Document:

STRUCTURED
      ASSET SECURITIES CORPORATION,

     

    as
      Purchaser

     

    and

     

    THORNBURG
      MORTGAGE HOME LOANS, INC.,

     

    as
      Seller

     

     

     

    MORTGAGE
      LOAN PURCHASE AGREEMENT

     

    Dated
      as
      of July 1, 2006

     

    Adjustable
      Rate and Hybrid Mortgage Loans

     

    Thornburg
      Mortgage Securities Trust 2006-4

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Table
      of Contents

     

    
      	 	
              Page

            
	 	 
	
              ARTICLE
                I. DEFINITIONS AND SCHEDULES

            	
              1

            
	 	 	 
	 	
              Section
                1.01.  Definitions

            	
              1

            
	 	 	 
	
              ARTICLE
                II. SALE OF MORTGAGE LOANS; PAYMENT OF PURCHASE PRICE

            	
              2

            
	 	 	 
	 	
              Section
                2.01.  Sale
                of Mortgage Loans

            	
              2

            
	 	
              Section
                2.02.  Obligations
                of the Seller Upon Sale

            	
              2

            
	 	
              Section
                2.03.  Payment
                of Purchase Price for the Mortgage Loans

            	
              3

            
	 	 	 
	
              ARTICLE
                III. REPRESENTATIONS AND WARRANTIES; REMEDIES FOR BREACH

            	
              3

            
	 	 	 
	 	
              Section
                3.01.  Seller
                Representations and Warranties Relating to the Mortgage
                Loans

            	
              3

            
	 	
              Section
                3.02.  Seller’s
                Representations and Warranties

            	
              3

            
	 	
              Section
                3.03.  Remedies
                for Breach of Representations and Warranties

            	
              5

            
	 	 	 
	
              ARTICLE
                IV. SELLER’S COVENANTS

            	
              5

            
	 	 	 
	 	
              Section
                4.01.  Covenants
                of the Seller

            	
              5

            
	 	 	 
	
              ARTICLE
                V. INDEMNIFICATION

            	
              6

            
	 	 	 
	 	
              Section
                5.01.  Indemnification

            	
              6

            
	 	 	 
	
              ARTICLE
                VI. TERMINATION

            	
              6

            
	 	 	 
	 	
              Section
                6.01.  Termination

            	
              6

            
	 	 	 
	
              ARTICLE
                VII. MISCELLANEOUS PROVISIONS

            	
              6

            
	 	 	 
	 	
              Section
                7.01.  Amendment

            	
              6

            
	 	
              Section
                7.02.  Governing
                Law

            	
              6

            
	 	
              Section
                7.03.  Notices

            	
              6

            
	 	
              Section
                7.04.  Severability
                of Provisions

            	
              7

            
	 	
              Section
                7.05.  Counterparts

            	
              7

            
	 	
              Section
                7.06.  Further
                Agreements

            	
              7

            
	 	
              Section
                7.07.  Intention
                of the Parties

            	
              7

            
	 	
              Section
                7.08.  Successors
                and Assigns: Assignment of Purchase Agreement

            	
              8

            
	 	
              Section
                7.09.  Survival

            	
              8

            
	 	 	 
	
              Schedule
                I:

            	
              Mortgage
                Loan Schedule.

            	
              I-1

            
	
              Schedule
                II:

            	
              List
                of Servicers and Servicing Agreements

            	
              II-1

            
	
              Schedule III:

            	
              Seller’s
                Representations and Warranties Relating to Mortgage Loans.

            	
              III-1

            

    

    
 

    
      
        
        

      

      
        i

        
          

        

      

      
        
        

      

    

     

    THIS
      MORTGAGE LOAN PURCHASE AGREEMENT, dated as of July 1, 2006 (the “Agreement”),
      is
      made and entered into between Thornburg Mortgage Home Loans, Inc. (the
“Seller”)
      and
      Structured Asset Securities Corporation (the “Purchaser”).

     

    W
      I T N E S S E T H

     

    WHEREAS,
      the Seller is the owner of the notes or other evidence of indebtedness (the
      “Mortgage
      Notes”)
      so
      indicated on Schedule I hereto referred to below, and the other documents or
      instruments constituting the Mortgage File (collectively, the “Mortgage
      Loans”);
      and

     

    WHEREAS,
      the Seller is a party to the servicing agreements identified on Schedule II
      (each a “Servicing
      Agreement,”
and
      together the “Servicing
      Agreements”),
      and
      certain of the Mortgage Loans are currently being serviced thereunder by the
      servicers identified therein; and

     

    WHEREAS,
      the Seller, as of the date hereof, owns the mortgages or deeds of trust (the
      “Mortgages”)
      on the
      properties (the “Mortgaged
      Properties”)
      securing such Mortgage Loans, including rights to (a) any property acquired
      by
      foreclosure or deed in lieu of foreclosure or otherwise, (b) the proceeds of
      any
      insurance policies covering the Mortgage Loans or the Mortgaged Properties
      or
      the obligors on the Mortgage Loans and (c) the Seller’s security interest in any
      Additional Collateral; and

     

    WHEREAS,
      the parties hereto desire that the Seller sell the Mortgage Loans, including
      the
      Mortgages, and assign the Seller’s rights under the Servicing Agreements to the
      Purchaser pursuant to the terms of this Agreement; and

     

    WHEREAS,
      pursuant to the terms of that certain Trust Agreement dated as of July 1, 2006
      (the “Trust
      Agreement”)
      among
      the Purchaser, as depositor, the Seller, as seller, Wells Fargo Bank, N.A.,
      as
      master servicer and securities administrator, Wilmington Trust Company, as
      Delaware trustee and LaSalle Bank National Association, as trustee (in such
      capacity, the “Trustee”),
      the
      Purchaser will convey the Mortgage Loans to Thornburg Mortgage Securities Trust
      2006-4 (the “Trust”).

     

    NOW,
      THEREFORE, in consideration of the mutual covenants herein contained, the
      parties hereto agree as follows:

     

    ARTICLE
      I.

     

    DEFINITIONS
      AND SCHEDULES

     

    Section
      1.01. Definitions. Any
      capitalized term used but not defined herein and below shall have the meaning
      assigned thereto in the Trust Agreement, the related Preliminary Prospectus
      Supplement dated August 4, 2006 (the “Preliminary
      Prospectus Supplement”)
      to the
      Prospectus dated June 2, 2006 (the “Prospectus”),
      the
      related Final Prospectus Supplement dated August 8, 2006 (the “Final
      Prospectus Supplement”)
      to the
      Prospectus or the related Private Placement Memorandum dated August 8, 2006
      (the
“Memorandum”).

     

    
      
        
        

      

      
        1

        
          

        

      

      
        
        

      

    

    

    ARTICLE
      II.

     

    SALE
      OF
      MORTGAGE LOANS; PAYMENT OF PURCHASE PRICE

     

    Section
      2.01. Sale
      of Mortgage Loans; Assignment of the Servicing Agreements. The
      Seller, concurrently with the execution and delivery of this Agreement, does
      hereby sell, assign, set over, and otherwise convey to the Purchaser, without
      recourse, all of its right, title and interest in, to and under (i) each
      Mortgage Loan, including the related Cut-Off Date Principal Balance, all
      interest due thereon after the Cut-Off Date and all collections in respect
      of
      interest and principal due after the Cut-Off Date (and all principal received
      before the Cut-Off Date to the extent such principal relates to a Monthly
      Payment due after the Cut-Off Date); (ii) property which secured such Mortgage
      Loan and which has been acquired by foreclosure or deed in lieu of foreclosure;
      (iii) its interest in any insurance policies in respect of the Mortgage Loans;
      (iv) any Additional Collateral with respect to the Mortgage Loans; and (v)
      all
      proceeds of any of the foregoing.

     

    Concurrently
      with the execution and delivery of this Agreement, the Seller hereby assigns
      to
      the Purchaser all of its rights and interest (but none of its obligations)
      under
      each Servicing Agreement, other than any servicing rights retained pursuant
      to
      the provisions of such Servicing Agreements, to the extent relating to the
      Mortgage Loans. The Purchaser hereby accepts such assignment, and shall be
      entitled to exercise all such rights of the Seller under each Servicing
      Agreement as if the Purchaser had been a party to each such
      agreement.

     

    Section
      2.02. Obligations
      of the Seller Upon Sale and Assignment. In
      connection with the transfer pursuant to Section 2.01 hereof, the Seller further
      agrees, at its own expense, on or prior to the Closing Date, (a) to indicate
      in
      its books and records that the Mortgage Loans have been sold to the Purchaser
      pursuant to this Agreement and (b) to deliver to the Purchaser and the Trustee
      a
      computer file containing a true and complete list of all such Mortgage Loans
      specifying for each such Mortgage Loan, as of the Cut-Off Date, (i) its account
      number and (ii) the Cut-Off Date Principal Balance and such file, which forms
      a
      part of Schedule A to the Trust Agreement, shall also be marked as Schedule
      I to
      this Agreement and is hereby incorporated into and made a part of this
      Agreement.

     

    In
      connection with such conveyance by the Seller, the Seller shall on behalf of
      the
      Purchaser deliver to, and deposit with the Trustee, as assignee of the
      Purchaser, on or before the Closing Date, the documents described in Section
      2.01 of the Trust Agreement including, but not limited to, the Servicing
      Agreements.

     

    The
      Seller hereby confirms to the Purchaser and the Trustee that it has made the
      appropriate entries in its general accounting records, to indicate that the
      Mortgage Loans have been transferred to the Trustee, or a custodian appointed
      pursuant to the Trust Agreement to act on behalf of the Trustee, and that the
      Mortgage Loans constitute part of the Trust in accordance with the terms of
      the
      Trust Agreement.

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

    The
      Purchaser hereby acknowledges its acceptance of all right, title and interest
      in, to and under the Mortgage Loans and other property, and its rights under
      the
      Servicing Agreements, now existing or hereafter created, conveyed to it pursuant
      to Section 2.01 hereof.

     

    Section
      2.03. Payment
      of Purchase Price for the Mortgage Loans. In
      consideration of the sale of the Mortgage Loans from the Seller to the Purchaser
      on the Closing Date, the Purchaser agrees to pay to the Seller on the Closing
      Date by transfer of immediately available funds, an amount equal to
      $1,674,095,692.34 (which amount includes accrued interest) (the “Purchase
      Price”).
      The
      Seller shall pay, and be billed directly for, the amounts set forth in the
      Thornburg Securitization Engagement Letter dated October 18, 2001, including
      all
      reasonable expenses incurred by the Purchaser in connection with the issuance
      of
      the Certificates, including, without limitation, printing fees incurred in
      connection with the Preliminary Prospectus Supplement, the Final Prospectus
      Supplement and the Memorandum relating to the Certificates, fees and expenses
      of
      Purchaser’s counsel, fees of the rating agencies requested to rate the
      Certificates, accountant’s fees and expenses and the fees and expenses of the
      Trustee and other out-of-pocket costs, if any.

     

    ARTICLE
      III.

     

    REPRESENTATIONS
      AND WARRANTIES; REMEDIES FOR BREACH

     

    Section
      3.01. Seller
      Representations and Warranties Relating to the Mortgage Loans. The
      Seller hereby makes the representations and warranties set forth in Schedule
      III
      hereto applicable to the Mortgage Loans and by this reference incorporated
      herein, to the Depositor and the Trustee, as of the Closing Date or, if
      applicable, such other date as may be specified therein.

     

    Section
      3.02.  Seller’s
      Representations and Warranties. The
      Seller represents, warrants and covenants to the Purchaser as of the Closing
      Date or as of such other date specifically provided herein:

     

    (i) the
      Seller is duly organized, validly existing and in good standing as a corporation
      under the laws of the State of Delaware and is and will remain in compliance
      with the laws of each state in which any Mortgaged Property is located to the
      extent necessary to fulfill its obligations hereunder;

     

    (ii) the
      Seller has the power and authority to hold each Mortgage Loan, to sell each
      Mortgage Loan, to execute, deliver and perform, and to enter into and
      consummate, all transactions contemplated by this Agreement. The Seller has
      duly
      authorized the execution, delivery and performance of this Agreement, has duly
      executed and delivered this Agreement, and this Agreement, assuming due
      authorization, execution and delivery by the Purchaser, constitutes a legal,
      valid and binding obligation of the Seller, enforceable against it in accordance
      with its terms except as the enforceability thereof may be limited by
      bankruptcy, insolvency or reorganization or other similar laws in relation
      to
      the rights of creditors generally;

     

    (iii) the
      execution and delivery of this Agreement by the Seller and the performance
      of
      and compliance with the terms of this Agreement will not violate the Seller’s
      articles of incorporation or by-laws or constitute a material default under
      or
      result in a material breach or acceleration of, any material contract, agreement
      or other instrument to which the Seller is a party or which may be applicable
      to
      the Seller or its assets;

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

    (iv) the
      Seller is not in violation of, and the execution and delivery of this Agreement
      by the Seller and its performance and compliance with the terms of this
      Agreement will not constitute a violation with respect to, any order or decree
      of any court or any order or regulation of any federal, state, municipal or
      governmental agency having jurisdiction over the Seller or its assets, which
      violation might have consequences that would materially and adversely affect
      the
      condition (financial or otherwise) or the operation of the Seller or its assets
      or might have consequences that would materially and adversely affect the
      performance of its obligations and duties hereunder;

     

    (v) the
      Seller does not believe, nor does it have any reason or cause to believe, that
      it cannot perform each and every covenant contained in this
      Agreement;

     

    (vi) the
      Seller has good, marketable and indefeasible title to the Mortgage Loans, free
      and clear of any and all liens, pledges, charges or security interests of any
      nature encumbering the Mortgage Loans;

     

    (vii) the
      Mortgage Loans are not being transferred by the Seller with any intent to
      hinder, delay or defraud any creditors of the Seller;

     

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

     

    (ix) no
      consent, approval, authorization or order of any court or governmental agency
      or
      body is required for the execution, delivery and performance by the Seller
      of,
      or compliance by the Seller with, this Agreement or the consummation of the
      transactions contemplated by this Agreement, except for such consents,
      approvals, authorizations or orders, if any, that have been obtained;
      and

     

    (x) the
      consummation of the transactions contemplated by this Agreement are in the
      ordinary course of business of the Seller, and the transfer, assignment and
      conveyance of the Mortgage Notes and the Mortgages by the Seller pursuant to
      this Agreement are not subject to the bulk transfer or any similar statutory
      provisions.

     

    (b) On
      the
      Closing Date, the Seller shall deliver to the Purchaser a certificate of an
      authorized officer of the Seller to the effect that, as of the Closing Date,
      the
      information set forth in the Preliminary Prospectus Supplement, the Final
      Prospectus Supplement and the Memorandum, as it relates to the Thornburg
      Information does not contain an untrue statement of a material fact or omit
      to
      state a material fact necessary in order to make the statements contained
      therein, in light of the circumstances under which they were made, not
      misleading.

