Document:

Exhibit
      10.1

    

    

    EMPLOYMENT
      AGREEMENT

    

    THIS
      EMPLOYMENT AGREEMENT (this “Agreement”)
      is
      made, entered into and effective as of October 9, 2006 (the “Effective
      Date”),
      between Ethanex Energy, Inc. (the “Company”),
      and
      David J. McKittrick, an individual (the “Executive”).

    

    WHEREAS,
      the Company and the Executive wish to memorialize the terms and conditions
      of
      the Executive’s employment by the Company in the positions of Executive Vice
      President and Chief Financial Officer; 

    

    NOW,
      THEREFORE, in consideration of the covenants and promises contained herein,
      the
      Company and the Executive agree as follows:

    

    1. Employment
      Period.
      The
      Company offers to employ the Executive, and the Executive agrees to be employed
      by Company, in accordance with the terms and subject to the conditions of this
      Agreement. The Company and Executive agree that Executive is employed “at will”
which means that the employment relationship may be terminated by either party
      at any time, for any reason or no reason, subject to the provisions of Section
      11 below. The Executive affirms that no obligation exists between the Executive
      and any other entity which would prevent or impede the Executive’s immediate and
      full performance of every obligation of this Agreement.

    

    2. Position
      and Duties.
      During
      the term of the Executive’s employment hereunder, the Executive shall continue
      to serve in, and assume duties and responsibilities consistent with, the
      positions of Executive Vice President and Chief Financial Officer of a public
      company, which may include, but are not limited to, management of the Company’s
      financial affairs, information technology functions and legal functions, unless
      and until otherwise instructed by the Company. The Executive agrees to devote
      to
      the Company substantially all of his working time, skill, energy and best
      business efforts during the term of his employment with the Company, and the
      Executive shall not engage in business activities outside the scope of his
      employment with the Company if such activities would detract from or interfere
      with his ability to fulfill his responsibilities and duties under this Agreement
      or require substantial amounts of his time or of his services. The Company
      consents to Executive’s continued membership on the Boards of Directors of
      Wellman, Inc. and Hamilton Beach/Proctor Silex and the Board of Trustees of
      Hampden-Sydney College. While you will not be a formal member of the Board
      of
      Directors it is the Company’s expectation that you will be an active participant
      in all Board meetings and other Board affairs.

    

    3. No
      Conflicts.
      The
      Executive covenants and agrees that for so long as he is employed by the
      Company, he shall inform the Company of each and every future business
      opportunity presented to the Executive that arises within the scope of the
      Business of the Company (as defined below) and would be feasible for the
      Company, and that he will not, directly or indirectly, exploit any such
      opportunity for his own account. 

    

    4. Hours
      of Work.
      The
      Executive’s normal days and hours of work shall coincide with the Company’s
      regular business hours. The nature of the Executive’s employment with the
      Company requires flexibility in the days and hours that the Executive must
      work,
      and may necessitate that the Executive work on other or additional days and
      hours. 

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    5. Location.
      The
      locus of the Executive’s employment with the Company shall be Richmond, Virginia
      and any other locus where the Company now or hereafter has a business facility.
      The Executive will travel to the Company’s office in Basehor, Kansas and
      elsewhere from time to time as necessary to fulfill his duties.

    

    6. Compensation.
      

    

    (a) Base
      Salary.
      During
      the term of this Agreement, the Company shall pay, and the Executive agrees
      to
      accept, in consideration for the Executive’s services hereunder, pro
      rata
      bi-weekly payments of the annual salary of $190,000, less all applicable taxes
      and other appropriate deductions. 

    

    (i) Upon
      successful completion of financing in such amount as is sufficient, in the
      opinion of the Company’s Board of Directors (the “Board”),
      to
      enable the Company to finance the acquisition or construction of the Company’s
      initial operating ethanol producing facility (the “Initial
      Ethanol Facility”),
      the
      Executive’s annual base salary shall be increased to $210,000. 

    

    (ii) The
      Executive’s base salary shall be increased to $250,000 at such time as the
      Initial Ethanol Facility becomes operational, either through the start of
      revenue producing activities of a newly constructed plant or through the
      acquisition of an existing operational plant.

    

    The
      Compensation Committee (the “Compensation
      Committee”)
      of the
      Board shall also review the Executive’s base salary annually and shall make a
      recommendation to the Board as to whether such base salary should be increased
      but not decreased, which decision shall be within the Board’s sole
      discretion.

    

    (b) Annual
      Bonus.
      During
      the term of this Agreement, the Executive shall be entitled to an annual bonus
      of up to 50% of his base salary (considered at the end of the period for which
      the bonus is being calculated) the actual amount of which bonus shall be
      determined according to achievement of performance-related financial and
      operating targets established annually for the Company and the Executive by
      the
      Compensation Committee (or by the independent members of the Board if there
      exists no Compensation Committee). Such performance targets for each fiscal
      year
      shall be adopted by the Compensation Committee promptly after the end of the
      prior fiscal year, but in no event later than March 31st
      of the
      current fiscal year (except for fiscal year 2006, the performance targets for
      which shall be adopted within 45 days after the Effective Date). Each annual
      bonus shall be paid by the Company to the Executive promptly after the first
      meeting of the Board following the completion of the annual audit, which meeting
      shall occur on or about April 15th of each year.

    

    (c) The
      Executive’s salary and bonus for 2006 shall be paid pro rata for the portion of
      the year he is an employee.

    

    7. Expenses.
      During
      the term of this Agreement, the Executive shall be entitled to payment or
      reimbursement of any reasonable expenses paid or incurred by him in connection
      with and related to the performance of his duties and responsibilities hereunder
      for the Company. All requests by the Executive for payment of
      reimbursement of such expenses shall be supported by appropriate invoices,
      vouchers, receipts or such other supporting documentation in such form and
      containing such information as the Company may from time to time require,
      evidencing that the Executive, in fact, incurred or paid said expenses. Without
      limiting the foregoing, the Company shall, upon the Executive’s written request,
      provide the Executive with reasonable temporary office facilities in Richmond,
      Virginia, which may include, but is not limited to, computers, telephones,
      and
      administrative assistance as may be necessary for the effective performance
      of
      the Executive’s duties and responsibilities.

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    8. Vacation.
      During
      the term of this Agreement, the Executive shall be entitled to accrue, on a
      pro
      rata basis,
      20
      vacation days, per year. The Executive shall be entitled to carry over any
      accrued, unused vacation days from year to year without limitation.

    

    9. Stock
      Options and Restricted Shares.
      The
      Company hereby agrees that the Executive
      shall be granted a non-qualified stock option and restricted shares on the
      terms
      and conditions hereinafter stated:

    

    (a) Grant
      of Options.
      On the
      Effective Date, the Company will grant
      the
      Executive an option to purchase an aggregate of 1,500,000 shares of the
      Company’s common voting stock (the “Option”)
      under
      the Company’s 2006 Stock Option Plan (the “Stock
      Option Plan”).
      Such
      grant shall be evidenced by an Option Agreement as contemplated by the Stock
      Option Plan. In subsequent years the Executive shall be eligible for such grants
      of Options and other permissible awards (collectively with Options and
      Restricted Shares, “Awards”) under the Stock Option Plan as the Compensation
      Committee or the Board shall determine.

    

    (b) Option
      Price; Term.
      The
      per
      share
      exercise price of the Option shall be the fair market value per share of Company
      common voting stock on the Effective Date as determined by the closing sale
      price of Company common stock on the OTC Bulletin Board on the date immediately
      preceding the Effective Date. The term of the Option shall be ten years from
      the
      date of grant.

    

    (c) Option
      Vesting and Exercise.
      Twenty-five percent (25%) of the Option shall be vested and exercisable on
      the
      first anniversary of the grant of the Option. Thereafter, the balance of the
      Options shall be vested and become exercisable in monthly installments over
      the
      next 24 months that the Executive is employed with the Company. 

    

    (d) Grant
      of Restricted Shares.
      On the
      Effective Date, the Company will grant
      the
      Executive a restricted stock award of 1,000,000 shares of the
      Company’s common voting stock (the “Restricted
      Shares”)
      under
      the Stock Option Plan. Such grant shall be evidenced by a Restricted Stock
      Agreement as contemplated by the Stock Option Plan. 

    

    (e) Restricted
      Share Vesting and Disposition.
      Twenty-five percent (25%) of the Restricted Shares shall be vested six months
      after the Effective Date. Thereafter, the balance shall be vested in monthly
      installments over the next 30 months that the Executive is employed with the
      Company. During the Executive’s employment with the Company, all Restricted
      Shares, whether vested or not, shall only be sold or otherwise disposed of
      with
      the consent of the Company’s Board of Directors or if the dollar value of the
      shares of common stock beneficially owned by the Executive following such sale
      or disposition is equal to or exceeds four times the Executive’s base
      salary.

    

    (f) Termination
      of Service; Accelerated Vesting. 

     

    (i) If
      the
      Executive’s employment is terminated for Cause, as such term is defined below,
      all Awards, whether or not vested, shall immediately expire effective the date
      of termination of employment. 

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    (ii) If
      the
      Executive’s employment is terminated voluntarily by the Executive without Good
      Reason, as such term is defined below, all unvested Awards shall immediately
      expire effective the date of termination of employment. Vested Awards, to the
      extent unexercised, shall expire one month after the termination of
      employment.

    

    (iii) If
      the
      Executive’s employment is terminated (A) in connection with a Change of Control,
      as defined below, (B) by the Company without Cause or (C) upon death or
      Disability, as defined below, all unvested Awards shall immediately vest and
      become exercisable effective the date of termination of employment, and, to
      the
      extent unexercised, shall expire one year after any such event.

    

    (g) Payment.
      The
      full consideration for any shares purchased by the Executive upon exercise
      of
      the Option shall be paid in cash. 

