointment and assumption, the Trustee may make such arrangements for the
      compensation of such successor out of payments on Mortgage Loans as it and
      such
      successor shall agree; provided,
      however,
      that no
      such compensation shall be in excess of that permitted to the Master Servicer
      hereunder. The Trustee and such successor shall take such actions, consistent
      with this Agreement, as shall be necessary to effectuate any such succession
      and
      may make other arrangements with respect to the servicing to be conducted
      hereunder which are not inconsistent herewith. The Master Servicer shall
      cooperate with the Trustee and any successor master servicer in effecting the
      termination of the Master Servicer’s
      responsibilities and rights hereunder including, without limitation, notifying
      Mortgagors of the assignment of the master servicing functions and providing
      the
      Trustee and successor master servicer, as applicable, all documents and records
      in electronic or other form reasonably requested by it to enable it to assume
      the Master Servicer’s
      functions hereunder and the transfer to the Trustee or such successor master
      servicer, as applicable, all amounts which shall at the time be or should have
      been deposited by the Master Servicer in the Certificate Account and any other
      account or fund maintained with respect to the Certificates or the Lower Tier
      REMIC 1 Uncertificated Regular Interests or thereafter be received with respect
      to the Mortgage Loans. Neither the Trustee nor any other successor master
      servicer shall be deemed to be in default hereunder by reason of any failure
      to
      make, or any delay in making, any distribution hereunder or any portion thereof
      caused by (i) the failure of the Master Servicer to deliver, or any delay in
      delivering, cash, documents or records to it, (ii) the failure of the Master
      Servicer to cooperate as required by this Agreement, (iii) the failure of the
      Master Servicer to deliver the Mortgage Loan data to the Securities
      Administrator as required by this Agreement or (iv) restrictions imposed by
      any
      regulatory authority having jurisdiction over the 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 caused by the failure of the
      Securities Administrator to deliver, or any delay in delivering cash, documents
      or records to it.

     

    Section
      6.15. Additional
      Remedies of Trustee Upon Event of Default. 

     

    During
      the continuance of any Event of Default, so long as such Event of Default shall
      not have been remedied, the Trustee, in addition to the rights specified in
      Section 6.14, shall have the right, in its own name and as trustee of an express
      trust, to take all actions now or hereafter existing at law, in equity or by
      statute to enforce its rights and remedies and to protect the interests, and
      enforce the rights and remedies, of any NIMS Insurer and the Certificateholders
      (including the institution and prosecution of all judicial, administrative
      and
      other proceedings and the filings of proofs of claim and debt in connection
      therewith). Except as otherwise expressly provided in this Agreement, no remedy
      provided for by this Agreement shall be exclusive of any other remedy, and
      each
      and every remedy shall be cumulative and in addition to any other remedy, and
      no
      delay or omission to exercise any right or remedy shall impair any such right
      or
      remedy or shall be deemed to be a waiver of any Event of Default.

     

    
      
        
        

      

      
        133

        
          

        

      

      
        
        

      

    

     

    Section
      6.16. Waiver
      of
      Defaults.

     

    More
      than
      50% of the Aggregate Voting Interests of Certificateholders (with the consent
      of
      any NIMS Insurer) may waive any default or Event of Default by the Master
      Servicer in the performance of its obligations hereunder, except that a default
      in the making of any required deposit to the Certificate Account that would
      result in a failure of the Securities Administrator to make any required payment
      of principal of or interest on the Certificates may only be waived with the
      consent of 100% of the affected Certificateholders and with the consent of
      any
      NIMS Insurer. Upon any such waiver of a past default, such default shall cease
      to exist, and any Event of Default arising therefrom shall be deemed to have
      been remedied for every purpose of this Agreement. No such waiver shall extend
      to any subsequent or other default or impair any right consequent thereon except
      to the extent expressly so waived.

     

    Section
      6.17. Notification
      to Holders. 

     

    Upon
      termination of the Master Servicer or appointment of a successor to the Master
      Servicer, in each case as provided herein, the Securities Administrator shall
      promptly mail notice thereof by first class mail to the Trustee and the
      Certificateholders at their respective addresses appearing on the Certificate
      Register, any NIMS Insurer, the Swap Counterparty and the Cap Counterparty.
      The
      Securities Administrator shall also, within 45 days after the occurrence of
      any
      Event of Default known to a Responsible Officer of the Securities Administrator,
      give written notice thereof to the Trustee, any NIMS Insurer and the
      Certificateholders, unless such Event of Default shall have been cured or waived
      prior to the issuance of such notice and within such 45-day period.

     

    Section
      6.18. Directions
      by Certificateholders and Duties of Trustee During Event of Default. 

     

    Subject
      to the provisions of Section 8.01 hereof, during the continuance of any Event
      of
      Default, Holders of Certificates evidencing not less than 25% of the Class
      Principal Amount (or Percentage Interest) of each Class of Certificates affected
      thereby may, with the consent of any NIMS Insurer, direct the time, method
      and
      place of conducting any proceeding for any remedy available to the Trustee,
      or
      exercising any trust or power conferred upon the Trustee, under this Agreement;
      provided,
      however,
      that the
      Trustee shall be under no obligation to pursue any such remedy, or to exercise
      any of the trusts or powers vested in it by this Agreement (including, without
      limitation, (i) the conducting or defending of any administrative action or
      litigation hereunder or in relation hereto and (ii) the terminating of the
      Master Servicer or any successor master servicer from its rights and duties
      as
      master servicer hereunder) at the request, order or direction of any of the
      Certificateholders or any NIMS Insurer, unless such Certificateholders or any
      NIMS Insurer shall have offered to the Trustee reasonable security or indemnity
      against the cost, expenses and liabilities which may be incurred therein or
      thereby; and, provided
      further,
      that
      the Trustee shall have the right to decline to follow any such direction if
      the
      Trustee, in accordance with an Opinion of Counsel acceptable to any NIMS
      Insurer, determines that the action or proceeding so directed may not lawfully
      be taken or if the Trustee in good faith determines that the action or
      proceeding so directed would involve it in personal liability for which it
      is
      not indemnified to its satisfaction or be unjustly prejudicial to the
      non-assenting Certificateholders.

     

    
      
        
        

      

      
        134

        
          

        

      

      
        
        

      

    

     

    Section
      6.19. Action
      Upon Certain Failures of the Master Servicer and Upon Event of
      Default. 

     

    In
      the
      event that a Responsible Officer of the Trustee or the Securities Administrator
      shall have actual knowledge of any action or inaction of the Master Servicer
      that would become an Event of Default upon the Master Servicer’s
      failure
      to remedy the same after notice, the Trustee or the Securities Administrator,
      as
      applicable, shall give notice thereof to the Master Servicer, any NIMS Insurer,
      the Trustee, the Securities Administrator, the Swap Counterparty and the Cap
      Counterparty, as applicable.

     

    Section
      6.20. Preparation
      of Tax Returns and Other Reports. 

     

    (a) The
      Securities Administrator shall prepare or cause to be prepared on behalf of
      the
      Trust Fund, based upon information calculated in accordance with this Agreement
      pursuant to instructions given by the Depositor, and the Securities
      Administrator shall file federal tax returns, all in accordance with Article
      X
      hereof. If the Securities Administrator determines that a state tax return
      or
      other return is required, then, at its sole expense, the Securities
      Administrator shall prepare and file such state income tax returns and such
      other returns as may be required by applicable law relating to the Trust Fund,
      and, if required by state law, and shall file any other documents to the extent
      required by applicable state tax law (to the extent such documents are in the
      Securities Administrator’s
      possession). The Securities Administrator shall forward copies to the Depositor
      of all such returns and supplemental tax information and such other information
      within the Securities Administrator’s
      control
      as the Depositor may reasonably request in writing. The Securities Administrator
      shall furnish to each Certificateholder, such forms and such information within
      the control of the Securities Administrator as are required by the Code and
      the
      REMIC Provisions to be furnished to them (other than any Form 1099s). The Master
      Servicer will indemnify the Securities Administrator and the Trustee for any
      liability of or assessment against the Securities Administrator and the Trustee,
      as applicable, resulting from any error in any of such tax or information
      returns directly resulting from errors in the information provided by such
      Master Servicer.

     

    (b) The
      Securities Administrator shall prepare and file with the Internal Revenue
      Service (“IRS”),
      on
      behalf of the Trust Fund and each of the REMICs specified in the Preliminary
      Statement, an application for an employer identification number on IRS Form
      SS-4
      or by any other acceptable method. The Securities Administrator shall also
      file
      a Form 8811 as required. The Securities Administrator, upon receipt from the
      IRS
      of the Notice of Taxpayer Identification Number Assigned, shall upon request
      promptly forward a copy of such notice to the Trustee and the Depositor. The
      Trustee shall have no obligation to verify the information in any Form 8811
      or
      Form SS-4 filing.

     

    
      
        
        

      

      
        135

        
          

        

      

      
        
        

      

       

    

    (c) The
      Depositor shall prepare or cause to be prepared the initial current report
      on
      Form 8-K. Thereafter, the Securities Administrator shall, in accordance with
      industry standards and the rules of the Commission as in effect from time to
      time (the “Rules”),
      prepare and file with the Commission via the Electronic Data Gathering and
      Retrieval System (“EDGAR”),
      the
      reports listed in subsections (d) through (f) of this Section 6.20 in respect
      of
      the Trust Fund as and to the extent required under the Exchange
      Act.

     

    (d) Reports
      Filed on Form 10-D. 

     

    (i) Within
      15
      days after each Distribution Date (subject to permitted extensions under the
      Exchange Act), the Securities Administrator shall prepare and file on behalf
      of
      the Trust Fund any Form 10-D required by the Exchange Act, in form and substance
      as required by the Exchange Act. The Securities Administrator shall file each
      Form 10-D with a copy of the related Distribution Date Statement and a copy
      of
      each report made available by the Credit Risk Manager pursuant to Section 9.34
      (provided each such report is made available to the Securities Administrator
      in
      a format compatible with EDGAR filing requirements) attached thereto. Any
      disclosure in addition to the Distribution Date Statement that is required
      to be
      included on Form 10-D (“Additional
      Form 10-D Disclosure”)
      shall
      be determined and prepared by and at the direction of the Depositor pursuant
      to
      the following paragraph and the 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 P-1 hereto, within five calendar days after the related
      Distribution Date, (A) certain parties to the Structured Asset Securities
      Corporation Mortgage Loan Trust 2006-BC5 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 (which may be Word
      or
      Excel documents easily convertible to EDGAR format), 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, and include
      with such Additional Form 10-D Disclosure Notification in the form attached
      hereto as Exhibit P-4, and (B) the Depositor will approve, as to form and
      substance, or disapprove, as the case may be, the inclusion of the Additional
      Form 10-D Disclosure on Form 10-D. The Sponsor will be responsible for any
      reasonable fees and expenses assessed or incurred by the Securities
      Administrator in connection with including any Additional Form 10-D Disclosure
      on Form 10-D pursuant to this paragraph.

    

    (iii) After
      preparing the Form 10-D, the Securities Administrator shall forward
      electronically a copy of the Form 10-D to the Exchange Act Signing Party for
      review and approval. If the Master Servicer is the Exchange Act Signing Party
      and the Form 10-D includes Additional Form 10-D Disclosure, then the Form 10-D
      shall also be electronically distributed to the Depositor for review and
      approval. No later than two Business Days prior to the 15th
      calendar
      day after the related Distribution Date, a duly authorized representative of
      the
      Exchange Act Signing Party shall sign the Form 10-D and return an electronic
      or
      fax copy of such signed Form 10-D (with an original executed hard copy to follow
      by overnight mail) to the Securities Administrator. 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 subsection
      (g)(ii) of this Section 6.20. Promptly (but no later than one Business Day)
      after filing with the Commission, the Securities Administrator will make
      available on its internet website a final executed copy of each Form 10-D filed
      by the Securities Administrator. Each party to this Agreement acknowledges
      that
      the performance by the Securities Administrator of its duties under this Section
      6.20(d) related to the timely preparation and filing of Form 10-D is contingent
      upon such parties strictly observing all applicable deadlines in the performance
      of their duties under this Section 6.20(d). The Securities Administrator shall
      have no liability for any loss, expense, damage, claim arising out of or with
      respect to any failure to properly prepare and/or timely file such Form 10-D,
      where such failure results from the Securities Administrator’s
      inability or failure to obtain or receive, on a timely basis, any information
      from any other party hereto needed to prepare, arrange for execution or file
      such Form 10-D, not resulting from its own negligence, bad faith or willful
      misconduct.

     

    
      
        
        

      

      
        136

        
          

        

      

      
        
        

      

       

    

    (iv) Form
      10-D
      requires the registrant to indicate (by checking “yes”
      or
“no”)
      that it
“(1)
      has
      filed all reports required to be filed by Section 13 or 15(d) of the Exchange
      Act during the preceding 12 months (or for such shorter period that the
      registrant was required to file such reports), and (2) has been subject to
      such
      filing requirements for the past 90 days.”
      At the
      date of the filing of each report on Form 10-D with respect to the Trust Fund,
      the Depositor shall be deemed to represent to the Securities Administrator
      that,
      as of such date, the Depositor has filed all such required reports during the
      preceding 12 months and that it has been subject to such filing requirement
      for
      the past 90 days. The Depositor shall notify the 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 if the answer to the
      questions should be “no.”
      The
      Securities Administrator shall be entitled to rely on such representations
      in
      preparing, executing and/or filing any such report.

     

    (e) Reports
      Filed on Form 10-K.

     

    (i) Within
      90
      days after the end of each fiscal year of the Trust Fund or such earlier date
      as
      may be required by the Exchange Act (the “10-K
      Filing Deadline”)
      (it
      being understood that the fiscal year for the Trust Fund ends on December
      31st
      of each
      year), commencing in March 2007, the Securities Administrator shall prepare
      and
      file on behalf of the Trust Fund a Form 10-K, in form and substance as required
      by the Exchange Act. Each such Form 10-K shall include the following items,
      in
      each case to the extent they have been delivered to the Securities Administrator
      within the applicable time frames set forth in this Agreement and in the related
      Servicing Agreements and Custodial Agreements, (A) an annual compliance
      statement for each Servicer, each Additional Servicer and the Master Servicer,
      as described under Section 9.26 hereof and in each Servicing Agreement, (B)(I)
      the annual reports on assessment of compliance with servicing criteria for
      each
      Servicer, the Custodian, each Additional Servicer, the Master Servicer, the
      Credit Risk Manager, any Servicing Function Participant, the Paying Agent and
      the Securities Administrator (each, a “Reporting
      Servicer”),
      as
      described under Section 9.25(a) hereof and in each Servicing Agreement and
      Custodial Agreement, and (II) if any Reporting Servicer’s
      report
      on assessment of compliance with servicing criteria described under Section
      9.25(a) hereof or in any Servicing Agreement or Custodial Agreement identifies
      any material instance of noncompliance, disclosure identifying such instance
      of
      noncompliance, or if any Reporting Servicer’s
      report
      on assessment of compliance with servicing criteria described under Section
      9.25(a) hereof or in any Servicing Agreement or Custodial Agreement is not
      included as an exhibit to such Form 10-K, disclosure that such report is not
      included and an explanation why such report is not included, (C)(I) the
      registered public accounting firm attestation report for each Reporting
      Servicer, as described under Section 9.25(b) hereof and in each Servicing
      Agreement and Custodial Agreement and (II) if any registered public accounting
      firm attestation report described under Section 9.25(b) hereof or in any
      Servicing Agreement or Custodial Agreement identifies any material instance
      of
      noncompliance, disclosure identifying such instance of noncompliance, or if
      any
      such registered public accounting firm attestation report is not included as
      an
      exhibit to such Form 10-K, disclosure that such report is not included and
      an
      explanation why such report is not included, and (D) a Sarbanes-Oxley
      Certification. Any disclosure or information in addition to (A) through (D)
      above that is required to be included on Form 10-K (“Additional
      Form 10-K Disclosure”)
      shall
      be determined and prepared by and at the direction of the Depositor pursuant
      to
      the following paragraph and the 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. 

     

    
      
        
        

      

      
        137

        
          

        

      

      
        
        

      

       

    

    (ii) As
      set
      forth on Exhibit P-2 hereto, no later than March 15 of each year that the Trust
      Fund is subject to the Exchange Act reporting requirements, commencing in 2007,
      (A) certain parties to the Structured Asset Securities Corporation Mortgage
      Loan
      Trust 2006-BC5 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 (which may be Word or Excel documents easily
      convertible to EDGAR format), 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, and include with such Additional
      Form 10-K Disclosure, an Additional Disclosure Notification in the form attached
      hereto as Exhibit P-4, and (B) the Depositor will approve, as to form and
      substance, or disapprove, as the case may be, the inclusion of the Additional
      Form 10-K Disclosure on Form 10-K. The Securities Administrator has no duty
      under this Agreement to monitor or enforce the performance by the parties listed
      on Exhibit P-2 of their duties under this paragraph or proactively solicit
      or
      procure from such parties any Form 10-K Disclosure Information. The Sponsor
      will
      be responsible for any reasonable fees and expenses assessed or incurred by
      the
      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 forward
      electronically a copy of the Form 10-K to the Exchange Act Signing Party for
      review and approval. If the Master Servicer is the Exchange Act Signing Party
      and the Form 10-K includes Additional Form 10-K Disclosure, then the Form 10-K
      shall also be electronically distributed to the Depositor for review and
      approval. No later than the close of business New York City time on the 4th
      Business Day prior to the 10-K Filing Deadline, a duly authorized representative
      of the Exchange Act Signing Party shall sign the Form 10-K and return an
      electronic or fax copy of such signed Form 10-K (with an original executed
      hard
      copy to follow by overnight mail) to the Securities Administrator. 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
      subsection (g) of this Section 6.20. Promptly (but no later than one Business
      Day) after filing with the Commission, the Securities Administrator will make
      available on its internet website a final executed copy of each Form 10-K filed
      by the Securities Administrator. The parties to this Agreement acknowledge
      that
      the performance by the Securities Administrator of its duties under this Section
      6.20(e) related to the timely preparation and filing of Form 10-K is contingent
      upon such parties (and any Additional Servicer or Servicing Function
      Participant) strictly observing all applicable deadlines in the performance
      of
      their duties under this Section 6.20(e), Section 9.25(a), Section 9.25(b) and
      Section 9.26. The Securities Administrator shall have no liability for any
      loss,
      expense, damage, claim arising out of or with respect to any failure to properly
      prepare and/or timely file such Form 10-K, where such failure results from
      the
      Securities Administrator’s
      inability or failure to obtain or receive, on a timely basis, any information
      from any other party hereto needed to prepare, arrange for execution or file
      such Form 10-K, not resulting from its own negligence, bad faith or willful
      misconduct.

     

    
      
        
        

      

      
        138

        
          

        

      

      
        
        

      

       

    

    (iv) Each
      Form
      10-K shall include the Sarbanes-Oxley Certification. The Securities
      Administrator, the Paying Agent and Master Servicer, shall, and the Securities
      Administrator, the Paying Agent and the Master Servicer (if applicable) shall
      cause any Servicing Function Participant engaged by it to, provide to the Master
      Servicer who shall sign the Sarbanes-Oxley Certification (the “Certifying
      Person”),
      by
      March 15 of each year in which the Trust Fund is subject to the reporting
      requirements of the Exchange Act (each, a “Back-Up
      Certification”),
      in the
      form attached hereto as Exhibit Q-1 (or, in the case of (x) the Paying Agent,
      such other form as agreed to between the Paying Agent and the Exchange Act
      Signing Party, and (y) the Securities Administrator, the form attached hereto
      as
      Exhibit Q-2), upon which the Certifying Person, the entity for which the
      Certifying Person acts as an officer, and such entity’s
      officers, directors and Affiliates (collectively with the Certifying Person,
      “Certification
      Parties”)
      can
      reasonably rely. The senior officer of the Exchange Act Signing Party shall
      serve as the Certifying Person on behalf of the Trust Fund. In the event the
      Master Servicer, the Securities Administrator, the Paying Agent or any Servicing
      Function Participant engaged by such parties is terminated or resigns pursuant
      to the terms of this Agreement, such party or Servicing Function Participant
      shall provide a Back-Up Certification to the Certifying Person pursuant to
      this
      Section 6.20(e)(iv) with respect to the period of time it was subject to this
      Agreement.

     

    (v) Each
      person (including their officers or directors) that signs any Form 10-K
      Certification shall be entitled to indemnification from the Trust Fund for
      any
      liability or expense incurred by it in connection with such certification,
      other
      than any liability or expense attributable to such Person’s
      own bad
      faith, negligence or willful misconduct. The provisions of this subsection
      shall
      survive any termination of this Agreement and the resignation or removal of
      such
      Person.

     

    
      
        
        

      

      
        139

        
          

        

      

      
        
        

      

       

    

    (vi) Form
      10-K
      requires the registrant to indicate (by checking “yes”
      or
“no”)
      that it
“(1)
      has
      filed all reports required to be filed by Section 13 or 15(d) of the Exchange
      Act during the preceding 12 months (or for such shorter period that the
      registrant was required to file such reports), and (2) has been subject to
      such
      filing requirements for the past 90 days.”
      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 March
      15th
      with
      respect to the filing of a report on Form 10-K, if the answer to the questions
      should be “no.”
      The
      Securities Administrator shall be entitled to rely on such representations
      in
      preparing, executing and/or filing any such report.

     

    (f) Reports
      Filed on Form 8-K.

     

    (i) Within
      four Business Days after the occurrence of an event requiring disclosure on
      Form
      8-K (each such event, a “Reportable
      Event”),
      and if
      requested by the Depositor, the Securities Administrator shall prepare and
      file
      on behalf of the Trust Fund any Form 8-K, as required by the Exchange Act,
      provided
      that the
      Depositor shall file the initial Form 8-K in connection with the issuance of
      the
      Certificates. Any disclosure or information related to a Reportable Event or
      that is otherwise required to be included on Form 8-K (“Form
      8-K
      Disclosure Information”)
      shall
      be determined and prepared by and at the direction of 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 P-3 hereto, for so long as the Trust Fund is subject to the
      Exchange Act reporting requirements, no later than Noon New York City time
      on
      the 2nd Business Day after the occurrence of a Reportable Event (A) certain
      parties to the Structured Asset Securities Corporation Mortgage Loan Trust
      2006-BC5 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 (which may be Word or Excel documents easily
      convertible to EDGAR format), 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, and include with such Form 8-K
      Disclosure Information, an Additional Disclosure Notification in the form
      attached hereto as Exhibit P-4, and (B) the Depositor will approve, as to form
      and substance, or disapprove, as the case may be, the inclusion of the Form
      8-K
      Disclosure Information. The Securities Administrator has no duty under this
      Agreement to monitor or enforce the performance by the parties listed on Exhibit
      P-3 of their duties under this paragraph or proactively solicit or procure
      from
      such parties any Form 8-K Disclosure Information. The Sponsor will be
      responsible for any reasonable fees and expenses assessed or incurred by the
      Securities Administrator in connection with including any Form 8-K Disclosure
      Information on Form 8-K pursuant to this paragraph. 

     

    
      
        
        

      

      
        140

        
          

        

      

      
        
        

      

       

    

    (iii) After
      preparing the Form 8-K, the Securities Administrator shall forward
      electronically, no later than Noon New York City time on the 3rd
      Business
      Day after the Reportable Event, a copy of the Form 8-K to the Exchange Act
      Signing Party for review and approval. If the Master Servicer is the Exchange
      Act Signing Party, then the Form 8-K shall also be electronically distributed
      to
      the Depositor for review and approval. No later than Noon New York City time
      on
      the 4th
      Business
      Day after the Reportable Event, a senior officer of the Exchange Act Signing
      Party shall sign the Form 8-K and return an electronic or fax copy of such
      signed Form 8-K (with an original executed hard copy to follow by overnight
      mail) to the Securities Administrator. 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 subsection (g) of this Section 6.20.
      Promptly (but no later than one Business Day) after filing with the Commission,
      the Securities Administrator will make available on its internet website a
      final
      executed copy of each Form 8-K prepared and filed by it pursuant to this Section
      6.20(f). The parties to this Agreement acknowledge that the performance by
      the
      Securities Administrator of its duties under this Section 6.20(f) related to
      the
      timely preparation and filing of Form 8-K is contingent upon such parties
      strictly observing all applicable deadlines in the performance of their duties
      under this Section 6.20(f). The Securities Administrator shall have no liability
      for any loss, expense, damage, claim arising out of or with respect to any
      failure to properly prepare and/or timely file such Form 8-K, where such failure
      results from the Securities Administrator’s
      inability or failure to obtain or receive, on a timely basis, any information
      from any other party hereto needed to prepare, arrange for execution or file
      such Form 8-K, not resulting from its own negligence, bad faith or willful
      misconduct. 

     

    (g) Suspension
      of Reporting Obligation; Amendments; Late Filings.

     

    (i) On
      or
      before January 30th
      in of
      the first year in which the Securities Administrator is able to do so under
      applicable law, unless otherwise directed by the Depositor, the Securities
      Administrator shall prepare and file a Form 15 relating to the automatic
      suspension of reporting in respect of the Trust Fund under the Exchange Act.
      

     

    (ii) In
      the
      event that the Securities Administrator becomes aware that it will be unable
      to
      timely file with the Commission all or any required portion of any Form 8-K,
      10-D or 10-K required to be filed by this Agreement because required disclosure
      information was either not delivered to it or delivered to it after the delivery
      deadlines set forth in this Agreement or for any other reason, the Securities
      Administrator will promptly notify the Depositor. In the case of Form 10-D
      and
      10-K, the parties to this Agreement and each Servicer will cooperate to prepare
      and file a Form 12b-25 and a 10-D/A and 10-K/A as applicable, pursuant to Rule
      12b-25 of the Exchange Act. In the case of Form 8-K, the 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 with respect to an additional disclosure
      item, the Securities Administrator will notify the Depositor and any applicable
      party and such parties will cooperate to prepare any necessary 8-K/A, 10-D/A
      or
      10-K/A. Any Form 15, Form 12b-25 or any amendment to Form 8-K, 10-D or 10-K
      shall be signed by a senior officer or a duly authorized representative, as
      applicable, of the Exchange Act Signing Party. The parties to this Agreement
      acknowledge that the performance by the Securities Administrator of its duties
      under this Section 6.20(g) related to the timely preparation and filing of
      Form
      15, a Form 12b-25 or any amendment to Form 8-K, 10-D or 10-K is contingent
      upon
      each such party performing its duties under this Section. The Securities
      Administrator shall have no liability for any loss, expense, damage, claim
      arising out of or with respect to any failure to properly prepare and/or timely
      file any such Form 15, Form 12b-25 or any amendments to Forms 8-K, 10-D or
      10-K,
      where such failure results from the Securities Administrator’s
      inability or failure to obtain or receive, on a timely basis, any information
      from any other party hereto needed to prepare, arrange for execution or file
      such Form 15, Form 12b-25 or any amendments to Forms 8-K, 10-D or 10-K, not
      resulting from its own negligence, bad faith or willful misconduct.

     

    
      
        
        

      

      
        141

        
          

        

      

      
        
        

      

       

    

    (h) Any
      party
      that signs any Exchange Act report that the Securities Administrator is required
      to file shall provide to the Securities Administrator prompt notice of the
      execution of such Exchange Act report along with the name and contact
      information for the person signing such report and shall promptly deliver to
      the
      Securities Administrator the original executed signature page for such report.
      In addition, each of the parties agrees to provide to the Securities
      Administrator such additional information related to such party as the
      Securities Administrator may reasonably request, including evidence of the
      authorization of the person signing any certification or statement, financial
      information and reports, and such other information related to such party or
      its
      performance hereunder. 

     

    (i) If
      the
      Depositor and Master Servicer, at any time, mutually agree to change the
      identity of the Exchange Act Signing Party, the Depositor shall provide timely
      notice to the Securities Administrator of any such change. Any notice delivered
      pursuant to this Section 6.20 may be by fax or electronic copy notwithstanding
      the notice provisions of Section 11.07.

     

    Section
      6.21. Reporting
      Requirements of the Commission

     

    Each
      of
      the parties hereto acknowledges and agrees that the purpose of Sections 6.01
      and
      6.20 of this Agreement is to facilitate compliance by the Sponsor and the
      Depositor with the provisions of Regulation AB, as such may be amended or
      clarified from time to time. Therefore, each of the parties agrees that (a)
      the
      obligations of the parties hereunder shall be interpreted in such a manner
      as to
      accomplish compliance with Regulation AB, (b) the parties’
      obligations hereunder will be supplemented and modified as necessary to be
      consistent with any such amendments, interpretive advice or guidance, convention
      or consensus among active participants in the asset-backed securities markets,
      advice of counsel, or otherwise in respect of the requirements of Regulation
      AB
      and (c) the parties shall comply with reasonable requests made by the Sponsor,
      the Depositor or the Securities Administrator for delivery of additional or
      different information, to the extent that such information is available or
      reasonably attainable, as the Sponsor, the Depositor or the Securities
      Administrator may determine in good faith is necessary to comply with the
      provisions of Regulation AB.

     

    
      
        
        

      

      
        142

        
          

        

      

      
        
        

      

       

    

    Section
      6.22. No
      Merger. 

     

    The
      Trustee shall not cause or otherwise knowingly permit the assets of the Trust
      Fund to be merged or consolidated with any other entity, except as a result
      of a
      final judicial determination.

     

    Section
      6.23. Indemnification
      by the Securities Administrator. 

     

    The
      Securities Administrator agrees to indemnify the Depositor, the Trustee and
      the
      Master Servicer, and each of their respective directors, officers, employees
      and
      agents and the Trust Fund and hold each of them harmless from and against any
      losses, damages, penalties, fines, forfeitures, legal fees and expenses and
      related costs, judgments, and any other costs, fees and expenses that any of
      them may sustain arising out of or based upon the engagement of any
      Subcontractor in violation of Section 6.01(l) or any failure by the Securities
      Administrator to deliver any information, report, certification,
      accountants’
      letter
      or other material when and as required under this Agreement, including any
      report under Sections 6.20, 9.25(a) or (b).

     

    ARTICLE
      VII

     

    PURCHASE
      OF MORTGAGE LOANS AND

    TERMINATION
      OF THE TRUST FUND

     

    Section
      7.01. Purchase
      of Mortgage Loans; Termination of Trust Fund Upon Purchase or Liquidation of
      All
      Mortgage Loans; Purchase of Lower Tier REMIC 1 Uncertificated Regular
      Interests.

     

    (a) The
      respective obligations and responsibilities of the Securities Administrator,
      the
      Trustee and the Master Servicer created hereby (other than the obligation of
      the
      Securities Administrator to make payments to Certificateholders and the Swap
      Counterparty as set forth in Section 7.02, the obligation of the Master Servicer
      to make a final remittance to the Securities Administrator pursuant to Section
      4.01, and the obligations of the Master Servicer to the Securities Administrator
      pursuant to Section 9.10 and to the Securities Administrator and the Trustee
      pursuant to Sections 9.14 and 9.31) shall terminate on the earliest of (i)
      the
      final payment or other liquidation of the last Mortgage Loan remaining in the
      Trust Fund and the disposition of all REO Property, (ii) the sale of the
      property held by the Trust Fund in accordance with Section 7.01(b) and (iii)
      the
      Latest Possible Maturity Date (each, a “Trust
      Fund Termination Event”);
      provided,
      however,
      that in
      no event shall the Trust Fund created hereby continue beyond the expiration
      of
      21 years from the death of the last survivor of the descendants of Joseph P.
      Kennedy, the late Ambassador of the United States to the Court of St.
      James’s,
      living
      on the date hereof. Upon the occurrence of a Trust Fund Termination Event,
      each
      REMIC shall be terminated in a manner that shall qualify as a “qualified
      liquidation”
      under
      the REMIC Provisions.

    

      (b) On
        any
        Distribution Date occurring on or after the Initial Optional Termination Date,
        the Master Servicer or LTURI-holder, as applicable, with the prior written
        consent of any NIMS Insurer and the Seller, which consent shall not be
        unreasonably withheld, has the option to cause the Trust Fund to adopt a
        plan of
        complete liquidation pursuant to Section 7.03(a)(i) hereof to sell all of
        its
        property (each such option, a “Call Option”); provided,
        however,
        that
        any purchase of the Trust Fund’s property on or before the Distribution Date
        that is one year after the Initial Optional Termination Date shall be made
        by
        the Bid Holder pursuant to Section 7.01(d) below. Upon exercise of such option,
        the property of the Trust Fund shall be sold to the Master Servicer at a
        price
        (the “Termination
        Price”)
        equal
        to the sum of (i) 100% of the unpaid principal balance of each Mortgage Loan
        on
        the day of such purchase plus interest accrued thereon at the applicable
        Mortgage Rate with respect to any Mortgage Loan to the Due Date in the
        Collection Period immediately preceding the related Distribution Date to
        the
        date of such repurchase, (ii) the fair market value of any REO Property and
        any
        other property held by any REMIC, such fair market value to be determined
        by an
        independent appraiser or appraisers mutually agreed upon by the Master Servicer,
        any NIMS Insurer and the Trustee (reduced, in the case of REO Property, by
        (1)
        reasonably anticipated disposition costs and (2) any amount by which the
        fair
        market value as so reduced exceeds the outstanding principal balance of the
        related Mortgage Loan plus interest accrued thereon at the applicable Net
        Mortgage Rate to the date of such purchase), (iii) any unreimbursed Servicing
        Advances and (iv) any Swap Termination Payment payable to the Swap Counterparty
        as a result of a termination pursuant to this Section 7.01; provided,
        however,
        if
        there are any NIM Notes outstanding, the Master Servicer may only exercise
        its
        option after receiving the prior written consent of the holders of such NIM
        Notes and, if such consent is given, the Termination Price shall also include
        an
        amount equal to the sum of (1) any accrued interest on the NIM Notes, (2)
        the
        unpaid principal balance of any such NIM Notes and (3) any other reimbursable
        expenses owed by the issuer of the NIM Notes (the “NIM
        Redemption Amount”).
        The
        Master Servicer, each Servicer, the Trustee, the Securities Administrator
        and
        the Custodian shall be reimbursed from the Termination Price for any Mortgage
        Loan or related REO Property for any Advances made or other amounts advanced
        with respect to the Mortgage Loans that are reimbursable to any such entity
        under this Agreement, the applicable Servicing Agreement or the Custodial
        Agreement, together with any accrued and unpaid compensation and any other
        amounts due to the Master Servicer, the Securities Administrator or the Trustee
        hereunder or the Servicers or the Custodian. If the Master Servicer fails
        to
        exercise its right to cause the Trust Fund to adopt a plan of complete
        liquidation as described above, then the NIMS Insurer may cause the Trust
        Fund
        to adopt a plan of complete liquidation as described above, and (i) the Master
        Servicer shall cause the Trust Fund to adopt a plan of complete liquidation
        as
        described above, (ii) the NIMS Insurer shall remit the Termination Price
        in
        immediately available funds to the Master Servicer at least three Business
        Days
        prior to the applicable Distribution Date and, upon receipt of such funds
        from
        the NIMS Insurer, the Master Servicer shall promptly deposit such funds in
        the
        Certificate Account and (iii) upon termination of the Trust Fund, the Trustee
        or
        the Securities Administrator, as applicable, will transfer the property of
        the
        Trust Fund to the NIMS Insurer. The NIMS Insurer shall be obligated to reimburse
        the Master Servicer for its reasonable out-of-pocket expenses incurred in
        connection with its termination of the Trust Fund and shall indemnify and
        hold
        harmless the Master Servicer for any losses, liabilities or expenses resulting
        from any claims directly resulting from or relating to the NIMS Insurer’s
        termination of the Trust Fund, except to the extent such losses, liabilities
        or
        expenses arise out of or result from the Master Servicer’s negligence, bad faith
        or willful misconduct.