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

    Section
      3.03. Remedies
      for Breach of Representations and Warranties. 
      It is
      understood and agreed that (i) the representations and warranties set forth
      in
      Sections 3.01 and 3.02 hereof shall survive the sale of the Mortgage Loans
      to
      the Purchaser and shall inure to the benefit of the Purchaser and the Trust,
      notwithstanding any restrictive or qualified endorsement on any Mortgage Note
      or
      Assignment or the examination or lack of examination of any Mortgage File and
      (ii) the remedies for the breach of such representations and warranties and
      for
      the failure to deliver the documents referred to in Section 2.02 hereof shall
      be
      as set forth in Section 2.03 of the Trust Agreement.

     

    It
      is
      understood and agreed that the representations and warranties set forth in
      Section 3.01 hereof shall survive delivery of the respective Mortgage Files
      to
      the Trustee on behalf of the Purchaser.

     

    ARTICLE
      IV.

     

    SELLER’S
      COVENANTS

     

    Section
      4.01. Covenants
      of the Seller. 
      The
      Seller hereby covenants that, except for the transfer hereunder, it will not
      sell, pledge, assign or transfer to any other Person, or grant, create, incur,
      assume or suffer to exist any Lien on any Mortgage Loan, or any interest
      therein; it will notify the Trust, as assignee of the Purchaser, of the
      existence of any Lien on any Mortgage Loan immediately upon discovery thereof;
      and it will defend the right, title and interest of the Trust, as assignee
      of
      the Purchaser, in, to and under the Mortgage Loans, against all claims of third
      parties claiming through or under the Seller; provided,
      however,
      that
      nothing in this Section 4.01 shall prevent or be deemed to prohibit the Seller
      from suffering to exist upon any of the Mortgage Loans any Liens for municipal
      or other local taxes and other governmental charges if such taxes or
      governmental charges shall not at the time be due and payable or if the Seller
      shall currently be contesting the validity thereof in good faith by appropriate
      proceedings and shall have set aside on its books adequate reserves with respect
      thereto.

     

    ARTICLE
      V.

     

    INDEMNIFICATION

     

    Section
      5.01. Indemnification. The
      Seller agrees to indemnify and to hold each of the Purchaser, the Trust, the
      Trustee, each of the officers and directors of each such entity and each person
      or entity who controls each such entity or person harmless against any and
      all
      claims, losses, penalties, fines, forfeitures, legal fees and related costs,
      judgments, and any other costs, fees and expenses that the Purchaser, the Trust,
      the Trustee, or any such person or entity may sustain in any way related to
      the
      failure of the Seller to perform its duties in compliance with the terms of
      this
      Agreement. The Seller shall immediately notify the Purchaser and the Trustee
      if
      a claim is made under this provision. The Seller shall assume the defense of
      any
      such claim and pay all expenses in connection therewith, including reasonable
      counsel fees, and promptly pay, discharge and satisfy any judgment or decree
      which may be entered against the Purchaser, the Trust, the Trustee or any such
      person or entity in respect of such claim.

     

    
      
        
        

      

      
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    ARTICLE
      VI.

     

    TERMINATION

     

    Section
      6.01. Termination. 
      The
      respective obligations and responsibilities of the Seller and the Purchaser
      created hereby shall terminate, except for the respective indemnity obligations
      as provided herein, upon the termination of the Trust as provided in Article
      X
      of the Trust Agreement.

     

    ARTICLE
      VII.

     

    MISCELLANEOUS
      PROVISIONS

     

    Section
      7.01. Amendment. This
      Agreement may be amended from time to time by the Seller and the Purchaser
      by
      written agreement signed by the parties hereto.

     

    Section
      7.02. 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
      7.03. Notices. 
      All
      demands, notices and communications hereunder shall be in writing and shall
      be
      deemed to have been duly given if personally delivered at or mailed by
      registered mail, postage prepaid, addressed as follows:

     

    if
      to the
      Seller:

     

    Thornburg
      Mortgage Home Loans, Inc.

    150
      Washington Avenue, Suite 302

    Santa
      Fe,
      New Mexico 87501

    Attention:
      Deborah J. Burns

    

    or
      such
      other address as may hereafter be furnished to the Purchaser in writing by
      the
      Seller.

     

    if
      to the
      Purchaser:

     

    Structured
      Asset Securities Corporation 

    745
      7th
      Avenue, 28th Floor 

    New
      York,
      New York 10019 

    Attention:
      Legal

     

    or
      such
      other address as may hereafter be furnished to the Seller in writing by the
      Purchaser.

     

    Section
      7.04. Severability
      of Provisions. 
      If any
      one or more of the covenants, agreements, provisions or terms of this Agreement
      shall be held invalid for any reason whatsoever, 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 of enforceability of the other provisions of this
      Agreement.

     

    
      
        
        

      

      
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    Section
      7.05. Counterparts. 
      This
      Agreement may be executed in one or more counterparts and by the different
      parties hereto on separate counterparts, which may be transmitted by telecopier
      each of which, when so executed, shall be deemed to be an original and such
      counterparts, together, shall constitute one and the same
      agreement.

     

    Section
      7.06. Further
      Agreements. 
      The
      parties hereto each agree to execute and deliver to the other such additional
      documents, instruments or agreements as may be necessary or reasonable and
      appropriate to effectuate the purposes of this Agreement or in connection with
      the issuance of the Certificates representing interests in the Trust Fund,
      including the Mortgage Loans.

     

    Without
      limiting the generality of the foregoing, as a further inducement for the
      Purchaser to purchase the Mortgage Loans from the Seller, the Seller will
      cooperate with the Purchaser in connection with the sale of the Certificates.
      In
      that connection, the Seller will provide to the Purchaser any and all
      information and appropriate verification of information, whether through letters
      of its auditors and counsel or otherwise, as the Purchaser shall reasonably
      request and will provide to the Purchaser such additional representations and
      warranties, covenants, opinions of counsel, letters from auditors, and
      certificates of public officials or officers of the Seller as are reasonably
      required in connection with the offering of the Certificates.

     

    Section
      7.07. Intention
      of the Parties. The
      parties hereto intend that the transaction set forth herein be a non-recourse
      sale by the Seller to the Purchaser of all of the Seller’s right, title and
      interest in, to and under the Mortgage Loans and other property described in
      Section 2.01 hereof. Accordingly, the parties hereto each intend to treat the
      transaction as a sale by the Seller, and a purchase by the Purchaser, of the
      Mortgage Loans. Nonetheless, in the event the transaction set forth herein
      is
      deemed not to be a sale, the Seller hereby grants to the Purchaser a security
      interest in all of the Seller’s right, title and interest in, to and under the
      Mortgage Loans and other property described in Section 2.01 hereof, whether
      now
      existing or hereafter created, to secure all of the Seller’s obligations
      hereunder; and this Agreement shall constitute a security agreement under
      applicable law. The Seller and the Purchaser shall, to the extent consistent
      with this Agreement, take such actions as may be necessary to ensure that,
      if
      this Agreement were deemed to create a security interest in the Mortgage Loans,
      such security interest would be deemed to be a perfected security interest
      of
      first priority under applicable law and will be maintained as such throughout
      the term of the Trust Agreement. The Purchaser will have the right to review
      the
      Mortgage Loans and the related Mortgage Files to determine the characteristics
      of the Mortgage Loans which will affect the Federal income tax consequences
      of
      owning the Mortgage Loans and the Seller will cooperate with all reasonable
      requests made by the Purchaser in the course of such review.

     

    Section
      7.08. Successors
      and Assigns: Assignment of Purchase Agreement. 
      This
      Agreement shall bind and inure to the benefit of and be enforceable by the
      Seller, the Purchaser and the Trustee. The obligations of the Seller under
      this
      Agreement cannot be assigned or delegated to a third party without the consent
      of the Purchaser which consent shall be at the Purchaser’s sole discretion,
      except that the Purchaser acknowledges and agrees that the Seller may assign
      its
      obligations hereunder to any Person into which the Seller is merged or any
      corporation resulting from any merger, conversion or consolidation to which
      the
      Seller is a party or any Person succeeding to the business of the Seller. The
      parties hereto acknowledge that the Purchaser is acquiring the Mortgage Loans
      and the rights of the Seller under the Servicing Agreements for the purpose
      of
      selling them to the Trust that will issue the Certificates representing
      undivided interests in such Mortgage Loans. As an inducement to the Purchaser
      to
      purchase the Mortgage Loans, the Seller acknowledges and consents to the
      assignment by the Purchaser to the Trust of all of the Purchaser’s rights
      against the Seller pursuant to this Agreement insofar as such rights relate
      to
      Mortgage Loans transferred to the Trust and to the enforcement or exercise
      of
      any right or remedy against the Seller pursuant to this Agreement by the
      Trustee. Such enforcement of a right or remedy by the Trustee shall have the
      same force and effect as if the right or remedy had been enforced or exercised
      by the Purchaser directly.

     

    
      
        
        

      

      
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    Section
      7.09. Survival. 
      The
      representations and warranties set forth in Sections 3.01 and 3.02 and the
      provisions of Article V hereof shall survive the purchase of the Mortgage Loans
      hereunder.

     

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

     

    IN
      WITNESS WHEREOF, the Seller and the Purchaser have caused their names to be
      signed to this Mortgage Loan Purchase Agreement by their respective officers
      thereunto duly authorized as of the day and year first above
      written.

     

    STRUCTURED
      ASSET SECURITIES CORPORATION,

    as
      Purchaser

     

    By:
      /s/ Mary
      Stone                                                      

    Name:
      Mary Stone

    Title:
      Vice President

     

    THORNBURG
      MORTGAGE HOME LOANS, INC.,

    as
      Seller

     

    By:
      /s/ Deborah J.
      Burns                                            

    Name:
      Deborah J. Burns

    Title:
      Senior Vice President

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
       

      
        
          	STATE OF NEW YORK	)
	 	
                  )ss.:

                
	
                  COUNTY
                    OF __________

                	)

        

      

       

    

    On
      the
      ___ day of August, 2006 before me, a Notary Public in and for said State,
      personally appeared _________________, known to me to be a ________________
      of
STRUCTURED
      ASSET SECURITIES CORPORATION,
      the
      corporation that executed the within instrument, and also known to me to be
      the
      person who executed it on behalf of said corporation, and acknowledged to me
      that such corporation executed the within instrument.

     

    IN
      WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal the
      day and year in this certificate first above written.

     

    _______________________

    Notary
      Public

     

    My
      Commission Expires on _______________

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      
        	STATE OF NEW MEXICO	)
	 	
                )ss.:

              
	
                COUNTY
                  OF SANTE FE

              	)

      

    

     

     

    On
      the
      ____ day of August, 2006 before me, a notary public in and for said State,
      personally appeared Deborah J. Burns, known to me to be a Senior Vice President
      of THORNBURG MORTGAGE HOME LOANS, INC., a Delaware corporation that executed
      the
      within instrument, and also known to me to be the person who executed it on
      behalf of said corporation, and acknowledged to me that such corporation
      executed the within instrument.

     

    IN
      WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal the
      day and year in this certificate first above written.

     

    _______________________

    Notary
      Public

    

    My
      Commission Expires ______________________

     

    
 

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

     

    SCHEDULE
      I

     

    MORTGAGE
      LOAN SCHEDULE 

     

    [See
      Schedule I of Trust
      Agreement]

     

    
      
        
        

      

      
        I-1

        
          

        

      

      
        
        

      

    

    SCHEDULE
      II

     

    LIST
      OF
      SERVICING AGREEMENTS

     

    
      	 	
              1.

            	
              (a)
                Servicing Agreement, dated as of March 1, 2002, among Thornburg Mortgage
                Home Loans, Inc. (“Thornburg”), as seller and servicer and Wells Fargo
                Bank N.A. (“Wells Fargo”), as master servicer, as amended by the Amendment
                to Servicing Agreement, dated as of December 1, 2002, and as amended
                by
                the Second Amendment to Servicing Agreement, dated as of January
                1, 2006,
                and (b) the Subservicing Acknowledgement Agreement, dated as of March
                1,
                2002, between Thornburg, as servicer, and Cenlar FSB, as sub-servicer
                (“Cenlar”), as amended by the Amendment to Subservicing Acknowledgement
                Agreement, dated as of December 1, 2002, and by the Second Amendment
                to
                Subservicing Acknowledgement Agreement, dated as of January 1, 2006,
                including the related Transfer Notice, dated July 26, 2006, from
                Thornburg, as seller, to Thornburg, as servicer, and Cenlar, as
                sub-servicer.

            

    

     

    
      	 	
              2.

            	
              Amended
                and Restated Correspondent Loan Purchase Agreement, dated as of March
                25,
                2002, between Thornburg Mortgage Home Loans, Inc. (“Thornburg”) and First
                Republic Bank (“First Republic”), including the related Transfer Notice,
                dated July 26, 2006, from Thornburg to First
                Republic.

            

    

     

    
      	 	
              3.

            	
              Amended
                and Restated Correspondent Loan Purchase Agreement, dated as of March
                27,
                2002, between Thornburg and Colonial Savings, F.A. (“Colonial”), including
                the related Transfer Notice, dated July 26, 2006, from Thornburg
                to
                Colonial.

            

    

     

    
      	 	
              4.

            	
              Correspondent
                Loan Purchase Agreement, dated as of January 31, 2006, between Thornburg
                Mortgage Home Loans, Inc. (“Thornburg”) and Mellon Trust of New England,
                N.A. (“Mellon”), including the related Transfer Notice, dated July 26,
                2006, from Thornburg to Mellon.

            

    

     

    
      	 	
              5.

            	
              Reconstituted
                Servicing Agreement, dated as of July 1, 2006, by and among Thornburg,
                Countrywide Home Loans Servicing LP (“Countrywide”), as servicer, LaSalle
                Bank National Association, as trustee, and acknowledged by Wells
                Fargo
                Bank, N.A., as master servicer, relating
                to the Mortgage Loan Purchase and Servicing Agreement dated as of
                September 1, 2005 as amended by the Amendment Reg AB dated as of
                July 1,
                2006 by and between Thornburg and Countrywide and by the Amendment
                Number
                Two dated as of June 19, 2006 by and between Thornburg and
                Countrywide.

            

    

     

    
      	 	
              6.

            	
              Correspondent
                Loan Purchase Agreement, dated as of April 6, 2006, between Thornburg
                Mortgage Home Loans, Inc. (“Thornburg”) and First Horizon Home Loan Corp.
                (“First Horizon”), including the related Transfer Notice, dated July 26,
                2006, from Thornburg to First
                Horizon.

            

    

     

    
      	 	
              7.

            	
              Reconstituted
                Servicing Agreement, dated as of July 1, 2006, by and among Thornburg,
                Wells Fargo Bank, N.A. (“Wells Fargo”), as servicer, Thornburg Mortgage
                Securities Trust 2006-4, and acknowledged by Wells Fargo, as master
                servicer, relating to the Second Amended and Restated Master Seller’s
                Warranties and Servicing Agreement dated as of May 1, 2006, between
                Bank
                of America, National Association (“B of A”) and Wells Fargo, as amended by
                the Assignment, Assumption and Recognition Agreement dated as of
                July 25,
                2006, among B of A, Wells Fargo and
                Thornburg.

            

    

     

     

    
      
        
        

      

      
        II-1

        
          

        

      

      
        
        

      

    

     

    
      	 	
              8.

