Document:

Unassociated Document

    

      EXECUTION

    

     

     

    
      AMENDMENT
        NO. 1

       

      to

       

      TRUST
        AGREEMENT

       

      Dated
        as
        of June 1, 2006

       

      by
        and
        among

       

      STRUCTURED
        ASSET SECURITIES CORPORATION, as Depositor,

       

      AURORA
        LOAN SERVICES LLC, as Master Servicer,

       

      OFFICETIGER
        GLOBAL REAL ESTATE SERVICES INC., as Credit Risk Manager,

       

      and

       

      U.S.
        BANK
        NATIONAL ASSOCIATION,

      as
        Trustee

       

      

       

      FIRST
        FRANKLIN MORTGAGE LOAN TRUST

      MORTGAGE
        PASS-THROUGH CERTIFICATES

      SERIES
        2006-FF10

       

      Dated
        and
        effective as of November 1, 2006

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      This
        Amendment No. 1 to Trust Agreement, dated and effective as of November 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, recites and provides as follows: 

       

      RECITALS

       

      WHEREAS,
        in connection with the issuance of the First Franklin Mortgage Loan Trust
        Mortgage Pass-Through Certificates, Series 2006-FF10 (the “Certificates”),
        Structured Asset Securities Corporation, as Depositor, Aurora Loan Services
        LLC,
        as Master Servicer, OfficeTiger Global Real Estate Services Inc., as Credit
        Risk
        Manager and U.S. Bank National Association, as Trustee, have entered into
        a
        Trust Agreement, dated as of June 1, 2006 (the “Trust Agreement”), for the
        purpose of creating a trust fund (the “Trust Fund”), the assets of which consist
        primarily of two pools of Mortgage Loans; 

       

      WHEREAS,
        the Depositor, the Master Servicer, and the Trustee desire to amend the Trust
        Agreement as set forth herein; 

       

      WHEREAS,
        Section 11.03 of the Trust Agreement provides that the Trust Agreement may
        be
        amended from time to time by the Depositor, the Master Servicer, and the
        Trustee
        with the consent of the Holders 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 the Agreement or of modifying in any
        manner
        the rights of the Holders, provided such amendment, as evidenced by an Opinion
        of Counsel delivered to the Trustee, does not adversely affect the status
        of any
        REMIC created pursuant to the Trust Agreement or cause a tax to be imposed
        on
        any REMIC; and

       

      WHEREAS,
        the Trustee has received the Opinion of Counsel required pursuant to Section
        11.03 in the form annexed as Exhibit A hereto; and

       

      WHEREAS,
        the Trustee has received the consent of the Holders of 100% of the Percentage
        Interest of the Class LT-R Certificates, such Class of Certificates being
        the
        sole Classes affected by this Amendment.

       

      NOW,
        THEREFORE, in consideration of the foregoing and other good and valuable
        consideration, the receipt and sufficiency of which are hereby acknowledged
        by
        the parties, it is mutually covenanted and agreed as follows:

       

      ARTICLE
        I. 

      AMENDMENTS
        TO THE TRUST AGREEMENT

       

      Section
        1.01 Amendments
        to Definitions.

       

      
        	 	
                (a)

              	
                The
                  definition of “Interest Remittance Amount” is hereby amended in Article I,
                  Section 1.01 (Definitions) of the Trust Agreement to read in its
                  entirety
                  as follows: 

              

      

       

      
        
           

        

        
          2

          
            

          

        

        
           

        

      

      “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 Servicer,
        the
        Master Servicer or the Trustee (solely in its capacity as successor master
        servicer), minus
        (x) the
        Servicing Fee with respect to such Mortgage Loans in such Mortgage Pool and
        (y)
        previously unreimbursed Advances due to the Servicer, 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 to the extent allocable
        to interest, (2) any amounts actually paid by the Servicer 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 payable with respect
        to a
        First Payment Default Loan excluding any PPTL Premium) or Substitution Amount
        paid with respect to such Mortgage Loans during the related Prepayment Period
        allocable to interest and (4) all Net Liquidation Proceeds, Subsequent
        Recoveries, Insurance Proceeds 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 Custodian and the Servicer to the extent provided
        in
        this Agreement, the Servicing Agreement and the 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.

       

      
        	 	
                (b)

              	
                The
                  definition of “PPTL Premium” is hereby added to Article 1, Section 1.01
                  (Definitions) of the Trust Agreement to read in its entirety as
                  follows:
                  

              

      

       

      “PPTL
        Premium:
        With
        respect to any First Payment Default Mortgage Loan, the excess, if any, of
        the
        PPTL Purchase Price over the Purchase Price.”

       

      Section
        1.02 Amendments
        to Section 2.05(a). 

       

      The
        first
        sentence of Section 2.05(a) is hereby amended to read in its entirety as
        follows:

       

      (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 Transferor Purchase Price in the case of a First Payment
        Default Loan excluding any PPTL Premium) received by the Trustee in respect
        of
        such repurchase of a Mortgage Loan will be considered a Principal Prepayment
        and
        the Purchase Price or Transferor Purchase Price shall be deposited in the
        Collection Account or a Custodial Account, as applicable.

       

      
        
           

        

        
          3

          
            

          

        

        
           

        

      

      Section
        1.03 Amendments
        to Section 5.02(f)(viii). 

       

      Section
        5.02(f)(viii) is hereby added to Article V (Distributions to Holders of
        Certificates) of the Trust Agreement to read in its entirety as follows:
        

       

      “(viii)
        an amount equal to the aggregate PPTL Premium during the preceding Prepayment
        Period (which, for purposes of compliance with the REMIC Provisions, shall
        be
        treated as an amount distributed by the REMIC 1 to Class LT-R Certificates)
        shall be distributed to the Class X Certificates.”

       

      ARTICLE
        II. 

      MISCELLANEOUS
        PROVISIONS

       

      Section
        2.01 Capitalized
        Terms.

       

      For
        all
        purposes of this Amendment No. 1, except as otherwise stated herein, terms
        used
        in capitalized form in this Amendment No. 1 and defined in the Trust Agreement
        have the meanings specified in the Trust Agreement.

       

      Section
        2.02 Continuing
        Effect.

       

      Except
        as
        expressly amended by this Amendment No. 1, the Trust Agreement shall remain
        in
        full force and effect in accordance with its terms.

       

      Section
        2.03 References
        to Trust Agreement.

       

      From
        and
        after the execution and delivery of this Amendment No. 1, all references
        to the
        Trust Agreement in the Trust Agreement, any Certificate or any other document
        executed or delivered in connection therewith shall be deemed a reference
        to the
        Trust Agreement as amended hereby, unless the context expressly requires
        otherwise.

       

      Section
        2.04 Severability
        of Provisions.

       

      If
        any
        one or more of the covenants, agreements, provisions or terms of this Amendment
        No. 1 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 Amendment No. 1 and shall
        in
        no way affect the validity or enforceability of the other provisions of this
        Amendment No. 1 or of the Certificates or the rights of the Holders
        thereof.

       

      Section
        2.05 Counterparts.

       

      
        
           

        

        
          4

          
            

          

        

        
           

        

      

      This
        Amendment No. 1 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
        2.06 Binding
        Nature of Amendment No. 1.

       

      This
        Amendment No. 1 shall be binding upon and inure to the benefit of the parties
        hereto and their respective successors and permitted assigns. 

       

      Section
        2.07 Headings
        Not To Affect Interpretation.

       

      The
        headings contained in this Amendment No. 1 are for convenience of reference
        only, and shall not be used in the interpretation hereof.

       

      Section
        2.08 Effectiveness.

       

      This
        Amendment No. 1 shall become effective as of the date first written
        above.

       

      Section
        2.09 Governing
        Law.

       

      THIS
        AMENDMENT NO. 1 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.

       

      
        
           

        

        
          5

          
            

          

        

        
           

        

      

      IN
        WITNESS WHEREOF, the Depositor, the Master Servicer, the Securities
        Administrator and the Trustee 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

      

      

      AURORA
        LOAN SERVICES LLC,

      as
        Master
        Servicer

      

      By:
        /s/
        Jerald W. Dreyer

      Name:
        Jerald W. Dreyer

      Title:
        Vice President

      

      

      U.S.
        BANK
        NATIONAL ASSOCIATION,

      as
        Trustee

      

      By:
        /s/
        James H. Byrnes

      Name:
        James H. Byrnes

      Title:
        Vice President

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      Exhibit
        A

       

      FORM
        OF OPINION OF COUNSEL

      DELIVERED
        PURSUANT TO SECTION 11.03 

      OF
        THE TRUST AGREEMENT

      

      

      November
        1, 2006

      

      U.S.
        Bank
        National Association

      One
        Federal Street

      3rd
        Floor

      Boston,
        Massachusetts 02110

      Attention:
        Structured Finance—FFMLT 2006-FF10

      

      

      
        	 	Re:	
                Amendment
                  No. 1 to Trust
                  Agreement

              

      

    

    
       

      Ladies
        and Gentlemen:

       

      You
        have
        requested our opinion in connection with the execution of Amendment No. 1,
        dated
        as of November 1, 2006 (“Amendment No. 1”), to the Trust Agreement (the
“Original Agreement”) dated as of June 1, 2006, among Structured Asset
        Securities Corporation, in its capacity as depositor (the “Depositor”), Aurora
        Loan Services LLC, as master servicer, OfficeTiger Global Real Estate Services
        Inc., as Credit Risk Manager and U.S. Bank National Association, as
        trustee.

       

      Section
        11.03(b) of the Original Agreement provides that the Agreement may be amended
        from time to time by the parties thereto 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” and provided
        that such amendment does not adversely affect the status of any REMIC created
        pursuant to the Original Agreement. Section 11.03(b) provides further that,
        prior to entering into any such amendment, the Trustee may require an Opinion
        of
        Counsel to the effect that such amendment is permitted under such
        Section.

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      As
        counsel for the Depositor, we have examined and relied upon originals or
        copies,
        certified or otherwise identified to our satisfaction, of such instruments,
        certificates, records and other documents, and have made such examination
        of
        law, as we have deemed necessary or appropriate for the purpose of this opinion.
        In our examination, we have assumed the legal capacity of all natural persons,
        the genuineness of all signatures, the authenticity of all documents submitted
        to us as originals, the conformity to original documents of all documents
        submitted to us as certified or photostatic copies or by facsimile or other
        means of electronic transmission, and the authenticity of the originals of
        such
        latter documents. As to facts relevant to the opinions expressed herein and
        the
        other statements made herein, we have relied without independent investigation
        upon certificates and oral or written statements and representations of officers
        and other representatives of the Depositor and others. We have assumed that
        there is not and will not be at any time any agreement among the parties
        to
        Amendment No. 1 that modifies or otherwise supplements the agreements of
        those
        parties as expressed in the Original Agreement and Amendment No. 1.

       

      We
        have
        relied upon and assumed the sufficiency under the Trust Agreement of the
        Letters
        of Consent executed by Lehman Brothers Inc., as holder of the Class LT-R
        Certificates and attached as Exhibit A hereto (the “Letters of
        Consent”).

       

      Capitalized
        terms used and not defined herein have the meanings assigned to them in the
        Original Agreement.

       

      _____________________________________

       

      The
        advice below was not written to be used, is not intended to be used and cannot
        be used by any taxpayer for purposes of avoiding United States federal income
        tax penalties that may be imposed. The advice is written to support the
        promotion or marketing of the transaction addressed in this opinion. Each
        taxpayer should seek advice based on the taxpayer’s particular circumstances
        from an independent tax advisor. 

       

       

      We
        are
        providing the foregoing disclaimer to satisfy obligations we have under Circular
        230, governing standards of practice before the Internal Revenue
        Service.

       

      _______________________________________

       

      Based
        upon the foregoing, we are of the opinion that:

       

      (i) The
        execution of Amendment No. 1 by the Trustee is permitted under Section 11.03(b)
        of the Original Agreement; and

       

      (ii) For
        federal income tax purposes, the amendment of the Original Agreement by
        Amendment No. 1 will not cause any REMIC created under the Original Agreement
        to
        fail to qualify as a REMIC within the meaning of Section 860D of the Code
        at any
        time the Certificates are outstanding. 

       

      The
        foregoing opinions and other statements are subject to the following
        qualifications, exceptions, assumptions and limitations:

       

      
        
           

        

        
          2

          
            

          

        

        
           

        

      

      
        	 	
                A.

              	
                Members
                  of our firm are admitted to the bar of the State of New York and
                  the
                  foregoing opinions are limited to matters arising under the federal
                  laws
                  of the United States of America and the laws of the State of New
                  York. We
                  express no opinion as to the laws, rules or regulations of any
                  other
                  jurisdiction, or as to the municipal laws or the laws, rules or
                  regulations of any local agencies or governmental authorities of
                  or within
                  the State of New York, or in each case as to any matters arising
                  thereunder or relating thereto.

              

      

       

      
        	 	
                B.

              	
                With
                  respect to the Original Agreement, Amendment No. 1 and any other
                  instrument or agreement (each, an “Agreement”) executed or to be executed
                  by any party (each, a “Party”), we have assumed, to the extent relevant to
                  the opinions set forth herein, that (i) such Party (if not a natural
                  person) has been duly organized and is validly existing and in
                  good
                  standing under the laws of the jurisdiction of its organization
                  and has
                  full right, power and authority to execute, deliver and perform
                  its
                  obligations under each Agreement to which it is a party and (ii)
                  each
                  Agreement has been duly authorized (if applicable), executed and
                  delivered
                  by, and is a valid, binding and enforceable agreement or obligation,
                  as
                  the case may be, of such Party.

              

      

       

      
        	 	
                C.

              	
                In
                  rendering the opinion set forth in subparagraph (ii) above, we
                  have relied
                  on the Internal Revenue Code of 1986, as amended, U.S. Department
                  of
                  Treasury regulations issued pursuant thereto in temporary or final
                  form,
                  and various judicial and administrative precedents, any or all
                  of which
                  are subject to change, which change may be retroactively effective.
                  We
                  undertake no obligation to update this opinion in the event of
                  any such
                  changes.

              

      

       

      This
        letter is solely for your benefit in connection with the transaction described
        in the first paragraph above and may not be relied upon by any other person,
        nor
        may this letter be relied upon by you for any other purpose, without our
        prior
        written consent. We confirm, however, that we are placing no limitation on
        disclosure of the tax treatment or tax structure of the transaction that
        is the
        subject of this opinion.

      

       

      Very
        truly yours,

      

      

      

      
        
           

        

        
          3

          
            

          

        

        
           

        

      

      EXHIBIT
        A

      

      LETTER
        OF
        CONSENT

      (CLASS
        LT-R CERTIFICATES)

      

      
        
           

        

        
          A-1

          
            

          

        

        
           

        

      

      November
        1, 2006

      

       

      U.S.
        Bank
        National Association

      One
        Federal Street

      3rd
        Floor

      Boston,
        Massachusetts 02110

      Attention:
        Structured Finance—FFMLT 2006-FF10

      

        
          	 	
                  Re:

                	
                  First
                    Franklin Mortgage Loan Trust 

                
	 	 	
                  Mortgage
                    Pass-Through Certificates, Series
                    2006-FF10

                

        

      

       

      Ladies
        and Gentlemen:

       

      Reference
        is made to the Trust Agreement dated as of June 1, 2006 (the “Trust Agreement”)
        among Structured Asset Securities Corporation, as depositor (the “Depositor”),
        Aurora Loan Services LLC, as master servicer (the “Master Servicer”),
        OfficeTiger Global Real Estate Services Inc., as credit risk manager (“Credit
        Risk Manager”) and U.S. Bank National Association, as trustee (the “Trustee”),
        and Amendment No. 1 to the Trust Agreement, (the “Amendment”) dated and
        effective as of November 1, 2006, by and among the Depositor, the Master
        Servicer, the Securities Administrator and the Trustee. Unless otherwise
        defined
        herein, all capitalized terms used herein shall be defined as set forth in
        the
        Trust Agreement.

       

      The
        undersigned, as Holders of 100% of the Percentage Interest of the Class LT-R
        Certificates, such Class of Certificates being a Class affected by the
        Amendment, hereby consent to the Amendment, a copy of which is attached hereto
        as Exhibit A.

      

       

      *
        * * *
        *

       

      
        
           

        

        
          A-2

          
            

          

        

        
           

        

      

      Very
        truly yours,

       

      LEHMAN
        BROTHERS INC.

      

      

      

      By:
        /s/
        Ellen V. Kiernan

      Name:
        Ellen V. Kiernan

      Title:
        Senior Vice President

      

      
        
           

        

        
          A-3STRUCTURED
      ASSET SECURITIES CORPORATION, as Depositor,

     

    AURORA
      LOAN SERVICES LLC, as Master Servicer,

     

    OFFICETIGER
      GLOBAL REAL ESTATE SERVICES INC., as Credit Risk Manager,

     

    and
      

     

    WELLS
      FARGO BANK, N.A., as Trustee

     

    ___________________________

     

    TRUST
      AGREEMENT

     

    Dated
      as
      of November 1, 2006

    ___________________________

     

    FIRST
      FRANKLIN MORTGAGE LOAN TRUST

    MORTGAGE
      PASS-THROUGH CERTIFICATES

    SERIES
      2006-FF17

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

    

    TABLE
      OF
      CONTENTS

     

    
      
        	 	
                Page

              
	
                ARTICLE
                  I DEFINITIONS

              
	 
	
                Section
                  1.01. Definitions.

              	
                16

              
	
                Section
                  1.02. Calculations Respecting Mortgage Loans.

              	
                59

              
	
                Section
                  1.03. Calculations Respecting Accrued Interest.

              	
                60

              
	
                ARTICLE
                  II DECLARATION OF TRUST; ISSUANCE OF CERTIFICATES

              	
                 

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

              	
                60

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

              	
                64

              
	
                Section
                  2.03. Representations and Warranties of the Depositor.

              	
                66

              
	
                Section
                  2.04. Discovery of Breach.

              	
                68

              
	
                Section
                  2.05. Repurchase, Purchase or Substitution of Mortgage
                  Loans.

              	
                68

              
	
                Section
                  2.06. Grant Clause.

              	
                70

              
	 
	
                ARTICLE
                  III THE CERTIFICATES

              
	 
	
                Section
                  3.01. The Certificates.

              	
                71

              
	
                Section
                  3.02. Registration.

              	
                72

              
	
                Section
                  3.03. Transfer and Exchange of Certificates.

              	
                73

              
	
                Section
                  3.04. Cancellation of Certificates.

              	
                79

              
	
                Section
                  3.05. Replacement of Certificates.

              	
                79

              
	
                Section
                  3.06. Persons Deemed Owners.

              	
                79

              
	
                Section
                  3.07. Temporary Certificates.

              	
                80

              
	
                Section
                  3.08. Appointment of Paying Agent.

              	
                80

              
	
                Section
                  3.09. Book-Entry Certificates.

              	
                81

              
	 
	
                ARTICLE
                  IV ADMINISTRATION OF THE TRUST FUND

              
	 
	
                Section
                  4.01. Collection Account.

              	
                82

              
	
                Section
                  4.02. Application of Funds in the Collection Account.

              	
                85

              
	
                Section
                  4.03. Reports to Certificateholders.

              	
                87

              
	
                Section
                  4.04. Certificate Account.

              	
                91

              
	
                Section
                  4.05. [Reserved]

              	
                92

              
	 
	
                ARTICLE
                  V DISTRIBUTIONS TO HOLDERS OF CERTIFICATES

              
	 
	
                Section
                  5.01. Distributions Generally.

              	
                92

              
	
                Section
                  5.02. Distributions from the Certificate Account.

              	
                93

              
	
                Section
                  5.03. Allocation of Losses.

              	
                107

              
	
                Section
                  5.04. Advances by Master Servicer, Servicer and Trustee.

              	
                107

              
	
                Section
                  5.05. Compensating Interest Payments.

              	
                108

              
	
                Section
                  5.06. Basis Risk Reserve Fund.

              	
                109

              
	
                Section
                  5.07. Supplemental Interest Trust.

              	
                109

              
	
                Section
                  5.08. Rights of Swap Counterparty.

              	
                112

              
	
                Section
                  5.09. Termination Receipts.

              	
                113

              

      

      
         

        
          
            
            

          

          
            i

            
              

            

          

          
            
            

          

        

         

      

      
        	
                ARTICLE
                  VI CONCERNING THE TRUSTEE; EVENTS OF DEFAULT

              
	 
	
                Section
                  6.01. Duties of Trustee.

              	
                114

              
	
                Section
                  6.02. Certain Matters Affecting the Trustee .

              	
                117

              
	
                Section
                  6.03. Trustee Not Liable for Certificates.

              	
                118

              
	
                Section
                  6.04. Trustee May Own Certificates.

              	
                119

              
	
                Section
                  6.05. Eligibility Requirements for Trustee.

              	
                119

              
	
                Section
                  6.06. Resignation and Removal of Trustee.

              	
                119

              
	
                Section
                  6.07. Successor Trustee.

              	
                120

              
	
                Section
                  6.08. Merger or Consolidation of Trustee.

              	
                121

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

              	
                121

              
	
                Section
                  6.10. Authenticating Agents.

              	
                123

              
	
                Section
                  6.11. Indemnification of Trustee.

              	
                124

              
	
                Section
                  6.12. Fees and Expenses of Trustee and Custodian.

              	
                125

              
	
                Section
                  6.13. Collection of Monies.

              	
                125

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

              	
                125

              
	
                Section
                  6.15. Additional Remedies of Trustee Upon Event of
                  Default.

              	
                130

              
	
                Section
                  6.16. Waiver of Defaults.

              	
                130

              
	
                Section
                  6.17. Notification to Holders.

              	
                130

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

              	
                131

              
	
                Section
                  6.19. Action Upon Certain Failures of the Master Servicer and Upon
                  Event
                  of Default.

              	
                131

              
	
                Section
                  6.20. Preparation of Tax Returns and Other Reports.

              	
                131

              
	
                Section
                  6.21. Reporting Requirements of the Commission.

              	
                138

              
	
                Section
                  6.22. No Merger.

              	
                138

              
	
                Section
                  6.23. Indemnification by the Trustee.

              	
                139

              
	 
	
                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.

              	
                139

              
	
                Section
                  7.02. Procedure Upon Termination of Trust Fund or Purchase of Lower
                  Tier
                  REMIC 1 Uncertificated Regular Interests.

              	
                141

              
	
                Section
                  7.03. Additional Trust Fund Termination Event or Purchase of the
                  Lower
                  Tier REMIC 1 Uncertificated Regular Interests.

              	
                142

              
	
                Section
                  7.04. Optional Repurchase Right.

              	
                144

              
	 
	
                ARTICLE
                  VIII RIGHTS OF CERTIFICATEHOLDERS

              
	 
	
                Section
                  8.01. Limitation on Rights of Holders.

              	
                144

              
	
                Section
                  8.02. Access to List of Holders.

              	
                145

              
	
                Section
                  8.03. Acts of Holders of Certificates.

              	
                145

              

      

      
         

        
          
            
            

          

          
            ii

            
              

            

          

          
            
            

          

        

         

      

      
        	
                ARTICLE
                  IX ADMINISTRATION AND SERVICING OF MORTGAGE LOANS BY THE 

                MASTER
                  SERVICER; CREDIT RISK MANAGER

              
	 
	
                Section
                  9.01. Duties of the Master Servicer.

              	
                146

              
	
                Section
                  9.02. Master Servicer Fidelity Bond and Master Servicer Errors
                  and
                  Omissions Insurance Policy.

              	
                147

              
	
                Section
                  9.03. Master Servicer’s Financial Statements and Related
                  Information.

              	
                148

              
	
                Section
                  9.04. Power to Act; Procedures.

              	
                148

              
	
                Section
                  9.05. Enforcement of Servicer’s and Master Servicer’s
                  Obligations.

              	
                150

              
	
                Section
                  9.06. Collection of Taxes, Assessments and Similar Items.

              	
                151

              
	
                Section
                  9.07. Termination of Servicing Agreement; Successor
                  Servicer.

              	
                152

              
	
                Section
                  9.08. Master Servicer Liable for Enforcement.

              	
                152

              
	
                Section
                  9.09. No Contractual Relationship Between the Servicer and Trustee
                  or
                  Depositor.

              	
                153

              
	
                Section
                  9.10. Assumption of Servicing Agreement by Trustee.

              	
                153

              
	
                Section
                  9.11. Due-on-Sale Clauses; Assumption Agreements.

              	
                154

              
	
                Section
                  9.12. Release of Mortgage Files.

              	
                154

              
	
                Section
                  9.13. Documents, Records and Funds in Possession of Master Servicer
                  to be
                  Held for Trustee.

              	
                155

              
	
                Section
                  9.14. Representations and Warranties of the Master
                  Servicer.

              	
                156

              
	
                Section
                  9.15. Opinion.

              	
                158

              
	
                Section
                  9.16. Standard Hazard and Flood Insurance Policies.

              	
                159

              
	
                Section
                  9.17. Presentment of Claims and Collection of Proceeds.

              	
                159

              
	
                Section
                  9.18. Maintenance of the Primary Mortgage Insurance
                  Policies.

              	
                159

              
	
                Section
                  9.19. Trustee To Retain Possession of Certain Insurance Policies
                  and
                  Documents.

              	
                160

              
	
                Section
                  9.20. [Reserved]

              	
                160

              
	
                Section
                  9.21. Compensation to the Master Servicer.

              	
                160

              
	
                Section
                  9.22. REO Property.

              	
                161

              
	
                Section
                  9.23. Notice to the Sponsor, the Depositor and the
                  Trustee.

              	
                161

              
	
                Section
                  9.24. Reports to the Trustee.

              	
                162

              
	
                Section
                  9.25. Assessment of Compliance and Attestation Reports.

              	
                163

              
	
                Section
                  9.26. Annual Statement of Compliance with Applicable Servicing
                  Criteria.

              	
                164

              
	
                Section
                  9.27. Merger or Consolidation.

              	
                164

              
	
                Section
                  9.28. Resignation of Master Servicer.

              	
                165

              
	
                Section
                  9.29. Assignment or Delegation of Duties by the Master
                  Servicer.

              	
                165

              
	
                Section
                  9.30. Limitation on Liability of the Master Servicer and
                  Others.

              	
                166

              
	
                Section
                  9.31. Indemnification; Third-Party Claims.

              	
                167

              
	
                Section
                  9.32. Special Servicing of Delinquent Mortgage Loans.

              	
                167

              
	
                Section
                  9.33. Alternative Index.

              	
                167

              
	
                Section
                  9.34. Duties of the Credit Risk Manager.

              	
                168

              
	
                Section
                  9.35. Limitation Upon Liability of the Credit Risk
                  Manager.

              	
                169

              
	
                Section
                  9.36. Indemnification by the Credit Risk Manager.

              	
                170

              
	
                Section
                  9.37. Removal of Credit Risk Manager.

              	
                170

              
	 
	
                ARTICLE
                  X REMIC ADMINISTRATION

              
	 
	
                Section
                  10.01. REMIC Administration.

              	
                170

              
	
                Section
                  10.02. Prohibited Transactions and Activities.

              	
                173

              
	
                Section
                  10.03. Indemnification with Respect to Certain Taxes and Loss of
                  REMIC
                  Status.

              	
                174

              

      

      
         

        
          
            
            

          

          
            iii

            
              

            

          

          
            
            

          

        

         

      

      
        	
                Section
                  10.04. REO Property.

              	
                174

              
	 
	
                ARTICLE
                  XI MISCELLANEOUS PROVISIONS

              
	 
	
                Section
                  11.01. Binding Nature of Agreement; Assignment.

              	
                175

              
	
                Section
                  11.02. Entire Agreement.

              	
                175

              
	
                Section
                  11.03. Amendment.

              	
                175

              
	
                Section
                  11.04. Voting Rights.

              	
                177

              
	
                Section
                  11.05. Provision of Information.

              	
                177

              
	
                Section
                  11.06. Governing Law.

              	
                178

              
	
                Section
                  11.07. Notices.

              	
                178

              
	
                Section
                  11.08. Severability of Provisions.

              	
                179

              
	
                Section
                  11.09. Indulgences; No Waivers.

              	
                179

              
	
                Section
                  11.10. Headings Not To Affect Interpretation.

              	
                179

              
	
                Section
                  11.11. Benefits of Agreement.

              	
                179

              
	
                Section
                  11.12. Special Notices to the Rating Agencies and any NIMS
                  Insurer.

              	
                179

              
	
                Section
                  11.13. Conflicts.

              	
                181

              
	
                Section
                  11.14. Counterparts.

              	
                181

              
	
                Section
                  11.15. Transfer of Servicing.

              	
                181

              
	 
	
                FIRST
                  FRANKLIN MORTGAGE LOAN TRUST, SERIES
                  2006-FF17

              

      

       

    

    
      
        
        

      

      
        iv

        
          

        

      

      
        
        

      

    

     

    
      	
              ATTACHMENTS

            
	 
	
              Exhibit
                A-1

            	
              Form
                of Senior Certificate

            
	
              Exhibit
                A-2

            	
              Form
                of Class M Certificate

            
	
              Exhibit
                A-3

            	
              Form
                of Class B Certificate

            
	
              Exhibit
                A-4

            	
              Form
                of Class P Certificate

            
	
              Exhibit
                A-5

            	
              Form
                of Class X Certificate

            
	
              Exhibit
                A-6

            	
              Form
                of Residual Certificate

            
	
              Exhibit
                A-7

            	
              Form
                of Reverse of Certificate

            
	
              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 Loan Performance Monitoring 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
                Trustee

            
	
              Exhibit
                R

            	
              [Reserved]

            
	
              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

            
	
              Schedule
                A

            	
              Mortgage
                Loan Schedule (by Mortgage Pool)

            
	
              Schedule
                B

            	
              First
                Payment Default 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”), WELLS FARGO BANK, N.A., as trustee (the “Trustee”),
      AURORA LOAN SERVICES LLC, as master servicer (the “Master Servicer”), and
      OFFICETIGER GLOBAL REAL ESTATE SERVICES INC., a Delaware corporation, 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 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 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) the Collateral Account, (ix) any PPTL Premium and (x) the
      obligation to pay Class I Shortfalls (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. 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.