      
        
          
          

        

        
          143

          
            

          

        

        
          
          

        

      

       

      (c) On
        any
        Distribution Date occurring on or after the Initial Optional Termination
        Date
        and provided there are no NIM Notes outstanding, the Master Servicer, with
        the
        prior written consent of the Seller, which consent shall not be unreasonably
        withheld, has the option to purchase all of the Lower Tier REMIC 1
        Uncertificated Regular Interests (the “Regular Interests Purchase Option”). Upon
        exercise of such option, the Lower Tier REMIC 1 Uncertificated Regular Interests
        shall be sold to the Master Servicer at a price (the “Lower
        Tier REMIC 1 Uncertificated Regular Interests Purchase Price”)
        equal
        to the sum of (i) 100% of the unpaid principal balance of each Mortgage Loan
        on
        the day of such purchase plus interest accrued thereon at the applicable
        Mortgage Rate with respect to any Mortgage Loan to the Due Date in the
        Collection Period immediately preceding the related Distribution Date to
        the
        date of such repurchase and (ii) the fair market value of any REO Property
        and
        any other property held by any REMIC, such fair market value to be determined
        by
        an independent appraiser or appraisers mutually agreed upon by the Master
        Servicer, any NIMS Insurer and the Trustee (reduced, in the case of REO
        Property, by (1) reasonably anticipated disposition costs and (2) any amount
        by
        which the fair market value as so reduced exceeds the outstanding principal
        balance of the related Mortgage Loan plus interest accrued thereon at the
        applicable Net Mortgage Rate to the date of such purchase). If the Master
        Servicer elects to exercise such option, each REMIC created pursuant to this
        Agreement (other than REMIC 1) shall be terminated in such a manner so that
        the
        termination of each such REMIC shall qualify as a “qualified
        liquidation”
        under
        the REMIC Provisions and the Lower Tier REMIC 1 Uncertificated Regular Interests
        and the Class LT-R Certificates will evidence the entire beneficial interest
        in
        the property of the Trust Fund. Following a purchase of the Lower Tier REMIC
        1
        Uncertificated Regular Interests pursuant to this subsection, the Trust Fund
        (and REMIC 1) will remain outstanding and final payment on the Certificates
        (other than the Class LT-R Certificates) will be made in accordance with
        Sections 7.03(a)(iii) and 5.02. The Trust Fund will terminate upon the
        occurrence of a Trust Fund Termination Event, in accordance with Section
        7.01(a).

       

      (d) (i)
        Prior
        to exercising the Call Option pursuant to Section 7.01(b) or the Regular
        Interests Purchase Option pursuant to Section 7.01(c), the Master Servicer
        shall
        on the first Business Day of the month of the occurrence of the Initial Optional
        Termination Date, and on the first Business Day of the month immediately
        prior
        to the one year anniversary of the occurrence of the Initial Optional
        Termination Date, give written notice in the form attached hereto as Exhibit
        W
        (the “Purchase Option Notice”) to each holder of NIM Residual Securities whose
        name is registered upon the books of the paying agent for such NIM Residual
        Securities as the owner of such NIM Residual Securities. 

       

      (ii) Not
        later
        than three (3) Business Days prior to the related Bid Due Date, the Master
        Servicer shall give written notice to each holder of NIM Residual Securities
        of
        the Termination Price for the related Distribution Date. 

       

      (iii) Not
        later
        than the 15th day (or if such date is not a Business Day, the immediately
        succeeding Business Day) (the “Bid Due Date”) of each month from the occurrence
        of the Initial Optional Termination Date and until the Call Option has been
        exercised (each, a “Bid Month”), if any holder of NIM Residual Securities
        desires that the Master Servicer exercise the option to purchase the Mortgage
        Loans and certain other property of the Trust Fund, such holder of NIM Residual
        Securities shall give written notice in the form attached hereto as Exhibit
        X
        (the “NIM Residual Purchase Option Notice”) to the Master Servicer, requesting
        that the Master Servicer exercise such option on behalf of such holder of
        NIM
        Residual Securities. The NIM Residual Purchase Option Notice shall include
        the
        amount to be paid by the holder of NIM Residual Securities with respect to
        the
        proceeds or assets to be received by the Master Servicer for the Mortgage
        Loans
        and certain other property of the Trust Fund (the “Bid Price”); provided, that
        the Bid Price must be equal to or greater than the Termination
        Price.

       

      (iv) One
        (1)
        Business Day after the related Bid Due Date, the Master Servicer shall notify
        the holder of NIM Residual Securities, if any, that has submitted the highest
        Bid Price (the “Bid Holder”) that such Bid Holder has the right to cause the
        Master Servicer to exercise the option to purchase the Mortgage Loans and
        certain other property of the Trust Fund. The Master Servicer shall thereafter
        notify any holders of NIM Residual Securities that did not submit the highest
        Bid Price (or did not submit a NIM Residual Purchase Option Notice) of the
        amount of the highest Bid Price. If two or more holders of NIM Residual
        Securities shall have bid the same Bid Price, the Bid Holder shall be the
        holder
        of NIM Residual Securities with the greater Percentage Interest in the NIM
        Residual Securities. If the Master Servicer does not receive any NIM Residual
        Purchase Option Notices by such Bid Due Date, or if no NIM Residual Purchase
        Option Notice specifies a Bid Price equal to or greater than the Termination
        Price, then the Master Servicer shall not exercise the option to purchase
        the
        Mortgage Loans and certain other property of the Trust Fund on such Distribution
        Date (other than in accordance with clause (vii) below).

       

      (v) Not
        later
        than three (3) Business Days immediately preceding the Distribution Date
        in the
        related Bid Month, the Bid Holder shall remit the Bid Price as specified
        in the
        NIM Residual Purchase Option Notice to the Master Servicer, in immediately
        available funds. In the event that the Bid Price is not received by the Master
        Servicer in accordance with the preceding sentence, the Bid Holder’s right to
        exercise such option shall terminate, the Master Servicer shall have no further
        obligation with respect to such Bid Holder, and such option shall not be
        exercised in such Bid Month. Upon receipt of such funds from the Bid Holder,
        the
        Master Servicer shall promptly deposit the Termination Price in the Collection
        Account for subsequent deposit in the Certificate Account in accordance with
        Section 5.02. Any amounts received by the Master Servicer from the Bid Holder
        in
        excess of the Termination Price shall be remitted to the Securities
        Administrator for distribution to the holders of NIM Residual Securities.
        In no
        event shall any such excess be treated as being paid by any REMIC created
        hereby.

       

      (vi) If
        the
        Bid Holder causes the Master Servicer to exercise the option to purchase
        the
        Mortgage Loans and certain other property of the Trust Fund, then the Master
        Servicer shall (i) cause the Trust Fund to adopt a plan of complete liquidation
        pursuant to Section 7.03(a)(i) hereof to sell all of its property and (ii)
        instruct the Trustee upon termination of the Trust Fund to transfer the property
        of the Trust Fund to the Bid Holder. The Bid Holder shall be obligated to
        reimburse the Master Servicer for its reasonable out-of-pocket expenses incurred
        in connection with its exercise of the option to purchase the Mortgage Loans
        and
        certain other property of the Trust Fund and to indemnify and hold harmless
        the
        Master Servicer for any losses, liabilities or expenses resulting from any
        claims directly resulting from or relating to the Master Servicer’s exercise of
        such option, except to the extent such losses, liabilities or expenses arise
        out
        of or result from the Master Servicer’s negligence, bad faith or willful
        misconduct. The terms of such expense reimbursement and the extent of such
        indemnity may be amended accordant to an agreement between the Master Servicer
        and the Bid Holder. 

       

      (vii) Commencing
        on the Distribution Date of the one year anniversary of the Initial Optional
        Termination Date, and on each Distribution Date thereafter, the Master Servicer
        shall have the right to exercise the Call Option or the Regular Interests
        Purchase Option. If the Master Servicer desires to exercise the Call Option
        or
        the Regular Interests Purchase Option, the Master Servicer shall notify the
        holders of NIM Residual Securities pursuant to a Purchase Option Notice that
        it
        desires to exercise such Call Option or such Regular Interest Purchase Option,
        as applicable, on the immediately succeeding Distribution Date. If one or
        more
        holders of NIM Residual Securities submit a NIM Residual Purchase Option
        Notice
        on or before the immediately succeeding Bid Due Date, then, the Master Servicer
        shall follow the procedures set forth in clauses (iv) through (vi) above.
        However, if no holder of NIM Residual Securities submits a NIM Residual Purchase
        Option Notice on or before the immediately succeeding Bid Due Date, then,
        on the
        immediately succeeding Distribution Date, the Master Servicer may exercise
        its
        right to purchase the Mortgage Loans and other property of the Trust Fund
        pursuant to Section 7.01(b) or the Lower Tier REMIC 1 Uncertificated Regular
        Interests pursuant to Section 7.01(c).

       

      (viii) The
        Master Servicer shall not be liable for any consequential, special or punitive
        damages for the failure to deliver the Call Option Notice or any notification
        of
        the Termination Price pursuant to this Section 7.01(d).

      
        
          
          

        

        
          144

          
            

          

        

        
          
          

        

      

       

    

    Section
      7.02. Procedure
      Upon Termination of Trust Fund or Purchase of Lower Tier REMIC 1 Uncertificated
      Regular Interests.  

     

    (a) Notice
      of
      any Trust Fund Termination Event and notice of the purchase of the Lower Tier
      REMIC 1 Uncertificated Regular Interests, specifying the Distribution Date
      upon
      which the final distribution to the Certificates (other than the Class LT-R
      Certificates, in the case of a purchase of the Lower Tier REMIC 1 Uncertificated
      Regular Interests) shall be made, shall be given by the Securities Administrator
      by first class mail to Certificateholders mailed promptly (and in no event
      later
      than five Business Days) (x) after the Securities Administrator has received
      notice from the Master Servicer, the NIMS Insurer or the LTURI-holder, as
      applicable, of its election to cause (1) the sale of all of the property of
      the
      Trust Fund pursuant to Section 7.01(b) or (2) the purchase of the Lower Tier
      REMIC 1 Uncertificated Regular Interests pursuant to Section 7.01(c), or (y)
      upon the final payment or other liquidation of the last Mortgage Loan or REO
      Property in the Trust Fund. In the case of a Trust Fund Termination Event,
      the
      Securities Administrator shall also give notice to the Master Servicer, the
      Swap
      Counterparty, the Cap Counterparty and the Certificate Registrar at the time
      notice is given to Holders.

     

    In
      the
      case of a Trust Fund Termination Event, such notice shall specify (A) the
      Distribution
      Date
      upon which final distribution on the Certificates or Lower Tier REMIC 1
      Uncertificated Regular Interests of all amounts required to be distributed
      to
      Certificateholders pursuant to Section 5.02 will be made upon presentation
      and
      surrender of the Certificates at the Corporate Trust Office, and (B) that the
      Record Date otherwise applicable to such Distribution Date is not applicable,
      distribution being made only upon presentation and surrender of the Certificates
      at the office or agency of the Securities Administrator therein specified.
      Upon
      any such Trust Fund Termination Event, the duties of the Certificate Registrar
      with respect to the Certificates or Lower Tier REMIC 1 Uncertificated Regular
      Interests shall terminate and the Securities Administrator shall terminate
      the
      Certificate Account and any other account or fund maintained with respect to
      the
      Certificates or Lower Tier REMIC 1 Uncertificated Regular Interests, subject
      to
      the Securities Administrator’s
      obligation hereunder to hold all amounts payable to Certificateholders in trust
      without interest pending such payment. 

     

    
      
        
        

      

      
        145

        
          

        

      

      
        
        

      

       

    

    In
      the
      case of a purchase of the Lower Tier REMIC 1 Uncertificated Regular Interests,
      such notice shall specify (A) the Distribution Date upon which final
      distribution on the Certificates (other than the Class LT-R Certificates) of
      all
      amounts required to be distributed to Certificateholders pursuant to Section
      5.02 (other than any distributions to the Class LT-R Certificates in respect
      of
      REMIC 1) will be made upon presentation and surrender of the Certificates (other
      than the Class LT-R Certificates) at the Corporate Trust Office, and (B) that
      the Record Date otherwise applicable to such Distribution Date is not
      applicable, distribution being made only upon presentation and surrender of
      the
      Certificates (other than the Class LT-R Certificates) at the office or agency
      of
      the Securities Administrator therein specified. Upon any such purchase of the
      Lower Tier REMIC 1 Uncertificated Regular Interests, the duties of the
      Certificate Registrar with respect to the Certificates other than the Class
      LT-R
      Certificate shall terminate but the Securities Administrator shall not terminate
      the Certificate Account and any other account or fund maintained with respect
      to
      the Certificates, subject to the Securities Administrator’s
      obligation hereunder to hold all amounts payable to Certificateholders in trust
      without interest pending such payment. For all Distribution Dates following
      the
      Distribution Date on which the Master Servicer purchases the Lower Tier REMIC
      1
      Uncertificated Regular Interests, all amounts that would be distributed on
      the
      Certificates (other than the Class LT-R Certificate and exclusive of amounts
      payable from any fund held outside of REMIC 1) absent such purchase shall be
      payable to the LTURI-holder.

     

    (b) In
      the
      event that all of the Holders do not surrender their Certificates for
      cancellation within three months after the time specified in the above-mentioned
      written notice, the Securities Administrator shall give a second written notice
      to the remaining Certificateholders to surrender their Certificates for
      cancellation and receive the final distribution with respect thereto. If within
      one year after the second notice any Certificates shall not have been
      surrendered for cancellation, the Securities Administrator may take appropriate
      steps to contact the remaining Certificateholders concerning surrender of such
      Certificates, and the cost thereof shall be paid out of the amounts
      distributable to such Holders. If within two years after the second notice
      any
      Certificates shall not have been surrendered for cancellation, the Securities
      Administrator shall, subject to applicable state law relating to escheatment,
      hold all amounts distributable to such Holders for the benefit of such Holders.
      No interest shall accrue on any amount held by the Securities Administrator
      and
      not distributed to a Certificateholder due to such Certificateholder’s
      failure
      to surrender its Certificate(s) for payment of the final distribution thereon
      in
      accordance with this Section.

     

    (c) Any
      reasonable expenses incurred by the Securities Administrator in connection
      with
      any Trust Fund Termination Event or any purchase of the Lower Tier REMIC 1
      Uncertificated Regular Interests shall be reimbursed from proceeds received
      from
      such termination or purchase.

     

    
      
        
        

      

      
        146

        
          

        

      

      
        
        

      

       

    

    Section
      7.03. Additional
      Trust Fund Termination Event or Purchase of the Lower Tier REMIC 1
      Uncertificated Regular Interests.  

     

    (a) Any
      termination of the Trust Fund pursuant to Section 7.01(a) or any termination
      of
      a REMIC pursuant to Section 7.01(c) shall be effected in accordance with the
      following additional requirements, unless the Securities Administrator seeks
      (at
      the request of the party exercising the option to purchase all of the Mortgage
      Loans or Lower Tier REMIC 1 Uncertificated Regular Interests pursuant to Section
      7.01(b) or Section 7.01(c), respectively), and subsequently receives, an Opinion
      of Counsel (at the expense of such requesting party), addressed to the
      Securities Administrator and any NIMS Insurer to the effect that the failure
      to
      comply with the requirements of this Section 7.03 will not result in an Adverse
      REMIC Event:

     

    (i) Within
      89
      days prior to the time of the making of the final payment on the Certificates
      (other than the Class LT-R Certificates, in the case of a purchase of the Lower
      Tier REMIC 1 Uncertificated Regular Interests, upon notification by the Master
      Servicer, the Securities Administrator, any NIMS Insurer or an Affiliate of
      the
      Seller that it intends to exercise its option to cause the termination of the
      Trust Fund or purchase the Lower Tier REMIC 1 Uncertificated Regular Interests,
      the Securities Administrator shall adopt a plan of complete liquidation on
      behalf of each REMIC (other than REMIC 1, in the case of a purchase of the
      Lower
      Tier REMIC 1 Uncertificated Regular Interests), meeting the requirements of
      a
      qualified liquidation under the REMIC Provisions;

     

    (ii) Any
      sale
      of the assets of the Trust Fund or the Lower Tier REMIC 1 Uncertificated Regular
      Interests pursuant to Section 7.02 shall be a sale for cash and shall occur
      at
      or after the time of adoption of such a plan of complete liquidation and prior
      to the time of making of the final payment on the Certificates (other than
      the
      Class LT-R Certificates, in the case of a purchase of the Lower Tier REMIC
      1
      Uncertificated Regular Interests);

     

    (iii) On
      the
      date specified for final payment of the Certificates (other than the Class
      LT-R
      Certificates, in the case of a purchase of the Lower Tier REMIC 1 Uncertificated
      Regular Interests), the Securities Administrator shall make final distributions
      of principal and interest on such Certificates and shall pay, in the case of
      a
      Trust Fund Termination Event, any Swap Termination Payment owed to the Swap
      Counterparty on the related Swap Payment Date (to the extent not paid on
      previous Swap Payment Dates) in accordance with Section 5.02. In the case of
      a
      Trust Fund Termination Event, and, after payment of, or provision for any
      outstanding expenses, 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 after such final payment (other than cash retained
      to meet claims), and the Trust Fund (and each REMIC) shall terminate at that
      time; and

     

    (iv) In
      no
      event may the final payment on the Certificates or the final distribution or
      credit to the Holders of the Residual Certificates in respect of the residual
      interest in any liquidated REMIC be made after the 89th day from the date on
      which the plan of complete liquidation for such REMIC is adopted.

     

    
      
        
        

      

      
        147

        
          

        

      

      
        
        

      

       

    

    (b) By
      its
      acceptance of a Residual Certificate, each Holder thereof hereby agrees to
      accept the plan of complete liquidation prepared by the Depositor and adopted
      by
      the Securities Administrator under this Section and to take such other action
      in
      connection therewith as may be reasonably requested by the Master Servicer
      or
      any Servicer.

     

    (c) In
      connection with the termination of the Trust Fund, or a Section 7.01(c) Purchase
      Event, the Securities Administrator may request an Opinion of Counsel addressed
      to the Securities Administrator (at the expense of the Depositor) to the effect
      that all the requirements of a qualified liquidation under the REMIC Provisions
      have been met.

     

    Section
      7.04. Optional
      Repurchase Right.

     

    The
      NIMS
      Insurer, if any, may repurchase any Distressed Mortgage Loan for a purchase
      price equal to the outstanding principal balance of such Mortgage Loan, plus
      accrued interest thereon to the date of repurchase plus any unreimbursed
      Advances, Servicing Advances or Servicing Fees allocable to such Distressed
      Mortgage Loan. Any such repurchase shall be accomplished by the NIMS
      Insurer’s
      remittance of the purchase price for the Distressed Mortgage Loan to the Master
      Servicer for deposit into the Certificate Account. The NIMS Insurer shall not
      use any procedure in selecting Distressed Mortgage Loans to be repurchased
      which
      would be materially adverse to Certificateholders.

     

    ARTICLE
      VIII

     

    RIGHTS
      OF
      CERTIFICATEHOLDERS

     

    Section
      8.01. Limitation
      on Rights of Holders.  

     

    (a) The
      death
      or incapacity of any Certificateholder shall not operate to terminate this
      Agreement or this Trust Fund, nor entitle such Certificateholder’s
      legal
      representatives or heirs to claim an accounting or take any action or proceeding
      in any court for a partition or winding up of this Trust Fund, nor otherwise
      affect the rights, obligations and liabilities of the parties hereto or any
      of
      them. Except as otherwise expressly provided herein, no Certificateholder,
      solely by virtue of its status as a Certificateholder, shall have any right
      to
      vote or in any manner otherwise control the Master Servicer or the operation
      and
      management of the Trust Fund, or the obligations of the parties hereto, nor
      shall anything herein set forth, or contained in the terms of the Certificates,
      be construed so as to constitute the Certificateholders from time to time as
      partners or members of an association, nor shall any Certificateholder be under
      any liability to any third person by reason of any action taken by the parties
      to this Agreement pursuant to any provision hereof.

     

    (b) No
      Certificateholder, solely by virtue of its status as Certificateholder, shall
      have any right by virtue or by availing of any provision of this Agreement
      to
      institute any suit, action or proceeding in equity or at law upon or under
      or
      with respect to this Agreement, unless such Holder previously shall have given
      to the Trustee a written notice of an Event of Default and of the continuance
      thereof, as hereinbefore provided, and unless also the Holders of Certificates
      evidencing not less than 25% of the Class Principal Amount (or Percentage
      Interest) of Certificates of each Class affected thereby shall, with the prior
      written consent of any NIMS Insurer, have made written request upon the Trustee
      to institute such action, suit or proceeding in its own name as Trustee
      hereunder and shall have offered to the Trustee such reasonable indemnity as
      it
      may require against the cost, expenses and liabilities to be incurred therein
      or
      thereby, and the Trustee, for sixty days after its receipt of such notice,
      request and offer of indemnity, shall have neglected or refused to institute
      any
      such action, suit or proceeding and no direction inconsistent with such written
      request has been given the Trustee during such sixty-day period by such
      Certificateholders or any NIMS Insurer; it being understood and intended, and
      being expressly covenanted by each Certificateholder with every other
      Certificateholder, any NIMS Insurer, the Securities Administrator and the
      Trustee, that no one or more Holders of Certificates shall have any right in
      any
      manner whatever by virtue or by availing of any provision of this Agreement
      to
      affect, disturb or prejudice the rights of the Holders of any other of such
      Certificates or the rights of any NIMS Insurer, or to obtain or seek to obtain
      priority over or preference to any other such Holder or any NIMS Insurer, or
      to
      enforce any right under this Agreement, except in the manner herein provided
      and
      for the benefit of all Certificateholders. For the protection and enforcement
      of
      the provisions of this Section, each and every Certificateholder, the NIMS
      Insurer and the Trustee shall be entitled to such relief as can be given either
      at law or in equity.

     

    
      
        
        

      

      
        148

        
          

        

      

      
        
        

      

    

     

    Section
      8.02. Access
      to List of Holders.  

     

    (a) If
      the
      Trustee or the Securities Administrator is not acting as Certificate Registrar,
      the Certificate Registrar will furnish or cause to be furnished to the Trustee,
      the Securities Administrator and any NIMS Insurer, within fifteen days after
      receipt by the Certificate Registrar of a request by the Trustee or any NIMS
      Insurer in writing, a list, in such form as the Trustee may reasonably require,
      of the names and addresses of the Certificateholders of each Class as of the
      most recent Record Date.

     

    (b) If
      any
      NIMS Insurer or three or more Holders or Certificate Owners (hereinafter
      referred to as “Applicants”)
      apply
      in writing to the Securities Administrator, and such application states that
      the
      Applicants desire to communicate with other Holders with respect to their rights
      under this Agreement or under the Certificates and is accompanied by a copy
      of
      the communication which such Applicants propose to transmit, then the Securities
      Administrator shall, within five Business Days after the receipt of such
      application, afford such Applicants reasonable access during the normal business
      hours of the Securities Administrator to the most recent list of
      Certificateholders held by the Securities Administrator or shall, as an
      alternative, send, at the Applicants’
      expense,
      the written communication proffered by the Applicants to all Certificateholders
      at their addresses as they appear in the Certificate Register.

     

    (c) Every
      Holder or Certificate Owner, if the Holder is a Clearing Agency, by receiving
      and holding a Certificate, agrees with the Depositor, the Master Servicer,
      the
      Securities Administrator, any NIMS Insurer, the Certificate Registrar and the
      Trustee that neither the Depositor, the Master Servicer, the Securities
      Administrator, any NIMS Insurer, the Certificate Registrar nor the Trustee
      shall
      be held accountable by reason of the disclosure of any such information as
      to
      the names and addresses of the Certificateholders hereunder, regardless of
      the
      source from which such information was derived.

     

    
      
        
        

      

      
        149

        
          

        

      

      
        
        

      

    

     

    Section
      8.03. Acts
      of Holders of Certificates.  

     

    (a) Any
      request, demand, authorization, direction, notice, consent, waiver or other
      action provided by this Agreement to be given or taken by Holders or Certificate
      Owner, if the Holder is a Clearing Agency, may be embodied in and evidenced
      by
      one or more instruments of substantially similar tenor signed by such Holders
      in
      person or by agent duly appointed in writing; and, except as herein otherwise
      expressly provided, such action shall become effective when such instrument
      or
      instruments are delivered to the Trustee and the Securities Administrator and,
      where expressly required herein, to the Master Servicer. Such instrument or
      instruments (as the action embodies therein and evidenced thereby) are herein
      sometimes referred to as an “Act”
      of the
      Holders signing such instrument or instruments. Proof of execution of any such
      instrument or of a writing appointing any such agents shall be sufficient for
      any purpose of this Agreement and conclusive in favor of the Trustee, the
      Securities Administrator and the Master Servicer, if made in the manner provided
      in this Section. Each of the Trustee, the Securities Administrator and the
      Master Servicer shall promptly notify the others of receipt of any such
      instrument by it, and shall promptly forward a copy of such instrument to the
      others.

     

    (b) The
      fact
      and date of the execution by any Person of any such instrument or writing may
      be
      proved by the affidavit of a witness of such execution or by the certificate
      of
      any notary public or other officer authorized by law to take acknowledgments
      or
      deeds, certifying that the individual signing such instrument or writing
      acknowledged to him the execution thereof. Whenever such execution is by an
      officer of a corporation or a member of a partnership on behalf of such
      corporation or partnership, such certificate or affidavit shall also constitute
      sufficient proof of his authority. The fact and date of the execution of any
      such instrument or writing, or the authority of the individual executing the
      same, may also be proved in any other manner which the Trustee or the Securities
      Administrator, as applicable, deems sufficient.

     

    (c) The
      ownership of Certificates or Lower Tier REMIC 1 Uncertificated Regular Interests
      (whether or not such Certificates or Lower Tier REMIC 1 Uncertificated Regular
      Interests shall be overdue and notwithstanding any notation of ownership or
      other writing thereon made by anyone other than the Trustee) shall be proved
      by
      the Certificate Register, and none of the Trustee, the Master Servicer, the
      Securities Administrator, the NIMS Insurer, or the Depositor shall be affected
      by any notice to the contrary.

     

    (d) Any
      request, demand, authorization, direction, notice, consent, waiver or other
      action by the Holder of any Certificate or Lower Tier REMIC 1 Uncertificated
      Regular Interest shall bind every future Holder of the same Certificate or
      Lower
      Tier REMIC 1 Uncertificated Regular Interest and the Holder of every Certificate
      or Lower Tier REMIC 1 Uncertificated Regular Interest issued upon the
      registration of transfer thereof or in exchange therefor or in lieu thereof,
      in
      respect of anything done, omitted or suffered to be done by the Trustee, the
      Securities Administrator or the Master Servicer in reliance thereon, whether
      or
      not notation of such action is made upon such Certificate or Lower Tier REMIC
      1
      Uncertificated Regular Interest.

     

    
      
        
        

      

      
        150

        
          

        

      

      
        
        

      

    

     

     

    ARTICLE
      IX

     

    ADMINISTRATION
      AND SERVICING OF MORTGAGE LOANS; CREDIT RISK MANAGER

     

    Section
      9.01. Duties
      of the Master Servicer. 

     

    The
      Certificateholders, by their purchase and acceptance of the Certificates or
      Lower Tier REMIC 1 Uncertificated Regular Interests, appoint Wells Fargo Bank,
      N.A., as Master Servicer. For and on behalf of the Depositor, the Trustee and
      the Certificateholders, the Master Servicer shall master service the Mortgage
      Loans in accordance with the provisions of this Agreement and the provisions
      of
      each Servicing Agreement. Notwithstanding anything in this Agreement, any
      Servicing Agreement or any Credit Risk Management Agreement to the contrary,
      the
      Master Servicer shall have no duty or obligation to enforce any Credit Risk
      Management Agreement or to supervise, monitor or oversee the activities of
      any
      Servicer under its Credit Risk Management Agreement with respect to any action
      taken or not taken by a Servicer at the direction of the Seller or pursuant
      to a
      recommendation of the Credit Risk Manager.

     

    Section
      9.02. Master
      Servicer Fidelity Bond and Master Servicer Errors and Omissions Insurance
      Policy. 

     

    (a) The
      Master Servicer, at its expense, shall maintain in effect a Master Servicer
      Fidelity Bond and a Master Servicer Errors and Omissions Insurance Policy,
      affording coverage with respect to all directors, officers, employees and other
      Persons acting on such Master Servicer’s
      behalf,
      and covering errors and omissions in the performance of the Master
      Servicer’s
      obligations hereunder. The Master Servicer Errors and Omissions Insurance Policy
      and the Master Servicer Fidelity Bond shall be in such form and amount that
      would be consistent with coverage customarily maintained by master servicers
      of
      mortgage loans similar to the Mortgage Loans and the Master Servicer shall
      provide the Trustee and any NIMS Insurer upon request, with a copy of such
      policy and fidelity bond. The Master Servicer shall (i) require each Servicer
      to
      maintain an Errors and Omissions Insurance Policy and a Servicer Fidelity Bond
      in accordance with the provisions of the applicable Servicing Agreement, (ii)
      cause each Servicer to provide to the Master Servicer certificates evidencing
      that such policy and bond is in effect and to furnish to the Master Servicer
      any
      notice of cancellation, non-renewal or modification of the policy or bond
      received by it, as and to the extent provided in the applicable Servicing
      Agreement, and (iii) furnish copies of such policies and of the certificates
      and
      notices referred to in clause (ii) to the Trustee upon request.

     

    (b) The
      Master Servicer shall promptly report to the Trustee and any NIMS Insurer any
      material changes that may occur in the Master Servicer Fidelity Bond or the
      Master Servicer Errors and Omissions Insurance Policy and shall furnish to
      the
      Trustee and any NIMS Insurer, on request, certificates evidencing that such
      bond
      and insurance policy are in full force and effect. The Master Servicer shall
      promptly report to the Trustee and any NIMS Insurer all cases of embezzlement
      or
      fraud, if such events involve funds relating to the Mortgage Loans. The total
      losses, regardless of whether claims are filed with the applicable insurer
      or
      surety, shall be disclosed in such reports together with the amount of such
      losses covered by insurance. If a bond or insurance claim report is filed with
      any of such bonding companies or insurers, the Master Servicer shall promptly
      furnish a copy of such report to the Trustee and any NIMS Insurer. Any amounts
      relating to the Mortgage Loans collected by the Master Servicer under any such
      bond or policy shall be promptly deposited into the Certificate Account. Any
      amounts relating to the Mortgage Loans collected by the applicable Servicer
      under any such bond or policy shall be remitted to the Master Servicer to the
      extent provided in the applicable Servicing Agreement.

     

    
      
        
        

      

      
        151

        
          

        

      

      
        
        

      

    

     

    Section
      9.03. Master
      Servicer’s
      Financial Statements and Related Information. 

     

    For
      each
      year this Agreement is in effect, the Master Servicer shall submit to the
      Trustee, any NIMS Insurer, each Rating Agency and the Depositor a copy of its
      annual unaudited financial statements on or prior to March 15 of each year,
      beginning March 15, 2007. Such financial statements shall include a balance
      sheet, income statement, statement of retained earnings, statement of additional
      paid-in capital, statement of changes in financial position and all related
      notes and schedules and shall be in comparative form, certified by a nationally
      recognized firm of Independent Accountants to the effect that such statements
      were examined and prepared in accordance with generally accepted accounting
      principles applied on a basis consistent with that of the preceding
      year.

     

    Section
      9.04. Power
      to Act; Procedures. 

     

    (a) The
      Master Servicer shall master service the Mortgage Loans and shall have full
      power and authority, subject to the REMIC Provisions and the provisions of
      Article X hereof, and each Servicer shall have full power and authority (to
      the
      extent provided in the applicable Servicing Agreement) to do any and all things
      that it may deem necessary or desirable in connection with the servicing and
      administration of the Mortgage Loans, including but not limited to the power
      and
      authority (i) to execute and deliver, on behalf of the Certificateholders and
      the Trustee, customary consents or waivers and other instruments and documents,
      (ii) to consent to transfers of any Mortgaged Property and assumptions of the
      Mortgage Notes and related Mortgages, (iii) to collect any Insurance Proceeds
      and Liquidation Proceeds, and (iv) to effectuate foreclosure or other conversion
      of the ownership of the Mortgaged Property securing any Mortgage Loan, in each
      case, in accordance with the provisions of this Agreement and the applicable
      Servicing Agreement, as applicable; provided that the Master Servicer shall
      not
      take, or knowingly permit any Servicer to take, any action that is inconsistent
      with or prejudices the interests of the Trust Fund or the Certificateholders
      in
      any Mortgage Loan or the rights and interests of the Depositor, the Trustee,
      the
      Certificateholders under this Agreement. The Master Servicer shall represent
      and
      protect the interests of the Trust Fund in the same manner as it protects its
      own interests in mortgage loans in its own portfolio in any claim, proceeding
      or
      litigation regarding a Mortgage Loan and shall not make or knowingly permit
      any
      Servicer to make any modification, waiver or amendment of any term of any
      Mortgage Loan that would cause an Adverse REMIC Event. Without limiting the
      generality of the foregoing, the Master Servicer in its own name or in the
      name
      of a Servicer, and each Servicer, to the extent such authority is delegated
      to
      such Servicer under the applicable Servicing Agreement, is hereby authorized
      and
      empowered by the Trustee when the Master Servicer or such Servicer, as the
      case
      may be, believes it appropriate in its best judgment and in accordance with
      Accepted Servicing Practices and the applicable Servicing Agreement, to execute
      and deliver, on behalf of itself and the Certificateholders, the Trustee or
      any
      of them, any and all instruments of satisfaction or cancellation, or of partial
      or full release or discharge and all other comparable instruments, with respect
      to the Mortgage Loans and with respect to the Mortgaged Properties. The Trustee
      shall furnish to the Master Servicer, upon request, with any powers of attorney
      empowering the Master Servicer or any Servicer to execute and deliver
      instruments of satisfaction or cancellation, or of partial or full release
      or
      discharge, and to foreclose upon or otherwise liquidate Mortgaged Property,
      and
      to appeal, prosecute or defend in any court action relating to the Mortgage
      Loans or the Mortgaged Property, in accordance with the applicable Servicing
      Agreement and this Agreement, and the Trustee shall execute and deliver such
      other documents, as the Master Servicer may request, necessary or appropriate
      to
      enable the Master Servicer to master service the Mortgage Loans and carry out
      its duties hereunder and to allow each Servicer to service the Mortgage Loans,
      in each case in accordance with Accepted Servicing Practices (and the Trustee
      shall have no liability for misuse of any such powers of attorney by the Master
      Servicer or any Servicer). If the Master Servicer or the Trustee has been
      advised that it is likely that the laws of the state in which action is to
      be
      taken prohibit such action if taken in the name of the Trustee or that the
      Trustee would be adversely affected under the “doing
      business”
      or tax
      laws of such state if such action is taken in its name, then upon request of
      the
      Trustee the Master Servicer shall join with the Trustee in the appointment
      of a
      co-trustee pursuant to Section 6.09 hereof. In no event shall the Master
      Servicer, without the Trustee’s
      written
      consent: (i) initiate any action, suit or proceeding solely under the
      Trustee’s
      name
      without indicating the Master Servicer in its applicable, representative
      capacity, so long as the jurisdictional and procedural rules will allow for
      this
      insertion to occur, (ii) initiate any action, suit or proceeding not directly
      relating to the servicing of a Mortgage Loan (including but not limited to
      actions, suits or proceedings against Certificateholders, or against the
      Depositor or the Transferor for breaches of representations and warranties)
      solely under the Trustee’s
      name,
      (iii) engage counsel to represent the Trustee in any action, suit or proceeding
      not directly relating to the servicing of a Mortgage Loan (including but not
      limited to actions, suits or proceedings against Certificateholders, or against
      the Depositor or the Transferor for breaches of representations and warranties),
      or (iv) prepare, execute or deliver any government filings, forms, permits,
      registrations or other documents or take any action with the intent to cause,
      and that actually causes, the Trustee to be registered to do business in any
      state. The Master Servicer shall indemnify the Trustee for any and all costs,
      liabilities and expenses incurred by the Trustee in connection with the
      negligent or willful misuse of such powers of attorney by the Master Servicer.
      In the performance of its duties hereunder, the Master Servicer shall be an
      independent contractor and shall not, except in those instances where it is
      taking action in the name of the Trustee on behalf of the Trust Fund, be deemed
      to be the agent of the Trustee.