     

    10. Other
      Benefits.
      

    

    (a) During
      the term of this Agreement, the Executive shall be eligible to participate
      in
      incentive, savings, retirement (401(k)), and welfare benefit plans, including,
      without limitation, health, medical,
      dental,
      vision,
      life (including accidental death and dismemberment)
      and
      disability insurance plans (collectively, “Benefit
      Plans”),
      in
      substantially the same manner, including but not limited to responsibility
      for
      the cost thereof, and at
      substantially the same levels, as the Company makes
      such
      opportunities available to all of the Company’s managerial
      or salaried executive
      employees. 

    

    (b) The
      Executive’s spouse and dependent minor children will be covered under the
      Benefit Plans providing health, medical, dental, and vision benefits, in
      substantially the same manner, including but not limited to responsibility
      for
      the cost thereof, and at substantially the same levels, as the Company makes
      such opportunities available to the spouses and dependent minor children to
      all
      of the Company’s managerial or salaried executive employees. 

    

    (c) The
      Company shall purchase and maintain traditional directors and officers liability
      insurance coverage in the amount of at least $5,000,000 covering the Company’s
      officers and directors, including the Executive no later than 30 days following
      the Effective Date, provided such coverage is available on commercially
      reasonable terms.

    

    (d)
       Until
      such time as Executive becomes covered by Company medical coverage, the Company
      shall reimburse Executive for Executive’s medical coverage currently in
      place.

    

    11. Termination
      of Employment.

    

    (a) Death.
      In the
      event that during the term of this Agreement the Executive dies, this Agreement
      and the Executive’s employment with the Company shall automatically terminate
      and the Company shall have no further obligations or liability to the Executive
      or his heirs, administrators or executors with respect to compensation and
      benefits accruing thereafter, except for the obligation to pay the Executor’s
      heirs, administrators or executors any earned but unpaid base salary, unpaid
      pro
      rata
      annual
      bonus and unused vacation days accrued through the date of death; provided,
      that
      nothing contained in this paragraph shall be deemed to excuse any breach by
      the
      Company of any provision of this Agreement. The Company shall deduct, from
      all
      payments made hereunder, all applicable taxes, including income tax, FICA and
      FUTA, and other appropriate deductions.

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    (b) “Disability.”
      In
      the
      event that, during the term of this Agreement the Executive shall be prevented
      from performing his duties and responsibilities hereunder to the full extent
      required by the Company by reason of Disability (as defined below) this
      Agreement and the Executive’s employment with the Company shall automatically
      terminate and the Company shall have no further obligations or liability to
      the
      Executive or his heirs, administrators or executors with respect to compensation
      and benefits accruing thereafter, except for the obligation to pay the Executive
      or his heirs, administrators or executors any earned but unpaid base salary,
      unpaid pro
      rata
      annual
      bonus and unused vacation days accrued through the Executive’s last date of
      Employment with the Company; provided,
      that
      nothing contained in this paragraph shall be deemed to excuse any breach by
      the
      Company of any provision of this Agreement including any failure to maintain
      the
      long-term disability insurance coverage required pursuant to Section 10(b)(iv).
      The Company shall deduct, from all payments made hereunder, all applicable
      taxes, including income tax, FICA and FUTA, and other appropriate deductions
      through
      the last date of the Executive’s employment with the Company. For purposes of
      this Agreement, “Disability”
shall
      mean a physical or mental disability that prevents the performance by the
      Executive, with or without reasonable accommodation, of his duties and
      responsibilities hereunder for a period of not less than an aggregate of three
      months during any twelve consecutive months. 

    

    (c) “Cause.”
      

    

    (i) At
      any
      time during the term of this Agreement, the Company may terminate this Agreement
      and the Executive’s employment hereunder for “Cause.” For purposes of this
      Agreement, “Cause”
shall
      be defined as the occurrence of: (A)
      gross
      neglect, malfeasance or gross insubordination in performing the Executive’s
      duties under this Agreement; (B) the Executive’s conviction for a felony,
      excluding convictions associated with traffic violations; (C) an egregious
      act
      of dishonesty (including without limitation theft or embezzlement) or a
      malicious action by the Executive toward the Company’s customers or employees;
      (D) a willful and material violation of any provision of Sections 12 and 13
      hereof; (E) intentional reckless conduct that is materially detrimental to
      the
      business or reputation of the Company; or (F) material failure, other than
      by
      reason of Disability, to carry out reasonably assigned duties or instructions
      consistent with the titles of Executive Vice President and Chief Financial
      Officer (provided that material failure to carry out reasonably assigned duties
      shall be deemed to constitute Cause only after a finding by the Board of
      Directors, or a duly constituted committee thereof, of material failure on
      the
      part of the Executive and the failure to remedy such performance to the Board’s
      or the committee’s satisfaction within 30 days after delivery of written notice
      to the Executive of such finding).

    

    (ii) Upon
      termination of this Agreement for Cause, the Company shall have no further
      obligations or liability to the Executive or his heirs, administrators or
      executors with respect to compensation and benefits thereafter, except for
      the
      obligation to pay the Executive any earned but unpaid base salary, unpaid
pro
      rata
      annual
      bonus and unused vacation days accrued through the Executive’s last day of
      employment with the Company. The Company shall deduct, from all payments made
      hereunder, all applicable taxes, including income tax, FICA and FUTA, and other
      appropriate deductions.

    

    (d) Change
      of Control.
      For
      purposes of this Agreement, “Change
      of Control”
means
      the occurrence of, or the Company’s Board votes to approve: (A) any
      consolidation or merger of the Company pursuant to which the stockholders
      of the Company immediately before the transaction do not retain immediately
      after the transaction, in substantially the same proportions as their ownership
      of shares of the Company’s voting stock immediately before the transaction,
      direct or indirect beneficial ownership of more than 50% of the total combined
      voting power of the outstanding voting securities of the surviving business
      entity;
      (B) any
      sale, lease, exchange or other transfer (in one transaction or a series of
      related transactions) of all, or substantially all, of the assets of the Company
      other than any sale, lease, exchange or other transfer to any company where
      the
      Company owns, directly or indirectly, 100% of the outstanding voting securities
      of such company after any such transfer; (C)
      the
      direct or indirect sale or exchange in a single or series of related
      transactions by the stockholders of the Company of more than 50% of the voting
      stock of the Company.

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    (e) “Good
      Reason.”

     

    (i) At
      any
      time during the term of this Agreement, subject to the conditions set forth
      in
      Section 11(e)(ii) below, the Executive may terminate this Agreement and the
      Executive’s employment with the Company for “Good Reason.” For purposes of this
      Agreement, “Good
      Reason”
shall
      mean the occurrence of any of the following events: (A) the
      assignment, without the Executive’s consent, to the Executive of duties that are
      significantly different from, and that result in a substantial diminution of,
      the duties that he assumed on the Effective Date; (B) the
      assignment, without the Executive’s consent, to the Executive of a title that is
      different from and subordinate to the title specified in Section 2 above; (C)
      any termination of the Executive’s employment by the Company, other than a
      termination for Cause, within
      12
      months after a Change of Control;
      (D) the
      assignment, without the Executive’s consent, to the Executive of duties that are
      significantly different from, and that result in a substantial diminution of,
      the duties that he assumed on the Effective Date within 12 months after a Change
      of Control; (E) the requirement that the Executive relocate beyond 50 miles
      of
      Richmond, Virginia within 12 months of a Change of Control; or (F) material
      breach by the Company of this Agreement. 

    

    (ii) The
      Executive shall not be entitled to terminate his employment with the Company
      and
      this Agreement for Good Reason unless and until he shall have delivered written
      notice to the Company of his intention to terminate this Agreement and his
      employment with the Company for Good Reason, which notice specifies in
      reasonable detail the circumstances claimed to provide the basis for such
      termination for Good Reason, and the Company shall not have eliminated the
      circumstances constituting Good Reason within 30 days of its receipt from the
      Executive of such written notice. 

    

    (iii) In
      the
      event that the Executive terminates this Agreement and his employment with
      the
      Company for Good Reason, the Company shall pay or provide to the Executive
      (or,
      following his death, to the Executive’s heirs, administrators or executors):
      (A)
      any
      earned but unpaid base salary, unpaid pro
      rata
      annual
      bonus and unused vacation days accrued through the Executive’s last day of
      employment with the Company; and
      (B)
      severance in an amount equal to six month’s base salary, as in effect
      immediately prior to the Executive’s termination hereunder. All payments due
      hereunder shall be made within 45 days after the date of termination of the
      Executive’s employment.
      The
      Company shall deduct, from all payments made hereunder, all applicable taxes,
      including income tax, FICA and FUTA, and other appropriate
      deductions.

     

    (iv) The
      Executive shall have no duty to mitigate his damages.

     

    (f) Without
      “Cause.”

     

    (i) By
      The
      Executive.
      At any
      time during the term of this Agreement, the Executive shall be entitled to
      terminate this Agreement and the Executive’s employment with the Company without
      Cause by providing prior written notice of at least 30 days to the Company.
      Upon
      termination by the Executive of this Agreement and the Executive’s employment
      with the Company without Cause, the Company shall have no further obligations
      or
      liability to the Executive or his heirs, administrators or executors with
      respect to compensation and benefits thereafter, except for the obligation
      to
      pay the Executive any earned but unpaid base salary, and unused vacation days
      accrued through the Executive’s last day of employment with the Company. The
      Company shall deduct, from all payments made hereunder, all applicable taxes,
      including income tax, FICA and FUTA, and other appropriate
      deductions.