     

    
      
        
        

      

      
        1

        
          

        

      

      
        
        

      

    

     

    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 Qualifying
      Substitute Mortgage Loan is substituted for such Mortgage Loan (the “Original
      Mortgage Loan”), no amount of interest payable on such Qualifying 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 Trustee 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 Trustee 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 Trustee 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 Trustee 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

            	 	
              $31,932,422.20

            	 	
              (1)

            
	
              LT2-F1

            	 	
              $11,157,000.00

            	 	
              (2)

            
	
              LT2-V1

            	 	
              $11,157,000.00

            	 	
              (3)

            
	
              LT2-F2

            	 	
              $10,827,500.00

            	 	
              (2)

            
	
              LT2-V2

            	 	
              $10,827,500.00

            	 	
              (3)

            
	
              LT2-F3

            	 	
              $10,507,500.00

            	 	
              (2)

            
	
              LT2-V3

            	 	
              $10,507,500.00

            	 	
              (3)

            
	
              LT2-F4

            	 	
              $10,198,000.00

            	 	
              (2)

            
	
              LT2-V4

            	 	
              $10,198,000.00

            	 	
              (3)

            
	
              LT2-F5

            	 	
              $10,058,000.00

            	 	
              (2)

            
	
              LT2-V5

            	 	
              $10,058,000.00

            	 	
              (3)

            
	
              LT2-F6

            	 	
              $
                9,443,000.00

            	 	
              (2)

            
	
              LT2-V6

            	 	
              $
                9,443,000.00

            	 	
              (3)

            
	
              LT2-F7

            	 	
              $
                9,321,000.00

            	 	
              (2)

            
	
              LT2-V7

            	 	
              $
                9,321,000.00

            	 	
              (3)

            
	
              LT2-F8

            	 	
              $
                9,045,500.00

            	 	
              (2)

            
	
              LT2-V8

            	 	
              $
                9,045,500.00

            	 	
              (3)

            
	
              LT2-F9

            	 	
              $
                8,778,000.00

            	 	
              (2)

            
	
              LT2-V9

            	 	
              $
                8,778,000.00

            	 	
              (3)

            
	
              LT2-F10

            	 	
              $
                8,968,000.00

            	 	
              (2)

            
	
              LT2-V10

            	 	
              $
                8,968,000.00

            	 	
              (3)

            
	
              LT2-F11

            	 	
              $10,073,000.00

            	 	
              (2)

            
	
              LT2-V11

            	 	
              $10,073,000.00

            	 	
              (3)

            
	
              LT2-F12

            	 	
              $10,300,000.00

            	 	
              (2)

            
	
              LT2-V12

            	 	
              $10,300,000.00

            	 	
              (3)

            
	
              LT2-F13

            	 	
              $10,217,000.00

            	 	
              (2)

            
	
              LT2-V13

            	 	
              $10,217,000.00

            	 	
              (3)

            
	
              LT2-F14

            	 	
              $10,114,500.00

            	 	
              (2)

            
	
              LT2-V14

            	 	
              $10,114,500.00

            	 	
              (3)

            
	
              LT2-F15

            	 	
              $
                9,995,000.00

            	 	
              (2)

            
	
              LT2-V15

            	 	
              $
                9,995,000.00

            	 	
              (3)

            
	
              LT2-F16

            	 	
              $
                9,857,500.00

            	 	
              (2)

            
	
              LT2-V16

            	 	
              $
                9,857,500.00

            	 	
              (3)

            
	
              LT2-F17

            	 	
              $
                9,704,000.00

            	 	
              (2)

            
	
              LT2-V17

            	 	
              $
                9,704,000.00

            	 	
              (3)

            
	
              LT2-F18

            	 	
              $
                9,534,000.00

            	 	
              (2)

            
	
              LT2-V18

            	 	
              $
                9,534,000.00

            	 	
              (3)

            
	
              LT2-F19

            	 	
              $
                9,351,000.00

            	 	
              (2)

            
	
              LT2-V19

            	 	
              $
                9,351,000.00

            	 	
              (3)

            
	
              LT2-F20

            	 	
              $
                9,153,500.00

            	 	
              (2)

            

    

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

    

      
        	
                 

                Class
                  Designation

              	 	
                Initial
                  Principal Balance

              	 	
                Interest
                  Rate

              
	
                LT2-F20

              	 	
                $
                  9,153,500.00

              	 	
                (2)

              
	
                LT2-V20

              	 	
                $
                  9,153,500.00

              	 	
                (3)

              
	
                LT2-F21

              	 	
                $
                  8,944,000.00

              	 	
                (2)

              
	
                LT2-V21

              	 	
                $
                  8,944,000.00

              	 	
                (3)

              
	
                LT2-F22

              	 	
                $
                  8,723,000.00

              	 	
                (2)

              
	
                LT2-V22

              	 	
                $
                  8,723,000.00

              	 	
                (3)

              
	
                LT2-F23

              	 	
                $30,059,500.00

              	 	
                (2)

              
	
                LT2-V23

              	 	
                $30,059,500.00

              	 	
                (3)

              
	
                LT2-F24

              	 	
                $16,155,500.00

              	 	
                (2)

              
	
                LT2-V24

              	 	
                $16,155,500.00

              	 	
                (3)

              
	
                LT2-F25

              	 	
                $14,120,500.00

              	 	
                (2)

              
	
                LT2-V25

              	 	
                $14,120,500.00

              	 	
                (3)

              
	
                LT2-F26

              	 	
                $10,735,500.00

              	 	
                (2)

              
	
                LT2-V26

              	 	
                $10,735,500.00

              	 	
                (3)

              
	
                LT2-F27

              	 	
                $
                  8,369,500.00

              	 	
                (2)

              
	
                LT2-V27

              	 	
                $
                  8,369,500.00

              	 	
                (3)

              
	
                LT2-F28

              	 	
                $
                  6,645,500.00

              	 	
                (2)

              
	
                LT2-V28

              	 	
                $
                  6,645,500.00

              	 	
                (3)

              
	
                LT2-F29

              	 	
                $
                  5,345,500.00

              	 	
                (2)

              
	
                LT2-V29

              	 	
                $
                  5,345,500.00

              	 	
                (3)

              
	
                LT2-F30

              	 	
                $
                  4,339,000.00

              	 	
                (2)

              
	
                LT2-V30

              	 	
                $
                  4,339,000.00

              	 	
                (3)

              
	
                LT2-F31

              	 	
                $
                  3,542,000.00

              	 	
                (2)

              
	
                LT2-V31

              	 	
                $
                  3,542,000.00

              	 	
                (3)

              
	
                LT2-F32

              	 	
                $
                  2,897,500.00

              	 	
                (2)

              
	
                LT2-V32

              	 	
                $
                  2,897,500.00

              	 	
                (3)

              
	
                LT2-F33

              	 	
                $
                  2,755,000.00

              	 	
                (2)

              
	
                LT2-V33

              	 	
                $
                  2,755,000.00

              	 	
                (3)

              
	
                LT2-F34

              	 	
                $
                  2,619,500.00

              	 	
                (2)

              
	
                LT2-V34

              	 	
                $
                  2,619,500.00

              	 	
                (3)

              
	
                LT2-F35

              	 	
                $
                  2,490,500.00

              	 	
                (2)

              
	
                LT2-V35

              	 	
                $
                  2,490,500.00

              	 	
                (3)

              
	
                LT2-F36

              	 	
                $
                  2,369,000.00

              	 	
                (2)

              
	
                LT2-V36

              	 	
                $
                  2,369,000.00

              	 	
                (3)

              
	
                LT2-F37

              	 	
                $
                  2,252,500.00

              	 	
                (2)

              
	
                LT2-V37

              	 	
                $
                  2,252,500.00

              	 	
                (3)

              
	
                LT2-F38

              	 	
                $
                  2,142,500.00

              	 	
                (2)

              
	
                LT2-V38

              	 	
                $
                  2,142,500.00

              	 	
                (3)

              
	
                LT2-F39

              	 	
                $
                  2,037,000.00

              	 	
                (2)

              
	
                LT2-V39

              	 	
                $
                  2,037,000.00

              	 	
                (3)

              
	
                LT2-F40

              	 	
                $
                  1,937,500.00

              	 	
                (2)

              
	
                LT2-V40

              	 	
                $
                  1,937,500.00

              	 	
                (3)

              
	
                LT2-F41

              	 	
                $
                  1,842,000.00

              	 	
                (2)

              
	
                LT2-V41

              	 	
                $
                  1,842,000.00

              	 	
                (3)

              
	
                LT2-F42

              	 	
                $
                  1,752,500.00

              	 	
                (2)

              
	
                LT2-V42

              	 	
                $
                  1,752,500.00

              	 	
                (3)

              

      

       

      
        
          
          

        

        
          4

          
            

          

        

        
          
          

        

      

      
 

      
        
          
            	
                     

                    Class
                      Designation

                  	 	
                    Initial
                      Principal Balance

                  	 	
                    Interest
                      Rate

                  
	
                    LT2-F43

                  	 	
                    $
                      1,666,000.00

                  	 	
                    (2)

                  
	
                    LT2-V43

                  	 	
                    $
                      1,666,000.00

                  	 	
                    (3)

                  
	
                    LT2-F44

                  	 	
                    $
                      1,584,500.00

                  	 	
                    (2)

                  
	
                    LT2-V44

                  	 	
                    $
                      1,584,500.00

                  	 	
                    (3)

                  
	
                    LT2-F45

                  	 	
                    $
                      1,506,500.00

                  	 	
                    (2)

                  
	
                    LT2-V45

                  	 	
                    $
                      1,506,500.00

                  	 	
                    (3)

                  
	
                    LT2-F46

                  	 	
                    $
                      1,433,000.00

                  	 	
                    (2)

                  
	
                    LT2-V46

                  	 	
                    $
                      1,433,000.00

                  	 	
                    (3)

                  
	
                    LT2-F47

                  	 	
                    $
                      1,362,500.00

                  	 	
                    (2)

                  
	
                    LT2-V47

                  	 	
                    $
                      1,362,500.00

                  	 	
                    (3)

                  
	
                    LT2-F48

                  	 	
                    $
                      1,296,500.00

                  	 	
                    (2)

                  
	
                    LT2-V48

                  	 	
                    $
                      1,296,500.00

                  	 	
                    (3)

                  
	
                    LT2-F49

                  	 	
                    $
                      1,232,000.00

                  	 	
                    (2)

                  
	
                    LT2-V49

                  	 	
                    $
                      1,232,000.00

                  	 	
                    (3)

                  
	
                    LT2-F50

                  	 	
                    $
                      1,171,500.00

                  	 	
                    (2)

                  
	
                    LT2-V50

                  	 	
                    $
                      1,171,500.00

                  	 	
                    (3)

                  
	
                    LT2-F51

                  	 	
                    $
                      1,114,500.00

                  	 	
                    (2)

                  
	
                    LT2-V51

                  	 	
                    $
                      1,114,500.00

                  	 	
                    (3)

                  
	
                    LT2-F52

                  	 	
                    $
                      1,059,500.00

                  	 	
                    (2)

                  
	
                    LT2-V52

                  	 	
                    $
                      1,059,500.00

                  	 	
                    (3)

                  
	
                    LT2-F53

                  	 	
                    $
                      1,007,500.00

                  	 	
                    (2)

                  
	
                    LT2-V53

                  	 	
                    $
                      1,007,500.00

                  	 	
                    (3)

                  
	
                    LT2-F54

                  	 	
                    $
                      958,500.00

                  	 	
                    (2)

                  
	
                    LT2-V54

                  	 	
                    $
                      958,500.00

                  	 	
                    (3)

                  
	
                    LT2-F55

                  	 	
                    $
                      911,000.00

                  	 	
                    (2)

                  
	
                    LT2-V55

                  	 	
                    $
                      911,000.00

                  	 	
                    (3)

                  
	
                    LT2-F56

                  	 	
                    $
                      867,000.00

                  	 	
                    (2)

                  
	
                    LT2-V56

                  	 	
                    $
                      867,000.00

                  	 	
                    (3)

                  
	
                    LT2-F57

                  	 	
                    $
                      824,000.00

                  	 	
                    (2)

                  
	
                    LT2-V57

                  	 	
                    $
                      824,000.00

                  	 	
                    (3)

                  
	
                    LT2-F58

                  	 	
                    $
                      787,000.00

                  	 	
                    (2)

                  
	
                    LT2-V58

                  	 	
                    $
                      787,000.00

                  	 	
                    (3)

                  
	
                    LT2-F59

                  	 	
                    $
                      748,500.00

                  	 	
                    (2)

                  
	
                    LT2-V59

                  	 	
                    $
                      748,500.00

                  	 	
                    (3)

                  
	
                    LT2-F60

                  	 	
                    $
                      711,000.00

                  	 	
                    (2)

                  
	
                    LT2-V60

                  	 	
                    $
                      711,000.00

                  	 	
                    (3)

                  
	
                    LT2-F61

                  	 	
                    $
                      676,000.00

                  	 	
                    (2)

                  
	
                    LT2-V61

                  	 	
                    $
                      676,000.00

                  	 	
                    (3)

                  
	
                    LT2-F62

                  	 	
                    $
                      643,000.00

                  	 	
                    (2)

                  
	
                    LT2-V62

                  	 	
                    $
                      643,000.00

                  	 	
                    (3)

                  
	
                    LT2-F63

                  	 	
                    $
                      610,500.00

                  	 	
                    (2)

                  
	
                    LT2-V63

                  	 	
                    $
                      610,500.00

                  	 	
                    (3)

                  
	
                    LT2-F64

                  	 	
                    $
                      581,000.00

                  	 	
                    (2)

                  
	
                    LT2-V64

                  	 	
                    $
                      581,000.00

                  	 	
                    (3)

                  
	
                    LT2-F65

                  	 	
                    $
                      552,000.00

                  	 	
                    (2)

                  
	
                    LT2-V65

                  	 	
                    $
                      552,000.00

                  	 	
                    (3)

                  

          

           

          
            
              
              

            

            
              5

              
                

              

            

            
              
              

            

          

           

          

            
              	
                       

                      Class
                        Designation

                    	 	
                      Initial
                        Principal Balance

                    	 	
                      Interest
                        Rate

                    
	
                      LT2-F65

                    	 	
                      $
                        552,000.00

                    	 	
                      (2)

                    
	
                      LT2-V65

                    	 	
                      $
                        552,000.00

                    	 	
                      (3)

                    
	
                      LT2-F66

                    	 	
                      $
                        525,000.00

                    	 	
                      (2)

                    
	
                      LT2-V66

                    	 	
                      $
                        525,000.00

                    	 	
                      (3)

                    
	
                      LT2-F67

                    	 	
                      $
                        498,500.00

                    	 	
                      (2)

                    
	
                      LT2-V67

                    	 	
                      $
                        498,500.00

                    	 	
                      (3)

                    
	
                      LT2-F68

                    	 	
                      $
                        474,500.00

                    	 	
                      (2)

                    
	
                      LT2-V68

                    	 	
                      $
                        474,500.00

                    	 	
                      (3)

                    
	
                      LT2-F69

                    	 	
                      $
                        450,500.00

                    	 	
                      (2)

                    
	
                      LT2-V69

                    	 	
                      $
                        450,500.00

                    	 	
                      (3)

                    
	
                      LT2-F70

                    	 	
                      $
                        428,500.00

                    	 	
                      (2)

                    
	
                      LT2-V70

                    	 	
                      $
                        428,500.00

                    	 	
                      (3)

                    
	
                      LT2-F71

                    	 	
                      $
                        8,246,500.00

                    	 	
                      (2)

                    
	
                      LT2-V71

                    	 	
                      $
                        8,246,500.00

                    	 	
                      (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 and, if no such excess, shall
                      be
                      zero.

                  

          

          
            	 	
                    (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 Trustee shall distribute the aggregate Interest
            Remittance Amount for the three 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 Trustee shall distribute the aggregate Principal
            Remittance Amount with respect to the three Mortgage Pools with respect
            to the
            Lower Tier Interests in REMIC 2, first to the Class LT2-A Interest until
            its
            Class Principal Amount 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 Class Principal
            Amount 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.

           

          On
            each
            Distribution Date, the Trustee shall distribute the Prepayment Premiums
            collected during the preceding Prepayment Period to the Class LT2-F71
            Lower
            Tier Interest.

          

          
            
              
              

            

            
              6

              
                

              

            

            
              
              

            

          

          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-A6

                  	 	
                    (1)

                  	 	
                    (3)

                  	 	
                    A6

                  
	
                    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

                  

          

          ___________________________

          
            	 	
                    (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
                      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.

                  

          

          
            	 	
                    (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

                    

            

             

            
              
                
                

              

              
                7

                
                  

                

              

              
                
                

              

            

             

          

           

           

          
            	
                    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

                  

          

           

          
            
              
              

            

            
              8

              
                

              

            

            
              
              

            

          

           

          
            	
                    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.

                  

          

          
            	 	
                    (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.

                  

          

          

          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-A6, 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

          

          (b) Second,
            to the Class LT3-Q Interest, any remaining amounts.

          

          On
            each
            Distribution Date, the Trustee 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.

          

          
            
              
              

            

            
              9

              
                

              

            

            
              
              

            

          

          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)

                  	 	
                    $140,638,000.00

                  	 	
                    $
                      25,000

                  
	
                    Class
                      A2

                  	 	
                      
                      (2)

                  	 	
                    $113,435,000.00

                  	 	
                    $
                      25,000

                  
	
                    Class
                      A3

                  	 	
                    (3)

                  	 	
                    $221,511,000.00

                  	 	
                    $
                      25,000

                  
	
                    Class
                      A4

                  	 	
                    (4)

                  	 	
                    $
                      36,663,000.00

                  	 	
                    $
                      25,000

                  
	
                    Class
                      A5

                  	 	
                    (5)

                  	 	
                    $
                      98,093,000.00

                  	 	
                    $
                      25,000

                  
	
                    Class
                      A6

                  	 	
                    (6)

                  	 	
                    $
                      41,294,000.00

                  	 	
                    $
                      25,000

                  
	
                    Class
                      M1

                  	 	
                    (7)

                  	 	
                    $
                      24,868,000.00

                  	 	
                    $100,000

                  
	
                    Class
                      M2

                  	 	
                    (8)

                  	 	
                    $
                      21,760,000.00

                  	 	
                    $100,000

                  
	
                    Class
                      M3

                  	 	
                    (9)

                  	 	
                    $
                      13,212,000.00

                  	 	
                    $100,000

                  
	
                    Class
                      M4

                  	 	
                    (10)

                  	 	
                    $
                      11,657,000.00

                  	 	
                    $100,000

                  
	
                    Class
                      M5

                  	 	
                    (11)

                  	 	
                    $
                      11,268,000.00

                  	 	
                    $100,000

                  
	
                    Class
                      M6

                  	 	
                    (12)

                  	 	
                    $
                      9,326,000.00

                  	 	
                    $100,000

                  
	
                    Class
                      M7

                  	 	
                    (13)

                  	 	
                    $
                      6,606,000.00

                  	 	
                    $100,000

                  
	
                    Class
                      M8

                  	 	
                    (14)

                  	 	
                    $
                      4,663,000.00

                  	 	
                    $100,000

                  
	
                    Class
                      M9

                  	 	
                    (15)

                  	 	
                    $
                      7,772,000.00

                  	 	
                    $100,000

                  
	
                    Class
                      B

                  	 	
                    (16)

                  	 	
                    $
                      6,993,000.00

                  	 	
                    $100,000

                  
	
                    Class
                      X

                  	 	
                    (17)

                  	 	
                    (17)

                  	 	
                    10%

                  
	
                    
                      Class
                        R

                    

                  	 	
                    (18)

                  	 	
                    (18)

                  	 	
                    100%

                  
	
                    Class
                      B

                  	 	
                    (19)

                  	 	
                    $100
                      (20)

                  	 	
                    10%

                  
	
                    Class
                      LT-R

                  	 	
                    (21)

                  	 	
                    (21)

                  	 	
                    10%

                  

          

          
          

          
            

          

          
            	
                    (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 0.120% and (ii)
                      with respect to
                      any Distribution Date on which the Class Principal Amounts
                      of the Group 2
                      Senior Certificates or Group 3 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 and Group 3 Senior Certificates have each 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 0.240%. For purposes of the REMIC Provisions,
                      the
                      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 0.120% and (ii)
                      with respect to
                      any Distribution Date on which the Class Principal Amounts
                      of the Group 1
                      Senior Certificates or Group 3 Senior Certificates are 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 and Group 3 Senior Certificates have each 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 0.240%. For purposes of the REMIC Provisions,
                      the
                      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 0.070% and (ii)
                      with respect to
                      any Distribution Date on which the Class Principal Amounts
                      of the Group 1
                      Senior Certificates or Group 2 Senior Certificates are outstanding,
                      the
                      Pool 3 Net Funds Cap for such Distribution Date or, after the
                      Distribution
                      Date on which the Class Principal Amounts of the Group 1 Senior
                      Certificates and Group 2 Senior Certificates have each 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 0.140%. For purposes of the REMIC Provisions,
                      the
                      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 0.100% and (ii)
                      with respect to
                      any Distribution Date on which the Class Principal Amounts
                      of the Group 1
                      Senior Certificates or Group 2 Senior Certificates are outstanding,
                      the
                      Pool 3 Net Funds Cap for such Distribution Date or, after the
                      Distribution
                      Date on which the Class Principal Amounts of the Group 1 Senior
                      Certificates or Group 2 Senior Certificates have each 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 0.200%. For purposes of the REMIC Provisions,
                      the
                      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 0.150% and (ii)
                      with respect to
                      any Distribution Date on which the Class Principal Amounts
                      of the Group 1
                      Senior Certificates and the Group 2 Senior Certificates are
                      outstanding,
                      the Pool 3 Net Funds Cap for such Distribution Date or, after
                      the
                      Distribution Date on which the Class Principal Amounts of the
                      Group 1
                      Senior Certificates or Group 2 Senior Certificates have each
                      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 0.300%. For purposes of the REMIC Provisions,
                      the
                      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 A6 Certificates is the
                      per annum
                      rate equal to the lesser of (i) LIBOR plus 0.310% and (ii)
                      with respect to
                      any Distribution Date on which the Class Principal Amounts
                      of the Group 1
                      Senior Certificates and the Group 2 Senior Certificates are
                      outstanding,
                      the Pool 3 Net Funds Cap for such Distribution Date or, after
                      the
                      Distribution Date on which the Class Principal Amounts of the
                      Group 1
                      Senior Certificates or Group 2 Senior Certificates have each
                      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 A6 Certificates
                      will be LIBOR plus 0.620%. For purposes of the REMIC Provisions,
                      the
                      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 A6 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
                      A6 Certificates is based on a Net Funds Cap, the amount of
                      interest that
                      would have accrued on the Class A6 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.

                  

            	 	 

          

          
            	
                    (7)

                  	
                    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 0.220% 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 0.330%. 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.
                      

                  

            	 	 

          

          
            	
                    (8)

                  	
                    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 0.280% 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 0.420%. 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

              
                

              

            

            
              
              

            

          

           

          
            	
                    (9)

                  	
                    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 0.320% 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 0.480%. 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.

                  

            	 	 

          

          
            	
                    (10)

                  	
                    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.
                      

                  

            	 	 

          

          
            	
                    (11)

                  	
                    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 0.390% 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 0.585%. 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.
                      

                  

          

           

          
            
              
              

            

            
              13

              
                

              

            

            
              
              

            

          

            

          
            	
                    (12)

                  	
                    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 0.450% 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 0.675%. 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)

                  	
                    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 0.800% 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 1.200%. 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.
                      

                  

            	 	 

          

          
            	
                    (14)

                  	
                    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 1.050% 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 1.575%. 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.

                  

            	 	 

          

          
            	
                    (15)

                  	
                    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 2.100% 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 3.150%. 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.

                  

          

          
          

           

          
            
              
              

            

            
              14

              
                

              

            

            
              
              

            

          

           

          
            	
                    (16)

                  	
                    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.

                  

            	 	 

          

          
            	
                    (17)

                  	
                    For
                      purposes of the REMIC Provisions, Class X shall have an initial
                      principal
                      balance of $7,383,322.20 and the right to receive distributions
                      of such
                      amount represents a regular interest in the Upper Tier REMIC.
                      The Class X
                      Certificate shall also comprise two notional components, each
                      of which
                      represents a regular interest in the Upper Tier REMIC. The
                      first such
                      component has a notional balance that will at all times equal
                      the
                      aggregate of the Class 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 interest) 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). 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 and (iv) an interest in the notional principal
                      contracts
                      described in Section 10.01(n) hereof.

                  

            	 	 

          

          
            	
                    (18)

                  	
                    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.

                  

            	 	 

          

          
            	
                    (19)

                  	
                    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(j). For
                      purposes of the REMIC Provisions, Class P shall represent a
                      regular
                      interest in the Upper Tier REMIC.

                  

            	 	 

          

          
            	
                    (20)

                  	
                    The
                      Class P Certificates will have an initial Class P Principal
                      Amount of
                      $100.

                  

            	 	 

          

          
            	
                    (21)

                  	
                    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
            $777,142,422.20.

           

          
            
              
              

            

            
              15

              
                

              

            

            
              
              

            

          

          
 

          In
            consideration of the mutual agreements herein contained, the Depositor,
            the
            Seller, the Credit Risk Manager, the Master Servicer 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 or the Master Servicer, or (y) as provided
            in
            the Servicing Agreement, to the extent applicable to the 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.

          

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

          

          Additional
            Termination Event:
            As
            defined in the Swap Agreement and the Interest Rate Cap Agreement, as
            applicable.

          

          Adjustable
            Rate Mortgage Loan:
            Any
            Mortgage Loan as to which the related Mortgage Note provides for the
            adjustment
            of the Mortgage Rate applicable thereto.

           

          
            
              
              

            

            
              16

              
                

              

            

            
              
              

            

          

           

          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-A6,
            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-A6, 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.

          

          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 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 the 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 the Servicing Fee) required to be made by or
            on behalf
            of the Master Servicer or the 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) of the Code on prohibited transactions and the
            tax
            imposed under Section 860G(d) of the Code 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
            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 for such Distribution Date.

          

          Aggregate
            Pool Balance:
            As of
            any date of determination, the aggregate of the Pool Balances of Pool
            1, Pool 2
            and Pool 3 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 the 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 the Custodian nor the Trustee shall be responsible for determining
            whether any such assignment is in recordable form.

          

          Aurora:
            Aurora
            Loan Services LLC, a Delaware limited liability company.

          

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

          

          Authorized
            Officer:
            Any
            Person who may execute an Officer’s Certificate on behalf of the
            Depositor.

          

          
            
              
              

            

            
              18

              
                

              

            

            
              
              

            

          

          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 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, 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 B Target Amount for such Distribution
            Date.

          

          B
            Target Amount:
            With
            respect to any Distribution Date, an amount equal to the lesser of (a)
            the
            product of (i) 98.10% 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.

          

          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(g)(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, Pool 3 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, Pool 3 Net Funds Cap
            or
            Subordinate Net Funds Cap, as applicable.

          

          
            
              
              

            

            
              19

              
                

              

            

            
              
              

            

          

          Benefit
            Plan Opinion:
            An
            Opinion of Counsel satisfactory to the Depositor and the Trustee 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.

          

          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. 

          

          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, New York or, if other than New York, the city in which the
            Corporate Trust Office of the Trustee is located, or the States of Colorado,
            Maryland or Minnesota are closed, 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 Agreement, are authorized or
            obligated by law or executive order to be closed.

          

          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 ABN AMRO Bank N.V.

          

          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
            Trustee.

          

          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 Trustee in substantially
            the
            forms attached hereto as Exhibit A.

          

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

          

          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, sequentially, 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.

          

          
            
              
              

            

            
              21

              
                

              

            

            
              
              

            

          

          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
            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 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 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
            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. 

          

          Class
            R Certificate:
            Each
            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 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 $7,383,322.00 ($7,383,422.00
            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.

          

          
            
              
              

            

            
              22

              
                

              

            

            
              
              

            

          

          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, S.A., and any successor thereto.

          

          Closing
            Date:
            November
            27, 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 created pursuant to Section 5.07(c).

          

          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
            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 Servicer with
            respect
            to such Distribution Date. The Master Servicer shall not be responsible
            for
            making any Compensating Interest Payment.

          

          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).

          

          
            
              
              

            

            
              23

              
                

              

            

            
              
              

            

          

          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 at which, at any particular
            time, its corporate trust business shall be administered, which office
            at the
            date hereof for purposes of presentment and surrender of the Certificates
            for
            the final distribution therein, is located at Sixth Street and Marquette
            Avenue,
            Minneapolis, MN 55479, Attention: Client Manager—FFMLT 2006-FF17, and for all
            other purposes, 9062 Old Annapolis Road, Columbia, MD 21045, Attention:
            Client
            Manager—FFMLT 2006-FF17.

          

          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.

          

          Credit
            Risk Manager:
            OfficeTiger Global Real Estate Services Inc., a Delaware corporation,
            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; provided, however, that such amount shall
            not be less
            than $1,500.00 on each Distribution Date.

          

          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 27, 2006, between the Trustee, 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:

           

          
            
              
              

            

            
              24

              
                

              

            

            
              
              

            

          

           

          
            	
                    Distribution
                      Date

                  	 	
                    Loss
                      Percentage

                  
	
                    December
                      2008 through November 2009

                  	 	
                    1.15%
                      for the first month, plus
                      an
                      additional 1/12th
                      of
                      1.50% for each month thereafter

                  
	 	 	 
	
                    December
                      2009 through November 2010

                  	 	
                    2.65%
                      for the first month, plus
                      an
                      additional 1/12th
                      of
                      1.50% for each month thereafter

                  
	 	 	 
	
                    December
                      2010 through November 2011

                  	 	
                    4.15%
                      for the first month, plus
                      an
                      additional 1/12th
                      of
                      1.20% for each month thereafter

                  
	 	 	 
	
                    December
                      2011 through November 2012

                  	 	
                    5.35%
                      for the first month, plus
                      an
                      additional 1/12th
                      of
                      0.75% for each month thereafter

                  
	 	 	 
	
                    December
                      2012 and thereafter

                  	 	
                    6.10%

                  

          

           

          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
            the Servicer pursuant to the Servicing Agreement.

          

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

          

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

          

          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.

          

          
            
              
              

            

            
              25

              
                

              

            

            
              
              

            

          

          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
            Event:
            A
            Delinquency Event will have occurred with respect to any Distribution
            Date if
            the Rolling Three Month Delinquency Rate as of the last day of the immediately
            preceding calendar month equals or exceeds 42.30% 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
            (i) all
            Mortgage Loans 60 days Delinquent or more (including each Mortgage Loan
            60 days
            Delinquent or more for which the 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, 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 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.

          

          
            
              
              

            

            
              26

              
                

              

            

            
              
              

            

          

          Distribution
            Date Statement:
            As
            defined in Section 4.03(a).

          

          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.

          

          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;

          

          
            
              
              

            

            
              27

              
                

              

            

            
              
              

            

          

          (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;

          

          (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 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 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 Wells Fargo Bank, N.A. (the “Bank”) in its capacity
            other than as Trustee, the Trustee, the Master Servicer, any NIMS Insurer
            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 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
            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 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);

          

          
            
              
              

            

            
              28

              
                

              

            

            
              
              

            

          

          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.

          

          ERISA-Restricted
            Certificate:
            Any
            Class M, Class B, Class P, Class X, Class R or Class LT-R Certificate,
            and any
            Offered Certificate which does not have a rating of BBB- or above or
            Baa3 or
            above. 

          

          ERISA-Restricted
            Trust Certificate:
            Any
            Senior Certificate.

          

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

          

          Escrow
            Account:
            Any
            account established and maintained by the Servicer pursuant to the 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 and 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.

          

          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 the Servicer satisfying the
            requirements of the Servicing Agreement.

          

          Final
            Scheduled Distribution Date:
            With
            respect to each Class of Certificates, the Distribution Date occurring
            in
            December 2041.

          

          
            
              
              

            

            
              29

              
                

              

            

            
              
              

            

          

          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 Loan:
            Any
            Mortgage Loans which do not make first payments due to the Seller within
            the
            time frame required under the PPTL.

          

          Fitch:
            Fitch
            Ratings, Inc., or any successor in interest.

          

          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.

          

          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, the Group 2 Senior Certificates or the Group
            3
            Senior Certificates, as the context requires.

          

          Group
            1 Senior Certificates:
            The
            Class A1 Certificates.

          

          Group
            2 Senior Certificates:
            The
            Class A2 Certificates.

          

          Group
            3 Senior Certificates:
            Collectively, the Class A3, Class A4, Class A5 and Class A6
            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 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 Trustee
            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, the Servicer or
            the Credit
            Risk Manager in determining whether any Certificates are registered to
            an
            Affiliate of the Depositor, the Master Servicer, the Servicer or the
            Credit Risk
            Manager. After a Section 7.01(c) Purchase Event, other than in Sections
            5.02(b)
            through (g) 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.