            	
              Reconstituted
                Servicing Agreement, dated as of July 1, 2006, by and among Thornburg,
                JPMorgan Chase Bank, National Association (“Chase”), as servicer,
                Thornburg Mortgage Securities Trust 2006-4, and acknowledged by Wells
                Fargo, as master servicer, relating to the Flow Servicing Agreement
                dated
                as of September 1, 2005, between Thornburg and Chase, as amended
                by
                Amendment Reg AB dated as of January 1, 2006, by and between Chase
                and
                Thornburg.

            

    

     

    
      	 	
              9.

            	
              Reconstituted
                Servicing Agreement, dated as of July 1, 2006, by and among Thornburg,
                PHH
                Mortgage Corporation (“PHH Mortgage”), as servicer, Thornburg Mortgage
                Securities Trust 2006-4, and acknowledged by Wells Fargo, as master
                servicer, relating to the Amended and Restated Mortgage Loan Flow
                Purchase, Sale and Servicing Agreement dated as of January 1, 2006,
                between PHH Mortgage, Bishops Gate Residential Mortgage Trust (“Bishops
                Gate”) and J.P. Morgan Mortgage Acquisition Corp. (“J.P. Morgan”), as
                amended by the Assignment, Assumption and Recognition Agreement dated
                as
                of July 1, 2006, among PHH Mortgage, Bishops Gate, J.P. Morgan and
                Thornburg.

            

    

     

     

    
      
        
        

      

      
        II-2

        
          

        

      

      
        
        

      

    

    SCHEDULE
      III

     

    SELLER’S
      REPRESENTATIONS AND 

    WARRANTIES
      RELATING TO

    MORTGAGE
      LOANS

     

    The
      Seller hereby represents and warrants to, and covenants with, the Purchaser
      that, as to each Mortgage Loan, as of the Closing Date:

     

    
      	
              (i)

            	
              (a)
                The information set forth in the Mortgage Loan Schedule is complete,
                true
                and correct in all material respects and (b) the Mortgage Note or
                an
                affidavit of lost Mortgage Note with respect to each Mortgage Loan
                has
                been delivered to the Trustee or its
                designee.

            

    

     

    
      	
              (ii)

            	
              As
                of the Cut-Off Date, none of the Mortgage Loans (by Stated Principal
                Balance) were 30 or more days delinquent.

            

    

     

    
      	
              (iii)

            	
              To
                the best of the Seller’s knowledge, there are no delinquent taxes, ground
                rents, water charges, sewer rents, assessments, insurance premiums,
                leasehold payments, including assessments payable in future installments
                or other outstanding charges affecting the related Mortgaged Property
                or
                escrow funds have been established in an amount sufficient to pay
                for
                every such escrowed item which remains
                unpaid.

            

    

     

    
      	
              (iv)

            	
              The
                terms of the Mortgage Note and the Mortgage (including with respect
                to
                provisions relating to any Additional Collateral (if applicable))
                have not
                been impaired, waived, altered or modified in any respect, except
                by
                written instruments which have been recorded, if necessary to protect
                the
                interests of the Trust, and which are included in the Mortgage File,
                the
                substance of which waiver, alteration or modification has been approved
                by
                the primary mortgage guaranty insurer, if any, and by the title insurer,
                in each instance to the extent required by the related policy and
                is
                reflected on the Mortgage Loan Schedule. Except for any modification
                agreement or similar document contained in the Mortgage File permitting
                a
                borrower to modify his loan, no instrument of waiver, alteration
                or
                modification has been executed, and no Mortgagor has been released,
                in
                whole or in part, except in connection with an assumption agreement
                approved by the primary mortgage insurer, if any, and title insurer,
                in
                each instance to the extent required by the policy, and which assumption
                agreement is part of the Mortgage
                File.

            

    

     

    
      	
              (v)

            	
              The
                Mortgage Note and the Mortgage (including with respect to provisions
                relating to any Additional Collateral (if applicable)) are not subject
                to
                any right of rescission, set-off, counterclaim or defense, including
                the
                defense of usury, nor will the operation of any of the terms of the
                Mortgage Note and Mortgage, or the exercise of any right thereunder,
                render the Mortgage unenforceable, in whole or in part, or subject
                to any
                right of rescission, set-off, counterclaim or defense, including
                the
                defense of usury, and to the Seller’s knowledge no such right of
                rescission, set-off, counterclaim or defense has been asserted with
                respect thereto.

            

    

     

     

    
      
        
        

      

      
        III-1

        
          

        

      

      
        
        

      

    

     

    
      	
              (vi)

            	
              All
                buildings upon the Mortgaged Property are insured by a generally
                acceptable insurer against loss by fire, hazards of extended coverage
                and
                such other hazards as are customary in the area where the Mortgaged
                Property is located. All such insurance policies contain a standard
                mortgagee clause naming the Master Servicer or the applicable Servicer,
                their successors and assigns as mortgagee and to the Seller’s knowledge
                all premiums thereon have been paid. If upon origination of the Mortgage
                Loan, the Mortgaged Property was in an area identified in the Federal
                Register by the Federal Emergency Management Agency as having special
                flood hazards (and such flood insurance has been made available)
                a flood
                insurance policy meeting the requirements of the current guidelines
                of the
                Federal Insurance Administration is in effect which policy conforms
                to the
                requirements of Fannie Mae or Freddie Mac. The Mortgage obligates
                the
                Mortgagor thereunder to maintain all such insurance at the Mortgagor’s
                cost and expense, and on the Mortgagor’s failure to do so, authorizes the
                holder of the Mortgage to maintain such insurance at the Mortgagor’s cost
                and expense and to seek reimbursement therefor from the
                Mortgagor.

            

    

     

    
      	
              (vii)

            	
              The
                Mortgage Loan is not a loan (A) subject to 12 CFR Part 226.31, 12
                CFR Part
                226.32 or 12 CFR Part 226.34 of Regulation Z, the regulation implementing
                TILA, which implements the Home Ownership and Equity Protection Act
                of
                1994, as amended, or any comparable state law (B) a “High Cost Loan” or
                “Covered Loan” as applicable, as such terms are defined in the current
                Standard & Poor’s LEVELS® GLOSSARY classified and/or defined as a
                “high cost” loan or “predatory,” “high cost,” “threshold” or “covered”
                lending under any other state, federal or local law. The Mortgage
                Loan at
                the time it was made otherwise complied in all material respects
                with any
                and all requirements of any federal, state or local law including,
                but not
                limited to, all predatory lending laws, usury, truth in lending,
                real
                estate settlement procedures (including the Real Estate Settlement
                Procedures Act of 1974, as amended), consumer credit protection,
                equal
                credit opportunity or disclosure laws applicable to such Mortgage
                Loan.

            

    

     

    
      	
              (viii)

            	
              The
                Mortgage has not been satisfied, canceled or subordinated, or rescinded,
                in whole or in part, and the Mortgaged Property has not been released
                from
                the lien of the Mortgage except for a release that does not materially
                impair the security of the Mortgage Loan or is reflected in the
                loan-to-value ratio, in whole or in part, nor has any instrument
                been
                executed that would effect any such release, cancellation, subordination
                or rescission unless payoff funds have been deposited in the custodial
                account.

            

    

     

    
      	
              (ix)

            	
              The
                Mortgage is a valid, existing and enforceable first lien on the Mortgaged
                Property, including all improvements on the Mortgaged Property subject
                only to (A) the lien of current real property taxes and assessments
                not
                yet due and payable, (B) covenants, conditions and restrictions,
                rights of
                way, easements and other matters of the public record as of the date
                of
                recording being acceptable to mortgage lending institutions generally
                and
                either (a) specifically referred to in a lender’s title insurance policy
                delivered to the originator of the Mortgage Loan or (b) which do
                not
                adversely affect the Appraised Value of the Mortgaged Property, and
                (C)
                other matters to which like properties are commonly subject which
                do not
                materially interfere with the benefits of the security intended to
                be
                provided by the Mortgage or the use, enjoyment, value or marketability
                of
                the related Mortgaged Property; and, further provided, with respect
                to
                Cooperative Loans, the lien of the related cooperative corporation
                for
                unpaid assessments representing the obligor’s pro rata share of the
                cooperative corporation’s payments for its blanket mortgage, current and
                future real property taxes, insurance premiums, maintenance fees
                and other
                assessments to which like collateral is commonly subject. Any security
                agreement, chattel mortgage or equivalent document related to and
                delivered in connection with the Mortgage establishes and creates
                a valid,
                existing and enforceable first lien and first priority security interest
                on the property described therein and the Seller has full right to
                sell
                and assign the same to the
                Purchaser.

            

    

     

     

    
      
        
        

      

      
        III-2

        
          

        

      

      
        
        

      

    

     

    
      	
              (x)

            	
              The
                Mortgage Note and the related Mortgage are genuine and each is the
                legal,
                valid and binding obligation of the maker thereof, enforceable in
                accordance with its terms, except as the enforceability thereof may
                be
                limited by bankruptcy, insolvency, or reorganization or other laws
                relating to the rights of creditors and general principles of
                equity.

            

    

     

    
      	
              (xi)

            	
              All
                parties to the Mortgage Note and the Mortgage had legal capacity
                to enter
                into the Mortgage Loan and to execute and deliver the Mortgage Note
                and
                the Mortgage, and the Mortgage Note and the Mortgage have been duly
                and
                properly executed by such parties.

            

    

     

    
      	
              (xii)

            	
              The
                proceeds of the Mortgage Loan have been fully disbursed, there is
                no
                requirement for future advances thereunder and any and all requirements
                as
                to completion of any on-site or off-site improvements and as to
                disbursements of any escrow funds therefor have been complied with
                (except
                for escrow funds for exterior items which could not be completed
                due to
                weather and escrow funds for the completion of swimming pools); and
                all
                costs, fees and expenses incurred in making, closing or recording
                the
                Mortgage Loan have been paid, except recording fees with respect
                to
                Mortgages not recorded as of the Closing
                Date.

            

    

     

    
      	
              (xiii)

            	
              The
                Seller has acquired its ownership of each Mortgage Loan in good faith
                without notice of any adverse claim, and as of the Closing Date,
                the
                Mortgage Note and the Mortgage are not assigned or pledged, and
                immediately prior to the sale of the Mortgage Loan to the Purchaser,
                the
                Seller was the sole owner thereof and with full right to transfer
                and sell
                the Mortgage Loan to the Purchaser free and clear of any encumbrance,
                equity, lien, pledge, charge, claim or security interest and with
                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.

            

    

     

     

    
      
        
        

      

      
        III-3

        
          

        

      

      
        
        

      

    

     

    
      	
              (xiv)

            	
              To
                the Seller’s best knowledge, the Seller or, if the Mortgage Loan was not
                originated by the Seller, the originator is or was (or, during the
                period
                in which they held and disposed of such interest, were) (A) in compliance
                with any and all applicable licensing requirements of the laws of
                the
                state wherein the Mortgaged Property is located, and (B) either (i)
                organized under the laws of such state, or (ii) qualified to do business
                in such state, or (iii) a federal savings and loan association or
                national
                bank or subsidiary having preemptive authority under federal law
                or under
                applicable state law to engage in business in such state without
                qualification, or (iv) not doing business in such
                state.

            

    

     

    
      	
              (xv)

            	
              The
                Mortgage Loan is covered by an ALTA lender’s title insurance policy or
                other form acceptable to Fannie Mae or Freddie Mac, issued by a title
                insurer acceptable to Fannie Mae or Freddie Mac and qualified to
                do
                business in the jurisdiction where the Mortgaged Property is located,
                insuring (subject to the exceptions contained in (ix)(A) through
                (C)
                above) the originator or the Seller, their respective successors
                and
                assigns as to the first priority lien of the Mortgage in the original
                principal balance of the Mortgage Loan. The Seller is the sole insured
                of
                such lender’s title insurance policy, and such lender’s title insurance
                policy is in full force and effect and will be in full force and
                effect
                upon the consummation of the transactions contemplated by this Agreement.
                No claims have been made under such lender’s title insurance policy, and
                no prior holder of the related Mortgage, including the Seller, has
                done,
                by act or omission, anything which would impair the coverage of such
                lender’s title insurance policy.

            

    

     

    
      	
              (xvi)

            	
              Except
                as set forth in (ii) above, there is no default, breach, violation
                or
                event of acceleration existing under the Mortgage or the Mortgage
                Note and
                no event which, with the passage of time or with notice and the expiration
                of any grace or cure period, would constitute a default, breach,
                violation
                or event of acceleration, and the Seller has not waived any default,
                breach, violation or event of
                acceleration.

            

    

     

    
      	
              (xvii)

            	
              To
                the best of the Seller’s knowledge, there are no mechanics’ or similar
                liens or claims which have been filed for work, labor or material
                (and no
                rights are outstanding that under law could give rise to such lien)
                affecting the related Mortgaged Property which are or may be liens
                prior
                to, or equal or on parity with, the lien of the related
                Mortgage.

            

    

     

    
      	
              (xviii)

            	
              To
                the Seller’s best knowledge, all improvements which were considered in
                determining the Appraised Value of the related Mortgaged Property
                lay
                wholly within the boundaries and building restriction lines of the
                Mortgaged Property, and no improvements on adjoining properties encroach
                upon the Mortgaged Property.

            

    

     

    
      	
              (xix)

            	
              The
                Mortgage Loan was originated by the Seller or a subsidiary of the
                Seller
                or was purchased by the Seller from a third party and the originator
                of
                each Mortgage Loan, was, at the time of origination, (A) (1) a Fannie
                Mae-approved or Freddie Mac-approved seller/servicer and (2) a U.S.
                Department of Housing and Urban Development approved mortgage banker,
                or a
                savings and loan association, a savings bank, a commercial bank or
                similar
                banking institution which is supervised and examined by a federal
                or state
                authority or (B) closed in the name of a loan broker under the
                circumstances described in the following sentence. If such Mortgage
                Loan
                was originated through a loan broker, the related originator qualifies
                under clause (A) above, such Mortgage Loan met such originator’s
                underwriting criteria at the time of origination and was originated
                in
                accordance with such originator’s polices and procedures and such
                originator acquired such Mortgage Loan from the loan broker
                contemporaneously with the origination thereof. Each Mortgage Note
                has a
                Mortgage Rate that adjusts periodically (not always in correlation
                to the
                index calculation term), based on the 1-Month LIBOR, 6-Month LIBOR,
                1-Year
                LIBOR or 1-Year CMT index, (as each is defined in the Trust Agreement),
                except that some Mortgage Loans first adjust after an initial period
                of
                one month, six months or one, three, five, seven or ten years following
                origination.

            

    

     

     

    
      
        
        

      

      
        III-4

        
          

        

      

      
        
        

      

    

     

    
      	
              (xx)

            	
              The
                origination practices used by the Seller or the originator of the
                Mortgage
                Loan and the collection practices used by the Master Servicer or
                the
                applicable Servicer with respect to each Mortgage Note and Mortgage
                have
                been in all respects legal, proper, prudent and customary in the
                mortgage
                origination and servicing business. With respect to escrow deposits
                and
                escrow payments, if any, all such payments are in the possession
                of, or
                under the control of, the applicable Servicer and there exist no
                deficiencies in connection therewith for which customary arrangements
                for
                repayment thereof have not been made.