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    (ii) By
      The
      Company.
      At any
      time during the term of this Agreement, the Company shall be entitled to
      terminate this Agreement and the Executive’s employment with the Company without
      Cause by providing prior written notice of at least 30 days to the Executive.
      Upon termination by the Company of this Agreement and the Executive’s employment
      with the Company without Cause, the Company shall pay or provide to the
      Executive (or, following his death, to the Executive’s heirs, administrators or
      executors): (A) any earned but unpaid base salary, unpaid pro
      rata
      annual
      bonus and unused vacation days accrued through the Executive’s last day of
      employment with the Company and (B) severance in an amount equal to six month’s
      base salary, as in effect immediately prior to the Executive’s termination
      hereunder. All payments due hereunder shall be made within 45 days after the
      date of termination of the Executive’s employment. The Company shall deduct,
      from all payments made hereunder, all applicable taxes, including income tax,
      FICA and FUTA, and other appropriate deductions. 

     

    12. Confidential
      Information.
      

    

    (a) The
      Executive expressly acknowledges that, in the performance of his duties and
      responsibilities with the Company, he has been exposed since prior to the
      Effective Date, and will be exposed, to the trade secrets, business and/or
      financial secrets and confidential and proprietary information of the Company,
      its affiliates and/or its clients, business partners or customers (“Confidential
      Information”).
      The
      term “Confidential Information” includes information or material that has actual
      or potential commercial value to the Company, its affiliates and/or its clients,
      business partners or customers and is not generally known to and is not readily
      ascertainable by proper means to persons outside the Company, its affiliates
      and/or its clients or customers.

    

    (b) Except
      as
      authorized in writing by the Board, during the performance of the Executive’s
      duties and responsibilities for the Company and until such time as any such
      Confidential Information becomes generally known to and readily ascertainable
      by
      proper means to persons outside the Company, its affiliates and/or its clients,
      business partners or customers, the Executive agrees to keep strictly
      confidential and not use for his personal benefit or the benefit to any other
      person or entity (other than the Company) the Confidential Information.
“Confidential Information” includes the following, whether or not expressed in a
      document or medium, regardless of the form in which it is communicated, and
      whether or not marked “trade secret” or “confidential” or any similar legend:
      (i) lists
      of
      and/or information concerning customers, prospective customers, suppliers,
      employees, consultants, co-venturers and/or joint venture candidates of the
      Company, its affiliates or its clients or customers; (ii) information
      submitted by customers, prospective customers, suppliers, employees, consultants
      and/or co-venturers of the Company, its affiliates and/or its clients or
      customers; (iii) non-public
      information proprietary to the Company, its affiliates and/or its clients or
      customers, including, without limitation, cost information, profits, sales
      information, prices, accounting, unpublished financial information, business
      plans or proposals, expansion plans (for current and proposed facilities),
      markets and marketing methods, advertising and marketing strategies,
      administrative procedures and manuals, the terms and conditions of the Company’s
      contracts and trademarks and patents under consideration, distribution channels,
      franchises, investors, sponsors and advertisers; (iv) proprietary
      technical information concerning products and services of the Company, its
      affiliates and/or its clients, business partners or customers, including,
      without limitation, product data and specifications, diagrams, flow charts,
      know
      how, processes, designs, formulae, inventions and product development; (v)
      lists
      of
      and/or information concerning applicants, candidates or other prospects for
      employment, independent contractor or consultant positions at or with any actual
      or prospective customer or client of Company and/or its affiliates,
      any and
      all confidential processes, inventions or methods of conducting business of
      the
      Company, its affiliates and/or its clients, business partners or customers;
      (vi)
      acquisition or merger targets; (vii) business plans or strategies, data,
      records, financial information or other trade secrets concerning the actual
      or
      contemplated business, strategic alliances, policies or operations of the
      Company or its affiliates; or (viii) any
      and
      all versions of proprietary computer software (including source and object
      code), hardware, firmware, code, discs, tapes, data listings and documentation
      of the Company;
      or (ix)
      any other confidential information disclosed to the Executive by, or which
      the
      Executive is otherwise obligated under a duty of confidence to, the Company,
      its
      affiliates, clients, business partners, or customers.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    (c) The
      Executive affirms that he does not possess and will not rely upon the protected
      trade secrets or confidential or proprietary information of his prior
      employer(s) in providing services to the Company. 

    

    (d) In
      the
      event that the Executive’s employment with the Company terminates for any
      reason, the Executive shall deliver forthwith to the Company any and all
      originals and copies of Confidential Information.

    

    13. Non-Competition
      And Non-Solicitation.
      

     

    (a) The
      Executive agrees and acknowledges that the Confidential Information that the
      Executive has already received and will receive is valuable to the
      Company and
      that
      its protection and maintenance constitutes a legitimate business interest of
      the
      Company, to be protected by the non-competition restrictions set forth herein.
      The Executive agrees and acknowledges that the non-competition restrictions
      set
      forth herein are reasonable and necessary and do not impose undue hardship
      or
      burdens on the Executive. The Executive also acknowledges that the products
      and
      services developed or provided by the Company, its
      affiliates and/or its clients or customers
      are or
      are intended to be sold, provided, licensed and/or distributed to customers
      and
      clients in and throughout the Mid-West (the “Geographic
      Boundary”)
      (to
      the extent the Company comes to own or operate any material asset in other
      areas
      of the United States during the term of the Executive’s employment, the
      definition of Geographic Boundary shall be automatically expanded to cover
      such
      other areas), and that the Geographic Boundary, scope of prohibited competition,
      and time duration set forth in the non-competition restrictions set forth below
      are reasonable and necessary to maintain the value of the Confidential
      Information of, and to protect the goodwill and other legitimate business
      interests of, the Company, its
      affiliates and/or its clients or customers.
      

    

    (b) The
      Executive hereby agrees and covenants that he shall not, without the prior
      written consent of the Company, directly or indirectly, in any capacity
      whatsoever, including, without limitation, as an employee, employer, consultant,
      principal, partner, shareholder, officer, director or any other individual
      or
      representative capacity (other than a holder of less than one percent (5%)
      of
      the outstanding voting shares of any publicly held company), or whether on
      the
      Executive’s own behalf or on behalf of any other person or entity or otherwise
      howsoever, during the Executive’s employment with the Company and for a period
      equal to the greater of (i) one year (two years, if termination of this
      Agreement or of Executive’s employment is pursuant to Section 11(f)(i) hereof)
      following the termination of this Agreement or of the Executive’s employment
      with the Company or (ii) the period during which the Executive continues to
      receive his base salary pursuant to Sections 11(e) or 11(f)(ii) of this
      Agreement following the termination of this Agreement and of the Executive’s
      employment, in the Geographic Boundary:

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    (i) Engage,
      own, manage, operate, control, be employed by, consult for, participate in,
      or
      be connected in any manner with the ownership, management, operation or control
      of any business in competition with the Business of the Company. The
“Business
      of the Company”
is
      defined as the development and production of ethanol and other alternatives
      to
      petroleum-based fuels within the Geographic Boundary.

    

    (ii) Recruit,
      solicit or hire, or attempt to recruit, solicit or hire, any employee, or
      independent contractor of the Company to leave the employment (or independent
      contractor relationship) thereof, whether or not any such employee or
      independent contractor is party to an employment agreement. 

    

    (iii) Attempt
      in any manner to solicit or accept from any customer of the Company, with whom
      the Executive had significant contact during the term of the Agreement, business
      of the kind or competitive with the business done by the Company with such
      customer or to persuade or attempt to persuade any such customer to cease to
      do
      business or to reduce the amount of business which such customer has customarily
      done or is reasonably expected to do with the Company, or if any such customer
      elects to move its business to a person other than the Company, provide any
      services (of the kind or competitive with the Business of the Company) for
      such
      customer, or have any discussions regarding any such service with such customer,
      on behalf of such other person.

    

    (iv) Interfere
      with any relationship, contractual or otherwise, between the Company and any
      other party, including; without limitation, any supplier, co-venturer or joint
      venturer of the Company to discontinue or reduce its business with the Company
      or otherwise interfere in any way with the Business of the Company.

    

    14. Dispute
      Resolution.
      The
      Executive and the Company agree that any dispute or claim, whether based on
      contract, tort, discrimination, retaliation, or otherwise, relating to, arising
      from, or connected in any manner with this Agreement or with the Executive’s
      employment with Company shall be resolved exclusively through final and binding
      arbitration under the auspices of the American Arbitration Association
      (“AAA”).
      The
      arbitration shall be held in Basehor, Kansas. The arbitration shall proceed
      in
      accordance with the National Rules for the Resolution of Employment Disputes
      of
      the AAA in effect at the time the claim or dispute arose, unless other rules
      are
      agreed upon by the parties. The arbitration shall be conducted by one arbitrator
      who is a member of the AAA, unless the parties mutually agree otherwise. The
      arbitrators shall have jurisdiction to determine any claim, including the
      arbitrability of any claim, submitted to them. The arbitrators may grant any
      relief authorized by law for any properly established claim. The interpretation
      and enforceability of this paragraph of this Agreement shall be governed and
      construed in accordance with the United States Federal Arbitration Act, 9.
      U.S.C. § 1, et
      seq.
      More
      specifically, the parties agree to submit to binding arbitration any claims
      for
      unpaid wages or benefits, or for alleged discrimination, harassment, or
      retaliation, arising under Title VII of the Civil Rights Act of 1964, the Equal
      Pay Act, the National Labor Relations Act, the Age Discrimination in Employment
      Act, the Americans With Disabilities Act, the Employee Retirement Income
      Security Act, the Civil Rights Act of 1991, the Family and Medical Leave Act,
      the Fair Labor Standards Act, Sections 1981 through 1988 of Title 42 of the
      United States Code, COBRA, the New York State Human Rights Law, the New York
      City Human Rights Law, and any other federal, state, or local law, regulation,
      or ordinance, and any common law claims, claims for breach of contract, or
      claims for declaratory relief. The Executive acknowledges that the purpose
      and
      effect of this paragraph is solely to elect private arbitration in lieu of
      any
      judicial proceeding he might otherwise have available to him in the event of
      an
      employment-related dispute between him and the Company. Therefore, the Executive
      hereby waives his right to have any such employment-related dispute heard by
      a
      court or jury, as the case may be, and agrees that his exclusive procedure
      to
      redress any employment-related claims will be arbitration.