          

          
            
              
              

            

            
              30

              
                

              

            

            
              
              

            

          

          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:
            5.32%.

          

          Initial
            Optional Termination Date:
            The
            first Distribution Date following the date on which the Aggregate Pool
            Balance
            is less than 5.00% of the Cut-off Date Balance.

          

          Insurance
            Fee Rate:
            Not
            applicable.

          

          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 the 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 the law or the related Mortgage Note.

          

          Interest
            Rate Cap Account:
            The
            account created pursuant to Section 5.07(b).

          

          Interest
            Rate Cap Agreement:
            The
            interest rate cap agreement dated November 27,
            2006
            entered
            into by the Supplemental Interest Trust and the Cap Counterparty, which
            agreement provides for the monthly payment specified therein to the Trustee
            (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. 

          

          
            
              
              

            

            
              31

              
                

              

            

            
              
              

            

          

          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.

          

          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 and any investment earnings therein.

          

          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 Servicer,
            the
            Master Servicer or the Trustee (solely in its capacity as successor master
            servicer), minus
            (x) the
            Servicing Fee with respect to such Mortgage Loans in such Mortgage Pool
            and (y)
            previously unreimbursed Advances due to the Servicer, 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 Servicer 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 PPTL Premium) payable with respect to a First
            Payment
            Default 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, Subsequent Recoveries, Insurance Proceeds 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 Custodian and the Servicer to the extent provided
            in
            this Agreement, the Servicing Agreement and the 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.

          

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

          

          
            
              
              

            

            
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          Latest
            Possible Maturity Date:
            The
            Distribution Date occurring in December 2036.

          

          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 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.

          

          (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 Trustee 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 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.

          

          (c) 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:
            Any
            Class A1, Class A2, Class A3, Class A4, Class A5, Class A6, 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 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 the Servicer in
            connection
            with the liquidation of any defaulted Mortgage Loan, 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.

          

          
            
              
              

            

            
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          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
            Performance Advisor Agreement:
            The
            agreement dated as of June 30, 2005, entered into by the Credit Risk
            Manager and
            LBH.

          

          Loan
            Performance Monitoring Agreement:
            The
            agreement dated as of November 27,
            2006
            entered
            into by the Credit Risk Manager and the Servicer.

          

          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:
            Not
            applicable.

          

          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 Class Principal
            Amount
            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 for such Distribution Date.

          

          M3
            Target Amount:
            With
            respect to any Distribution Date, an amount equal to the lesser of (a)
            the
            product of (i) 83.10% 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 Class Principal
            Amount
            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 for such Distribution
            Date.

          

          
            
              
              

            

            
              34

              
                

              

            

            
              
              

            

          

          M4
            Target Amount:
            With
            respect to any Distribution Date, an amount equal to the lesser of (a)
            the
            product of (i) 86.10% 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.

          

          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 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 for such Distribution Date.

          

          M5
            Target Amount:
            With
            respect to any Distribution Date, an amount equal to the lesser of (a)
            the
            product of (i) 89.00% 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.

          

          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 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 for such Distribution Date.

          

          M6
            Target Amount:
            With
            respect to any Distribution Date, an amount equal to the lesser of (a)
            the
            product of (i) 91.40% 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.

          

          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 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 for such Distribution Date.

          

          M7
            Target Amount:
            With
            respect to any Distribution Date, an amount equal to the lesser of (a)
            the
            product of (i) 93.10% 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.

          

          
            
              
              

            

            
              35

              
                

              

            

            
              
              

            

          

          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 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 for such Distribution Date.

          

          M8
            Target Amount:
            With
            respect to any Distribution Date, an amount equal to the lesser of (a)
            the
            product of (i) 94.30% 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 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, 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 for such Distribution Date.

          

          M9
            Target Amount:
            With
            respect to any Distribution Date, an amount equal to the lesser of (a)
            the
            product of (i) 96.30% 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:
            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
            Servicer Remittance Date:
            With
            respect to each Distribution Date, two Business Days immediately preceding
            such
            Distribution Date. 

          

          Master
            Servicing Fee:
            As to
            any Distribution Date, an amount equal to 1/12th
            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.

          

          
            
              
              

            

            
              36

              
                

              

            

            
              
              

            

          

          Maximum
            Interest Rate:
            The
            Pool 1 Maximum Interest Rate, the Pool 2 Maximum Interest Rate, the Pool
            3
            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.

          

          Monthly
            Excess Cashflow:
            For
            each Distribution Date, the aggregate of any remaining Interest Remittance
            Amount pursuant to Section 5.02(e)(v) for
            such
            date, any Principal Distribution Amount remaining after distribution
            pursuant to
            Section 5.02(f)(ii)(C) or 5.02(f)(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 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 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)
            the
            Mortgage Pool in which such Mortgage Loan is included; (vii) 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 (viii) whether
            such
            Mortgage Loan is a Simple Interest Mortgage Loan. The Depositor shall
            be
            responsible for providing the Trustee and the Master Servicer with all
            amendments to the Mortgage Loan Schedule.

          

          
            
              
              

            

            
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          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, Pool 2 or Pool 3.

          

          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) 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. 

          

          Net
            Funds Cap:
            The
            Pool 1 Net Funds Cap, the Pool 2 Net Funds Cap, the Pool 3 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
            Servicing
            Fee Rate for such Mortgage Loan.

          

          Net
            Prepayment Interest Shortfall:
            With
            respect to any Master Servicer Remittance 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 Servicer
            pursuant
            to the Servicing Agreement.

          

          
            
              
              

            

            
              38

              
                

              

            

            
              
              

            

          

          Net
            Simple Interest Excess:
            With
            respect to any Distribution Date, the excess, if any, of (a) the amount
            of the
            payments received by the Servicer 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
            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
            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 Servicer, the Master Servicer or the Trustee
            (solely in
            its capacity as successor servicer) in such month in respect of such
            Simple
            Interest Mortgage Loans and (ii) to be reduced by any amounts paid to
            the
            Servicer, the Master Servicer or the Trustee (solely in its capacity
            as
            successor 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 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 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 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
            Servicing
            Fees.

          

          Net
            Swap Payment:
            With
            respect to each Swap Payment Date, the sum of (i) the 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
            Trustee.

          

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

          

          
            
              
              

            

            
              39

              
                

              

            

            
              
              

            

          

          NIMS
            Agreement:
            Any
            agreement pursuant to which the NIM Securities are issued.

          

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

          

          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(f).

          

          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 A6, 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.

          

          Opinion
            of Counsel:
            A
            written opinion of counsel, reasonably acceptable in form and substance
            to the
            Trustee, and which may be in-house or outside counsel to the Depositor,
            the
            Master Servicer 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
            ERISA, or
            the taxation, or the federal income tax status, of each REMIC.

          

          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.

          

          
            
              
              

            

            
              40

              
                

              

            

            
              
              

            

          

          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
            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:
            The
            amount equal to $3,885,712.11 or 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 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%. 

          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:
            Not
            applicable.

          

          PMI
            Insurer:
            Not
            applicable.

          

          
            
              
              

            

            
              41

              
                

              

            

            
              
              

            

          

          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 Amounts of the
            Group 2
            Senior Certificates and the Group 3 Senior Certificates have each 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 Servicing Fee 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) a fraction, expressed as a
            percentage, the numerator of which is 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 the denominator of which
            is 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.

          

          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) 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 (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 Collection 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 Collection Account and distributed therefrom in accordance with
            Section
            5.02 during the month prior to such Distribution Date).

          

          
            
              
              

            

            
              42

              
                

              

            

            
              
              

            

          

          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 and the Group 3 Senior Certificates have each 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 Servicing Fee 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) a fraction, expressed as a
            percentage, the numerator of which is the amount of any Net Swap Payment
            owed to
            the Swap Counterparty on the related Swap Payment Date allocable to Pool
            2
            (based on the applicable Pool Percentage) and the denominator of which
            is 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.

          

          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) 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 (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 Collection 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 Collection Account and distributed therefrom in accordance with
            Section
            5.02 during the month prior to such Distribution Date).

          

          
            
              
              

            

            
              43

              
                

              

            

            
              
              

            

          

          Pool
            3:
            The
            aggregate of the Mortgage Loans identified on the Mortgage Loan Schedule
            as
            being included in Pool 3.

          

          Pool
            3
            Maximum Interest Rate:
            For the
            Group 3 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 and the Group 2 Senior Certificates have each 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 3 Mortgage Loans exceeds the Servicing Fee 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 3 (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 3 (based on the applicable Pool
            Percentage) divided by the Pool Balance for Pool 3 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) a fraction, expressed as a
            percentage, the numerator of which is the amount of any Net Swap Payment
            owed to
            the Swap Counterparty on the related Swap Payment Date allocable to Pool
            3
            (based on the applicable Pool Percentage) and the denominator of which
            is the
            Pool Balance for Pool 3 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.

          

          Pool
            3
            Net Funds Cap:
            With
            respect to any Distribution Date and the Group 3 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 3 Optimal
            Interest Remittance Amount for such date over (ii) 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
            3 (based on
            the applicable Pool Percentage) and (2) 12, and the denominator of which
            is the
            Pool Balance for Pool 3 as of the first day of the related Collection
            Period
            (excluding for this purpose any Mortgage Loans in Pool 3 for which any
            Principal
            Prepayments in full have been deposited into the Collection 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
            3
            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 3 as of the first day of the related Collection Period,
            and (ii)
            12 and (b) the Pool Balance for Pool 3 as of the first day of the related
            Collection Period (excluding for purposes of clauses (a)(i) and (b) any
            Mortgage
            Loans in Pool 3 for which any Principal Prepayments in full have been
            deposited
            into the Collection Account and distributed therefrom in accordance with
            Section
            5.02 during the month prior to such Distribution Date).

          

          
            
              
              

            

            
              44

              
                

              

            

            
              
              

            

          

          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 aggregate Class Principal Amounts of the Group 1
            Senior
            Certificates (in the case of Pool 1), (ii) the aggregate Class Principal
            Amounts
            of the Group 2 Senior Certificates (in the case of Pool 2) immediately
            prior to
            the related Distribution Date or (iii) the aggregate Class Principal
            Amounts of
            the Group 3 Senior Certificates (in the case of Pool 3) immediately prior
            to the
            related Distribution Date..

          

          PPTL
            Premium:
            With
            respect to any First Payment Default Loan, the excess, if any, of the
            PPTL
            Purchase Price over the Purchase Price.

          

          PPTL
            Purchase Price:
            The
            purchase price paid for a First Payment Default Loan which is required
            to be
            repurchased by a Transferor pursuant to the PPTL.

          

          PPTL:
            As to
            any First Payment Default Loan, the Purchase Price and Terms Letter,
            dated May
            11, 2006 and revised as of July 31, 2006, among First Franklin Financial
            Corporation, Lehman Brothers Bank, FSB and National City Home Loan Services,
            Inc. (FF 2006-5/6/7) and the Purchase Price and Terms Letter, dated August
            9,
            2006, among First Franklin Corporation, Lehman Brothers Bank, FSB and
            National
            City Home Loan Services (FF 2006-11).

          

          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, 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.

          

          Prepayment
            Premiums:
            Any
            prepayment fees and penalties to be paid by the Mortgagor on a Mortgage
            Loan.

          

          Primary
            Mortgage Insurance Policy:
            Not
            applicable.

          

          Prime
            Rate:
            The
            prime rate of the United States money center commercial banks as published
            in
The
            Wall Street Journal.

          

          
            
              
              

            

            
              45

              
                

              

            

            
              
              

            

          

          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 Servicer, the Master Servicer or the
            Trustee
            (solely in its capacity as successor Master Servicer) (less unreimbursed
            Advances due to the Master Servicer, the Servicer or the Trustee (solely
            in its
            capacity as successor Master Servicer) 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 (excluding any PPTL Premium) in such Mortgage Pool that
            was
            purchased from the Trust Fund by the Seller or the related 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
            any 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 Custodian and the Servicer to the extent provided in this Agreement,
            the
            Servicing Agreement and the 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 4.04(b)(i), 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.

          

          
            
              
              

            

            
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          Private
            Placement Memorandum:
            The
            private placement memorandum dated November 24,
            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 24,
            2006,
            together with the accompanying prospectus dated November 13, 2006, relating
            to the Offered Certificates.

          

          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, the Servicer,
            the
            Custodian (or the Trustee, 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, if applicable), together with any accrued
            and
            unpaid compensation due to the Master Servicer, the Servicer, the 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 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 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;
            

          

          
            
              
              

            

            
              47

              
                

              

            

            
              
              

            

          

          (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:
            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 more
            than 18 months longer 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 Mortgage
            Loan
            Sale Agreement, (xvi) has the same or higher lien position as the Deleted
            Mortgage Loan, (xvii) [Reserved], (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, (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 Freddie
            Mac
            for conforming one-to-four family first lien residential mortgaged properties
            and (xx) for any Mortgage Loan to be substituted into Pool 2, has an
            original
            Scheduled Principal Balance within the maximum dollar amount limitations
            prescribed by Fannie Mae for conforming one-to-four family first and
            second lien
            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.

          
            
              
              

            

            
              48

              
                

              

            

            
              
              

            

          

          

          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 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 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).

          

          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.

          

          
            
              
              

            

            
              49

              
                

              

            

            
              
              

            

          

          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), the Class Principal Amount of the Group 2 Senior
            Certificates (with respect to Pool 2) or the sum of the Class Principal
            Amounts
            of the Group 3 Senior Certificates (with respect to Pool 3) 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.

          

          Related
            Senior Priority:
            With
            respect to each of the Group 1 Senior Certificates, Group 2 Senior Certificates
            and Group 3 Senior Certificates, the priority of distribution on the
            Senior
            Certificates relating to such Groups as described in 5.02(f)(i)(A)(3),
            5.02(f)(i)(B)(3) and 5.02(f)(i)(C)(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 Trustee, the Credit Risk Manager, the
            Custodian
            or the 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 or any similar state or local statute, 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.

          

          
            
              
              

            

            
              50

              
                

              

            

            
              
              

            

          

          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.

          

          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, 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. 

          

          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.

          

          
            
              
              

            

            
              51

              
                

              

            

            
              
              

            

          

          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).

          

          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 the 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.

          

          
            
              
              

            

            
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          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.

          

          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.

          

          Senior
            Certificate:
            Any
            Class A1, Class A2, Class A3, Class A4, Class A5 or Class A6 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)
            and the
            denominator of which is the Aggregate Pool Balance for such Distribution
            Date,
            in each case after giving effect to distributions on 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 all three
            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, Pool 2 and Pool 3 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, Pool 2 and Pool 3 for
            such
            Distribution Date. With respect to Pool 3 and any Distribution Date,
            the
            fraction, expressed as a percentage, the numerator of which is the Principal
            Remittance Amount for Pool 3 for such Distribution Date and the denominator
            of
            which is the aggregate of the Principal Remittance Amounts for Pool 1,
            Pool 2
            and Pool 3 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) 67.70% 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.

          

          
            
              
              

            

            
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          Servicer:
            National City Home Loan Services, Inc., or its successor in
            interest.

          

          Servicer
            Remittance Date:
            The day
            in each calendar month on which the Servicer is required to remit payments
            to
            the Collection Account, as specified in the 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).

          

          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 the 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
            fire and
            hazard insurance coverage and (e) any losses sustained by the Servicer
            with
            respect to the liquidation of the Mortgaged Property.

          

          Servicing
            Agreement:
            The
            securitization servicing agreement dated as of November 1, 2006, among the
            Seller, the Master Servicer and the Servicer, and any other servicing
            agreement
            entered into between a successor servicer, the Master 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, 0.50% per annum.

          

          Servicing
            Function Participant:
            Any
            Subservicer, Subcontractor or any other Person, other than the 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.

          

          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.

          

          
            
              
              

            

            
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          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 32.30%.

          

          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 Trustee,
            the
            Master Servicer, a Custodian, the Servicer 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 Amounts of the Group 2 Senior Certificates and the Group
            3
            Senior Certificates have been reduced to zero; (iii) the Group 2 Senior
            Certificates, with respect to each Distribution Date after the Distribution
            Date
            on which the aggregate Class Principal Amounts of the Group 1 Senior
            Certificates and the Group 3 Senior Certificates have been reduced to
            zero; and
            (iv) the Group 3 Senior Certificates, with respect to each Distribution
            Date
            after the Distribution Date on which the aggregate Class Principal Amounts
            of
            the Group 1 Senior Certificates and the Group 2 Senior Certificates have
            been
            reduced to zero, the weighted average of the Pool 1 Maximum Interest
            Rate, the
            Pool 2 Maximum Interest Rate and the Pool 3 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 two Mortgage Pools 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, the Pool 2 Net Funds Cap and the Pool 3 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 two Mortgage Pools has been reduced
            to zero,
            such weighting shall be on the basis of the Pool Balance of each Mortgage
            Pool.

          

          
            
              
              

            

            
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          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.

          

          Subsequent
            Recovery:
            Any
            amount recovered by the 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 the 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, the 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(g)(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 and
            the Swap Counterparty, 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 therein.

          

          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
            ABN AMRO Bank N.V.

          

          
            
              
              

            

            
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          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 an Illegality or Tax Event, as such terms are defined
            in the
            Swap Agreement) with respect to which the Swap Counterparty is the sole
            Affected
            Party or an Additional Termination Event with respect to which the Swap
            Counterparty is the sole Affected Party has occurred.

          

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

          

          Swap
            LIBOR:
            With
            respect to any Distribution Date and the 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 Trustee.

          

          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
            Trustee.

          

          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 for such Distribution Date.

          

          Targeted
            Overcollateralization Amount:
            With
            respect to any Distribution Date prior to the Stepdown Date, an amount
            equal to
            $7,383,422.20. 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) $7,383,422.20 and (b) 1.90% 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 or 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.

          

          
            
              
              

            

            
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          Telerate
            Page 3750:
            The
            display currently so designated as “Page 3750” on the Reuters 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:
            As
            defined in the Swap Agreement and the Interest Rate Cap Agreement, as
            applicable.

          

          Termination
            Price:
            As
            defined in Section 7.01.

          

          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
            Agreement:
            As
            defined in the Mortgage Loan Sale Agreement.

          

          Transferor:
            The
            seller of Mortgage Loans to Lehman Brothers Bank FSB pursuant to the
            Transfer
            Agreement.

          

          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 First Franklin Mortgage Loan Trust 2006-FF17 created pursuant
            to
            this Agreement, consisting of the Mortgage Loans, the assignment of the
            Depositor’s rights under the Transfer Agreement, the Mortgage Loan Sale
            Agreement and the Servicing Agreement, such amounts as shall from time to time
            be held in the Collection Account, 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 Insurance
            Policies, 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:
            Wells
            Fargo Bank, N.A., 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:
            As to
            any Distribution Date, any investment earnings from amounts on deposit
            in the
            Certificate Account.

          

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

          

          
            
              
              

            

            
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          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 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 based on the product of (i) 97.00%
            and (ii)
            the fraction, expressed as a percentage, the numerator of which is the
            aggregate
            Class Principal Amount of all Certificates then outstanding and the denominator
            of which is the Aggregate Pool Balance then outstanding. 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 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,
            the
            Servicer, the Swap Counterparty, the Cap Counterparty 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. 

          

          
            
              
              

            

            
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          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 and all amounts from time to time credited to
            and the
            proceeds of the Collection Account, the Certificate Account and all amounts
            from
            time to time credited to and the proceeds of the Certificate Account
            (exclusive
            of investment earnings thereon), the 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 Swap Agreement and the Interest
            Rate
            Cap Agreement shall be delivered to the Trustee. 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 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
            Depositor, the Servicer and the Certificateholders (by their acceptance
            of such
            Certificates) acknowledge and agree that the Trustee is executing and
            delivering
            the Swap Agreement and the Interest Rate Cap Agreement solely in its
            capacity as
            Trustee of the Supplemental Interest Trust and not in its individual
            capacity.
            The Trustee shall have no duty or responsibility to enter into any other
            swap
            agreement or interest rate cap agreement upon the expiration or termination
            of
            the Swap Agreement or the Interest Rate Cap Agreement other than as provided
            in
            Section 5.09(a) and (b), respectively.

          

          
            
              
              

            

            
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          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
            Agreement
            and the Transfer Agreement (including the right to enforce the Transferor’s
            obligation to repurchase First Payment Default Loans pursuant to the
            related
            PPTL), but only to the extent assigned under the Mortgage Loan Sale Agreement.
            The Trustee 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.

          

          (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;

          

          (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;

          

          
            
              
              

            

            
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          (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
“Wells Fargo Bank, N.A., as Trustee of the First Franklin Mortgage Loan
            Trust,
            2006-FF17,” 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; 

          

          (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 its custodian) is a true copy and that the original of such
            document
            has been forwarded to the public recording office;

          

          
            
              
              

            

            
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          (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 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 Servicer, shall direct to be properly recorded by
            the
            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
            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 Servicer, shall direct the 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.

          

          (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 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 Servicer in trust for the benefit of the
            Trustee
            and the Certificateholders.

          

          
            
              
              

            

            
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          (f) 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.

           

          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 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 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.

          

          (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.

          

          
            
              
              

            

            
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          (d) Within
            180 days following the Closing Date, the Trustee, or the Custodian, shall
            deliver to the Trustee, the Depositor, the Master Servicer, the 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.

          

          (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, the Master Servicer and any NIMS Insurer as of the
            Closing
            Date or such other date as is specified, that:

          

          
            
              
              

            

            
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          (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
            and the Credit Risk Manager, 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.

          

          
            
              
              

            

            
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          (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
            (except in
            the case of a breach by the Seller of the representations made by it
            with
            respect to predatory and abusive lending laws, which shall be a direct
            obligation of the Seller pursuant to the Mortgage Loan Sale Agreement
            and
            enforceable by the Trustee, any Certificateholder or any NIMS Insurer
            hereunder). 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. 

           

          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 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 Master Servicer 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; 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 the 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 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 Loan, the PPTL Purchase Price (excluding
            any
            PPTL 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. 

           

          
            
              
              

            

            
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          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 related PPTL Purchase Price (excluding any PPTL
            Premium) in
            the case of a First Payment Default Loan) received by the Trustee in
            respect of
            such repurchase of a Mortgage Loan will be considered a Principal Prepayment
            and
            the Purchase Price or PPTL Purchase Price (excluding any PPTL Premium)
            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 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 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 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.

          

          (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 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 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).

          

          
            
              
              

            

            
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          (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 and all proceeds
            of
            any and all property constituting the Trust Fund and the Supplemental
            Interest
            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.

          

          (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).

          

          
            
              
              

            

            
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          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
            Trustee by an authorized officer. Each Certificate shall, on original
            issue, be
            authenticated by the Trustee upon the order of the Depositor upon receipt
            by the
            Trustee (or the 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 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 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.

          

          (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 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
            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 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.

          

          
            
              
              

            

            
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          (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
            Trustee 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 Trustee 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 Trustee
            and the appointment of a successor Trustee. 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 Trustee 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 Trustee 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.

           

          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 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.

          

          
            
              
              

            

            
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          (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 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 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
            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.

          

          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 an affiliate (as defined
            in
            Rule 405 under the Securities Act) of the Depositor 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 Trustee with a certificate
            in the form of Exhibit F hereto; and

          

          
            
              
              

            

            
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          (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 Trustee a letter of the transferee substantially in
            the form of
            Exhibit G hereto.

          

          (d) (i) No
            transfer of an ERISA-Restricted Certificate in the form of a Definitive
            Certificate shall be made to any Person unless the Trustee 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 Trustee, 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, the Servicer, any NIMS Insurer or the Depositor
            to
            any obligation in addition to those undertaken in the Agreement; provided,
            however,
            that the
            Trustee 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 Trustee,
            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,
            any NIMS
            Insurer or the Depositor.

          

          Notwithstanding
            the foregoing, no opinion or certificate shall be required for the initial
            issuance of the ERISA-Restricted Certificates. The Trustee 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 Trustee 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 Trustee
            in
            accordance with the foregoing requirements. The Trustee 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 Trustee shall be paid and
            delivered
            by the Trustee 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 prior
            to the
            termination of the Swap Agreement and the Interest Rate Cap Agreement,
            unless
            the Trustee 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 or
            PTCE 96-23. Notwithstanding anything else to the contrary herein, prior
            to the
            termination of the Swap Agreement and the Interest Rate Cap Agreement,
            any
            purported transfer of an ERISA-Restricted Trust Certificate on behalf
            of a Plan
            without the delivery to the Trustee 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, prior to the termination of the Swap Agreement
            and
            the Interest Rate Cap Agreement, the transferee will be deemed to have
            made a
            representation as provided in clause (i) or (ii) of this paragraph, as
            applicable.

          

          
            
              
              

            

            
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          If
            any
            ERISA-Restricted Trust Certificate, or any interest therein, is acquired
            or held
            in violation of the provisions of the preceding paragraph, the next preceding
            permitted beneficial owner will be treated as the beneficial owner of
            that
            Certificate, retroactive to the date of transfer to the purported beneficial
            owner. Any purported beneficial owner whose acquisition or holding of
            an
            ERISA-Restricted Trust Certificate, or interest therein, was effected
            in
            violation of the provisions of the preceding paragraph shall indemnify
            to the
            extent permitted by law and hold harmless the Depositor, the 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 Trustee 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 Trustee in accordance with the foregoing requirements.

          

          (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
            Trustee 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 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.

          

          
            
              
              

            

            
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          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).

          

          (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 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 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 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.

          

          
            
              
              

            

            
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          (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
            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 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 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.

          

          (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
            Trustee.

          

          (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(h)(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 Trustee’s normal retention
            policies with respect to cancelled certificates maintained by the Trustee
            or the
            Certificate Registrar.

           

          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 the Trustee 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 Trustee
            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.

           

          
            
              
              

            

            
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          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, 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 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
            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.

           

          Section
            3.08. Appointment
            of Paying Agent. 

          

          (a) The
            Trustee, subject to the consent of the NIMS Insurer, may appoint a Paying
            Agent
            (which may be the Trustee) for the purpose of making distributions to
            Certificateholders 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 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 Trustee 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 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. Any Paying Agent shall be either a bank or trust
            company
            or otherwise authorized under law to exercise corporate trust powers.
            

          

          
            
              
              

            

            
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          (b) Any
            Paying Agent (if other than the Trustee) 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 elements
            of the
            servicing criteria applicable to the Paying Agent indicated in Exhibit
            S
            attached hereto. The Paying Agent (if other than the Trustee) shall give
            prior
            written notice to the Sponsor, the Master Servicer, the Trustee and the
            Depositor of the appointment of any Subcontractor by it and a written
            description (in form and substance reasonably 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 (including
            the Trustee to the extent not already required of the Trustee under this
            Agreement) shall notify the Sponsor, the Master Servicer, the Trustee
            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. On or before March 1st
            of each
            year, the Depositor shall distribute the information in Exhibit V to
            the Paying
            Agent.

          

          (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):

          

          
            
              
              

            

            
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          (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, 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;

          

          (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 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 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 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. Notwithstanding the foregoing, the Trustee, upon the instruction
            of
            the Depositor, shall have the right to issue Definitive Certificates
            on the
            Closing Date in connection with credit enhancement programs.

          

          
            
              
              

            

            
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          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
“Collection Account, Aurora Loan Services LLC, as Master Servicer, in
            trust for
            the benefit of the Holders of First Franklin Mortgage Loan Trust Mortgage
            Pass-Through Certificates, Series 2006-FF17.” The Collection 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
            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 10 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 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. On each Master Servicer Remittance
            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, 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 (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 Collection Account
            on the
            earlier of the applicable Master 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):

          

          
            
              
              

            

            
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          (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 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 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 Collection
            Account in accordance with Sections 5.04 and 9.21) and (y) any amounts
            reimbursable to the Servicer with respect to such Mortgage Loan under
            the
            Servicing Agreement and retained by the Servicer;

          

          (iv) all
            Insurance Proceeds;

          

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

          

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

          

          (vii) the
            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 Collection
            Account (to the extent not already received from the 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 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 Master Servicer Remittance Date (except
            that
            if such Eligible Investment is an obligation of the Trustee, then such
            Eligible
            Investment shall mature not later than such applicable Master Servicer
            Remittance 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 and
            Holders
            of the First Franklin Mortgage Loan Trust Mortgage Pass-Through Certificates,
            Series 2006-FF17. 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, subject to Section 5.05 hereof,
            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 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 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.

           

          
            
              
              

            

            
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          Section
            4.02. Application
            of Funds in the Collection Account. 

          

          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 the Servicer for Advances or Servicing Advances made
            by it
            or by the Servicer pursuant to Section 5.04 or the 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 the Servicer, following a final liquidation of a
            Mortgage
            Loan (except as otherwise provided in the Servicing Agreement) for any
            previously unreimbursed Advances or Servicing Advances made by it or
            by the
            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;

          

          (iii) to
            reimburse itself or the Servicer from Liquidation Proceeds for Liquidation
            Expenses and for amounts expended by it pursuant to Section 9.22(c) or
            the
            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 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;

          

          (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;

          

          
            
              
              

            

            
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          (v) to
            reimburse itself or the Servicer for expenses incurred by and recoverable
            by or
            reimbursable to it or the 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 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 PPTL Purchase Price
            and PPTL
            Premium (in the case of a First Payment Default Loan));

          

          (vii) [Reserved];

          

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

          

          (ix) to
            make
            payments to the Trustee for deposit into the Certificate Account in the
            amounts
            and in the manner provided herein;

          

          (x) to
            make
            payment to itself, the Trustee and others pursuant to any provision of
            this
            Agreement;

          

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

          

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

          

          (xiii) 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

          

          
            
              
              

            

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

          

          In
            the
            event that the Master Servicer fails on any Master Servicer Remittance
            Date to
            remit to the Trustee any amounts required to be so remitted to the Trustee
            pursuant to sub-clause (ix) 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 Master
            Servicer Remittance 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 Master Servicer
            Remittance Date).

          

          In
            connection with withdrawals made pursuant to subclauses (i), (iii), (iv),
            (vi)
            and (vii) above, the Master Servicer’s, the 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 Collection 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 Trustee shall have prepared (based solely on information
            provided by the Master Servicer or the Swap Counterparty) and shall make
            available to any NIMS Insurer, the Swap Counterparty, the Credit Risk
            Manager,
            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):

          

          (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;

          

          
            
              
              

            

            
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          (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 Servicer (or the Master Servicer), (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 and Credit Risk Manager’s Fees 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 Trustee 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);

          

          (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, Deferred Amounts and Unpaid Basis Risk Shortfalls,
            if
            any, for each Class of Certificates, after giving effect to the distributions
            made on such Distribution Date;

          

          
            
              
              

            

            
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          (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
            Overcollateralization Amount after giving effect to the distributions
            made is
            such Distribution Date; 

          

          (xix) the
            level
            of LIBOR and the Certificate Interest Rate of the LIBOR Certificates
            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 Section 5.07 and any Swap Termination Payment to the
            Swap
            Counterparty made pursuant to Section 5.07; 

          

          (xxii) whether
            a
            Trigger Event is the effect for such Distribution Date; and 

          

          (xxiii) the
            amount of any PPTL Premiums, if any, for such Distribution Date.

          

          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.

          

          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), (xix), (xx) and (xxi) shall be provided
            to 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.