            

    

     

    
      	
              (xxi)

            	
              The
                Mortgaged Property is undamaged by waste, fire, earthquake or earth
                movement, windstorm, flood, tornado or other casualty, so as to have
                a
                material adverse effect on the value of the related Mortgaged Property
                as
                security for the related Mortgage Loan or the use for which the premises
                were intended and there is no proceeding pending for the total or
                partial
                condemnation thereof.

            

    

     

    
      	
              (xxii)

            	
              The
                Mortgage contains customary and enforceable provisions such as to
                render
                the rights and remedies of the holder thereof adequate for the realization
                against the Mortgaged Property of the benefits of the security provided
                thereby, including, (A) in the case of a Mortgage designated as a
                deed of
                trust, by trustee’s sale, and (B) otherwise by judicial foreclosure. There
                is no other exemption available to the Mortgagor which would interfere
                with the right to sell the Mortgaged Property at a trustee’s sale or the
                right to foreclose the Mortgage. 

            

    

     

    
      	
              (xxiii)

            	
              The
                Mortgage Loan was underwritten generally in accordance with either
                (A) the
                Seller’s underwriting standards described in the Preliminary Prospectus
                Supplement and the Final Prospectus Supplement, (B) in the case of
                a
                Mortgage Loan originated by First Republic Bank, the underwriting
                standards of First Republic Bank or (C) in the case of a Mortgage
                Loan
                originated by a bulk seller, the underwriting standards of the related
                bulk seller or a third party originator’s underwriting guidelines.
                

            

    

     

     

    
      
        
        

      

      
        III-5

        
          

        

      

      
        
        

      

    

     

    
      	
              (xxiv)

            	
              The
                mortgage file in possession of the related Servicer contains an appraisal
                of the related Mortgaged Property by a qualified appraiser, duly
                appointed
                by the originator of the Mortgage Loan, who had no interest, direct
                or
                indirect in the Mortgaged Property or in any loan made on the security
                thereof, and whose compensation is not affected by the approval or
                disapproval of the Mortgage Loan or, in accordance with certain specified
                programs of the originator of the Mortgage Loan an approved AVM in
                lieu of
                the appraisal.

            

    

     

    
      	
              (xxv)

            	
              In
                the event the Mortgage constitutes a deed of trust, a trustee, duly
                qualified under applicable law to serve as such, has been properly
                designated and currently so serves and is named in the Mortgage,
                and no
                fees or expenses are or will become payable by the Depositor to the
                trustee under the deed of trust, except, in connection with a trustee’s
                sale after default by the
                Mortgagor.

            

    

     

    
      	
              (xxvi)

            	
              Except
                for 0.55% of the Mortgage Loans, no Mortgage Loan (A) contains provisions
                pursuant to which Monthly Payments are paid or partially paid with
                funds
                deposited in any separate account established by the Seller, the
                Mortgagor, or anyone on behalf of the Mortgagor or paid by any source
                other than the Mortgagor or (B) contains any provision permitting
                a
                temporary “buydown” of the related Mortgage Rate. No Mortgage Loan was a
                graduated payment mortgage loan as of the date of its origination.
                No
                Mortgage Loan has a shared appreciation or other contingent interest
                feature.

            

    

     

    
      	
              (xxvii)

            	
              No
                Mortgage Loan had a Loan-to-Value Ratio in excess of 100%. Other
                than one
                Mortgage Loan (representing approximately 0.04% of the Mortgage Loans),
                the portion of the unpaid principal balance of each Mortgage Loan
                which is
                in excess of 80% of the original Loan-to-Value Ratio either (a) has
                additional collateral or (b) is and will be insured as to payment
                defaults
                under a primary mortgage insurance policy issued by a primary mortgage
                insurer licensed to do business in the state in which the Mortgaged
                Property is located and acceptable to Fannie Mae or Freddie Mac as
                of the
                Closing Date, so as to reduce the mortgagee’s exposure in accordance with
                the standards of Fannie Mae or Freddie Mac and applicable law. All
                provisions of such primary mortgage insurance policy have been and
                are
                being complied with; such policy is valid and in full force and effect
                and
                all premiums due thereunder have been paid.

            

    

     

    
      	
              (xxviii)

            	
              Except
                for any Additional Collateral Mortgage Loans, the Mortgage Note is
                not and
                has not been secured by any collateral, pledged account, or other
                security
                except the lien of the Mortgage, and the security interest of any
                applicable security agreement or chattel mortgage referred to
                above.

            

    

     

    
      	
              (xxix)

            	
              [Reserved].
                

            

    

     

    
      	
              (xxx)

            	
              To
                the best of Seller’s knowledge, the Mortgaged Property is lawfully
                occupied under applicable law. To the best of Seller’s knowledge, all
                inspections, licenses and certificates required to be made or issued
                with
                respect to all occupied portions of the related Mortgaged Property
                and,
                with respect to the use and occupancy of the same, including but
                not
                limited to certificates of occupancy, had been made or obtained from
                the
                appropriate authorities.

            

    

     

     

    
      
        
        

      

      
        III-6

        
          

        

      

      
        
        

      

    

     

    
      	
              (xxxi)

            	
              Each
                Assignment is in recordable form and is acceptable for recording
                under the
                laws of the jurisdiction in which the Mortgaged Property is
                located.

            

    

     

    
      	
              (xxxii)

            	
              If
                the Mortgaged Property is a condominium unit or a planned unit development
                (other than a de minimis planned unit development) such condominium
                or
                planned unit development project meets Fannie Mae or Freddie Mac
                or the
                originator’s eligibility
                requirements.

            

    

     

    
      	
              (xxxiii)

            	
              Each
                Mortgage is a “qualified mortgage” for purposes of the REMIC
                Provisions.

            

    

     

    
      	
              (xxxiv)

            	
              To
                the Seller’s best knowledge, no fraud was committed by the originator of
                the Mortgage Loan and the Seller is not aware of any fact that would
                reasonably lead the Seller to believe that any Mortgagor had committed
                fraud in connection with the origination of such Mortgage
                Loan.

            

    

     

    
      	
              (xxxv)

            	
              The
                Mortgagor has not notified the Seller, and the Seller has no knowledge
                of
                any relief requested by the Mortgagor under the Relief
                Act.

            

    

     

    
      	
              (xxxvi)

            	
              The
                Seller has no knowledge of any toxic or hazardous substances affecting
                the
                Mortgaged Property or any violation of any local, state, or federal
                environmental law, rule, or regulation. The Seller has no knowledge
                of any
                pending action or proceeding directly involving any Mortgaged Property
                in
                which compliance with any environmental law, rule, or regulation
                is an
                issue.

            

    

     

    
      	
              (xxxvii)

            	
              As
                to any Additional Collateral Mortgage Loan, such Mortgage Loan is
                secured
                by a perfected first priority security interest in the related Additional
                Collateral.

            

    

     

    
      	
              (xxxviii)

            	
              As
                to any Additional Collateral Mortgage Loan, the applicable pledge
                agreement is in place, is genuine and is the legal, valid and binding
                obligation of the maker thereof, enforceable in accordance with its
                terms
                subject to bankruptcy, insolvency and other laws of general application
                affecting the rights of creditors and general principles of
                equity.

            

    

     

    
      	
              (xxxix)

            	
              With
                respect to each Cooperative Loan (i) there is no provision in the
                related
                proprietary lease which requires the related Mortgagor to offer for
                sale
                the shares owned by such Mortgagor first to the Cooperative Corporation
                for a price less than the outstanding amount of the Cooperative Loan
                and
                (ii) there is no prohibition in the related proprietary lease against
                pledging such shares or assigning the proprietary lease that has
                been
                violated in connection with the origination of the Cooperative
                Loan.

            

    

     

    
      	
              (xl)

            	
              With
                respect to each Cooperative Loan, as of the Closing Date, such Cooperative
                Loan is secured by shares held by a “tenant-stockholder” of a corporation
                that qualifies as a “cooperative housing corporation” as such terms are
                defined in Section 216(b)(1) of the
                Code.

            

    

     

     

    
      
        
        

      

      
        III-7

        
          

        

      

      
        
        

      

    

     

    
      	
              (xli)

            	
              With
                respect to each Cooperative Loan, the related Mortgage and related
                UCC
                financing statement creates a first-priority security interest in
                the
                stock in the Cooperative Corporation and the related proprietary
                lease of
                the related Cooperative Unit which were pledged to secure such Cooperative
                Loan, and the Cooperative Corporation owns the Cooperative Corporation
                as
                an estate in fee simple in real property or pursuant to a leasehold
                acceptable to Fannie Mae.

            

    

     

     

    
      
        
        

      

      
        III-8AMENDING DEED TO THE MORTGAGE
                                      ORIGINATION AND MANAGEMENT
                                      AGREEMENT

                                      FOR THE SUPERANNUATION MEMBERS' HOME LOANS
                                      PROGRAMME

                                      PERPETUAL LIMITED
                                      ABN 86 000 431 827

                                      THE BANK OF NEW YORK

                                      ME PORTFOLIO MANAGEMENT LIMITED
                                      ABN 79 005 964 134

                                      and

                                      MEMBERS EQUITY BANK PTY LIMITED
                                      ABN 56 070 887 679

<PAGE>

--------------------------------------------------------------------------------
TABLE OF CONTENTS
Clause                                                                      Page

1     DEFINITIONS AND INTERPRETATION                                           2

      1.1   Definitions                                                        2
      1.2   Interpretation                                                     3

2     AMENDMENTS TO THE AGREEMENT                                              3

      2.1   Amendments                                                         3
      2.2   Effectiveness                                                      3
      2.3   Amendments not to affect validity, rights, obligations             3
      2.4   Agreement and consent by Note Trustee                              3
      2.5   Notice to Designated Ratings Agencies                              4

3     GENERAL                                                                  4

      3.1   Governing law and jurisdiction                                     4
      3.2   Variation                                                          4
      3.3   Further assurances                                                 4
      3.4   Counterparts                                                       4
      3.5   Attorneys                                                          4
      3.6   Trustee limitation of liability                                    4
      3.7   Limitation of liability of Note Trustee                            4

(A)   SCHEDULE 1 - AMENDMENTS                                                  5

--------------------------------------------------------------------------------
                                                                          page 1
<PAGE>

--------------------------------------------------------------------------------
THIS AMENDING DEED

      is made on 17 August 2006 between the following parties:

      1     PERPETUAL LIMITED
            ABN 86 000 431 827
            of Level 12, 123 Pitt Street, Sydney, New South Wales
            (formerly known as Perpetual Trustees Australia Limited)
            (TRUSTEE)

      2     THE BANK OF NEW YORK (AS TRUSTEE FOR THE CLASS A NOTEHOLDERS UNDER
            THE NOTE TRUST DEEDS)
            of 101 Barclay Street, Floor 21 West, New York, New York 10286,
            United States of America
            (NOTE TRUSTEE)

      3     ME PORTFOLIO MANAGEMENT LIMITED
            ABN 79 005 964 134
            of Level 17, 360 Collins Street, Melbourne, Victoria
            (formerly known as Superannuation Members' Home Loans Limited)
            (MANAGER)

      4     MEMBERS EQUITY BANK PTY LIMITED
            ABN 56 070 887 679
            of Level 17, 360 Collins Street, Melbourne Victoria
            (formerly known as NMFM Lending Pty Limited and Members Equity Pty
            Limited)
            (MORTGAGE MANAGER)

RECITALS

      A.    The Trustee is a trustee of trusts known as the Superannuation
            Members' Home Loans Trusts (TRUSTS) and the Manager is a manager of
            the Trusts.

      B.    The Trustee, the Manager and the Former Mortgage Manager entered
            into the Mortgage Origination and Management Agreement.

      C.    By the Deed of Novation the Former Mortgage Manager surrendered its
            rights and was released and discharged from its obligations under
            the Mortgage Origination and Management Agreement and the Mortgage
            Manager became entitled to equivalent rights and assumed equivalent
            obligations.

      D.    The Note Trustee is trustee for the Class A Noteholders under the
            Note Trust Deed.

      E.    The Note Trustee has received confirmation from each Designated
            Rating Agency that the amendment to the Agreement to be made by this
            deed will not lead to a reduction, qualification or withdrawal of
            the rating given to the Class A Notes.

      F.    The Note Trustee is of the reasonable opinion that the amendments to
            the Agreement to be made by this deed are neither prejudicial or
            likely to be prejudicial to the interests of the Class A Noteholders
            as a whole, and in the manner, and to the extent permitted by the
            Transaction Documents.

--------------------------------------------------------------------------------
                                                                          page 1
<PAGE>

      G.    The parties wish to amend the Agreement in the manner set out in
            this deed.

THE DEED WITNESSES

      that in consideration of, among other things, the mutual promises
      contained in this deed, the parties agree:

--------------------------------------------------------------------------------
      1 DEFINITIONS AND INTERPRETATION

      1.1   DEFINITIONS

            In this deed:

            AGREEMENT means the agreement created by the Mortgage Origination
            and Management Agreement and the Deed of Novation.

            CLASS A NOTES means, in respect of a Fund, the Class A Notes as
            defined in the Note Trust Deed for that Fund.

            CLASS A NOTEHOLDERS means, in respect of a Fund, Class A Noteholders
            as defined in the Note Trust Deed for that Fund.

            CONSENT FUNDS means each of:

            (a)   SMHL Global Fund No. 6;

            (b)   SMHL Global Fund No. 7; and

            (c)   SMHL Global Fund No. 8.

            DEED OF NOVATION means the deed dated 28 September 1995 between the
            Trustee, the Manager, the Former Mortgage Manager and the Mortgage
            Manager.

            DESIGNATED RATING AGENCY means, in respect of a Fund, each
            Designated Rating Agency as defined in the Note Trust Deed for that
            Fund.

            FORMER MORTGAGE MANAGER means National Mutual Property Services
            (Aust) Pty Limited.

            FUND means each Consent Fund and each Specified Fund.

            MORTGAGE ORIGINATION AND MANAGEMENT AGREEMENT means the agreement
            dated 4 July 1994 between the Trustee, the Manager and the Former
            Mortgage Manager (as amended).

            NOTE TRUST DEED means each of the following:

            (a)   the Note Trust Deed in relation to the Securitisation Fund
                  known as the SMHL Global Fund No. 1 dated 20 June 2000;

            (b)   the Note Trust Deed in relation to the Securitisation Fund
                  known as the SMHL Global Fund No. 2 dated 7 June 2001;

            (c)   the Note Trust Deed in relation to the Securitisation Fund
                  known as the SMHL Global Fund No. 3 dated 21 October 2002;

            (d)   the Note Trust Deed in relation to the Securitisation Fund
                  known as the SMHL Global Fund No. 4 dated 29 April 2003;

            (e)   the Note Trust Deed in relation to the Securitisation Fund
                  known as the SMHL Global Fund No. 5 dated 18 Nov 2003;

--------------------------------------------------------------------------------
                                                                          page 2
<PAGE>

            (f)   the Note Trust Deed in relation to the Securitisation Fund
                  known as the SMHL Global Fund No. 6 dated 05 April 2004;

            (g)   the Note Trust Deed in relation to the Securitisation Fund
                  known as the SMHL Global Fund No. 7 dated 10 September 2004;

            (h)   the Note Trust Deed in relation to the Securitisation Fund
                  known as the SMHL Global Fund No. 8 dated 26 September 2005;

            SPECIFIED FUNDS means each of:

            (a)   SMHL Global Fund No. 1;

            (b)   SMHL Global Fund No. 2;

            (c)   SMHL Global Fund No. 3;

            (d)   SMHL Global Fund No. 4; and

            (e)   SMHL Global Fund No. 5.