     

    
      
        
        

      

      
        152

        
          

        

      

      
        
        

      

    

     

    (b) In
      master
      servicing and administering the Mortgage Loans, the Master Servicer shall employ
      procedures and exercise the same care that it customarily employs and exercises
      in master servicing and administering loans for its own account, giving due
      consideration to Accepted Servicing Practices where such practices do not
      conflict with this Agreement. Consistent with the foregoing, the Master Servicer
      may, and may permit any Servicer to, in its discretion (i) waive any late
      payment charge (but not any Prepayment Premium, except as set forth below)
      and
      (ii) extend the due dates for payments due on a Mortgage Note for a period
      not
      greater than 120 days; provided,
      however,
      that
      the maturity of any Mortgage Loan shall not be extended past the date on which
      the final payment is due on the latest maturing Mortgage Loan as of the Cut-off
      Date. In the event of any extension described in clause (ii) above, the Master
      Servicer shall make or cause such Servicer (if required by the applicable
      Servicing Agreement) to make Advances on the related Mortgage Loan in accordance
      with the provisions of Section 5.04 on the basis of the amortization schedule
      of
      such Mortgage Loan without modification thereof by reason of such extension.
      Notwithstanding anything to the contrary in this Agreement, the Master Servicer
      shall not make or knowingly permit any modification, waiver or amendment of
      any
      material term of any Mortgage Loan, unless: (1) such Mortgage Loan is in default
      or default by the related Mortgagor is, in the reasonable judgment of the Master
      Servicer or the related Servicer, reasonably foreseeable, (2) in the case of
      a
      waiver of a Prepayment Premium, (a) such Mortgage Loan is in default or default
      by the related Mortgagor is, in the reasonable judgment of the Master Servicer
      or the related Servicer, reasonably foreseeable and such waiver would maximize
      recovery of total proceeds taking into account the value of such Prepayment
      Premium and the related Mortgage Loan or (b) if the prepayment is not the result
      of a refinance by the Servicer or any of its affiliates and (i) such Mortgage
      Loan is in default or default by the related Mortgagor is, in the reasonable
      judgment of the Master Servicer or the related Servicer, reasonably foreseeable
      and such waiver would maximize recovery of total proceeds taking into account
      the value of such Prepayment Premium and the related Mortgage Loan or (ii)
      the
      collection of the Prepayment Premium would be in violation of applicable law
      or
      (iii) the collection of such Prepayment Premium would be considered “predatory”
      pursuant
      to written guidance published or issued by any applicable federal, state or
      local regulatory authority acting in its official capacity and having
      jurisdiction over such matters and (3) the Master Servicer shall have provided
      or caused to be provided to the Trustee an Opinion of Counsel addressed to
      the
      Trustee (which opinion shall, if provided by the Master Servicer, be an expense
      reimbursed from the Certificate Account pursuant to Section 4.02(v)) to the
      effect that such modification, waiver or amendment would not result in an
      Adverse REMIC Event; provided, in no event shall an Opinion of Counsel be
      required for the waiver of a Prepayment Premium under clause (2)
      above.

     

    
      
        
        

      

      
        153

        
          

        

      

      
        
        

      

    

     

    Section
      9.05. Enforcement
      of Servicer’s
      and
      Master Servicer’s
      Obligations. 

     

    (a) Each
      Servicing Agreement requires the applicable Servicer, respectively, to service
      the Mortgage Loans in accordance with the provisions thereof. References in
      this
      Agreement to actions taken or to be taken by the Master Servicer include actions
      taken or to be taken by a Servicer on behalf of the Master Servicer. Any fees
      and other amounts payable to a Servicer shall be deducted from amounts remitted
      to the Master Servicer by such Servicer (to the extent permitted by the
      applicable Servicing Agreement) and shall not be an obligation of the Trust
      Fund, the Trustee or the Master Servicer.

     

    (b) The
      Master Servicer shall not be required to (i) take any action with respect to
      the
      servicing of any Mortgage Loan that the related Servicer is not required to
      take
      under the related Servicing Agreement and (ii) cause a Servicer to take any
      action or refrain from taking any action if the related Servicing Agreement
      does
      not require such Servicer to take such action or refrain from taking such
      action; in both cases notwithstanding any provision of this Agreement that
      requires the Master Servicer to take such action or cause such Servicer to
      take
      such action.

    
       

      (c) The
        Master Servicer, for the benefit of the Trustee, any NIMS Insurer and the
        Certificateholders, shall enforce the obligations of each Servicer under
        the
        related Servicing Agreement, and shall, in the event that a Servicer fails
        to
        perform its obligations in accordance therewith, terminate the rights and
        obligations of such Servicer thereunder and either act as servicer of the
        related Mortgage Loans or cause the other parties hereto to enter into a
        Servicing Agreement (and such parties hereby agree to execute and deliver
        any
        such successor Servicing Agreement), with a successor Servicer. Such
        enforcement, including, without limitation, the legal prosecution of claims,
        termination of Servicing Agreements and the pursuit of other appropriate
        remedies, shall be in such form and carried out to such an extent and at
        such
        time as the Master Servicer, in its good faith business judgment, would require
        were it the owner of the related Mortgage Loans. The Master Servicer shall
        pay
        the costs of such enforcement at its own expense, and shall be reimbursed
        therefor initially (i) from a general recovery resulting from such enforcement
        only to the extent, if any, that such recovery exceeds all amounts due in
        respect of the related Mortgage Loans, (ii) from a specific recovery of costs,
        expenses or attorneys’
        fees
        against the party against whom such enforcement is directed, and then, (iii)
        to
        the extent that such amounts are insufficient to reimburse the Master Servicer
        for the costs of such enforcement, from the Certificate
        Account.

    

     

    
      
        
        

      

      
        154

        
          

        

      

      
        
        

      

    

     

    (d) The
      Master Servicer shall be entitled to conclusively rely on any certifications,
      reports or other information provided by the Servicers under the terms of the
      applicable Servicing Agreement, in its preparation of any certifications,
      filings or reports, in accordance with the terms hereof or as may be required
      by
      applicable law or regulation.

     

    Section
      9.06. Collection
      of Taxes, Assessments and Similar Items. 

     

    (a) To
      the
      extent provided in the applicable Servicing Agreement, the Master Servicer
      shall
      cause each Servicer to establish and maintain one or more custodial accounts
      at
      a depository institution (which may be a depository institution with which
      the
      Master Servicer or any Servicer establishes accounts in the ordinary course
      of
      its servicing activities), the accounts of which are insured to the maximum
      extent permitted by the FDIC (each, an “Escrow
      Account”)
      and to
      deposit therein any collections of amounts received with respect to amounts
      due
      for taxes, assessments, water rates, standard hazard insurance policy premiums,
      Payaheads, if applicable, or any comparable items for the account of the
      Mortgagors. Withdrawals from any Escrow Account may be made (to the extent
      amounts have been escrowed for such purpose) only in accordance with the
      applicable Servicing Agreement. Each Servicer shall be entitled to all
      investment income not required to be paid to Mortgagors on any Escrow Account
      maintained by such Servicer. The Master Servicer shall make (or cause to be
      made) to the extent provided in the applicable Servicing Agreement advances
      to
      the extent necessary in order to effect timely payment of taxes, water rates,
      assessments, standard hazard insurance policy premiums or comparable items
      in
      connection with the related Mortgage Loan (to the extent that the Mortgagor
      is
      required, but fails, to pay such items), provided that it or the applicable
      Servicer has determined that the funds so advanced are recoverable from escrow
      payments, reimbursement pursuant to Section 4.02 or otherwise.

     

    (b) Costs
      incurred by the Master Servicer or by any Servicer in effecting the timely
      payment of taxes and assessments on the properties subject to the Mortgage
      Loans
      may be added to the amount owing under the related Mortgage Note where the
      terms
      of the Mortgage Note so permit; provided,
      however,
      that
      the addition of any such cost shall not be taken into account for purposes
      of
      calculating the distributions to be made to Certificateholders. Such costs,
      to
      the extent that they are unanticipated, extraordinary costs, and not ordinary
      or
      routine costs shall be recoverable as a Servicing Advance by the Master Servicer
      pursuant to Section 4.02.

     

    
      
        
        

      

      
        155

        
          

        

      

      
        
        

      

    

     

    Section
      9.07. Termination
      of Servicing Agreements; Successor Servicers. 

     

    (a) The
      Master Servicer shall be entitled to terminate the rights and obligations of
      any
      Servicer under the applicable Servicing Agreement in accordance with the terms
      and conditions of such Servicing Agreement and without any limitation by virtue
      of this Agreement; provided,
      however,
      that in
      the event of termination of any Servicing Agreement by the Master Servicer,
      the
      Master Servicer shall provide for the servicing of the Mortgage Loans by a
      successor Servicer to be appointed as provided in the applicable Servicing
      Agreement.

     

    The
      parties acknowledge that notwithstanding the preceding sentence, there may
      be a
      transition period, not to exceed 90 days, in order to effect the transfer of
      servicing to a successor Servicer. The Master Servicer shall be entitled to
      be
      reimbursed from each Servicer (or by the Trust Fund, if the Servicer is unable
      to fulfill its obligations hereunder) for all costs associated with the transfer
      of servicing from the predecessor servicer, including without limitation, any
      costs or expenses associated with the complete transfer of all servicing data
      and the completion, correction or manipulation of such servicing data, as may
      be
      required by the Master Servicer to correct any errors or insufficiencies in
      the
      servicing data or otherwise to enable the Master Servicer to service the
      Mortgage Loans properly and effectively.

     

    (b) If
      the
      Master Servicer acts as a successor Servicer, it will not assume liability
      for
      the representations and warranties of a Servicer, if any, that it replaces.
      The
      Master Servicer shall use reasonable efforts to have the successor Servicer
      assume liability for the representations and warranties made by the terminated
      Servicer in the related Servicing Agreement, and in the event of any such
      assumption by the successor Servicer, the Trustee or the Master Servicer, as
      applicable, may, in the exercise of its business judgment, release the
      terminated Servicer from liability for such representations and
      warranties.

     

    (c) If
      the
      Master Servicer acts as a successor Servicer, it will have the same obligations
      to make Advances as the Servicer under the related Servicing Agreement and
      to
      reimburse the successor Servicer for unreimbursed Advances if required by the
      Servicing Agreement but will have no obligation to make an Advance if it
      determines in its reasonable judgment that such Advance is non-recoverable.
      To
      the extent that the Master Servicer is unable to find a successor Servicer
      that
      is willing to service the Mortgage Loans for the Servicing Fee because of the
      obligation of the Servicer to make Advances regardless of whether such Advance
      is recoverable, the applicable Servicing Agreement may be amended to provide
      that the successor Servicer shall have no obligation to make an Advance if
      it
      determines in its reasonable judgment that such Advance is non-recoverable
      and
      provides an Officer’s
      Certificate to such effect to the Master Servicer, the Trustee and the NIMS
      Insurer.

     

    
      
        
        

      

      
        156

        
          

        

      

      
        
        

      

    

     

    Section
      9.08. Master
      Servicer Liable for Enforcement. 

     

    Notwithstanding
      any Servicing Agreement, the Master Servicer shall remain obligated and liable
      to the Trustee, any NIMS Insurer and the Certificateholders in accordance with
      the provisions of this Agreement, to the extent of its obligations hereunder,
      without diminution of such obligation or liability by virtue of such Servicing
      Agreements. The Master Servicer shall use commercially reasonable efforts to
      ensure that the Mortgage Loans are serviced in accordance with the provisions
      of
      this Agreement and shall use commercially reasonable efforts to enforce the
      provisions of each Servicing Agreement for the benefit of the Certificateholders
      and any NIMS Insurer. The Master Servicer shall be entitled to enter into any
      agreement with any Servicer for indemnification of the Master Servicer and
      nothing contained in this Agreement shall be deemed to limit or modify such
      indemnification. Except as expressly set forth herein, the Master Servicer
      shall
      have no liability for the acts or omissions of any Servicer in the performance
      by such Servicer of its obligations under the related Servicing
      Agreement.

     

    Section
      9.09. No
      Contractual Relationship Between Any Servicer and Trustee or
      Depositor. 

     

    Any
      Servicing Agreement that may be entered into and any other transactions or
      services relating to the Mortgage Loans involving any Servicer in its capacity
      as such and not as an originator shall be deemed to be between such Servicer,
      the Seller and the Master Servicer, and the Trustee, any NIMS Insurer and the
      Depositor shall not be deemed parties thereto and shall have no obligations,
      duties or liabilities with respect to such Servicer except as set forth in
      Section 9.10 hereof, but shall have rights thereunder as third party
      beneficiaries. It is furthermore understood and agreed by the parties hereto
      that the obligations of any Servicer are set forth in their entirety in such
      Servicer’s
      related
      Servicing Agreement and such Servicer has no obligations under and is not
      otherwise bound by the terms of this Agreement.

     

    Section
      9.10. Assumption
      of Servicing Agreement by Securities Administrator. 

     

    (a) In
      the
      event the Master Servicer shall for any reason no longer be the Master Servicer
      (including by reason of any Event of Default under this Agreement), the Trustee
      (or its designee) shall thereupon assume all of the rights and obligations
      of
      such Master Servicer hereunder and under each Servicing Agreement entered into
      with respect to the Mortgage Loans. The Trustee, its designee or any successor
      master servicer appointed by the Trustee shall be deemed to have assumed all
      of
      the Master Servicer’s
      interest herein and therein to the same extent as if such Servicing Agreement
      had been assigned to the assuming party, except that the Master Servicer shall
      not thereby be relieved of any liability or obligations of the Master Servicer
      under such Servicing Agreement accruing prior to its replacement as Master
      Servicer, and shall be liable to the Trustee and any NIMS Insurer, and hereby
      agrees to indemnify and hold harmless the Trustee and any NIMS Insurer from
      and
      against all costs, damages, expenses and liabilities (including reasonable
      attorneys’
      fees)
      incurred by the Trustee or any NIMS Insurer as a result of such liability or
      obligations of the Master Servicer and in connection with the
      Trustee’s
      assumption (but not its performance, except to the extent that costs or
      liability of the Trustee are created or increased as a result of negligent
      or
      wrongful acts or omissions of the Master Servicer prior to its replacement
      as
      Master Servicer) of the Master Servicer’s
      obligations, duties or responsibilities thereunder.

     

    (b) The
      Master Servicer that has been terminated shall, upon request of the Trustee
      but
      at the expense of such Master Servicer, deliver to the assuming party all
      documents and records relating to each Servicing Agreement and the related
      Mortgage Loans and an accounting of amounts collected and held by it and
      otherwise use its best efforts to effect the orderly and efficient transfer
      of
      each Servicing Agreement to the assuming party.

     

    
      
        
        

      

      
        157

        
          

        

      

      
        
        

      

    

     

    Section
      9.11. Due-on-Sale
      Clauses; Assumption Agreements.

     

    To
      the
      extent provided in the applicable Servicing Agreement, to the extent Mortgage
      Loans contain enforceable due-on-sale clauses, the Master Servicer shall cause
      the related Servicer to enforce such clauses in accordance with the applicable
      Servicing Agreement. If applicable law prohibits the enforcement of a
      due-on-sale clause or such clause is otherwise not enforced in accordance with
      the applicable Servicing Agreement, and, as a consequence, a Mortgage Loan
      is
      assumed, the original Mortgagor may be released from liability in accordance
      with the applicable Servicing Agreement.

     

    Section
      9.12. Release
      of Mortgage Files.

     

    (a) Upon
      (i)
      becoming aware of the payment in full of any Mortgage Loan or (ii) the receipt
      by the Master Servicer of a notification that payment in full has been or will
      be escrowed in a manner customary for such purposes, the Master Servicer will,
      or will cause the related Servicer to, promptly notify the Trustee (or the
      Custodian) and the Securities Administrator by a certification (which
      certification shall include a statement to the effect that all amounts received
      in connection with such payment that are required to be deposited in the
      Certificate Account have been or will be so deposited) of a Servicing Officer
      and shall request (on the form attached hereto as Exhibit C or on the form
      attached to the related Custodial Agreement) the Trustee or the Custodian,
      to
      deliver to the applicable Servicer the related Mortgage File. Upon receipt
      of
      such certification and request, the Trustee or the Custodian (with the consent,
      and at the direction of the Trustee), shall promptly release the related
      Mortgage File to the applicable Servicer and the Trustee shall have no further
      responsibility with regard to such Mortgage File. Upon any such payment in
      full,
      the Master Servicer is authorized, and each Servicer, to the extent such
      authority is provided for under the applicable Servicing Agreement, is
      authorized, to give, as agent for the Trustee, as the mortgagee under the
      Mortgage that secured the Mortgage Loan, an instrument of satisfaction (or
      assignment of mortgage without recourse) regarding the Mortgaged Property
      subject to the Mortgage, which instrument of satisfaction or assignment, as
      the
      case may be, shall be delivered to the Person or Persons entitled thereto
      against receipt therefor of such payment, it being understood and agreed that
      no
      expenses incurred in connection with such instrument of satisfaction or
      assignment, as the case may be, shall be chargeable to the Certificate
      Account.

     

    (b) From
      time
      to time and as appropriate for the servicing or foreclosure of any Mortgage
      Loan
      and in accordance with Accepted Servicing Practices and the applicable Servicing
      Agreement, the Trustee shall execute such documents as shall be prepared and
      furnished to the Trustee by the Master Servicer, or by a Servicer (in form
      reasonably acceptable to the Trustee) and as are necessary to the prosecution
      of
      any such proceedings. The Trustee or the Custodian, shall, upon request of
      the
      Master Servicer, or of a Servicer, and delivery to the Trustee or the Custodian,
      of a request for release of documents and a receipt signed by a Servicing
      Officer substantially in the form of Exhibit C, release the related Mortgage
      File held in its possession or control to the Master Servicer (or the applicable
      Servicer). Such receipt shall obligate the Master Servicer or Servicer to return
      the Mortgage File to the Trustee or the Custodian, as applicable, when the
      need
      therefor by the Master Servicer or Servicer no longer exists unless the Mortgage
      Loan shall be liquidated, in which case, upon receipt of a certificate of a
      Servicing Officer similar to that hereinabove specified, the receipt shall
      be
      released by the Trustee or the Custodian, as applicable, to the Master Servicer
      (or the applicable Servicer).

     

    
      
        
        

      

      
        158

        
          

        

      

      
        
        

      

    

     

    Section
      9.13. Documents,
      Records and Funds in Possession of Master Servicer to be Held for
      Trustee. 

     

    (a) The
      Master Servicer shall transmit, or cause the applicable Servicer to transmit,
      to
      the Trustee such documents and instruments coming into the possession of the
      Master Servicer or such Servicer from time to time as are required by the terms
      hereof or of the applicable Servicing Agreement to be delivered to the Trustee
      or the Custodian. Any funds received by the Master Servicer or by a Servicer
      in
      respect of any Mortgage Loan or which otherwise are collected by the Master
      Servicer or a Servicer as Liquidation Proceeds or Insurance Proceeds in respect
      of any Mortgage Loan shall be held for the benefit of the Trustee and the
      Certificateholders subject to the Master Servicer’s
      right
      to retain or withdraw from the Certificate Account the Master Servicing Fee
      and
      other amounts provided in this Agreement and to the right of each Servicer
      to
      retain its Servicing Fee and other amounts as provided in the related Servicing
      Agreement. The Master Servicer shall, and shall (to the extent provided in
      the
      applicable Servicing Agreement) cause each Servicer to, provide access to
      information and documentation regarding the Mortgage Loans to the Trustee,
      any
      NIMS Insurer, their respective 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, or any Servicer, in respect of any Mortgage Loans, whether
      from
      the collection of principal and interest payments or from Liquidation Proceeds
      or Insurance Proceeds, shall be held by the Master Servicer, or by any Servicer,
      for and on behalf of the Trustee and the Certificateholders and shall be and
      remain the sole and exclusive property of the Trustee; provided,
      however,
      that
      the Master Servicer and each Servicer shall be entitled to setoff against,
      and
      deduct from, any such funds any amounts that are properly due and payable to
      the
      Master Servicer or such Servicer under this Agreement or the applicable
      Servicing Agreement and shall be authorized to remit such funds to the
      Securities Administrator in accordance with this Agreement.

     

    (c) The
      Master Servicer hereby acknowledges that concurrently with the execution of
      this
      Agreement, the Trustee shall own or, to the extent that a court of competent
      jurisdiction shall deem the conveyance of the Mortgage Loans from the Seller
      to
      the Depositor not to constitute a sale, the Trustee shall have a security
      interest in the Mortgage Loans and in all Mortgage Files representing such
      Mortgage Loans and in all funds and investment property now or hereafter held
      by, or under the control of, a Servicer or the Master Servicer that are
      collected by any Servicer or the Master Servicer in connection with the Mortgage
      Loans, whether as scheduled installments of principal and interest or as full
      or
      partial prepayments of principal or interest or as Liquidation Proceeds or
      Insurance Proceeds or otherwise, and in all proceeds of the foregoing and
      proceeds of proceeds (but excluding any fee or other amounts to which a Servicer
      is entitled under the applicable Servicing Agreement, or the Master Servicer
      or
      the Depositor is entitled to hereunder); and the Master Servicer agrees that
      so
      long as the Mortgage Loans are assigned to and held by the Trustee or the
      Custodian, all documents or instruments constituting part of the Mortgage Files,
      and such funds relating to the Mortgage Loans which come into the possession
      or
      custody of, or which are subject to the control of, the Master Servicer or
      any
      Servicer shall be held by the Master Servicer or such Servicer for and on behalf
      of the Trustee as the Trustee’s
      agent
      and bailee for purposes of perfecting the Trustee’s
      security interest therein as provided by the applicable Uniform Commercial
      Code
      or other applicable laws.

     

    
      
        
        

      

      
        159

        
          

        

      

      
        
        

      

    

     

    (d) The
      Master Servicer agrees that it shall not, and shall not authorize any Servicer
      to, create, incur or subject any Mortgage Loans, or any funds that are deposited
      in any Custodial Account, Escrow Account or the Certificate Account, or any
      funds that otherwise are or may become due or payable to the Trustee, to any
      claim, lien, security interest, judgment, levy, writ of attachment or other
      encumbrance, nor assert by legal action or otherwise any claim or right of
      setoff against any Mortgage Loan or any funds collected on, or in connection
      with, a Mortgage Loan.

     

    Section
      9.14. Representations
      and Warranties of the Master Servicer. 

     

    (a) The
      Master Servicer hereby represents and warrants to the Depositor, any NIMS
      Insurer, the Securities Administrator and the Trustee, for the benefit of the
      Certificateholders, as of the Closing Date that:

     

    (i) it
      is
      validly existing and in good standing under the laws of the state of its
      incorporation, and as Master Servicer has full power and authority to transact
      any and all business contemplated by this Agreement and to execute, deliver
      and
      comply with its obligations under the terms of this Agreement, the execution,
      delivery and performance of which have been duly authorized by all necessary
      corporate action on the part of the Master Servicer;

     

    (ii) the
      execution and delivery of this Agreement by the Master Servicer and its
      performance and compliance with the terms of this Agreement will not (A) violate
      the Master Servicer’s
      charter
      or bylaws, (B) violate any law or regulation or any administrative decree or
      order to which it is subject or (C) constitute a default (or an event which,
      with notice or lapse of time, or both, would constitute a default) under, or
      result in the breach of, any material contract, agreement or other instrument
      to
      which the Master Servicer is a party or by which it is bound or to which any
      of
      its assets are subject, which violation, default or breach would materially
      and
      adversely affect the Master Servicer’s
      ability
      to perform its obligations under this Agreement;

     

    (iii) this
      Agreement constitutes, assuming due authorization, execution and delivery hereof
      by the other respective parties hereto, a legal, valid and binding obligation
      of
      the Master Servicer, enforceable against it in accordance with the terms hereof,
      except as such enforcement may be limited by bankruptcy, insolvency,
      reorganization, moratorium and other laws affecting the enforcement of
      creditors’
      rights
      in general, and by general equity principles (regardless of whether such
      enforcement is considered in a proceeding in equity or at law);

     

    
      
        
        

      

      
        160

        
          

        

      

      
        
        

      

    

     

    (iv) the
      Master Servicer is not in default with respect to any order or decree of any
      court or any order or regulation of any federal, state, municipal or
      governmental agency to the extent that any such default would materially and
      adversely affect its performance hereunder;

     

    (v) the
      Master Servicer is not a party to or bound by any agreement or instrument or
      subject to any charter provision, bylaw or any other corporate restriction
      or
      any judgment, order, writ, injunction, decree, law or regulation that may
      materially and adversely affect its ability as Master Servicer to perform its
      obligations under this Agreement or that requires the consent of any third
      person to the execution of this Agreement or the performance by the Master
      Servicer of its obligations under this Agreement;

     

    (vi) no
      litigation is pending or, to the best of the Master Servicer’s
      knowledge, threatened against the Master Servicer which would prohibit its
      entering into this Agreement or performing its obligations under this
      Agreement;

     

    (vii) the
      Master Servicer, or an affiliate thereof the primary business of which is the
      servicing of conventional residential mortgage loans, is a Fannie Mae- or
      Freddie Mac-approved seller/servicer;

     

    (viii) no
      consent, approval, authorization or order of any court or governmental agency
      or
      body is required for the execution, delivery and performance by the Master
      Servicer of or compliance by the Master Servicer with this Agreement or the
      consummation of the transactions contemplated by this Agreement, except for
      such
      consents, approvals, authorizations and orders (if any) as have been
      obtained;

     

    (ix) the
      consummation of the transactions contemplated by this Agreement are in the
      ordinary course of business of the Master Servicer;

     

    (x) the
      Master Servicer has obtained an Errors and Omissions Insurance Policy and a
      Fidelity Bond in accordance with Section 9.02 each of which is in full force
      and
      effect, and each of which provides at least such coverage as is required
      hereunder; and

     

    (xi) the
      information about the Master Servicer under the heading “The
      Master Servicer”
      in the
      Offering Documents relating to the Master Servicer does not include an untrue
      statement of a material fact and does not omit to state a material fact, with
      respect to the statements made, necessary in order to make the statements in
      light of the circumstances under which they were made not
      misleading.

     

    
      
        
        

      

      
        161

        
          

        

      

      
        
        

      

    

     

    (b) It
      is
      understood and agreed that the representations and warranties set forth in
      this
      Section 9.14 shall survive the execution and delivery of this Agreement. The
      Master Servicer shall indemnify the Depositor, the Trustee and any NIMS Insurer
      and hold them harmless against any loss, damages, penalties, fines, forfeitures,
      legal fees and related costs, judgments, and other costs and expenses resulting
      from any claim, demand, defense or assertion based on or grounded upon, or
      resulting from, a breach of the Master Servicer’s
      representations and warranties contained in Section 9.14(a). It is understood
      and agreed that the enforcement of the obligation of the Master Servicer set
      forth in this Section to indemnify the Depositor, the Trustee and any NIMS
      Insurer as provided in this Section constitutes the sole remedy (other than
      as
      set forth in Section 6.14) of the Depositor, the Trustee and any NIMS Insurer,
      respecting a breach of the foregoing representations and warranties. Such
      indemnification shall survive any termination of the Master Servicer as Master
      Servicer hereunder, and any termination of this Agreement.

     

    Any
      cause
      of action against the Master Servicer relating to or arising out of the breach
      of any representations and warranties made in this Section shall accrue upon
      discovery of such breach by any of the Depositor, the Master Servicer, the
      Trustee or any NIMS Insurer or notice thereof by any one of such parties to
      the
      other parties. 

     

    (c) It
      is
      understood and agreed that the representations and warranties of the Depositor
      set forth in Sections 2.03(a)(i) through (vi) shall survive the execution and
      delivery of this Agreement. The Depositor shall indemnify the Master Servicer
      and hold each harmless against any loss, damages, penalties, fines, forfeitures,
      legal fees and related costs, judgments, and other costs and expenses resulting
      from any claim, demand, defense or assertion based on or grounded upon, or
      resulting from, a breach of the Depositor’s
      representations and warranties contained in Sections 2.03(a)(i) through (vi)
      hereof. It is understood and agreed that the enforcement of the obligation
      of
      the Depositor set forth in this Section to indemnify the Master Servicer as
      provided in this Section constitutes the sole remedy hereunder of the Master
      Servicer respecting a breach by the Depositor of the representations and
      warranties in Sections 2.03(a)(i) through (vi) hereof.

     

    (d) Any
      cause
      of action against the Master Servicer relating to or arising out of the breach
      of any representations and warranties made in this Section shall accrue upon
      discovery of such breach by either the Depositor, the Master Servicer, the
      Trustee or any NIMS Insurer or notice thereof by any one of such parties to
      the
      other parties. Notwithstanding anything in this Agreement to the contrary,
      the
      Master Servicer shall not be liable for special, indirect or consequential
      losses or damages of any kind whatsoever (including, but not limited to, lost
      profits); provided,
      however,
      that
      this Subsection 9.14(d) shall not apply in connection with any failure by the
      Master Servicer to comply with the provisions of Sections 9.25 and 9.26
      hereof.

     

    Section
      9.15. Opinion. 

     

    On
      or
      before the Closing Date, the Master Servicer shall cause to be delivered to
      the
      Depositor, the Seller, the Trustee, the Swap Counterparty, the Cap Counterparty
      and any NIMS Insurer one or more Opinions of Counsel, dated the Closing Date,
      in
      form and substance reasonably satisfactory to the Depositor and Lehman Brothers
      Inc., as to the due authorization, execution and delivery of this Agreement
      by
      the Master Servicer and the enforceability thereof. 

     

    
      
        
        

      

      
        162

        
          

        

      

      
        
        

      

    

     

    Section
      9.16. Standard
      Hazard and Flood Insurance Policies. 

     

    For
      each
      Mortgage Loan (other than a Cooperative Loan), the Master Servicer shall
      maintain, or cause to be maintained by each Servicer, standard fire and casualty
      insurance and, where applicable, flood insurance, all in accordance with the
      provisions of this Agreement and the related Servicing Agreement, as applicable.
      It is understood and agreed that such insurance shall be with insurers meeting
      the eligibility requirements set forth in the applicable Servicing Agreement
      and
      that no earthquake or other additional insurance is to be required of any
      Mortgagor or to be maintained on property acquired in respect of a defaulted
      loan, other than pursuant to such applicable laws and regulations as shall
      at
      any time be in force and as shall require such additional
      insurance.

     

    Pursuant
      to Section 4.01, any amounts collected by the Master Servicer, or by any
      Servicer, under any insurance policies maintained pursuant to this Section
      9.16
      or any Servicing Agreement (other than amounts to be applied to the restoration
      or repair of the property subject to the related Mortgage or released to the
      Mortgagor in accordance with the applicable Servicing Agreement) shall be
      deposited into the Certificate Account, subject to withdrawal pursuant to
      Section 4.02. Any cost incurred by the Master Servicer or any Servicer in
      maintaining any such insurance if the Mortgagor defaults in its obligation
      to do
      so shall be added to the amount owing under the Mortgage Loan where the terms
      of
      the Mortgage Loan so permit; provided,
      however,
      that the
      addition of any such cost shall not be taken into account for purposes of
      calculating the distributions to be made to Certificateholders and shall be
      recoverable by the Master Servicer or such Servicer pursuant to Section
      4.02.

     

    Section
      9.17. Presentment
      of Claims and Collection of Proceeds. 

     

    The
      Master Servicer shall cause each Servicer (to the extent provided in the
      applicable Servicing Agreement) to, prepare and present on behalf of the Trustee
      and the Certificateholders all claims under the Insurance Policies with respect
      to the Mortgage Loans, and take such actions (including the negotiation,
      settlement, compromise or enforcement of the insured’s
      claim)
      as shall be necessary to realize recovery under such policies. Any proceeds
      disbursed to the Master Servicer (or disbursed to a Servicer and remitted to
      the
      Master Servicer) in respect of such policies or bonds shall be promptly
      deposited in the Certificate Account or the Custodial Account upon receipt,
      except that any amounts realized that are to be applied to the repair or
      restoration of the related Mortgaged Property as a condition requisite to the
      presentation of claims on the related Mortgage Loan to the insurer under any
      applicable Insurance Policy need not be so deposited (or remitted).

     

    Section
      9.18. Maintenance
      of the Primary Mortgage Insurance Policies. 

     

    (a) The
      Master Servicer shall remit on behalf of each Servicer to the PMI Insurers,
      the
      applicable PMI Insurance Premiums and provide monthly Mortgage Loan balance
      updates to the related PMI Insurer. The Master Servicer shall not take, or
      knowingly permit any Servicer (consistent with the applicable Servicing
      Agreement) to take, any action that would result in noncoverage under any
      applicable Primary Mortgage Insurance Policy of any loss which, but for the
      actions of such Master Servicer or such Servicer, would have been covered
      thereunder. The Master Servicer shall not, and shall not knowingly permit any
      Servicer to, cancel or refuse to renew any such Primary Mortgage Insurance
      Policy that is in effect at the date of the initial issuance of the Certificates
      and is required to be kept in force hereunder except in accordance with the
      provisions of this Agreement and the related Servicing Agreement, as
      applicable.

     

    
      
        
        

      

      
        163

        
          

        

      

      
        
        

      

    

     

    (b) The
      Master Servicer agrees, to the extent provided in each Servicing Agreement,
      to
      cause each Servicer to present, on behalf of the Trustee and the
      Certificateholders, claims to the insurer under any Primary Mortgage Insurance
      Policies and, in this regard, to take such reasonable action as shall be
      necessary to permit recovery under any Primary Mortgage Insurance Policies
      respecting defaulted Mortgage Loans. Pursuant to Section 4.01, any amounts
      collected by the Master Servicer or any Servicer under any Primary Mortgage
      Insurance Policies shall be deposited in the Certificate Account, subject to
      withdrawal pursuant to Section 4.02.

     

    Section
      9.19. Trustee
      To Retain Possession of Certain Insurance Policies and
      Documents. 

     

    The
      Trustee (or the Custodian on behalf of the Trustee) shall retain possession
      and
      custody of the originals of the 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 otherwise has fulfilled its
      obligations under this Agreement, the Trustee (or the Custodian) shall retain
      possession and custody of each Mortgage File in accordance with and subject
      to
      the terms and conditions of this Agreement. The Master Servicer shall promptly
      deliver or cause each Servicer to deliver to the Trustee (or the Custodian),
      upon the execution or receipt thereof the originals of the Primary Mortgage
      Insurance Policies and any certificates of renewal thereof, and such other
      documents or instruments that constitute portions of the Mortgage File that
      come
      into the possession of the Master Servicer or any Servicer from time to
      time.

     

    Section
      9.20.  [Reserved] 

     

    Section
      9.21. Compensation
      to the Master Servicer. 

     

    The
      Master Servicer shall be entitled to withdraw from the Certificate Account,
      subject to Section 5.05, the Master Servicing Fee to the extent permitted by
      Section 4.02. Servicing compensation in the form of assumption fees, if any,
      late payment charges, as collected, if any, or otherwise (but not including
      any
      Prepayment Premium) shall be retained by the applicable Servicer (or the Master
      Servicer, in the event it is acting as successor servicer for the related
      Mortgage Loans) and shall not be deposited in the Certificate Account. The
      Master Servicer shall be required to pay all expenses incurred by it in
      connection with its activities hereunder and shall not be entitled to
      reimbursement therefor except as provided in this Agreement. Pursuant to
      Sections 4.01(e), all income and gain realized from any investment of funds
      in
      the Certificate Account, other than the amount of any Master Servicing Fee,
      shall be remitted to LBH on each Distribution Date. The provisions of this
      Section 9.21 are subject to the provisions of Section 6.14.

     

    
      
        
        

      

      
        164

        
          

        

      

      
        
        

      

    

     

    Section
      9.22. REO
      Property. 

     

    (a) In
      the
      event the Trust Fund acquires ownership of any REO Property in respect of any
      Mortgage Loan, the deed or certificate of sale shall be issued to the Trustee,
      or to its nominee, on behalf of the Certificateholders. The Master Servicer
      shall use its reasonable best efforts to sell, or cause the applicable Servicer,
      to the extent provided in the applicable Servicing Agreement any REO Property
      as
      expeditiously as possible and in accordance with the provisions of this
      Agreement and the related Servicing Agreement, as applicable, but in all events
      within the time period, and subject to the conditions set forth in Article
      X
      hereof. Pursuant to its efforts to sell such REO Property, the Master Servicer
      shall protect and conserve, or cause the applicable Servicer to protect and
      conserve, such REO Property in the manner and to such extent required by the
      applicable Servicing Agreement, subject to Article X hereof.

     

    (b) The
      Master Servicer shall deposit or cause to be deposited all funds collected
      and
      received by it, or recovered from any Servicer, in connection with the operation
      of any REO Property in the Certificate Account.

     

    (c) The
      Master Servicer and each Servicer, upon the final disposition of any REO
      Property, shall be entitled to reimbursement for any related unreimbursed
      Advances and other unreimbursed advances as well as any unpaid Servicing Fees
      from Liquidation Proceeds received in connection with the final disposition
      of
      such REO Property; provided,
      that
      (without
      limitation of any other right of reimbursement that the Master Servicer or
      any
      Servicer shall have hereunder) any such unreimbursed Advances as well as any
      unpaid Servicing Fees may be reimbursed or paid, as the case may be, prior
      to
      final disposition, out of any net rental income or other net amounts derived
      from such REO Property.