           

          
            
              
              

            

            
              86

              
                

              

            

            
              
              

            

          

           

          The
            Trustee 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) provided to it by the Master Servicer available each
            month
            to any NIMS Insurer, Certificateholders, the Rating Agencies and any
            other
            parties entitled thereto via the Trustee’s internet website. The Trustee’s
            internet website shall initially be located at “www.ctslink.com.”
            Assistance in using the website can be obtained by calling the Trustee’s
            customer service desk at (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 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
            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
            attached hereto as Exhibit J or in such other format mutually 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 set forth in Section 9.23(b)), and on the information
            provided
            to the Trustee by the Swap Counterparty and the Cap Counterparty.
            In
            preparing or furnishing the foregoing information to the Certificateholders
            and
            any NIMS Insurer, 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 Trustee by the Master Servicer
            based on
            information received by the Master Servicer from the Servicer, (ii) regarding
            the Swap Agreement, that has been provided to the Trustee by the Swap
            Counterparty and (iii) regarding the Interest Rate Cap Agreement, that
            has been
            provided to the Trustee by the Cap Counterparty, 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. The Master Servicer shall be entitled to conclusively
            rely
            on the Mortgage Loan data provided by the Servicer and shall have no
            liability
            for any errors in such Mortgage Loan data. The information and reports
            described
            in the first paragraph of this Section 4.03(a) shall be provided to U.S.
            Bank
            National Association (as agreed upon between U.S. Bank National Association
            and
            the Trustee) by the Trustee no later than 12:00 p.m. Eastern Time two
            Business
            Days prior to the Distribution Date.

          

          (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, the Trustee shall provide, or cause to be provided,
            (or, to the extent that such information or documentation is not required
            to be
            provided by the Servicer under the Servicing Agreement, shall use reasonable
            efforts to obtain such information and documentation from the 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
            Trustee shall be entitled to be reimbursed by such Certificateholder
            or the NIMS
            Insurer for the actual expenses incurred in providing such reports and
            access.

          

          
            
              
              

            

            
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          (c) Upon
            request of a Certificateholder and prior to a Section 7.01(c) Purchase
            Event,
            the Trustee shall have prepared and the Trustee 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 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 (and the Trustee may rely solely upon such information).

          

          (d) 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 as is necessary
            for the
            Trustee to prepare such reports (and the Trustee may rely solely upon
            such
            information) to the extent such information is readily available to the
            Master
            Servicer.

          

          (e) So
            long
            as not prohibited by applicable law, 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.

           

          Section
            4.04. Certificate
            Account. 

          

          (a) The
            Trustee shall establish and maintain in its name, as trustee, a trust
            account
            (the “Certificate Account”) entitled “Certificate Account, Wells Fargo Bank,
            N.A., as Trustee, in trust for the benefit of the Holders of First Franklin
            Mortgage Loan Trust Mortgage Pass-Through Certificates, Series 2006-FF17” until
            disbursed pursuant to the terms of this Agreement. The Certificate Account
            shall
            be an Eligible Account and shall be for the benefit of the Certificateholders,
            subject to the rights of the Trustee set forth herein. If the existing
            Certificate Account ceases to be an Eligible Account, the Trustee shall
            establish a new Certificate Account that is an Eligible Account within
            ten
            Business Days and transfer all funds and investment property on deposit
            in such
            existing Certificate Account into such new Certificate Account. The Certificate
            Account shall relate solely to the Certificates and the Lower Tier REMIC
            1
            Uncertificated Regular Interests issued hereunder and funds in the Certificate
            Account 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.

          

          (b) The
            Trustee shall deposit or cause to be deposited into the Certificate Account,
            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 only for the following purposes:

          

          
            
              
              

            

            
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          (i) 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 or 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(e)(iv)
            hereof;

          

          (ii) to
            withdraw amounts deposited in the Certificate Account in error;

          

          (iii) to
            pay
            itself any investment income earned with respect to funds in the Certificate
            Account invested in Eligible Investments as set forth below and to make
            payments
            to itself and others pursuant to any provision of this Agreement; 

          

          (iv) to
            make
            distributions to Certificateholders pursuant to Article V; and 

          

          (v) to
            clear
            and terminate the Certificate Account pursuant to Section 7.02.

          

          (c) Funds
            in
            the Certificate Account may be invested by the Trustee in Eligible Investments
            (which may be obligations of the Trustee or its affiliates). If invested,
            all
            such investments must be payable on demand or mature no later than one
            Business
            Day prior to 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 for each Distribution Date shall be
            compensation to the Trustee and be subject to withdrawal by the Trustee
            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
            out of its own funds, without any right of reimbursement therefor, immediately
            as realized. Funds held in the Certificate Account may also be held uninvested.
            

           

          Section
            4.05. [Reserved]

          

          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
            Trustee or the Paying Agent shall make distributions in accordance with
            this
            Article V and based solely on the reports for such Distribution Date
            provided to
            it by the Master Servicer pursuant to Section 4.03(a) and on the information
            provided to it by the Swap Counterparty and the Cap Counterparty. Such
            distributions shall be made by wire transfer in immediately available
            funds to
            an account specified in writing to the Trustee at least five (5) Business
            Days
            prior to the first Distribution Date to such Certificateholder and at
            the
            expense of such Certificateholder.

          

          
            
              
              

            

            
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          (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; 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. 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
            Trustee 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 based solely on the information set forth
            in the
            monthly report prepared in accordance with Section 4.03(a), based on
            the
            information provided by the Master Servicer, the Swap Counterparty and
            the Cap
            Counterparty and shall be entitled to conclusively rely on such information
            and
            reports, and on the calculations contained therein, when making distributions
            to
            Certificateholders and the Swap Counterparty. 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. 

          

          (a) On
            each
            Distribution Date on or prior to a Section 7.01(c) Purchase Event or
            a Trust
            Fund Termination Event, the Trustee (or the Paying Agent on behalf of
            the
            Trustee) 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 (j) of this Section 5.02; 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
            Trustee
            (or the Paying Agent on behalf of the Trustee) 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) through
            (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.

          

          
            
              
              

            

            
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          (b) On
            each
            Distribution Date (or, with respect to clauses (i) and (ii) below, on
            the
            related Swap Payment Date), the Trustee shall distribute the Interest
            Remittance
            Amount for Pool 1 and 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 subsection 5.02(b)(i) above and subsections
            5.02(c)(i) and 5.02(d)(i) below) for such Distribution Date, to be paid
            concurrently and in proportion to Interest Remittance Amounts available
            with
            respect to Pool 2 and Pool 3; 

          

          (iii) to
            the
            Class A1 Certificates, Current Interest and any Carryforward Interest
            for such
            Class for such Distribution Date; and

          

          (iv) for
            application pursuant to Section 5.02(e) below any Interest Remittance
            Amount for
            Pool 1 remaining undistributed after application pursuant to clause (i)
            through (iii) of this Section 5.02(b) for such Distribution Date.

          

          (c) On
            each
            Distribution Date (or with respect to clauses (i) and (ii) below on the
            related
            Swap Payment Date), the Trustee 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 subsections 5.02(b)(i) and 5.02(c)(i)
            above and
            subsection 5.02(d)(i) below) for such Distribution Date, to be paid concurrently
            and in proportion to Interest Remittance Amounts available with respect
            to
            Pool 1 and Pool 3;

          

          
            
              
              

            

            
              91

              
                

              

            

            
              
              

            

          

          (iii) to
            the
            Class A2 Certificates, Current Interest and any Carryforward Interest
            for such
            Class and such Distribution Date; and

          

          (iv) for
            application pursuant to Section 5.02(e) below, any Interest Remittance
            Amount
            for Pool 2 remaining undistributed after application pursuant to clauses
            (i) through (iii) of this Section 5.02(c) for such Distribution
            Date.

          

          (d) On
            each
            Distribution Date (or with respect to clauses (i) and (ii) below on the
            related
            Swap Payment Date), the Trustee shall distribute the Interest Remittance
            Amount
            for Pool 3 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 3 for
            such
            Distribution Date and (y) the Interest Remittance Amount for Pool 3 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 subsections 5.02(b)(i), 5.02(c)(i) and
            5.02(d)(i)
            above) for such Distribution Date, to be paid concurrently and in proportion
            to
            Interest Remittance Amounts available with respect to Pool 1 and
            Pool 2;

          

          (iii) concurrently,
            on a pro rata basis, to each Class of the Group 3 Senior Certificates, Current
            Interest and any Carryforward Interest for such Classes 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

          

          (iv) for
            application pursuant to Section 5.02(e) below, any Interest Remittance
            Amount
            for Pool 3 remaining undistributed after application pursuant to clauses
            (i) through (iii) of this Section 5.02(d) for such Distribution
            Date.

          

          (e) On
            each
            Distribution Date, the Trustee shall distribute the aggregate of any
            remaining
            Interest Remittance Amounts from subsections 5.02(b)(iv), 5.02(c)(iv)
            and
            5.02(d)(iv) above in the following order of priority: 

          

          (i) concurrently,
            on a pro rata basis, to each Class of Senior Certificates, Current Interest
            and
            any Carryforward Interest (taking into account distributions pursuant
            to
            subsections 5.02(b)(iii), 5.02(c)(iii) and 5.02(d)(iii) 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;

          

          
            
              
              

            

            
              92

              
                

              

            

            
              
              

            

          

          (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 4.04(b)(i) 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 (g) of this Section, any Interest Remittance Amount
            remaining undistributed for such Distribution Date.

          

          (f) On
            each
            Distribution Date or related Swap Payment Date, as applicable, the Trustee
            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),
            (B)(2),
            (C)(1) and (C)(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 Trustee 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(f)(i)(A)(1) above and
            5.02(f)(i)(B)(1) and 5.02(f)(i)(C)(1) below, and to the extent not paid
            previously or from the Interest Remittance Amount for such Distribution
            Date),
            to be paid concurrently and in proportion to the Principal Distribution
            Amounts
            available with respect to Pool 2 and Pool 3;

          

          (3) to
            the
            Class A1 Certificates, until the Class Principal Amount of such Class
            has been
            reduced to zero; and

          

          
            
              
              

            

            
              93

              
                

              

            

            
              
              

            

          

          (4) for
            application pursuant to subsection 5.02(f)(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(f)(i)(A)(1) and 5.02(f)(i)(B)(1)
            above and 5.02(f)(i)(C)(1) below, and to the extent not paid previously
            or from
            the Interest Remittance Amount for such Distribution Date), to be paid
            concurrently and in proportion to the Principal Distribution Amounts
            available
            with respect to Pool 1 and Pool 3;

          

          (3) to
            the
            Class A2 Certificates, until the Class Principal Amount of such Class
            has been
            reduced to zero; and

          

          (4) for
            application pursuant to subsection 5.02(f)(ii) below, any such Principal
            Distribution Amount for Pool 2 remaining undistributed for such
            Distribution Date.

          

          (C) For
            Pool 3:
            The
            Principal Distribution Amount for Pool 3 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 3 for such Distribution Date and (y) the Principal
            Remittance Amount for Pool 3 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(f)(i)(A)(1), 5.02(f)(i)(B)(1)
            and 5.02(f)(i)(C)(1) above, and to the extent not paid previously or
            from the
            Interest Remittance Amount for such Distribution Date), to be paid concurrently
            and in proportion to the Principal Distribution Amounts available with
            respect
            to Pool 1 and Pool 2;

          

          
            
              
              

            

            
              94

              
                

              

            

            
              
              

            

          

          (3) to
            the
            Class A3, Class A4, Class A5 and Class A6 Certificates, sequentially,
            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(f)(ii) below, any such Principal
            Distribution Amount for Pool 3 remaining undistributed for such
            Distribution Date. 

          

          (ii) On
            each
            Distribution Date, the Trustee shall distribute the aggregate of any
            remaining
            Principal Distribution Amounts from subsections 5.02(f)(i)(A)(4),
            5.02(f)(i)(B)(4) and 5.02(f)(i)(C)(4) above, in the following order of
            priority:

          

          (A) concurrently,
            on a pro rata basis, in proportion to the aggregate Class Principal Amount
            of
            the Group 1 Senior Certificates, the Group 2 Senior Certificates and
            the Group 3
            Senior Certificates related to each Group, after giving effect to principal
            distributions on such Distribution Date pursuant to subsections
            5.02(f)(i)(A)(3), 5.02(f)(i)(B)(3) and 5.02(f)(i)(C)(3) above, to the
            Group 1
            Senior Certificates, the Group 2 Senior Certificates and the Group 3
            Senior
            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

          

          (C) for
            application as part of Monthly Excess Cashflow for such Distribution
            Date, as
            provided in subsection (g) of
            this
            Section, any Principal Distribution Amount remaining after application
            pursuant
            to clauses (A) and (B) of this Section 5.02(f)(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 (g) 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;

          

          
            
              
              

            

            
              95

              
                

              

            

            
              
              

            

          

          (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(f)(iii)(A) above, and
            to the
            extent not paid previously or from the Interest Remittance Amount from
            all three
            Mortgage Pools for such Distribution Date), to be paid concurrently and
            in
            proportion to the Principal Distribution Amounts available with respect
            to each
            Mortgage Pool;

          

          (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),
            to
            the Class A2 Certificates (from amounts generated by Pool 2, except as
            provided
            below) and to the Group 3 Senior Certificates in accordance with the
            Related
            Senior Priority (from amounts generated by Pool 3, 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
            Pools
            (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 Senior Certificates, the Group 2 Senior Certificates
            and the Group 3 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;

          

          (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, Pool 2 and Pool 3 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;

          

          
            
              
              

            

            
              96

              
                

              

            

            
              
              

            

          

          (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, Pool
            2 and
            Pool 3 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, Pool
            2 and Pool
            3 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, Pool
            2 and Pool
            3 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, Pool
            2 and Pool
            3 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; 

          

          (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, Pool
            2 and Pool
            3 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;

          

          
            
              
              

            

            
              97

              
                

              

            

            
              
              

            

          

          (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, Pool
            2 and Pool
            3 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, Pool 2 and
            Pool 3
            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 B Principal Distribution Amount for
            such
            date, until the Class Principal Amount of such Class has been reduced
            to zero;

          

          (L)
            for
            application as part of Monthly Excess Cashflow for such Distribution
            Date, as
            provided in Section 5.02(g), any Principal Distribution Amount remaining
            after
            application pursuant to clauses (A) through (K) above. 

          

          (g) On
            each
            Distribution Date, the Trustee 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 and 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:

          

          (A)
            concurrently,
            to the Group 1 Senior Certificates, the Group 2 Senior Certificates and
            the
            Group 3 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(f)(ii)(A) above, to the Group 1 Senior Certificates,
            Group 2
            Senior Certificates and Group 3 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

          

          
            
              
              

            

            
              98

              
                

              

            

            
              
              

            

          

          (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, Group 2 Senior Certificates and Group
            3
            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(f)(iii)(C) above, to the Group 1 Senior Certificates, Group 2 Senior
            Certificates and Group 3 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 Class Principal Amount, 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; 

          

          (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; 

          

          
            
              
              

            

            
              99

              
                

              

            

            
              
              

            

          

          (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; 

          

          (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 B Target Amount; and

          

          (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(g)(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;

          

          (v) on
            the
            Distribution Date occurring in November 2009 (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(h)(x) and Section 5.02(h)(xi) below; and

          

          
            
              
              

            

            
              100

              
                

              

            

            
              
              

            

          

          (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.

          

          (h) On
            each
            Distribution Date (or, with respect to clauses (i), (ii), (ix) and (x)
            below, on
            the related Swap Payment Date), the Trustee 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 unpaid 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(g)(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(h)(v) and all amounts distributed pursuant
            to
            Section 5.02(h)(vi) and Sections 5.02(i)(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(h)(v) and Section
            5.02(h)(vi) together with any amounts previously distributed pursuant
            to
            Sections 5.02(i)(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(h)(vi) and all amounts distributed pursuant to Section
            5.02(h)(v) and Sections 5.02(i)(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(h)(vi) and Section 5.02(h)(v)
            together
            with any amounts previously distributed pursuant to Sections 5.02(i)(iii)
            and
            (iv);

          

          
            
              
              

            

            
              101

              
                

              

            

            
              
              

            

          

          (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(g)(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 in Section 5.02(g)(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 unpaid 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 remaining amount deposited into the Swap Account
            pursuant to Section 5.02(g)(iv)(C) or Section 5.02(g)(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.

          

          (i) On
            each
            Distribution Date, the Trustee shall distribute the Interest Rate Cap
            Amount for
            such date after making all distributions under Section 5.02(h) 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(h)(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(g)(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(i)(iii) and all amounts distributed pursuant
            to
            Section 5.02(i)(iv) and Sections 5.02(h)(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(i)(iii) and Section
            5.02(i)(iv) together with any amounts previously distributed pursuant
            to
            Sections 5.02(h)(v) and (vi);

          

          
            
              
              

            

            
              102

              
                

              

            

            
              
              

            

          

          (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(i)(iv) and all amounts distributed pursuant to Section
            5.02(i)(iii) and Sections 5.02(h)(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(i)(iv) and Section 5.02(i)(iii)
            together with any amounts previously distributed pursuant to Sections
            5.02(h)(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(g)(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(g)(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.

          

          (j) 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.

           

          (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 Trustee (or the Paying Agent
            on
            behalf of the Trustee), 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 4.04(b)(i) 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 1 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 Trustee 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.

          

          
            
              
              

            

            
              103

              
                

              

            

            
              
              

            

          

          (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 Trustee 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. 

          

          (n) On
            each
            Distribution Date, an amount equal to the aggregate PPTL 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

          

          
            
              
              

            

            
              104

              
                

              

            

            
              
              

            

          

          (x) to
            the
            Class M1 Certificates, until the Class Principal Amount thereof has been
            reduced
            to zero.

           

          Section
            5.04. Advances
            by Master Servicer, Servicer and Trustee. 

          

          (a) Subject
            to Section 9.07, Advances shall be made in respect of each Master Servicer
            Remittance Date as provided herein. If, on any Determination Date, the
            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,
            the Servicer shall advance such amount to the extent provided in the
            Servicing
            Agreement. If the Servicer fails to remit Advances required to be made
            under the
            Servicing Agreement, the Master Servicer shall itself make, or shall
            cause the
            successor servicer to make, such Advance on the Master Servicer Remittance
            Date
            immediately following such Determination Date. If the Master Servicer
            determines
            that an Advance is required, it shall on the Master Servicer Remittance
            Date
            immediately following such Determination Date either (i) remit to the
            Trustee
            from its own funds (or funds advanced by the 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 Master Servicer Remittance Date to the
            extent
            that funds in the Certificate Account on such Master Servicer Remittance
            Date
            shall be less than payments to Certificateholders required to be made
            on the
            related Distribution Date. The Master Servicer and the 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.

          

          (b) In
            the
            event that the Master Servicer or the Servicer fails for any reason to
            make an
            Advance required to be made pursuant to this Section 5.04 on or before
            the
            Master Servicer Remittance 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
            or the
            Servicer that would have been deposited in such Certificate Account over
            (b) the
            amount of any Advance made by the Master Servicer or the 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.

           

          
            
              
              

            

            
              105

              
                

              

            

            
              
              

            

          

           

          Section
            5.05. Compensating
            Interest Payments. 

           

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

           

          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 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 Trustee
            held
            pursuant to this Agreement.

          

          (b) The
            Trustee 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 statements.

          

          (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 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 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 will 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 by the Trustee, in trust, for the benefit
            of the
            Certificateholders and the Swap Counterparty. The Trustee, as trustee
            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 Trustee held pursuant to this Agreement.
            

          

          (b) In
            addition, the Trustee, as trustee 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 Trustee held pursuant to this Agreement.

          

          
            
              
              

            

            
              106

              
                

              

            

            
              
              

            

          

          (c) In
            addition, the Trustee, as trustee of the Supplemental Interest Trust,
            shall
            establish an account (the “Collateral Account”) if necessary. 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 Trustee held pursuant
            to this
            Agreement. 

          

          (d) The
            Trustee shall deposit into the Swap Account any Net Swap Payment required
            pursuant to Sections 5.02(b), (c), (d), (f) and (k), any Swap Termination
            Payment required pursuant to Sections 5.02(b), (c), (d), (f) and (k),
            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(g)(iv)(C) and (g)(vi), and shall distribute from the Swap
            Account
            any Net Swap Payment required pursuant to Section 5.02(h)(i) or Section
            5.02(l),
            as applicable, or Swap Termination Payment required pursuant to Section
            5.02(h)(ii), Section 5.02(h)(x), or Section 5.02(l), as applicable. 

          

          (e) The
            Trustee shall deposit into the Interest Rate Cap Account any amounts
            received
            from the Cap Counterparty under the Interest Rate Cap Agreement and shall
            distribute from the Interest Rate Cap Account any Interest Rate Cap Amount
            pursuant to Section 5.02(i) or Section 5.02(m), as applicable.

          

          (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(h) 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 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 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(h) 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(i) 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 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 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(i)
            or Section 5.02(m), as applicable, on the following Distribution
            Date.

          

          
            
              
              

            

            
              107

              
                

              

            

            
              
              

            

          

          (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. For federal income tax purposes, the Swap Counterparty
            shall
            evidence ownership of funds deposited in the Collateral Account on account
            of
            the Swap Agreement and the Cap Counterparty shall evidence ownership
            of the
            funds deposited in the Collateral Account on account of the Interest
            Rate Cap
            Agreement and each shall direct the Trustee, in writing, as to investment
            of the
            applicable amounts on deposit therein. The Trustee 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(h) 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(i) 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(h)
            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(i) or Section 5.02(m), 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.

          

          (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. The Trustee shall not be responsible for
            any entity
            level tax reporting for the Supplemental Interest Trust.

          

          
            
              
              

            

            
              108

              
                

              

            

            
              
              

            

          

          (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 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 Trustee,
            on
            behalf of the Supplemental Interest Trust, shall (upon a Responsible
            Officer of
            the Trustee 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 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 Trustee, on behalf
            of the
            Supplemental Interest Trust, shall (upon a Responsible Officer of the
            Trustee
            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 Trustee (A) to deposit any Net Swap
            Payment
            required pursuant to Sections 5.02(b), (c), (d), (f) and (k), and any
            Swap
            Termination Payment required pursuant to Sections 5.02(b), (c), (d),
            (f) and
            (k), into the Swap Account, (B) to deposit any amounts from the Basis
            Risk
            Reserve Fund required pursuant to Sections 5.02(g)(iv)(C) and Section
            5.02(g)(vi) into the Swap Account, (C) to pay any Net Swap Payment required
            pursuant to Section 5.02(h)(i), or Section 5.02(l), as applicable, or
            Swap
            Termination Payment required pursuant to Sections 5.02(h)(ii), Section
            5.02(h)(x), or Section 5.02(l), 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.

           

          
            
              
              

            

            
              109

              
                

              

            

            
              
              

            

          

           

          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(h)(ix), Section 5.02(k) or Section
            5.02(l), as
            applicable (“Swap Termination Receipts”) will be deposited in a segregated
            non-interest bearing account which shall be an Eligible Account established
            by
            the Trustee (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 Trustee (the “Swap Replacement Receipts
            Account”). The Trustee 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 Trustee 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 Trustee of the Supplemental Interest Trust (in its capacity as such)
            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 Trustee shall
            upon
            written direction of, and 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 Trustee 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.

          

          (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(i)(vii) (“Cap
            Termination Receipts”) shall be deposited in a segregated non-interest bearing
            account which shall be an Eligible Account established by the Trustee
            (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 Trustee (the “Cap Replacement Receipts Account”). The Trustee shall invest,
            or cause to be invested, funds held in the Cap Termination Receipts Account
            and
            the Cap Replacement Receipt Account in time deposits of the Trustee 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 Trustee of the Supplemental Interest Trust (in its capacity as such)
            or its
            nominee. All income and gain realized from any such investment shall
            be
            deposited in the Cap Termination Receipts Account or the Cap Replacement
            Receipt
            Account and all losses, if any, shall be borne by such account. 

          

          
            
              
              

            

            
              110

              
                

              

            

            
              
              

            

          

          Unless
            otherwise permitted by the Rating Agencies as evidenced in a written
            confirmation, the Depositor shall prepare the replacement Interest Rate
            Cap
            Agreement(s) and the Trustee shall promptly, with the assistance and
            cooperation
            of the Depositor, use the funds on deposit in the Cap Termination Receipts
            Account, if needed, to enter into replacement Interest Rate Cap Agreement(s)
            which shall be executed and delivered by the Trustee 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. 

          

          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 Servicer, the Swap
            Counterparty, the Cap Counterparty or the Credit Risk Manager 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
            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.

          

          
            
              
              

            

            
              111

              
                

              

            

            
              
              

            

          

          (c) The
            Trustee shall not 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 from liability for
            its own
            negligent action, its own negligent failure to act or its own willful
            misconduct; provided, however, that:

          

          (i) The
            Trustee shall not be liable with respect to any action taken, suffered
            or
            omitted to be taken by it in good faith in accordance with the direction
            or with
            the consent of 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 (other than resulting from a failure by the Master
            Servicer
            to (i) remit funds (or make Advances) or (ii) 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 Corporate Trust Office,
            and
            such notice references the Holders of the Certificates and this
            Agreement;

          

          (iii) No
            provision of this Agreement shall require the Trustee 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 to perform, or be responsible for the manner of performance
            of, any of the obligations of the Master Servicer under this
            Agreement;

          

          (iv) The
            Trustee shall not be responsible for any act or omission of the Master
            Servicer,
            the Servicer, the Credit Risk Manager, the Depositor, the Seller, the
            Swap
            Counterparty, the Cap Counterparty or the Custodian.

          

          (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.

          

          
            
              
              

            

            
              112

              
                

              

            

            
              
              

            

          

          (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 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 the Servicer under this Agreement
            or the
            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) The
            Trustee shall not be held liable by reason of any insufficiency in the
            Collection Account 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) 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 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 or the Supplemental Interest Trust other than
            from funds
            available in the Collection Account or the Certificate Account, as applicable.
            Except as otherwise provided herein, the Trustee shall not have any duty to
            confirm or verify the contents of any reports or certificates of the
            Master
            Servicer, the Servicer, the Swap Counterparty, the Cap Counterparty or
            the
            Credit Risk Manager 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.

          

          
            
              
              

            

            
              113

              
                

              

            

            
              
              

            

          

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

          

          (l) For
            so
            long as the Depositor is subject to Exchange Act reporting requirements
            for the
            First Franklin Mortgage Loan Trust 2006-FF17 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.

           

          Section
            6.02. Certain
            Matters Affecting the Trustee . 

          

          Except
            as
            otherwise provided in Section 6.01:

          

          (a) 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;

          

          (b) 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;

          

          (c) 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;

          

          (d) 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 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;

          

          (e) 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;

          

          
            
              
              

            

            
              114

              
                

              

            

            
              
              

            

          

          (f) 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 or any NIMS Insurer pursuant
            to
            the provisions of this Agreement, unless such Certificateholders 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;

          

          (g) 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

          

          (h) The
            Trustee shall not be required to give any bond or surety in respect of
            the
            execution of the Trust Fund or Supplemental Interest Trust 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 Swap Agreement, or the Interest Rate Cap Agreement, 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 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,
            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 have any 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.

           

          
            
              
              

            

            
              115

              
                

              

            

            
              
              

            

          

           

          Section
            6.04. Trustee
            May Own Certificates. 

           

          The
            Trustee and any Affiliate or agent of it 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 the Servicer (except in the case
            of the
            Trustee). 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.

           

          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 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
            acceptable to any NIMS Insurer by written instrument, one copy of which
            instrument shall be delivered to the resigning Trustee, one copy to the
            successor trustee, 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 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 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, (v) the Trustee shall fail to provide
            any
            information, reports, assessments or attestations required pursuant to
            subsection 6.01(l) or Section 9.25 or (vi) the Depositor desires to replace
            the
            Trustee with a successor trustee, then the Depositor or any NIMS Insurer
            shall
            remove the Trustee and the Depositor shall appoint a successor trustee
            acceptable to any NIMS Insurer and the Master Servicer by written instrument,
            one copy of which instrument shall be delivered to the Trustee so removed,
            one
            copy each to the successor trustee and one copy to the Master Servicer
            and any
            NIMS Insurer.

          

          
            
              
              

            

            
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          (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 to 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 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 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 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, any NIMS
            Insurer,
            the Swap Counterparty 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. A predecessor trustee
            (or its
            custodian) 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,
            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 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.

          

          
            
              
              

            

            
              117

              
                

              

            

            
              
              

            

          

          (d) Upon
            the
            resignation or removal of the Trustee pursuant to this Section 6.07,
            the Trustee
            shall deliver the amounts held in its possession for the benefit of the
            Certificateholders to the successor trustee upon the appointment of such
            successor 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. Unless
            and
            until a Form 15 suspension notice shall have been filed, 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 Sponsor, 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 Sponsor, the Depositor and the Master Servicer in writing
            and in
            form and substance reasonably satisfactory to the Sponsor, the Depositor
            and the
            Master Servicer, 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). 

           

          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 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, 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.

          

          
            
              
              

            

            
              118

              
                

              

            

            
              
              

            

          

          (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 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.

          

          (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.

          

          
            
              
              

            

            
              119

              
                

              

            

            
              
              

            

          

          (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.

          

          (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, the Sponsor and the Depositor and (b) requiring
            any such
            Subcontractor to provide to the Trustee an assessment report 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 Sponsor, the Depositor and the Master Servicer
            and
            any director, officer, employee or agent of each of the Sponsor, 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 in any way related to any 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.

           

          
            
              
              

            

            
              120

              
                

              

            

            
              
              

            

          

           

          (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.

           

          Section
            6.11. Indemnification
            of Trustee. 

          

          The
            Trustee and its 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, the Servicing Agreement or the 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, any NIMS Insurer and the Holders written notice thereof
            promptly after a Responsible Officer of the Trustee shall have knowledge
            thereof
            provided that the failure to provide such prompt written notice shall
            not affect
            the Trustee’s right to indemnification hereunder;

          

          (ii) while
            maintaining control over its own defense, the Trustee 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 entered into without
            the
            prior consent of the Depositor, the Master Servicer and any NIMS Insurer,
            which
            consent shall not be unreasonably withheld.

          

          
            
              
              

            

            
              121

              
                

              

            

            
              
              

            

          

          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 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 receive, and is authorized to pay itself,
            any
            investment income and earnings on the Certificate Account. The Trustee
            shall be
            entitled to 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
            Regulation 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. 

           

          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 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 Trustee 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 (xviii), (xix) and
            (xx) 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 to such Master
            Servicer and the Trustee by the Holders of not less than 25% of the Class
            Principal Amount of each Class of Certificates affected thereby; or

          

          
            
              
              

            

            
              122

              
                

              

            

            
              
              

            

          

          (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 and 9.26; or

          

          (iii) Except
            with respect to those items listed in clause (ii) above, any failure
            by the
            Master 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 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

          

          (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 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

          

          
            
              
              

            

            
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          (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 the 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 the
            Servicer
            under the Servicing Agreement and replaced the 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

          

          (xii) After
            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 Master Servicer Remittance 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.

          

          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 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, by notice in writing to the Master Servicer, 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; provided,
            further,
            the
            obligation to make Advances by the Trustee shall be effective upon the
            Trustee
            providing notice of termination to the Master Servicer pursuant to this
            Section
            6.14. 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 Servicer 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 or its designee 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.

          

          
            
              
              

            

            
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          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; 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
            any NIMS
            Insurer, the Swap Counterparty, the Cap Counterparty, 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 Master Servicer Remittance Date.

          

          (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 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
            or for any
            breach of representation or warranty by the Master Servicer. 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.

          

          
            
              
              

            

            
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          (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, or 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 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
            Trustee
            as required by this Agreement or (iv) restrictions imposed by any regulatory
            authority having jurisdiction over the Master Servicer. 

           

          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.