            TRANSACTION DOCUMENT means, in respect of a Fund, each Transaction
            Document as defined in the Note Trust Deed for that Fund.

      1.2   INTERPRETATION

            Clause 1.2 of the Agreement is incorporated in this deed as if set
            out in full in this deed.

--------------------------------------------------------------------------------
2     AMENDMENTS TO THE AGREEMENT

      2.1   AMENDMENTS

            The Agreement is amended as set out in schedule 1 by the parties to
            this deed other than the Note Trustee.

      2.2   EFFECTIVENESS

            The amendments to the Agreement in clause 2.1 take effect on and
            from the date of this deed.

      2.3   AMENDMENTS NOT TO AFFECT VALIDITY, RIGHTS, OBLIGATIONS

            (a)   An amendment to the Agreement does not affect the validity or
                  enforceability of the Agreement.

            (b)   Nothing in this deed:

                  (1)   prejudices or adversely affects any right, power,
                        authority, discretion or remedy arising under the
                        Agreement before the date of this deed; or

                  (2)   discharges, releases or otherwise affects any liability
                        or obligation arising under the Agreement before the
                        date of this deed.

      2.4   AGREEMENT AND CONSENT BY NOTE TRUSTEE

            (a)   In respect of the Specified Funds, the Note Trustee agrees to
                  the amendments set out in schedule 1 (in so far as such
                  amendments affect or relate to the Specified Funds).

            (b)   In respect of the Consent Funds, the Note Trustee consents to
                  the amendments in schedule 1 (in so far as such amendments
                  affect or relate to the Consent Funds).

--------------------------------------------------------------------------------
                                                                          page 3
<PAGE>

      2.5   NOTICE TO DESIGNATED RATINGS AGENCIES

            Each party confirms that:

            (a)   it has received a copy of a confirmation by each Designated
                  Rating Agency that the Designated Rating Agency has received
                  notice of the amendments in schedule 1 in accordance with
                  clause 35 of the Agreement; and

            (b)   such confirmation is in terms satisfactory to that party.

--------------------------------------------------------------------------------
3     GENERAL

      3.1   GOVERNING LAW AND JURISDICTION

            (a)   This deed is governed by the laws of the State of New South
                  Wales.

            (b)   Each of the parties irrevocably submits to the non-exclusive
                  jurisdiction of the courts of the State of New South Wales.

      3.2   VARIATION

            A variation of any term of this deed must be in writing and signed
            by the parties.

      3.3   FURTHER ASSURANCES

            To the extent permitted by law, each party must do all things and
            execute all further documents necessary and within its capacity to
            give full effect to this deed.

      3.4   COUNTERPARTS

            (a)   This deed may be executed in any number of counterparts.

            (b)   All counterparts, taken together, constitute one instrument.

            (c)   A party may execute this deed by signing any counterpart.

      3.5   ATTORNEYS

            Each of the attorneys executing this deed states that the attorney
            has no notice of the revocation of the power of attorney appointing
            that attorney.

      3.6   TRUSTEE LIMITATION OF LIABILITY

            Clause 17 of the Agreement is incorporated in this deed as if set
            out in full in this deed except that references to "this Agreement"
            are references to "this deed".

      3.7   LIMITATION OF LIABILITY OF NOTE TRUSTEE

            Notwithstanding any other provision of this deed, the Note Trustee
            will have no liability under or in connection with this deed other
            than to the extent to which the liability is able to be satisfied
            out of the property from which the Note Trustee is actually
            indemnified for the liability. This limitation will not apply to a
            liability of the Note Trustee to the extent that it is not satisfied
            because, under this deed or by operation of laws, there is a
            reduction in the extent of the Note Trustee's indemnification as a
            result of the Note Trustee's fraud, negligence or wilful default.
            Nothing in this clause limits or adversely affects the powers of the
            Note Trustee.

--------------------------------------------------------------------------------
                                                                          page 4
<PAGE>

--------------------------------------------------------------------------------
(A)   SCHEDULE 1 - AMENDMENTS

The Agreement is amended by:

(a)   deleting from the definition of "Approved Solicitor" in clause 1.1 the
      words "approved in accordance with the Agreed Procedures" and substituting
      "approved by the Trustee and appointed";

(b)   replacing the definition of "Approved Valuer" in clause 1.1 with "APPROVED
      VALUER means a person appointed by the Trust Manager and Mortgage Manager
      to value Properties.";

(c)   deleting the definition of "Periodic Reports" in clause 1.1 in its
      entirety and substituting the following new definition:

      "Periodic Reports means all reports, information and data (if any) which
      the Mortgage Manager is required to give to the Trust Manager on a regular
      or periodic basis as agreed between the Trust Manager and the Mortgage
      Manager from time to time.";

(d)   deleting the definition of "Solicitor's Certificate" in clause 1.1 in its
      entirety and substituting the following new definition:

      "Solicitor's Certificate means, in relation to a Mortgage, a certificate
      from an Approved Solicitor addressed to the Trustee and the Trust Manager
      as to certain matters relating to the origination of that Mortgage and the
      Property, such certificate to be in the form agreed from time to time
      between the Trust Manager, the Mortgage Manager and the Trustee.";

(e)   deleting the definition of "Valuation" in clause 1.1 in its entirety and
      substituting the following new definition:

      "Valuation means, in relation to a Mortgage, a valuation of the Property,
      prepared by an Approved Valuer and in a form agreed from time to time
      between the Trust Manager and the Mortgage Manager and failing that, by
      the Mortgage Manager.";

(f)   deleting clause 2.3 in its entirety;

(g)   deleting from clause 3.2 the words ", provided that the Mortgage Manager
      complies with Agreed Procedures in doing so" and substituting the words
      "provided that the Mortgage Manager must not use the name and logo of the
      Trustee without the prior approval of the Trustee.";

(h)   deleting clause 4.2 in its entirety and substituting the following new
      clause 4.2:

      "4.2 Form of Origination Proposals

      A proposal made by the Mortgage Manager under clause 4.1 must be in the
      form, contain the information, and be accompanied by the documents (if
      any) agreed from time to time between the Trust Manager and the Mortgage
      Manager, and any relevant Mortgage Insurance Policy.";

(i)   deleting clause 4.3 in its entirety and substituting the following new
      clause 4.3:

      "4.3 Implementation of Proposals

      If the Trustee, acting on a recommendation by the Mortgage Manager in a
      proposal under clause 4.1, accepts the proposal, the Mortgage Manager must
      take all action which it is required to take in implementing that proposal
      (including under any relevant Mortgage

--------------------------------------------------------------------------------
                                                                          page 5
<PAGE>

      Insurance Policy). In doing so, the Mortgage Manager must use the same
      degree of skill and care as would be used by a responsible and prudent
      mortgagee.";

(j)   amending clause 5.1 by:

      (1)   inserting "and" at the end of paragraph (a);

      (2)   deleting "; and" from the end of paragraph (b) and substituting a
            full-stop; and

      (3)   deleting paragraph (c) in its entirety.

(k)   deleting paragraph (c) in its entirety from clause 5.3 and substituting
      the following new paragraph (c):

      "(c)  NO LIABILITY: the Mortgage Manager shall have no liability for the
            acts or omissions of:

            (1)   any Approved Solicitor provided that:

                  (i)   any such person is appointed in accordance with this
                        Agreement; and

                  (ii)  the terms of such appointment are such that each such
                        person is appointed to act for the Trustee and is
                        directly liable to the Trustee for its acts or omissions
                        in acting as an Approved Solicitor; or

            (2)   any Approved Valuer provided that the terms of its appointment
                  are such that each such person is directly liable to the
                  Trustee for its acts or omissions in acting as an Approved
                  Valuer.";

(l)   deleting from clause 5.7 the words "These accounting and other records
      must be kept in such form and using such data storage, access and
      retrieval methods as are set out in the Agreed Procedures" and replacing
      them with "These accounting and other records must be kept in a form which
      is accessible by or on behalf of the Trustee in the event that the Trustee
      needs to access for regulatory, enforcement, accounting or legal action.";

(m)   inserting in clause 6.1 after the words "in the form required" the words
      "as agreed" and deleting from clause 6.1 the words "by the Agreed
      Procedures" and substituting "between the Trust Manager and the Mortgage
      Manager";

(n)   deleting from clause 10.1 (a) the words ", in accordance with clause 4 and
      the Agreed Procedures";

(o)   deleting from clause 10.1 (b) the words "which complied with the Agreed
      Procedures";

(p)   deleting paragraph (c) in clause 10.1 in its entirety.

(q)   deleting paragraph (k) in clause 10.1 in its entirety and substituting the
      following new paragraph (k):

      "(k)  the Mortgagor's Application for Loan has been fully investigated by
            the Mortgage Manager, and the Mortgage Manager is satisfied that all
            statements and information contained in it are correct in all
            material respects;"

(r)   inserting the words "(except for clause 10.1(m))" after the words
      "settlement of a Mortgage" in the first paragraph of clause 10.1; and

(s)   deleting clause 12; and

(t)   deleting clause 10.1(o) in its entirety and re-lettering clause 10.1(p) as
      clause 10.1(o).

--------------------------------------------------------------------------------
                                                                          page 6
<PAGE>

--------------------------------------------------------------------------------
EXECUTED AS A DEED:

EXECUTED for
PERPETUAL LIMITED
by its attorney in the
presence of:

/s/ Joe D'Ambrosio                  /s/ Jennifer Wu       /s/ Marelize Coetzee
--------------------------------    --------------------------------------------
Witness                             Attorney

Joe D'Ambrosio                      Jennifer Wu           Marelize Coetzee
--------------------------------    --------------------------------------------
Name (please print)                 Name (please print)

EXECUTED for
THE BANK OF NEW YORK
by its Authorised Signatory in the
presence of:

/s/ Joseph Constantino              /s/ Christopher Curti
--------------------------------    --------------------------------------------
Witness                             Authorised Signatory

Joseph Constantino                  Christopher Curti
--------------------------------    --------------------------------------------
Name (please print)                 Name (please print)

EXECUTED for
ME PORTFOLIO MANAGEMENT LIMITED
by its authorised representatives:

/s/ Paul Garvey                     /s/ Nicholas Vamvakas
--------------------------------    --------------------------------------------
Authorised Representative           Attorney

Paul Garvey                         Nicholas Vamvakas
--------------------------------    --------------------------------------------
Name (please print)                 Name (please print)

--------------------------------------------------------------------------------
                                                                          page 7
<PAGE>

EXECUTED for
MEMBERS EQUITY BANK PTY LIMITED
by its authorised representative in the
presence of:

/s/ Paul Garvey                     /s/ Nicholas Vamvakas
--------------------------------    --------------------------------------------
Witness                             Attorney

Paul Garvey                         Nicholas Vamvakas
--------------------------------    --------------------------------------------
Name (please print)                 Name (please print)

--------------------------------------------------------------------------------
                                                                          page 8
<PAGE>

                                EXPLANATORY NOTE

The following Amending Deed to the Mortgage Origination and Management Agreement
replaces in its entirety the Side Letter to the Mortgage Origination and
Management Agreement originally filed as Exhibit 10.5 to the Registration
Statement on Form S-3 of ME Portfolio Management Limited on May 17, 2006.

--------------------------------------------------------------------------------
                                                                      DEED

           AMENDING DEED TO THE
           MORTGAGE ORIGINATION AND
           MANAGEMENT AGREEMENT
           - SMHL PROGRAM
           ------------------------

           Perpetual Limited

           ME Portfolio Management Limited

           Members Equity Bank Pty Limited

           owen.terei@freehills.com

[FREEHILLS LOGO]

MLC Centre Martin Place                         Telephone +61 2 9225 5000
Sydney NSW 2000 Australia                       Fax +61 2 9322 4000
GPO Box 4227 Sydney NSW 2001 Australia          www.freehills.com  DX 361 Sydney

Sydney Melbourne Perth Brisbane Singapore       Correspondent Offices in
                                                Hanoi  Ho Chi Minh City  Jakarta

<PAGE>

[FREEHILLS LOGO]

                                                                        CONTENTS

      TABLE OF CONTENTS
      --------------------------------------------------------------------------

      THE AGREEMENT                                                            1

      OPERATIVE PART                                                           2

1     DEFINITIONS AND INTERPRETATIONS                                          2
      1.1    Definitions.......................................................2
      1.2    Interpretations...................................................2

2     AMENDMENTS TO THE AGREEMENT                                              2
      2.1    Amendments........................................................2
      2.2    Effectiveness.....................................................2
      2.3    Amendments not to affect validity, rights, obligations............3
      2.4    Acknowledgements..................................................3

3     GENERAL                                                                  3
      3.1    Governing law and jurisdiction....................................3
      3.2    Variation.........................................................3
      3.3    Further assurances................................................3
      3.4    Counterparts......................................................3
      3.5    Attorneys.........................................................3
      3.6    Trustee limitation of liability...................................3

      SCHEDULES

      AMENDMENTS                                                               5

      REGULATION AB PROVISIONS                                                 6

      FORM OF ANNUAL CERTIFICATION                                             7

      SERVICING CRITERIA TO BE ADDRESSED IN ASSESSMENT OF COMPLIANCE           8

      SIGNING PAGE                                                             9

 Amending Deed to the Mortgage Origination and Management Agreement   Contents 1

<PAGE>

[FREEHILLS LOGO]
                                                                   THE AGREEMENT

      AMENDING DEED TO THE MORTGAGE ORIGINATION AND MANAGEMENT
      AGREEMENT - SMHL PROGRAM - SMHL PROGRAM
      --------------------------------------------------------------------------

           Date -         22 August 2006

           Between the parties
           ---------------------------------------------------------------------
           Trustee                PERPETUAL LIMITED

                                  ABN 86 000 431 827 of Level 12 123 Pitt Street
                                  Sydney NSW 2000
           ---------------------------------------------------------------------
           Manager                ME PORTFOLIO MANAGEMENT LIMITED

                                  ABN 79 005 964 134 of Level 23 360 Collins
                                  Street Melbourne   VIC 3000
           ---------------------------------------------------------------------
           Mortgage Manager       MEMBERS EQUITY BANK PTY LIMITED

                                  ABN 56 070 887 679 of Level 23 360 Collins
                                  Street Melbourne   VIC 3000
           ---------------------------------------------------------------------
           Background             1   The Trustee is a trustee of trusts known
                                      as the Superannuation Members' Home Loans
                                      Trusts (TRUSTS) and the Manager is a
                                      manager of the Trusts.