     

    (d) The
      Liquidation Proceeds from the final disposition of the REO Property, net of
      any
      payment to the Master Servicer and the applicable Servicer as provided above,
      shall be deposited in the Certificate Account on or prior to the Determination
      Date in the month following receipt thereof.

     

    Section
      9.23. Notices
      to the Depositor and the Securities Administrator 

     

    (a) The
      Master Servicer shall promptly notify the Securities Administrator, the Sponsor
      and the Depositor (i) of any legal proceedings pending against the Master
      Servicer of the type described in Item 1117 (§ 229.1117) of Regulation AB and
      (ii) if the Master Servicer shall become (but only to the extent not previously
      disclosed to the Master Servicer and the Depositor) at any time an affiliate
      of
      any of the parties listed on Exhibit V to this Agreement. On or before March
      1st
      of each
      year, the Depositor shall distribute the information in Exhibit V to the Master
      Servicer.

     

    (b) Not
      later
      than four Business Days prior to the Distribution Date of each month, the Master
      Servicer shall provide to the Securities Administrator, the Sponsor and the
      Depositor notice of the occurrence of any material modifications, extensions
      or
      waivers of terms, fees, penalties or payments relating to the Mortgage Loans
      during the related Collection Period or that have cumulatively become material
      over time (Item 1121(a)(11) of Regulation AB) along with all information, data,
      and materials related thereto as may be required to be included in the related
      Distribution Report on Form 10-D. The parties to this Agreement acknowledge
      that
      the performance by the Master Servicer of its duties under this Section 9.23(b)
      related to the timely preparation and delivery of such information is contingent
      upon each applicable Servicer strictly observing all requirements and deadlines
      in the performance of their duties under their related Servicing Agreements.
      The
      Master Servicer shall have no liability for any loss, expense, damage or claim
      arising out of or with respect to any failure to properly prepare and/or timely
      deliver all such information where such failure results from the Master
      Servicer’s
      inability or failure to obtain or receive, on a timely basis, any information
      from any Servicer needed to prepare or deliver such information, which failure
      does not result from the Master Servicer’s
      own
      negligence, bad faith or willful misconduct.

     

    
      
        
        

      

      
        165

        
          

        

      

      
        
        

      

    

     

    Section
      9.24. Reports
      to the Trustee and the Securities Administrator. 

     

    (a) Not
      later
      than 30 days after each Distribution Date, the Master Servicer shall, upon
      request, forward to the Trustee and Securities Administrator a statement, deemed
      to have been certified by a Servicing Officer, setting forth the status of
      the
      Certificate Account as of the close of business on the related Distribution
      Date, indicating that all distributions required by this Agreement to be made
      by
      the Master Servicer have been made (or if any required distribution has not
      been
      made by the Master Servicer, specifying the nature and status thereof) and
      showing, for the period covered by such statement, the aggregate of deposits
      into and withdrawals from the Certificate Account maintained by the Master
      Servicer. Copies of such statement shall be provided by the Master Servicer,
      upon request, to the Depositor, Attention: Contract Finance, any NIMS Insurer
      and any Certificateholders (or by the Securities Administrator at the Master
      Servicer’s
      expense
      if the Master Servicer shall fail to provide such copies to the
      Certificateholders (unless (i) the Master Servicer shall have failed to provide
      the Securities Administrator with such statement or (ii) the Securities
      Administrator shall be unaware of the Master Servicer’s
      failure
      to provide such statement)).

    

      (b) Prior
        to
        March 1, 2007, not later than the 20th day of each month (or if such date
        is not
        a Business Day, the first Business Day immediately thereafter), the Master
        Servicer shall deliver to the Mortgage Loan Administrator and to one additional
        Person designated by the Depositor, in a format consistent with other electronic
        loan level reporting supplied by the Master Servicer in connection with similar
        transactions, “loan level” information with respect to the Mortgage Loans for
        the related Collection Period, to the extent that such information has been
        provided to the Master Servicer by the Servicers or by the Depositor. Thereafter
        not later than the 25th day (or if such date is not a Business Day, the first
        Business Day immediately thereafter) of each month, the Master Servicer shall
        make available such “loan level” information via the Master Servicer’s current
        internet website www.ctslink.com (or such other website established by the
        Master Servicer) in a format mutually agreed to between the Master Servicer
        and
        the Loan Administrator. To the extent necessary to comply with its obligations
        under the Loan Administration Agreement, the Loan Administrator shall make
        reasonable efforts to obtain a copy of a Mortgage File or Servicing File
        directly from the related Servicer. If such efforts prove unsuccessful, upon
        request from the Mortgage Loan Administrator, the Master Servicer, in a
        commercially prompt manner, shall take all reasonable efforts to obtain a
        copy
        of the Mortgage File and the Servicing File from the related
        Servicer.

       

      (c) All
        information, reports and statements prepared by the Master Servicer under
        this
        Agreement shall be based on information supplied to the Master Servicer by
        the
        Servicers without independent verification thereof and the Master Servicer
        shall
        be entitled to rely on such information.

    

     

    
      
        
        

      

      
        166

        
          

        

      

      
        
        

      

    

     

    Section
      9.25. Assessment
      of Compliance and Attestation Reports.

     

    (a) Assessment
      of Compliance

     

    (i) By
      March
      15 of each year, commencing in March 2007, the Master Servicer, the Credit
      Risk
      Manager, the Paying Agent and the Securities Administrator, each at its own
      expense, shall furnish, and each such party shall cause any Servicing Function
      Participant engaged by it to furnish, each at its own expense, to the Sponsor,
      the Depositor, the Master Servicer and the Securities Administrator, a report
      on
      an assessment of compliance with the Relevant Servicing Criteria that contains
      (A) a statement by such party of its responsibility for assessing compliance
      with the Relevant Servicing Criteria, (B) a statement that such party used
      the
      Servicing Criteria to assess compliance with the Relevant Servicing Criteria,
      (C) such party’s
      assessment of compliance with the Relevant Servicing Criteria as of and for
      the
      fiscal year covered by the Form 10-K required to be filed pursuant to Section
      6.20(e), including, if there has been any material instance of noncompliance
      with the Relevant Servicing Criteria, a discussion of each such failure and
      the
      nature and status thereof, and (D) a statement that a registered public
      accounting firm has issued an attestation report on such party’s
      assessment of compliance with the Relevant Servicing Criteria as of and for
      such
      period. 

     

    (ii) When
      the
      Master Servicer, the Credit Risk Manager, the Paying Agent and the Securities
      Administrator (or any Servicing Function Participant engaged by it) submit
      their
      assessments to the Securities Administrator, such parties will also at such
      time
      include the assessment (and attestation pursuant to subsection (b) of this
      Section 9.25) of each Servicing Function Participant engaged by it and shall
      indicate to the Securities Administrator what Relevant Servicing Criteria will
      be addressed in any such reports prepared by any such Servicing Function
      Participant.

     

    (iii) Promptly
      after receipt of each report on assessment of compliance, the Securities
      Administrator shall confirm that the assessments, taken as a whole, address
      all
      applicable Servicing Criteria and taken individually address the Relevant
      Servicing Criteria (and disclose the inapplicability of the Servicing Criteria
      not determined to be Relevant Criteria) for each party as set forth on Exhibit
      S
      and on any similar exhibit set forth in each Servicing Agreement in respect
      of
      each Servicer, and the Custodial Agreement in respect of the Custodian, and
      shall notify the Depositor of any exceptions.

     

    (b) Attestation
      Reports

     

    (i) By
      March
      15 of each year, commencing in March 2007, the Master Servicer, the Credit
      Risk
      Manager, the Paying Agent 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 Credit Risk Manager, the Paying Agent and the Securities Administrator,
      as
      the case may be) that is a member of the American Institute of Certified Public
      Accountants to furnish a report to the Sponsor, the Depositor, the Master
      Servicer and the Securities Administrator, to the effect that (A) it has
      obtained a representation regarding certain matters from the management of
      such
      party, which includes an assertion that such party has complied with the
      Relevant Servicing Criteria, and (B) on the basis of an examination conducted
      by
      such firm in accordance with standards for attestation engagements issued or
      adopted by the PCAOB, it is expressing an opinion as to whether such
      party’s
      compliance with the Relevant Servicing Criteria was fairly stated in all
      material respects, or it cannot express an overall opinion regarding such
      party’s
      assessment of compliance with the Relevant Servicing Criteria. In the event
      that
      an overall opinion cannot be expressed, such registered public accounting firm
      shall state in such report why it was unable to express such an opinion. Such
      report must be available for general use and not contain restricted use
      language.

     

    
      
        
        

      

      
        167

        
          

        

      

      
        
        

      

    

     

    (ii) Promptly
      after receipt of such report from the Master Servicer, the Credit Risk Manager,
      the Paying Agent, the Securities Administrator or any Servicing Function
      Participant engaged by such parties, the Securities Administrator shall confirm
      that each assessment submitted pursuant subsection (a) of this Section 9.25
      is
      coupled with an attestation meeting the requirements of this Section and notify
      the Depositor of any exceptions.

     

    (c) The
      Paying Agent’s
      obligation to provide assessments of compliance and attestations under this
      Section 9.25 shall terminate upon the filing of a Form 15 suspension notice
      on
      behalf of the Trust Fund. Notwithstanding the foregoing after the occurrence
      of
      such event and provided the Depositor is not otherwise provided with such
      reports or copies of such reports, the Paying Agent shall be obligated to
      provide a copy of such reports by March 15 of each year to the
      Depositor.

     

    Section
      9.26. Annual
      Statement of Compliance with Applicable Servicing Criteria. 

     

    The
      Master Servicer shall deliver (and the Master Servicer shall cause any
      Additional Servicer engaged by it to deliver) to the Sponsor, the Depositor
      and
      the Securities Administrator on or before March 15 of each year, commencing
      in
      March 2007, an Officer’s
      Certificate stating, as to the signer thereof, that (A) a review of such
      party’s
      activities during the preceding calendar year or portion thereof and of such
      party’s
      performance under this Agreement, or such other applicable agreement in the
      case
      of an Additional Servicer, has been made under such officer’s
      supervision and (B) to the best of such officer’s
      knowledge, based on such review, such party has fulfilled all its obligations
      under this Agreement, or such other applicable agreement in the case of an
      Additional Servicer, in all material respects throughout such year or portion
      thereof, or, if there has been a failure to fulfill any such obligation in
      any
      material respect, specifying each such failure known to such officer and the
      nature and status thereof. 

     

    Section
      9.27. Merger
      or Consolidation. 

     

    Any
      Person into which the Master Servicer may be merged or consolidated, or any
      Person resulting from any merger, conversion, other change in form or
      consolidation to which the Master Servicer shall be a party, or any Person
      succeeding to the business of the Master Servicer, shall be the successor to
      the
      Master Servicer hereunder, without the execution or filing of any paper or
      any
      further act on the part of any of the parties hereto, anything herein to the
      contrary notwithstanding; provided,
      however,
      that the
      successor or resulting Person to the Master Servicer shall be a Person that
      shall be qualified and approved to service mortgage loans for Fannie Mae or
      Freddie Mac and shall have a net worth of not less than
      $15,000,000.

     

    
      
        
        

      

      
        168

        
          

        

      

      
        
        

      

    

     

    Section
      9.28. Resignation
      of Master Servicer. 

     

    Except
      as
      otherwise provided in Sections 9.27 and 9.29 hereof, the Master Servicer shall
      not resign from the obligations and duties hereby imposed on it unless it
      determines that the Master Servicer’s
      duties
      hereunder are no longer permissible under applicable law or are in material
      conflict by reason of applicable law with any other activities carried on by
      it
      and cannot be cured. Any such determination permitting the resignation of the
      Master Servicer shall be evidenced by an Opinion of Counsel that shall be
      Independent to such effect delivered to the Trustee and any NIMS Insurer. No
      such resignation shall become effective until the Trustee shall have assumed,
      or
      a successor master servicer acceptable to any NIMS Insurer and the Trustee
      shall
      have been appointed by the Trustee and until such successor shall have assumed,
      the Master Servicer’s
      responsibilities and obligations under this Agreement. Notice of such
      resignation shall be given promptly by the Master Servicer and the Depositor
      to
      the Trustee, the Securities Administrator and any NIMS Insurer.

     

    Section
      9.29. Assignment
      or Delegation of Duties by the Master Servicer. 

     

    (a) Except
      as
      expressly provided herein, the Master Servicer shall not assign or transfer
      any
      of its rights, benefits or privileges hereunder to any other Person, or delegate
      to or subcontract with, or authorize or appoint any Subservicer, Subcontractor
      or other Person to perform any of the duties, covenants or obligations to be
      performed by the Master Servicer hereunder; provided,
      however,
      that
      the Master Servicer shall have the right without the prior written consent
      of
      the Trustee, any NIMS Insurer or the Depositor to delegate or assign to or
      subcontract with or authorize or appoint an Affiliate of the Master Servicer
      to
      perform and carry out any duties, covenants or obligations to be performed
      and
      carried out by the Master Servicer hereunder. In no case, however, shall any
      such delegation, subcontracting or assignment to an Affiliate of the Master
      Servicer relieve the Master Servicer of any liability hereunder. Notice of
      such
      permitted assignment, and the name of any such affiliated Subcontractor or
      Subservicer shall be given promptly by the Master Servicer to the Depositor,
      the
      Trustee, the Securities Administrator and any NIMS Insurer. If, pursuant to
      any
      provision hereof, the duties of the Master Servicer are transferred to a
      successor master servicer, the entire amount of the Master Servicing Fees and
      other compensation payable to the Master Servicer pursuant hereto, including
      amounts payable to or permitted to be retained or withdrawn by the Master
      Servicer pursuant to Section 9.21 hereof, shall thereafter be payable to such
      successor master servicer.

     

    (b) Notwithstanding
      the foregoing, for so long as reports are required to be filed with the
      Commission under the Exchange Act with respect to the Trust, the Master Servicer
      shall not utilize any Subcontractor for the performance of its duties hereunder
      if such Subcontractor would be “participating
      in the servicing function”
      within
      the meaning of Item 1122 of Regulation AB without (a) giving notice to the
      Securities Administrator and the Depositor and (b) requiring any such
      Subcontractor to provide to the Master Servicer an attestation report as
      provided for in Section 9.25 and an assessment report as provided in Section
      9.26, which reports the Master Servicer shall include in its attestation and
      assessment reports. 

     

    
      
        
        

      

      
        169

        
          

        

      

      
        
        

      

    

     

    Section
      9.30. Limitation
      on Liability of the Master Servicer and Others.

     

    (a) The
      Master Servicer undertakes to perform such duties and only such duties as are
      specifically set forth in this Agreement. 

     

    (b) No
      provision of this Agreement shall be construed to relieve the Master Servicer
      from liability for its own negligent action, its own negligent failure to act
      or
      its own willful misconduct; provided, however, that the duties and obligations
      of the Master Servicer shall be determined solely by the express provisions
      of
      this Agreement, the Master Servicer shall not be liable except for the
      performance of such duties and obligations as are specifically set forth in
      this
      Agreement; no implied covenants or obligations shall be read into this Agreement
      against the Master Servicer and, in absence of bad faith on the part of the
      Master Servicer, the Master Servicer may conclusively rely, as to the truth
      of
      the statements and the correctness of the opinions expressed therein, upon
      any
      certificates or opinions furnished to the Master Servicer and conforming to
      the
      requirements of this Agreement.

     

    (c) None
      of
      the Master Servicer, the Seller or the Depositor or any of the directors,
      officers, employees or agents of any of them shall be under any liability to
      the
      Trustee or the Certificateholders for any action taken or for refraining from
      the taking of any action in good faith pursuant to this Agreement, or for errors
      in judgment; provided, however, that this provision shall not protect the Master
      Servicer, the Seller or the Depositor or any such person against any liability
      that would otherwise be imposed by reason of willful misfeasance, bad faith
      or
      negligence in its performance of its duties or by reason of reckless disregard
      for its obligations and duties under this Agreement. The Master Servicer and
      any
      director, officer, employee or agent of any of them shall be entitled to
      indemnification by the Trust Fund and will be held harmless against any loss,
      liability or expense incurred in connection with any legal action relating
      to
      this Agreement or the Certificates other than any loss, liability or expense
      incurred by reason of willful misfeasance, bad faith or negligence in the
      performance of its duties hereunder or by reason of reckless disregard of his
      or
      its obligations and duties hereunder. The Master Servicer, the Seller and the
      Depositor and any director, officer, employee or agent of any of them may rely
      in good faith on any document of any kind prima facie properly executed and
      submitted by any Person respecting any matters arising hereunder. The Master
      Servicer, the Seller and the Depositor shall be under no obligation to appear
      in, prosecute or defend any legal action that is not incidental to its duties
      to
      master service the Mortgage Loans in accordance with this Agreement and that
      in
      its opinion may involve it in any expenses or liability; provided, however,
      that
      the Master Servicer may in its sole discretion undertake any such action that
      it
      may deem necessary or desirable in respect to this Agreement and the rights
      and
      duties of the parties hereto and the interests of the Certificateholders
      hereunder. In such event, the legal expenses and costs of such action and any
      liability resulting therefrom shall be expenses, costs and liabilities of the
      Trust Fund and the Master Servicer shall be entitled to be reimbursed therefor
      out of the Certificate Account as provided by Section 4.02.

     

    The
      Master Servicer shall not be liable for any acts or omissions of any Servicer.
      In particular, the Master Servicer shall not be liable for any course of action
      taken by the Servicers with respect to loss mitigation of defaulted Mortgage
      Loans at the direction of the Credit Risk Manager or the Seller pursuant to
      any
      Credit Risk Management Agreement. Further, the Master Servicer shall not be
      liable for performance by any Servicer under any Credit Risk Management
      Agreement.

     

    
      
        
        

      

      
        170

        
          

        

      

      
        
        

      

    

     

    Section
      9.31. Indemnification;
      Third-Party Claims. 

     

    The
      Master Servicer agrees to indemnify the Depositor, the Sponsor, the Trustee
      and
      any NIMS Insurer and their respective officers, directors, agents and
      affiliates, and hold each of them harmless against any and all claims, losses,
      penalties, fines, forfeitures, reasonable legal fees and related costs,
      judgments, and any other costs, liability, fees and expenses that the Depositor,
      the Sponsor, the Trustee or any NIMS Insurer may sustain arising out of or
      based
      upon (a) any material breach by the Master Servicer of any if its obligations
      hereunder, including particularly its obligations to provide any reports under
      Section 9.25(a), Section 9.25(b) or Section 9.26 or any information, data or
      materials required to be included in any Exchange Act report, (b) any material
      misstatement or omission in any information, data or materials provided by
      the
      Master Servicer, or (c) the negligence, bad faith or willful misconduct of
      the
      Master Servicer in connection with its performance hereunder. The Depositor,
      the
      Sponsor, the Trustee and any NIMS Insurer shall immediately notify the Master
      Servicer if a claim is made by a third party with respect to this Agreement
      or
      the Mortgage Loans entitling the Depositor, the Sponsor, the Trustee or any
      NIMS
      Insurer to indemnification hereunder, whereupon the Master Servicer shall assume
      the defense of any such claim and pay all expenses in connection therewith,
      including counsel fees, and promptly pay, discharge and satisfy any judgment
      or
      decree which may be entered against it or them in respect of such claim. This
      indemnification shall survive the termination of this Agreement or the
      termination of the Master Servicer as a party to this Agreement.

     

    Section
      9.32. Special
      Servicing of Delinquent Mortgage Loans. 

     

    If
      permitted under the terms of the applicable Servicing Agreement, the Seller
      may
      appoint, pursuant to the terms of the applicable Servicing Agreement and with
      the written consent of the Depositor, the Master Servicer, the Trustee, the
      Securities Administrator and any NIMS Insurer, a special servicer to special
      service any Distressed Mortgage Loans. Any applicable termination fee related
      to
      the termination of the related Servicer and the appointment of any special
      servicer shall be paid by the Seller from its own funds, without right of
      reimbursement from the Trust Fund. Any fees paid to any such special servicer
      shall not exceed the Servicing Fee Rate.

     

    Section
      9.33. Alternative
      Index. 

     

    In
      the
      event that the Index for any Mortgage Loan, as specified in the related Mortgage
      Note, becomes unavailable for any reason, the Master Servicer shall select
      an
      alternative index, which in all cases shall be an index that constitutes a
      qualified rate on a regular interest under the REMIC Provisions, in accordance
      with the terms of such Mortgage Note or, if such Mortgage Note does not make
      provision for the selection of an alternative index in such event, the Master
      Servicer shall, subject to applicable law, select an alternative index based
      on
      information comparable to that used in connection with the original Index and,
      in either case, such alternative index shall thereafter be the Index for such
      Mortgage Loan.

     

    
      
        
        

      

      
        171

        
          

        

      

      
        
        

      

    

     

    Section
      9.34. Duties
      of
      the Credit Risk Manager. 

     

    (a) The
      Certificateholders, by their purchase and acceptance of the Certificates,
      appoint Risk Management Group, LLC as 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 Premiums with respect to the Mortgage Loans. Such
      reports and recommendations will be based upon information provided pursuant
      to
      Credit Risk Management Agreement to the Credit Risk Manager by the Servicer.
      The
      Credit Risk Manager shall look solely to the Servicer and/or the Master Servicer
      for all information and data (including loss and delinquency information and
      data) and loan level information and data relating to the servicing of the
      Mortgage Loans, and neither the Securities Administrator nor the Trustee shall
      have any obligation to provide any such information to the Credit Risk Manager
      and shall not otherwise have any responsibility under the Credit Risk Management
      Agreement.

     

    (b) On
      or
      about the 15th
      calendar
      day of each month, the Credit Risk Manager shall have prepared and shall make
      available to any NIMS Insurer, the Trustee, the Swap Counterparty, the
      Securities Administrator and each Certificateholder, the following reports
      (each
      such report to be made in a format compatible with EDGAR filing
      requirements):

     

    (i) Forecasted
      Loss Report:
      A
      summary of those Mortgage Loans which are either REO Properties or are in
      foreclosure and for which a loss is projected to occur upon liquidation. The
      Forecasted Loss Report shall be presented in substantially the same format
      attached hereto as Exhibit R-1;

     

    (ii) Watch
      List Report:
      A
      summary of those Mortgage Loans that are Delinquent and may represent potential
      forecasted loss candidates if the economics of such Mortgage Loans remains
      the
      same. The Watch List Report shall be presented in substantially the same format
      attached hereto as Exhibit R-2;

     

    (iii) Red
      Flag Dashboard Report:
      A
      summary of those Mortgage Loans that represent specific non-performance
      problems; i.e.
      foreclosures that are exceeding their stated timelines by 60 days or more.
      The
      Red Flag Dashboard Report shall be presented in substantially the same format
      attached hereto as Exhibit R-3;

     

    (iv) Gain/Loss
      Report:
      A
      summary of those Mortgage Loans that have liquidated during the current month
      and their resulting gain or loss and loss severity. The Gain/Loss Report shall
      be presented in substantially the same format attached hereto as Exhibit
      R-4;

     

    (v) Mortgage
      Insurance Claims Report:
      A
      summary of mortgage insurance claims submitted to the PMI Insurer by the
      Servicers, claim payment and denial information, and penalties assessed by
      the
      PMI Insurer. The Mortgage Insurance Claims Report shall be presented in
      substantially the same format attached hereto as Exhibit R-5;

     

    (vi) Prepayment
      Premiums Report:
      A
      summary of Prepayment Premiums assessed or waived by the Servicer. The
      Prepayment Premiums Report shall be presented in substantially the same format
      attached hereto as Exhibit R-6; and

     

    
      
        
        

      

      
        172

        
          

        

      

      
        
        

      

    

     

    (vii) Highlight
      Summary Report:
      Highlight Summary Reports shall include statistical and/or graphical portrayals
      of:

     

    (A) Delinquency
      Trend:
      The
      delinquency trend, over time, of the Mortgage Loans;

     

    (B) Prepayment
      Analysis:
      The
      constant prepayment rate “CPR”
      experience of the Mortgage Loans; and

     

    (C) Standard
      Default Assumption:
      The
      Standard Default Assumption experience of the Mortgage Loans.

     

    The
      Highlight Summary Report shall be presented in substantially the same format
      attached hereto as Exhibit R-7.

     

    The
      Credit Risk Manager shall make such reports and any additional information
      reasonably requested by the Depositor available each month to
      Certificateholders, the Trustee, the Securities Administrator, any NIMS Insurer
      and the Rating Agencies via the Credit Risk Manager’s
      internet website. The Credit Risk Manager’s
      internet website shall initially be located at http://www.rmgglobal.com/rmgpd/sasco06-bc5.asp.
      The
      Trustee shall not have any obligation to review such reports or otherwise
      monitor or supervise the activities of the Credit Risk Manager.

     

    (c) [Reserved].

     

    (d) The
      Credit Risk Manager shall reasonably cooperate with the Depositor, the Trustee
      and the Securities Administrator in connection with the Trust Fund’s
      satisfying the reporting requirements under the Exchange Act with respect to
      reports prepared by the Credit Risk Manager.

     

    (e) The
      Credit Risk Manager has not and shall not engage any Subcontractor without
      (a)
      giving notice to the Sponsor, the Trustee, the Securities Administrator, the
      Master Servicer and the Depositor and (b) requiring any such Subcontractor
      to
      provide to the Credit Risk Manager an assessment report as provided for in
      Section 9.25(a) above and an attestation report as provided in Section 9.25(b)
      above, which reports the Credit Risk Manager shall include in its assessment
      and
      attestation reports.

     

    (f) By
      March
      15 of each year (or if such day is not a Business Day, the immediately preceding
      Business Day), the Credit Risk Manager shall deliver a signed certification,
      in
      the form attached hereto as Exhibit U (the “Credit
      Risk Manager Certification”),
      for
      the benefit of the Depositor, the Sponsor, the Master Servicer, the Securities
      Administrator and the Trustee and for the benefit of the Person(s) signing
      the
      Form 10-K Certification; provided
      (i) that
      the Credit Risk Manager Certification shall be so provided by March 15 of such
      year only to the extent that the Depositor delivers a draft (without exhibits)
      of the applicable Annual Report on Form 10-K to the Credit Risk Manager by
      the
      5th Business Day in March of such year and (ii) in the event that the Depositor
      delivers the draft Form 10-K referred to in clause (i) after the 5th Business
      Day in March of such year, the Credit Risk Manager shall deliver the Credit
      Risk
      Manager Certification as soon as practicable but no later than five calendar
      days of delivery to the Credit Risk Manager of such draft Form
      10-K.

     

    
      
        
        

      

      
        173

        
          

        

      

      
        
        

      

    

     

    (g) In
      the
      event that prior to the filing date of the Form 10-K in March of each year,
      the
      Credit Risk Manager has knowledge or information material to the Credit Risk
      Manager Certification, the Credit Risk Manager shall promptly notify the
      Depositor and the Securities Administrator, in writing. 

     

    Section
      9.35. Limitation
      Upon Liability of the Credit Risk Manager. 

     

    Except
      as
      provided pursuant to Section 9.36 of this Agreement, neither the Credit Risk
      Manager, nor any of the directors, officers, employees or agents of the Credit
      Risk Manager, shall be under any liability to the Trustee, the Securities
      Administrator, the Certificateholders or the Depositor for any action taken
      or
      for refraining from the taking of any action in good faith pursuant to this
      Agreement, in reliance upon information provided by the Servicer under the
      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, bad faith or gross negligence in its performance of its duties
      or
      by reason of reckless disregard for its obligations and duties under this
      Agreement or the Credit Risk Management Agreement. 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 Servicer
      pursuant to the Credit Risk Management Agreement in the performance of its
      duties thereunder and hereunder.

     

    Section
      9.36. Indemnification
      by the Credit Risk Manager.

     

    The
      Credit Risk Manager agrees to indemnify the Depositor, the Master Servicer,
      the
      Trustee and the Securities Administrator, and each of their respective
      directors, officers, employees and agents and the Trust Fund and hold each
      of
      them harmless from and against any losses, damages, penalties, fines,
      forfeitures, legal fees and expenses and related costs, judgments, and any
      other
      costs, fees and expenses that any of them may sustain arising out of or based
      upon the engagement of any Subcontractor in violation of Section 9.34(e) or
      any
      failure by the Credit Risk Manager to deliver any information, report,
      certification, accountants’
      letter
      or other material when and as required under this Agreement, including any
      report under Sections 9.25(a) or (b).

     

    Section
      9.37. Removal
      of Credit Risk Manager.

     

    
      The
        Credit Risk Manager may be removed as Credit Risk Manager by Certificateholders
        holding not less than a 66-2/3% Voting Interests in the Trust, in the exercise
        of its or their sole discretion, at any time, without cause, upon ten (10)
        days
        prior written notice. The Certificateholders shall provide such written notice
        to the Trustee or the Securities Administrator and upon receipt of such notice,
        the Trustee or the Securities Administrator, as applicable, shall provide
        written notice to the Credit Risk Manager of its removal, effective upon
        receipt
        of such notice.

       

    

    
      
        
        

      

      
        174

        
          

        

      

      
        
        

      

    

     

    ARTICLE
      X

     

    REMIC
      ADMINISTRATION

     

    Section
      10.01. REMIC
      Administration.

     

    (a) REMIC
      elections as set forth in the Preliminary Statement shall be made on Forms
      1066
      or other appropriate federal tax or information return for the taxable year
      ending on the last day of the calendar year in which the Certificates are
      issued. The regular interests and residual interest in each REMIC shall be
      as
      designated in the Preliminary Statement. For purposes of such designations,
      the
      interest rate of any regular interest that is computed by taking into account
      the weighted average of the Net Mortgage Rates of the Mortgage Loans shall
      be
      reduced by the amount of any expense paid by the Trust to the extent that (i)
      such expense was not taken into account in computing the Net Mortgage Rate
      of
      any Mortgage Loan, (ii) such expense does not constitute an “unanticipated
      expense”
      of a
      REMIC within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii)
      and
      (iii) the amount of such expense was not taken into account in computing the
      interest rate of a more junior Class of regular interests.

     

    (b) The
      Closing Date is hereby designated as the “Startup
      Day”
      of each
      REMIC within the meaning of section 860G(a)(9) of the Code. The latest possible
      maturity date for purposes of Treasury Regulation 1.860G-1(a)(4) will be the
      Latest Possible Maturity Date.

     

    (c) The
      Securities Administrator shall represent the Trust Fund in any administrative
      or
      judicial proceeding relating to an examination or audit by any governmental
      taxing authority with respect thereto. The Securities Administrator shall pay
      any and all tax related expenses (not including taxes) of each REMIC, including
      but not limited to any professional fees or expenses related to audits or any
      administrative or judicial proceedings with respect to such REMIC that involve
      the Internal Revenue Service or state tax authorities, but only to the extent
      that (i) such expenses are ordinary or routine expenses, including expenses
      of a
      routine audit but not expenses of litigation (except as described in (ii));
      or
      (ii) such expenses or liabilities (including taxes and penalties) are
      attributable to the negligence or willful misconduct of the Securities
      Administrator in fulfilling its duties hereunder (including its duties as tax
      return preparer). The Securities Administrator shall be entitled to
      reimbursement of expenses to the extent provided in clause (i) above from the
      Certificate Account, provided, however, the Securities Administrator shall
      not
      be entitled to reimbursement for expenses incurred in connection with the
      preparation of tax returns and other reports as required by Section 6.20 and
      this Section.

     

    (d) The
      Securities Administrator shall prepare, the Trustee shall sign and the
      Securities Administrator shall file, all of each REMIC’s
      federal
      and appropriate state tax and information returns as such REMIC’s
      direct
      representative. The expenses of preparing and filing such returns shall be
      borne
      by the Securities Administrator.

     

    (e) The
      Securities Administrator or its designee shall perform on behalf of each REMIC
      all reporting and other tax compliance duties that are the responsibility of
      such REMIC under the Code, the REMIC Provisions, or other compliance guidance
      issued by the Internal Revenue Service or any state or local taxing authority.
      Among its other duties, if required by the Code, the REMIC Provisions, or other
      such guidance, the Securities Administrator shall provide (i) to the Treasury
      or
      other governmental authority such information as is necessary for the
      application of any tax relating to the transfer of a Residual Certificate to
      any
      disqualified person or organization pursuant to Treasury Regulation
      1.860E-2(a)(5) and any person designated in Section 860E(e)(3) of the Code
      and
      (ii) to the Certificateholders such information as is required by the Code
      or
      REMIC Provisions.

     

    
      
        
        

      

      
        175

        
          

        

      

      
        
        

      

    

     

    The
      Securities Administrator shall be entitled to receive reasonable compensation
      from the Trust for the performance of its duties under this subsection (e);
      provided,
      however,
      that
      such compensation shall not exceed $5,000 per year.

     

    (f) The
      Trustee, the Securities Administrator, the Master Servicer and the Holders
      of
      Certificates shall take any action or cause any REMIC to take any action
      necessary to create or maintain the status of any REMIC as a REMIC under the
      REMIC Provisions and shall assist each other as necessary to create or maintain
      such status. Neither the Trustee, the Securities Administrator, the Master
      Servicer nor the Holder of any Residual Certificate shall knowingly take any
      action, cause any REMIC to take any action or fail to take (or fail to cause
      to
      be taken) any action that, under the REMIC Provisions, if taken or not taken,
      as
      the case may be, could result in an Adverse REMIC Event unless the Trustee,
      the
      Securities Administrator, any NIMS Insurer and the Master Servicer have received
      an Opinion of Counsel addressed to the Trustee (at the expense of the party
      seeking to take such action) to the effect that the contemplated action will
      not
      result in an Adverse REMIC Event. In addition, prior to taking any action with
      respect to any REMIC or the assets therein, or causing any REMIC to take any
      action, which is not expressly permitted under the terms of this Agreement,
      any
      Holder of a Residual Certificate will consult with the Trustee, the Securities
      Administrator, the Master Servicer, any NIMS Insurer or their respective
      designees, in writing, with respect to whether such action could cause an
      Adverse REMIC Event to occur with respect to any REMIC, and no such Person
      shall
      take any such action or cause any REMIC to take any such action as to which
      the
      Trustee, the Securities Administrator, the Master Servicer or any NIMS Insurer
      has advised it in writing that an Adverse REMIC Event could occur.

     

    (g) Each
      Holder of a Residual Certificate shall pay when due any and all taxes imposed
      on
      the related REMIC by federal or state governmental authorities. To the extent
      that such taxes are not paid by a Residual Certificateholder, the Securities
      Administrator shall pay any remaining REMIC taxes out of current or future
      amounts otherwise distributable to the Holder of the Residual Certificate in
      any
      such REMIC or, if no such amounts are available, out of other amounts held
      in
      the Certificate Account, and shall reduce amounts otherwise payable to holders
      of regular interests in any such REMIC, as the case may be.

     

    (h) The
      Securities Administrator shall, for federal income tax purposes, maintain books
      and records with respect to each REMIC on a calendar year and on an accrual
      basis.

     

    (i) No
      additional contributions of assets shall be made to any REMIC, except as
      expressly provided in this Agreement.

     

    (j) Neither
      the Securities Administrator nor the Master Servicer shall enter into any
      arrangement by which any REMIC will receive a fee or other compensation for
      services.

     

    
      
        
        

      

      
        176

        
          

        

      

      
        
        

      

    

     

    (k) On
      or
      before October 15 of each calendar year beginning in 2007, the Securities
      Administrator shall deliver to the Trustee and any NIMS Insurer an
      Officer’s
      Certificate stating, without regard to any actions taken by any party other
      than
      the Securities Administrator, the Securities Administrator’s
      compliance with provisions of this Section 10.01. 

     

    (l) The
      Securities Administrator shall treat each of the Basis Risk Reserve Fund, the
      Final Maturity Reserve Trust and the Supplemental Interest Trust as an outside
      reserve fund within the meaning of Treasury Regulation Section 1.860G-2(h)
      that
      is owned by the Holders of the Class X Certificates and that is not an asset
      of
      any REMIC and all amounts deposited into the Basis Risk Reserve Fund, the Final
      Maturity Reserve Trust or the Supplemental Interest Trust shall be treated
      as
      amounts distributed to the Class X Certificateholders. 

     

    (m) For
      federal income tax purposes, upon any sale of the property held by the Trust
      Fund pursuant to Section 7.01(b), any NIM Redemption Amount paid by the Master
      Servicer shall not be treated as a portion of the purchase price paid for such
      property but shall instead be treated as an amount paid by the Master Servicer
      to the Holder of the Class X Certificates in exchange for an interest in the
      Class X Certificates immediately before the purchase of the property held by
      the
      Trust Fund.