           

          
            
              
              

            

            
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            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 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 Certificateholders at their
            respective
            addresses appearing on the Certificate Register, any NIMS Insurer, the
            Swap
            Counterparty and the Cap Counterparty. 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 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, 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 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.

           

          Section
            6.19. Action
            Upon Certain Failures of the Master Servicer and Upon Event of
            Default. 

          

          In
            the
            event that 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, any NIMS Insurer, the Swap Counterparty
            and the Cap Counterparty.

           

          
            
              
              

            

            
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          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. If the Trustee determines
            that
            a state tax return or other return is required, then, at its sole expense,
            the
            Trustee 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
            Trustee’s
            possession). The Trustee shall forward copies to the Depositor of all
            such
            returns and supplemental tax information and such other information within
            the
            Trustee’s control as the Depositor may reasonably request in writing, and
            furnish to each Certificateholder, such forms and such information within
            the
            control of the Trustee 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 Trustee for any liability of or assessment against the
            Trustee
            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
            Trustee 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 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
            have no
            obligation to verify the information in any Form 8811 or Form SS-4
            filing.

          

          (c) The
            Depositor shall prepare or cause to be prepared the initial current report
            on
            Form 8-K. Thereafter, the Trustee 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 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 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 Trustee 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 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 P-1 hereto, within five calendar days after the related
            Distribution Date, (A) certain parties to the First Franklin Mortgage
            Loan Trust
            2006-FF17 transaction shall be required to provide to the Depositor and
            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 include with such Additional Form 10-D 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-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.

          

          
            
              
              

            

            
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          (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 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 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
            (g)(ii)
            of this Section 6.20. Promptly (but no later than one Business Day) after
            filing
            with the Commission, the Trustee will make available on its internet
            website a
            final executed copy of each Form 10-D filed by the Trustee. Each party
            to this
            Agreement acknowledges 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-D
            is contingent upon such parties strictly observing all applicable deadlines
            in
            the performance of their duties under this Section 6.20(d). 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.

          

          (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 filing of each annual
            report on Form 10-K with respect to the Trust Fund, the Depositor shall
            be
            deemed to represent to the Trustee 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 filling requirements for the past 90 days. The Depositor
            hereby
            represents to the Trustee 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 Trustee
            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 Trustee shall be entitled to rely on such
            representations in preparing, executing and/or filing any such
            report

          

          (e) Reports
            Filed on Form 10-K.

          

          
            
              
              

            

            
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          (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. 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, the Credit Risk Manager, 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 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 First Franklin Mortgage Loan Trust 2006-FF17
            transaction shall be required to provide to the Depositor and 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 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 Trustee 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
            Trustee in connection with including any Additional Form 10-K Disclosure
            on Form
            10-K pursuant to this paragraph. 

          

          
            
              
              

            

            
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          (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 fourth 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
            (g) of
            this Section 6.20. Promptly (but no later than one Business Day) after
            filing
            with the Commission, the Trustee will make available on its internet
            website a
            final executed copy of each Form 10-K filed by the Trustee. 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 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 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 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 Trustee, 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 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(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.

          

          
            
              
              

            

            
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          (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 Trustee 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 Trustee 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 Trustee 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”) 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 paragraph
            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 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 second Business Day after the occurrence of a Reportable Event (A)
            certain
            parties to the First Franklin Mortgage Loan Trust 2006-FF17 transaction
            shall be
            required to provide to the Depositor and 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 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 Trustee 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 Trustee in connection
            with including any Form 8-K Disclosure Information on Form 8-K pursuant
            to this
            paragraph. 

          

          
            
              
              

            

            
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          (iii) After
            preparing the Form 8-K, the Trustee shall forward electronically, no
            later than
            Noon New York City time on the third 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 fourth 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 (g) of this Section 6.20. Promptly (but no later than one
            Business
            Day) after filing with the Commission, the Trustee will, make available
            on its
            internet website a final executed copy of each Form 8-K filed by it pursuant
            to
            this Section 6.20(f). 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 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 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 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. 

          

          (g) Suspension
            of Reporting Obligations; Amendments; Late Filings.

          

          (i) On
            or
            before January 30 in 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
            with
            respect to an additional disclosure item, the Trustee 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 Trustee 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 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.

          

          
            
              
              

            

            
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          (h) 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.
            

          

          (i) 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.

           

          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, the
            Master
            Servicer, the Depositor and the Trustee 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 Master Servicer, the Depositor or the
            Trustee
            for delivery of additional or different information as the Sponsor, the
            Master
            Servicer, the Depositor or the Trustee may determine in good faith is
            necessary
            to comply with the provisions of Regulation AB.

           

          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.

           

          
            
              
              

            

            
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          Section
            6.23. Indemnification
            by the Trustee.

           

          The
            Trustee agrees to indemnify the Sponsor, 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, report or certification when and as required under Section
            6.20 or
            Section 9.25(a). 

          

          

          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 Trustee and the Master
            Servicer created hereby (other than the obligation of the Trustee 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
            Trustee pursuant to Section 4.01, and the obligations of the Master Servicer
            to
            the Trustee pursuant to Sections 9.10, 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.

          

          
            
              
              

            

            
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          (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. 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 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 Termination Price shall
            also
            include an amount equal to the sum of (1) any accrued interest on the
            NIM
            Securities, (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”). The Master Servicer, the Servicer, the Trustee 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 Servicing Agreement or the Custodial Agreement, together
            with any accrued and unpaid compensation and any other amounts due to
            the Master
            Servicer or the Trustee hereunder or the Servicer or the Custodian. If
            the NIMS
            Insurer directs the Master Servicer to exercise its right to cause the
            Trust
            Fund to adopt a plan of complete liquidation as described above, then
            (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 Collection Account and (iii) upon termination of the
            Trust
            Fund, the Trustee will transfer the property of the Trust Fund to the
            NIMS
            Insurer. The NIMS Insurer shall be obligated to reimburse the Master
            Servicer
            and the Trustee for its reasonable out-of-pocket expenses incurred in
            connection
            with its termination of the Trust Fund 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
            relating to the Master Servicer’s termination of the Trust Fund 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 negligence, bad faith or
            willful misconduct.

          

          (c) On
            any
            Distribution Date occurring on or after the Initial Optional Termination
            Date
            and provided there are no NIM Securities 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. 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).

           

          
            
              
              

            

            
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          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 Trustee by first
            class
            mail to Certificateholders mailed promptly (and in no event later than
            five
            Business Days) (x) after the Trustee has received notice from the Master
            Servicer 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 Trustee 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 Trustee 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 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 Certificates or
            Lower Tier
            REMIC 1 Uncertificated Regular Interests, subject to the Trustee’s obligation
            hereunder to hold all amounts payable to Certificateholders in trust
            without
            interest pending such payment. 

          

          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 Trustee 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 Trustee shall not 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 Certificates, subject
            to
            the Trustee’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.

          

          
            
              
              

            

            
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          (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 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.

           

          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 Trustee 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 Trustee 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, 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 Trustee 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 Trustee 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
            Trustee 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

          

          
            
              
              

            

            
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          (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.

          

          (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 Trustee under this Section and to take such other action in connection
            therewith as may be reasonably requested by the Master Servicer or the
            Servicer.

          

          (c) In
            connection with the termination of the Trust Fund, or a Section 7.01(c)
            Purchase
            Event, the Trustee may request an Opinion of Counsel addressed to the
            Trustee
            (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 Collection 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 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.

           

          
            
              
              

            

            
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          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 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 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.

          

          (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,
            any
            NIMS Insurer, the Certificate Registrar and the Trustee that neither
            the
            Depositor, the Master Servicer, 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.

           

          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, where expressly required
            herein,
            to the Master Servicer. Such instrument or instruments (as the action
            embodies
            therein and evidenced thereby) are sometimes herein 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 others of receipt
            of
            any such instrument by it, and shall promptly forward a copy of such
            instrument
            to the others.

          

          
            
              
              

            

            
              140

              
                

              

            

            
              
              

            

          

        

        
          
            
              (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 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 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
                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.

               

               

              ARTICLE
                IX

               

              ADMINISTRATION
                AND SERVICING OF MORTGAGE LOANS BY THE MASTER SERVICER; 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 Aurora
                Loan
                Services LLC, 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 the Servicing Agreement. Notwithstanding anything in
                this
                Agreement, the Servicing Agreement or the Loan Performance Monitoring
                Agreement
                to the contrary, the Master Servicer shall have no duty or obligation
                to enforce
                the Loan Performance Monitoring Agreement or to supervise, monitor
                or oversee
                the activities of the Servicer under its Loan Performance Monitoring
                Agreement
                with respect to any action taken or not taken by the Servicer at
                the direction
                of the Seller or pursuant to a recommendation of the Credit Risk
                Manager.

               

              
                
                  
                  

                

                
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              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 the Servicer to maintain an Errors
                and
                Omissions Insurance Policy and a Servicer Fidelity Bond in accordance
                with the
                provisions of the Servicing Agreement, (ii) cause the 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 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 remitted by the Master Servicer
                to the Trustee
                for deposit into the Certificate Account. Any amounts relating to
                the Mortgage
                Loans collected by the Servicer under any such bond or policy shall
                be remitted
                to the Master Servicer to the extent provided in the Servicing
                Agreement.

               

              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 the
                annual audited financial statements of its corporate 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.

               

              
                
                  
                  

                

                
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              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 the Servicer shall have full power and authority
                (to the
                extent provided in the 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
                Servicing
                Agreement, as applicable; provided that the Master Servicer shall
                not take, or
                knowingly permit the 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 the
                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 the Servicer, and the Servicer, to the extent such authority is
                delegated to
                the Servicer under the Servicing Agreement, is hereby authorized
                and empowered
                by the Trustee when the Master Servicer or the Servicer, as the case
                may be,
                believes it appropriate in its best judgment and in accordance with
                Accepted
                Servicing Practices and the 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 the Servicer to execute and deliver instruments
                of
                satisfaction or cancellation, or of partial or full release or discharge,
                and to
                foreclose upon or otherwise liquidate Mortgaged Property, and to
                appeal,
                prosecute or defend in any court action relating to the Mortgage
                Loans or the
                Mortgaged Property, in accordance with the 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 the 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 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.

               

              
                
                  
                  

                

                
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              (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 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 or cause the Servicer (if required by the 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 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
                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 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 Collection 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.

               

              
                
                  
                  

                

                
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              Section
                9.05.   Enforcement
                of Servicer’s and Master Servicer’s Obligations. 

               

              (a)  The
                Servicing Agreement requires the 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 the Servicer on behalf of the Master Servicer. Any fees and other
                amounts
                payable to the Servicer shall be deducted from amounts remitted to
                the Master
                Servicer by the Servicer (to the extent permitted by the 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 Servicer is not required
                to take under
                the Servicing Agreement and (ii) cause the Servicer to take any action
                or
                refrain from taking any action if the Servicing Agreement does not
                require the
                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 the 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 the Servicer
                under the
                Servicing Agreement, and shall, in the event that the Servicer fails
                to perform
                its obligations in accordance therewith, terminate the rights and
                obligations of
                the 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 the Servicing
                Agreement 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.

               

              (d)  The
                Master Servicer shall be entitled to conclusively rely on any certifications
                or
                other information provided by the Servicer under the terms of the
                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.

               

              
                
                  
                  

                

                
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              Section
                9.06.   Collection
                of Taxes, Assessments and Similar Items. 

               

              (a)  To
                the extent provided in the Servicing Agreement, the Master Servicer
                shall cause
                the 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
                Agreement. The
                Servicer shall be entitled to all investment income not required
                to be paid to
                Mortgagors on any Escrow Account maintained by the Servicer. The
                Master Servicer
                shall make (or cause to be made) to the extent provided in the 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 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 the 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.

               

              Section
                9.07.   Termination
                of Servicing Agreement; Successor Servicer. 

               

              (a)  The
                Master Servicer shall be entitled to terminate the rights and obligations
                of the
                Servicer under the Servicing Agreement in accordance with the terms
                and
                conditions of the Servicing Agreement and without any limitation
                by virtue of
                this Agreement; provided,
                however,
                that in
                the event of termination of the 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 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 the 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.

               

              
                
                  
                  

                

                
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              (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. 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 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 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 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.

               

              Section
                9.08.   Master
                Servicer Liable for Enforcement. 

               

              Notwithstanding
                the 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 the
                Servicing
                Agreement. 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 the Servicing Agreement for the benefit of the Certificateholders
                and any NIMS Insurer. The Master Servicer shall be entitled to enter
                into any
                agreement with the 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 the Servicer in the
                performance
                by the Servicer of its obligations under the Servicing Agreement.

               

              Section
                9.09.   No
                Contractual Relationship Between the Servicer and Trustee or
                Depositor. 

               

              The
                Servicing Agreement that may be entered into and any other transactions
                or
                services relating to the Mortgage Loans involving the Servicer in
                its capacity
                as such and not as an originator shall be deemed to be between the
                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 the 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 the Servicer are set forth in their entirety
                in the
                Servicing Agreement and the Servicer has no obligations under and
                is not
                otherwise bound by the terms of this Agreement. 

               

              
                
                  
                  

                

                
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              Section
                9.10.   Assumption
                of Servicing Agreement by 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
                shall thereupon assume all of the rights and obligations of such
                Master Servicer
                hereunder and under the 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 the 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 the 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 the 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
                the Servicing Agreement to the assuming party.

               

              Section
                9.11.   Due-on-Sale
                Clauses; Assumption Agreements. 

               

              To
                the extent provided in the Servicing Agreement, to the extent Mortgage
                Loans
                contain enforceable due-on-sale clauses, the Master Servicer shall
                cause the
                Servicer to enforce such clauses in accordance with the 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 Servicing Agreement,
                and, as a
                consequence, a Mortgage Loan is assumed, the original Mortgagor may
                be released
                from liability in accordance with the 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 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 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 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 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 Servicer, to
                the extent such
                authority is provided for under the 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.

               

              
                
                  
                  

                

                
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              (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
                Servicing
                Agreement, the Trustee shall execute such documents as shall be prepared
                and
                furnished to the Trustee by the Master Servicer, or by the 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 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
                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 Servicer).

               

              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 Servicer to transmit,
                to the
                Trustee such documents and instruments coming into the possession
                of the Master
                Servicer or the Servicer from time to time as are required by the
                terms hereof
                or of the Servicing Agreement to be delivered to the Trustee or the
                Custodian.
                Any funds received by the Master Servicer or by the Servicer in respect
                of any
                Mortgage Loan or which otherwise are collected by the Master Servicer
                or the
                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 Collection Account the Master Servicing Fee and other amounts
                provided
                in this Agreement and to the right of the 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 Servicing Agreement)
                cause the
                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.

               

              
                
                  
                  

                

                
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              (b)  All
                Mortgage Files and funds collected or held by, or under the control
                of, the
                Master Servicer, or the 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
                the 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 the 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 the Servicer under this Agreement or the 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, the Servicer or the Master Servicer
                that are
                collected by the 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
                the
                Servicer is entitled under the 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 the
                Servicer shall be held by the Master Servicer or the 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.

               

              (d)  The
                Master Servicer agrees that it shall not, and shall not authorize
                the 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,
                any NIMS
                Insurer and the Trustee, for the benefit of the Certificateholders,
                as of the
                Closing Date that:

               

              
                
                  
                  

                

                
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              (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);

               

              (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;

               

              
                
                  
                  

                

                
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              (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.

               

              (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.

               

              
                
                  
                  

                

                
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              (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).

               

              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 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. 

               

              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 the 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 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 the
                Servicer, under any insurance policies maintained pursuant to this
                Section 9.16
                or the 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 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 the 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 the Servicer pursuant to Section
                4.02.

               

              Section
                9.17.   Presentment
                of Claims and Collection of Proceeds. 

               

              The
                Master Servicer shall cause the Servicer (to the extent provided
                in the
                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 the Servicer and remitted to the Master
                Servicer) in
                respect of such policies or bonds shall be promptly deposited in
                the Collection
                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).

               

              
                
                  
                  

                

                
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              Section
                9.18.   Maintenance
                of the Primary Mortgage Insurance Policies. 

               

              (a)  The
                Master Servicer shall cause the Servicer to remit (with respect to
                any Primary
                Mortgage Insurance Policy) or shall remit on behalf of the Servicer
                to the PMI
                Insurer, the applicable PMI Insurance Premiums. The Master Servicer
                shall not
                take, or knowingly permit the Servicer (consistent with the 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 the Servicer, would have been covered thereunder.
                The Master
                Servicer shall not, and shall not knowingly permit the 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 Servicing Agreement, as applicable. 

               

              (b)  The
                Master Servicer agrees, to the extent provided in the Servicing Agreement,
                to
                cause the 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 the Servicer under any Primary
                Mortgage
                Insurance Policies shall be deposited in the Collection Account,
                subject to
                withdrawal pursuant to Section 4.02.

               

              Section
                9.19.   Trustee
                To Retain Possession of Certain Insurance Policies and Documents. 

               

              The
                Master Servicer shall promptly deliver or cause the Servicer to deliver
                to the
                Custodian, upon the execution or receipt thereof the originals of
                the Primary
                Mortgage Insurance Policies or certificate of insurance, if applicable,
                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 the Servicer from time to time. The Custodian
                on behalf of
                the Trustee shall retain possession and custody of the originals
                of such 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 and delivered to the Custodian
                by the Master
                Servicer. 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 Custodian shall also retain
                possession and
                custody of each Mortgage File in accordance with and subject to the
                terms and
                conditions of this Agreement. 

               

              
                
                  
                  

                

                
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              Section
                9.20.   [Reserved] 

               

              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 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 additional 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.
                The Master
                Servicer shall use its reasonable best efforts to sell, or cause
                the Servicer,
                to the extent provided in the Servicing Agreement any REO Property
                as
                expeditiously as possible and in accordance with the provisions of
                this
                Agreement and the 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 Servicer to protect and conserve,
                such REO
                Property in the manner and to such extent required by the 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.

               

              (c)  The
                Master Servicer and the 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 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 the
                Servicer shall have hereunder) any such unreimbursed Advances as
                well as any
                unpaid Net Master Servicing Fees or 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.

               

              
                
                  
                  

                

                
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              (d)  The
                Liquidation Proceeds from the final disposition of the REO Property,
                net of any
                payment to the Master Servicer and the 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 be remitted by wire transfer
                in immediately
                available funds on the next succeeding Master Servicer Remittance
                Date to the
                Trustee for deposit into the Certificate Account.

               

              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 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 hereto. 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 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. 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 the Servicer strictly observing all requirements and deadlines
                in the
                performance of its duties under the Servicing Agreement. 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 the
                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.

               

              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 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, any
                NIMS Insurer
                and 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)).

               

              
                
                  
                  

                

                
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              (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
                Servicer or by the Depositor.

               

              (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
                Servicer 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)  By
                March 15 of each year, commencing in March 2007, the Master Servicer,
                the Credit
                Risk Manager, 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 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(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 (if
                other than
                the Trustee) and the Trustee (or any Servicing Function Participant
                engaged by
                it) submit their assessments to the Trustee, 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 Criteria) for each party as set forth on Exhibit S and on
                any similar
                exhibit set forth in the Servicing Agreement in respect of the Servicer,
                and the
                Custodial Agreement in respect of the Custodian, and shall notify
                the Depositor
                of any exceptions.

               

              
                
                  
                  

                

                
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              (b)  Attestation
                Reports

               

              (i)  By
                March 15 of each year, commencing in March 2007, the Master Servicer,
                the Credit
                Risk Manager, the Paying Agent (if other than the Trustee) and the
                Trustee, 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
                Trustee, 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 Trustee, 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.

               

              (ii)  Promptly
                after receipt of such report from the Master Servicer, the Credit
                Risk Manager,
                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, Master Servicer’s and 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 that the Depositor is not otherwise provided with such reports
                or
                copies of such reports, the Trustee, Master Servicer and 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 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.

               

              
                
                  
                  

                

                
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              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.

               

              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 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 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.

               

              
                
                  
                  

                

                
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              (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
                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 and an
                assessment report as provided in Section 9.26, which reports the
                Master Servicer
                shall include in its attestation and assessment reports. 

               

              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 Collection Account it maintains as provided by Section
                4.02.

               

              
                
                  
                  

                

                
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              The
                Master Servicer shall not be liable for any acts or omissions of
                the Servicer.
                In particular, the Master Servicer shall not be liable for any course
                of action
                taken by the Servicer with respect to loss mitigation of defaulted
                Mortgage
                Loans at the direction of the Credit Risk Manager or the Seller pursuant
                to the
                Loan Performance Monitoring Agreement. Further, the Master Servicer
                shall not be
                liable for performance by the Servicer under the Loan Performance
                Monitoring
                Agreement.

               

              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,
                employees 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 Servicing Agreement, the Seller
                may appoint,
                pursuant to the terms of the Servicing Agreement and with the written
                consent of
                the Depositor, the Master Servicer, the Trustee and any 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 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.

               

              
                
                  
                  

                

                
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              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.

               

              Section
                9.34.   Duties
                of the Credit Risk Manager. 

               

              (a)  The
                Certificateholders, by their purchase and acceptance of the Certificates,
                appoint OfficeTiger Global Real Estate Services Inc. (OfficeTiger)
                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 Loan Performance Monitoring 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 the
                Trustee shall
                not have any obligation to provide any such information to the Credit
                Risk
                Manager and shall not otherwise have any responsibility under the
                Loan
                Performance Monitoring Agreement.

               

              (b)  On
                or about the 15th
                calendar
                day of each month, beginning in January 2007, the Credit Risk Manager
                shall have
                prepared and shall make available to any NIMS Insurer, the Trustee,
                the Swap
                Counterparty and each Certificateholder, the following reports (each
                such report
                to be made in a format compatible with EDGAR filing requirements):

               

              (i)  Executive
                Summary: The Executive Summary will consist of a brief high level
                summary of
                certain key performance metrics as well as a narrative summary of
                loans
                identified and reviewed for follow-up actions by the Servicer.

               

              (ii)  General
                Pool Characteristics: This report will contain a listing of various
                characteristics of the mortgage loan pool (including history and
                stratification)
                such as documentation levels, occupancy status, weighted aging, CLTV,
                NOO rate,
                junior lien percentage, etc.

               

              (iii)  Performance
                Report: This report will graphically summarize the delinquency rates
                as well as
                the loss mitigation, foreclosure, REO, CPR and loss severity and
                related summary
                information.

               

              (iv)  Prepayment
                Analysis: This report will consist of a compilation and summary of
                various loan
                characteristics for Mortgage Loans that have prepaid, along with
                prepayment
                premium analytics.

               

              
                
                  
                  

                

                
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              (v)  Servicer
                Remittance Report: This report will consist of an analysis of any
                discrepancy
                between the monthly servicer remittance file and the final monthly
                trust report
                including, without limitation, the collection of prepayment
                premiums.

               

              (vi)  MortgageRamp
                Loan Review Report: This report will consist of a narrative summary
                with respect
                to the individual loans that have been flagged for manual review
                and follow-up
                consultation with the Servicer. This report may also include narrative
                summaries
                of the recommendation of the Credit Risk Manager. 

               

              The
                Credit Risk Manager shall make such reports and any additional information
                reasonably requested by the Depositor available each month to
                Certificateholders, the Trustee, 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 https://rsrpt.mortgageramp.com.
                The
                user name for access to the website shall be the Certificateholder’s e-mail
                address and the password shall be “FFMLT 2006-FF17”. 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
                and the
                Trustee 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 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 10 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 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
                10 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
                fifth 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 fifth
                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.

               

              (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 Trustee, in writing. 

               

              
                
                  
                  

                

                
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              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
                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 Loan Performance
                Monitoring
                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 Loan Performance Monitoring 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 Loan Performance Monitoring 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 and
                the Trustee, 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(f) or any failure by the
                Credit Risk
                Manager to deliver any report required under Sections 9.25(a) or
                (b); provided,
                however, in no event shall the Credit Risk Manager be held liable
                for any
                indirect, consequential or special damagers hereunder.

               

              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 and upon receipt of such notice, the Trustee shall
                provide
                written notice to the Credit Risk Manager of its removal, effective
                upon receipt
                of such notice.

               

              
                
                  
                  

                

                
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              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), (iii) such expense does not
                relate to an
                Excluded Trust Asset and (iv) 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
                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, 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 Trustee in fulfilling its
                duties
                hereunder (including its duties as tax return preparer). The Trustee
                shall be
                entitled to reimbursement of expenses to the extent provided in clause
                (i) above
                from the Certificate Account, provided,
                however,
                the
                Trustee 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
                Trustee shall prepare, sign and 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 Trustee.

               

              (e)  The
                Trustee 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
                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 Trustee such information
                as is
                necessary for the Trustee to provide to the Certificateholders such
                information
                or reports as are required by the Code or REMIC Provisions.

               

              
                
                  
                  

                

                
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              The
                Trustee 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 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
                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,
                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 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 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
                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.

               

              (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)  On
                or before October 15 of each calendar year beginning in 2007, the
                Trustee shall
                deliver to any NIMS Insurer an Officer’s Certificate 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. 

               

              
                
                  
                  

                

                
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              (l)  The
                Trustee shall treat each of the Basis Risk Reserve Fund 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 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
                Trustee 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
                $38,857.12 as of the Closing Date.

               

              
                
                  
                  

                

                
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              (o)  Notwithstanding
                the priority and sources of payments set forth in Article V hereof
                or otherwise,
                the Trustee 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 of its duties and obligations set forth herein, the Trustee
                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 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 Certificateholders
                or the Holder of such Residual Certificate, as applicable, or 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 the 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). In addition, the Trustee shall not have any liability
                for the
                actions or failure to act of any other party hereto. 

               

              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 Servicing
                Agreement, knowingly permit the 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
                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.

               

              
                
                  
                  

                

                
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              (b)  The
                Master Servicer shall cause the 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 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 Trustee,
                or the Master Servicer, acting on its 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 Trustee has not received such an extension and
                the Master Servicer or the 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 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 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 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.

               

              
                
                  
                  

                

                
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              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 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 the
                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, any NIMS Insurer and the Swap Counterparty shall be
                provided with
                an Opinion of Counsel addressed to the Trustee, 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 receives prior written confirmation from each Rating
                Agency that
                such amendment will not cause such Rating Agency to reduce then current
                rating
                assigned to the Certificates.

               

              (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 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 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.

               

              
                
                  
                  

                

                
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              (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 LTURI-holder and the Trustee, 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,
                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 Credit
                Risk
                Manager 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 and the Swap Counterparty shall be provided with an Opinion
                of
                Counsel addressed to the Trustee, 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 Trustee shall furnish
                written
                notification of the substance of such amendment to each Holder, the
                Depositor,
                the Swap 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 Trustee may
                prescribe.

               

              (f)  Notwithstanding
                anything to the contrary in the Servicing Agreement, the Trustee
                shall not
                consent to any amendment of the 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 the 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 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 Trustee,
                the
                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
                Trustee, the Servicer, the Credit Risk Manager or any Affiliate
                thereof.

               

              
                
                  
                  

                

                
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              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, any NIM Security 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 Trustee in providing such
                information
                shall be reimbursed by the Depositor.

               

              (b)  The
                Trustee 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
                Commission pursuant to Section 6.20(c) 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
                obtained 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 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.

               

              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 FFMLT 2006-FF17,
                (b) in the case of the Seller, Lehman Brothers Holdings Inc., 745 Seventh
                Avenue, 7th Floor, New York, NY 10019, Attention: Mortgage Finance
                FFMLT
                2006-FF17, (c) in the case of the Credit Risk Manager, OfficeTiger Global
                Real Estate Services Inc., 7000 Central Parkway, Suite 800, Atlanta,
                Georgia
                30328, Attention: Chief Executive Officer, (d) in the case of the
                Trustee, the
                Corporate Trust Office, (e) in the case of the Master Servicer, Aurora
                Loan
                Services LLC, 10350 Park Meadows Drive, Littleton, Colorado 80124;
                Attention:
                Master Servicing, FFMLT 2006-FF17, (f) in the case of the Swap Counterparty,
                at
                the address therefore set forth in the Swap Agreement and (g) in
                the case of the
                Cap Counterparty, at the address therefore set forth in the Interest
                Rate Cap
                Agreement 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.

               

              
                
                  
                  

                

                
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              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.

               

              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. 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.

               

              
                
                  
                  

                

                
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              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;

               

              (vi)  the
                making of a final payment pursuant to Section 7.02; and

               

              (vii)  any
                termination of the rights and obligations of the Servicer under the
                Servicing
                Agreement.

               

              (b)  All
                notices to the Rating Agencies provided for in 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
                Investors Service, Inc.

              99
                Church
                Street

              New
                York,
                New York 10007

              Attention:
                Residential Mortgages

               

              
                
                  
                  

                

                
                  174

                  
                    

                  

                

                
                  
                  

                

              

               

              If
                to
                Fitch, to:

              

              Fitch,
                Inc.

              One
                State
                Street Plaza

              New
                York,
                New York 10004

              Attention:
                Residential Mortgages

              

              (c)  The
                Trustee shall provide or make available to the Rating Agencies 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 the
                Servicing Agreement, the 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.

               

              Section
                11.15.   Transfer
                of Servicing. 

               

              The
                Seller agrees that it shall provide written notice to the Master
                Servicer, 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
                the 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 the Servicing Agreement. In addition, the ability
                of the Seller
                to transfer or assign its rights and delegate its duties under the
                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 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
                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 Servicer under the
                Servicing
                Agreement;

               

              
                
                  
                  

                

                
                  175

                  
                    

                  

                

                
                  
                  

                

              

               

              (v)  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

               

              (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 Servicing
                Agreement.

               

              
                
                  
                  

                

                
                  176

                  
                    

                  

                

                
                  
                  

                

              

               

              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 

               

              WELLS
                FARGO BANK, N.A., 

              as
                Trustee

              

              

              By:   
                /s/
                Michael
                Pinzon                                 

              Name:
                Michael Pinzon

              Title:
                Vice President

              

              

              AURORA
                LOAN SERVICES LLC, as Master 

              Servicer

              

              

              By:     
                /s/
                Jerald W.
                Dreyer                                  

              Name:
                Jerald W. Dreyer

              Title:
                Vice President

              

              

              OFFICETIGER
                GLOBAL REAL ESTATE 

              SERVICES
                INC., as Credit Risk Manager

              

              

              By:    
                /s/
                Ken
                Beyer                                              

              Name:
                Ken
                Beyer

              Title:
                President

               

              
                
                  
                  

                

                
                  
                  

                  
                    

                  

                

                
                  
                  

                

              

               

              Solely
                for purposes of Sections 5.02(a), 5.07(b), 5.07(g), 

              5.07(h),
                6.11 and 11.15, accepted and agreed to by:

              

              LEHMAN
                BROTHERS HOLDINGS INC.

               

              By:   
                /s/
                Michael
                Hitzmann                            

              Name:
                Michael Hitzmann

              Title:
                Authorized Signatory

              

              
                
                  
                  

                

                
                  
                  

                  
                    

                  

                

                
                  
                  

                

              

              

              

              EXHIBIT
                A-1

               

              [FORM
                OF
                SENIOR CERTIFICATE]

              

               

              SOLELY
                FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS
                OWNERSHIP OF A
“REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE
                TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE
                INTERNAL
                REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), AND A RIGHT TO RECEIVE PAYMENTS
                FROM THE BASIS RISK RESERVE FUND. 

               

              THIS
                CERTIFICATE DOES NOT EVIDENCE AN OBLIGATION OF, OR AN INTEREST IN,
                AND IS NOT
                GUARANTEED BY, THE DEPOSITOR, THE TRUSTEE, THE MASTER SERVICER OR
                ANY AFFILIATE
                OF ANY OF THEM AND IS NOT INSURED OR GUARANTEED BY ANY GOVERNMENTAL
                AGENCY OR
                PRIVATE INSURER. 