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    15. Notice.
      For
      purposes of this Agreement, notices and all other communications provided for
      in
      this Agreement or contemplated hereby shall be in writing and shall be deemed
      to
      have been duly given when personally delivered, delivered by a nationally
      recognized overnight delivery service or when mailed United States Certified
      or
      registered mail, return receipt requested, postage prepaid, and addressed as
      follows:

    

    If
      to the
      Company: 

    

    Ethanex
      Energy, Inc.

    14500
      Parallel Road

    Suite
      A

    Basehor,
      Kansas

    Attn:
      Albert Knapp, President and Chief Executive Officer

    Facsimile:
      (913) 724-4107

     

    If
      to the
      Executive:

    

    David
      J.
      McKittrick

    5111
      Cary
      Street Road

    Richmond,
      Virginia 23226

    djmckittrick@comcast.net

    Facsimile:
      (804) 288-2513

    

    Any
      party
      may change the address to which communications hereunder are to be delivered
      by
      giving the other party notice in the manner herein set forth.

    

    16. Miscellaneous.

    

    (a) All
      issues and disputes concerning, relating to or arising out of this Agreement
      and
      from the Executive’s employment by the Company, including, without limitation,
      the construction and interpretation of this Agreement, shall be governed by
      and
      construed in accordance with the internal laws of the State of New York, without
      giving effect to that State’s principles of conflicts of law.

    

    (b) The
      Executive and the Company agree that any provision of this Agreement deemed
      unenforceable or invalid may be reformed to permit enforcement of the
      objectionable provision to the fullest permissible extent. Any provision of
      this
      Agreement deemed unenforceable after modification shall be deemed stricken
      from
      this Agreement, with the remainder of the Agreement being given its full force
      and effect.

    

    (c) The
      Company shall be entitled to equitable relief, including injunctive relief
      and
      specific performance as against the Executive, for the Executive’s threatened or
      actual breach of Sections 12 or 13 of this Agreement, as money damages for
      a
      breach thereof would be incapable of precise estimation, uncertain, and an
      insufficient remedy for an actual or threatened breach of Sections 12 or 13
      of
      this Agreement. The Executive and the Company agree that any pursuit of
      equitable relief in respect of Sections 12 or 13 of this Agreement shall have
      no
      effect whatsoever regarding the continued viability and enforceability of
      Section 14 of this Agreement.

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    (d) Any
      waiver or inaction by the Company for any breach of this Agreement shall not
      be
      deemed a waiver of any subsequent breach of this Agreement.

    

    (e) The
      Executive and the Company independently have made all inquiries regarding the
      qualifications and business affairs of the other which either party deems
      necessary. The Executive affirms that he fully understands this Agreement’s
      meaning and legally binding effect. Each party has participated fully and
      equally in the negotiation and drafting of this Agreement. Each party assumes
      the risk of any misrepresentation or mistaken understanding or belief relied
      upon by him or it in entering into this Agreement.

    

    (f) The
      Executive’s obligations under this Agreement are personal in nature and may not
      be assigned by the Executive to any other person or entity. 

    

    (g) This
      instrument constitutes the entire Agreement between the parties regarding its
      subject matter. When signed by all parties, this Agreement supersedes and
      nullifies all prior or contemporaneous conversations, negotiations, or
      agreements, oral and written, regarding the subject matter of this Agreement.
      In
      any future construction of this Agreement, this Agreement should be given its
      plain meaning. This Agreement may be amended only by a writing signed by the
      Company and the Executive.

    

    (h) This
      Agreement may be executed in counterparts, a counterpart transmitted via
      facsimile, and all executed counterparts, when taken together, shall constitute
      sufficient proof of the parties’ entry into this Agreement. The parties agree to
      execute any further or future documents which may be necessary to allow the
      full
      performance of this Agreement. This Agreement contains headings for ease of
      reference. The headings have no independent meaning.

    

    (i) THE
      EXECUTIVE STATES THAT HE HAS FREELY AND VOLUNTARILY ENTERED INTO THIS AGREEMENT
      AND THAT HE HAS READ AND UNDERSTOOD EACH AND EVERY PROVISION THEREOF. THIS
      AGREEMENT IS EFFECTIVE UPON THE EXECUTION OF THIS AGREEMENT BY BOTH
      PARTIES.

    

    [Signature
      Page Follows]

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    IN
      WITNESS WHEREOF, the Company and the Executive have executed this Employment
      Agreement as of the day and year first above written.

     

    
      	 	 	 
	 	David
              J.
              McKittrick
	 
 	 
 	 
 
	 	By:  	/s/ David
              J.
              McKittrick
	 	
              

            
	 	 

      	 	 	 
	 	Ethanex
              Energy, Inc.
	 
 	 
 	 
 
	 	By:  	/s/ Albert
              Knapp
	 	
              

              Name: Albert
                Knapp

              Title: President
                & CEOUnassociated Document

    STRUCTURED
      ASSET SECURITIES CORPORATION, as Depositor,

     

    

    AURORA
      LOAN SERVICES LLC, as Master Servicer,

     

    WELLS
      FARGO BANK, N.A., as Securities Administrator,

     

    and

     

    HSBC
      BANK
      USA, NATIONAL ASSOCIATION

     

    as
      Trustee

     

    ___________________________

     

    TRUST
      AGREEMENT

     

    Dated
      as
      of September 1, 2006

    ___________________________

     

    LEHMAN
      MORTGAGE TRUST

    MORTGAGE
      PASS-THROUGH CERTIFICATES

    SERIES
      2006-6

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    TABLE
      OF
      CONTENTS

     

    
      	 	
              Page

            
	 	 
	
              ARTICLE
                I DEFINITIONS

            	
              13

            
	 	 
	
              Section
                1.01. Definitions.

            	
              13

            
	
              Section
                1.02. Calculations Respecting Mortgage Loans.

            	
              55

            
	 	 
	
              ARTICLE
                II DECLARATION OF TRUST; ISSUANCE OF CERTIFICATES

            	
              56

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

            	
              56

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

            	
              60

            
	
              Section
                2.03. Representations and Warranties of the Depositor.

            	
              61

            
	
              Section
                2.04. Discovery of Breach.

            	
              63

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

            	
              64

            
	
              Section
                2.06. Grant Clause.

            	
              65

            
	 	 
	
              ARTICLE
                III THE CERTIFICATES

            	
              66

            
	 	 
	
              Section
                3.01. The Certificates.

            	
              66

            
	
              Section
                3.02. Registration.

            	
              68

            
	
              Section
                3.03. Transfer and Exchange of Certificates.

            	
              68

            
	
              Section
                3.04. Cancellation of Certificates.

            	
              75

            
	
              Section
                3.05. Replacement of Certificates.

            	
              75

            
	
              Section
                3.06. Persons Deemed Owners.

            	
              75

            
	
              Section
                3.07. Temporary Certificates.

            	
              76

            
	
              Section
                3.08. Appointment of Paying Agent.

            	
              76

            
	
              Section
                3.09. Book-Entry Certificates.

            	
              77

            
	
              Section
                3.10. Deposit of Underlying Exchange Certificates under the Exchange
                Trust
                Agreement.

            	
              78

            
	 	 
	
              ARTICLE
                IV ADMINISTRATION OF THE TRUST FUND

            	
              79

            
	 	 
	
              Section
                4.01. Collection Account.

            	
              79

            
	
              Section
                4.02. Application of Funds in the Collection Account.

            	
              81

            
	
              Section
                4.03. Reports to Certificateholders.

            	
              83

            
	
              Section
                4.04. Certificate Account.

            	
              87

            
	 	 
	
              ARTICLE
                V DISTRIBUTIONS TO HOLDERS OF CERTIFICATES

            	
              88

            
	 	 
	
              Section
                5.01. Distributions Generally.

            	
              88

            
	
              Section
                5.02. Distributions from the Certificate Account.

            	
              89

            
	
              Section
                5.03. Allocation of Realized Losses.

            	
              97

            
	
              Section
                5.04. Advances by the Master Servicer and the Securities
                Administrator.

            	
              99

            
	
              Section
                5.05. Compensating Interest Payments.

            	
              100

            
	
              Section
                5.06. Supplemental Interest Trust.

            	
              100

            
	
              Section
                5.07. The Reserve Fund.

            	
              101

            

    

     

    
      
        
        

      

      
        i

        
          

        

      

      
        
        

      

    

    
      	
              ARTICLE
                VI CONCERNING THE TRUSTEE AND THE SECURITIES ADMINISTRATOR; EVENTS
                OF
                DEFAULT

            	
              102

            
	 	 
	
              Section
                6.01. Duties of Trustee and Securities Administrator.

            	
              102

            
	
              Section
                6.02. Certain Matters Affecting the Trustee and the Securities
                Administrator.

            	
              105

            
	
              Section
                6.03. Trustee and Securities Administrator Not Liable for
                Certificates.

            	
              106

            
	
              Section
                6.04. Trustee and the Securities Administrator May Own
                Certificates.

            	
              107

            
	
              Section
                6.05. Eligibility Requirements for Trustee and Securities
                Administrator.

            	
              107

            
	
              Section
                6.06. Resignation and Removal of Trustee and the Securities
                Administrator.

            	
              108

            
	
              Section
                6.07. Successor Trustee and Successor Securities
                Administrator.

            	
              109

            
	
              Section
                6.08. Merger or Consolidation of Trustee or the Securities
                Administrator.

            	
              110

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

            	
              110

            
	
              Section
                6.10. Authenticating Agents.

            	
              112

            
	
              Section
                6.11. Indemnification of Trustee and Securities
                Administrator.