                                  2   The Trustee, the Manager and the Former
                                      Mortgage Manager entered into the Mortgage
                                      Origination and Management Agreement.

                                  3   By the Deed of Novation the Former
                                      Mortgage Manager surrendered its rights
                                      and was released and discharged from its
                                      obligations under the Mortgage Origination
                                      and Management Agreement and the Mortgage
                                      Manager became entitled to equivalent
                                      rights and assumed equivalent obligations.

                                  4   The parties wish to amend the Agreement in
                                      the manner set out in this deed.
           ---------------------------------------------------------------------
           This deed witnesses    that in consideration of, among other things,
                                  the mutual promises contained in this deed,
                                  the parties agree as set out in the Operative
                                  part of this deed.
           ---------------------------------------------------------------------

     Amending Deed to the Mortgage Origination and Management Agreement   page 1

<PAGE>

[FREEHILLS LOGO]
                                                                  OPERATIVE PART

1     DEFINITIONS AND INTERPRETATIONS
--------------------------------------------------------------------------------

1.1   DEFINITIONS

      The meanings of the terms used in this document are set out below.

TERM                         MEANING
--------------------------------------------------------------------------------
AGREEMENT                    The agreement created by the Mortgage Origination
                             and Management Agreement and the Deed of Novation
--------------------------------------------------------------------------------
DEED OF NOVATION             The deed dated 28 September 1995 between the
                             Trustee, the Manger, the Former Mortgage Manager
                             and the Mortgage Manager
--------------------------------------------------------------------------------
FORMER MORTGAGE MANAGER      National Mutual Property Services (Aust) Pty
                             Limited
--------------------------------------------------------------------------------
FUND                         The same meaning given to it in the Agreement
--------------------------------------------------------------------------------
MORTGAGE ORIGINATION AND     The agreement dated 4 July 1994 between the
MANAGEMENT AGREEMENT         Trustee, the Manager and the Former Mortgage
                             Manager (as amended)
--------------------------------------------------------------------------------
1.2   INTERPRETATIONS
--------------------------------------------------------------------------------

      Clause 1.2 of the Agreement is incorporated in this deed as if set out in
      full in this deed.

2     AMENDMENTS TO THE AGREEMENT
--------------------------------------------------------------------------------

2.1   AMENDMENTS

      The Agreement is amended as set out in schedule 1 in respect of each Fund
      created on or after the date of this deed.

2.2   EFFECTIVENESS

      The amendments to the Agreement in clause 2.1 take effect on and from the
      date of this deed in respect of each Fund created on or after the date of
      this deed.

     Amending Deed to the Mortgage Origination and Management Agreement   page 2

2.3   AMENDMENTS NOT TO AFFECT VALIDITY, RIGHTS, OBLIGATIONS

(a)   An amendment to the Agreement does not affect the validity or
      enforceability of the Agreement.

<PAGE>

[FREEHILLS LOGO]                                                       3 General

(b)   Nothing in this deed:

      (1)   prejudices or adversely affects any right, power, authority,
            discretion or remedy arising under the Agreement before the date of
            this deed; or

      (2)   discharges, releases or otherwise affects any liability or
            obligation arising under the Agreement before the date of this deed.

2.4   ACKNOWLEDGEMENTS

      The Manager acknowledges that no consent of any Designated Rating Agency
      is required to the amendments effected by this deed by reason of clauses
      2.1 and 2.2.

3     GENERAL
--------------------------------------------------------------------------------

3.1   GOVERNING LAW AND JURISDICTION

(a)   This deed is governed by the laws of the State of New South Wales.

(b)   Each of the parties irrevocably submits to the non-exclusive jurisdiction
      of the courts of the State of New South Wales.

3.2   VARIATION

      A variation of any term of this deed must be in writing and signed by the
      parties.

3.3   FURTHER ASSURANCES

      Each party must do all things and execute all further documents necessary
      to give full effect to this deed.

3.4   COUNTERPARTS

(a)   This deed may be executed in any number of counterparts.

(b)   All counterparts, taken together, constitute one instrument.

(c)   A party may execute this deed by signing any counterpart.

3.5   ATTORNEYS

      Each of the attorneys executing this deed states that the attorney has no
      notice of the revocation of the power of attorney appointing that
      attorney.

3.6   TRUSTEE LIMITATION OF LIABILITY

      Clause 17 of the Agreement is incorporated in this deed as if set out in
      full in this deed except that references to "this Agreement" are
      references to "this deed".

     Amending Deed to the Mortgage Origination and Management Agreement   page 3

<PAGE>

[FREEHILLS LOGO]
                                                                       SCHEDULES

      TABLE OF CONTENTS
      --------------------------------------------------------------------------

      AMENDMENTS                                                               5

      REGULATION AB PROVISIONS                                                 6

      FORM OF ANNUAL CERTIFICATION                                             7

      SERVICING CRITERIA TO BE ADDRESSED IN ASSESSMENT OF COMPLIANCE           8

     Amending Deed to the Mortgage Origination and Management Agreement   page 4

<PAGE>

[FREEHILLS LOGO]
                                                                      SCHEDULE 1

      AMENDMENTS
      --------------------------------------------------------------------------

      The Agreement is amended by:

(a)   amending clause 1.1 to insert alphabetically a new definition as follows:

            "REGULATION AB has the meaning given to it in Schedule 4";

(b)   inserting a new clause 20 as follows:

            "20.  COMPLIANCE WITH REGULATION AB

            20.1  APPLICATION

                  This clause 20 applies to any Fund nominated in writing by the
                  Trust Manager to the Trustee and the Mortgage Manager for the
                  purposes of this clause 20 (NOMINATED FUND).

            20.2  REQUIREMENTS - REGULATION AB

                  The parties agree that for the purposes of this Agreement, the
                  provisions set out in Schedule 4 of this Agreement apply in
                  respect of each Nominated Fund.";

(c)   inserting a new Schedule 4 as set out in Schedule 2 of this deed;

(d)   inserting a new Schedule 5 as set out in Schedule 3 of this deed; and

(e)   inserting a new Schedule 6 as set out in Schedule 4 of this deed.

     Amending Deed to the Mortgage Origination and Management Agreement   page 5

<PAGE>

[FREEHILLS LOGO]
                                                                      SCHEDULE 2

      REGULATION AB PROVISIONS
      --------------------------------------------------------------------------

     Amending Deed to the Mortgage Origination and Management Agreement   page 6

<PAGE>

SCHEDULE 4 - REGULATION AB PROVISIONS

                                    ARTICLE I
                         DEFINITIONS AND INTERPRETATION
                         ------------------------------

      Clause 1.01 DEFINITIONS

      COMMISSION means the United States Securities and Exchange Commission.

      COMPANY INFORMATION has the meaning set forth in clause 2.07(a).

      EXCHANGE ACT means the U.S. Securities Exchange Act of 1934, as amended.

      REGULATION AB means Subpart 229.1100 - Asset Backed Securities (Regulation
AB), 17 C.F.R. ss.ss. 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.

      SECURITIES ACT means the Securities Act of 1933, as amended.

      SECURITIZATION TRANSACTION. Any transaction involving either (1) a sale or
other transfer of some or all of the Loans directly or indirectly to an issuing
entity in connection with an issuance of mortgage-backed securities registered
with the Commission or (2) an issuance of mortgage-backed securities registered
with the Commission, the payments on which are determined primarily by reference
to one or more portfolios of residential mortgage loans consisting, in whole or
in part, of some or all of the Loans.

      SERVICER has the meaning set forth in clause 2.03(c).

      SERVICING CRITERIA means the "servicing criteria" set forth in Item
1122(d) of Regulation AB, as such may be amended from time to time.

      STATIC POOL INFORMATION means static pool information as described in Item
1105(a)(1)-(3) and 1105(c) of Regulation AB.

      SUBCONTRACTOR: Any vendor, subcontractor or other entity that is not
responsible for the overall servicing (as "servicing" is commonly understood by
participants in the mortgage-backed securities market) of Loans but performs one
or more discrete functions identified in Item 1122(d) of Regulation AB with
respect to Loans or the Securitization Transaction under the direction or
authority of the Trust Manager, the Mortgage Manager or a Subservicer.

      SUBSERVICER: Any entity that services Loans on behalf of the Mortgage
Manager or any Subservicer and is responsible for the performance (whether
directly or through Subservicers or Subcontractors) of a substantial portion of
the material servicing functions required to be performed by the Mortgage
Manager under this Agreement that are identified in Item 1122(d) of Regulation
AB.

<PAGE>

      All references to clauses in this Schedule 4, are references to clauses
contained in this Schedule 4, unless stated otherwise.

                                   ARTICLE II
                          COMPLIANCE WITH REGULATION AB
                          -----------------------------

      Clause 2.01 Intent of the Parties; Reasonableness.
                  -------------------------------------

      The Mortgage Manager and the Trust Manager acknowledge and agree that the
purpose of Article II of this Schedule 4 is to facilitate compliance by the
Mortgage Manager with the provisions of Regulation AB and related rules and
regulations of the Commission.

      The Trust Manager shall not exercise its right to request delivery of
information or other performance under these provisions other than in good
faith, or for purposes other than compliance with the Securities Act, the
Exchange Act and the rules and regulations of the Commission thereunder. The
Mortgage Manager acknowledges that interpretations of the requirements of
Regulation AB may change over time, whether due to interpretive guidance
provided by the Commission or its staff, consensus among participants in the
asset-backed securities markets, advice of counsel, or otherwise, and agrees to
comply with requests made by the Trust Manager in good faith for delivery of
information under these provisions on the basis of evolving interpretations of
Regulation AB. In connection with any Securitization Transaction, the Mortgage
Manager shall cooperate fully with the Trust Manager to deliver to the Trust
Manager (including any of its assignees or designees), any and all statements,
reports, certifications, records and any other information necessary in the good
faith determination of the Trust Manager to permit the Trust Manager to comply
with the provisions of Regulation AB, together with such disclosures relating to
the Mortgage Manager, any Subservicer and the Loans, or the servicing of the
Loans, reasonably believed by the Trust Manager to be necessary in order to
effect such compliance.

      The Trust Manager (including any of its assignees or designees) shall
cooperate with the Mortgage Manager by providing timely notice of requests for
information under these provisions and by reasonably limiting such requests to
information required, in the Trust Manager's reasonable judgment, to comply with
Regulation AB.

      Clause 2.02 Additional Representations and Warranties of the Mortgage
                  ---------------------------------------------------------
                  Manager.
                  -------

            (a) The Mortgage Manager shall be deemed to represent to the Trust
Manager as of the date on which information is first provided to the Trust
Manager under clause 2.03 that, except as disclosed in writing to the Trust
Manager prior to such date: (i) the Mortgage Manager is not aware and has not
received notice that any default, early amortization or other performance
triggering event has occurred as to any other securitization due to any act or
failure to act of the Mortgager; (ii) the Mortgage Manager has not been
terminated as servicer in a residential mortgage loan securitization, either due
to a servicing default or to application of a servicing performance test or
trigger; (iii) no material noncompliance with the applicable servicing criteria
with respect to other securitizations of residential mortgage loans involving
the Mortgage Manager as servicer has been disclosed or reported by the Mortgage
Manager; (iv) no material changes to the Mortgage Manager's policies or
procedures with respect to the servicing function it will perform under this
Agreement for mortgage loans of a type similar to the Loans have occurred during
the three-year period immediately preceding the related Securitization
Transaction; (v) there are no aspects of the Mortgage Manager's financial
condition that could have a material

                                       2
<PAGE>

adverse effect on the performance by the Mortgage Manager of its servicing
obligations under this Agreement; (vi) there are no material legal or
governmental proceedings pending (or known to be contemplated) against the
Mortgage Manager or any Subservicer; and (vii) there are no affiliations,
relationships or transactions relating to the Mortgage Manager or any
Subservicer with respect to any Securitization Transaction and any party thereto
identified by the Trust Manager of a type described in Item 1119 of Regulation
AB.

            (b) If so requested by the Trust Manager on any date following the
date on which information is first provided to the Trust Manager under clause
2.03, the Mortgage Manager shall, within five Business Days following such
request, confirm in writing the accuracy of the representations and warranties
set forth in paragraph (a) of this clause or, if any such representation and
warranty is not accurate as of the date of such request, provide reasonably
adequate disclosure of the pertinent facts, in writing, to the requesting party.

      Clause 2.03   Information to Be Provided by the Mortgage Manager.
                    --------------------------------------------------

      In connection with any Securitization Transaction the Mortgage Manager
shall (i) within five Business Days following request by the Trust Manager,
provide to the Trust Manager (or, as applicable, cause each Subservicer to
provide), in writing and in form and substance reasonably satisfactory to the
Trust Manager, the information and materials specified in paragraphs (a), (b),
(c) and (f) of this clause, and (ii) as promptly as practicable following notice
to or discovery by the Mortgage Manager, provide to the Trust Manager (in
writing and in form and substance reasonably satisfactory to the Trust Manager)
the information specified in paragraph (d) of this clause.

            (a) If so requested by the Trust Manager, the Mortgage Manager shall
provide such information regarding (i) the Mortgage Manager, as originator of
the Loans and (ii) as applicable, each Subservicer, as is requested for the
purpose of compliance with Items 1103(a)(1), 1105, 1110, 1117 and 1119 of
Regulation AB. Such information shall include, at a minimum:

            (A) the originator's form of organization;

            (B) a description of the originator's origination program and how
      long the originator has been engaged in originating residential mortgage
      loans, which description shall include a discussion of the originator's
      experience in originating mortgage loans of a similar type as the Loans;
      information regarding the size and composition of the originator's
      origination portfolio; and information that may be material, in the good
      faith judgment of the Trust Manager, to an analysis of the performance of
      the Loans, including the originators' credit-granting or underwriting
      criteria for mortgage loans of similar type(s) as the Loans and such other
      information as the Trust Manager may reasonably request for the purpose of
      compliance with Item 1110(b)(2) of Regulation AB;

            (C) a description of any material legal or governmental proceedings
      pending (or known to be contemplated) against the Mortgage Manager and
      each Subservicer; and

            (D) a description of any affiliation or relationship between the
      Mortgage Manager, each Subservicer and any of the following parties

                                       3
<PAGE>

      to a Securitization Transaction, as such parties are identified to the
      Mortgage Manager by the Trust Manager writing in advance of such
      Securitization Transaction:

                  (1)   the sponsor;

                  (2)   the depositor;

                  (3)   the issuing entity;

                  (4)   any servicer;

                  (5)   any trustee;

                  (6)   any originator;

                  (7)   any significant obligor;

                  (8)   any enhancement or support provider; and

                  (9)   any other material transaction party.