               

              DISTRIBUTIONS
                IN REDUCTION OF THE CERTIFICATE PRINCIPAL AMOUNT OF THIS CERTIFICATE
                MAY BE MADE
                IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE CERTIFICATE
                PRINCIPAL
                AMOUNT OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL
                CERTIFICATE
                PRINCIPAL AMOUNT OF THIS CERTIFICATE AS SET FORTH HEREIN. 

               

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

               

              NO
                TRANSFER OF THIS CERTIFICATE PRIOR TO THE TERMINATION OF THE SWAP
                AGREEMENT AND
                THE INTEREST RATE CAP AGREEMENT SHALL BE MADE UNLESS THE TRUSTEE
                SHALL HAVE
                RECEIVED A REPRESENTATION LETTER FROM THE TRANSFEREE OF THIS CERTIFICATE
                TO THE
                EFFECT THAT EITHER (I) SUCH TRANSFEREE IS NEITHER AN EMPLOYEE BENEFIT
                PLAN OR
                OTHER RETIREMENT ARRANGEMENT WHICH IS SUBJECT TO SECTION 406 OF ERISA
                AND/OR
                SECTION 4975 OF THE CODE OR ANY ENTITY WHOSE UNDERLYING ASSETS INCLUDE
                SUCH
                PLAN’S OR ARRANGEMENT’S ASSETS BY REASON OF THEIR INVESTMENT IN THE ENTITY (A
“PLAN”) NOR A PERSON ACTING ON BEHALF OF ANY SUCH PLAN OR USING THE ASSETS
                OF
                ANY SUCH PLAN TO EFFECT SUCH TRANSFER OR (II) THE ACQUISITION AND
                HOLDING OF
                THIS CERTIFICATE ARE ELIGIBLE FOR EXEMPTIVE RELIEF UNDER THE STATUTORY
                EXEMPTION
                FOR NONFIDUCIARY SERVICE PROVIDERS UNDER SECTION 408(B)(17) OF ERISA
                AND SECTION
                4975(D)(20) OF THE CODE, PROHIBITED TRANSACTION CLASS EXEMPTION (“PTCE”) 84-14,
                PTCE 90-1, PTCE 91-38, PTCE 95-60 OR PTCE 96-23 OR SOME OTHER APPLICABLE
                EXEMPTION. ANY PURPORTED TRANSFER OF THIS CERTIFICATE PRIOR TO THE
                TERMINATION
                OF THE SWAP AGREEMENT AND THE INTEREST RATE CAP AGREEMENT TO OR ON
                BEHALF OF A
                PLAN WITHOUT THE DELIVERY TO THE TRUSTEE OF A REPRESENTATION LETTER
                AS DESCRIBED
                ABOVE SHALL BE VOID AND OF NO EFFECT. IF THIS CERTIFICATE IS A BOOK-ENTRY
                CERTIFICATE PRIOR TO THE DATE OF THE TERMINATION OF THE SWAP AGREEMENT
                AND THE
                INTEREST RATE CAP AGREEMENT, THE TRANSFEREE WILL BE DEEMED TO HAVE
                MADE A
                REPRESENTATION AS PROVIDED IN CLAUSE (I) OR (II) OF THIS PARAGRAPH,
                AS
                APPLICABLE. 

               

              
                
                  
                  

                

                
                  
                  

                  
                    

                  

                

                
                  
                  

                

              

               

              FIRST
                FRANKLIN MORTGAGE LOAN TRUST, SERIES 2006-FF17

              MORTGAGE
                PASS-THROUGH CERTIFICATE, CLASS [___]

              

               

              Evidencing
                a beneficial interest in three pools consisting primarily of certain
                first lien,
                adjustable and fixed rate, fully amortizing and balloon, residential
                mortgage
                loans and other assets in a trust fund established by: 

               

              STRUCTURED
                ASSET SECURITIES CORPORATION

               

              
                	
                        Initial
                          Class Principal Amount of the Class [__] Certificates:

                      	
                        $[_____________]

                      	
                        Initial
                          Certificate Principal Amount of this Certificate:

                      	
                        $[_____________]

                      
	 	 	 	 
	
                        Certificate
                          

                        Interest
                          Rate:

                      	
                        Variable

                      	
                        Cut-off
                          Date:

                      	
                        November
                          1, 2006

                      
	 	 	 	 
	
                        NUMBER
                          [__]

                      	 	
                        CUSIP:

                      	
                        [_____________]

                      

              

              

              
                
                  
                  

                

                
                  
                  

                  
                    

                  

                

                
                  
                  

                

              

               

              THIS
                CERTIFIES THAT CEDE & CO. is the registered owner of the Percentage Interest
                evidenced by this Certificate (obtained by dividing the Initial Certificate
                Principal Amount of this Certificate by the Initial Class Principal
                Amount of
                the Class [__] Certificates, both as specified above) evidencing
                beneficial
                ownership in a Trust Fund consisting primarily of (i) certain first
                lien,
                adjustable and fixed rate, fully amortizing and balloon, residential
                mortgage
                loans acquired by the Trust Fund on the Closing Date (the “Mortgage Loans”),
                together with all collections therefrom and proceeds thereof (excluding
                all
                scheduled payments of principal and interest due on the Mortgage
                Loans on or
                before the Cut-off Date), (ii) any REO Property, together with all
                collections
                thereon and proceeds thereof, (iii) the Depositor’s rights under the Mortgage
                Loan Sale Agreement, the Servicing Agreement and the Transfer Agreement
                (including any security interest created thereby), (iv) the Depositor’s rights
                under any Insurance Policies related to the Mortgage Loans, (v) amounts
                on
                deposit from time to time in the Collection Account, the Certificate
                Account and
                the Basis Risk Reserve Fund and (vi) the Supplemental Interest Trust,
                the
                primary assets of which are the Swap Agreement and the Interest Rate
                Cap
                Agreement and all proceeds thereof. 

               

              Distributions
                on this Certificate will be made on the 25th day of each month or,
                if such a day
                is not a Business Day, then on the next succeeding Business Day,
                commencing in
                November 2006 (each, a “Distribution Date”), to the Person in whose name this
                Certificate is registered at the close of business on the Business
                Day
                immediately preceding such Distribution Date, so long as such Certificate
                is in
                book entry form (the “Record Date”), in an amount equal to the product of the
                Percentage Interest evidenced by this Certificate and the amount,
                if any,
                required to be distributed to all the Certificates of the Class represented
                by
                this Certificate. All sums distributable on this Certificate are
                payable in the
                coin or currency of the United States of America which at the time
                of payment is
                legal tender for the payment of public and private debts. 

               

              Reference
                is hereby made to the further provisions of this Certificate set
                forth on the
                reverse hereof, which shall have the same effect as though fully
                set forth on
                the face of this Certificate. 

               

              Unless
                the certificate of authentication hereon has been executed by or
                on behalf of
                the Trustee, whose name appears below by manual signature, this Certificate
                shall not be entitled to any benefit under the Trust Agreement or
                be valid for
                any purpose. 

               

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

               

              WELLS
                FARGO BANK, N.A., as Trustee

              

              

              By:_________________________________       

              AUTHORIZED
                SIGNATORY

              

              

              Dated:
                November ___, 2006 

              

              
                
                  
                  

                

                
                  
                  

                  
                    

                  

                

                
                  
                  

                

              

              

              

              TRUSTEE’S
                CERTIFICATE OF AUTHENTICATION 

               

              This
                is one of the Certificates referred to in the within-mentioned Trust
                Agreement.

               

              WELLS
                FARGO BANK, N.A., as Trustee

              

              

              By:__________________________________       

              AUTHORIZED
                SIGNATORY

              

              

              Dated:
                November ___, 2006 

              

              
                
                  
                  

                

                
                  
                  

                  
                    

                  

                

                
                  
                  

                

              

              

              

              EXHIBIT
                A-2

              

              [FORM
                OF CLASS M CERTIFICATE]

              

               

              SOLELY
                FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS
                OWNERSHIP OF A
“REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE
                TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE
                INTERNAL
                REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), AND A RIGHT TO RECEIVE PAYMENTS
                FROM THE BASIS RISK RESERVE FUND. 

               

              THIS
                CERTIFICATE DOES NOT EVIDENCE AN OBLIGATION OF, OR AN INTEREST IN,
                AND IS NOT
                GUARANTEED BY, THE DEPOSITOR, THE TRUSTEE, THE MASTER SERVICER OR
                ANY AFFILIATE
                OF ANY OF THEM AND IS NOT INSURED OR GUARANTEED BY ANY GOVERNMENTAL
                AGENCY OR
                PRIVATE INSURER. 

               

              DISTRIBUTIONS
                IN REDUCTION OF THE CERTIFICATE PRINCIPAL AMOUNT OF THIS CERTIFICATE
                MAY BE MADE
                IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE CERTIFICATE
                PRINCIPAL
                AMOUNT OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL
                CERTIFICATE
                PRINCIPAL AMOUNT OF THIS CERTIFICATE AS SET FORTH HEREIN. 

               

              THIS
                CERTIFICATE IS SUBORDINATE IN RIGHT OF PAYMENT AS DESCRIBED IN THE
                TRUST
                AGREEMENT REFERRED TO HEREIN. 

               

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

               

              NO
                TRANSFER OF THIS CERTIFICATE SHALL BE REGISTERED IF ITS RATING IS
                BELOW
                INVESTMENT GRADE UPON ACQUISITION UNLESS THE PROSPECTIVE TRANSFEREE
                PROVIDES THE
                TRUSTEE WITH (A) A CERTIFICATION TO THE EFFECT THAT SUCH TRANSFEREE
                (1) IS
                NEITHER 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”), NOR A PERSON ACTING ON BEHALF OF ANY SUCH PLAN
                NOR A PERSON USING THE ASSETS OF ANY SUCH PLAN OR (2) IF SUCH TRANSFEREE
                IS AN
                INSURANCE COMPANY, SUCH TRANSFEREE IS PURCHASING SUCH CERTIFICATES
                WITH FUNDS
                CONTAINED IN AN “INSURANCE COMPANY GENERAL ACCOUNT” (AS SUCH TERM IS DEFINED IN
                SECTION V(e) OF THE PROHIBITED TRANSACTION CLASS EXEMPTION 95-60
                (“PTCE 95-60”))
                AND THE PURCHASE AND HOLDING OF SUCH CERTIFICATES ARE COVERED UNDER
                SECTIONS I
                AND III OF PTCE 95-60; OR (B) AN OPINION OF COUNSEL SATISFACTORY
                TO THE TRUSTEE,
                AND UPON WHICH THE TRUSTEE, THE MASTER SERVICER, THE SERVICER, THE
                DEPOSITOR AND
                ANY NIMS INSURER SHALL BE ENTITLED TO RELY, TO THE EFFECT THAT THE
                PURCHASE OR
                HOLDING OF SUCH CERTIFICATE BY THE PROSPECTIVE TRANSFEREE 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 MASTER SERVICER, THE SERVICER,
                THE
                DEPOSITOR 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, THE TRUSTEE, THE MASTER SERVICER, THE
                SERVICER,
                THE DEPOSITOR OR ANY NIMS INSURER. A TRANSFEREE OF A BOOK-ENTRY CERTIFICATE
                SHALL BE DEEMED TO HAVE MADE A REPRESENTATION AS REQUIRED HEREIN.

               

              
                
                  
                  

                

                
                  
                  

                  
                    

                  

                

                
                  
                  

                

              

               

              NO
                TRANSFER OF THIS CERTIFICATE PRIOR TO THE TERMINATION OF THE SWAP
                AGREEMENT AND
                THE INTEREST RATE CAP AGREEMENT SHALL BE MADE UNLESS THE TRUSTEE
                SHALL HAVE
                RECEIVED A REPRESENTATION LETTER FROM THE TRANSFEREE OF THIS CERTIFICATE
                TO THE
                EFFECT THAT EITHER (I) SUCH TRANSFEREE IS NOT A PLAN NOR A PERSON
                ACTING ON
                BEHALF OF ANY SUCH PLAN OR USING THE ASSETS OF ANY SUCH PLAN TO EFFECT
                SUCH
                TRANSFER OR (II) THE ACQUISITION AND HOLDING OF THIS CERTIFICATE
                ARE ELIGIBLE
                FOR EXEMPTIVE RELIEF UNDER THE STATUTORY EXEMPTION FOR NONFIDUCIARY
                SERVICE
                PROVIDERS UNDER SECTION 408(B)(17) OF ERISA AND SECTION 4975(D)(20)
                OF THE CODE,
                PROHIBITED TRANSACTION CLASS EXEMPTION PTCE 84-14, PTCE 90-1, PTCE
                91-38, PTCE
                95-60 OR PTCE 96-23 OR SOME OTHER APPLICABLE EXEMPTION. ANY PURPORTED
                TRANSFER
                OF THIS CERTIFICATE PRIOR TO THE TERMINATION OF THE SWAP AGREEMENT
                AND THE
                INTEREST RATE CAP AGREEMENT TO OR ON BEHALF OF A PLAN WITHOUT THE
                DELIVERY TO
                THE TRUSTEE OF A REPRESENTATION LETTER AS DESCRIBED ABOVE SHALL BE
                VOID AND OF
                NO EFFECT. IF THIS CERTIFICATE IS A BOOK-ENTRY CERTIFICATE PRIOR
                TO THE
                TERMINATION OF THE SWAP AGREEMENT AND THE INTEREST RATE CAP AGREEMENT,
                THE
                TRANSFEREE WILL BE DEEMED TO HAVE MADE A REPRESENTATION AS PROVIDED
                IN CLAUSE
                (I) OR (II) OF THIS PARAGRAPH, AS APPLICABLE. 

               

              
                
                  
                  

                

                
                  
                  

                  
                    

                  

                

                
                  
                  

                

              

              

              FIRST
                FRANKLIN MORTGAGE LOAN TRUST, SERIES 2006-FF17

              MORTGAGE
                PASS-THROUGH CERTIFICATE, CLASS [__]

              

               

              Evidencing
                a beneficial interest in three pools consisting primarily of certain
                first lien,
                adjustable and fixed rate, fully amortizing and balloon, residential
                mortgage
                loans and other assets in a trust fund established by: 

               

              STRUCTURED
                ASSET SECURITIES CORPORATION

               

              
                	
                        Initial
                          Class Principal Amount of the Class [__] Certificates:

                      	
                        $[_____________]

                      	
                        Initial
                          Certificate Principal Amount of this Certificate:

                      	
                        $[_____________]

                      
	 	 	 	 
	
                        Certificate
                          

                        Interest
                          Rate:

                      	
                        Variable

                      	
                        Cut-off
                          Date:

                      	
                        November
                          1, 2006

                      
	 	 	 	 
	
                        NUMBER
                          [__]

                      	 	
                        CUSIP:

                      	
                        [_____________]

                      

              

              

              
                
                  
                  

                

                
                  
                  

                  
                    

                  

                

                
                  
                  

                

              

              

              THIS
                CERTIFIES THAT CEDE & CO. is the registered owner of the Percentage Interest
                evidenced by this Certificate (obtained by dividing the Initial Certificate
                Principal Amount of this Certificate by the Initial Class Principal
                Amount of
                the Class [__] Certificates, both as specified above) evidencing
                beneficial
                ownership in a Trust Fund consisting primarily of (i) certain first
                lien,
                adjustable and fixed rate, fully amortizing and balloon, residential
                mortgage
                loans acquired by the Trust Fund on the Closing Date (the “Mortgage Loans”),
                together with all collections therefrom and proceeds thereof (excluding
                all
                scheduled payments of principal and interest due on the Mortgage
                Loans on or
                before the Cut-off Date), (ii) any REO Property, together with all
                collections
                thereon and proceeds thereof, (iii) the Depositor’s rights under the Mortgage
                Loan Sale Agreement, the Servicing Agreement and the Transfer Agreement
                (including any security interest created thereby), (iv) the Depositor’s rights
                under any Insurance Policies related to the Mortgage Loans, (v) amounts
                on
                deposit from time to time in the Collection Account, the Certificate
                Account and
                the Basis Risk Reserve Fund and (vi) the Supplemental Interest Trust,
                the
                primary assets of which are the Swap Agreement and the Interest Rate
                Cap
                Agreement and all proceeds thereof. 

               

              Distributions
                on this Certificate will be made on the 25th day of each month or,
                if such a day
                is not a Business Day, then on the next succeeding Business Day,
                commencing in
                November 2006 (each, a “Distribution Date”), to the Person in whose name this
                Certificate is registered at the close of business on the Business
                Day
                immediately preceding such Distribution Date, so long as such Certificate
                is in
                book entry form (the “Record Date”), in an amount equal to the product of the
                Percentage Interest evidenced by this Certificate and the amount,
                if any,
                required to be distributed to all the Certificates of the Class represented
                by
                this Certificate. All sums distributable on this Certificate are
                payable in the
                coin or currency of the United States of America which at the time
                of payment is
                legal tender for the payment of public and private debts. 

               

              Reference
                is hereby made to the further provisions of this Certificate set
                forth on the
                reverse hereof, which shall have the same effect as though fully
                set forth on
                the face of this Certificate. 

               

              Unless
                the certificate of authentication hereon has been executed by or
                on behalf of
                the Trustee, whose name appears below by manual signature, this Certificate
                shall not be entitled to any benefit under the Trust Agreement or
                be valid for
                any purpose. 

               

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

               

              WELLS
                FARGO BANK, N.A., as Trustee

              

              
 

              By:__________________________________       

              AUTHORIZED
                SIGNATORY

              

              

              Dated:
                November ___, 2006 

              

              
                
                  
                  

                

                
                  
                  

                  
                    

                  

                

                
                  
                  

                

              

               

              TRUSTEE’S
                CERTIFICATE OF AUTHENTICATION 

               

              This
                is one of the Certificates referred to in the within-mentioned Trust
                Agreement.

               

              WELLS
                FARGO BANK, N.A., as Trustee

              

              

              By:___________________________________       

              AUTHORIZED
                SIGNATORY

              

              

              Dated:
                November ___, 2006 

              

              
                
                  
                  

                

                
                  
                  

                  
                    

                  

                

                
                  
                  

                

              

              

              

              EXHIBIT
                A-3

              

              [FORM
                OF
                CLASS B CERTIFICATE]

              

               

              SOLELY
                FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS
                OWNERSHIP OF A
“REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE
                TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE
                INTERNAL
                REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), AND A RIGHT TO RECEIVE PAYMENTS
                FROM THE BASIS RISK RESERVE FUND. 

               

              THIS
                CERTIFICATE DOES NOT EVIDENCE AN OBLIGATION OF, OR AN INTEREST IN,
                AND IS NOT
                GUARANTEED BY, THE DEPOSITOR, THE TRUSTEE, THE MASTER SERVICER OR
                ANY AFFILIATE
                OF ANY OF THEM AND IS NOT INSURED OR GUARANTEED BY ANY GOVERNMENTAL
                AGENCY OR
                PRIVATE INSURER. 

               

              DISTRIBUTIONS
                IN REDUCTION OF THE CERTIFICATE PRINCIPAL AMOUNT OF THIS CERTIFICATE
                MAY BE MADE
                IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE CERTIFICATE
                PRINCIPAL
                AMOUNT OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL
                CERTIFICATE
                PRINCIPAL AMOUNT OF THIS CERTIFICATE AS SET FORTH HEREIN. 

               

              THIS
                CERTIFICATE IS SUBORDINATE IN RIGHT OF PAYMENT AS DESCRIBED IN THE
                TRUST
                AGREEMENT REFERRED TO HEREIN. 

               

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

               

              THIS
                CERTIFICATE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933,
                AS
                AMENDED, (THE “1933 ACT”) OR ANY STATE SECURITIES LAWS. NEITHER THIS CERTIFICATE
                NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE REOFFERED, SOLD,
                ASSIGNED,
                TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF [With
                respect to the Class B Regulation S Certificate Only: WITHIN THE
                UNITED STATES
                (AS DEFINED IN RULES 901 THROUGH 905 OF THE 1933 ACT (“REGULATION S”)) OR TO, OR
                FOR THE ACCOUNT OR BENEFIT OF, A U.S. PERSON (AS DEFINED IN REGULATION
                S), IN
                THE ABSENCE OF SUCH REGISTRATION]
                IN THE
                ABSENCE OF SUCH REGISTRATION, UNLESS SUCH TRANSACTION IS EXEMPT FROM,
                OR NOT
                SUBJECT TO, REGISTRATION. 

               

              
                
                  
                  

                

                
                  
                  

                  
                    

                  

                

                
                  
                  

                

              

               

              [With
                respect to the Class B Rule 144A Certificate Only:] THE
                HOLDER OF THIS CERTIFICATE BY ITS ACCEPTANCE HEREOF IS DEEMED TO
                HAVE
                REPRESENTED AND WARRANTED THAT IT ACQUIRED SUCH CERTIFICATE (A) PURSUANT
                TO A
                REGISTRATION STATEMENT WHICH HAS BEEN DECLARED EFFECTIVE UNDER THE
                1933 ACT OR
                (B) AS A “QUALIFIED INSTITUTIONAL BUYER” AS DEFINED IN RULE 144A UNDER THE 1933
                ACT THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED
                INSTITUTIONAL BUYER TO WHOM NOTICE IS GIVEN THAT THE TRANSFER IS
                BEING MADE IN
                RELIANCE ON RULE 144A. 

               

              [With
                respect to the Class B Regulation S Certificate Only:] THE
                HOLDER OF THIS CERTIFICATE BY ITS ACCEPTANCE HEREOF IS DEEMED TO
                HAVE
                REPRESENTED AND WARRANTED THAT (A) UNTIL THE EXPIRATION OF THE APPLICABLE
                “DISTRIBUTION COMPLIANCE PERIOD” WITHIN THE MEANING OF REGULATION S, ANY OFFER,
                SALE, PLEDGE OR OTHER TRANSFER OF THIS CERTIFICATE SHALL NOT BE MADE
                IN THE
                UNITED STATES OR TO, OR FOR THE ACCOUNT OR BENEFIT OF, ANY U.S. PERSON
                (EACH AS
                DEFINED IN REGULATION S) AND (B) IF THIS CERTIFICATE IS HELD WITHIN
                THE UNITED
                STATES OR SUCH HOLDER IS A U.S. PERSON OR THIS CERTIFICATES IS HELD
                FOR THE
                ACCOUNT OR BENEFIT OF, A U.S. PERSON (EACH AS DEFINED IN REGULATION
                S) SUCH
                CERTIFICATE WAS ACQUIRED ONLY (1) PURSUANT TO A REGISTRATION STATEMENT
                WHICH HAS
                BEEN DECLARED EFFECTIVE UNDER THE 1933 ACT OR (2) BY SUCH HOLDER
                AS A “QUALIFIED
                INSTITUTIONAL BUYER” AS DEFINED IN RULE 144A UNDER THE 1933 ACT THAT PURCHASES
                FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL
                BUYER TO
                WHOM NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE
                ON RULE 144A.

               

              NO
                TRANSFER OF THIS CERTIFICATE SHALL BE REGISTERED IF ITS RATING IS
                BELOW
                INVESTMENT GRADE UPON ACQUISITION UNLESS THE PROSPECTIVE TRANSFEREE
                PROVIDES THE
                TRUSTEE WITH (A) A CERTIFICATION TO THE EFFECT THAT SUCH TRANSFEREE
                (1) IS
                NEITHER 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”), NOR A PERSON ACTING ON BEHALF OF ANY SUCH PLAN
                NOR A PERSON USING THE ASSETS OF ANY SUCH PLAN OR (2) IF THE CERTIFICATE
                HAS
                BEEN THE SUBJECT OF AN ERISA-QUALIFYING UNDERWRITING AND TRANSFEREE
                IS AN
                INSURANCE COMPANY, SUCH TRANSFEREE IS PURCHASING SUCH CERTIFICATES
                WITH FUNDS
                CONTAINED IN AN “INSURANCE COMPANY GENERAL ACCOUNT” (AS SUCH TERM IS DEFINED IN
                SECTION V(e) OF THE PROHIBITED TRANSACTION CLASS EXEMPTION 95-60
                (“PTCE 95-60”))
                AND THE PURCHASE AND HOLDING OF SUCH CERTIFICATES ARE COVERED UNDER
                SECTIONS I
                AND III OF PTCE 95-60; OR (B) AN OPINION OF COUNSEL SATISFACTORY
                TO THE TRUSTEE,
                AND UPON WHICH THE TRUSTEE, THE MASTER SERVICER, THE SERVICER, THE
                DEPOSITOR AND
                ANY NIMS INSURER SHALL BE ENTITLED TO RELY, TO THE EFFECT THAT THE
                PURCHASE OR
                HOLDING OF SUCH CERTIFICATE BY THE PROSPECTIVE TRANSFEREE 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 MASTER SERVICER, THE SERVICER,
                THE
                DEPOSITOR 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, THE TRUSTEE, THE MASTER SERVICER, THE
                SERVICER,
                THE DEPOSITOR OR ANY NIMS INSURER. A TRANSFEREE OF A BOOK-ENTRY CERTIFICATE
                SHALL BE DEEMED TO HAVE MADE A REPRESENTATION AS REQUIRED HEREIN.

               

              
                
                  
                  

                

                
                  
                  

                  
                    

                  

                

                
                  
                  

                

              

               

              

              FIRST
                FRANKLIN MORTGAGE LOAN TRUST, SERIES 2006-FF17

              MORTGAGE
                PASS-THROUGH CERTIFICATE, CLASS B

               

              ([RULE
                144A/REGULATION S])

               

              Evidencing
                a beneficial interest in three pools consisting primarily of certain
                first lien,
                adjustable and fixed rate, fully amortizing and balloon, residential
                mortgage
                loans and other assets in a trust fund established by: 

              

              STRUCTURED
                ASSET SECURITIES CORPORATION

              

              
                	
                        Initial
                          Class Principal Amount of the Class B Certificates:

                      	
                        $[____________]

                      	
                        Initial
                          Certificate Principal Amount of this Certificate:

                      	
                        $[____________]

                      
	 	 	 	 
	
                        Certificate
                          

                        Interest
                          Rate:

                      	
                        Variable

                      	
                        Cut-off
                          Date:

                      	
                        November
                          1, 2006

                      
	 	 	 	 
	
                        NUMBER
                          [__]

                      	 	
                        CUSIP:

                        [ISIN:]

                      	
                        [____________]

                        [____________]

                      

              

              

              
                
                  
                  

                

                
                  
                  

                  
                    

                  

                

                
                  
                  

                

              

              

              THIS
                CERTIFIES THAT CEDE & CO. is the registered owner of the Percentage Interest
                evidenced by this Certificate (obtained by dividing the Initial Certificate
                Principal Amount of this Certificate by the Initial Class Principal
                Amount of
                the Class B Certificates, both as specified above) evidencing beneficial
                ownership in a Trust Fund consisting primarily of (i) certain first
                lien,
                adjustable and fixed rate, fully amortizing and balloon, residential
                mortgage
                loans acquired by the Trust Fund on the Closing Date (the “Mortgage Loans”),
                together with all collections therefrom and proceeds thereof (excluding
                all
                scheduled payments of principal and interest due on the Mortgage
                Loans on or
                before the Cut-off Date), (ii) any REO Property, together with all
                collections
                thereon and proceeds thereof, (iii) the Depositor’s rights under the Mortgage
                Loan Sale Agreement, the Servicing Agreement and the Transfer Agreement
                (including any security interest created thereby), (iv) the Depositor’s rights
                under any Insurance Policies related to the Mortgage Loans, (v) amounts
                on
                deposit from time to time in the Collection Account, the Certificate
                Account and
                the Basis Risk Reserve Fund and (vi) the Supplemental Interest Trust,
                the
                primary assets of which are the Swap Agreement and the Interest Rate
                Cap
                Agreement and all proceeds thereof. 

               

              Distributions
                on this Certificate will be made on the 25th day of each month or,
                if such a day
                is not a Business Day, then on the next succeeding Business Day,
                commencing in
                November 2006 (each, a “Distribution Date”), to the Person in whose name this
                Certificate is registered at the close of business on the Business
                Day
                immediately preceding such Distribution Date, so long as such Certificate
                is in
                book entry form (the “Record Date”), in an amount equal to the product of the
                Percentage Interest evidenced by this Certificate and the amount,
                if any,
                required to be distributed to all the Certificates of the Class represented
                by
                this Certificate. All sums distributable on this Certificate are
                payable in the
                coin or currency of the United States of America which at the time
                of payment is
                legal tender for the payment of public and private debts. 

               

              Reference
                is hereby made to the further provisions of this Certificate set
                forth on the
                reverse hereof, which shall have the same effect as though fully
                set forth on
                the face of this Certificate. 

               

              Unless
                the certificate of authentication hereon has been executed by or
                on behalf of
                the Trustee, whose name appears below by manual signature, this Certificate
                shall not be entitled to any benefit under the Trust Agreement or
                be valid for
                any purpose. 

               

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

               

              WELLS
                FARGO BANK, N.A., as Trustee

              

              

              By:___________________________________      

              AUTHORIZED
                SIGNATORY

              

              

              Dated:
                November ___, 2006

              

              
                
                  
                  

                

                
                  
                  

                  
                    

                  

                

                
                  
                  

                

              

              

              

              TRUSTEE’S
                CERTIFICATE OF AUTHENTICATION 

               

              This
                is one of the Certificates referred to in the within-mentioned Trust
                Agreement.

               

              WELLS
                FARGO BANK, N.A., as Trustee

              

              

              By:__________________________________    

              AUTHORIZED
                SIGNATORY

              

              

              Dated:
                November ___, 2006 

              

              
                
                  
                  

                

                
                  
                  

                  
                    

                  

                

                
                  
                  

                

              

              

              

              EXHIBIT
                A-4

              

              [FORM
                OF
                CLASS P CERTIFICATE]

              

              SOLELY
                FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS
                OWNERSHIP OF A
“REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE
                TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE
                INTERNAL
                REVENUE CODE OF 1986, AS AMENDED (THE “CODE”). 

               

              THIS
                CERTIFICATE DOES NOT EVIDENCE AN OBLIGATION OF, OR AN INTEREST IN,
                AND IS NOT
                GUARANTEED BY, THE DEPOSITOR, THE TRUSTEE, THE MASTER SERVICER OR
                ANY AFFILIATE
                OF ANY OF THEM AND IS NOT INSURED OR GUARANTEED BY ANY GOVERNMENTAL
                AGENCY OR
                PRIVATE INSURER. 

               

              THIS
                CERTIFICATE IS NOT ENTITLED TO SCHEDULED DISTRIBUTIONS OF PRINCIPAL
                AND WILL NOT
                ACCRUE INTEREST. THE HOLDER OF THIS CERTIFICATE WILL BE ENTITLED
                TO CERTAIN
                DISTRIBUTIONS AS PROVIDED IN THE TRUST AGREEMENT. 

               

              THIS
                CERTIFICATE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933,
                AS
                AMENDED, (THE “1933 ACT”) OR ANY STATE SECURITIES LAWS. NEITHER THIS CERTIFICATE
                NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE REOFFERED, SOLD,
                ASSIGNED,
                TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF IN THE
                ABSENCE OF SUCH
                REGISTRATION, UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT
                TO,
                REGISTRATION. 