            	
              113

            
	
              Section
                6.12. Fees and Expenses of Securities Administrator, Trustee and
                Custodian.

            	
              114

            
	
              Section
                6.13. Collection of Monies.

            	
              114

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

            	
              115

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

            	
              120

            
	
              Section
                6.16. Waiver of Defaults.

            	
              120

            
	
              Section
                6.17. Notification to Holders.

            	
              120

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

            	
              121

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

            	
              121

            
	
              Section
                6.20. Preparation of Tax Returns and Other Reports.

            	
              121

            
	
              Section
                6.21. [Reserved]

            	
              129

            
	
              Section
                6.22. No Merger.

            	
              129

            
	
              Section
                6.23. Indemnification by the Securities Administrator.

            	
              129

            
	
              Section
                6.24. Compliance with Regulation AB.

            	
              129

            
	 	 
	
              ARTICLE
                VII PURCHASE AND TERMINATION OF THE TRUST FUND

            	
              130

            
	 	 
	
              Section
                7.01. Termination of Trust Fund Upon Repurchase or Liquidation of
                All
                Mortgage Loans.

            	
              130

            
	
              Section
                7.02. Procedure Upon Termination of Trust Fund.

            	
              131

            
	
              Section
                7.03. Additional Requirements for any Trust Fund Termination Events
                or
                Purchase of the Lower Tier REMIC 1 Uncertificated Regular
                Interests.

            	
              133

            
	
              Section
                7.04. Charged-off Loans and Released Mortgage Loans.

            	
              134

            
	 	 
	
              ARTICLE
                VIII RIGHTS OF CERTIFICATEHOLDERS

            	
              135

            
	 	 
	
              Section
                8.01. Limitation on Rights of Holders.

            	
              135

            
	
              Section
                8.02. Access to List of Holders.

            	
              136

            
	
              Section
                8.03. Acts of Holders of Certificates.

            	
              136

            

    

     

    
      
        
        

      

      
        ii

        
          

        

      

      
        
        

      

    

    
      	
              ARTICLE
                IX ADMINISTRATION AND SERVICING OF MORTGAGE LOANS BY THE MASTER
                SERVICER

            	
              137

            
	 	 
	
              Section
                9.01. Duties of the Master Servicer.

            	
              137

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

            	
              137

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

            	
              138

            
	
              Section
                9.04. Power to Act; Procedures.

            	
              138

            
	
              Section
                9.05. Servicing Agreements Between the Master Servicer and Servicers;
                Enforcement of Servicers’ Obligations.

            	
              141

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

            	
              142

            
	
              Section
                9.07. Termination of Servicing Agreements; Successor
                Servicers.

            	
              142

            
	
              Section
                9.08. Master Servicer Liable for Enforcement.

            	
              143

            
	
              Section
                9.09. No Contractual Relationship Between Servicers and Trustee or
                Depositor.

            	
              143

            
	
              Section
                9.10. Assumption of Servicing Agreement by Securities
                Administrator.

            	
              144

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

            	
              144

            
	
              Section
                9.12. Release of Mortgage Files.

            	
              145

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

            	
              146

            
	
              Section
                9.14. Representations and Warranties of the Master
                Servicer.

            	
              147

            
	
              Section
                9.15. Closing Certificate and Opinion.

            	
              150

            
	
              Section
                9.16. Standard Hazard and Flood Insurance Policies.

            	
              150

            
	
              Section
                9.17. Presentment of Claims and Collection of Proceeds.

            	
              150

            
	
              Section
                9.18. Maintenance of the Primary Mortgage Insurance
                Policies.

            	
              151

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

            	
              151

            
	
              Section
                9.20. Realization Upon Defaulted Mortgage Loans.

            	
              152

            
	
              Section
                9.21. Compensation to the Master Servicer.

            	
              152

            
	
              Section
                9.22. REO Property.

            	
              153

            
	
              Section
                9.23. Notices to the Depositor and the Securities
                Administrator

            	
              153

            
	
              Section
                9.24. Reports to the Securities Administrator.

            	
              154

            
	
              Section
                9.25. Assessment of Compliance and Attestation Reports.

            	
              155

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

            	
              156

            
	
              Section
                9.27. Merger or Consolidation.

            	
              157

            
	
              Section
                9.28. Resignation of Master Servicer.

            	
              157

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

            	
              157

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

            	
              158

            
	
              Section
                9.31. Indemnification; Third-Party Claims.

            	
              159

            
	
              Section
                9.32. Special Servicing of Delinquent Mortgage Loans.

            	
              159

            
	 	 
	
              ARTICLE
                X REMIC ADMINISTRATION

            	
              160

            
	 	 
	
              Section
                10.01. REMIC Administration.

            	
              160

            
	
              Section
                10.02. Prohibited Transactions and Activities.

            	
              162

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

            	
              163

            
	
              Section
                10.04. REO Property.

            	
              163

            
	 	 

    

     

    
      
        
        

      

      
        iii

        
          

        

      

      
        
        

      

    

    
      	
              ARTICLE
                XI MISCELLANEOUS PROVISIONS

            	
              164

            
	 	 
	
              Section
                11.01. Binding Nature of Agreement; Assignment.

            	
              164

            
	
              Section
                11.02. Entire Agreement.

            	
              164

            
	
              Section
                11.03. Amendment.

            	
              165

            
	
              Section
                11.04. Voting Rights.

            	
              166

            
	
              Section
                11.05. Provision of Information.

            	
              167

            
	
              Section
                11.06. Governing Law.

            	
              167

            
	
              Section
                11.07. Notices.

            	
              167

            
	
              Section
                11.08. Severability of Provisions.

            	
              168

            
	
              Section
                11.09. Indulgences; No Waivers.

            	
              168

            
	
              Section
                11.10. Headings Not To Affect Interpretation.

            	
              168

            
	
              Section
                11.11. Benefits of Agreement.

            	
              168

            
	
              Section
                11.12. Special Notices to the Rating Agencies.

            	
              168

            
	
              Section
                11.13. Counterparts.

            	
              169

            
	
              Section
                11.14. Transfer of Servicing.

            	
              169

            

    

     

    Exhibits

    

    
      	
              Exhibit
                A

            	
              Forms
                of Certificates

            
	
              Exhibit
                B-1

            	
              Form
                of Initial Certification

            
	
              Exhibit
                B-2

            	
              Form
                of Interim Certification

            
	
              Exhibit
                B-3

            	
              Form
                of Final Certification

            
	
              Exhibit
                B-4

            	
              Form
                of Endorsement

            
	
              Exhibit
                C

            	
              Request
                for Release of Documents and Receipt

            
	
              Exhibit
                D-l

            	
              Form
                of Residual Certificate Transfer Affidavit (Transferee)

            
	
              Exhibit
                D-2

            	
              Form
                of Residual Certificate Transfer Affidavit (Transferor)

            
	
              Exhibit
                E

            	
              List
                of Servicing Agreements

            
	
              Exhibit
                F

            	
              Form
                of Rule 144A Transfer Certificate

            
	
              Exhibit
                G

            	
              Form
                of Purchaser’s Letter for Institutional Accredited
                Investors

            
	
              Exhibit
                H

            	
              Form
                of ERISA Transfer Affidavit

            
	
              Exhibit
                I

            	
              Transaction
                Parties

            
	
              Exhibit
                J

            	
              Cap
                Agreement

            
	
              Exhibit
                K

            	
              Custodial
                Agreements

            
	
              Exhibit
                L-1

            	
              Additional
                Form 10-D Disclosure

            
	
              Exhibit
                L-2

            	
              Additional
                Form 10-K Disclosure 

            
	
              Exhibit
                L-3

            	
              Additional
                Form 8-K Disclosure

            
	
              Exhibit
                L-4

            	
              Additional
                Disclosure Notification

            
	
              Exhibit
                M

            	
              Monthly
                Electronic Data Transmission

            
	
              Exhibit
                N-1

            	
              Form
                of Transfer Certificate for Transfer from Restricted Global Security
                to
                Regulation S Global Security pursuant to Section
                3.03(h)(B)

            
	
              Exhibit
                N-2

            	
              Form
                of Transfer Certificate for Transfer from Regulation S Global Security
                to
                Restricted Global Security pursuant to Section
                3.03(h)(C)

            
	
              Exhibit
                O

            	
              Senior
                Principal Priorities

            

    

     

    
      
        
        

      

      
        iv

        
          

        

      

      
        
        

      

    

    
      	
              Exhibit
                P

            	
              Form
                Certification to be Provided to Depositor and/or Master Servicer
                by the
                Trustee

            
	
              Exhibit
                Q

            	
              Relevant
                Servicing Criteria to be Addressed in Report on Assessment of
                Compliance

            
	
              Exhibit
                R

            	
              Form
                of Exchange Trust Agreement (including Available Combination
                Schedule)

            

    

    

    Mortgage
      Loan Schedules

    

    
      	
              Schedule
                A

            	
              All
                Mortgage Loans

            
	
              Schedule
                B

            	
              AX
                Mortgage Loans

            

    

    

    
      
        
        

      

      
        v

        
          

        

      

      
        
        

      

    

    This
      TRUST AGREEMENT dated as of September 1, 2006 (the “Agreement”), is by and among
      STRUCTURED ASSET SECURITIES CORPORATION, a Delaware corporation, as depositor
      (the “Depositor”), AURORA LOAN SERVICES LLC, as Master Servicer (the “Master
      Servicer”), WELLS FARGO BANK, N.A., as Securities Administrator (the “Securities
      Administrator”), and HSBC
      BANK
      USA, NATIONAL ASSOCIATION,
      as
      trustee (the “Trustee”).