            (b) If so requested by the Trust Manager, the Mortgage Manager shall
provide Static Pool Information with respect to the mortgage loans (of a similar
type as the Loans, as reasonably identified by the Trust Manager as provided
below) originated by the Mortgage Manager, if the Mortgage Manager is an
originator of Loans. Such Static Pool Information shall be prepared by the
Mortgage Manager on the basis of its reasonable, good faith interpretation of
the requirements of Item 1105(a)(1)-(3) of Regulation AB. To the extent that
there is reasonably available to the Mortgage Manager Static Pool Information
with respect to more than one mortgage loan type, the Trust Manager shall be
entitled to specify whether some or all of such information shall be provided
pursuant to this paragraph. The content of such Static Pool Information may be
in the form customarily provided by the Mortgage Manager, and need not be
customized for the Trust Manager. Such Static Pool Information for each prior
securitized pool, as applicable, shall be presented in increments no less
frequently than quarterly over the life of the mortgage loans included in the
vintage origination year or prior securitized pool. The most recent periodic
increment must be as of a date no later than 135 days prior to the date of the
prospectus or other offering document in which the Static Pool Information is to
be included or incorporated by reference. The Static Pool Information shall be
provided in an electronic format that provides a permanent record of the
information provided, such as a portable document format (pdf) file, or other
such electronic format reasonably required by the Trust Manager.

      Promptly following notice or discovery of a material error in Static Pool
Information provided pursuant to the immediately preceding paragraph (including
an omission to include therein information required to be provided pursuant to
such paragraph), the Mortgage Manager shall provide corrected Static Pool
Information to the Trust Manager in the same format in which Static Pool
Information was previously provided to such party by the Mortgage Manager.

      If so requested by the Trust Manager, the Mortgage Manager shall provide,
at the expense of the requesting party (to the extent of any additional
incremental expense associated with delivery pursuant to this Agreement), such
agreed-upon procedures letters of certified public accountants reasonably
acceptable to the Trust Manager, as applicable, pertaining to Static Pool
Information relating to prior securitized pools for securitizations closed on or
after January 1, 2006

                                       4
<PAGE>

or, in the case of Static Pool Information with respect to the Mortgage
Manager's originations or purchases, to calendar months commencing January 1,
2006, as the Trust Manager shall reasonably request. Such letters shall be
addressed to and be for the benefit of such parties as the Trust Manager shall
designate, which may include, by way of example, any Sponsor, any Depositor and
any broker dealer acting as underwriter, placement agent or initial purchaser
with respect to a Securitization Transaction. Any such statement or letter may
take the form of a standard, generally applicable document accompanied by a
reliance letter authorizing reliance by the addressees designated by the Trust
Manager.

            (c) If so requested by the Trust Manager, the Mortgage Manager shall
provide such information regarding the Mortgage Manager, as servicer of the
Loans, and each Subservicer (each of the Mortgage Manager and each Subservicer,
for purposes of this paragraph, a "SERVICER"), as is requested for the purpose
of compliance with Item 1108 of Regulation AB. Such information shall include,
at a minimum:

            (A) the Servicer's form of organization;

            (B) a description of how long the Servicer has been servicing
      residential mortgage loans; a general discussion of the Servicer's
      experience in servicing assets of any type as well as a more detailed
      discussion of the Servicer's experience in, and procedures for, the
      servicing function it will perform under this Agreement; information
      regarding the size, composition and growth of the Servicer's portfolio of
      residential mortgage loans of a type similar to the Loans and information
      on factors related to the Servicer that may be material, in the good faith
      judgment of the Trust Manager, to any analysis of the servicing of the
      Loans or the related asset-backed securities, as applicable, including,
      without limitation:

                  (1) whether any prior securitizations of mortgage loans of a
            type similar to the Loans involving the Servicer have defaulted or
            experienced an early amortization or other performance triggering
            event because of servicing during the three-year period immediately
            preceding the related Securitization Transaction;

                  (2) the extent of outsourcing the Servicer utilizes;

                  (3) whether there has been previous disclosure of material
            noncompliance with the applicable servicing criteria with respect to
            other securitizations of residential mortgage loans involving the
            Servicer as a servicer during the three-year period immediately
            preceding the related Securitization Transaction;

                  (4) whether the Servicer has been terminated as servicer in a
            residential mortgage loan securitization, either due to a servicing
            default or to application of a servicing performance test or
            trigger; and

                  (5) such other information as the Trust Manager may reasonably
            request for the purpose of compliance with Item 1108(b)(2) of
            Regulation AB;

                                       5
<PAGE>

            (C) a description of any material changes during the three-year
      period immediately preceding the related Securitization Transaction to the
      Servicer's policies or procedures with respect to the servicing function
      it will perform under this Agreement for mortgage loans of a type similar
      to the Loans;

            (D) information regarding the Servicer's financial condition, to the
      extent that there is a material risk that an adverse financial event or
      circumstance involving the Servicer could have a material adverse effect
      on the performance by the Mortgage Manager of its servicing obligations
      under this Agreement;

            (E) information regarding advances made by the Servicer on the Loans
      and the Servicer's overall servicing portfolio of residential mortgage
      loans for the three-year period immediately preceding the related
      Securitization Transaction, which may be limited to a statement by an
      authorized officer of the Servicer to the effect that the Servicer has
      made all advances required to be made on residential mortgage loans
      serviced by it during such period, or, if such statement would not be
      accurate, information regarding the percentage and type of advances not
      made as required, and the reasons for such failure to advance;

            (F) a description of the Servicer's processes and procedures
      designed to address any special or unique factors involved in servicing
      loans of a similar type as the Mortgage Loans;

            (G) a description of the Servicer's processes for handling
      delinquencies, losses, bankruptcies and recoveries, such as through
      liquidation of mortgaged properties, sale of defaulted mortgage loans or
      workouts; and

            (H) information as to how the Servicer defines or determines
      delinquencies and charge-offs, including the effect of any grace period,
      re-aging, restructuring, partial payments considered current or other
      practices with respect to delinquency and loss experience;.

            (d) If so requested by the Trust Manager for the purpose of
satisfying its reporting obligation under the Exchange Act with respect to any
class of asset-backed securities, the Mortgage Manager shall (or shall cause
each Subservicer to) (i) notify the Trust Manager in writing of (A) any material
litigation or governmental proceedings pending against the Mortgage Manager or
any Subservicer; and (B) any affiliations or relationships that develop
following the closing date of a Securitization Transaction between the Mortgage
Manager or any Subservicer and any of the parties specified in clause (D) of
paragraph (a) of this clause (and any other parties identified in writing by the
requesting party) with respect to such Securitization Transaction; and (ii)
provide to the Trust Manager a description of such proceedings, affiliations or
relationships.

            (e) As a condition to the succession to the Mortgage Manager or any
Subservicer as servicer or subservicer under this Agreement by any entity (i)
into which the Mortgage Manager or such Subservicer may be merged or
consolidated, or (ii) which may be appointed as a successor to the Mortgage
Manager or any Subservicer, the Mortgage Manager shall provide to the Trust
Manager, at least 15 calendar days prior to the effective date of such
succession or appointment, (x) written notice to the Trust Manager of such
succession or appointment and (y) in writing and in form and substance
reasonably satisfactory to the Trust Manager, all information reasonably
requested by the Trust Manager in order to comply with its

                                       6
<PAGE>

reporting obligation under Item 6.02 of Form 8-K with respect to any class of
asset-backed securities.

            (f) In addition to such information as the Mortgage Manager, as
servicer, is obligated to provide pursuant to other provisions of this
Agreement, if so requested by the Trust Manager, the Mortgage Manager shall
provide such information regarding the performance or servicing of the Mortgage
Loans as is reasonably required to facilitate preparation of distribution
reports in accordance with Item 1121 of Regulation AB. Such information shall be
provided concurrently with the monthly reports otherwise required to be
delivered by the servicer under this Agreement, commencing with the first such
report due not less than ten Business Days following such request.

      Clause 2.04 Servicer Compliance Statement.
                  -----------------------------

      On or before September 1 of each calendar year, commencing in the calendar
year of the creation of a Nominated Fund, unless the Nominated Fund is created
after June 30 in a calendar year in which case the following calendar year, the
Mortgage Manager shall deliver to the Trust Manager a statement of compliance
addressed to the Trust Manager and signed by an authorized officer of the
Mortgage Manager, to the effect that (i) a review of the Mortgage Manager's
activities during the immediately preceding financial year ended June 30(or
applicable portion thereof) and of its performance under this Agreement during
such period has been made under such officer's supervision, and (ii) to the best
of such officers' knowledge, based on such review, the Mortgage Manager has
fulfilled all of its obligations under this Agreement in all material respects
throughout such financial year (or applicable portion thereof) or, if there has
been a failure to fulfill any such obligation in any material respect,
specifically identifying each such failure known to such officer and the nature
and the status thereof.

      Clause 2.05 Report on Assessment of Compliance and Attestation.
                  --------------------------------------------------

            (a) On or before September 1 of each calendar year, commencing in
the calendar year of the creation of a Nominated Fund, unless the Nominated Fund
is created after June 30 in a calendar year in which case the following calendar
year, the Mortgage Manager shall:

                        (i) deliver to the Trust Manager a report (in form and
            substance reasonably satisfactory to the Trust Manager) regarding
            the Mortgage Manager's assessment of compliance with the Servicing
            Criteria during the immediately preceding financial year ended June
            30, as required under Rules 13a-18 and 15d-18 of the Exchange Act
            and Item 1122 of Regulation AB. Such report shall be addressed to
            the Trust Manager and signed by an authorized officer of the
            Mortgage Manager, and shall address each of the Servicing Criteria
            specified on a certification substantially in the form of Schedule
            6;

                        (ii) deliver to the Trust Manager a report of a
            registered public accounting firm reasonably acceptable to the Trust
            Manager that attests to, and reports on, the assessment of
            compliance made by the Mortgage Manager and delivered pursuant to
            the preceding paragraph. Such attestation shall be in accordance
            with Rules 1-02(a)(3) and 2-02(g) of Regulation S-X under the
            Securities Act and the Exchange Act;

                                       7
<PAGE>

                        (iii) cause each Subservicer, and each Subcontractor
            determined by the Mortgage Manager pursuant to clause 2.06(b) to be
            "participating in the servicing function" within the meaning of Item
            1122 of Regulation AB, to deliver to the Trust Manager an assessment
            of compliance and accountants' attestation as and when provided in
            paragraphs (a) and (b) of this clause; and

                        (iv) if requested by the Trust Manager not later than
            August 1 of the financial year in which such certification is to be
            delivered, deliver to the Trust Manager and any other entity that
            will be responsible for signing the certification (a "SARBANES-OXLEY
            CERTIFICATION") required by Rules 13a-14(d) and 15d-14(d) under the
            Exchange Act (pursuant to Section 302 of the Sarbanes-Oxley Act of
            2002) on behalf of an asset-backed issuer with respect to a
            Securitization Transaction a certification in the form attached
            hereto as Schedule 5.

      The Mortgage Manager acknowledges that the parties identified in clause
(a)(iv) above may rely on the certification provided by the Mortgage Manager
pursuant to such clause in signing a Sarbanes-Oxley Certification and filing
such with the Commission. The Trust Manager will not request delivery of a
certification under clause (a)(iv) above unless the Trust Manager is required
under the Exchange Act to file an annual report on Form 10-K with respect to an
issuing entity whose asset pool includes Mortgage Loans.

            (b) Each assessment of compliance provided by a Subservicer pursuant
to clause 2.05(a)(i) shall address each of the Servicing Criteria specified on a
certification substantially in the form of Schedule 6. An assessment of
compliance provided by a Subcontractor pursuant to clause 2.05(a)(iii) need not
address any elements of the Servicing Criteria other than those specified by the
Mortgage Manager pursuant to clause 2.06.

      Clause 2.06  Use of Subservicers and Subcontractors.
                   --------------------------------------

      The Mortgage Manager shall not hire or otherwise utilize the services of
any Subservicer to fulfill any of the obligations of the Mortgage Manager as
servicer under this Agreement unless the Mortgage Manager complies with the
provisions of paragraph (a) of this clause. The Mortgage Manager shall not hire
or otherwise utilize the services of any Subcontractor, and shall not permit any
Subservicer to hire or otherwise utilize the services of any Subcontractor, to
fulfill any of the obligations of the Mortgage Manager as servicer under this
Agreement unless the Mortgage Manager complies with the provisions of paragraph
(b) of this clause. It shall not be necessary for the Mortgage Manager to seek
the consent of the Trust Manager to the utilization of any Subservicer or any
Subcontractor

            (a) The Mortgage Manager shall cause any Subservicer used by the
Mortgage Manager (or by any Subservicer) for the benefit of the Trust Manager to
comply with the provisions of this clause and with clauses 2.02, 2.03(c) and
(e), 2.04, 2.05 and 2.07 to the same extent as if such Subservicer were the
Mortgage Manager, and to provide the information required with respect to such
Subservicer under clause 2.03(d) . The Mortgage Manager shall be responsible for
obtaining from each Subservicer and delivering to the Trust Manager any servicer
compliance statement required to be delivered by such Subservicer under clause
2.04, any assessment of compliance and attestation required to be delivered by
such Subservicer under clause 2.05 and any certification required to be
delivered to the entity that will be responsible for signing the Sarbanes-Oxley
Certification under clause 2.05 as and when required to be delivered.

                                       8
<PAGE>

            (b) The Mortgage Manager shall promptly upon request provide to the
Trust Manager (or any designee of the Trust Manager, such as a master servicer
or administrator) a written description (in form and substance satisfactory to
the Trust Manager) of the role and function of each Subcontractor utilized by
the Mortgage Manager or any Subservicer, specifying (i) the identity of each
such Subcontractor, (ii) which (if any) of such Subcontractors are
"participating in the servicing function" within the meaning of Item 1122 of
Regulation AB, and (iii) which elements of the Servicing Criteria will be
addressed in assessments of compliance provided by each Subcontractor identified
pursuant to clause (ii) of this paragraph.

      As a condition to the utilization of any Subcontractor determined to be
"participating in the servicing function" within the meaning of Item 1122 of
Regulation AB, the Mortgage Manager shall cause any such Subcontractor used by
the Mortgage Manager (or by any Subservicer) for the benefit of the Trust
Manager to comply with the provisions of clauses 2.05 and 2.07 to the same
extent as if such Subcontractor were the Mortgage Manager. The Mortgage Manager
shall be responsible for obtaining from each Subcontractor and delivering to the
Trust Manager any assessment of compliance and attestation required to be
delivered by such Subcontractor under clause 2.05, in each case as and when
required to be delivered.