               

              THE
                HOLDER OF THIS CERTIFICATE BY ITS ACCEPTANCE HEREOF AGREES TO OFFER,
                SELL OR
                OTHERWISE TRANSFER SUCH CERTIFICATE ONLY (A) PURSUANT TO A REGISTRATION
                STATEMENT WHICH HAS BEEN DECLARED EFFECTIVE UNDER THE 1933 ACT OR
                (B) TO A
                PERSON IT REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” AS DEFINED IN
                RULE 144A UNDER THE 1933 ACT THAT PURCHASES FOR ITS OWN ACCOUNT OR
                FOR THE
                ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER TO WHOM NOTICE IS GIVEN
                THAT THE
                TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, SUBJECT TO THE TRUSTEE’S RIGHT
                PRIOR TO ANY SUCH OFFER, SALE OR TRANSFER TO REQUIRE THE DELIVERY
                OF A
                CERTIFICATE OF TRANSFER IN THE FORM APPEARING IN THE TRUST AGREEMENT.
                

               

              NO
                TRANSFER OF THIS CERTIFICATE SHALL BE REGISTERED UNLESS THE PROSPECTIVE
                TRANSFEREE PROVIDES THE TRUSTEE WITH (A) A CERTIFICATION TO THE EFFECT
                THAT SUCH
                TRANSFEREE (1) IS NEITHER 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”) NOR A PERSON ACTING
                ON BEHALF OF ANY SUCH PLAN NOR A PERSON USING THE ASSETS OF ANY SUCH
                PLAN OR (2)
                IF THE CERTIFICATE HAS BEEN THE SUBJECT OF AN ERISA-QUALIFYING UNDERWRITING
                AND
                THE TRANSFEREE IS AN INSURANCE COMPANY, SUCH TRANSFEREE IS PURCHASING
                SUCH
                CERTIFICATE WITH FUNDS CONTAINED IN AN “INSURANCE COMPANY GENERAL ACCOUNT” (AS
                SUCH TERM IS DEFINED IN SECTION V(e) OF THE PROHIBITED TRANSACTION
                CLASS
                EXEMPTION 95-60 (“PTCE 95-60”)) AND THE PURCHASE AND HOLDING OF SUCH CERTIFICATE
                ARE COVERED UNDER SECTIONS I AND III OF PTCE 95-60; OR (B) AN OPINION
                OF COUNSEL
                SATISFACTORY TO THE TRUSTEE, AND UPON WHICH THE TRUSTEE, THE MASTER
                SERVICER,
                THE SERVICER, THE DEPOSITOR AND ANY NIMS INSURER SHALL BE ENTITLED
                TO RELY, TO
                THE EFFECT THAT THE PURCHASE OR HOLDING OF SUCH CERTIFICATE BY THE
                PROSPECTIVE
                TRANSFEREE 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
                MASTER SERVICER, THE SERVICER, THE DEPOSITOR 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,
                THE TRUSTEE, THE MASTER SERVICER, THE SERVICER, THE DEPOSITOR OR
                ANY NIMS
                INSURER. 

               

              
                
                  
                  

                

                
                  
                  

                  
                    

                  

                

                
                  
                  

                

              

               

              FIRST
                FRANKLIN MORTGAGE LOAN TRUST, SERIES 2006-FF17

              MORTGAGE
                PASS-THROUGH CERTIFICATE, CLASS P

              

              Evidencing
                a beneficial interest in three pools consisting primarily of certain
                first lien,
                adjustable and fixed rate, fully amortizing and balloon, residential
                mortgage
                loans and other assets in a trust fund established by: 

               

              STRUCTURED
                ASSET SECURITIES CORPORATION

               

              
                	Percentage
                        Interest: 100% 	
                        Cut-off
                          Date: November 1, 2006

                      
	 	 
	NUMBER
                        [__]	 

              

               

              THIS
                CERTIFIES THAT TFINN & CO. (on behalf of Lehman Pass-Through Securities
                Inc.) is the registered owner of the Percentage Interest evidenced
                by this
                Certificate evidencing a beneficial ownership in certain distributions
                of
                Prepayment Premiums (as defined in the Trust Agreement) made in respect
                of
                certain first lien, adjustable and fixed rate, fully amortizing and
                balloon,
                residential mortgage loans acquired from Structured Asset Securities
                Corporation
                (the “Depositor”), a Delaware corporation, on the Closing Date (the “Mortgage
                Loans”) which from time to time may be held in the Trust Fund established
                pursuant to the Trust Agreement (as defined on the reverse hereof).
                

               

              Distributions
                on this Certificate will be made on the 25th day of each month or,
                if such a day
                is not a Business Day, then on the next succeeding Business Day,
                commencing in
                November 2006 (each, a “Distribution Date”), to the Person in whose name this
                Certificate is registered at the close of business on the last Business
                Day of
                the calendar month immediately preceding the month in which such
                Distribution
                Date occurs (or, in the case of the first Distribution Date, the
                Closing Date)
                (the “Record Date”), in an amount equal to the product of the Percentage
                Interest evidenced by this Certificate and the amount, if any, required
                to be
                distributed to all the Certificates of the Class represented by this
                Certificate. All sums distributable on this Certificate are payable
                in the coin
                or currency of the United States of America which at the time of
                payment is
                legal tender for the payment of public and private debts. 

               

              Reference
                is hereby made to the further provisions of this Certificate set
                forth on the
                reverse hereof, which shall have the same effect as though fully
                set forth on
                the face of this Certificate. 

               

              Unless
                the certificate of authentication hereon has been executed by or
                on behalf of
                the Trustee, whose name appears below by manual signature, this Certificate
                shall not be entitled to any benefit under the Trust Agreement or
                be valid for
                any purpose. 

               

              
                
                  
                  

                

                
                  
                  

                  
                    

                  

                

                
                  
                  

                

              

               

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

               

              WELLS
                FARGO BANK, N.A., as Trustee

              

              

              By:_____________________________________     

              AUTHORIZED
                SIGNATORY

              

              

              Dated:
                November ___, 2006 

               

              

              

              TRUSTEE’S
                CERTIFICATE OF AUTHENTICATION 

               

              This
                is one of the Certificates referred to in the within-mentioned Trust
                Agreement.

               

              WELLS
                FARGO BANK, N.A., as Trustee

              

              

              By:_____________________________________     

              AUTHORIZED
                SIGNATORY

              

              

              Dated:
                November ___, 2006 

              

              
                
                  
                  

                

                
                  
                  

                  
                    

                  

                

                
                  
                  

                

              

              

              

              EXHIBIT
                A-5

              

              [FORM
                OF
                CLASS X CERTIFICATE]

              

               

              SOLELY
                FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS
                OWNERSHIP OF A
“REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE
                TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE
                INTERNAL
                REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), AND A RIGHT TO RECEIVE PAYMENTS
                FROM THE BASIS RISK RESERVE FUND. 

               

              THIS
                CERTIFICATE DOES NOT EVIDENCE AN OBLIGATION OF, OR AN INTEREST IN,
                AND IS NOT
                GUARANTEED BY, THE DEPOSITOR, THE TRUSTEE, THE MASTER SERVICER OR
                ANY AFFILIATE
                OF ANY OF THEM AND IS NOT INSURED OR GUARANTEED BY ANY GOVERNMENTAL
                AGENCY OR
                PRIVATE INSURER. 

               

              THIS
                CERTIFICATE IS NOT ENTITLED TO SCHEDULED DISTRIBUTIONS OF PRINCIPAL
                AND WILL NOT
                ACCRUE INTEREST. THE HOLDER OF THIS CERTIFICATE WILL BE ENTITLED
                TO CERTAIN
                DISTRIBUTIONS AS PROVIDED IN THE TRUST AGREEMENT. 

               

              THIS
                CERTIFICATE IS SUBORDINATE IN RIGHT OF PAYMENT AS DESCRIBED IN THE
                TRUST
                AGREEMENT REFERRED TO HEREIN. 

               

              THIS
                CERTIFICATE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933,
                AS
                AMENDED, (THE “1933 ACT”) OR ANY STATE SECURITIES LAWS. NEITHER THIS CERTIFICATE
                NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE REOFFERED, SOLD,
                ASSIGNED,
                TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF IN THE
                ABSENCE OF SUCH
                REGISTRATION, UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT
                TO,
                REGISTRATION. 

               

              THE
                HOLDER OF THIS CERTIFICATE BY ITS ACCEPTANCE HEREOF AGREES TO OFFER,
                SELL OR
                OTHERWISE TRANSFER SUCH CERTIFICATE ONLY (A) PURSUANT TO A REGISTRATION
                STATEMENT WHICH HAS BEEN DECLARED EFFECTIVE UNDER THE 1933 ACT, (B)
                TO A PERSON
                IT REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” AS DEFINED IN RULE
                144A UNDER THE 1933 ACT THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR
                THE ACCOUNT OF
                A QUALIFIED INSTITUTIONAL BUYER TO WHOM NOTICE IS GIVEN THAT THE
                TRANSFER IS
                BEING MADE IN RELIANCE ON RULE 144A, OR (C) TO AN INSTITUTIONAL “ACCREDITED
                INVESTOR” WITHIN THE MEANING OF SUBPARAGRAPH (A)(1), (2), (3) OR (7) OF RULE
                501
                UNDER THE 1933 ACT THAT IS ACQUIRING THE CERTIFICATE FOR ITS OWN
                ACCOUNT, OR FOR
                THE ACCOUNT OF SUCH AN INSTITUTIONAL “ACCREDITED INVESTOR,” FOR INVESTMENT
                PURPOSES AND NOT WITH A VIEW TO, OR FOR OFFER OR SALE IN CONNECTION
                WITH, ANY
                DISTRIBUTION IN VIOLATION OF THE 1933 ACT, SUBJECT TO THE TRUSTEE’S RIGHT PRIOR
                TO ANY SUCH OFFER, SALE OR TRANSFER TO REQUIRE THE DELIVERY OF A
                CERTIFICATE OF
                TRANSFER IN THE FORM APPEARING IN THE TRUST AGREEMENT. 

               

              
                
                  
                  

                

                
                  
                  

                  
                    

                  

                

                
                  
                  

                

              

               

              NO
                TRANSFER OF THIS CERTIFICATE SHALL BE REGISTERED UNLESS THE PROSPECTIVE
                TRANSFEREE PROVIDES THE TRUSTEE WITH (A) A CERTIFICATION TO THE EFFECT
                THAT SUCH
                TRANSFEREE (1) IS NEITHER 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”) NOR A PERSON ACTING
                ON BEHALF OF ANY SUCH PLAN NOR A PERSON USING THE ASSETS OF ANY SUCH
                PLAN OR (2)
                IF THE CERTIFICATE HAS BEEN THE SUBJECT OF AN ERISA-QUALIFYING UNDERWRITING
                AND
                THE TRANSFEREE IS AN INSURANCE COMPANY, SUCH TRANSFEREE IS PURCHASING
                SUCH
                CERTIFICATE WITH FUNDS CONTAINED IN AN “INSURANCE COMPANY GENERAL ACCOUNT” (AS
                SUCH TERM IS DEFINED IN SECTION V(e) OF THE PROHIBITED TRANSACTION
                CLASS
                EXEMPTION 95-60 (“PTCE 95-60”)) AND THE PURCHASE AND HOLDING OF SUCH CERTIFICATE
                ARE COVERED UNDER SECTIONS I AND III OF PTCE 95-60; OR (B) AN OPINION
                OF COUNSEL
                SATISFACTORY TO THE TRUSTEE, AND UPON WHICH THE TRUSTEE, THE MASTER
                SERVICER,
                THE SERVICER, THE DEPOSITOR AND ANY NIMS INSURER SHALL BE ENTITLED
                TO RELY, TO
                THE EFFECT THAT THE PURCHASE OR HOLDING OF SUCH CERTIFICATE BY THE
                PROSPECTIVE
                TRANSFEREE 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
                MASTER SERVICER, THE SERVICER, THE DEPOSITOR 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,
                THE TRUSTEE, THE MASTER SERVICER, THE SERVICER, THE DEPOSITOR OR
                ANY NIMS
                INSURER. 

               

              
                
                  
                  

                

                
                  
                  

                  
                    

                  

                

                
                  
                  

                

              

              

              FIRST
                FRANKLIN MORTGAGE LOAN TRUST, SERIES 2006-FF17

              MORTGAGE
                PASS-THROUGH CERTIFICATE, CLASS X

              

               

              Evidencing
                a beneficial interest in three pools consisting primarily of certain
                first lien,
                adjustable and fixed rate, fully amortizing and balloon, residential
                mortgage
                loans and other assets in a trust fund established by: 

               

              STRUCTURED
                ASSET SECURITIES CORPORATION

              
                 

                
                  	Percentage
                          Interest: 100% 	
                          Cut-off
                            Date: November 1, 2006

                        
	 	 
	NUMBER
                          [__]	 

                

                 

              

              THIS
                CERTIFIES THAT TFINN & CO. (on behalf of Lehman Pass-Through Securities
                Inc.) is the registered owner of the Percentage Interest evidenced
                by this
                Certificate in evidencing beneficial ownership in a Trust Fund consisting
                primarily of (i) certain first lien, adjustable and fixed rate, fully
                amortizing
                and balloon, residential mortgage loans acquired by the Trust Fund
                on the
                Closing Date (the “Mortgage Loans”), together with all collections therefrom and
                proceeds thereof (excluding all scheduled payments of principal and
                interest due
                on the Mortgage Loans on or before the Cut-off Date), (ii) any REO
                Property,
                together with all collections thereon and proceeds thereof, (iii)
                the
                Depositor’s rights under the Mortgage Loan Sale Agreement, the Servicing
                Agreement and the Transfer Agreement (including any security interest
                created
                thereby), (iv) the Depositor’s rights under any Insurance Policies related to
                the Mortgage Loans, (v) amounts on deposit from time to time in the
                Collection
                Account, the Certificate Account and the Basis Risk Reserve Fund
                and (vi) the
                Supplemental Interest Trust, the primary assets of which are the
                Swap Agreement
                and the Interest Rate Cap Agreement and all proceeds thereof. 

               

              Distributions
                on this Certificate will be made on the 25th day of each month or,
                if such a day
                is not a Business Day, then on the next succeeding Business Day,
                commencing in
                November 2006 (each, a “Distribution Date”), to the Person in whose name this
                Certificate is registered at the close of business on the last Business
                Day of
                the calendar month immediately preceding the month in which such
                Distribution
                Date occurs (or, in the case of the first Distribution Date, the
                Closing Date)
                (the “Record Date”), in an amount equal to the product of the Percentage
                Interest evidenced by this Certificate and the amount, if any, required
                to be
                distributed to all the Certificates of the Class represented by this
                Certificate. All sums distributable on this Certificate are payable
                in the coin
                or currency of the United States of America which at the time of
                payment is
                legal tender for the payment of public and private debts. 

               

              Reference
                is hereby made to the further provisions of this Certificate set
                forth on the
                reverse hereof, which shall have the same effect as though fully
                set forth on
                the face of this Certificate. 

               

              Unless
                the certificate of authentication hereon has been executed by or
                on behalf of
                the Trustee, whose name appears below by manual signature, this Certificate
                shall not be entitled to any benefit under the Trust Agreement or
                be valid for
                any purpose. 

               

              
                
                  
                  

                

                
                  
                  

                  
                    

                  

                

                
                  
                  

                

              

               

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

               

              WELLS
                FARGO BANK, N.A., as Trustee

              

              

              By:_____________________________________     

              AUTHORIZED
                SIGNATORY

              

              

              Dated:
                November ___, 2006 

              

              

              

              TRUSTEE’S
                CERTIFICATE OF AUTHENTICATION 

               

              This
                is one of the Certificates referred to in the within-mentioned Trust
                Agreement.

               

              WELLS
                FARGO BANK, N.A., as Trustee

              

              

              By:_____________________________________      

              AUTHORIZED
                SIGNATORY

              

              

              Dated:
                November ___, 2006 

              

              
                
                  
                  

                

                
                  
                  

                  
                    

                  

                

                
                  
                  

                

              

              

              

              EXHIBIT
                A-6

              

              [FORM
                OF RESIDUAL CERTIFICATE]

              

               

              THIS
                CERTIFICATE IS A REMIC RESIDUAL INTEREST CERTIFICATE. THIS CERTIFICATE
                DOES NOT
                EVIDENCE AN OBLIGATION OF, OR AN INTEREST IN, AND IS NOT GUARANTEED
                BY, THE
                DEPOSITOR, THE TRUSTEE, THE MASTER SERVICER OR ANY AFFILIATE OF ANY
                OF THEM AND
                IS NOT INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY. 

               

              THIS
                CERTIFICATE IS NOT ENTITLED TO DISTRIBUTIONS OF PRINCIPAL AND WILL
                NOT ACCRUE
                INTEREST. THE HOLDER OF THIS CERTIFICATE WILL BE ENTITLED ONLY TO
                CERTAIN
                LIMITED DISTRIBUTIONS AS PROVIDED IN THE TRUST AGREEMENT. 

               

              THIS
                CERTIFICATE IS SUBORDINATE IN RIGHT OF PAYMENT AS DESCRIBED IN THE
                TRUST
                AGREEMENT REFERRED TO HEREIN. 

               

              THIS
                CERTIFICATE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933,
                AS AMENDED
                (THE “1933 ACT”), OR ANY STATE SECURITIES LAWS. NEITHER THIS CERTIFICATE NOR ANY
                INTEREST OR PARTICIPATION HEREIN MAY BE REOFFERED, SOLD, ASSIGNED,
                TRANSFERRED,
                PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH
                REGISTRATION, UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT
                TO,
                REGISTRATION. 

               

              THE
                HOLDER OF THIS CERTIFICATE BY ITS ACCEPTANCE HEREOF AGREES TO OFFER,
                SELL OR
                OTHERWISE TRANSFER SUCH CERTIFICATE ONLY (A) PURSUANT TO A REGISTRATION
                STATEMENT WHICH HAS BEEN DECLARED EFFECTIVE UNDER THE 1933 ACT, (B)
                TO A PERSON
                IT REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” AS DEFINED IN RULE
                144A UNDER THE 1933 ACT THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR
                THE ACCOUNT OF
                A QUALIFIED INSTITUTIONAL BUYER TO WHOM NOTICE IS GIVEN THAT THE
                TRANSFER IS
                BEING MADE IN RELIANCE ON RULE 144A, OR (C) PURSUANT TO ANOTHER AVAILABLE
                EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE 1933 ACT, SUBJECT
                TO THE
                TRUSTEE’S RIGHT PRIOR TO ANY SUCH OFFER, SALE OR TRANSFER TO REQUIRE THE
                DELIVERY OF A CERTIFICATE OF TRANSFER IN THE FORM APPEARING IN THE
                TRUST
                AGREEMENT. 

               

              NEITHER
                THIS CERTIFICATE, NOR ANY BENEFICIAL INTEREST IN THIS CERTIFICATE,
                MAY BE
                TRANSFERRED, SOLD, PLEDGED, OR OTHERWISE DISPOSED OF UNLESS PRIOR
                TO SUCH
                DISPOSITION, THE PROPOSED TRANSFEREE DELIVERS TO THE TRUSTEE (I)
                AN AFFIDAVIT
                STATING (A) THAT THE PROPOSED TRANSFEREE 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 IS NOT PURCHASING THE CERTIFICATE ON BEHALF OF A
                DISQUALIFIED ORGANIZATION, (B) THAT NO PURPOSE OF SUCH TRANSFER IS
                TO AVOID OR
                IMPEDE THE ASSESSMENT OR COLLECTION OF TAX, (C) IN THE CASE OF A
                NON-U.S.
                PERSON, THAT THE PROPOSED TRANSFEREE 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 4224 OR SUCCESSOR FORM AT THE TIME
                AND IN THE
                MANNER REQUIRED BY THE CODE. 

               

              
                
                  
                  

                

                
                  
                  

                  
                    

                  

                

                
                  
                  

                

              

               

              NO
                TRANSFER OF THIS CERTIFICATE SHALL BE REGISTERED UNLESS THE PROSPECTIVE
                TRANSFEREE PROVIDES THE TRUSTEE WITH (A) A CERTIFICATION TO THE EFFECT
                THAT SUCH
                TRANSFEREE (1) IS NEITHER 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”) NOR A PERSON ACTING
                ON BEHALF OF ANY SUCH PLAN NOR A PERSON USING THE ASSETS OF ANY SUCH
                PLAN OR (2)
                IF THE CERTIFICATE HAS BEEN THE SUBJECT OF AN ERISA-QUALIFYING UNDERWRITING
                AND
                THE TRANSFEREE IS AN INSURANCE COMPANY, SUCH TRANSFEREE IS PURCHASING
                SUCH
                CERTIFICATE WITH FUNDS CONTAINED IN AN “INSURANCE COMPANY GENERAL ACCOUNT” (AS
                SUCH TERM IS DEFINED IN SECTION V(e) OF THE PROHIBITED TRANSACTION
                CLASS
                EXEMPTION 95-60 (“PTCE 95-60”)) AND THE PURCHASE AND HOLDING OF SUCH CERTIFICATE
                ARE COVERED UNDER SECTIONS I AND III OF PTCE 95-60; OR (B) AN OPINION
                OF COUNSEL
                SATISFACTORY TO THE TRUSTEE, AND UPON WHICH THE TRUSTEE, THE MASTER
                SERVICER,
                THE SERVICER, THE DEPOSITOR AND ANY NIMS INSURER SHALL BE ENTITLED
                TO RELY, TO
                THE EFFECT THAT THE PURCHASE OR HOLDING OF SUCH CERTIFICATE BY THE
                PROSPECTIVE
                TRANSFEREE 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
                MASTER SERVICER, THE SERVICER, THE DEPOSITOR 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,
                THE TRUSTEE, THE MASTER SERVICER, THE SERVICER, THE DEPOSITOR OR
                ANY NIMS
                INSURER. 

               

              
                
                  
                  

                

                
                  
                  

                  
                    

                  

                

                
                  
                  

                

              

              

              FIRST
                FRANKLIN MORTGAGE LOAN TRUST, SERIES 2006-FF17

              MORTGAGE
                PASS-THROUGH CERTIFICATE, CLASS [____]

              

               

              Evidencing
                a beneficial interest in three pools consisting primarily of certain
                first lien,
                adjustable and fixed rate, fully amortizing and balloon, residential
                mortgage
                loans and other assets in a trust fund established by: 

               

              STRUCTURED
                ASSET SECURITIES CORPORATION

              
                
                   

                  
                    	Percentage
                            Interest: 100% 	
                            Cut-off
                              Date: November 1, 2006

                          
	 	 
	NUMBER
                            [__]	 

                  

                   

                

              

              THIS
                CERTIFIES THAT TFINN & CO. (on behalf of Lehman Pass-Though Securities Inc.)
                is the registered owner of the Percentage Interest evidenced by this
                Certificate
                evidencing beneficial ownership in a Trust Fund consisting primarily
                of (i)
                certain first lien, adjustable and fixed rate, fully amortizing and
                balloon,
                residential mortgage loans acquired by the Trust Fund on the Closing
                Date (the
“Mortgage Loans”), together with all collections therefrom and proceeds thereof
                (excluding all scheduled payments of principal and interest due on
                the Mortgage
                Loans on or before the Cut-off Date), (ii) any REO Property, together
                with all
                collections thereon and proceeds thereof, (iii) the Depositor’s rights under the
                Mortgage Loan Sale Agreement, the Servicing Agreement and the Transfer
                Agreement
                (including any security interest created thereby), (iv) the Depositor’s rights
                under any Insurance Policies related to the Mortgage Loans, (v) amounts
                on
                deposit from time to time in the Collection Account, the Certificate
                Account and
                the Basis Risk Reserve Fund and (vi) the Supplemental Interest Trust,
                the
                primary assets of which are the Swap Agreement and the Interest Rate
                Cap
                Agreement and all proceeds thereof. 

               

              Distributions
                on this Certificate will be made on the 25th day of each month or,
                if such a day
                is not a Business Day, then on the next succeeding Business Day,
                commencing in
                November 2006 (each, a “Distribution Date”), to the Person in whose name this
                Certificate is registered at the close of business on the last Business
                Day of
                the calendar immediately preceding the month in which such Distribution
                Date
                occurs (or, in the case of the first Distribution Date, the Closing
                Date) (the
“Record Date”), in an amount equal to the product of the Percentage Interest
                evidenced by this Certificate and the amount, if any, required to
                be distributed
                to all the Certificates of the Class represented by this Certificate.
                All sums
                distributable on this Certificate are payable in the coin or currency
                of the
                United States of America which at the time of payment is legal tender
                for the
                payment of public and private debts. 

               

              Reference
                is hereby made to the further provisions of this Certificate set
                forth on the
                reverse hereof, which shall have the same effect as though fully
                set forth on
                the face of this Certificate. 

               

              Unless
                the certificate of authentication hereon has been executed by or
                on behalf of
                the Trustee, whose name appears below by manual signature, this Certificate
                shall not be entitled to any benefit under the Trust Agreement or
                be valid for
                any purpose. 

               

              
                
                  
                  

                

                
                  
                  

                  
                    

                  

                

                
                  
                  

                

              

               

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

               

              WELLS
                FARGO BANK, N.A., as Trustee

              

              

              By:_____________________________________      

              AUTHORIZED
                SIGNATORY

              

              

              Dated:
                November ___, 2006 

              

              

              

              TRUSTEE’S
                CERTIFICATE OF AUTHENTICATION 

               

              This
                is one of the Certificates referred to in the within-mentioned Trust
                Agreement.

               

              WELLS
                FARGO BANK, N.A., as Trustee

              

              

              By:_____________________________________     

              AUTHORIZED
                SIGNATORY

              

              

              Dated:
                November ___, 2006 

              

              

              
                
                  
                  

                

                
                  
                  

                  
                    

                  

                

                
                  
                  

                

              

              

              EXHIBIT
                A-7

              

              [FORM
                OF
                REVERSE OF CERTIFICATE]

              

               

              FIRST
                FRANKLIN MORTGAGE LOAN TRUST 

              MORTGAGE
                PASS-THROUGH CERTIFICATE, SERIES 2006-FF17

               

              This
                Certificate is one of a duly authorized issue of certificates designated
                as
                First Franklin Mortgage Loan Trust Mortgage Pass-Through Certificates,
                Series
                2006-FF17 (the “Certificates”), representing all or part of a beneficial
                ownership interest in a Trust Fund established pursuant to a Trust
                Agreement
                dated as of November 1, 2006 (the “Trust Agreement”), among Structured Asset
                Securities Corporation, as Depositor, Aurora Loan Services LLC, as
                Master
                Servicer, Wells Fargo Bank, N.A., as Trustee and OfficeTiger Global
                Real Estate
                Services Inc., as Credit Risk Manager, to which terms, provisions
                and conditions
                thereof the Holder of this Certificate by virtue of the acceptance
                hereof
                assents, and by which such Holder is bound. The Certificates consist
                of the
                following Classes: the Class A1, Class A2, Class A3, Class A4, Class
                A5, Class
                A6, Class M1, Class M2, Class M3, Class M4, Class M5, Class M6, Class
                M7, Class
                M8, Class M9, Class B, Class P, Class X, Class LT-R and Class R Certificates.
                

               

              On
                each Distribution Date, the Total Distribution Amount for such date
                will be
                distributed from the Certificate Account to Holders of the Certificates
                according to the terms of the Trust Agreement. All distributions
                or allocations
                made with respect to each Class of Certificates on each Distribution
                Date shall
                be allocated among the outstanding Certificates of such Class based
                on the
                Certificate Principal Amount (or Percentage Interest) of each such
                Certificate.

               

              Distributions
                on this Certificate will be made by wire transfer in immediately
                available funds
                to the Holder of record of this Certificate on the immediately preceding
                Record
                Date to an account specified in writing by such Holder to the Trustee
                at least
                five (5) Business Days prior to the first Distribution Date to such
                Holder. Wire
                transfers will be made at the expense of the Holder requesting the
                same by
                deducting a wire transfer fee from the related distribution. The
                final
                distribution on this Certificate will be made, after due notice to
                the Holder of
                the pendency of such distribution, only upon presentation and surrender
                of this
                Certificate at the Corporate Trust Office (as defined below). 

               

              The
                Corporate Trust Office with respect to the presentment and surrender
                of
                Certificates for the final distribution thereon and the presentment
                and
                surrender of the Certificates for any other purpose is the corporate
                trust
                office of the Trustee at Wells Fargo Bank, N.A., 9062 Old Annapolis
                Road,
                Columbia, MD 21045, Attention: Client Manager—FFMLT 2006-FF17. The Trustee may
                designate another address from time to time by notice to the Holders
                of the
                Certificates and the Depositor. 

               

              The
                Trust
                Agreement permits the amendment thereof from time to time by the
                Depositor, the
                Master Servicer and the Trustee 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 and with the consent of any NIMS Insurer,
                for the
                purpose of adding, changing or eliminating any provisions of the
                Trust Agreement
                or modifying the rights of the Holders of the Certificates thereunder,
                as
                provided in the Trust Agreement. Any consent by the Holder of this
                Certificate
                will be conclusive and binding on such Holder and upon all future
                Holders of
                this Certificate and of any Certificate issued upon the transfer
                hereof or in
                exchange herefor or in lieu hereof whether or not notation of such
                consent is
                made upon this Certificate. The Trust Agreement also permits the
                amendment
                thereof, in certain limited circumstances, with the prior written
                consent of any
                NIMS Insurer but without the consent of the Holders of any of the
                Certificates.

               

              
                
                  
                  

                

                
                  
                  

                  
                    

                  

                

                
                  
                  

                

              

               

              As
                provided in the Trust Agreement and subject to certain limitations
                therein set
                forth, the transfer of this Certificate is registerable in the Certificate
                Register upon surrender of this Certificate for registration of transfer
                at the
                Corporate Trust Office, duly endorsed by, or accompanied by a written
                instrument
                of transfer in form satisfactory to the Certificate Registrar, duly
                executed by
                the Holder hereof or such Holder’s attorney duly authorized in writing, and
                thereupon one or more new Certificates of the same Class of authorized
                denominations evidencing the same initial Certificate Principal Amount
                (or
                Percentage Interest) will be issued to the designated transferee
                or transferees.
                As provided in the Trust Agreement and subject to certain limitations
                therein
                set forth, this Certificate is exchangeable for new Certificates
                of the same
                Class evidencing the same aggregate initial Certificate Principal
                Amount (or
                Percentage Interest) as requested by the Holder surrendering the
                same. No
                service charge will be made for any such registration of transfer
                or exchange,
                but the Certificate Registrar may require payment of a sum sufficient
                to cover
                any tax or other governmental charge payable in connection therewith.
                

               

              The
                Class
                A1, Class A2, Class A3, Class A4, Class A5 and Class A6 Certificates
                are
                issuable only in registered form, in minimum denominations of $25,000
                in initial
                Certificate Principal Amount and in integral multiples of $1 in excess
                thereof
                registered in the name of the nominee of the Clearing Agency, which
                shall
                maintain such Certificates through its book-entry facilities. The
                Class M1,
                Class M2, Class M3, Class M4, Class M5, Class M6, Class M7, Class
                M8, Class M9
                and Class B Certificates are issuable only in registered form, in
                denominations
                of $100,000 and in integral multiples of $1 in excess thereof registered
                in the
                name of the nominee of the Clearing Agency, which shall maintain
                such
                Certificates through its book-entry facilities. Each of the Class
                P and Class X
                Certificates are issuable in minimum denominations of 10% Percentage
                Interest
                and will be maintained in physical form. The Class LT-R and Class
                R Certificates
                will each be issued as a single Certificate and maintained in physical
                form. The
                Class R Certificates shall remain outstanding until the latest final
                Distribution Date for the Certificates (other than the Class LT-R
                Certificates),
                and the Class LT-R Certificates shall remain outstanding until the
                termination
                of the Trust Fund. 