     

    PRELIMINARY
      STATEMENT

     

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

     

    As
      provided herein, the Securities Administrator shall elect that the Trust Fund
      (exclusive of any Supplemental Interest Trust, any Cap Agreement and any Basis
      Risk Reserve Fund (the “Excluded Trust Assets”)) be treated for federal income
      tax purposes as comprising four real estate mortgage investment conduits (each
      a
“REMIC” or, in the alternative, REMIC I, REMIC IIA, REMIC IIB and REMIC III (the
“Upper Tier REMIC”)). Each Underlying Exchange Certificate and each Certificate,
      other than the Exchange and Exchangeable Certificates, the Class X, Class LT-R
      or Class R Certificate, represents ownership of one or more regular interests
      in
      REMIC III for purposes of the REMIC Provisions. The Class LT-R Certificate
      represents ownership of the sole class of residual interest in REMIC I for
      purposes of the REMIC Provisions. The Class R Certificate represents ownership
      of the sole class of residual interest in REMIC IIA, REMIC IIB and the Upper
      Tier REMIC for purposes of the REMIC Provisions. 

     

    The
      Upper
      Tier REMIC shall hold as its assets the several Classes of uncertificated Lower
      Tier Interests in REMIC IIB, other than the Class R-2B Interest, and each such
      Lower Tier Interest is hereby designated as a regular interest in REMIC IIB
      for
      purposes of the REMIC Provisions. REMIC IIB shall hold as its assets the several
      Classes of uncertificated Lower Tier Interests in REMIC IIA, other than the
      Class R-2A Interest, and each such Lower Tier Interest is hereby designated
      as a
      regular interest in REMIC IIA. REMIC IIA shall hold as its assets the several
      Classes of uncertificated Lower Tier Interests in REMIC I, and each such Lower
      Tier Interest is hereby designated as a regular interest in REMIC I. REMIC
      I
      shall hold as its assets the property of the Trust Fund other than the Lower
      Tier Interests in REMIC I, REMIC IIA, REMIC IIB and the Excluded Trust
      Assets.

     

    
      
        
        

      

      
        1

        
          

        

      

      
        
        

      

    

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

     

    REMIC
      I:

     

    REMIC
      I
      shall issue one uncertificated interest in respect of each Mortgage Loan held
      by
      the Trust on the Closing Date, each of which is hereby designated as a regular
      interest in REMIC I (the “REMIC I Regular Interests”). Each REMIC I Regular
      Interest shall have an initial principal balance equal to the Scheduled
      Principal Balance of the Mortgage Loan to which it relates and shall bear
      interest at a per annum rate equal to the Net Mortgage Rate of such Mortgage
      Loan. In the event a Qualified Substitute Mortgage Loan is substituted for
      such
      Mortgage Loan (the “Original Mortgage Loan”), no amount of interest payable on
      such Qualified Substitute Mortgage Loan shall be distributed on such REMIC
      I
      Regular Interest at a rate in excess of the Net Mortgage Rate of the Original
      Mortgage Loan.

     

    On
      each
      Distribution Date the Securities Administrator shall distribute the interest
      portion of the Available Distribution Amount (net of expenses described in
      the
      preceding paragraph) with respect to each of the Lower Tier Interests in REMIC
      I
      based on the above-described interest rates.

     

    On
      each
      Distribution Date, the Securities Administrator shall distribute the principal
      portion of the Available Distribution Amount among the Lower Tier Interests
      in
      REMIC I in accordance with the amount of the principal attributable to the
      Mortgage Loan corresponding to each such Lower Tier Interests in REMIC I. All
      losses on the Mortgage Loans shall be allocated among the Lower Tier Interests
      in REMIC I in the same manner that principal distributions are
      allocated.

     

    On
      each
      Distribution Date, the Securities Administrator shall distribute the Prepayment
      Penalty Amounts collected during the preceding Prepayment Period, in the case
      of
      Principal Prepayments in full, or during the related Due Period, in the case
      of
      Principal Prepayments in part, to the Lower Tier Interest in REMIC I
      corresponding to the Mortgage Loan with respect to which such amounts were
      received.

     

    On
      each
      Distribution Date, the Securities Administrator shall first pay or charge as
      an
      expense of REMIC I all expenses of the Trust Fund for such Distribution
      Date.

     

    REMIC
      IIA

     

    REMIC
      IIA
      shall hold as assets the REMIC I Regular Interests. REMIC IIA shall issue the
      several classes of uncertificated REMIC IIA Interests set out below. Each such
      REMIC IIA Interest, other than the Class R-2A Interest, is hereby designated
      as
      a regular interest in REMIC IIA. The following table specifies the Class
      designation, interest rate, and principal amount for each Class of REMIC IIA
      Interests:

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

    

      
        	
                REMIC
                  IIA

                Class

                Designation

              	 	
                Interest
                  Rate

              	 	
                 Initial
                  Class

                Principal

                Amount

              	 	
                Corresponding
                  Class of Certificates

              
	
                LTII-1-A4

              	 	
                7.00%

              	 	
                $

              	
                96,609,000.00

              	 	
                1-A2,
                  1-A4

              
	
                LTII-1-A5

              	 	
                7.00%

              	 	
                $

              	
                126,840,000.00

              	 	
                1-A3,
                  1-A5

              
	
                LTII-2-A4

              	 	
                7.50%

              	 	
                $

              	
                58,274,000.00

              	 	
                2-A2,
                  2-A4

              
	
                LTII-2-A5

              	 	
                7.50%

              	 	
                $

              	
                35,030,000.00

              	 	
                2-A3,
                  2-A5

              
	
                LTII-3-A1

              	 	
                5.50%

              	 	
                $

              	
                37,250,946.62

              	 	
                3-A1

              
	
                LTII-3-A2

              	 	
                5.50%

              	 	
                $

              	
                10,159,349.09

              	 	
                3-A2

              
	
                LTII-3-A3

              	 	
                5.50%

              	 	
                $

              	
                6,940,767.65

              	 	
                3-A3

              
	
                LTII-3-A4

              	 	
                5.50%

              	 	
                $

              	
                1,892,936.64

              	 	
                3-A4

              
	
                LTII-4-A1

              	 	
                6.00%

              	 	
                $

              	
                61,430,000.00

              	 	
                4-A1,
                  4-A2

              
	
                LTII-4-A3

              	 	
                6.00%

              	 	
                $

              	
                25,596,000.00

              	 	
                4-A3,
                  4-A4

              
	
                LTII-4-A6

              	 	
                6.00%

              	 	
                $

              	
                18,358,738.00

              	 	
                4-A6

              
	
                LTII-4-A7

              	 	
                6.00%

              	 	
                $

              	
                7,266,676.00

              	 	
                4-A7

              
	
                LTII-4-A8

              	 	
                6.00%

              	 	
                $

              	
                9,477,157.00

              	 	
                4-A8

              
	
                LTII-4-A9

              	 	
                6.00%

              	 	
                $

              	
                3,059,790.00

              	 	
                4-A9

              
	
                LTII-4-A10

              	 	
                6.00%

              	 	
                $

              	
                1,211,113.00

              	 	
                4-A10

              
	
                LTII-4-A11

              	 	
                6.00%

              	 	
                $

              	
                1,579,526.00

              	 	
                4-A11

              
	
                LTII-4-A17

              	 	
                6.00%

              	 	
                $

              	
                3,017,900.00

              	 	
                4-A17

              
	
                LTII-5-A1

              	 	
                7.00%

              	 	
                $

              	
                100,000,000.00

              	 	
                5-A1,
                  5-A2

              
	
                LTII-5-A4

              	 	
                7.00%

              	 	
                $

              	
                55,438,000.00

              	 	
                5-A3,
                  5-A4

              
	
                LTII-AP

              	 	
                0.00%

              	 	
                $

              	
                253,389.43

              	 	
                AP

              
	
                LTII-AX1

              	 	
                (1)

              	 	
                $

              	
                (1)

              	 	
                AX1

              
	
                LTII-AX2

              	 	
                (2)

              	 	
                $

              	
                (2)

              	 	
                AX2

              
	
                LTII-1-AR

              	 	
                6.00%

              	 	
                $

              	
                100.00

              	 	
                R

              
	
                LTII-1A-GSA

              	 	
                (3)

              	 	
                $

              	
                56,229.16

              	 	
                N/A

              
	
                LTII-1A-Pool

              	 	
                (3)

              	 	
                $

              	
                5,566,686.75

              	 	
                N/A

              
	
                LTII-1B-GSA

              	 	
                (4)

              	 	
                $

              	
                73,822.67

              	 	
                N/A

              
	
                LTII-1B-Pool

              	 	
                (4)

              	 	
                $

              	
                7,308,443.98

              	 	
                N/A

              
	
                LTII-2A-GSA

              	 	
                (5)

              	 	
                $

              	
                33,915.24

              	 	
                N/A

              
	
                LTII-2A-Pool

              	 	
                (5)

              	 	
                $

              	
                3,357,608.42

              	 	
                N/A

              
	
                LTII-2B-GSA

              	 	
                (6)

              	 	
                $

              	
                20,388.03

              	 	
                N/A

              
	
                LTII-2B-Pool

              	 	
                (6)

              	 	
                $

              	
                2,018,415.31

              	 	
                N/A

              
	
                LTII-3-GSA

              	 	
                (7)

              	 	
                $

              	
                32,740.82

              	 	
                N/A

              
	
                LTII-3-Pool

              	 	
                (7)

              	 	
                $

              	
                3,241,340.86

              	 	
                N/A

              
	
                LTII-4-GSA

              	 	
                (8)

              	 	
                $

              	
                69,079.47

              	 	
                N/A

              
	
                LTII-4-Pool

              	 	
                (8)

              	 	
                $

              	
                6,838,867.29

              	 	
                N/A

              
	
                LTII-5-GSA

              	 	
                (9)

              	 	
                $

              	
                81,807.63

              	 	
                N/A

              
	
                LTII-5-Pool

              	 	
                (9)

              	 	
                $

              	
                8,098,955.10

              	 	
                N/A

              
	
                R-2A

              	 	
                (10)

              	 	
                $

              	
                (10)

              	 	
                N/A

              

      

    

    
       

      
        

      

    

    
      	 	
              (1)

            	
              The
                Class LTII-AX1 Interest does not have a principal balance and is
                entitled
                to receive on each Distribution Date a specified portion of the interest
                payable on the AX1 Mortgage Loans. Specifically, for each Accrual
                Period,
                the Class LTII-AX1 Interest is entitled to interest accruals on the
                AX1
                Mortgage Loans at a per annum rate equal to the excess of (i) the
                weighted
                average of the Net Mortgage Rates of the AX1 Mortgage Loans over
                (ii)
                7.50%. 