     

    (n) The
      Securities Administrator shall treat the beneficial owners of Certificates
      (other than the Class P, Class X, Class LT-R and Class R Certificates) as having
      entered into a notional principal contract with respect to the beneficial owners
      of the Class X Certificates. Pursuant to each such notional principal contract,
      all beneficial owners of LIBOR Certificates shall be treated as having agreed
      to
      pay, on each Distribution Date, to the beneficial owners of the Class X
      Certificates an aggregate amount equal to the excess, if any, of (i) the amount
      payable on such Distribution Date on the interest in the Upper Tier REMIC
      corresponding to such Class of Certificates over (ii) the amount payable on
      such
      Class of Certificates on such Distribution Date (such excess, a “Class
      I
      Shortfall”).
      A
      Class I Shortfall payable from interest collections shall be allocated to each
      Class of Certificates to the extent that interest accrued on such Class for
      the
      related Accrual Period at the Certificate Interest Rate for a Class, computed
      by
      substituting “REMIC
      3
      Net Funds Cap”
      for the
      applicable “Net
      Funds
      Cap”
      in the
      definition thereof, exceeds the amount of interest accrued for the related
      Accrual Period based on the applicable Net Funds Cap, and a Class I Shortfall
      payable from principal collections shall be allocated to the most subordinate
      Class of Certificates with an outstanding principal balance to the extent of
      such balance. In addition, pursuant to such notional principal contract, the
      beneficial owner of the Class X Certificates shall be treated as having agreed
      to pay Basis Risk Shortfalls and Unpaid Basis Risk Shortfalls to the Owners
      of
      the LIBOR Certificates in accordance with the terms of this Agreement. Any
      payments to the Certificates in light of the foregoing shall not be payments
      with respect to a “regular
      interest”
      in a
      REMIC within the meaning of Code Section 860G(a)(1). However, any payment from
      the Certificates of a Class I Shortfall shall be treated for tax purposes as
      having been received by the beneficial owners of such Certificates in respect
      of
      their Interests in the Upper Tier REMIC and as having been paid by such
      beneficial owners to the Supplemental Interest Trust pursuant to the notional
      principal contract. Thus, each Certificate (other than a Class P, Class R and
      Class LT-R Certificates) shall be treated as representing not only ownership
      of
      regular interests in the Upper Tier REMIC, but also ownership of an interest
      in
      (and obligations with respect to) a notional principal contract. For tax
      purposes, the notional principal contract shall be deemed to have a value in
      favor of the Certificates entitled to receive Basis Risk Shortfalls and Unpaid
      Basis Risk Shortfalls of $39,924.39 as of the Closing Date.

     

    
      
        
        

      

      
        177

        
          

        

      

      
        
        

      

    

     

    (o) Notwithstanding
      the priority and sources of payments set forth in Article V hereof or otherwise,
      the Securities Administrator shall account for all distributions on the
      Certificates as set forth in this Section 10.01. In no event shall any payments
      of Basis Risk Shortfalls or Unpaid Basis Risk Shortfalls provided for in this
      Section 10.01 be treated as payments with respect to a “regular
      interest”
      in a
      REMIC within the meaning of Code Section 860G(a)(1).

     

    Section
      10.02. Prohibited
      Transactions and Activities. 

     

    Neither
      the Depositor, the Master Servicer nor the Trustee shall sell, dispose of,
      or
      substitute for any of the Mortgage Loans, except in a disposition pursuant
      to
      (i) the foreclosure of a Mortgage Loan, (ii) the bankruptcy of the Trust Fund,
      (iii) the termination of each REMIC pursuant to Article VII of this Agreement,
      (iv) a substitution pursuant to Article II of this Agreement or (v) a repurchase
      of Mortgage Loans pursuant to Article II of this Agreement, nor acquire any
      assets for any REMIC, nor sell or dispose of any investments in the Certificate
      Account for gain, nor accept any contributions to any REMIC after the Closing
      Date, unless the Trustee and any NIMS Insurer has received an Opinion of Counsel
      addressed to the Trustee (at the expense of the party causing such sale,
      disposition, or substitution) that such disposition, acquisition, substitution,
      or acceptance will not (a) result in an Adverse REMIC Event, (b) affect the
      distribution of interest or principal on the Certificates or (c) result in
      the
      encumbrance of the assets transferred or assigned to the Trust Fund (except
      pursuant to the provisions of this Agreement).

     

    Section
      10.03. Indemnification
      with Respect to Certain Taxes and Loss of REMIC Status. 

     

    Upon
      the
      occurrence of an Adverse REMIC Event due to the negligent performance by the
      Trustee or the Securities Administrator, as applicable, of its duties and
      obligations set forth herein, the Trustee or the Securities Administrator,
      as
      applicable, shall indemnify any NIMS Insurer, the Holder of the related Residual
      Certificate or the Trust Fund, as applicable, against any and all losses,
      claims, damages, liabilities or expenses (“Losses”)
      resulting solely from such negligence; provided,
      however,
      that
      neither the Trustee nor the Securities Administrator shall be liable for any
      such Losses attributable to the action or inaction of the Master Servicer,
      the
      Depositor, the Class X Certificateholders, the Holder of such Residual
      Certificate or the Securities Administrator (with regard to the Trustee), as
      applicable, nor for any such Losses resulting from misinformation provided
      by
      the Holder of such Residual Certificate on which the Securities Administrator
      has relied. The foregoing shall not be deemed to limit or restrict the rights
      and remedies of the Holder of such Residual Certificate now or hereafter
      existing at law or in equity. Notwithstanding the foregoing, however, in no
      event shall the Trustee or the Securities Administrator, as applicable, have
      any
      liability (1) for any action or omission that is taken in accordance with and
      in
      compliance with the express terms of, or which is expressly permitted by the
      terms of, this Agreement or any Servicing Agreement, (2) for any Losses other
      than arising out of a negligent performance by the Trustee or the Securities
      Administrator, as applicable, of its duties and obligations set forth herein,
      and (3) for any special or consequential damages to Certificateholders (in
      addition to payment of principal and interest on the Certificates); provided,
      however,
      that
      this sentence shall not apply in connection with any failure by the Securities
      Administrator to comply with the provisions of Subsections 6.01(l) hereof and
      Subsections 9.25(a) or (b) hereof. In addition, neither the Trustee nor the
      Securities Administrator shall have any liability for the actions or failure
      to
      act of the other.

     

    
      
        
        

      

      
        178

        
          

        

      

      
        
        

      

    

     

    Section
      10.04. REO
      Property. 

     

    (a) Notwithstanding
      any other provision of this Agreement, the Master Servicer, acting on behalf
      of
      the Trustee hereunder, shall not, except to the extent provided in the
      applicable Servicing Agreement, knowingly permit any Servicer to, rent, lease,
      or otherwise earn income on behalf of any REMIC with respect to any REO Property
      which might cause an Adverse REMIC Event unless the Master Servicer has advised,
      or has caused the applicable Servicer to advise, the Trustee and any NIMS
      Insurer in writing to the effect that, under the REMIC Provisions, such action
      would not result in an Adverse REMIC Event.

     

    (b) The
      Master Servicer shall cause the applicable Servicer (to the extent provided
      in
      its Servicing Agreement) to make reasonable efforts to sell any REO Property
      for
      its fair market value. In any event, however, the Master Servicer shall, or
      shall cause the applicable Servicer (to the extent provided in its Servicing
      Agreement) to, dispose of any REO Property within three years of its acquisition
      by the Trust Fund unless the Master Servicer has received a grant of extension
      from the Internal Revenue Service to the effect that, under the REMIC
      Provisions, the REMIC may hold REO Property for a longer period without causing
      an Adverse REMIC Event. If the Master Servicer has received such an extension,
      then the Master Servicer, acting on the Trustee’s
      behalf
      hereunder, shall, or shall cause the applicable Servicer to, continue to attempt
      to sell the REO Property for its fair market value for such period longer than
      three years as such extension permits (the “Extended
      Period”).
      If the
      Master Servicer has not received such an extension and the Master Servicer
      or
      the applicable Servicer, acting on behalf of the Trustee hereunder, is unable
      to
      sell the REO Property within 33 months after its acquisition by the Trust Fund
      or if the Master Servicer has received such an extension, and the Master
      Servicer or the applicable Servicer is unable to sell the REO Property within
      the period ending three months before the close of the Extended Period, the
      Master Servicer shall cause the applicable Servicer, before the end of the
      three
      year period or the Extended Period, as applicable, to (i) purchase such REO
      Property at a price equal to the REO Property’s
      fair
      market value or (ii) auction the REO Property to the highest bidder (which
      may
      be the applicable Servicer) in an auction reasonably designed to produce a
      fair
      price prior to the expiration of the three-year period or the Extended Period,
      as the case may be.

     

    ARTICLE
      XI

     

    MISCELLANEOUS
      PROVISIONS

     

    Section
      11.01. Binding
      Nature of Agreement; Assignment. 

     

    This
      Agreement shall be binding upon and inure to the benefit of the parties hereto
      and their respective successors and permitted assigns.

     

    
      
        
        

      

      
        179

        
          

        

      

      
        
        

      

    

     

    Section
      11.02. Entire
      Agreement. 

     

    This
      Agreement contains the entire agreement and understanding among the parties
      hereto with respect to the subject matter hereof, and supersedes all prior
      and
      contemporaneous agreements, understandings, inducements and conditions, express
      or implied, oral or written, of any nature whatsoever with respect to the
      subject matter hereof. The express terms hereof control and supersede any course
      of performance and/or usage of the trade inconsistent with any of the terms
      hereof.

     

    Section
      11.03. Amendment.  

     

    (a) On
      or
      prior to a Section 7.01(c) Purchase Event, this Agreement may be amended from
      time to time by the Depositor, the Master Servicer, the Securities
      Administrator, and the Trustee, with the consent of any NIMS Insurer, but
      without the consent of the Credit Risk Manager or the Swap Counterparty (except
      to the extent that the rights or obligations of (1) the Credit Risk Manager
      or
      the Swap Counterparty hereunder or (2) the Swap Counterparty under the Swap
      Agreement are affected thereby, and except to the extent the ability of the
      Trustee on behalf of the Supplemental Interest Trust and the Trust Fund to
      perform fully and timely its obligations under the Swap Agreement is adversely
      affected, in which case prior written consent of the Swap Counterparty is
      required) and without notice to or the consent of any of the Holders, (i) to
      cure any ambiguity, (ii) to cause the provisions herein to conform to or be
      consistent with or in furtherance of the statements made with respect to the
      Certificates, the Trust Fund or this Agreement in any Offering Document, or
      to
      correct or supplement any provision herein which may be inconsistent with any
      other provisions herein or with the provisions of any Servicing Agreement,
      (iii)
      to make any other provisions with respect to matters or questions arising under
      this Agreement or (iv) to add, delete, or amend any provisions to the extent
      necessary or desirable to comply with any requirements imposed by the Code
      and
      the REMIC Provisions as evidenced by an Opinion of Counsel. No such amendment
      effected pursuant to the preceding sentence shall, as evidenced by an Opinion
      of
      Counsel, result in an Adverse REMIC Event, nor shall such amendment effected
      pursuant to clause (iii) of such sentence adversely affect in any material
      respect the interests of any Holder. Prior to entering into any amendment
      without the consent of Holders pursuant to this paragraph, the Trustee, the
      Securities Administrator, any NIMS Insurer and the Swap Counterparty shall
      be
      provided with an Opinion of Counsel addressed to the Trustee, the Securities
      Administrator, any NIMS Insurer and the Swap Counterparty (at the expense of
      the
      party requesting such amendment) to the effect that such amendment is permitted
      under this Section. Any such amendment shall be deemed not to adversely affect
      in any material respect any Holder, if the Trustee and the Securities
      Administrator receive written confirmation from each Rating Agency that such
      amendment will not cause such Rating Agency to reduce the then current rating
      assigned to the Certificates.

     

    
      
        
        

      

      
        180

        
          

        

      

      
        
        

      

    

     

    (b) On
      or
      prior to a Section 7.01(c) Purchase Event, this Agreement may also be amended
      from time to time by the Depositor, the Master Servicer, the Securities
      Administrator and the Trustee, with the consent of any NIMS Insurer, but without
      the consent of the Credit Risk Manager or the Swap Counterparty (except to
      the
      extent that the rights or obligations of (1) the Credit Risk Manager or the
      Swap
      Counterparty hereunder or (2) the Swap Counterparty under the Swap Agreement
      are
      affected thereby, or the ability of the Trustee on behalf of the Supplemental
      Interest Trust and the Trust Fund to perform fully and timely its obligations
      under the Swap Agreement is adversely affected, in which case prior written
      consent of the Swap Counterparty is required) and with the consent of the
      Holders of not less than 66-2/3% of the Class Principal Amount (or Percentage
      Interest) of each Class of Certificates affected thereby for the purpose of
      adding any provisions to or changing in any manner or eliminating any of the
      provisions of this Agreement or of modifying in any manner the rights of the
      Holders; provided, however, that no such amendment shall be made unless the
      Trustee, the Securities Administrator and any NIMS Insurer receives an Opinion
      of Counsel addressed to the Trustee and the NIMS Insurer, at the expense of
      the
      party requesting the change, that such change will not cause an Adverse REMIC
      Event; and provided further, that no such amendment may (i) reduce in any manner
      the amount of, or delay the timing of, payments received on Mortgage Loans
      which
      are required to be distributed on any Certificate, without the consent of the
      Holder of such Certificate or (ii) reduce the aforesaid percentages of Class
      Principal Amount (or Percentage Interest) of Certificates of each Class, the
      Holders of which are required to consent to any such amendment without the
      consent of the Holders of 100% of the Class Principal Amount (or Percentage
      Interest) of each Class of Certificates affected thereby. For purposes of this
      paragraph, references to “Holder”
      or
“Holders”
      shall be
      deemed to include, in the case of any Class of Book-Entry Certificates, the
      related Certificate Owners.

     

    (c) After
      a
      Section 7.01(c) Purchase Event but on or prior to a Trust Fund Termination
      Event, this Agreement may be amended from time to time by the Depositor, the
      Master Servicer, the Securities Administrator, the LTURI-holder and the Trustee,
      but without the consent of the Credit Risk Manager, the Cap Counterparty or
      the
      Swap Counterparty (except to the extent that the rights or obligations of (1)
      the Credit Risk Manager, the Cap Counterparty or the Swap Counterparty hereunder
      or (2) the Cap Counterparty or the Swap Counterparty under the Interest Rate
      Cap
      Agreement or the Swap Agreement, respectively, or the ability of the Trustee
      on
      behalf of the Supplemental Interest Trust and the Trust Fund to perform fully
      and timely its obligations under the Interest Rate Cap Agreement or the Swap
      Agreement, as applicable, is adversely affected, in which case prior written
      consent of the Credit Risk Manager, the Cap Counterparty or the Swap
      Counterparty, as applicable, is required). Prior to entering into any amendment
      without the consent of Holders pursuant to this paragraph, the Trustee, the
      Securities Administrator and the Swap Counterparty shall be provided with an
      Opinion of Counsel addressed to the Trustee, the Securities Administrator,
      any
      NIMS Insurer and the Swap Counterparty (at the expense of the party requesting
      such amendment) to the effect that such amendment is permitted under this
      Section and will not result in an Adverse REMIC Event.

     

    (d) Promptly
      after the execution of any such amendment, the Securities Administrator shall
      furnish written notification of the substance of such amendment to each Holder,
      the Depositor, the Swap Counterparty, the Cap Counterparty any NIMS Insurer
      and
      to the Rating Agencies.

     

    (e) It
      shall
      not be necessary for the consent of Holders under this Section 11.03 to approve
      the particular form of any proposed amendment, but it shall be sufficient if
      such consent shall approve the substance thereof. The manner of obtaining such
      consents and of evidencing the authorization of the execution thereof by Holders
      shall be subject to such reasonable regulations as the Securities Administrator
      may prescribe. 

     

    
      
        
        

      

      
        181

        
          

        

      

      
        
        

      

    

     

    (f) Notwithstanding
      anything to the contrary in any Servicing Agreement, the Trustee shall not
      consent to any amendment of any Servicing Agreement unless (i) such amendment
      is
      effected pursuant to the standards provided in Section 11.03(a) or 11.03(b)
      with
      respect to amendment of this Agreement and (ii) except for a Permitted Servicing
      Amendment, any such amendment pursuant to Section 11.03(a)(iii) shall not be
      materially inconsistent with the provisions of such Servicing
      Agreement.

     

    (g) Notwithstanding
      anything to the contrary in this Section 11.03, this Agreement may be amended
      from time to time by the Depositor, the Master Servicer, the Securities
      Administrator and the Trustee to the extent necessary, in the judgment of the
      Depositor and its counsel, to comply with the Rules.

     

    Section
      11.04. Voting
      Rights.

     

    Except
      to
      the extent that the consent of all affected Certificateholders is required
      pursuant to this Agreement, with respect to any provision of this Agreement
      requiring the consent of Certificateholders representing specified percentages
      of aggregate outstanding Certificate Principal Amount (or Percentage Interest),
      Certificates owned by the Depositor, the Master Servicer, the Securities
      Administrator, the Trustee, any Servicer, the Credit Risk Manager or Affiliates
      thereof are not to be counted so long as such Certificates are owned by the
      Depositor, the Master Servicer, the Securities Administrator, the Trustee,
      any
      Servicer, the Credit Risk Manager or any Affiliate thereof.

     

    Section
      11.05. Provision
      of Information. 

     

    (a) For
      so
      long as any of the Certificates of any Series or Class are “restricted
      securities”
      within
      the meaning of Rule 144(a)(3) under the Act, each of the Depositor, the Master
      Servicer and the Securities Administrator agree to cooperate with each other
      to
      provide to any Certificateholders, any NIM Note holder and to any prospective
      purchaser of Certificates designated by such holder, upon the request of such
      holder or prospective purchaser, any information required to be provided to
      such
      holder or prospective purchaser to satisfy the condition set forth in Rule
      144A(d)(4) under the Act. Any reasonable, out-of-pocket expenses incurred by
      the
      Master Servicer or the Securities Administrator in providing such information
      shall be reimbursed by the Depositor.

     

    (b) The
      Securities Administrator shall provide to any person to whom a Prospectus was
      delivered, upon the request of such person specifying the document or documents
      requested, (i) a copy (excluding exhibits) of any report on Form 8-K or Form
      10-K filed with the Securities and Exchange Commission pursuant to Section
      6.20(c) and (ii) a copy of any other document incorporated by reference in
      the
      Prospectus. Any reasonable out-of-pocket expenses incurred by the Securities
      Administrator in providing copies of such documents shall be reimbursed by
      the
      Depositor.

     

    (c) On
      each
      Distribution Date, the Securities Administrator shall deliver or cause to be
      delivered by first class mail or make available on its website to the Depositor,
      Attention: Contract Finance, a copy of the report delivered to
      Certificateholders pursuant to Section 4.03.

     

    
      
        
        

      

      
        182

        
          

        

      

      
        
        

      

    

     

    Section
      11.06. Governing
      Law. 

     

    THIS
      AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF
      THE
      STATE OF NEW YORK, WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS (OTHER
      THAN SECTION 5-1401 OF THE GENERAL OBLIGATIONS LAW), AND THE OBLIGATIONS, RIGHTS
      AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH
      SUCH LAWS.

     

    Section
      11.07. Notices. 

     

    All
      demands, notices and communications hereunder shall be in writing and shall
      be
      deemed to have been duly given when received by (a) in the case of the
      Depositor, Structured Asset Securities Corporation, 745 Seventh Avenue, 7th
      Floor, New York, NY 10019, Attention: Mortgage Finance SASCO 2006-BC5,
      (b) in the case of the Seller, Lehman Brothers Holdings Inc., 745 Seventh
      Avenue, 7th Floor, New York, NY 10019, Attention: Mortgage Finance SASCO
      2006-BC5, (c) in the case of the Credit Risk Manager, Risk Management
      Group, 60 Sackett St. - Suite 5, Brooklyn, NY 11231, (d) in the case of the
      Trustee, One Federal Street, 3rd
      Floor,
      Boston, Massachusetts 02110, Attention: Structured Finance - SASCO 2006-BC5,
      (e)
      in the case of the Master Servicer, Wells Fargo Bank, N.A., P.O. Box 98,
      Columbia, Maryland 21046, and for overnight deliveries 9062 Old Annapolis Rd.,
      Columbia, Maryland 21045, Attention: SASCO 2006-BC5, telecopy number
      410-715-2380, (f) in the case of the Securities Administrator, Wells Fargo
      Bank,
      N.A., P.O. Box 98, Columbia, Maryland 21046, and for overnight deliveries 9062
      Old Annapolis Rd., Columbia, Maryland 21045, Attention: SASCO 2006-BC5, telecopy
      number 410-715-2380, (g) in the case of Mortgage Guaranty Insurance Corporation,
      250 E. Kilbourn Avenue, P.O. Box 488, Milwaukee, Wisconsin 53201, Attention:
      Risk Management, (h) in the case of PMI Mortgage Insurance Co., 3003 Oak Road,
      Walnut Creek, California 94597, Attention: Structured Transactions and (i)
      in
      the case of the Cap Counterparty or the Swap Counterparty, at the address
      therefore set forth in the Interest Rate Cap Agreement and Swap Agreement,
      respectively, or, as to each party, such other address as may hereafter be
      furnished by such party to the other parties in writing. All demands, notices
      and communications to a party hereunder shall be in writing and shall be deemed
      to have been duly given when delivered to such party at the relevant address,
      facsimile number or electronic mail address set forth above or at such other
      address, facsimile number or electronic mail address as such party may designate
      from time to time by written notice in accordance with this Section
      11.07.

     

    Section
      11.08. Severability
      of Provisions. 

     

    If
      any
      one or more of the covenants, agreements, provisions or terms of this Agreement
      shall be for any reason whatsoever held invalid, then such covenants,
      agreements, provisions or terms shall be deemed severable from the remaining
      covenants, agreements, provisions or terms of this Agreement and shall in no
      way
      affect the validity or enforceability of the other provisions of this Agreement
      or of the Certificates or the rights of the Holders thereof.

     

    
      
        
        

      

      
        183

        
          

        

      

      
        
        

      

    

     

    Section
      11.09. Indulgences;
      No Waivers. 

     

    Neither
      the failure nor any delay on the part of a party to exercise any right, remedy,
      power or privilege under this Agreement shall operate as a waiver thereof,
      nor
      shall any single or partial exercise of any right, remedy, power or privilege
      preclude any other or further exercise of the same or of any other right,
      remedy, power or privilege, nor shall any waiver of any right, remedy, power
      or
      privilege with respect to any occurrence be construed as a waiver of such right,
      remedy, power or privilege with respect to any other occurrence. No waiver
      shall
      be effective unless it is in writing and is signed by the party asserted to
      have
      granted such waiver.

     

    Section
      11.10. Headings
      Not To Affect Interpretation. 

     

    The
      headings contained in this Agreement are for convenience of reference only,
      and
      they shall not be used in the interpretation hereof.

     

    Section
      11.11. Benefits
      of Agreement.

     

    
      The
        Depositor shall promptly notify the Custodian and the Trustee in writing
        of the
        issuance of any Class of NIMS Securities issued by a NIMS Insurer and the
        identity of such NIMS Insurer. Thereafter, the NIMS Insurer shall be deemed
        a
        third-party beneficiary of this Agreement to the same extent as if it were
        a
        party hereto, and shall be subject to and have the right to enforce the
        provisions of this Agreement so long as the NIMS Securities remaining
        outstanding or the NIMS Insurer is owed amounts in respect of its guarantee
        of
        payment of such NIMS Securities. The holder of NIM Residual Securities shall
        be
        deemed a third party beneficiary of this Agreement solely for purposes of
        Section 7.01(d) of this Agreement. Nothing in this Agreement or in the
        Certificates, express or implied, shall give to any Person, other than the
        parties to this Agreement and their successors hereunder, the Swap Counterparty
        and its successors and assignees under the Swap Agreement, the Holders of
        the
        Certificates and the NIMS Insurer, any benefit or any legal or equitable
        right,
        power, remedy or claim under this Agreement, except to the extent specified
        in
        Sections 5.08 and Section 11.15, as applicable.

       

      Section
        11.12. Special
        Notices to the Rating Agencies and any NIMS Insurer.

    

     

    (a) The
      Depositor shall give prompt notice to the Rating Agencies and any NIMS Insurer
      of the occurrence of any of the following events of which it has
      notice:

     

    (i) any
      amendment to this Agreement pursuant to Section 11.03;

     

    (ii) any
      Assignment by the Master Servicer of its rights hereunder or delegation of
      its
      duties hereunder;

     

    (iii) the
      occurrence of any Event of Default described in Section 6.14;

     

    (iv) any
      notice of termination given to the Master Servicer pursuant to Section 6.14
      and
      any resignation of the Master Servicer hereunder;

     

    (v) the
      appointment of any successor to any Master Servicer pursuant to Section
      6.14;

     

    
      
        
        

      

      
        184

        
          

        

      

      
        
        

      

    

     

    (vi) the
      making of a final payment pursuant to Section 7.02; and

     

    (vii) any
      termination of the rights and obligations of any Servicer under the applicable
      Servicing Agreement.

     

    (b) All
      notices to the Rating Agencies provided for this Section shall be in writing
      and
      sent by first class mail, telecopy or overnight courier, as
      follows:

    

    If
      to
      S&P, to:

     

    Standard
      & Poor’s
      Ratings
      Services

    55
      Water
      Street

    New
      York,
      New York 10041

    Attention:
      Residential Mortgages

    

    If
      to
      Moody’s,
      to:

    
Moody’s
      Investor Service, Inc.

    99
      Church
      Street

    New
      York,
      New York 10007

    Attention:
      Residential Mortgages

     

    If
      to
      Fitch, to:

    

    Fitch,
      Inc.

    One
      State
      Street Plaza

    New
      York,
      New York 10004

    Attention:
      Residential Mortgages

    

    (c) The
      Securities Administrator shall provide or make available to the Rating Agencies
      reports prepared pursuant to Section 4.03. In addition, the Securities
      Administrator shall, at the expense of the Trust Fund, make available to each
      Rating Agency such information as such Rating Agency may reasonably request
      regarding the Certificates or the Trust Fund, to the extent that such
      information is reasonably available to the Securities
      Administrator.

     

    Section
      11.13. Conflicts. 

     

    To
      the
      extent that the terms of this Agreement conflict with the terms of any Servicing
      Agreement, the related Servicing Agreement shall govern, unless such provisions
      shall adversely affect the Trustee or the Trust Fund.

     

    Section
      11.14. Counterparts. 

     

    This
      Agreement may be executed in one or more counterparts, each of which shall
      be
      deemed to be an original, and all of which together shall constitute one and
      the
      same instrument.

     

    
      
        
        

      

      
        185

        
          

        

      

      
        
        

      

    

     

    Section
      11.15. Transfer
      of Servicing. 

     

    The
      Seller agrees that it shall provide written notice to the Master Servicer,
      the
      Securities Administrator, the Swap Counterparty, any NIMS Insurer and the
      Trustee thirty days prior to any proposed transfer or assignment by such Seller
      of its rights under any Servicing Agreement or of the servicing thereunder
      or
      delegation of its rights or duties thereunder or any portion thereof to any
      other Person other than the initial Servicer under such Servicing Agreement;
      provided that the Seller shall not be required to provide prior notice of
      (i) any transfer of servicing that occurs within three months following the
      Closing Date to an entity that is a Servicer on the Closing Date or
      (ii) any assignment of any Servicing rights from one Seller to the other
      Seller. In addition, the ability of the Seller to transfer or assign its rights
      and delegate its duties under a Servicing Agreement or to transfer the servicing
      thereunder to a successor servicer shall be subject to the following
      conditions:

     

    (i) satisfaction
      of the conditions to such transfer as set forth in the applicable Servicing
      Agreement including, without limitation, receipt of written consent of any
      NIMS
      Insurer and the Master Servicer to such transfer;

     

    (ii) Such
      successor servicer must be qualified to service loans for Fannie Mae or Freddie
      Mac, and must be a member in good standing of MERS;

     

    (iii) Such
      successor servicer must satisfy the seller/servicer eligibility standards in
      the
      applicable Servicing Agreement, exclusive of any experience in mortgage loan
      origination;

     

    (iv) Such
      successor servicer must execute and deliver to the Trustee and the Master
      Servicer an agreement, in form and substance reasonably satisfactory to the
      Trustee and the Master Servicer, that contains an assumption by such successor
      servicer of the due and punctual performance and observance of each covenant
      and
      condition to be performed and observed by the applicable Servicer under the
      applicable Servicing Agreement or, in the case of a transfer of servicing to
      a
      party that is already a Servicer pursuant to this Agreement, an agreement to
      add
      the related Mortgage Loans to the Servicing Agreement already in effect with
      such Servicer;

     

    (v) If
      the
      successor servicer is not a Servicer of Mortgage Loans at the time of the
      transfer, there must be delivered to the Trustee and the Master Servicer a
      letter from each Rating Agency to the effect that such transfer of servicing
      will not result in a qualification, withdrawal or downgrade of the then-current
      rating of any of the Certificates; and

     

    
      
        
        

      

      
        186

        
          

        

      

      
        
        

      

    

     

    (vi) The
      Seller shall, at its cost and expense, take such steps, or cause the terminated
      Servicer to take such steps, as may be necessary or appropriate to effectuate
      and evidence the transfer of the servicing of the Mortgage Loans to such
      successor servicer, including, but not limited to, the following: (A) to the
      extent required by the terms of the Mortgage Loans and by applicable federal
      and
      state laws and regulations, the Seller shall cause the prior Servicer to timely
      mail to each obligor under a Mortgage Loan any required notices or disclosures
      describing the transfer of servicing of the Mortgage Loans to the successor
      servicer; (B) prior to the effective date of such transfer of servicing, the
      Seller shall cause the prior Servicer to transmit to any related insurer
      notification of such transfer of servicing; (C) on or prior to the effective
      date of such transfer of servicing, the Seller shall cause the prior Servicer
      to
      deliver to the successor servicer all Mortgage Loan Documents and any related
      records or materials; (D) on or prior to the effective date of such transfer
      of
      servicing, the Seller shall cause the prior Servicer to transfer to the
      successor servicer, all funds held by the prior Servicer in respect of the
      Mortgage Loans; (E) on or prior to the effective date of such transfer of
      servicing, the Seller shall cause the prior Servicer to, after the effective
      date of the transfer of servicing to the successor servicer, continue to forward
      to such successor servicer, within one Business Day of receipt, the amount
      of
      any payments or other recoveries received by the prior Servicer, and to notify
      the successor servicer of the source and proper application of each such payment
      or recovery; and (F) the Seller shall cause the prior Servicer to, after the
      effective date of transfer of servicing to the successor servicer, continue
      to
      cooperate with the successor servicer to facilitate such transfer in such manner
      and to such extent as the successor servicer may reasonably request.
      Notwithstanding the foregoing, the prior Servicer shall be obligated to perform
      the items listed above to the extent provided in the applicable Servicing
      Agreement.

     

    
      
        
        

      

      
        187

        
          

        

      

      
        
        

      

    

     

    IN
      WITNESS WHEREOF, the parties hereto have caused their names to be signed hereto
      by their respective officers hereunto duly authorized as of the day and year
      first above written.

     

    
      	 	 	 
	 	
              STRUCTURED
                ASSET SECURITIES

              CORPORATION,
                as Depositor

            
	 
 	 
 	 
 
	 	By:  	/s/ Ellen
              V.
              Kiernan 
	
               

            	
              
Name:
              Ellen V. Kiernan
              Title:
                Senior Vice President 

            

    

     

    
      	 	 	 
	 	
              U.S.
                BANK NATIONAL ASSOCIATION, 

              as
                Trustee

            
	 
 	 
 	 
 
	 	By:  	/s/ Diana
              J.
              Kenneally 
	 	
              

              Name:
                Diana J. Kenneally

              Title:
                Assistant Vice President

            

    

     

    
      	 	 	 
	 	
              WELLS
                FARGO BANK, N.A., 

              as
                Master Servicer and Securities Administrator

            
	 
 	 
 	 
 
	 	By:  	/s/ Michael
              Pinzon 
	 	
              

              Name:
                Michael Pinzon

              Title:
                Vice President

            

    

     

    
      	 	 	 
	 	
              RISK
                MANAGEMENT GROUP, LLC,

              as
                Credit Risk Manager

            
	 
 	 
 	 
 
	 	By:  	/s/ John
              Cafiero 
	
               

            	
              
Name:
              John Cafiero
              Title:
                Managing Member

            

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    Solely
      for purposes of Sections 5.07(d), 6.11 and 11.15, 

    accepted
      and agreed to by:

     

    
      	LEHMAN
              BROTHERS
              HOLDINGS INC.	 	 	 
	
               

               

            	 	 	 
	By:
              /s/ Michael C. Hitzmann 	 	 	 
	
              
                

              

              Name:
                Michael C. Hitzmann

              Title:
                Authorized Signatory

            	 	 	
            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      A

     

    FORMS
      OF
      CERTIFICATES

     

    
      
        
        

      

      
        A-1

        
          

        

      

      
        
        

      

    

    

    EXHIBIT
      B-1

     

    FORM
      OF
      INITIAL CERTIFICATION

     

    
      	 	
                                               

            
	 	
              Date

            

    

     

    U.S.
      Bank
      National Association

    One
      Federal Street

    3rd
      Floor

    Boston,
      Massachusetts 02110

    

    Structured
      Asset Securities Corporation

    745
      Seventh Avenue, 7th Floor

    New
      York,
      New York 10019

     

    [SERVICERS]

     

    
      	
            	Re:	
              Trust
                Agreement dated as of November 1, 2006 (the “Trust
                Agreement”),
                by and among Structured Asset Securities Corporation, as Depositor,
                U.S.
                Bank National Association, as Trustee, Wells Fargo Bank, N.A., as
                Master
                Servicer and Securities Administrator, and Risk Management Group,
                LLC, as
                Credit Risk Manager with respect to Structured Asset Securities
                Corporation Mortgage Loan 

              Trust
                Mortgage Pass-Through Certificates, Series 2006-BC5    

            

    

     

    Ladies
      and Gentlemen:

     

    In
      accordance with Section 2.02(a) of the Trust Agreement, subject to review of
      the
      contents thereof, the undersigned, as Custodian, hereby certifies that it has
      received the documents listed in Section 2.01(b) of the Trust Agreement for
      each
      Mortgage File pertaining to each Mortgage Loan listed on Schedule A, to the
      Trust Agreement, subject to any exceptions noted on Schedule I
      hereto.

     

    Capitalized
      words and phrases used herein and not otherwise defined herein shall have the
      respective meanings assigned to them in the Trust Agreement. This Certificate
      is
      subject in all respects to the terms of Section 2.02 of the Trust Agreement
      and
      the Trust Agreement sections cross-referenced therein.

     

    
      	 	 	 
	 	[Custodian]
	 
 	 
 	 
 
	 	By:  	 
	 	
              

              Name:
                

              Title:

            

    

    
       

      
        
          
          

        

        
          B-1-1

          
            

          

        

        
          
          

        

      

       

    

    EXHIBIT
      B-2

     

    FORM
      OF
      INTERIM CERTIFICATION 
       

      
        	 	
                                                 

              
	 	
                Date

              

      

       

    

    U.S.
      Bank
      National Association

    One
      Federal Street

    3rd
      Floor

    Boston,
      Massachusetts 02110

    

    Structured
      Asset Securities Corporation

    745
      Seventh Avenue, 7th Floor

    New
      York,
      New York 10019

     

    [SERVICERS]

     

    
      	
            	Re:	
              Trust
                Agreement dated as of November 1, 2006 (the “Trust
                Agreement”),
                by and among Structured Asset Securities Corporation, as Depositor,
                U.S.
                Bank National Association, as Trustee, Wells Fargo Bank, N.A., as
                Master
                Servicer and Securities Administrator, and Risk Management Group,
                LLC, as
                Credit Risk Manager with respect to Structured Asset Securities
                Corporation Mortgage Loan 

              Trust
                Mortgage Pass-Through Certificates, Series 2006-BC5    

            

    

     

    Ladies
      and Gentlemen:

     

    In
      accordance with Section 2.02(b) of the Trust Agreement, the undersigned, as
      Custodian, hereby certifies that as to each Mortgage Loan listed in the Mortgage
      Loan Schedule (other than any Mortgage Loan paid in full or listed on Schedule
      I
      hereto) it has received the applicable documents listed in Section 2.01(b)
      of
      the Trust Agreement.