               

              The
                Certificates are subject to optional prepayment in full in accordance
                with the
                Trust Agreement on any Distribution Date after the date on which
                the Aggregate
                Pool Balance is less than 10% of the sum of the Cut-off Date Balance,
                for an
                amount as specified in the Trust Agreement. In no event will the
                trust created
                by the Trust Agreement continue beyond the expiration of 21 years
                from the death
                of the last survivor of the descendants living at the date of the
                Trust
                Agreement of a certain person named in the Trust Agreement. 

               

              
                
                  
                  

                

                
                  
                  

                  
                    

                  

                

                
                  
                  

                

              

               

              The
                Depositor, the Trustee and the Certificate Registrar and any agent
                of any of
                them may treat the Person in whose name this Certificate is registered
                as the
                owner hereof for all purposes, and neither the Depositor, the Trustee,
                nor the
                Certificate Registrar nor any such agent shall be affected by any
                notice to the
                contrary. 

               

              As
                provided in the Trust Agreement, this Certificate and the Trust Agreement
                shall
                be construed in accordance with and governed by the laws of the State
                of New
                York, without regard to the conflict of laws principles applied in
                the State of
                New York. In the event of any conflict between the provisions of
                this
                Certificate and the Trust Agreement, the Trust Agreement shall be
                controlling.
                Any term used herein and not otherwise defined shall be as defined
                in the Trust
                Agreement. 

               

              
                
                  
                  

                

                
                  
                  

                  
                    

                  

                

                
                  
                  

                

              

              

              ASSIGNMENT

              

              FOR
                VALUE
                RECEIVED, the undersigned hereby sell(s) and assign(s) and transfer(s)
                unto

              

               

                
                  

                

                 

                  
                    

                  

                

              

              (Please
                print or type name and address, including postal zip code, of assignee
                and

              social
                security number or employer identification number)

              

              the
                within Certificate stating in the names of the undersigned in the
                Certificate
                Register and does hereby irrevocably constitute and appoint 

               

              
                
                  

                

              

              

              to
                transfer such Certificate in such Certificate Register of the Trust.
                

               

              I
                [we]
                further direct the Certificate Registrar to issue a new Certificate
                of the same
                Class of like principal to the above-named assignee and deliver such
                Certificate
                to the following address: 

               

               

              
                
                  

                

                 

                  
                    

                

              

               

              

              
                	Dated:_________________________  	___________________________________ 
                        Signature
                          by or on behalf of Assignor

                      
	 	 
	
                        ______________________________

                        Authorized
                          Officer

                      	___________________________________

                        Signature
                          Guaranteed 

                      
	 	 
	
                        ______________________________ 

                        Name
                          of Institution 

                      	
                         

                        ___________________________________

                        NOTICE:
                          The signature(s) of this assignment must correspond
                          with the name(s) on the face of this Certificate without
                          alteration or any change whatsoever. The signaturemust
                          be guaranteed by a participant in the SecuritiesTransfer
                          Agents Medallion Program, the New York Stock Exchange
                          Medallion Signature Program or the Stock Exchanges
                          Medallion Program. Notarized or witnessed signatures
                          are not acceptable as guaranteed signatures.

                      

              

               

              
                
                  
                  

                

                
                  
                  

                  
                    

                  

                

                
                  
                  

                

              

               

              DISTRIBUTION
                INSTRUCTIONS

              

              The
                assignee should include the following for the information of the
                Certificate
                Registrar. 

              

              Distributions
                shall be made by wire transfer in immediately available funds to

              

               

                
                  

                

              

              

              for
                the
                account
                of _________________________________________________________________________________________,

              

              account
                number  _______________ or,
                if
                mailed by check, to
                ________________________________________________________

              .

              

              Applicable
                reports and statements should be mailed to
                _______________________________________________________

               

              ________________________________________________________________________________________________________.

              

              This
                information is provided by
                _____________________________________________________________________,
                the

              

              assignee
                named above, or ______________________________________________________
                as
                its
                agent. 

              

              
                
                  
                  

                

                
                  
                  

                  
                    

                  

                

                
                  
                  

                

              

               

              EXHIBIT
                B-1

               

              FORM
                OF
                INITIAL CERTIFICATION

               

              
                
                  	 	
                                                          

                          Date

                        

                

              

               

              
              

              Wells
                Fargo Bank, N.A.

              Sixth
                Street and Marquette Avenue

              Minneapolis,
                Minnesota 55479

              

              Structured
                Asset Securities Corporation

              745
                Seventh Avenue, 7th Floor

              New
                York,
                New York 10019

               

              
                	 	Re:	Trust
                        Agreement dated as of November 1, 2006 (the “Trust Agreement”), by and
                        among Structured Asset
                        Securities Corporation, as Depositor, Wells Fargo Bank, N.A.,
                        as Trustee,
                        Aurora Loan Services
                        LLC, as Master Servicer, andOfficeTiger
                        Global Real Estate Services Inc.,
                        as Credit Risk Manager, with respect to First Franklin Mortgage
                        Loan Trust
                        Mortgage Pass-Through Certificates, Series
                        2006-FF17

              

               

              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:

              

              
                
                  
                  

                

                
                  Exhibit
                    B-1

                  
                    

                  

                

                
                  
                  

                

              

              

               

              

              EXHIBIT
                B-2

               

               

              FORM
                OF INTERIM CERTIFICATION

               

              
                	 	
                                                       

                        Date

                      

              

               

              Wells
                Fargo Bank, N.A.

              Sixth
                Street and Marquette Avenue

              Minneapolis,
                Minnesota 55479

              

              Structured
                Asset Securities Corporation

              745
                Seventh Avenue, 7th Floor

              New
                York, New York 10019

              
                 

                
                  	 	Re:	Trust
                          Agreement dated as of November 1, 2006 (the “Trust Agreement”), by
                          and among Structured Asset Securities Corporation, as Depositor,
                          Wells
                          Fargo Bank, N.A., as Trustee, Aurora Loan Services LLC,
                          as Master
                          Servicer, and OfficeTiger Global Real Estate Services Inc.,
                          as Credit Risk
                          Manager, with respect to First Franklin Mortgage Loan Trust
                          Mortgage
                          Pass-Through Certificates, Series
                          2006-FF17

                

                  

              

              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:

              

              
                
                  
                  

                

                
                  Exhibit
                    B-2

                  
                    

                  

                

                
                  
                  

                

              

               

              

              EXHIBIT
                B-3

               

              FORM
                OF
                FINAL CERTIFICATION

              
                 

                
                  	 	
                                                         

                          Date

                        

                

                 

              

              Wells
                Fargo Bank, N.A.

              Sixth
                Street and Marquette Avenue

              Minneapolis,
                Minnesota 55479

              

              Structured
                Asset Securities Corporation

              745
                Seventh Avenue, 7th Floor

              New
                York,
                New York 10019

               

              
                	 	
                        Re:

                      	
                        Trust
                          Agreement dated as of November 1, 2006 (the “Trust Agreement”), by
                          and among Structured Asset Securities Corporation, as Depositor,
                          Wells
                          Fargo Bank, N.A., as Trustee, Aurora Loan Services LLC,
                          as Master
                          Servicer, and OfficeTiger Global Real Estate Services Inc.,
                          as Credit Risk
                          Manager, with respect to First Franklin Mortgage Loan Trust
                          Mortgage
                          Pass-Through Certificates, Series
                          2006-FF17

                      

              

               

              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 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:
                

              

              
                
                  
                  

                

                
                  Exhibit
                    B-3

                  
                    

                  

                

                
                  
                  

                

              

               

              

              EXHIBIT
                B-4

               

              FORM
                OF
                ENDORSEMENT

               

              Pay
                to the order of Wells Fargo Bank, N.A., 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, Aurora Loan Services
                LLC, as
                Master Servicer, and OfficeTiger Global Real Estate Services Inc.,
                as Credit
                Risk Manager relating to First Franklin Mortgage Loan Trust Mortgage
                Pass-Through Certificates, Series 2006-FF17, without recourse.

               

               

              

               

              __________________________________

              [current
                signatory on note]

               

              By:_______________________________

              Name:

              Title:

              

              
                
                  
                  

                

                
                  Exhibit
                    B-4

                  
                    

                  

                

                
                  
                  

                

              

              

              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,
                Aurora
                Loan Services LLC, as Master Servicer, and OfficeTiger Global Real
                Estate
                Services Inc., 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 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).

               

              
                
                  
                  

                

                
                  Exhibit
                    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

            

            
               

              
                
                  
                  

                

                
                  Exhibit
                    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 Trustee an opinion of counsel
                          (a “Benefit
                          Plan Opinion”) satisfactory to the Trustee, and upon which the Trustee,
                          the Master Servicer, the Servicer, 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, the Servicer 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.

                      

              

               

              
                
                  
                  

                

                
                  Exhibit
                    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, Wells Fargo Bank, N.A., as Trustee,
                          Aurora Loan
                          Services LLC, as Master Servicer, and OfficeTiger Global
                          Real Estate
                          Services Inc., 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 Trustee 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 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.

                      

              

               

              
                
                  
                  

                

                
                  Exhibit
                    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.

                      

              

               

              
                
                  
                  

                

                
                  Exhibit
                    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__.

               

              
                
                  
                  

                

                
                  Exhibit
                    D-1-4

                  
                    

                  

                

                
                  
                  

                

              

               

              EXHIBIT
                D-2

               

              FORM
                OF
                RESIDUAL CERTIFICATE TRANSFER AFFIDAVIT (TRANSFEROR)

               

              ____________________________

                                       
                Date

               

               

              
                	 	Re: 	First
                        Franklin Mortgage Loan Trust
                        Mortgage
                          Pass-Through Certificates, Series
                          2006-FF17

                      

              

               

              _______________________
                (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:

               

              
                
                  
                  

                

                
                  Exhibit
                    D-2

                  
                    

                  

                

                
                  
                  

                

              

               

              EXHIBIT
                E

               

              LIST
                OF
                SERVICING AGREEMENTS

              

              

              
                	1.  	
                        Securitization
                          Subservicing Agreement dated as of November 1, 2006, by and among
                          LBH, as seller, National City Home Loan Services, Inc.,
                          as servicer, and
                          Aurora Loan Services LLC, as master servicer.

                      

              

               

              
                
                  
                  

                

                
                  Exhibit
                    E

                  
                    

                  

                

                
                  
                  

                

              

               

              EXHIBIT
                F

               

              FORM
                OF
                RULE 144A TRANSFER CERTIFICATE

              
                 

                 

                
                  	 	Re: 	First
                          Franklin Mortgage Loan Trust 
                          Mortgage
                            Pass-Through Certificates, Series
                            2006-FF17

                        

                

              

               

              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, Wells Fargo Bank, N.A., as Trustee, Aurora Loan Services
                LLC, as
                Master Servicer, and OfficeTiger Global Real Estate Services Inc.,
                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 Depositor.

               

              _____________________________________

              [Name
                of
                Transferor]

               

              By:__________________________________

              Name:

              Title:

               

              Dated:
                ___________, ____

               

              
                
                  
                  

                

                
                  Exhibit
                    F

                  
                    

                  

                

                
                  
                  

                

              

               

              EXHIBIT
                G

               

              FORM
                OF
                PURCHASER’S LETTER FOR

              INSTITUTIONAL
                ACCREDITED INVESTORS

               

                                             

              Date

               

              Wells
                Fargo Bank, N.A.

              Sixth
                Street and Marquette Avenue

              Minneapolis,
                Minnesota 55479

               

              Structured
                Asset Securities Corporation

              745
                Seventh Avenue, 7th
                Floor

              New
                York,
                NY 10019

               

              
                	Re:	
                        First
                          Franklin Mortgage Loan Trust Mortgage Pass-Through

                        Certificates,
                          Series 2006-FF17

                      

              

               

              Dear
                Sirs:

               

              In
                connection with our proposed purchase of $______________ principal
                amount of
                First Franklin Mortgage Loan Trust Mortgage Pass-Through Certificates,
                Series
                2006-FF17, [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 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 (the “Trust Agreement”) by and among the Depositor,
                          Aurora Loan Services LLC, as Master Servicer, Wells Fargo
                          Bank, N.A., as
                          Trustee (the “Trustee”), and OfficeTiger Global Real Estate Services Inc.,
                          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.

                      

              

               

              
                
                  
                  

                

                
                  Exhibit
                    G-1

                  
                    

                  

                

                
                  
                  

                

              

               

              
                	
                        (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.

                      

              

               

              
                	
                        (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 and/or ERISA-Restricted
                          Trust Certificates prior to the termination of the Swap
                          Agreement and the
                          Interest Rate Cap Agreement, 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.

               

              
                
                  
                  

                

                
                  Exhibit
                    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:

               

              
                
                  
                  

                

                
                  Exhibit
                    G-3

                  
                    

                  

                

                
                  
                  

                

              

               

              EXHIBIT
                H

               

              FORM
                OF
                ERISA TRANSFER AFFIDAVIT

              
                 

                
                  	STATE
                          OF	)
	
                        	)
                          ss.:
	COUNTY
                          OF	)

                

                 

              

              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 Trustee
                an opinion of
                counsel (a “Benefit Plan Opinion”) satisfactory to the Trustee, and upon which
                the Trustee, the Master Servicer, the Servicer, 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, the Servicer
                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 or PTCE
                96-23.

               

              
                
                  
                  

                

                
                  Exhibit
                    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,
                Wells Fargo Bank, N.A., as Trustee, Aurora Loan Services LLC, as
                Master
                Servicer, and OfficeTiger Global Real Estate Services Inc., 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 Trustee have received a certificate
                from such
                transferee in the form hereof.

               

              
                
                  
                  

                

                
                  Exhibit
                    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___.

               

              
                
                  
                  

                

                
                  Exhibit
                    H-3

                  
                    

                  

                

                
                  
                  

                

              

              

              EXHIBIT
                I

               

              MONTHLY
                REMITTANCE ADVICE

               

              [Attached
                as Exhibit D-1 to the Servicing Agreement]

               

              
                
                  
                  

                

                
                  Exhibit
                    I

                  
                    

                  

                

                
                  
                  

                

              

               

              EXHIBIT
                J

               

              MONTHLY
                ELECTRONIC DATA TRANSMISSION

               

              
                
                  
                  

                

                
                  Exhibit
                    J

                  
                    

                  

                

                
                  
                  

                

              

              

              EXHIBIT
                K

               

              LIST
                OF
                CUSTODIAL AGREEMENTS

              

               

              
                	1.  	
                        Custodial
                          Agreement dated as of November 1, 2006 between Wells Fargo Bank,
                          N.A., as Trustee, and U.S. Bank National Association, as
                          Custodian.

                      

              

              

              
                
                  
                  

                

                
                  Exhibit
                    K

                  
                    

                  

                

                
                  
                  

                

              

               

              EXHIBIT
                L

               

              LIST
                OF
                LOAN PERFORMANCE MONITORING AGREEMENTS

               

              
                	1)  	
                        Loan
                          Performance Monitoring Agreement dated as of November 27,
                          2006
                          between OfficeTiger Global Real Estate Services Inc., as
                          credit risk
                          manager and National City Home Loan Services, Inc., as
                          servicer.

                      

              

               

              
                
                  
                  

                

                
                  Exhibit
                    L

                  
                    

                  

                

                
                  
                  

                

              

              

              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: 	First
                          Franklin Mortgage Loan Trust 
                          Mortgage
                            Pass-Through Certificates Series
                            2006-FF17

                        

                

                 

              

              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, OfficeTiger Global Real Estate Services Inc., as Credit
                Risk Manager,
                and Wells Fargo Bank, N.A., 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).

               

              
                
                  
                  

                

                
                  Exhibit
                    M-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:             
                  ,           
                

              

              
                
                  
                  

                

                
                  Exhibit
                    M-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: 	First
                            Franklin Mortgage Loan Trust 
                            Mortgage
                              Pass-Through Certificates Series
                              2006-FF17

                          

                  

                

              

               

              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, OfficeTiger Global Real Estate Services Inc., as Credit
                Risk Manager,
                and Wells Fargo Bank, N.A., 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:             
                  ,           
                

               

              
                
                  
                  

                

                
                  Exhibit
                    M-2

                  
                    

                  

                

                
                  
                  

                

              

              

              EXHIBIT
                N

              

              INTEREST
                RATE CAP AGREEMENT

              

              

              See
                closing book or exhibit to Form 8-K filed with the SEC under

              First
                Franklin Mortgage Loan Trust 2006-FF17

               

              
                
                  
                  

                

                
                  Exhibit
                    N

                  
                    

                  

                

                
                  
                  

                

              

               

              EXHIBIT
                O

              

              SWAP
                AGREEMENT

              

              

              See
                closing book or exhibit to Form 8-K filed with the SEC under

              First
                Franklin Mortgage Loan Trust 2006-FF17

               

              
                
                  
                  

                

                
                  Exhibit
                    O

                  
                    

                  

                

                
                  
                  

                

              

               

              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

                         

                      
	
                        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 and Depositor

                      
	
                        ▪
                          Sponsor (Seller)

                      	
                        Seller
                          (if a party to the Trust Agreement) or Depositor

                      
	
                        ▪
                          Depositor

                      	
                        Depositor

                      
	
                        ▪
                          Trustee

                      	
                        Trustee

                      
	
                        ▪
                          Master Servicer

                      	
                        Master
                          Servicer

                      
	
                        ▪
                          Custodian

                      	
                        Custodian(2)

                      
	
                        ▪
                          1110(b) Originator

                      	
                        Depositor

                      
	
                        ▪
                          Any 1108(a)(2) Servicer (other than the Master Servicer)

                      	
                        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

                      
	
                        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)

                      	
                        Trustee

                      

              

               

              
                
                  
                  

                

                
                  Exhibit
                    P-1-1

                  
                    

                  

                

                
                  
                  

                

              

               

              
                
                  	
                          ADDITIONAL
                            FORM 10-D DISCLOSURE

                        
	
                          Item
                            on Form 10-D

                        	
                          Party
                            Responsible 

                        

                

              

              
                	
                        Item
                          5: Submission of Matters to a Vote of Security
                          Holders

                         

                        Information
                          from Item 4 of Part II of Form 10-Q

                      	
                        Trustee

                      
	
                        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.

                      	 
	
                        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

                      	
                        Trustee

                      
	
                        Exhibits
                          required by Item 601 of Regulation S-K, such as material
                          agreements

                      	
                        Depositor

                      

              

              _______________________

               

              (1) This
                information to be provided pursuant to the Servicing Agreement.

              (2) This
                information to be provided pursuant to the Custodial Agreement.

               

              
                
                  
                  

                

                
                  Exhibit
                    P-1-2

                  
                    

                  

                

                
                  
                  

                

              

               

              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

                      	
                        Trustee

                        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.

                      	 
	
                        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
                          proceedings known to be contemplated by governmental
                          authorities:

                      	 

              

               

              
                
                  
                  

                

                
                  Exhibit
                    P-2-1

                  
                    

                  

                

                
                  
                  

                

              

               

              
                
                  	
                          ADDITIONAL
                            FORM 10-K DISCLOSURE

                        
	
                          Item
                            on Form 10-K

                        	
                          Party
                            Responsible 

                        

                

              

              
                	
                        ▪
                          Issuing Entity (Trust Fund)

                      	
                        Trustee,
                          Master Servicer and Depositor

                      
	
                        ▪
                          Sponsor (Seller)

                      	
                        Seller
                          (if a party to the Trust Agreement) or Depositor

                      
	
                        ▪
                          Depositor

                      	
                        Depositor

                      
	
                        ▪
                          Trustee

                      	
                        Trustee

                      
	
                        ▪
                          Master Servicer

                      	
                        Master
                          Servicer

                      
	
                        ▪
                          Custodian

                      	
                        Custodian(1)

                      
	
                        ▪
                          1110(b) Originator

                      	
                        Depositor

                      
	
                        ▪
                          Any 1108(a)(2) Servicer (other than the Master Servicer)

                      	
                        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 

                      
	
                        ▪
                          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 “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 

                      
	
                        ▪
                          Trustee

                      	
                        Trustee

                      
	
                        ▪
                          Any other 1108(a)(3) servicer

                      	
                        Servicer(2)

                      
	
                        ▪
                          Any 1110 Originator

                      	
                        Depositor

                      

              

               

              
                
                  
                  

                

                
                  Exhibit
                    P-2-2

                  
                    

                  

                

                
                  
                  

                

              

              
                

                
                  	
                          ADDITIONAL
                            FORM 10-K DISCLOSURE

                        
	
                          Item
                            on Form 10-K

                        	
                          Party
                            Responsible 

                        

                

              

              
                	
                        ▪
                          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 

                      
	
                        ▪
                          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 Custodial Agreement.

              (2) This
                information to be provided pursuant to the Servicing Agreement.

              

              
                
                  
                  

                

                
                  Exhibit
                    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

                      
	
                        ▪
                          Significant Obligor

                      	
                        Depositor

                      
	
                        ▪
                          Credit Enhancer (10% or more)

                      	
                        Depositor

                      
	
                        ▪
                          Derivative Counterparty

                      	
                        Depositor

                      
	
                        ▪
                          Custodian

                      	
                        Custodian(2)

                      
	
                        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

                        Trustee

                      

              

               

              
                
                  
                  

                

                
                  Exhibit
                    P-3-1

                  
                    

                  

                

                
                  
                  

                

              

               

              
                
                  	
                          FORM
                            8-K DISCLOSURE INFORMATION

                        
	
                          Item
                            on Form 8-K

                        	
                          Party
                            Responsible 

                        

                

              

              
                	
                        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.

                      	
                        Trustee
                          (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

                         

                        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/ Depositor/

                        Servicer(1)/Trustee
                          (as to itself and the Master Servicer)

                      
	
                        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.

                      	
                        New
                          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/Trustee

                      
	
                        Reg
                          AB disclosure about any new enhancement provider is also
                          required.

                      	
                        Depositor

                      

              

               

              
                
                  
                  

                

                
                  Exhibit
                    P-3-2

                  
                    

                  

                

                
                  
                  

                

              

               

              
                
                  	
                          FORM
                            8-K DISCLOSURE INFORMATION

                        
	
                          Item
                            on Form 8-K

                        	
                          Party
                            Responsible 

                        

                

              

              
                	
                        Item
                          6.04- Failure to Make a Required Distribution

                      	
                        Trustee
                          (so long as the Trustee is the Paying Agent)

                      
	
                        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 Servicing Agreement.

              (2) This
                information to be provided pursuant to the Custodial Agreement.

               

              
                
                  
                  

                

                
                  Exhibit
                    P-3-3

                  
                    

                  

                

                
                  
                  

                

              

               

              EXHIBIT
                P-4

               

              ADDITIONAL
                DISCLOSURE NOTIFICATION

              

              Wells
                Fargo Bank, N.A.

              as
                Trustee to First Franklin Mortgage Loan Trust 2006-FF17

              Sixth
                Street and Marquette Avenue

              Minneapolis,
                Minnesota 55479

              

              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,
                Aurora
                Loan Services LLC, as Master Servicer, OfficeTiger Global Real Estate
                Services
                Inc., as Credit Risk Manager, and Wells Fargo Bank, N.A., 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:

               

               

              
                	cc: 	Structured
                        Asset Securities Corporation 
                        745
                          Seventh Avenue, 7th Floor

                        New
                          York, New York 10019

                      

              

               

              
                
                  
                  

                

                
                  Exhibit
                    P-4-1

                  
                    

                  

                

                
                  
                  

                

              

              

              EXHIBIT
                Q-1

              

              FORM
                OF
                BACK-UP SARBANES-OXLEY CERTIFICATION

              

              [  ]

              [  ]

              [  ]

              

               

              
                	 	
                        Re:

                      	
                        FFMLT
                          2006-FF17

                      

              

               

              [_______],
                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

               

              
                
                  
                  

                

                
                  Exhibit
                    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 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.

               

              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, Wells
                Fargo Bank,
                N.A., as Trustee, Aurora Loan Services LLC, as Master Servicer, and
                OfficeTiger
                Global Real Estate Services Inc., 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:

              

              
                
                  
                  

                

                
                  Exhibit
                    Q-1-2

                  
                    

                  

                

                
                  
                  

                

              

              

              EXHIBIT
                Q-2

              

              FORM
                OF
                BACK-UP SARBANES-OXLEY CERTIFICATION TO BE PROVIDED BY THE TRUSTEE

              

               

              
                	
                        Re:

                      	
                        First
                          Franklin Mortgage Loan Trust 2006-FF17 (the “Trust”),
                          Mortgage Pass-Through Certificates, Series 2006-FF17, 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 OfficeTiger Global Real Estate Services
                          Inc., as
                          Credit Risk Manager, and Wells Fargo Bank, N.A., 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.

               

              
                
                  
                  

                

                
                  Exhibit
                    Q-2-1

                  
                    

                  

                

                
                  
                  

                

              

               

              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:
                ___________________  

              

              ________________________

              [Signature]

              [Title]

              

              
                
                  
                  

                

                
                  Exhibit
                    Q-2-2

                  
                    

                  

                

                
                  
                  

                

              

              

              

              EXHIBIT
                R

              

              [RESERVED]

              
                 

                
                  
                    
                    

                  

                  
                    Exhibit
                      R

                    
                      

                    

                  

                  
                    
                    

                  

                

              

               

              EXHIBIT
                S

              

              SERVICING
                CRITERIA TO BE ADDRESSED IN

              REPORT
                ON
                ASSESSMENT OF COMPLIANCE

              

              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, Wells Fargo Bank, N.A., as Trustee, Aurora Loan Services
                LLC, as
                Master Servicer, and OfficeTiger Global Real Estate Services Inc.,
                as Credit
                Risk Manager. 

              

              
                	
                        Reg
                          AB Reference

                      	
                        Servicing
                          Criteria

                      	
                        Paying
                          Agent

                        (including
                          the Trustee if acting as Paying Agent)

                      	
                        Credit
                          Risk Manager

                      	
                        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.
                          

                      	 	 	 	 
	
                        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

                      
	
                        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

                      

              

               

              
                
                  
                  

                

                
                  Exhibit
                    S-1

                  
                    

                  

                

                
                  
                  

                

              

               

              
                
                  	
                          Reg
                            AB Reference

                        	
                          Servicing
                            Criteria

                        	
                          Paying
                            Agent

                          (including
                            the Trustee if acting as Paying Agent)

                        	
                          Credit
                            Risk Manager

                        	
                          Trustee

                        	
                          Master
                            Servicer

                        

                

              

              
                	
                        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

                      	 	
                        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

                      	
                        X

                      

              

               

              
                
                  
                  

                

                
                  Exhibit
                    S-2

                  
                    

                  

                

                
                  
                  

                

              

               

              
                
                  	
                          Reg
                            AB Reference

                        	
                          Servicing
                            Criteria

                        	
                          Paying
                            Agent

                          (including
                            the Trustee if acting as Paying Agent)

                        	
                          Credit
                            Risk Manager

                        	
                          Trustee

                        	
                          Master
                            Servicer

                        

                

              

              
                	
                        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. 

                      	 	 	 	 
	
                        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.
                          

                      	 	 	 	 

              

               

              
                
                  
                  

                

                
                  Exhibit
                    S-3

                  
                    

                  

                

                
                  
                  

                

              

              
                

                
                  	
                          Reg
                            AB Reference

                        	
                          Servicing
                            Criteria

                        	
                          Paying
                            Agent

                          (including
                            the Trustee if acting as Paying Agent)

                        	
                          Credit
                            Risk Manager

                        	
                          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. 

                      	 	 	 	 

              

               

              
                
                  
                  

                

                
                  Exhibit
                    S-4

                  
                    

                  

                

                
                  
                  

                

              

              
                

                
                  	
                          Reg
                            AB Reference

                        	
                          Servicing
                            Criteria

                        	
                          Paying
                            Agent

                          (including
                            the Trustee if acting as Paying Agent)

                        	
                          Credit
                            Risk Manager

                        	
                          Trustee

                        	
                          Master
                            Servicer

                        

                

              

              
                	
                        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

                      	 

              

              

              
                
                  
                  

                

                
                  Exhibit
                    S-5

                  
                    

                  

                

                
                  
                  

                

              

               

              EXHIBIT
                T

               

              

              [RESERVED]

              

              
                
                  
                  

                

                
                  Exhibit
                    T

                  
                    

                  

                

                
                  
                  

                

              

               

              EXHIBIT
                U

              

              FORM
                OF
                CERTIFICATION

              TO
                BE
                PROVIDED BY THE CREDIT RISK MANAGER

              

               

              FORM
                OF CERTIFICATION

               

              Re:
                First
                Franklin Mortgage Loan Trust Mortgage Pass-Through Certificates Series
                2006-FF17
                issued pursuant to the Trust Agreement dated as of November 1, 2006, among
                Structured Asset Securities Corporation, as Depositor (the “Depositor”), Aurora
                Loan Services LLC, as Master Servicer, OfficeTiger Global Real Estate
                Services
                Inc., as Credit Risk Manager, and Wells Fargo Bank, N.A., as Trustee
                (the
“Trustee”).

               

              OFFICETIGER
                GLOBAL REAL ESTATE SERVICES INC. (the “Credit Risk Manager”) certifies to the
                Depositor, the Sponsor, the Master Servicer, the Trustee, 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 Loan Performance Monitoring
                          Agreement dated
                          as of November 27,
                          2006
                          (the “Loan Performance Monitoring Agreement”), by and between the Credit
                          Risk Manager and National City Home Loan Services, Inc.,
                          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 Loan
                          Performance Monitoring Agreement throughout the Relevant
                          Year.

                      

              

               

               

              OFFICETIGER
                GLOBAL REAL ESTATE SERVICES INC.

              

               

               

              By:____________________________________

               

               

              Name:_________________________________

               

              Title:
                _________________________________

               

              
                
                  
                  

                

                
                  Exhibit
                    U

                  
                    

                  

                

                
                  
                  

                

              

               

              EXHIBIT
                V

               

              

              TRANSACTION
                PARTIES

              

              Sponsor
                and Seller: Lehman Brothers Holdings Inc.

              

              Depositor:
                Structured Asset Securities Corporation

              

              Trustee:
                Wells Fargo Bank, N.A.

              

              Master
                Servicer: Aurora Loan Services LLC

              

              Credit
                Risk Manager: OfficeTiger Global Real Estate Services Inc.

              

              Swap
                Counterparty: ABN AMRO Bank N.V.

              

              Cap
                Counterparty: ABN AMRO Bank N.V.

              

              Servicer(s):
                National City Home Loan Services, Inc. 

              

              Originator(s):
                First Franklin, a division of the National City Bank 

              

              Custodian(s):
                U.S. Bank National Association

              

              
                
                  
                  

                

                
                  Exhibit
                    V

                  
                    

                  

                

                
                  
                  

                

              

              

              SCHEDULE
                A

               

               

              MORTGAGE
                LOAN SCHEDULE

               

              [To
                be retained in a separate closing binder entitled “FFMLT 2006-FF17 Mortgage Loan
                Schedules” at Heller Ehrman LLP] 

               

              
                
                  
                  

                

                
                  Schedule
                    A

                  
                    

                  

                

                
                  
                  

                

              

               

              SCHEDULE
                B

               

               

              FIRST
                PAYMENT DEFAULT LOANS

               

              [To
                be maintained in a separate closing binder entitled “FFMLT 2006-FF17 First
                Payment Default Loans” at the Seattle WA offices of Heller Ehrman
                LLP]

              

              
                
                  
                  

                

                
                  Schedule
                    B

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"}]]