            

    

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

    
      	 	
              (2)

            	
              The
                Class LTII-AX2 Interest does not have a principal balance and is
                entitled
                to receive on each Distribution Date a specified portion of the interest
                payable on the AX2 Mortgage Loans. Specifically, for each Accrual
                Period,
                the Class LTII-AX2 Interest is entitled to interest accruals on the
                AX2
                Mortgage Loans at a per annum rate equal to the excess of (i) the
                weighted
                average of the Net Mortgage Rates of the AX2 Mortgage Loans over
                (ii)
                7.00%.

            

    

     

    
      	 	
              (3)

            	
              The
                interest rate with respect to any Distribution Date (and the related
                Accrual Period) for the LTII-1A-Pool Interest and the LTII-1A-GSA
                Interest
                will be a per annum rate equal to the Designated Rate for Collateral
                Group
                1A. 

            

    

     

    
      	 	
              (4)

            	
              The
                interest rate with respect to any Distribution Date (and the related
                Accrual Period) for the LTII-1B-Pool Interest and the LTII-1B-GSA
                Interest
                will be a per annum rate equal to the Designated Rate for Collateral
                Group
                1B.

            

    

     

    
      	 	
              (5)

            	
              The
                interest rate with respect to any Distribution Date (and the related
                Accrual Period) for the LTII-2A-Pool Interest and the LTII-2A-GSA
                Interest
                will be a per annum rate equal to the Designated Rate for Collateral
                Group
                2A. 

            

    

     

    
      	 	
              (6)

            	
              The
                interest rate with respect to any Distribution Date (and the related
                Accrual Period) for the LTII-2B-Pool Interest and the LTII-2B-GSA
                Interest
                will be a per annum rate equal to the Designated Rate for Collateral
                Group
                2B.

            

    

     

    
      	 	
              (7)

            	
              The
                interest rate with respect to any Distribution Date (and the related
                Accrual Period) for the LTII-3-Pool Interest and the LTII-3-GSA Interest
                will be a per annum rate equal to the Designated Rate for Collateral
                Group
                3.

            

    

     

    
      	 	
              (8)

            	
              The
                interest rate with respect to any Distribution Date (and the related
                Accrual Period) for the LTII-4-Pool Interest and the LTII-4-GSA Interest
                will be a per annum rate equal to the Designated Rate for Collateral
                Group
                4.

            

    

     

    
      	 	
              (9)

            	
              The
                interest rate with respect to any Distribution Date (and the related
                Accrual Period) for the LTII-5-Pool Interest and the LTII-5-GSA Interest
                will be a per annum rate equal to the Designated Rate for Collateral
                Group
                5.

            

    

     

    
      	 	
              (10)

            	
              The
                Class R-2A Interest does not have a principal balance and does not
                bear
                interest.

            

    

    

    On
      each
      Distribution Date, the portion of the Available Distribution Amount
      distributable as interest shall be distributed as interest with respect to
      the
      REMIC IIA Interests based on the interest rates described above. On each
      Distribution Date, Net Prepayment Shortfalls and Excess Losses sustained with
      respect to any Collateral Group are to be allocated among the Classes of REMIC
      IIA Interests related to such Collateral Group based on the relative amounts
      of
      interest otherwise accrued for the related Accrual Period on each such REMIC
      IIA
      Interest.

     

    On
      each
      Distribution Date, the portion of the Available Distribution Amount
      distributable as principal shall be distributed as principal on REMIC IIA
      Interests as follows: 

     

    
      	 	
              (1)

            	
              First,
                to the Class LTII-AP Interest until the balance of each Interest
                equals
                that of the Class AP Certificate immediately after the Distribution
                Date;

            

    

     

    
      	 	
              (2)

            	
              Second,
                from the remaining Available Distribution Amount for Collateral Group
                1A,
                to
                the Class LTII-1A-GSA Interest until its principal balance equals
                one
                percent of the Group Subordinate Amount for Collateral Group 1A after
                such
                Distribution Date;

            

    

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

    
      	 	
              (3)

            	
              Third,
                from the remaining Available Distribution Amount for Collateral Group
                1B,
                to
                the Class LTII-1B-GSA Interest until its principal balance equals
                one
                percent of the Group Subordinate Amount for Collateral Group 1B after
                such
                Distribution Date;

            

    

     

    
      	 	
              (4)

            	
              Fourth,
                from the remaining Available Distribution Amount for Collateral Group
                2A,
                to
                the Class LTII-2A-GSA Interest until its principal balance equals
                one
                percent of the Group Subordinate Amount for Collateral Group 2A after
                such
                Distribution Date;

            

    

     

    
      	 	
              (5)

            	
              Fifth,
                from the remaining Available Distribution Amount for Collateral Group
                2B,
                to
                the Class LTII-2B-GSA Interest until its principal balance equals
                one
                percent of the Group Subordinate Amount for Collateral Group 2B after
                such
                Distribution Date;

            

    

     

    
      	 	
              (6)

            	
              Sixth,
                from the remaining Available Distribution Amount for Collateral Group
                3,
                to
                the Class LTII-3-GSA Interest until its principal balance equals
                one
                percent of the Group Subordinate Amount for Collateral Group 3 after
                such
                Distribution Date;

            

    

     

    
      	 	
              (7)

            	
              Seventh,
                from the remaining Available Distribution Amount for Collateral Group
                4,
                to
                the Class LTII-4-GSA Interest until its principal balance equals
                one
                percent of the Group Subordinate Amount for Collateral Group 4 after
                such
                Distribution Date;

            

    

     

    
      	 	
              (8)

            	
              Eighth,
                from the remaining Available Distribution Amount for Collateral Group
                5,
                to
                the Class LTII-5-GSA Interest until its principal balance equals
                one
                percent of the Group Subordinate Amount for Collateral Group 5 after
                such
                Distribution Date;

            

    

     

    
      	 	
              (9)

            	
              Ninth,
                to
                the
                Class LTII-1A-GSA, Class LTII-1B-GSA, Class LTII-2A-GSA, Class
                LTII-2B-GSA, Class LTII-3-GSA, Class LTII-4-GSA and Class LTII-5-GSA
                Interests, from the remaining Available Distribution Amount for Collateral
                Group 1A, Collateral Group 1B, Collateral Group 2A, Collateral Group
                2B,
                Collateral Group 3, Collateral Group 4 and Collateral Group 5, the
                minimum
                amount necessary to cause the ratio of the principal balances of
                each such
                REMIC IIA Interests to the principal balances of the other such REMIC
                IIA
                Interests to equal the ratio of the Group Subordinate Amounts related
                to
                such REMIC IIA Interests to the Group Subordinate Amounts related
                to the
                other such REMIC IIA Interests immediately after such Distribution
                Date;

            

    

     

    
      	 	
              (10)

            	
              Tenth,
                from the remaining Available Distribution Amount from each of the
                Collateral Groups, concurrently, as follows -

            

    

     

    (a) To
      the
      Class LTII-1A-Pool until the sum of (a) its principal balance and (b) the
      principal balance of the LTII-1A-GSA, after taking into account distributions
      made pursuant to priorities (2) and (9) above, equals the Group Subordinate
      Amount for Collateral Group 1A immediately after such Distribution
      Date;

     

    (b) To
      the
      Class LTII-1B-Pool until the sum of (a) its principal balance and (b) the
      principal balance of the LTII-1B-GSA, after taking into account distributions
      made pursuant to priorities (3) and (9) above, equals the Group Subordinate
      Amount for Collateral Group 1B immediately after such Distribution
      Date;

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

    (c) To
      the
      Class LTII-2A-Pool until the sum of (a) its principal balance and (b) the
      principal balance of the LTII-2A-GSA, after taking into account distributions
      made pursuant to priorities (4) and (9) above, equals the Group Subordinate
      Amount for Collateral Group 2A immediately after such Distribution
      Date;

     

    (d) To
      the
      Class LTII-2B-Pool until the sum of (a) its principal balance and (b) the
      principal balance of the LTII-2B-GSA, after taking into account distributions
      made pursuant to priorities (5) and (9) above, equals the Group Subordinate
      Amount for Collateral Group 2B immediately after such Distribution
      Date;

     

    (e) To
      the
      Class LTII-3-Pool until the sum of (a) its principal balance and (b) the
      principal balance of the LTII-3-GSA, after taking into account distributions
      made pursuant to priorities (6) and (9) above, equals the Group Subordinate
      Amount for Collateral Group 3 immediately after such Distribution
      Date;

     

    (f) To
      the
      Class LTII-4-Pool until the sum of (a) its principal balance and (b) the
      principal balance of the LTII-4-GSA, after taking into account distributions
      made pursuant to priorities (7) and (9) above, equals the Group Subordinate
      Amount for Collateral Group 4 immediately after such Distribution
      Date;

     

    (g) To
      the
      Class LTII-5-Pool until the sum of (a) its principal balance and (b) the
      principal balance of the LTII-5-GSA, after taking into account distributions
      made pursuant to priorities (8) and (9) above, equals the Group Subordinate
      Amount for Collateral Group 5 immediately after such Distribution
      Date;

     

    (6) Finally,
      from the remaining Available Distribution Amount from each of the Collateral
      Groups to each REMIC IIA Interest for which there is a Corresponding Class
      of
      Certificates (other than the Class LTII-AP, Class LTII-AX1 and Class LTII-AX2
      Interests) until the principal balance of such REMIC IIA Interest equals the
      Class Principal Amount of the Corresponding Class of Certificates immediately
      after such Distribution Date.