     

    The
      undersigned hereby certifies that as to each Mortgage Loan identified on the
      Mortgage Loan Schedule, other than any Mortgage Loan listed on Schedule I
      hereto, it has reviewed the documents listed in Section 2.01(b) of the Trust
      Agreement and has determined that each such document appears regular on its
      face
      and appears to relate to the Mortgage Loan identified in such
      document.

     

    Capitalized
      words and phrases used herein shall have the respective meanings assigned to
      them in the Trust Agreement. This Certificate is qualified in all respects
      by
      the terms of said Trust Agreement including, but not limited to, Section
      2.02(b).

    
       

      
        	 	 	 
	 	[Custodian]
	 
 	 
 	 
 
	 	By:  	 
	 	
                

                Name:
                  

                Title:

              

      

    

     

    
      
        
        

      

      
        B-2-1

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      B-3

     

    FORM
      OF
      FINAL CERTIFICATION 
       

      
        	 	
                                                 

              
	 	
                Date

              

      

       

    

    U.S.
      Bank
      National Association

    One
      Federal Street

    3rd
      Floor

    Boston,
      Massachusetts 02110

    

    Structured
      Asset Securities Corporation

    745
      Seventh Avenue, 7th Floor

    New
      York,
      New York 10019

     

    [SERVICERS]

     

    
      	
            	Re:	
              Trust
                Agreement dated as of November 1, 2006 (the “Trust
                Agreement”),
                by and among Structured Asset Securities Corporation, as Depositor,
                U.S.
                Bank National Association, as Trustee, Wells Fargo Bank, N.A., as
                Master
                Servicer and Securities Administrator, and Risk Management Group,
                LLC, as
                Credit Risk Manager with respect to Structured Asset Securities
                Corporation Mortgage Loan 

              Trust
                Mortgage Pass-Through Certificates, Series 2006-BC5     

            

    

     

    Ladies
      and Gentlemen:

     

    In
      accordance with Section 2.02(d) of the Trust Agreement, the undersigned, as
      Custodian on behalf of the Trustee, hereby certifies that as to each Mortgage
      Loan listed in the Mortgage Loan Schedule (other than any Mortgage Loan paid
      in
      full or listed on Schedule I hereto) it has received the applicable documents
      listed in Section 2.01(b) of the Trust Agreement.

     

    The
      undersigned hereby certifies that as to each Mortgage Loan identified in the
      Mortgage Loan Schedule, other than any Mortgage Loan listed on Schedule I
      hereto, it has reviewed the documents listed in Section 2.01(b) of the Trust
      Agreement and has determined that each such document appears to be complete
      and,
      based on an examination of such documents, the information set forth in items
      (i) through (vi) of the definition of Mortgage Loan Schedule is correct.

     

    Capitalized
      words and phrases used herein shall have the respective meanings assigned to
      them in the Trust Agreement. This Certificate is qualified in all respects
      by
      the terms of said Trust Agreement.

    
      
         

        
          	 	 	 
	 	[Custodian]
	 
 	 
 	 
 
	 	By:  	 
	 	
                  

                  Name:
                    

                  Title:

                

        

      

       

    

    
      
        
        

      

      
        B-3-1

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      B-4

     

    FORM
      OF
      ENDORSEMENT

     

    Pay
      to
      the order of U.S. Bank National Association, as trustee (the “Trustee”)
      under
      the Trust Agreement dated as of November 1, 2006 by and among Structured Asset
      Securities Corporation, as Depositor, the Trustee, Wells Fargo Bank, N.A.,
      as
      Master Servicer and Securities Administrator, and Risk Management Group, LLC,
      as
      Credit Risk Manager relating to Structured Asset Securities Corporation Mortgage
      Loan Trust Mortgage Pass-Through Certificates, Series 2006-BC5, without
      recourse.

     

    
      	 	 	 
	 	
              
                

              

              [current
                signatory
                on note]

            
	 
 	 
 	 
 
	 	By:  	 
	 	
              

              Name:

              Title:

            

    

     

    
      
        
        

      

      
        B-4-1

        
          

        

      

      
        
        

      

    

    EXHIBIT
      C

     

    REQUEST
      FOR RELEASE OF DOCUMENTS AND RECEIPT

     

                                   

    Date

     

    [Addressed
      to Trustee

    or,
      if
      applicable, the Custodian]

     

    In
      connection with the administration of the mortgages held by you as Trustee
      under
      a certain Trust Agreement dated as of November 1, 2006 by and among Structured
      Asset Securities Corporation, as Depositor, you, as Trustee, Wells Fargo Bank,
      N.A., as Master Servicer and Securities Administrator, and Risk Management
      Group, LLC, as Credit Risk Manager, (the “Trust
      Agreement”),
      the
      undersigned Servicer hereby requests a release of the Mortgage File held by
      you
      as Trustee with respect to the following described Mortgage Loan for the reason
      indicated below.

     

    Mortgagor’s
      Name:

     

    Address:

     

    Loan
      No.:

     

    Reason
      for requesting file:

     

    1. Mortgage
      Loan paid in full. (The Servicer hereby certifies that all amounts received
      in
      connection with the loan have been or will be credited to the Certificate
      Account pursuant to the Trust Agreement.)

     

    2. The
      Mortgage Loan is being foreclosed.

     

    3. Mortgage
      Loan substituted. (The Servicer hereby certifies that a Qualifying Substitute
      Mortgage Loan has been assigned and delivered to you along with the related
      Mortgage File pursuant to the Trust Agreement.)

     

    4. Mortgage
      Loan repurchased. (The Servicer hereby certifies that the Purchase Price or
      PPTL
      Purchase Price (in the case of a First Payment Default Mortgage Loan) has been
      credited to the Certificate Account pursuant to the Trust
      Agreement.)

     

    5. Other.
      (Describe)

     

    The
      undersigned acknowledges that the above Mortgage File will be held by the
      undersigned in accordance with the provisions of the Trust Agreement and will
      be
      returned to you within ten (10) days of our receipt of the Mortgage File, except
      if the Mortgage Loan has been paid in full, or repurchased or substituted for
      a
      Qualifying Substitute Mortgage Loan (in which case the Mortgage File will be
      retained by us permanently) and except if the Mortgage Loan is being foreclosed
      (in which case the Mortgage File will be returned when no longer required by
      us
      for such purpose).

     

    
      
        
        

      

      
        C-1

        
          

        

      

      
        
        

      

       

    

    Capitalized
      terms used herein shall have the meanings ascribed to them in the Trust
      Agreement.

     

    
      	 	 	    
              
	 	
              [Name
                of
                Servicer]

            
	 
 	 
 	 
 
	 	By:  	    
	 	
              Name:

              Title:
                Servicing Officer

            
	 	 

    

     

    
      
        
        

      

      
        C-2

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      D-1

     

    FORM
      OF
      RESIDUAL CERTIFICATE TRANSFER AFFIDAVIT (TRANSFEREE)

     

    STATE
      OF   )

    )
      ss.:

    COUNTY
      OF          )

     

    [NAME
      OF
      OFFICER], _________________ being first duly sworn, deposes and
      says:

     

    
      	 	
              1.

            	
              That
                he [she] is [title of officer] ________________________ of [name
                of
                Purchaser] _________________________________________ (the “Purchaser”),
                a _______________________ [description of type of entity] duly organized
                and existing under the laws of the [State of __________] [United
                States],
                on behalf of which he [she] makes this
                affidavit.

            

    

     

    
      	 	
              2.

            	
              That
                the Purchaser’s
                Taxpayer Identification Number is
                           .

            

    

     

    
      	 	
              3.

            	
              That
                the Purchaser is not a “disqualified
                organization”
                within the meaning of Section 860E(e)(5) of the Internal Revenue
                Code of
                1986, as amended (the “Code”)
                and will not be a “disqualified
                organization”
                as
                of [date of transfer], and that the Purchaser is not acquiring a
                Residual
                Certificate (as defined in the Agreement) for the account of, or
                as agent
                (including a broker, nominee, or other middleman) for, any person
                or
                entity from which it has not received an affidavit substantially
                in the
                form of this affidavit. For these purposes, a “disqualified
                organization”
                means the United States, any state or political subdivision thereof,
                any
                foreign government, any international organization, any agency or
                instrumentality of any of the foregoing (other than an instrumentality
                if
                all of its activities are subject to tax and a majority of its board
                of
                directors is not selected by such governmental entity), any cooperative
                organization furnishing electric energy or providing telephone service
                to
                persons in rural areas as described in Code Section 1381(a)(2)(C),
                any
                “electing
                large partnership”
                within the meaning of Section 775 of the Code, or any organization
                (other
                than a farmers’
                cooperative described in Code Section 521) that is exempt from federal
                income tax unless such organization is subject to the tax on unrelated
                business income imposed by Code Section
                511.

            

    

     

    
      	 	
              4.

            	
              That
                the Purchaser either (x) is not, and on __________________ [date
                of
                transfer] will not be, an employee benefit plan or other retirement
                arrangement subject to Section 406 of the Employee Retirement Income
                Security Act of 1974, as amended (“ERISA”),
                or Section 4975 of the Code (“Code”),
                (collectively, a “Plan”)
                or a person acting on behalf of any such Plan or investing the assets
                of
                any such Plan to acquire a Residual Certificate; (y) if the Residual
                Certificate has been the subject of an ERISA-Qualifying Underwriting,
                is
                an insurance company that is purchasing the Residual Certificate
                with
                funds contained in an “insurance
                company general account”
                as
                defined in Section V(e) of Prohibited Transaction Class Exemption
                (“PTCE”)
                95-60 and the purchase and holding of the Residual Certificate are
                covered
                under Sections I and III of PTCE 95-60; or (z) herewith delivers
                to the
                Securities Administrator an opinion of counsel (a “Benefit
                Plan Opinion”)
                satisfactory to the Securities Administrator, and upon which the
                Trustee,
                the Master Servicer, any Servicer, the Securities Administrator,
                the
                Depositor and any NIMS Insurer shall be entitled to rely, to the
                effect
                that the purchase or holding of such Residual Certificate by the
                Investor
                will not result in any non-exempt prohibited transactions under Title
                I of
                ERISA or Section 4975 of the Code and will not subject the Trustee,
                the
                Depositor, the Master Servicer, any Servicer, the Securities Administrator
                or any NIMS Insurer to any obligation in addition to those undertaken
                by
                such entities in the Trust Agreement, which opinion of counsel shall
                not
                be an expense of the Trust Fund or any of the above
                parties.

            

    

     

    
      
        
        

      

      
        D-1-1

        
          

        

      

      
        
        

      

    

     

    
      	 	
              5.

            	
              That
                the Purchaser hereby acknowledges that under the terms of the Trust
                Agreement (the “Agreement”)
                by and among Structured Asset Securities Corporation, as Depositor,
                U.S.
                Bank National Association, as Trustee, Wells Fargo Bank, N.A., as
                Master
                Servicer and Securities Administrator, and Risk Management Group,
                LLC, as
                Credit Risk Manager, dated as of November 1, 2006, no transfer of the
                Residual Certificate shall be permitted to be made to any person
                unless
                the Depositor and Securities Administrator have received a certificate
                from such transferee containing the representations in paragraphs
                3 and 4
                hereof.

            

    

     

    
      	 	
              6.

            	
              That
                the Purchaser does not hold REMIC residual securities as nominee
                to
                facilitate the clearance and settlement of such securities through
                electronic book-entry changes in accounts of participating organizations
                (such entity, a “Book-Entry
                Nominee”).

            

    

     

    
      	 	
              7.

            	
              That
                the Purchaser does not have the intention to impede the assessment
                or
                collection of any federal, state or local taxes legally required
                to be
                paid with respect to such Residual
                Certificate.

            

    

     

    
      	 	
              8.

            	
              That
                the Purchaser will not transfer a Residual Certificate to any person
                or
                entity (i) as to which the Purchaser has actual knowledge that the
                requirements set forth in paragraph 3, paragraph 6 or paragraph 10
                hereof
                are not satisfied or that the Purchaser has reason to believe does
                not
                satisfy the requirements set forth in paragraph 7 hereof, and (ii)
                without
                obtaining from the prospective Purchaser an affidavit substantially
                in
                this form and providing to the Securities Administrator a written
                statement substantially in the form of Exhibit D-2 to the
                Agreement.

            

    

     

    
      	 	
              9.

            	
              That
                the Purchaser understands that, as the holder of a Residual Certificate,
                the Purchaser may incur tax liabilities in excess of any cash flows
                generated by the interest and that it intends to pay taxes associated
                with
                holding such Residual Certificate as they become
                due.

            

    

     

    
      
        
        

      

      
        D-1-2

        
          

        

      

      
        
        

      

    

     

    
      	 	
              10.

            	
              That
                the Purchaser (i) is not a Non-U.S. Person or (ii) is a Non-U.S.
                Person
                that holds a Residual Certificate in connection with the conduct
                of a
                trade or business within the United States and has furnished the
                transferor and the Securities Administrator with an effective Internal
                Revenue Service Form W-8ECI (Certificate of Foreign Person’s
                Claim for Exemption From Withholding on Income Effectively Connected
                With
                the Conduct of a Trade or Business in the United States) or successor
                form
                at the time and in the manner required by the Code or (iii) is a
                Non-U.S.
                Person that has delivered to both the transferor and the Securities
                Administrator an opinion of a nationally recognized tax counsel to the
                effect that the transfer of such Residual Certificate to it is in
                accordance with the requirements of the Code and the regulations
                promulgated thereunder and that such transfer of a Residual Certificate
                will not be disregarded for federal income tax purposes. “Non-U.S.
                Person”
                means an individual, corporation, partnership or other person other
                than
                (i) a citizen or resident of the United States; (ii) a corporation,
                partnership or other entity created or organized in or under the
                laws of
                the United States or any state thereof, including for this purpose,
                the
                District of Columbia; (iii) an estate that is subject to U.S. federal
                income tax regardless of the source of its income; (iv) a trust if
                a court
                within the United States is able to exercise primary supervision
                over the
                administration of the trust and one or more United States trustees
                have
                authority to control all substantial decisions of the trust; and,
                (v) to
                the extent provided in Treasury regulations, certain trusts in existence
                on August 20, 1996 that are treated as United States persons prior
                to such
                date and elect to continue to be treated as United States
                persons.

            

    

     

    
      	 	
              11.

            	
              That
                the Purchaser agrees to such amendments of the Trust Agreement as
                may be
                required to further effectuate the restrictions on transfer of any
                Residual Certificate to such a “disqualified
                organization,”
                an
                agent thereof, a Book-Entry Nominee, or a person that does not satisfy
                the
                requirements of paragraph 7 and paragraph 10
                hereof.

            

    

     

    
      	 	
              12.

            	
              That
                the Purchaser consents to the designation of the Securities Administrator
                as its agent to act as “tax
                matters person”
                of
                the Trust Fund pursuant to the Trust
                Agreement.

            

    

     

    
      
        
        

      

      
        D-1-3

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, the Purchaser has caused this instrument to be executed on
      its
      behalf, pursuant to authority of its Board of Directors, by its [title of
      officer] this _____ day of __________, 20__.

    
       

      
        	 	 	    
                
	 	
                [Name
                  of
                  Purchaser]

              
	 
 	 
 	 
 
	 	By:  	    
	 	
                Name:

                Title:
                  

              

  

    

    Personally
      appeared before me the above-named [name of officer] ________________, known
      or
      proved to me to be the same person who executed the foregoing instrument and
      to
      be the [title of officer] _________________ of the Purchaser, and acknowledged
      to me that he [she] executed the same as his [her] free act and deed and the
      free act and deed of the Purchaser.

     

    Subscribed
      and sworn before me this _____ day of __________, 20__.

     

    NOTARY
      PUBLIC

     

    ______________________________

     

    COUNTY
      OF_____________________

     

    STATE
      OF______________________

     

    My
      commission expires the _____ day of __________, 20__.

     

    
      
        
        

      

      
        D-1-4

        
          

        

      

      
        
        

      

    

    EXHIBIT
      D-2

     

    FORM
      OF
      RESIDUAL CERTIFICATE TRANSFER AFFIDAVIT (TRANSFEROR)

    
       

                                     

      Date

       

    

    
      	
            	Re:	
              Structured
                Asset Securities Corporation Mortgage Loan
                Trust

            

      	 	 	Mortgage
              Pass-Through Certificates, Series
              2006-BC5

    

     

    _______________________
      (the “Transferor”)
      has
      reviewed the attached affidavit of _____________________________ (the
“Transferee”),
      and
      has no actual knowledge that such affidavit is not true and has no reason to
      believe that the information contained in paragraph 7 thereof is not true,
      and
      has no reason to believe that the Transferee has the intention to impede the
      assessment or collection of any federal, state or local taxes legally required
      to be paid with respect to a Residual Certificate. In addition, the Transferor
      has conducted a reasonable investigation at the time of the transfer and found
      that the Transferee had historically paid its debts as they came due and found
      no significant evidence to indicate that the Transferee will not continue to
      pay
      its debts as they become due.

    
      	 	 	 
	 	Very
              truly
              yours,
	 	 
	 	 	    
	 	
              Name:

              Title:

            
	 	 

    

     

    
      
        
        

      

      
        D-2-1

        
          

        

      

      
        
        

      

    

    EXHIBIT
      E

     

    LIST
      OF
      SERVICING AGREEMENTS

    

    
      	 	
              1.

            	
              Securitization
                Servicing Agreement dated as of November 1, 2006, by and among LBH,
                as
                seller, Aurora Loan Services LLC, as servicer, and the Master Servicer,
                and acknowledged by the Trustee;

            

    

     

    
      	 	
              2.

            	
              Reconstituted
                Servicing Agreement dated as of November 1, 2006, by and between
                LBH, as
                seller, Countrywide Home Loans Servicing LP, as servicer, Countrywide
                Home
                Loans, Inc., and acknowledged by the Master Servicer and the
                Trustee;

            

    

     

    
      	 	
              3.

            	
              Securitization
                Servicing Agreement dated as of November 1, 2006, by and among LBH,
                as
                seller, Barclays Capital Real Estate Inc. d/b/a HomEq Servicing,
                as
                servicer, and the Master Servicer, and acknowledged by the
                Trustee;

            

    

     

    
      	 	
              4.

            	
              Securitization
                Servicing Agreement dated as of November 1, 2006, by and among LBH,
                as
                seller, JPMorgan Chase Bank, National Association, as servicer, and
                the
                Master Servicer, and acknowledged by the
                Trustee;

            

    

     

    
      	 	
              5.

            	
              Securitization
                Subservicing Agreement dated as of November 1, 2006, by and among
                LBH, as
                seller, Option One Mortgage Corporation, as servicer, and the Master
                Servicer, and acknowledged by the Trustee; 

            

    

     

    
      	 	
              6.

            	
              Securitization
                Subservicing Agreement dated as of November 1, 2006, by and among
                LBH, as
                seller, Wells Fargo Bank, N.A., as servicer, and the Master Servicer,
                and
                acknowledged by the Trustee.

            

    

     

    
      
        
        

      

      
        E-1

        
          

        

      

      
        
        

      

    

    EXHIBIT
      F

     

    FORM
      OF
      RULE 144A TRANSFER CERTIFICATE

     

    
      	
            	Re:	
              Structured
                Asset Securities Corporation Mortgage
                Loan

            

      	 	 	Mortgage Pass-Through Certificates,
              Series
              2006-BC5

      	 	 	 

      
      

    

    Reference
      is hereby made to the Trust Agreement dated as of November 1, 2006 (the
“Trust
      Agreement”)
      by and
      among Structured Asset Securities Corporation, as Depositor, U.S. Bank National
      Association, as Trustee, Wells Fargo Bank, N.A., as Master Servicer and
      Securities Administrator, and Risk Management Group, LLC, as Credit Risk
      Manager. Capitalized terms used but not defined herein shall have the meanings
      given to them in the Trust Agreement.

     

    This
      letter relates to $__________ initial Certificate Balance of Class     
      Certificates
      which are held in the form of Definitive Certificates registered in the name
      of
                                
      (the
“Transferor”).
      The
      Transferor has requested a transfer of such Definitive Certificates for
      Definitive Certificates of such Class registered in the name of [insert name
      of
      transferee].

     

    In
      connection with such request, and in respect of such Certificates, the
      Transferor hereby certifies that such Certificates are being transferred in
      accordance with (i) the transfer restrictions set forth in the Trust Agreement
      and the Certificates and (ii) Rule 144A under the Securities Act to a purchaser
      that the Transferor reasonably believes is a “qualified
      institutional buyer”
      within
      the meaning of Rule 144A purchasing for its own account or for the account
      of a
“qualified
      institutional buyer,”
      which
      purchaser is aware that the sale to it is being made in reliance upon Rule
      144A,
      in a transaction meeting the requirements of Rule 144A and in accordance with
      any applicable securities laws of any state of the United States or any other
      applicable jurisdiction.

     

    This
      certificate and the statements contained herein are made for your benefit and
      the benefit of the Placement Agent and the Depositor.

     

    
      	 	 	 
	 	
              [Name
                of Transferor]

            
	 
 	 
 	 
 
	 	By:  	     
              
	 	
              Name:

              Title:

            
	
              Dated:
                ___________, ____

            	 

    

    
    

     

    
      
        
        

      

      
        F-1

        
          

        

      

      
        
        

      

    

    EXHIBIT
      G

     

    FORM
      OF
      PURCHASER’S
      LETTER
      FOR

    INSTITUTIONAL
      ACCREDITED INVESTORS

     

                                   

    Date

     

    Dear
      Sirs:

     

    In
      connection with our proposed purchase of $______________ principal amount of
      Structured Asset Securities Corporation Mortgage Loan Trust Mortgage
      Pass-Through Certificates, Series 2006-BC5, Class B Certificates (the
“Privately
      Offered Certificates”)
      of the
      Structured Asset Securities Corporation (the “Depositor”),
      we
      confirm that:

     

    
      	
              (1)

            	
              We
                understand that the Privately Offered Certificates have not been,
                and will
                not be, registered under the Securities Act of 1933, as amended (the
                “Securities
                Act”),
                and may not be sold except as permitted in the following sentence.
                We
                agree, on our own behalf and on behalf of any accounts for which
                we are
                acting as hereinafter stated, that if we should sell any Privately
                Offered
                Certificates within two years of the later of the date of original
                issuance of the Privately Offered Certificates or the last day on
                which
                such Privately Offered Certificates are owned by the Depositor or
                any
                affiliate of the Depositor (which includes the Placement Agent) we
                will do
                so only (A) to the Depositor, (B) to “qualified
                institutional buyers”
                (within the meaning of Rule 144A under the Securities Act) in accordance
                with Rule 144A under the Securities Act (“QIBs”),
                (C) pursuant to the exemption from registration provided by Rule
                144 under
                the Securities Act, or (D) to an institutional “accredited
                investor”
                within the meaning of Rule 501(a)(1), (2), (3) or (7) of Regulation
                D
                under the Securities Act that is not a QIB (an “Institutional
                Accredited Investor”)
                which, prior to such transfer, delivers to the Securities Administrator
                under the Trust Agreement dated as of November 1, 2006 by and among
                the
                Depositor, U.S. Bank National Association, as Trustee (the “Trustee”),
                Wells Fargo Bank, N.A., as Master Servicer and Securities Administrator,
                and Risk Management Group, LLC, as Credit Risk Manager, a signed
                letter in
                the form of this letter; and we further agree, in the capacities
                stated
                above, to provide to any person purchasing any of the Privately Offered
                Certificates from us a notice advising such purchaser that resales
                of the
                Privately Offered Certificates are restricted as stated
                herein.

            

    

     

    
      	
              (2)

            	
              We
                understand that, in connection with any proposed resale of any Privately
                Offered Certificates to an Institutional Accredited Investor, we
                will be
                required to furnish to the Securities Administrator and the Depositor
                a
                certification from such transferee in the form hereof to confirm
                that the
                proposed sale is being made pursuant to an exemption from, or in
                a
                transaction not subject to, the registration requirements of the
                Securities Act. We further understand that the Privately Offered
                Certificates purchased by us will bear a legend to the foregoing
                effect.

            

    

     

    
      
        
        

      

      
        G-1

        
          

        

      

      
        
        

      

    

     

    
      	
              (3)

            	
              We
                are acquiring the Privately Offered Certificates for investment purposes
                and not with a view to, or for offer or sale in connection with,
                any
                distribution in violation of the Securities Act. We have such knowledge
                and experience in financial and business matters as to be capable
                of
                evaluating the merits and risks of our investment in the Privately
                Offered
                Certificates, and we and any account for which we are acting are
                each able
                to bear the economic risk of such
                investment.

            

    

     

    
      	
              (4)

            	
              We
                are an Institutional Accredited Investor and we are acquiring the
                Privately Offered Certificates purchased by us for our own account
                or for
                one or more accounts (each of which is an Institutional Accredited
                Investor) as to each of which we exercise sole investment
                discretion.

            

    

     

    
      	(5)	
              We
                have received such information as we deem necessary in order to make
                our
                investment decision.

            

    

     

    
      	(6)	
              If
                we are acquiring ERISA-Restricted Certificates, we understand that
                in
                accordance with ERISA, the Code and the Exemption, no Plan and no
                person
                acting on behalf of such a Plan may acquire such Certificate except
                in
                accordance with Section 3.03(d) of the Trust
                Agreement.

            

    

     

    Terms
      used in this letter which are not otherwise defined herein have the respective
      meanings assigned thereto in the Trust Agreement.

    
      
        
        

      

      
        G-2

        
          

        

      

      
        
        

      

    

    You
      and
      the Depositor are entitled to rely upon this letter and are irrevocably
      authorized to produce this letter or a copy hereof to any interested party
      in
      any administrative or legal proceeding or official inquiry with respect to
      the
      matters covered hereby.

     

    
      	 	 	Very
              truly
              yours,
	 	 	 
	 	 	 
	 	 	
              [Purchaser]

            
	 	 
	 	 
	 	By:  	     
              
	 	
              Name:
                

              Title:

            
	 	
            

    

     

    
      
        
          
          

        

        
          G-3

          
            

          

        

        
          
          

        

      

    

     

    EXHIBIT
      H

     

    FORM
      OF
      ERISA TRANSFER AFFIDAVIT

     

    
      	STATE OF NEW YORK 	)
	 	) ss.:
	COUNTY OF NEW YORK	)

    

                

    The
      undersigned, being first duly sworn, deposes and says as follows:

     

    1. The
      undersigned is the ______________________ of (the “Investor”),
      a
      [corporation duly organized] and existing under the laws of __________, on
      behalf of which he makes this affidavit.

     

    2. In
      the
      case of an ERISA-Restricted Certificate, the Investor either (x) is not, and
      on
      __________________ [date of transfer] will not be, an employee benefit plan
      or
      other retirement arrangement subject to Section 406 of the Employee Retirement
      Income Security Act of 1974, as amended (“ERISA”),
      or
      Section 4975 of the Internal Revenue Code of 1986, as amended (the “Code”),
      (collectively, a “Plan”)
      or a
      person acting on behalf of any such Plan or investing the assets of any such
      Plan to acquire a Certificate; (y) if the Certificate has been the subject
      of an
      ERISA-Qualifying Underwriting, is an insurance company that is purchasing the
      Certificate with funds contained in an “insurance
      company general account”
      as
      defined in Section V(e) of Prohibited Transaction Class Exemption (“PTCE”)
      95-60
      and the purchase and holding of the Certificate are covered under Sections
      I and
      III of PTCE 95-60; or (z) herewith delivers to the Securities Administrator
      an
      opinion of counsel (a “Benefit
      Plan Opinion”)
      satisfactory to the Securities Administrator, and upon which the Trustee, the
      Master Servicer, any Servicer, the Securities Administrator, the Depositor
      and
      any NIMS Insurer shall be entitled to rely, to the effect that the purchase
      or
      holding of such Certificate by the Investor will not result in any non-exempt
      prohibited transactions under Title I of ERISA or Section 4975 of the Code
      and
      will not subject the Trustee, the Depositor, the Master Servicer, any Servicer,
      the Securities Administrator or any NIMS Insurer to any obligation in addition
      to those undertaken by such entities in the Trust Agreement, which opinion
      of
      counsel shall not be an expense of the Trust Fund or any of the above
      parties.

     

    3. In
      the
      case of an ERISA-Restricted Trust Certificate, prior to the termination of
      the
      Swap Agreement and the Interest Rate Cap Agreement, either (i) the Investor
      is
      neither a Plan nor a person acting on behalf of any such Plan or using the
      assets of any such Plan to effect such transfer or (ii) the acquisition and
      holding of the ERISA-Restricted Trust Certificate are eligible for exemptive
      relief under PTCE 84-14, PTCE 90-1, PTCE 91-38, PTCE 95-60, PTCE 96-23, the
      non-fiduciary service provider exemption under Section 408(b)(17) of ERISA
      or
      some other applicable exemption.

     

    
      
        
        

      

      
        H-1

        
          

        

      

      
        
        

      

       

    

    4. The
      Investor hereby acknowledges that under the terms of the Trust Agreement (the
      “Agreement”)
      by and
      among Structured Asset Securities Corporation, as Depositor, U.S. Bank National
      Association, as Trustee, Wells Fargo Bank, N.A., as Master Servicer and
      Securities Administrator, and Risk Management Group, LLC, as Credit Risk
      Manager, dated as of November 1, 2006, no transfer of the ERISA-Restricted
      Certificates or the ERISA-Restricted Trust Certificates shall be permitted
      to be
      made to any person unless the Securities Administrator have received a
      certificate from such transferee in the form hereof.

    
      
        
        

      

      
        H-2

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, the Investor has caused this instrument to be executed on
      its
      behalf, pursuant to proper authority, by its duly authorized officer, duly
      attested, this ____ day of _______________, 20___.

     

    
      	 	 	 
	 	
              [Investor]

            
	 
 	 
 	 
 
	 	By:  	    

	 	
              Name:

              Title:

            
	 	 

    

     

    ATTEST:

     

    _____________________________

     

    STATE
      OF                  
     )

      
      ) ss:

    COUNTY
      OF               
    )

     

    Personally
      appeared before me the above-named ________________, known or proved to me
      to be
      the same person who executed the foregoing instrument and to be the
      ____________________ of the Investor, and acknowledged that he executed the
      same
      as his free act and deed and the free act and deed of the Investor.

     

    Subscribed
      and sworn before me this _____ day of _________ 20___.

     

    
      	 	 	 
	
               

            	
              NOTARY
                PUBLIC

            
	 
 	 
 	 
 
	 	
              My
                commission expires the

              _____
                day of __________, 20___.

            
	 	
            

    

     

    
      
        
        

      

      
        H-3

        
          

        

      

      
        
        

      

    

    EXHIBIT
      I

     

    MONTHLY
      REMITTANCE ADVICE

    
      
        
        

      

      
        I-1

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      J

     

    MONTHLY
      ELECTRONIC DATA TRANSMISSION

    
      
        
        

      

      
        J-1

        
          

        

      

      
        
        

      

    

    EXHIBIT
      K

     

    LIST
      OF
      CUSTODIAL AGREEMENTS

     

    
      	 	
              1.

            	
              Custodial
                Agreement dated as of November 1, 2006 between Deutsche Bank National
                Trust Company, as Custodian, and U.S. Bank National Association,
                as
                Trustee.

            

    

    

    
      	 	
              2.

            	
              Custodial
                Agreement dated as of November 1, 2006 between LaSalle Bank National
                Association, as Custodian, and U.S. Bank National Association, as
                Trustee.

            

    

    

    
      	 	
              3.

            	
              Custodial
                Agreement dated as of November 1, 2006 between U.S. Bank National
                Association, as Custodian, and U.S. Bank National Association, as
                Trustee.

            

    

     

    
      	 	
              4.

            	
              Custodial
                Agreement dated as of November 1, 2006 between Wells Fargo Bank,
                N.A., as
                Custodian, and U.S. Bank National Association, as
                Trustee.

            

    

    
      
        
        

      

      
        K-1

        
          

        

      

      
        
        

      

    

    EXHIBIT
      L

     

    LIST
      OF
      CREDIT RISK MANAGEMENT AGREEMENTS

     

    
      	 	
              1)

            	
              Credit
                Risk Management Agreement dated November 30, 2006 between Risk Management
                Group, LLC, as credit risk manager (the “Credit
                Risk Manager”)
                and Aurora Loan Services LLC, as
                servicer.

            

    

     

    
      	 	
              2)

            	
              Credit
                Risk Management Agreement dated November 30, 2006 between the Credit
                Risk
                Manager and Option One Mortgage Corporation, as
                servicer.

            

    

     

    
      	 	
              3)

            	
              Credit
                Risk Management Agreement dated November 30, 2006 between the Credit
                Risk
                Manager and JPMorgan Chase Bank, National Association, as
                servicer.

            

    

     

    
      	 	
              4)

            	
              Credit
                Risk Management Agreement dated November 30, 2006 between the Credit
                Risk
                Manager and Wells Fargo Bank, N.A., as
                servicer.

            

    

     

    
      	 	
              5)

            	
              Credit
                Risk Management Agreement dated November 30, 2006 between the Credit
                Risk
                Manager and Barclays Capital Real Estate Inc. d/b/a HomEq Servicing,
                as
                servicer.

            

    

    
      
        
        

      

      
        L-1

        
          

        

      

      
        
        

      

    

    EXHIBIT
      M-1

     

    FORM
      OF
      TRANSFER CERTIFICATE

    FOR
      TRANSFER FROM RESTRICTED GLOBAL SECURITY

    TO
      REGULATION S GLOBAL SECURITY

    (Transfers
      pursuant to § 3.03(h)(B)

     of
      the Agreement)      

     

    
      
        	
              	Re:	
                Structured
                  Asset Securities Corporation Mortgage Loan
                  Trust

              

        	 	 	Mortgage
                Pass-Through Certificates Series
                2006-BC5

      

         

    

    Reference
      is hereby made to the Trust Agreement (the “Agreement”)
      by and
      among Structured Asset Securities Corporation, as Depositor, Risk Management
      Group, LLC, as Credit Risk Manager, U.S. Bank National Association, as Trustee
      and Wells Fargo Bank, N.A., as Master Servicer and Securities Administrator,
      dated as of November 1, 2006. Capitalized terms used but not defined herein
      shall have the meanings given to them in the Agreement.

     

    This
      letter relates to U.S. $                            
      aggregate
      principal amount of Securities which are held in the form of a Restricted Global
      Security with DTC in the name of [name of Transferor]                                                       
      (the
“Transferor”)
      to
      effect the transfer of the Securities in exchange for an equivalent beneficial
      interest in a Regulation S Global Security.

     

    In
      connection with such request, the Transferor does hereby certify that such
      transfer has been effected in accordance with the transfer restrictions set
      forth in the Agreement and the Securities and in accordance with Rule 904 of
      Regulation S, and that:

     

    a. the
      offer
      of the Securities was not made to a person in the United States; 

     

    b. at
      the
      time the buy order was originated, the transferee was outside the United States
      or the Transferor and any person acting on its behalf reasonably believed that
      the transferee was outside the United States;

     

    c. no
      directed selling efforts have been made in contravention of the requirements
      of
      Rule 903 or 904 of Regulation S, as applicable;

     

    d. the
      transaction is not part of a plan or scheme to evade the registration
      requirements of the United States Securities Act of 1933, as amended;
      and

     

    
      
        e.
          the
          transferee is not a U.S. person (as defined in Regulation
          S).

      

    

     

    
      
        
        

      

      
        M-1-1

        
          

        

      

      
        
        

      

    

    You
      are
      entitled to rely upon this letter and are irrevocably authorized to produce
      this
      letter or a copy hereof to any interested party in any administrative or legal
      proceedings or official inquiry with respect to the matters covered hereby.
      Terms used in this certificate have the meanings set forth in Regulation
      S.