      Clause 2.07  Indemnification; Remedies.
                   -------------------------

            (a) The Mortgage Manager shall indemnify the Trust Manager, each
affiliate of the Trust Manager, and each of the following parties participating
in a Securitization Transaction: each sponsor and issuing entity; each entity
responsible for the preparation, execution or filing of any report required to
be filed with the Commission with respect to such Securitization Transaction, or
for execution of a certification pursuant to Rule 13a-14(d) or Rule 15d-14(d)
under the Exchange Act with respect to such Securitization Transaction; each
entity who controls any of such parties or the Trust Manager (within the meaning
of Section 15 of the Securities Act and Section 20 of the Exchange Act); and the
respective present and former directors, officers, employees and agents of each
of the foregoing and of the Trust Manager, and shall 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:

                        (i) (A) any untrue statement of a material fact
            contained or alleged to be contained in any information, report,
            certification, accountants' letter or other material provided in
            written or electronic form under this Article II by or on behalf of
            the Mortgage Manager, or provided under this Article II by or on
            behalf of any Subservicer or Subcontractor (collectively, the
            "COMPANY INFORMATION"), or (B) the omission or alleged omission to
            state in the Company Information a material fact required to be
            stated in the Company Information or necessary in order to make the
            statements therein, in the light of the circumstances under which
            they were made, not misleading; provided, by way of clarification,
            that clause (B) of this paragraph shall be construed solely by
            reference to the Company Information and not to any other
            information communicated in connection with a sale or purchase of
            securities, without regard to whether the Company Information or any
            portion thereof is presented together with or separately from such
            other information;

                        (ii) any failure by the Mortgage Manager, any
            Subservicer or any Subcontractor to deliver any information, report,
            certification,

                                       9
<PAGE>

            accountants' letter or other material when and as required under
            this Article II, including any failure by the Mortgage Manager to
            identify pursuant to clause 2.06(b) any Subcontractor "participating
            in the servicing function" within the meaning of Item 1122 of
            Regulation AB; or

                        (iii) any breach by the Mortgage Manager of a
            representation or warranty set forth in clause 2.02(a) or in a
            writing furnished pursuant to clause 2.02(b) and made as of a date
            prior to the closing date of the related Securitization Transaction,
            to the extent that such breach is not cured by such closing date, or
            any breach by the Mortgage Manager of a representation or warranty
            in a writing furnished pursuant to clause 2.02(b) to the extent made
            as of a date subsequent to such closing date.

      In the case of any failure of performance described in clause (a)(ii) of
this clause, the Mortgage Manager shall promptly reimburse the Trust Manager,
and each entity responsible for the preparation, execution or filing of any
report required to be filed with the Commission with respect to such
Securitization Transaction, or for execution of a certification pursuant to Rule
13a-14(d) or Rule 15d-14(d) under the Exchange Act with respect to such
Securitization Transaction, for all costs reasonably incurred by each such party
in order to obtain the information, report, certification, accountants' letter
or other material not delivered as required by the Mortgage Manager, any
Subservicer or any Subcontractor.

            (b) (i) Any failure by the Mortgage Manager, any Subservicer or any
Subcontractor to deliver any information, report, certification, accountants'
letter or other material when and as required under this Article II, or any
breach by the Mortgage Manager of a representation or warranty set forth in
clause 2.02(a) or in a writing furnished pursuant to clause 2.02(b) and made as
of a date prior to the closing date of the related Securitization Transaction,
to the extent that such breach is not cured by such closing date, or any breach
by the Mortgage Manager of a representation or warranty in a writing furnished
pursuant to clause 2.02(b) to the extent made as of a date subsequent to such
closing date, shall, except as provided in clause (ii) of this paragraph,
immediately and automatically, without notice or grace period, shall entitle the
Trust Manager, in its sole discretion (i) to terminate this Agreement or remove
any Subservicer or any Subcontractor from the performance of any servicing
activities within the meaning of Item 1122 of Regulation AB with respect to the
Loans or the Securitisation Transaction and (ii) to replace such party with
respect to such activities, each at the expense of the Mortgage Manager, without
payment (notwithstanding anything in this Agreement to the contrary) of any
compensation to the Mortgage Manager; provided that to the extent that any
provision of this Agreement expressly provides for the survival of certain
rights or obligations following the termination of this Agreement or the removal
of any Subservicer or any Subcontractor, such provision shall be given effect.

                        (ii) Any failure by the Mortgage Manager, any
            Subservicer or any Subcontractor to deliver any information, report,
            certification or accountants' letter when and as required under
            clause 2.04 or 2.05, including (except as provided below) any
            failure by the Mortgage Manager to identify pursuant to clause
            2.06(b) any Subcontractor "participating in the servicing function"
            within the meaning of Item 1122 of Regulation AB, which continues
            unremedied for ten calendar days after the date on which such
            information, report, certification or accountants' letter was
            required to be delivered shall entitle the Trust Manager, in its
            sole discretion (i) to terminate this Agreement or remove any
            Subservicer or any Subcontractor from the performance of any
            servicing activities

                                       10
<PAGE>

            within the meaning of Item 1122 of Regulation AB with respect to the
            Loans or the Securitisation Transaction and (ii) to replace such
            party with respect to such activities, each at the expense of the
            Mortgage Manager, without payment (notwithstanding anything in this
            Agreement to the contrary) of any compensation to the Mortgage
            Manager; provided that to the extent that any provision of this
            Agreement expressly provides for the survival of certain rights or
            obligations following the termination of this Agreement or the
            removal of any Subservicer or any Subcontractor, such provision
            shall be given effect.

      The Trust Manager shall not be entitled to terminate the rights and
obligations of the Mortgage Manager pursuant to this subparagraph (b)(ii) if a
failure of the Mortgage Manager to identify a Subcontractor "participating in
the servicing function" within the meaning of Item 1122 of Regulation AB was
attributable solely to the role or functions of such Subcontractor with respect
to mortgage loans other than the Mortgage Loans.

                        (iii) The Mortgage Manager shall promptly reimburse the
            Trust Manager (or any designee of the Trust Manager, such as a
            master servicer), for all reasonable expenses incurred by the Trust
            Manager (or such designee), as such are incurred, in connection with
            the termination of the Mortgage Manager as servicer and the transfer
            of servicing of the Mortgage Loans to a successor servicer. The
            provisions of this paragraph shall not limit whatever rights the
            Trust Manager may have under other provisions of this Agreement or
            otherwise, whether in equity or at law, such as an action for
            damages, specific performance or injunctive relief.

                                       11
<PAGE>

[FREEHILLS LOGO]
                                                                      SCHEDULE 3

      FORM OF ANNUAL CERTIFICATION
      --------------------------------------------------------------------------

     Amending Deed to the Mortgage Origination and Management Agreement   page 7

<PAGE>
                                   SCHEDULE 5
                          FORM OF ANNUAL CERTIFICATION

Re:   Mortgage Origination and Management Agreement

      I, ________________________________, the _______________________ of [NAME
OF COMPANY], certify to the Trust Manager, and its officers, with the knowledge
and intent that they will rely upon this certification, 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 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 Item 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 the Trust Manager pursuant
to the Mortgage Origination and Management 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 Trust Manager;

      (4) I am responsible for reviewing the activities performed by the Company
as servicer under the Agreement, and based on my knowledge and the compliance
review conducted in preparing the Compliance Statement and except as disclosed
in the Compliance Statement, the Servicing Assessment or the Attestation Report,
the Company has fulfilled its obligations under the Mortgage Origination and
Management Agreement in all material respects; and

<PAGE>

      (5) The Compliance Statement required to be delivered by the Company
pursuant to the Mortgage Origination and Management Agreement, and the Servicing
Assessment and Attestation Report required to be provided by the Company and by
any Subservicer or Subcontractor pursuant to the Mortgage Origination and
Management Agreement, have been provided to the Trust Manager. Any material
instances of noncompliance described in such reports have been disclosed to the
Trust Manager. Any material instance of noncompliance with the Servicing
Criteria has been disclosed in such reports.

Date:
      --------------------------------------------

By:
      --------------------------------------------

      Name:
               -----------------------------------

      Title:
               -----------------------------------

                                       2
<PAGE>

[FREEHILLS LOGO]
                                                                      SCHEDULE 4

      SERVICING CRITERIA TO BE ADDRESSED IN ASSESSMENT OF COMPLIANCE
      --------------------------------------------------------------------------

     Amending Deed to the Mortgage Origination and Management Agreement   page 8

<PAGE>

                                   SCHEDULE 6
         SERVICING CRITERIA TO BE ADDRESSED IN ASSESSMENT OF COMPLIANCE

      The assessment of compliance to be delivered by [the Mortgage Manager]
[Name of Subservicer] shall address, at a minimum, the criteria identified as
below as "Applicable Servicing Criteria":

<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------ ----------------------
                                                                                           APPLICABLE SERVICING
                                   SERVICING CRITERIA                                            CRITERIA
------------------------------------------------------------------------------------------ ----------------------
     REFERENCE                                     CRITERIA
-------------------- --------------------------------------------------------------------- ----------------------
                                       GENERAL SERVICING CONSIDERATIONS
-------------------- --------------------------------------------------------------------- ----------------------
<S>                  <C>                                                                   <C>
   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.
-------------------- --------------------------------------------------------------------- ----------------------
  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 mortgage loans are maintained.
-------------------- --------------------------------------------------------------------- ----------------------
  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.
-------------------- --------------------------------------------------------------------- ----------------------
                                      CASH COLLECTION AND ADMINISTRATION
-------------------- --------------------------------------------------------------------- ----------------------
   1122(d)(2)(i)     Payments on mortgage loans 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.
-------------------- --------------------------------------------------------------------- ----------------------
  1122(d)(2)(ii)     Disbursements made via wire transfer on behalf of an obligor or to
                     an investor are made only by authorized personnel.
-------------------- --------------------------------------------------------------------- ----------------------
  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.
-------------------- --------------------------------------------------------------------- ----------------------
                     The related accounts for the transaction, such as cash reserve
                     accounts or accounts established as a form of
                     overcollateralization, are separately maintained (e.g., with
                     respect to commingling of cash) as set forth in the transaction
  1122(d)(2)(iv)     agreements.
-------------------- --------------------------------------------------------------------- ----------------------
   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.
-------------------- --------------------------------------------------------------------- ----------------------
  1122(d)(2)(vi)     Unissued checks are safeguarded so as to prevent unauthorized
                     access.
-------------------- --------------------------------------------------------------------- ----------------------
  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.
-------------------- --------------------------------------------------------------------- ----------------------
</TABLE>

<PAGE>

<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------ ----------------------
                                                                                           APPLICABLE SERVICING
                                   SERVICING CRITERIA                                            CRITERIA
------------------------------------------------------------------------------------------ ----------------------
     REFERENCE                                     CRITERIA
-------------------- --------------------------------------------------------------------- ----------------------
                                      INVESTOR REMITTANCES AND REPORTING
-------------------- --------------------------------------------------------------------- ----------------------
<S>                  <C>                                                                   <C>
   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 mortgage loans serviced by the
                     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.
-------------------- --------------------------------------------------------------------- ----------------------
                     Disbursements made to an investor are posted within two business
                     days to the Servicer's investor records, or such other number of
  1122(d)(3)(iii)    days specified in the transaction agreements.
-------------------- --------------------------------------------------------------------- ----------------------
                     Amounts remitted to investors per the investor reports agree with
                     cancelled checks, or other form of payment, or custodial bank
  1122(d)(3)(iv)     statements.
-------------------- --------------------------------------------------------------------- ----------------------
                                          POOL ASSET ADMINISTRATION
-------------------- --------------------------------------------------------------------- ----------------------
   1122(d)(4)(i)      Collateral or security on mortgage loans is maintained as required
                     by the transaction agreements or related mortgage loan documents.
-------------------- --------------------------------------------------------------------- ----------------------
                     Mortgage loan and related documents are safeguarded as required by
  1122(d)(4)(ii)     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 mortgage loans, including any payoffs, made in
                     accordance with the related mortgage loan 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 mortgage
                     loan documents.
-------------------- --------------------------------------------------------------------- ----------------------
   1122(d)(4)(v)     The Servicer's records regarding the mortgage loans agree with the
                     Servicer's records with respect to an obligor's unpaid principal
                     balance.
-------------------- --------------------------------------------------------------------- ----------------------
  1122(d)(4)(vi)     Changes with respect to the terms or status of an obligor's
                     mortgage loans (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.
-------------------- --------------------------------------------------------------------- ----------------------
  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.
-------------------- --------------------------------------------------------------------- ----------------------
 1122(d)(4)(viii)    Records documenting collection efforts are maintained during the
                     period a mortgage loan 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 mortgage loans 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 mortgage loans
                     with variable rates are computed based on the related mortgage loan
                     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 mortgage loan 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 mortgage loan documents and state laws;
                     and (C) such funds are returned to the obligor within 30 calendar
                     days of full repayment of the related mortgage loans, or such other
                     number of days specified in the transaction agreements.
-------------------- --------------------------------------------------------------------- ----------------------
</TABLE>

                                       2
<PAGE>

<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------ ----------------------
                                                                                           APPLICABLE SERVICING
                                   SERVICING CRITERIA                                            CRITERIA
------------------------------------------------------------------------------------------ ----------------------
     REFERENCE                                     CRITERIA
-------------------- --------------------------------------------------------------------- ----------------------
<S>                  <C>                                                                   <C>
  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.
-------------------- --------------------------------------------------------------------- ----------------------
                     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
 1122(d)(4)(xiii)    agreements.
-------------------- --------------------------------------------------------------------- ----------------------
  1122(d)(4)(xiv)     Delinquencies, charge-offs and uncollectible accounts are
                     recognized and recorded in accordance with the transaction
                     agreements.
-------------------- --------------------------------------------------------------------- ----------------------
                     Any external enhancement or other support, identified in Item
                     1114(a)(1) through (3) or Item 1115 of Regulation AB, is maintained
  1122(d)(4)(xv)     as set forth in the transaction agreements.
-------------------- --------------------------------------------------------------------- ----------------------
</TABLE>

[NAME OF COMPANY] [NAME OF SUBSERVICER]

Date:
      -----------------------------------

By:
Name:
      -----------------------------------

Title:
      -----------------------------------

                                       3
<PAGE>

[FREEHILLS LOGO]
                                                                    SIGNING PAGE

      EXECUTED AS A DEED
      --------------------------------------------------------------------------

           TRUSTEE

           Signed sealed and delivered for
           PERPETUAL LIMITED
           by its attorney

sign here - /s/ Jennifer Wu          /s/ Joe D'Ambrosio
           -------------------------------------------------
           Attorney

print name Jennifer Wu              Joe D'Ambrosio
           -------------------------------------------------

           in the presence of

sign here - /s/ Andrea Ruver
           -------------------------------------------------
           Witness

print name Andrea Ruver
           -------------------------------------------------

--------------------------------------------------------------------------------

     Amending Deed to the Mortgage Origination and Management Agreement   page 9
<PAGE>

           MANAGER

           Signed sealed and delivered for
           ME PORTFOLIO MANAGEMENT LIMITED
           by two authorised signatories

sign here - /s/ Nicholas Vamvakas
           -------------------------------------------------
           Authorised Signatory

print name  Nicholas Vamvakas
           -------------------------------------------------

sign here - /s/ Paul Garvey
           -------------------------------------------------
           Authorised Signatory

print name  Paul Garvey
           -------------------------------------------------

--------------------------------------------------------------------------------

           MORTGAGE MANAGER

           Signed sealed and delivered for
           MEMBERS EQUITY BANK PTY LIMITED
           by two authorised signatories

sign here - /s/ Nicholas Vamvakas
           -------------------------------------------------
           Authorised Signatory

print name  Nicholas Vamvakas
           -------------------------------------------------

sign here - /s/ Paul Garvey
           -------------------------------------------------
           Authorised Signatory

print name  Paul Garvey
           -------------------------------------------------

--------------------------------------------------------------------------------

    Amending Deed to the Mortgage Origination and Management Agreement   page 10

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