     

    
      	 	 	 
	 	
              [Name
                of Transferor]

            
	 
 	 
 	 
 
	 	By:  	   
	 	
              Name:

              Title:

            
	 	 
	Date:             
                ,      	
            

    

     

    
      
        
        

      

      
        M-1-2

        
          

        

      

      
        
        

      

    

    EXHIBIT
      M-2

    

    FORM
      OF
      TRANSFER CERTIFICATE FOR TRANSFER 

    FROM
      REGULATION S GLOBAL SECURITY

    TO
      RESTRICTED GLOBAL SECURITY

    (Transfers
      pursuant to § 3.03(h)(C)

                              of
      the
      Agreement)                          

     

    
      	
            	Re:	
              Structured
                Asset Securities Corporation Mortgage Loan
                Trust

            

      	 	 	Mortgage
              Pass-Through Certificates Series
              2006-BC5

    

     

    Reference
      is hereby made to the Trust Agreement (the “Agreement”)
      by and
      among Structured Asset Securities Corporation, as Depositor, Risk Management
      Group, LLC, as Credit Risk Manager, U.S. Bank National Association, as Trustee
      and Wells Fargo Bank, N.A., as Master Servicer and Securities Administrator,
      dated as of November 1, 2006. Capitalized terms used but not defined herein
      shall have the meanings given to them in the Agreement.

     

    This
      letter relates to U.S. $                            
      aggregate
      principal amount of Securities which are held in the form of a Regulations
      S
      Global Security in the name of [name of transferor]                                                       
      (the
      “Transferor”)
      to
      effect the transfer of the Securities in exchange for an equivalent beneficial
      interest in a Restricted Global Security.

     

    In
      connection with such request, and in respect of such Securities, the Transferor
      does hereby certify that such Securities are being transferred in accordance
      with (i) the transfer restrictions set forth in the Agreement and the Securities
      and (ii) Rule 144A under the United States Securities Act of 1933, as amended,
      to a transferee that the Transferor reasonably believes is purchasing the
      Securities for its own account or an account with respect to which the
      transferee exercises sole investment discretion, the transferee and any such
      account is a qualified institutional buyer within the meaning of Rule 144A,
      in a
      transaction meeting the requirements of Rule 144A and in accordance with any
      applicable securities laws of any state of the United States or any other
      jurisdiction.

     

    
      	 	 	 
	 	
              [Name
                of Transferor]

            
	 
 	 
 	 
 
	
               

            	By:  	     
              
	 	
              Name:

              Title:

            
	 	 
	
              Date:             
                  ,
                       

            	 

    

     

    
      
        
        

      

      
        M-2-1

        
          

        

      

      
        
        

      

    

    EXHIBIT
      N

    

    INTEREST
      RATE CAP AGREEMENT

    
      
        
        

      

      
        N-1

        
          

        

      

      
        
        

      

    

    EXHIBIT
      O

    

    SWAP
      AGREEMENT

    
      
        
        

      

      
        O-1

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      P-1

    

    
      	
              ADDITIONAL
                FORM 10-D DISCLOSURE

            
	 	 	 
	
              Item
                on Form 10-D

            	 	
              Party
                Responsible 

            

    

    
      	 	 	 
	
              Item
                1: Distribution and Pool Performance Information

            	 	 
	 	 	 
	
              Information
                included in the Distribution Date Statement

            	 	
              Servicer(1)

              Master
                Servicer

              Securities
                Administrator

            
	 	 	 
	
              Any
                information required by 1121 which is NOT included on the Distribution
                Date Statement

            	 	
              Depositor

            
	 	 	 
	
              Item
                2: Legal Proceedings

               

              Any
                legal proceeding pending against the following entities or their
                respective property, that is material to Certificateholders, including
                any
                proceedings known to be contemplated by governmental
                authorities:

            	 	 
	 	 	 
	
              · 
Issuing
                Entity (Trust
                Fund)

            	 	
              Trustee,
                Master Servicer, Securities Administrator and Depositor

            
	 	 	 
	
              · 
Sponsor
                (Seller)

            	 	
              Seller
                (if a party to the Trust Agreement) or Depositor

            
	 	 	 
	
              · 
Depositor

            	 	
              Depositor

            
	 	 	 
	
              · 
Trustee

            	 	
              Trustee

            
	 	 	 
	
              · 
Securities
                Administrator

            	 	
              Securities
                Administrator

            
	 	 	 
	
              · 
Master
                Servicer

            	 	
              Master
                Servicer

            
	 	 	 
	
              · 
Custodian

            	 	
              Custodian(2)

            
	 	 	 
	
              · 
1110(b)
                Originator

            	 	
              Depositor

            
	 	 	 
	
              · 
Any
                1108(a)(2) Servicer (other
                than the Master Servicer or Securities Administrator)

            	 	
              Servicer(1)

            
	 	 	 
	
              · 
Any
                other party contemplated by
                1100(d)(1)

            	 	
              Depositor

            
	 	 	 
	
              Item
                3: Sale of Securities and Use of Proceeds

               

              Information
                from Item 2(a) of Part II of Form 10-Q:

               

              With
                respect to any sale of securities by the sponsor, depositor or issuing
                entity, that are backed by the same asset pool or are otherwise issued
                by
                the issuing entity, whether or not registered, provide the sales
                and use
                of proceeds information in Item 701 of Regulation S-K. Pricing information
                can be omitted if securities were not registered.

            	 	
              Depositor

            

    

     

    
      
        
        

      

      
        P-1-1

        
          

        

      

      
        
        

      

    

    
      

      
        	
                ADDITIONAL
                  FORM 10-D DISCLOSURE

              
	 	 	 
	
                Item
                  on Form 10-D

              	 	
                Party
                  Responsible 

              

      

    

    
      	 	 	 
	
              Item
                4: Defaults Upon Senior Securities

               

              Information
                from Item 3 of Part II of Form 10-Q:

               

              Report
                the occurrence of any Event of Default (after expiration of any grace
                period and provision of any required notice)

            	 	
              Securities
                Administrator

              Trustee
                (with respect to the Trustee, to the extent a Responsible Officer
                has
                actual knowledge thereof)

            
	 	 	 
	
              Item
                5: Submission of Matters to a Vote of Security
                Holders

               

              Information
                from Item 4 of Part II of Form 10-Q

            	 	
              Securities
                Administrator

              Trustee
                (with respect to the Trustee, to the extent a Responsible Officer
                has
                actual knowledge thereof)

            
	 	 	 
	
              Item
                6: Significant Obligors of Pool Assets

               

              Item
                1112(b) - Significant
                Obligor Financial Information*

            	 	
              Depositor

            
	 	 	 
	
              *This
                information need only be reported on the Form 10-D for the distribution
                period in which updated information is required pursuant to the
                Item.

            	 	 
	 	 	 
	
              Item
                7: Significant Enhancement Provider Information

               

              Item
                1114(b)(2) - Credit Enhancement Provider Financial
                Information*

            	 	 
	 	 	 
	
              · 
Determining
                applicable
                disclosure threshold

            	 	
              Depositor

            
	 	 	 
	
              · 
Requesting
                required financial
                information (including any required accountants’
                consent to the use thereof) or effecting incorporation by
                reference

            	 	
              Depositor

            
	 	 	 
	
              Item
                1115(b) - Derivative Counterparty Financial
                Information*

            	 	 
	 	 	 
	
              · 
Determining
                current maximum
                probable exposure

            	 	
              Depositor

            
	 	 	 
	
              · 
Determining
                current
                significance percentage

            	 	
              Depositor

            
	 	 	 
	
              · 
Requesting
                required financial
                information (including any required accountants’
                consent to the use thereof) or effecting incorporation by
                reference

            	 	
              Depositor

            
	 	 	 
	
              *This
                information need only be reported on the Form 10-D for the distribution
                period in which updated information is required pursuant to the
                Items.

            	 	 

    

     

    
      
        
        

      

      
        P-1-2

        
          

        

      

      
        
        

      

    

    
      

      
        	
                ADDITIONAL
                  FORM 10-D DISCLOSURE

              
	 	 	 
	
                Item
                  on Form 10-D

              	 	
                Party
                  Responsible 

              

      

    

    
      	 	 	 
	
              Item
                8: Other Information

               

              Disclose
                any information required to be reported on Form 8-K during the period
                covered by the Form 10-D but not reported

            	 	
              Any
                party responsible for the applicable Form 8-K Disclosure
                item

            
	 	 	 
	
              Item
                9: Exhibits

            	 	 
	 	 	 
	
              Monthly
                Statement to Certificateholders

            	 	
              Securities
                Administrator

            
	 	 	 
	
              Exhibits
                required by Item 601 of Regulation S-K, such as material
                agreements

            	 	
              Depositor

            

    

     

    
      

    

    
      	(1)	
              This
                information to be provided pursuant to the applicable Servicing
                Agreement.

            

    

    
      	(2)	
              This
                information to be provided pursuant to the applicable Custodial
                Agreement.

            

    

     

    
      
        
        

      

      
        P-1-3

        
          

        

      

      
        
        

      

    

    EXHIBIT
      P-2

    

    
      	
              ADDITIONAL
                FORM 10-K DISCLOSURE

            
	 	 	 
	
              Item
                on Form 10-K

            	 	
              Party
                Responsible 

            
	 	 	 
	
              Item
                1B: Unresolved Staff Comments

            	 	
              Depositor

            
	 	 	 
	
              Item
                9B: Other Information

               

              Disclose
                any information required to be reported on Form 8-K during the fourth
                quarter covered by the Form 10-K but not reported

            	 	
              Any
                party responsible for disclosure items on Form 8-K

            
	 	 	 
	
              Item
                15: Exhibits, Financial Statement Schedules

            	 	
              Securities
                Administrator

              Depositor

            
	 	 	 
	
              Reg
                AB Item 1112(b): Significant Obligors of Pool
                Assets

            	 	 
	 	 	 
	
              Significant
                Obligor Financial Information*

            	 	
              Depositor

            
	 	 	 
	
              *This
                information need only be reported on the Form 10-D for the distribution
                period in which updated information is required pursuant to the
                Item.

            	 	 
	 	 	 
	
              Reg
                AB Item 1114(b)(2): Credit Enhancement Provider Financial
                Information

            	 	 
	 	 	 
	
              · 
Determining
                applicable
                disclosure threshold

            	 	
              Depositor

            
	 	 	 
	
              · 
Requesting
                required financial
                information (including any required accountants’
                consent to the use thereof) or effecting incorporation by
                reference

            	 	
              Depositor

            
	 	 	 
	
              *This
                information need only be reported on the Form 10-D for the distribution
                period in which updated information is required pursuant to the
                Items.

            	 	 

    

    
      
        	 	 	 
	
                Reg
                  AB Item 1115(b): Derivative Counterparty Financial
                  Information

              	 	 
	 	 	 
	
                · 
Determining
                  current maximum
                  probable exposure

              	 	
                Depositor

              
	 	 	 
	
                · 
Determining
                  current
                  significance percentage

              	 	
                Depositor

              
	 	 	 
	
                · 
Requesting
                  required financial
                  information (including any required accountants’
                  consent to the use thereof) or effecting incorporation by
                  reference

              	 	
                Depositor

              
	 	 	 
	
                *This
                  information need only be reported on the Form 10-D for the distribution
                  period in which updated information is required pursuant to the
                  Items.

              	 	 

      

       

    

    
      
        
        

      

      
        P-2-1

        
          

        

      

      
        
        

      

    

    
      

      
        	
                ADDITIONAL
                  FORM 10-K DISCLOSURE

              
	 	 	 
	
                Item
                  on Form 10-K

              	 	
                Party
                  Responsible 

              

      

    

    
      	 	 	 
	
              Reg
                AB Item 1117: Legal Proceedings

               

              Any
                legal proceeding pending against the following entities or their
                respective property, that is material to Certificateholders, including
                any
                proceeding known to be contemplated by governmental
                authorities:

            	 	 
	 	 	 
	
              · 
Issuing
                Entity (Trust
                Fund)

            	 	
              Trustee,
                Master Servicer, Securities Administrator and Depositor

            
	 	 	 
	
              · 
Sponsor
                (Seller)

            	 	
              Seller
                (if a party to the Trust Agreement) or Depositor

            
	 	 	 
	
              · 
Depositor

            	 	
              Depositor

            
	 	 	 
	
              · 
Trustee

            	 	
              Trustee

            
	 	 	 
	
              · 
Securities
                Administrator

            	 	
              Securities
                Administrator

            
	 	 	 
	
              · 
Master
                Servicer

            	 	
              Master
                Servicer

            
	 	 	 
	
              · 
Custodian

            	 	
              Custodian(1)

            
	 	 	 
	
              · 
1110(b)
                Originator

            	 	
              Depositor

            
	 	 	 
	
              · 
Any
                1108(a)(2) Servicer (other
                than the Master Servicer or Securities Administrator)

            	 	
              Servicer(2)

            
	 	 	 
	
              · 
Any
                other party contemplated by
                1100(d)(1)

            	 	
              Depositor

            
	 	 	 
	
              Reg
                AB Item 1119: Affiliations and Relationships

            	 	 
	 	 	 
	
              Whether
                (a) the Sponsor (Seller), Depositor or Issuing Entity is an affiliate
                of
                the following parties, and (b) to the extent known and material,
                any of
                the following parties are affiliated with one another:

            	 	
              Depositor
                as to (a) 

            
	 	 	 
	
              · 
Master
                Servicer

            	 	
              Master
                Servicer 

            
	 	 	 
	
              · 
Securities
                Administrator

            	 	
              Securities
                Administrator

            
	 	 	 
	
              · 
Trustee

            	 	
              Trustee

            
	 	 	 
	
              · 
Any
                other 1108(a)(3)
                servicer

            	 	
              Servicer(2)

            
	 	 	 
	
              · 
Any
                1110
                Originator

            	 	
              Depositor

            
	 	 	 
	
              · 
Any
                1112(b) Significant
                Obligor

            	 	
              Depositor

            
	 	 	 
	
              · 
Any
                1114 Credit Enhancement
                Provider

            	 	
              Depositor

            
	 	 	 
	
              · 
Any
                1115 Derivate Counterparty
                Provider

            	 	
              Depositor

            
	 	 	 
	
              · 
Any
                other 1101(d)(1) material
                party

            	 	
              Depositor

            

    

     

    
      
        
        

      

      
        P-2-2

        
          

        

      

      
        
        

      

    

    
      

      
        	
                ADDITIONAL
                  FORM 10-K DISCLOSURE

              
	 	 	 
	
                Item
                  on Form 10-K

              	 	
                Party
                  Responsible 

              

      

    

    
      	 	 	 
	
              Whether
                there are any “outside
                the ordinary course business arrangements”
                other than would be obtained in an arm’s
                length transaction between (a) the Sponsor (Seller), Depositor or
                Issuing
                Entity on the one hand, and (b) any of the following parties (or
                their
                affiliates) on the other hand, that exist currently or within the
                past two
                years and that are material to a Certificateholder’s
                understanding of the Certificates:

            	 	
              Depositor
                as to (a) 

            
	 	 	 
	
              · 
Master
                Servicer

            	 	
              Master
                Servicer 

            
	 	 	 
	
              · 
Securities
                Administrator

            	 	
              Securities
                Administrator

            
	 	 	 
	
              · 
Trustee

            	 	
              Trustee

            
	 	 	 
	
              · 
Any
                other 1108(a)(3)
                servicer

            	 	
              Servicer(2)

            
	 	 	 
	
              · 
Any
                1110
                Originator

            	 	
              Depositor

            
	 	 	 
	
              · 
Any
                1112(b) Significant
                Obligor

            	 	
              Depositor

            
	 	 	 
	
              · 
Any
                1114 Credit Enhancement
                Provider

            	 	
              Depositor

            
	 	 	 
	
              · 
Any
                1115 Derivate Counterparty
                Provider

            	 	
              Depositor

            
	 	 	 
	
              · 
Any
                other 1101(d)(1) material
                party

            	 	
              Depositor

            
	 	 	 
	
              Whether
                there are any specific relationships involving the transaction or
                the pool
                assets between (a) the Sponsor (Seller), Depositor or Issuing Entity
                on
                the one hand, and (b) any of the following parties (or their affiliates)
                on the other hand, that exist currently or within the past two years
                and
                that are material:

            	 	
              Depositor
                as to (a) 

            
	 	 	 
	
              · 
Master
                Servicer

            	 	
              Master
                Servicer 

            
	 	 	 
	
              · 
Securities
                Administrator

            	 	
              Securities
                Administrator

            
	 	 	 
	
              · 
Trustee

            	 	
              Trustee

            
	 	 	 
	
              · 
Any
                other 1108(a)(3)
                servicer

            	 	
              Servicer(2)

            
	 	 	 
	
              · 
Any
                1110
                Originator

            	 	
              Depositor

            
	 	 	 
	
              · 
Any
                1112(b) Significant
                Obligor

            	 	
              Depositor

            
	 	 	 
	
              · 
Any
                1114 Credit Enhancement
                Provider

            	 	
              Depositor

            
	 	 	 
	
              · 
Any
                1115 Derivate Counterparty
                Provider

            	 	
              Depositor

            
	 	 	 
	
              · 
Any
                other 1101(d)(1) material
                party

            	 	
              Depositor

            

    

     

    (1) This
      information to be provided pursuant to the applicable Custodial
      Agreement.

    (2) This
      information to be provided pursuant to the applicable Servicing
      Agreement.

     

    
      
        
        

      

      
        P-2-3

        
          

        

      

      
        
        

      

    

    EXHIBIT
      P-3

    

    
      	
              FORM
                8-K DISCLOSURE INFORMATION

            
	 	 	 
	
              Item
                on Form 8-K

            	 	
              Party
                Responsible 

            
	 	 	 
	
              Item
                1.01- Entry into a Material Definitive Agreement

               

              Disclosure
                is required regarding entry into or amendment of any definitive agreement
                that is material to the securitization, even if depositor is not
                a party.
                

               

              Examples:
                servicing agreement, custodial agreement.

               

              Note:
                disclosure not required as to definitive agreements that are fully
                disclosed in the prospectus

            	 	
              All
                parties (with respect to any agreement entered into by such
                party)

            
	 	 	 
	
              Item
                1.02- Termination of a Material Definitive Agreement

               

              Disclosure
                is required regarding termination of any definitive agreement that
                is
                material to the securitization (other than expiration in accordance
                with
                its terms), even if depositor is not a party. 

               

              Examples:
                servicing agreement, custodial agreement.

            	 	
              All
                parties (with respect to any agreement entered into by such
                party)

            
	 	 	 
	
              Item
                1.03- Bankruptcy or Receivership

               

              Disclosure
                is required regarding the bankruptcy or receivership, with respect
                to any
                of the following: 

            	 	
              Depositor

            
	 	 	 
	
              · 
Sponsor
                (Seller)

            	 	
              Depositor/Sponsor
                (Seller)

            
	 	 	 
	
              · 
Depositor

            	 	
              Depositor

            
	 	 	 
	
              · 
Master
                Servicer

            	 	
              Master
                Servicer

            
	 	 	 
	
              · 
Affiliated
                Servicer

            	 	
              Servicer(1)

            
	 	 	 
	
              · 
Other
                Servicer servicing 20% or
                more of the pool assets at the time of the report

            	 	
              Servicer(1)

            
	 	 	 
	
              · 
Other
                material
                servicers

            	 	
              Servicer(1)

            
	 	 	 
	
              · 
Trustee

            	 	
              Trustee

            
	 	 	 
	
              · 
Securities
                Administrator

            	 	
              Securities
                Administrator

            
	 	 	 
	
              · 
Significant
                Obligor

            	 	
              Depositor

            
	 	 	 
	
              · 
Credit
                Enhancer (10% or
                more)

            	 	
              Depositor

            
	 	 	 
	
              · 
Derivative
                Counterparty

            	 	
              Depositor

            
	 	 	 
	
              · 
Custodian

            	 	
              Custodian(2)

            

    

     

    
      
        
        

      

      
        P-3-1

        
          

        

      

      
        
        

      

    

    
      

      
        	
                FORM
                  8-K DISCLOSURE INFORMATION

              
	 	 	 
	
                Item
                  on Form 8-K

              	 	
                Party
                  Responsible 

              

      

    

    
      	 	 	 
	
              Item
                2.04- Triggering Events that Accelerate or Increase a Direct Financial
                Obligation or an Obligation under an Off-Balance Sheet
                Arrangement

               

              Includes
                an early amortization, performance trigger or other event, including
                event
                of default, that would materially alter the payment priority/distribution
                of cash flows/amortization schedule.

               

              Disclosure
                will be made of events other than waterfall triggers which are disclosed
                in the monthly statements to the certificateholders.

            	 	
              Depositor

              Master
                Servicer

              Securities
                Administrator

            
	 	 	 
	
              Item
                3.03- Material Modification to Rights of Security
                Holders

               

              Disclosure
                is required of any material modification to documents defining the
                rights
                of Certificateholders, including the Trust Agreement.

            	 	
              Securities
                Administrator

              Trustee
                (with respect to each, only to the extent it is a party to any such
                documents)

              Depositor

            
	 	 	 
	
              Item
                5.03- Amendments of Articles of Incorporation or Bylaws; Change of
                Fiscal
                Year

               

              Disclosure
                is required of any amendment “to
                the governing documents of the issuing entity”.

            	 	
              Depositor

            
	 	 	 
	
              Item
                6.01- ABS Informational and Computational
                Material

            	 	
              Depositor

            
	 	 	 
	
              Item
                6.02- Change of Servicer or Securities Administrator

               

              Requires
                disclosure of any removal, replacement, substitution or addition
                of any
                master servicer, affiliated servicer, other servicer servicing 10%
                or more
                of pool assets at time of report, other material servicers or
                trustee.

            	 	
              Master
                Servicer/Securities Administrator/Depositor/

              Servicer(1)/Trustee
                (as to itself)

            
	 	 	 
	
              Reg
                AB disclosure about any new servicer or master servicer is also
                required.

            	 	
              Servicer(1)/Master
                Servicer/Depositor

            
	 	 	 
	
              Reg
                AB disclosure about any new Trustee is also required.

            	 	
              Successor
                trustee

            
	 	 	 
	
              Item
                6.03- Change in Credit Enhancement or External
                Support

               

              Covers
                termination of any enhancement in manner other than by its terms,
                the
                addition of an enhancement, or a material change in the enhancement
                provided. Applies to external credit enhancements as well as derivatives.
                

            	 	
              Depositor/Securities
                Administrator

            
	 	 	 
	
              Reg
                AB disclosure about any new enhancement provider is also
                required.

            	 	
              Depositor

            

    

     

    
      
        
        

      

      
        P-3-2

        
          

        

      

      
        
        

      

    

    
      

      
        	
                FORM
                  8-K DISCLOSURE INFORMATION

              
	 	 	 
	
                Item
                  on Form 8-K

              	 	
                Party
                  Responsible 

              

      

    

    
      	 	 	 
	
              Item
                6.04- Failure to Make a Required Distribution

            	 	
              Securities
                Administrator

            
	 	 	 
	
              Item
                6.05- Securities Act Updating Disclosure

               

              If
                any material pool characteristic differs by 5% or more at the time
                of
                issuance of the securities from the description in the final prospectus,
                provide updated Reg AB disclosure about the actual asset
                pool.

            	 	
              Depositor

            
	 	 	 
	
              If
                there are any new servicers or originators required to be disclosed
                under
                Regulation AB as a result of the foregoing, provide the information
                called
                for in Items 1108 and 1110 respectively.

            	 	
              Depositor

            
	 	 	 
	
              Item
                7.01- Reg FD Disclosure

            	 	
              All
                parties

            
	 	 	 
	
              Item
                8.01- Other Events

               

              Any
                event, with respect to which information is not otherwise called
                for in
                Form 8-K, that the registrant deems of importance to
                certificateholders.

            	 	
              Depositor

            
	 	 	 
	
              Item
                9.01- Financial Statements and Exhibits

            	 	
              Responsible
                party for reporting/disclosing the financial statement or
                exhibit

            

    

     

    (1) This
      information to be provided pursuant to the applicable Servicing
      Agreement.

    (2) This
      information to be provided pursuant to the applicable Custodial
      Agreement.

     

    
      
        
        

      

      
        P-3-3

        
          

        

      

      
        
        

      

    

    EXHIBIT
      P-4

     

    ADDITIONAL
      DISCLOSURE NOTIFICATION

    

    Wells
      Fargo Bank, N.A., as Securities Administrator

    Old
      Annapolis Road

    Columbia,
      Maryland 21045

    Attn:
      Corporate Trust Services - SASCO 2006-BC5 - SEC Report Processing

    

    RE:
      **Additional Form [10-D][10-K][8-K] Disclosure** Required

     

    Ladies
      and Gentlemen:

     

    In
      accordance with Section [    ] of the Trust Agreement, dated as
      of November 1, 2006, by and among Structured Asset Securities Corporation,
      as
      Depositor, Risk Management Group, LLC, as Credit Risk Manager, U.S. Bank
      National Association, as Trustee and Wells Fargo Bank, N.A., as Master Servicer
      and Securities Administrator, 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:

            

    

     

    
      	cc:	
              Structured
                Asset Securities Corporation 

              745
                Seventh Avenue, 7th Floor 

              New
                York, New York 10019

            

    

     

    
      
        
        

      

      
        P-4-1

        
          

        

      

      
        
        

      

    

    EXHIBIT
      Q-1

    

    FORM
      OF
      BACK-UP SARBANES-OXLEY CERTIFICATION

    

    [ 
 ]

    [ 
 ]

    [ 
 ]

     

    
      	 	
              Re:

            	
              SASCO
                2006-BC5

            

    

     

    [_______],
      the [_______] of [_______] (the “Company”)
      hereby
      certifies to the Depositor, the Master Servicer and the Securities
      Administrator, and each of their officers, directors and affiliates
      that:

     

    (1) I
      have
      reviewed [the servicer compliance statement of the Company provided in
      accordance with Item 1123 of Regulation AB (the “Compliance
      Statement”),]
      the
      report on assessment of the Company’s
      compliance with the Servicing Criteria set forth in Item 1122(d) of Regulation
      AB (the “Servicing
      Criteria”),
      provided in accordance with Rules 13a-18 and 15d-18 under the Securities
      Exchange Act of 1934, as amended (the “Exchange
      Act”)
      and
      Item 1122 of Regulation AB (the “Servicing
      Assessment”),
      the
      registered public accounting firm’s
      attestation report provided in accordance with Rules 13a-18 and 15d-18 under
      the
      Exchange Act and Section 1122(b) of Regulation AB (the “Attestation
      Report”),
      and
      all servicing reports, officer’s
      certificates and other information relating to the servicing of the Mortgage
      Loans by the Company during 200[ ] that were delivered by the Company to any
      of
      the Depositor, the Master Servicer and the Securities Administrator pursuant
      to
      the Agreement (collectively, the “Company
      Servicing Information”);

     

    (2) Based
      on
      my knowledge, the Company Servicing Information, taken as a whole, does not
      contain any untrue statement of a material fact or omit to state a material
      fact
      necessary to make the statements made, in the light of the circumstances under
      which such statements were made, not misleading with respect to the period
      of
      time covered by the Company Servicing Information;

     

    (3) Based
      on
      my knowledge, all of the Company Servicing Information required to be provided
      by the Company under the Agreement has been provided to the Depositor, the
      Master Servicer and the Securities Administrator;

     

    (4) I
      am
      responsible for reviewing the activities performed by [_______] as [_______]
      under the [_______] (the “Agreement”),
      and
      based on my knowledge [and the compliance review conducted in preparing the
      Compliance Statement] and except as disclosed in [the Compliance Statement,]
      the
      Servicing Assessment or the Attestation Report, the Company has fulfilled its
      obligations under the Agreement in all material respects; and

     

    
      
        
        

      

      
        Q-1-1

        
          

        

      

      
        
        

      

    

     

    (5) [The
      Compliance Statement required to be delivered by the Company pursuant to the
      Agreement, and] [The] [the] Servicing Assessment and Attestation Report required
      to be provided by the Company and [by any Subservicer or Subcontractor] pursuant
      to the Agreement, have been provided to the Depositor, the Master Servicer
      and
      the Securities Administrator. Any material instances of noncompliance described
      in such reports have been disclosed to the Depositor, the Master Servicer and
      the Securities Administrator. Any material instance of noncompliance with the
      Servicing Criteria has been disclosed in such reports.

     

    Capitalized
      terms used but not defined herein have the meanings ascribed to them in the
      Trust Agreement, dated as of November 1, 2006 (the “Trust
      Agreement”)
      by and
      among Structured Asset Securities Corporation, as Depositor, U.S. Bank National
      Association, as Trustee, Wells Fargo Bank, N.A., as Master Servicer and
      Securities Administrator, and Risk Management Group, LLC, as Credit Risk
      Manager. Capitalized terms used but not defined herein shall have the meanings
      given to them in the Trust Agreement.

    
      	 	 	 
	 	
              [_______]

              as
                [_______]

            
	 
 	 
 	 
 
	
            	By:  	
            
	 	
              
                

                Name:

              Title:

              Date:

            
	 	
            

    

    

    
      
        
        

      

      
        Q-1-2

        
          

        

      

      
        
        

      

    

    EXHIBIT
      Q-2

    

    FORM
      OF
      BACK-UP SARBANES-OXLEY CERTIFICATION TO BE PROVIDED BY 

    THE
      SECURITIES ADMINISTRATOR

     

    
      	
            	Re:	
              Structured
                Asset Investment Loan Trust Mortgage Pass-Through Certificates, Series
                2006-BC5 (the “Trust”),
                issued pursuant to the Trust Agreement, dated as of October 1, 2006,
                among
                Structured Asset Securities Corporation, as Depositor, Wells Fargo
                Bank,
                N.A., as Master Servicer and Securities Administrator, Risk Management
                Group, LLC, as Credit
                Risk Manager, and U.S. Bank National Association, as
                Trustee

            

    

     

    The
      Securities Administrator hereby certifies to the Depositor and the Master
      Servicer, and their respective officers, directors and affiliates, and with
      the
      knowledge and intent that they will rely upon this certification,
      that:

     

    (1) I
      have
      reviewed the annual report on Form 10-K for the fiscal year [____] (the
“Annual
      Report”),
      and
      all reports on Form 10-D required to be filed in respect of period covered
      by
      the Annual Report (collectively with the Annual Report, the “Reports”),
      of the
      Trust;

     

    (2) To
      my
      knowledge, (a)
      the
      Reports, taken as a whole, do not contain any untrue statement of a material
      fact or omit to state a material fact necessary to make the statements made,
      in
      light of the circumstances under which such statements were made, not misleading
      with respect to the period covered by the Annual Report,
      and (b)
      the Securities Administrator’s
      assessment of compliance and related attestation report referred to below,
      taken
      as a whole, do not contain any untrue statement of a material fact or omit
      to
      state a material fact necessary to make the statements made, in light of the
      circumstances under which such statements were made, not misleading with respect
      to the period covered by such assessment of compliance and attestation
      report;

     

    (3) To
      my
      knowledge, the distribution information required to be provided by the
      Securities Administrator under the Trust Agreement for inclusion in the Reports
      is included in the Reports;

     

    (4) I
      am
      responsible for reviewing the activities performed by the Securities
      Administrator under the Trust Agreement, and based on my knowledge and the
      compliance review conducted in preparing the assessment of compliance of the
      Securities Administrator required by the Trust Agreement, and except as
      disclosed in the Reports, the Securities Administrator has fulfilled its
      obligations under the Trust Agreement in all material respects; and

     

    (5) The
      report on assessment of compliance with servicing criteria applicable to the
      Securities Administrator for asset-backed securities of the Securities
      Administrator and each Subcontractor utilized by the Securities Administrator
      and related attestation report on assessment of compliance with servicing
      criteria applicable to it required to be included in the Annual Report in
      accordance with Item 1122 of Regulation AB and Exchange Act Rules 13a-18 and
      15d-18 has been included as an exhibit to the Annual Report. Any material
      instances of non-compliance are described in such report and have been disclosed
      in the Annual Report.

     

    
      
        
        

      

      
        Q-2-1

        
          

        

      

      
        
        

      

    

     

    In
      giving
      the certifications above, the Securities Administrator has reasonably relied
      on
      information provided to it by the following unaffiliated parties: [names of
      servicer(s), master servicer, subservicer(s), depositor, trustee,
      custodian(s)]

    
      	 	 	 	 
	
              Date:      

            	 	 	
            
	
              
                

              

            	 	 	
            
	 	 	 	 
	
              

              [Signature]

            	 	 	
            
	
              [Title]

            	 	 	 

    

     

    
      
        
        

      

      
        Q-2-2

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      R-1

    

    FORM
      OF
      FORECASTED LOSS REPORT

     

    
      
        
        

      

      
        R-1-1

        
          

        

      

      
        
        

      

    

    EXHIBIT
      R-2

    

    FORM
      OF
      WATCH LIST REPORT

     

    
      
        
        

      

      
        R-2-1

        
          

        

      

      
        
        

      

    

    EXHIBIT
      R-3

    

    FORM
      OF
      REDFLAG DASHBOARD REPORT

     

    
      
        
        

      

      
        R-3-1

        
          

        

      

      
        
        

      

    

    EXHIBIT
      R-4

     

    FORM
      OF
      GAIN/LOSS REPORT

     

    
      
        
        

      

      
        R-4-1

        
          

        

      

      
        
        

      

    

    EXHIBIT
      R-5

    

    [RESERVED]

     

    
      
        
        

      

      
        R-5-1

        
          

        

      

      
        
        

      

    

    EXHIBIT
      R-6

     

    FORM
      OF
      PREPAYMENT PREMIUMS REPORT

     

    
      
        
        

      

      
        R-6-1

        
          

        

      

      
        
        

      

    

    EXHIBIT
      R-7

     

    FORM
      OF
      HIGHLIGHT SUMMARY REPORT

     

    
      
        
        

      

      
        R-7-1

        
          

        

      

      
        
        

      

    

    

    EXHIBIT
      S

     

    SERVICING
      CRITERIA TO BE ADDRESSED IN REPORT ON ASSESSMENT OF COMPLIANCE

    

    To:
      

    

    [_______]

    

    Where
      there are multiple checks for criteria the attesting party will identify in
      their management assertion that they are attesting only to the portion of the
      distribution chain they are responsible for in the related transaction
      agreements. Capitalized terms used herein but not defined herein shall have
      the
      meanings assigned to them in the Trust Agreement dated as of November 1, 2006
      (the “Agreement”),
      by and
      among Structured Asset Securities Corporation, as Depositor, U.S. Bank National
      Association, as Trustee, Wells Fargo Bank, N.A., as Master Servicer and
      Securities Administrator, and Risk Management Group, LLC, as Credit Risk
      Manager. 

    

    
      	
              Reg
                AB Reference

            	 	
              Servicing
                Criteria

            	 	
              Paying
                Agent

            	 	
              Credit
                Risk Manager

            	 	
              Trustee

            	 	
              Master
                Servicer

            	 	
              Securities
                Administrator

            
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	
              General Servicing
                 Considerations

            	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	
              1122(d)(1)(i)

            	 	
              Policies
                and procedures are instituted to monitor any performance or other
                triggers
                and events of default in accordance with the transaction
                agreements.

            	 	 	 	 	 	 	 	
              X

            	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	
              1122(d)(1)(ii)

            	 	
              If
                any material servicing activities are outsourced to third parties,
                policies and procedures are instituted to monitor the third
                party’s
                performance and compliance with such servicing activities.

            	 	 	 	 	 	 	 	
              X

            	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	
              1122(d)(1)(iii)

            	 	
              Any
                requirements in the transaction agreements to maintain a back-up
                servicer
                for the pool assets are maintained. 

            	 	
               

            	 	 	 	
               

            	 	
              X

            	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	
              1122(d)(1)(iv)

            	 	
              A
                fidelity bond and errors and omissions policy is in effect on the
                party
                participating in the servicing function throughout the reporting
                period in
                the amount of coverage required by and otherwise in accordance with
                the
                terms of the transaction agreements. 

            	 	 	 	 	 	 	 	
              X

            	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	
              Cash Collection and Administration

            	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	
              1122(d)(2)(i)

            	 	
              Payments
                on pool assets are deposited into the appropriate custodial bank
                accounts
                and related bank clearing accounts no more than two business days
                following receipt, or such other number of days specified in the
                transaction agreements. 

            	 	
              X

            	 	 	 	 	 	
              X

            	 	
              X

            

    

     

    
      
        
        

      

      
        S-1

        
          

        

      

      
        
        

      

    

    
      

      
        	
                Reg
                  AB Reference

              	 	
                Servicing
                  Criteria

              	 	
                Paying
                  Agent

              	 	
                Credit
                  Risk Manager

              	 	
                Trustee

              	 	
                Master
                  Servicer

              	 	
                Securities
                  Administrator

              

      

    

    
      	 	 	 	 	 	 	 	 	 	 	 	 	 
	
              1122(d)(2)(ii)

            	 	
              Disbursements
                made via wire transfer on behalf of an obligor or to an investor
                are made
                only by authorized personnel. 

            	 	
              X

            	 	 	 	 	 	
              X

            	 	
              X

            
	 	 	 	 	 	 	 	 	 	 	 	 	 
	
              1122(d)(2)(iii)

            	 	
              Advances
                of funds or guarantees regarding collections, cash flows or distributions,
                and any interest or other fees charged for such advances, are made,
                reviewed and approved as specified in the transaction agreements.
                

            	 	 	 	 	 	 	 	
              X

            	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	
              1122(d)(2)(iv)

            	 	
              The
                related accounts for the transaction, such as cash reserve accounts
                or
                accounts established as a form of over collateralization, are separately
                maintained (e.g., with respect to commingling of cash) as set forth
                in the
                transaction agreements. 

            	 	
              X

            	 	 	 	 	 	
              X

            	 	
              X

            
	 	 	 	 	 	 	 	 	 	 	 	 	 
	
              1122(d)(2)(v)

            	 	
              Each
                custodial account is maintained at a federally insured depository
                institution as set forth in the transaction agreements. For purposes
                of
                this criterion, “federally
                insured depository institution”
                with respect to a foreign financial institution means a foreign financial
                institution that meets the requirements of Rule 13k-1(b)(1) of the
                Securities Exchange Act. 

            	 	 	 	 	 	 	 	
              X

            	 	
              X

            
	 	 	 	 	 	 	 	 	 	 	 	 	 
	
              1122(d)(2)(vi)

            	 	
              Unissued
                checks are safeguarded so as to prevent unauthorized access.
                

            	 	
              X

            	 	 	 	 	 	
              X

            	 	
              X

            
	 	 	 	 	 	 	 	 	 	 	 	 	 
	
              1122(d)(2)(vii)
                

            	 	
              Reconciliations
                are prepared on a monthly basis for all asset-backed securities related
                bank accounts, including custodial accounts and related bank clearing
                accounts. These reconciliations are (A) mathematically accurate;
                (B)
                prepared within 30 calendar days after the bank statement cutoff
                date, or
                such other number of days specified in the transaction agreements;
                (C)
                reviewed and approved by someone other than the person who prepared
                the
                reconciliation; and (D) contain explanations for reconciling items.
                These
                reconciling items are resolved within 90 calendar days of their original
                identification, or such other number of days specified in the transaction
                agreements. 

            	 	
              X

            	 	 	 	 	 	
              X

            	 	
              X

            

    

     

    
      
        
        

      

      
        S-2

        
          

        

      

      
        
        

      

    

    
      

      
        	
                Reg
                  AB Reference

              	 	
                Servicing
                  Criteria

              	 	
                Paying
                  Agent

              	 	
                Credit
                  Risk Manager

              	 	
                Trustee

              	 	
                Master
                  Servicer

              	 	
                Securities
                  Administrator

              

      

    

    
      	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	
              Investor
                Remittances and Reporting

            	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	
              1122(d)(3)(i)

            	 	
              Reports
                to investors, including those to be filed with the Commission, are
                maintained in accordance with the transaction agreements and applicable
                Commission requirements. Specifically, such reports (A) are prepared
                in
                accordance with timeframes and other terms set forth in the transaction
                agreements; (B) provide information calculated in accordance with
                the
                terms specified in the transaction agreements; (C) are filed with
                the
                Commission as required by its rules and regulations; and (D) agree
                with
                investors’
                or
                the trustee’s
                records as to the total unpaid principal balance and number of pool
                assets
                serviced by the Servicer. 

            	 	 	 	
              X

            	 	 	 	
              X

            	 	
              X

            
	 	 	 	 	 	 	 	 	 	 	 	 	 
	
              1122(d)(3)(ii)

            	 	
              Amounts
                due to investors are allocated and remitted in accordance with timeframes,
                distribution priority and other terms set forth in the transaction
                agreements. 

            	 	
              X

            	 	 	 	 	 	
              X

            	 	
              X

            
	 	 	 	 	 	 	 	 	 	 	 	 	 
	
              1122(d)(3)(iii)

            	 	
              Disbursements
                made to an investor are posted within two business days to the
                Servicer’s
                investor records, or such other number of days specified in the
                transaction agreements. 

            	 	
              X

            	 	 	 	 	 	
               X

            	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	
              1122(d)(3)(iv)

            	 	
              Amounts
                remitted to investors per the investor reports agree with cancelled
                checks, or other form of payment, or custodial bank statements.
                

            	 	
              X

            	 	 	 	 	 	
              X

            	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	
              Pool
                Asset Administration

            	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	
              1122(d)(4)(i)
                

            	 	
              Collateral
                or security on pool assets is maintained as required by the transaction
                agreements or related pool asset documents. 

            	 	
               

            	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	
              1122(d)(4)(ii)

            	 	
              Pool
                assets and related documents are safeguarded as required by the
                transaction agreements 

            	 	
               

            	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	
              1122(d)(4)(iii)

            	 	
              Any
                additions, removals or substitutions to the asset pool are made,
                reviewed
                and approved in accordance with any conditions or requirements in
                the
                transaction agreements. 

            	 	
               

            	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	
              1122(d)(4)(iv)

            	 	
              Payments
                on pool assets, including any payoffs, made in accordance with the
                related
                pool asset documents are posted to the Servicer’s
                obligor records maintained no more than two business days after receipt,
                or such other number of days specified in the transaction agreements,
                and
                allocated to principal, interest or other items (e.g., escrow) in
                accordance with the related pool asset documents. 

            	 	 	 	 	 	 	 	 	 	 

    

     

    
      
        
        

      

      
        S-3

        
          

        

      

      
        
        

      

    

    
      

      
        	
                Reg
                  AB Reference

              	 	
                Servicing
                  Criteria

              	 	
                Paying
                  Agent

              	 	
                Credit
                  Risk Manager

              	 	
                Trustee

              	 	
                Master
                  Servicer

              	 	
                Securities
                  Administrator

              

      

    

    
      	 	 	 	 	 	 	 	 	 	 	 	 	 
	
              1122(d)(4)(v)

            	 	
              The
                Servicer’s
                records regarding the pool assets agree with the Servicer’s
                records with respect to an obligor’s
                unpaid principal balance. 

            	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	
              1122(d)(4)(vi)

            	 	
              Changes
                with respect to the terms or status of an obligor’s
                pool assets (e.g., loan modifications or re-agings) are made, reviewed
                and
                approved by authorized personnel in accordance with the transaction
                agreements and related pool asset documents. 

            	 	 	 	 	 	 	 	
              X

            	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	
              1122(d)(4)(vii)

            	 	
              Loss
                mitigation or recovery actions (e.g., forbearance plans, modifications
                and
                deeds in lieu of foreclosure, foreclosures and repossessions, as
                applicable) are initiated, conducted and concluded in accordance
                with the
                timeframes or other requirements established by the transaction
                agreements. 

            	 	 	 	 	 	 	 	
              X

            	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	
              1122(d)(4)(viii)

            	 	
              Records
                documenting collection efforts are maintained during the period a
                pool
                asset is delinquent in accordance with the transaction agreements.
                Such
                records are maintained on at least a monthly basis, or such other
                period
                specified in the transaction agreements, and describe the
                entity’s
                activities in monitoring delinquent pool assets including, for example,
                phone calls, letters and payment rescheduling plans in cases where
                delinquency is deemed temporary (e.g., illness or unemployment).
                

            	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	
              1122(d)(4)(ix)

            	 	
              Adjustments
                to interest rates or rates of return for pool assets with variable
                rates
                are computed based on the related pool asset documents. 

            	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	
              1122(d)(4)(x)

            	 	
              Regarding
                any funds held in trust for an obligor (such as escrow accounts):
                (A) such
                funds are analyzed, in accordance with the obligor’s
                pool asset documents, on at least an annual basis, or such other
                period
                specified in the transaction agreements; (B) interest on such funds
                is
                paid, or credited, to obligors in accordance with applicable pool
                asset
                documents and state laws; and (C) such funds are returned to the
                obligor
                within 30 calendar days of full repayment of the related pool assets,
                or
                such other number of days specified in the transaction agreements.
                

            	 	 	 	 	 	 	 	 	 	 

    

     

    
      
        
        

      

      
        S-4

        
          

        

      

      
        
        

      

    

    
      

      
        	
                Reg
                  AB Reference

              	 	
                Servicing
                  Criteria

              	 	
                Paying
                  Agent

              	 	
                Credit
                  Risk Manager

              	 	
                Trustee

              	 	
                Master
                  Servicer

              	 	
                Securities
                  Administrator

              

      

    

    
      	 	 	 	 	 	 	 	 	 	 	 	 	 
	
              1122(d)(4)(xi)

            	 	
              Payments
                made on behalf of an obligor (such as tax or insurance payments)
                are made
                on or before the related penalty or expiration dates, as indicated
                on the
                appropriate bills or notices for such payments, provided that such
                support
                has been received by the servicer at least 30 calendar days prior
                to these
                dates, or such other number of days specified in the transaction
                agreements. 

            	 	 	 	 	 	 	 	
               

            	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	
              1122(d)(4)(xii)

            	 	
              Any
                late payment penalties in connection with any payment to be made
                on behalf
                of an obligor are paid from the Servicer’s
                funds and not charged to the obligor, unless the late payment was
                due to
                the obligor’s
                error or omission. 

            	 	 	 	 	 	 	 	
               

            	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	
              1122(d)(4)(xiii)

            	 	
              Disbursements
                made on behalf of an obligor are posted within two business days
                to the
                obligor’s
                records maintained by the servicer, or such other number of days
                specified
                in the transaction agreements. 

            	 	 	 	 	 	 	 	
               

            	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	
              1122(d)(4)(xiv)
                

            	 	
              Delinquencies,
                charge-offs and uncollectible accounts are recognized and recorded
                in
                accordance with the transaction agreements. 

            	 	 	 	 	 	 	 	
              X

            	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	
              1122(d)(4)(xv)

            	 	
              Any
                external enhancement or other support, identified in Item 1114(a)(1)
                through (3) or Item 1115 of Regulation AB, is maintained as set forth
                in
                the transaction agreements. 

            	 	 	 	 	 	 	 	
              X

            	 	 

    

    

    
      
        
        

      

      
        S-5

        
          

        

      

      
        
        

      

    

    EXHIBIT
      T

     

    [RESERVED]

     

    
      
        
        

      

      
        T-1

        
          

        

      

      
        
        

      

    

    EXHIBIT
      U

     

    FORM
      OF
      CERTIFICATION

    TO
      BE
      PROVIDED BY THE CREDIT RISK MANAGER

     

    FORM
      OF CERTIFICATION

     

    Re:
      Structured Asset Securities Corporation Mortgage Loan Trust Mortgage
      Pass-Through Certificates Series 2006-BC5 issued pursuant to the Trust Agreement
      dated as of November 1, 2006, among Structured Asset Securities
      Corporation, as Depositor (the “Depositor”),
      Risk
      Management Group, LLC, as Credit Risk Manager, Wells Fargo Bank, N.A., as Master
      Servicer (the “Master
      Servicer”)
      and
      Securities Administrator (the “Securities
      Administrator”)
      and
      U.S. Bank National Association, as Trustee (the “Trustee”).
      

     

    RISK
      MANAGEMENT GROUP, LLC (the “Credit
      Risk Manager”)
      certifies to the Depositor, the Sponsor, the Master Servicer, the Securities
      Administrator, and [10-K Signatory Entity] its officers, directors and
      affiliates, and with the knowledge and intent that they will rely upon this
      certification, that:

     

    
      	 	
              1.

            	
              Based
                on the knowledge of the Credit Risk Manager, taken as a whole, the
                information in the reports provided during the calendar year immediately
                preceding the date of this certificate (the “Relevant
                Year”)
                by the Credit Risk Manager pursuant to the Master Consulting Agreement
                dated as of January 28, 2004 (the
                “Master
                Consulting Agreement”),
                by and between the Credit Risk Manager and Lehman Brothers Holdings
                Inc.
                and pursuant to Transaction Addendum SASCO 2006-BC5 (the “Transaction
                Addendum SASCO 2006-BC5”),
                does not contain any untrue statement of a material fact or omit
                to state
                a material fact necessary to make the statements made, in light of
                the
                circumstances under which such statements were made, not misleading
                as of
                the date that each of such reports was provided;
                and

            

    

     

    
      	 	
              2.

            	
              The
                Credit Risk Manager has fulfilled its obligations under the Master
                Consulting Agreement and Transaction Addendum SASCO 2006-BC5 throughout
                the Relevant Year.

            

    

     

    RISK
      MANAGEMENT GROUP, LLC

    
      	 	 	 	 
	 	 	 	 
	By:
	 	 	
            
	
              
                

              

              
                Name:
                  

              

            	 	
            
	
              
                

              

              Title:

            	 	 
	
              
                

              

            	 	 

    

     

    
      
        
        

      

      
        U-1

        
          

        

      

      
        
        

      

    

    EXHIBIT
      V

     

    TRANSACTION
      PARTIES

    

    Sponsor
      and Seller: Lehman Brothers Holdings Inc.

    

    Depositor:
      Structured Asset Securities Corporation

    

    Trustee:
      U.S. Bank National Association

    

    Securities
      Administrator: Wells Fargo Bank, N.A.

    

    Master
      Servicer: Wells Fargo Bank, N.A.

    

    Credit
      Risk Manager: Risk Management Group, LLC

    

    PMI
      Insurers: Mortgage Guaranty Insurance Corporation and PMI Mortgage Insurance
      Co.

    

    Swap
      Counterparty: IXIS Financial Products Inc.

    

    Cap
      Counterparty: IXIS Financial Products Inc.

    

    Servicers:
      Aurora Loan Services LLC, Countrywide Home Loans Servicing LP, Barclays Capital
      Real Estate Inc. d/b/a HomEq Servicing, JPMorgan Chase Bank, National
      Association, Option One Mortgage Corporation and Wells Fargo Bank,
      N.A.

    

    Primary
      Originators: BNC Mortgage, Inc., Countrywide Home Loans, Inc., Peoples Choice
      Home Loan, Inc. and Argent Mortgage Company, LLC

    

    Custodians:
      Deutsche Bank National Trust Company, LaSalle Bank National Association, U.S.
      Bank National Association and Wells Fargo Bank, N.A.

    

    
      
        
        

      

      
        V-1

        
          

        

      

      
        
        

      

    

    EXHIBIT
      W

     

    [___________]

    [___________]

    [___________]

    Attention:
      [___________]

    

    

    
      	
              Re:

            	
              PURCHASE
                OPTION NOTICE

            
	 	
              Structured
                Asset Securities Corporation Mortgage Loan Trust Mortgage Pass-Through
                Certificates Series 2006-BC4 issued pursuant to the Trust Agreement
                dated
                as of November 1, 2006, among Structured Asset Securities Corporation,
                as
                Depositor (the “Depositor”), Risk Management Group, LLC, as Credit Risk
                Manager, Wells Fargo Bank, N.A., as Master Servicer (the “Master
                Servicer”) and Securities Administrator (the “Securities Administrator”)
                and U.S. Bank National Association, as Trustee (the “Trustee”).

            

    

    

    Ladies
      and Gentlemen:

    

    In
      accordance with the Section 7.01(d)(vii) of the above-referenced Trust
      Agreement, Wells Fargo Bank, N.A., as Master Servicer, hereby notifies you
      that
      the option to purchase the Mortgage Loans and certain other property of the
      Trust Fund may be exercised on the Distribution Date of this month. The Bid
      Due
      Date for this month is [_____] [__], 20[__]. 

    

    [In
      accordance with Section 7.01(d)(vii) of the Trust Agreement, if no holder of
      NIM
      Residual Securities submits a NIM Residual Purchase Option Notice on or before
      such Bid Due Date, then, on the immediately succeeding Distribution Date, the
      Master Servicer may exercise the option to purchase the Mortgage Loans and
      certain other property of the Trust Fund pursuant to Section 7.01(b) or Section
      7.01(c) of the Trust Agreement.]

    

    Capitalized
      terms used and not defined herein are used as defined in the Trust
      Agreement.

    

    Very
      truly yours,

    

    Wells
      Fargo Bank, N.A.

    

    By:
      ___________________________

    Name:

    Title:

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBIT
      X

     

    FORM
      OF NIM RESIDUAL PURCHASE OPTION NOTICE

     

    

    [Date]

    

    Wells
      Fargo Bank, N.A.

    Old
      Annapolis Road

    Columbia,
      Maryland 21045

    Attn:
      Corporate Trust Services - SASCO 2006-BC4 

     

    
      	
              Re:

            	
              NIM
                RESIDUAL PURCHASE OPTION NOTICE

            
	 	
              Structured
                Asset Securities Corporation Mortgage Loan Trust Mortgage Pass-Through
                Certificates Series 2006-BC4 issued pursuant to the Trust Agreement
                dated
                as of November 1, 2006, among Structured Asset Securities Corporation,
                as
                Depositor (the “Depositor”), Risk Management Group, LLC, as Credit Risk
                Manager, Wells Fargo Bank, N.A., as Master Servicer (the “Master
                Servicer”) and Securities Administrator (the “Securities Administrator”)
                and U.S. Bank National Association, as Trustee (the “Trustee”).

            

    

    

    Ladies
      and Gentlemen:

    

    In
      accordance with Section 7.01(d)(iii) of the above-referenced Trust Agreement,
      [holder of NIM Residual Securities] hereby requests Wells Fargo Bank, N.A.
      (the
“Master Servicer”) to exercise the option to purchase on its behalf with respect
      to all, but no fewer than all, of the Mortgage Loans and other property of
      the
      Trust Fund relating to the Structured Asset Securities Corporation, Mortgage
      Loan Pass-Through Certificates, Series 2006-BC4. 

    

    The
      Bid
      Price for such assets shall be $___________.

    

    Capitalized
      terms used and not defined herein are used as defined in the Trust
      Agreement.

    

    Very
      truly yours,

    

    [NIM
      RESIDUAL SECURITIES HOLDER]

    

    By:
      ___________________________

    Name:
      

    Title:
      

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    SCHEDULE
      A

     

    MORTGAGE
      LOAN SCHEDULE

     

    [To
      be
      retained in a separate closing binder entitled “SASCO
      2006-BC5 Mortgage Loan Schedules”
      at McKee
      Nelson LLP] 

     

    
      
        
        

      

      
        
          Schedule
            A-1

        

        
          

        

      

      
        
        

      

    

    SCHEDULE
      B

     

    PROJECTED
      AGGREGATE SCHEDULED PRINCIPAL BALANCE OF FORTY-YEAR MORTGAGE LOANS

    

    
      	
              Distribution
                Date occurring in:

            	 	
              Aggregate
                Scheduled Principal Balance of the Mortgage Loans Having
                Forty-Year
                Original Terms
                to Maturity ($)

            	 
	
              December
                2016

            	 	 	
              5,612,305.01

            	 
	
              January
                2017

            	 	 	
              5,532,705.68

            	 
	
              February
                2017

            	 	 	
              5,454,206.70

            	 
	
              March
                2017

            	 	 	
              5,376,793.06

            	 
	
              April
                2017

            	 	 	
              5,300,449.95

            	 
	
              May
                2017

            	 	 	
              5,225,162.76

            	 
	
              June
                2017

            	 	 	
              5,150,917.07

            	 
	
              July
                2017

            	 	 	
              5,077,698.67

            	 
	
              August
                2017

            	 	 	
              5,005,493.53

            	 
	
              September
                2017

            	 	 	
              4,934,287.81

            	 
	
              October
                2017

            	 	 	
              4,864,067.87

            	 
	
              November
                2017

            	 	 	
              4,794,820.25

            	 
	
              December
                2017

            	 	 	
              4,726,531.65

            	 
	
              January
                2018

            	 	 	
              4,659,189.00

            	 
	
              February
                2018

            	 	 	
              4,592,779.36

            	 
	
              March
                2018

            	 	 	
              4,527,289.98

            	 
	
              April
                2018

            	 	 	
              4,462,708.29

            	 
	
              May
                2018

            	 	 	
              4,399,021.90

            	 
	
              June
                2018

            	 	 	
              4,336,218.55

            	 
	
              July
                2018

            	 	 	
              4,274,286.19

            	 
	
              August
                2018

            	 	 	
              4,213,212.91

            	 
	
              September
                2018

            	 	 	
              4,152,986.96

            	 
	
              October
                2018

            	 	 	
              4,093,596.76

            	 
	
              November
                2018

            	 	 	
              4,035,030.89

            	 
	
              December
                2018

            	 	 	
              3,977,278.06

            	 
	
              January
                2019

            	 	 	
              3,920,327.16

            	 
	
              February
                2019

            	 	 	
              3,864,167.23

            	 
	
              March
                2019

            	 	 	
              3,808,787.43

            	 
	
              April
                2019

            	 	 	
              3,754,177.11

            	 
	
              May
                2019

            	 	 	
              3,700,325.72

            	 
	
              June
                2019

            	 	 	
              3,647,222.90

            	 
	
              July
                2019

            	 	 	
              3,594,858.38

            	 
	
              August
                2019

            	 	 	
              3,543,222.07

            	 
	
              September
                2019

            	 	 	
              3,492,304.00

            	 
	
              October
                2019

            	 	 	
              3,442,094.34

            	 
	
              November
                2019

            	 	 	
              3,392,583.38

            	 
	
              December
                2019

            	 	 	
              3,343,761.57

            	 
	
              January
                2020

            	 	 	
              3,295,619.45

            	 
	
              February
                2020

            	 	 	
              3,248,147.73

            	 
	
              March
                2020

            	 	 	
              3,201,337.23

            	 
	
              April
                2020

            	 	 	
              3,155,178.87

            	 
	
              May
                2020

            	 	 	
              3,109,663.73

            	 
	
              June
                2020

            	 	 	
              3,064,783.00

            	 
	
              July
                2020

            	 	 	
              3,020,527.97

            	 

    

     

    
      
        
        

      

      
        
          Schedule
            B-1

        

        
          

        

      

      
        
        

      

    

    
      

      
        	
                Distribution
                  Date occurring in:

              	 	
                Aggregate
                  Scheduled Principal Balance of the Mortgage Loans Having
                  Forty-Year
                  Original Terms
                  to Maturity ($)

              	 

      

    

    
      	
              August
                2020

            	 	 	
              2,976,890.08

            	 
	
              September
                2020

            	 	 	
              2,933,860.86

            	 
	
              October
                2020

            	 	 	
              2,891,431.98

            	 
	
              November
                2020

            	 	 	
              2,849,595.19

            	 
	
              December
                2020

            	 	 	
              2,808,342.38

            	 
	
              January
                2021

            	 	 	
              2,767,665.55

            	 
	
              February
                2021

            	 	 	
              2,727,556.78

            	 
	
              March
                2021

            	 	 	
              2,688,008.30

            	 
	
              April
                2021

            	 	 	
              2,649,012.41

            	 
	
              May
                2021

            	 	 	
              2,610,561.52

            	 
	
              June
                2021

            	 	 	
              2,572,648.17

            	 
	
              July
                2021

            	 	 	
              2,535,264.97

            	 
	
              August
                2021

            	 	 	
              2,498,404.65

            	 
	
              September
                2021

            	 	 	
              2,462,060.02

            	 
	
              October
                2021

            	 	 	
              2,426,224.01

            	 
	
              November
                2021

            	 	 	
              2,390,889.64

            	 
	
              December
                2021

            	 	 	
              2,356,050.01

            	 
	
              January
                2022

            	 	 	
              2,321,698.32

            	 
	
              February
                2022

            	 	 	
              2,287,827.88

            	 
	
              March
                2022

            	 	 	
              2,254,432.08

            	 
	
              April
                2022

            	 	 	
              2,221,504.38

            	 
	
              May
                2022

            	 	 	
              2,189,038.36

            	 
	
              June
                2022

            	 	 	
              2,157,027.68

            	 
	
              July
                2022

            	 	 	
              2,125,466.06

            	 
	
              August
                2022

            	 	 	
              2,094,347.35

            	 
	
              September
                2022

            	 	 	
              2,063,665.44

            	 
	
              October
                2022

            	 	 	
              2,033,414.33

            	 
	
              November
                2022

            	 	 	
              2,003,588.09

            	 
	
              December
                2022

            	 	 	
              1,974,180.89

            	 
	
              January
                2023

            	 	 	
              1,945,186.95

            	 
	
              February
                2023

            	 	 	
              1,916,600.58

            	 
	
              March
                2023

            	 	 	
              1,888,416.19

            	 
	
              April
                2023

            	 	 	
              1,860,628.23

            	 
	
              May
                2023

            	 	 	
              1,833,231.24

            	 
	
              June
                2023

            	 	 	
              1,806,219.85

            	 
	
              July
                2023

            	 	 	
              1,779,588.74

            	 
	
              August
                2023

            	 	 	
              1,753,332.68

            	 
	
              September
                2023

            	 	 	
              1,727,446.49

            	 
	
              October
                2023

            	 	 	
              1,701,925.09

            	 
	
              November
                2023

            	 	 	
              1,676,763.45

            	 
	
              December
                2023

            	 	 	
              1,651,956.60

            	 
	
              January
                2024

            	 	 	
              1,627,499.66

            	 
	
              February
                2024

            	 	 	
              1,603,387.80

            	 
	
              March
                2024

            	 	 	
              1,579,616.27

            	 
	
              April
                2024

            	 	 	
              1,556,180.37

            	 
	
              May
                2024

            	 	 	
              1,533,075.48

            	 
	
              June
                2024

            	 	 	
              1,510,297.02

            	 
	
              July
                2024

            	 	 	
              1,487,840.49

            	 
	
              August
                2024

            	 	 	
              1,465,701.45

            	 
	
              September
                2024

            	 	 	
              1,443,875.51

            	 
	
              October
                2024

            	 	 	
              1,422,358.37

            	 

    

     

    
      
        
        

      

      
        
          Schedule
            B-2

        

        
          

        

      

      
        
        

      

    

    
      

      
        	
                Distribution
                  Date occurring in:

              	 	
                Aggregate
                  Scheduled Principal Balance of the Mortgage Loans Having
                  Forty-Year
                  Original Terms
                  to Maturity ($)

              	 

      

    

    
      	
              November
                2024

            	 	 	
              1,401,145.74

            	 
	
              December
                2024

            	 	 	
              1,380,233.43

            	 
	
              January
                2025

            	 	 	
              1,359,617.29

            	 
	
              February
                2025

            	 	 	
              1,339,293.22

            	 
	
              March
                2025

            	 	 	
              1,319,257.20

            	 
	
              April
                2025

            	 	 	
              1,299,505.23

            	 
	
              May
                2025

            	 	 	
              1,280,033.41

            	 
	
              June
                2025

            	 	 	
              1,260,837.84

            	 
	
              July
                2025

            	 	 	
              1,241,914.72

            	 
	
              August
                2025

            	 	 	
              1,223,260.27

            	 
	
              September
                2025

            	 	 	
              1,204,870.78

            	 
	
              October
                2025

            	 	 	
              1,186,742.59

            	 
	
              November
                2025

            	 	 	
              1,168,872.07

            	 
	
              December
                2025

            	 	 	
              1,151,255.66

            	 
	
              January
                2026

            	 	 	
              1,133,889.85

            	 
	
              February
                2026

            	 	 	
              1,116,771.17

            	 
	
              March
                2026

            	 	 	
              1,099,896.18

            	 
	
              April
                2026

            	 	 	
              1,083,261.53

            	 
	
              May
                2026

            	 	 	
              1,066,863.87

            	 
	
              June
                2026

            	 	 	
              1,050,699.94

            	 
	
              July
                2026

            	 	 	
              1,034,766.47

            	 
	
              August
                2026

            	 	 	
              1,019,060.29

            	 
	
              September
                2026

            	 	 	
              1,003,578.24

            	 
	
              October
                2026

            	 	 	
              988,317.22

            	 
	
              November
                2026

            	 	 	
              973,274.15

            	 
	
              December
                2026

            	 	 	
              958,446.02

            	 
	
              January
                2027

            	 	 	
              943,829.84

            	 
	
              February
                2027

            	 	 	
              929,422.67

            	 
	
              March
                2027

            	 	 	
              915,221.62

            	 
	
              April
                2027

            	 	 	
              901,223.81

            	 
	
              May
                2027

            	 	 	
              887,426.43

            	 
	
              June
                2027

            	 	 	
              873,826.69

            	 
	
              July
                2027

            	 	 	
              860,421.85

            	 
	
              August
                2027

            	 	 	
              847,209.20

            	 
	
              September
                2027

            	 	 	
              834,186.07

            	 
	
              October
                2027

            	 	 	
              821,349.83

            	 
	
              November
                2027

            	 	 	
              808,697.86

            	 
	
              December
                2027

            	 	 	
              796,227.63

            	 
	
              January
                2028

            	 	 	
              783,936.58

            	 
	
              February
                2028

            	 	 	
              771,822.24

            	 
	
              March
                2028

            	 	 	
              759,882.14

            	 
	
              April
                2028

            	 	 	
              748,113.86

            	 
	
              May
                2028

            	 	 	
              736,515.01

            	 
	
              June
                2028

            	 	 	
              725,083.22

            	 
	
              July
                2028

            	 	 	
              713,816.17

            	 
	
              August
                2028

            	 	 	
              702,711.57

            	 
	
              September
                2028

            	 	 	
              691,767.15

            	 
	
              October
                2028

            	 	 	
              680,980.67

            	 
	
              November
                2028

            	 	 	
              670,349.94

            	 
	
              December
                2028

            	 	 	
              659,872.79

            	 
	
              January
                2029

            	 	 	
              649,547.06

            	 

    

     

    
      
        
        

      

      
        
          Schedule
            B-3

        

        
          

        

      

      
        
        

      

    

    
      

      
        	
                Distribution
                  Date occurring in:

              	 	
                Aggregate
                  Scheduled Principal Balance of the Mortgage Loans Having
                  Forty-Year
                  Original Terms
                  to Maturity ($)

              	 

      

    

    
      	
              February
                2029

            	 	 	
              639,370.66

            	 
	
              March
                2029

            	 	 	
              629,341.49

            	 
	
              April
                2029

            	 	 	
              619,457.50

            	 
	
              May
                2029

            	 	 	
              609,716.66

            	 
	
              June
                2029

            	 	 	
              600,116.98

            	 
	
              July
                2029

            	 	 	
              590,656.48

            	 
	
              August
                2029

            	 	 	
              581,333.22

            	 
	
              September
                2029

            	 	 	
              572,145.27

            	 
	
              October
                2029

            	 	 	
              563,090.76

            	 
	
              November
                2029

            	 	 	
              554,167.80

            	 
	
              December
                2029

            	 	 	
              545,374.57

            	 
	
              January
                2030

            	 	 	
              536,709.24

            	 
	
              February
                2030

            	 	 	
              528,170.03

            	 
	
              March
                2030

            	 	 	
              519,755.17

            	 
	
              April
                2030

            	 	 	
              511,462.92

            	 
	
              May
                2030

            	 	 	
              503,291.57

            	 
	
              June
                2030

            	 	 	
              495,239.41

            	 
	
              July
                2030

            	 	 	
              487,304.78

            	 
	
              August
                2030

            	 	 	
              479,486.04

            	 
	
              September
                2030

            	 	 	
              471,781.55

            	 
	
              October
                2030

            	 	 	
              464,189.71

            	 
	
              November
                2030

            	 	 	
              456,708.95

            	 
	
              December
                2030

            	 	 	
              449,337.70

            	 
	
              January
                2031

            	 	 	
              442,074.43

            	 
	
              February
                2031

            	 	 	
              434,917.63

            	 
	
              March
                2031

            	 	 	
              427,865.78

            	 
	
              April
                2031

            	 	 	
              420,917.43

            	 
	
              May
                2031

            	 	 	
              414,071.12

            	 
	
              June
                2031

            	 	 	
              407,325.41

            	 
	
              July
                2031

            	 	 	
              400,678.89

            	 
	
              August
                2031

            	 	 	
              394,130.17

            	 
	
              September
                2031

            	 	 	
              387,677.85

            	 
	
              October
                2031

            	 	 	
              381,320.60

            	 
	
              November
                2031

            	 	 	
              375,057.08

            	 
	
              December
                2031

            	 	 	
              368,885.95

            	 
	
              January
                2032

            	 	 	
              362,805.92

            	 
	
              February
                2032

            	 	 	
              356,815.71

            	 
	
              March
                2032

            	 	 	
              350,914.05

            	 
	
              April
                2032

            	 	 	
              345,099.70

            	 
	
              May
                2032

            	 	 	
              339,371.41

            	 
	
              June
                2032

            	 	 	
              333,727.98

            	 
	
              July
                2032

            	 	 	
              328,168.20

            	 
	
              August
                2032

            	 	 	
              322,690.91

            	 
	
              September
                2032

            	 	 	
              317,294.92

            	 
	
              October
                2032

            	 	 	
              311,979.10

            	 
	
              November
                2032

            	 	 	
              306,742.31

            	 
	
              December
                2032

            	 	 	
              301,583.44

            	 
	
              January
                2033

            	 	 	
              296,501.37

            	 
	
              February
                2033

            	 	 	
              291,495.03

            	 
	
              March
                2033

            	 	 	
              286,563.34

            	 
	
              April
                2033

            	 	 	
              281,705.25

            	 

    

     

    
      
        
        

      

      
        
          Schedule
            B-4

        

        
          

        

      

      
        
        

      

    

    
      

      
        	
                Distribution
                  Date occurring in:

              	 	
                Aggregate
                  Scheduled Principal Balance of the Mortgage Loans Having
                  Forty-Year
                  Original Terms
                  to Maturity ($)

              	 

      

    

    
      	
              May
                2033

            	 	 	
              276,919.71

            	 
	
              June
                2033

            	 	 	
              272,205.69

            	 
	
              July
                2033

            	 	 	
              267,562.19

            	 
	
              August
                2033

            	 	 	
              262,988.20

            	 
	
              September
                2033

            	 	 	
              258,482.74

            	 
	
              October
                2033

            	 	 	
              254,044.83

            	 
	
              November
                2033

            	 	 	
              249,673.51

            	 
	
              December
                2033

            	 	 	
              245,367.85

            	 
	
              January
                2034

            	 	 	
              241,126.90

            	 
	
              February
                2034

            	 	 	
              236,949.75

            	 
	
              March
                2034

            	 	 	
              232,835.49

            	 
	
              April
                2034

            	 	 	
              228,783.23

            	 
	
              May
                2034

            	 	 	
              224,792.09

            	 
	
              June
                2034

            	 	 	
              220,861.18

            	 
	
              July
                2034

            	 	 	
              216,989.67

            	 
	
              August
                2034

            	 	 	
              213,176.70

            	 
	
              September
                2034

            	 	 	
              209,421.43

            	 
	
              October
                2034

            	 	 	
              205,723.05

            	 
	
              November
                2034

            	 	 	
              202,080.75

            	 
	
              December
                2034

            	 	 	
              198,493.72

            	 
	
              January
                2035

            	 	 	
              194,961.17

            	 
	
              February
                2035

            	 	 	
              191,482.33

            	 
	
              March
                2035

            	 	 	
              188,056.43

            	 
	
              April
                2035

            	 	 	
              184,682.72

            	 
	
              May
                2035

            	 	 	
              181,360.44

            	 
	
              June
                2035

            	 	 	
              178,088.87

            	 
	
              July
                2035

            	 	 	
              174,867.27

            	 
	
              August
                2035

            	 	 	
              171,694.94

            	 
	
              September
                2035

            	 	 	
              168,571.16

            	 
	
              October
                2035

            	 	 	
              165,495.25

            	 
	
              November
                2035

            	 	 	
              162,466.50

            	 
	
              December
                2035

            	 	 	
              159,484.26

            	 
	
              January
                2036

            	 	 	
              156,547.85

            	 
	
              February
                2036

            	 	 	
              153,656.62

            	 
	
              March
                2036

            	 	 	
              150,809.90

            	 
	
              April
                2036

            	 	 	
              148,007.08

            	 
	
              May
                2036

            	 	 	
              145,247.51

            	 
	
              June
                2036

            	 	 	
              142,530.58

            	 
	
              July
                2036

            	 	 	
              139,855.66

            	 
	
              August
                2036

            	 	 	
              137,222.16

            	 
	
              September
                2036

            	 	 	
              134,629.48

            	 
	
              October
                2036

            	 	 	
              132,077.03

            	 
	
              November
                2036

            	 	 	
              129,564.24

            	 
	
              December
                2036

            	 	 	
              127,090.52

            	 

    

    

    
      
        
        

      

      
        
          Schedule
            B-5

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00114-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00114-of-00352.parquet"}]]