     

    For
      each
      Distribution Date, Realized Losses, other than Excess Losses, shall be allocated
      among the REMIC IIA Interests in the same manner that principal is allocated
      among the REMIC IIA Interests.

     

    On
      each
      Distribution Date, the Securities Administrator shall distribute Prepayment
      Penalty Amounts collected during the preceding Prepayment Period in respect
      of
      the Mortgage Loans in Pool 1 and Pool 2 to the Class LTII-1A-Pool and Class
      LTII-2B-Pool Lower Tier Interests, respectively. 

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

    REMIC
      IIB

     

    REMIC
      IIB
      shall hold as assets the REMIC IIA Regular Interests. REMIC IIB shall issue
      the
      several classes of uncertificated REMIC IIB Interests set out below. Each such
      REMIC IIB Interest, other than the Class R-2B Interest, is hereby designated
      as
      a regular interest in REMIC IIB. The following table specifies the Class
      designation, interest rate, and principal amount for each Class of REMIC IIB
      Interests:

     

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

    
      	
              REMIC
                IIB

              Class

              Designation

            	 	
               

              Interest
                Rate

            	 	
              Initial
                Class

              Principal
                or Notional

              Amount

            	 	
               

               

              Corresponding
                Class of Certificates

            
	
              LTIII-1-A2

            	 	
              (1)

            	 	
              (2)

            	 	
              1-A2

            
	
              LTIII-1-A3

            	 	
              (1)

            	 	
              (2)

            	 	
              1-A3

            
	
              LTIII-1-A4

            	 	
              (1)

            	 	
              (3)

            	 	
              1-A4

            
	
              LTIII-1-A5

            	 	
              (1)

            	 	
              (3)

            	 	
              1-A5

            
	
              LTIII-2-A2

            	 	
              (1)

            	 	
              (2)

            	 	
              2-A2

            
	
              LTIII-2-A3

            	 	
              (1)

            	 	
              (2)

            	 	
              2-A3

            
	
              LTIII-2-A4

            	 	
              (1)

            	 	
              (3)

            	 	
              2-A4

            
	
              LTIII-2-A5

            	 	
              (1)

            	 	
              (3)

            	 	
              2-A5

            
	
              LTIII-3-A1

            	 	
              (1)

            	 	
              (3)

            	 	
              3-A1

            
	
              LTIII-3-A2

            	 	
              (1)

            	 	
              (3)

            	 	
              3-A2

            
	
              LTIII-3-A3

            	 	
              (1)

            	 	
              (3)

            	 	
              3-A3

            
	
              LTIII-3-A4

            	 	
              (1)

            	 	
              (3)

            	 	
              3-A4

            
	
              LTIII-4-A1

            	 	
              (1)

            	 	
              (3)

            	 	
              4-A1

            
	
              LTIII-4-A2

            	 	
              (1)

            	 	
              (2)

            	 	
              4-A2

            
	
              LTIII-4-A3

            	 	
              (1)

            	 	
              (3)

            	 	
              4-A3

            
	
              LTIII-4-A4

            	 	
              (1)

            	 	
              (2)

            	 	
              4-A4

            
	
              LTIII-4-A6

            	 	
              (1)

            	 	
              (3)

            	 	
              4-A6

            
	
              LTIII-4-A7

            	 	
              (1)

            	 	
              (3)

            	 	
              4-A7

            
	
              LTIII-4-A8

            	 	
              (1)

            	 	
              (3)

            	 	
              4-A8

            
	
              LTIII-4-A9

            	 	
              (1)

            	 	
              (3)

            	 	
              4-A9

            
	
              LTIII-4-A10

            	 	
              (1)

            	 	
              (3)

            	 	
              4-A10

            
	
              LTIII-4-A11

            	 	
              (1)

            	 	
              (3)

            	 	
              4-A11

            
	
              LTIII-4-A17

            	 	
              (1)

            	 	
              (3)

            	 	
              4-A17

            
	
              LTIII-5-A1

            	 	
              (1)

            	 	
              (3)

            	 	
              5-A1

            
	
              LTIII-5-A2

            	 	
              (1)

            	 	
              (2)

            	 	
              5-A2

            
	
              LTIII-5-A3

            	 	
              (1)

            	 	
              (2)

            	 	
              5-A3

            
	
              LTIII-5-A4

            	 	
              (1)

            	 	
              (3)

            	 	
              5-A4

            
	
              LTIII-AP

            	 	
              (1)

            	 	
              (3)

            	 	
              AP

            
	
              LTIII-AX1

            	 	
              (1)

            	 	
              (2)

            	 	
              AX1

            
	
              LTIII-AX2

            	 	
              (1)

            	 	
              (2)

            	 	
              AX2

            
	
              LTIII-1-AR

            	 	
              (1)

            	 	
              (3)

            	 	
              R

            
	
              LTIII-1B1

            	 	
              (4)

            	 	
              (3)

            	 	
              1B1

            
	
              LTIII-1B2

            	 	
              (4)

            	 	
              (3)

            	 	
              1B2

            
	
              LTIII-1B3

            	 	
              (4)

            	 	
              (3)

            	 	
              1B3

            
	
              LTIII-1B4

            	 	
              (4)

            	 	
              (3)

            	 	
              1B4

            
	
              LTIII-1B5

            	 	
              (4)

            	 	
              (3)

            	 	
              1B5

            
	
              LTIII-1B6

            	 	
              (4)

            	 	
              (3)

            	 	
              1B6

            
	
              LTIII-2B1

            	 	
              (1)

            	 	
              (3)

            	 	
              2B1

            
	
              LTIII-2B2

            	 	
              (1)

            	 	
              (3)

            	 	
              2B2

            
	
              LTIII-2B3

            	 	
              (1)

            	 	
              (3)

            	 	
              2B3

            
	
              LTIII-2B4

            	 	
              (1)

            	 	
              (3)

            	 	
              2B4

            
	
              LTIII-2B5

            	 	
              (1)

            	 	
              (3)

            	 	
              2B5

            
	
              LTIII-2B6

            	 	
              (1)

            	 	
              (3)

            	 	
              2B6

            
	
              R-2B

            	 	
              (5)

            	 	
              (5)

            	 	
              N/A

            

    

     

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

    
      
        

      

    

    
      	 	
              (1)

            	
              The
                interest rate for each of these REMIC IIB Lower Tier Interests shall
                be
                the Certificate Interest Rate for its Corresponding Class of Certificates
                in REMIC III. 

            

    

     

    
      	 	
              (2)

            	
              Each
                of these REMIC IIB Lower Tier Interests is an interest-only interest
                and
                does not have an initial principal balance. Each of these REMIC IIB
                Lower
                Tier Interests shall accrue interest on the notional balance of its
                Corresponding Class of Certificates.

            

    

     

    
      	 	
              (3)

            	
              The
                initial principal amount for each of these REMIC IIB Lower Tier Interests
                shall be the Initial Class Principal Amount for its Corresponding
                Class of
                Certificates. 

            

    

     

    
      	 	
              (4)

            	
              The
                interest rate for each of these REMIC IIB Lower Tier Interests shall
                be
                the Average Rate for the Group 1 Subordinate
                Certificates.

            

    

     

    
      	 	
              (5)

            	
              The
                Class R-2B Interest does not have a principal balance and does not
                bear
                interest.

            

    

    

    On
      each
      Distribution Date, the portion of the Available Distribution Amount
      distributable as interest shall be distributed as interest with respect to
      the
      REMIC IIB Interests based on the interest rates described above. 

     

    On
      each
      Distribution Date, the portion of the Available Distribution Amount
      distributable as principal shall be distributed as principal to
      the
      Class
      LTIII-AP Interest until the balance of such Interest equals that of the Class
      AP
      Certificate immediately after the Distribution Date. On each Distribution Date,
      the remaining portion of the Available Distribution Amount from
      each of the Collateral Groups
      distributable as principal shall be distributed as principal to
      each REMIC IIB Interest for which there is a Corresponding Class of Certificates
      (other than the Class LTIII-AP Interest and any interest only Interest) until
      the principal balance of such REMIC IIB Interest equals the Class Principal
      Amount of the Corresponding Class of Certificates immediately after such
      Distribution Date.

     

    On
      each
      Distribution Date, the Securities Administrator shall be deemed to pass through
      Prepayment Penalty Amounts collected during the preceding Prepayment Period
      with
      respect to the Class LTIII-1A-Pool and Class LTIII-2B-Pool Lower Tier Interests
      to the Class LTIII-1A2 and Class LTIII-1A3 Lower Tier Interests,
      respectively.

     

    REMIC
      III

     

    REMIC
      III
      shall hold as assets the several classes of REMIC IIB Interests, other than
      the
      Class R-2B Interest. The following table specifies the Class designation,
      Certificate Interest Rate, initial Class Principal (or Notional) Amount and
      minimum denomination (by dollar amount or Percentage Interest) for (1) each
      Class of Certificates (each of which, other than the Class X, Class LT-R and
      Class R Certificates and the Exchange Certificates and Exchangeable
      Certificates, is hereby designated, along with each Underlying Exchange
      Certificate, as one or more regular interests in REMIC III) constituting
      the interests in the Trust Fund created hereunder and (2) for convenience,
      each
      Class of Certificates issued under the Exchange Trust Agreement.

     

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

      
        
          	
                  Class
                    Designation

                	 	
                  Certificate
                    Interest
                    Rate

                	 	
                   Initial
                    Class Principal

                  (or
                    Notional) Amount

                	 	
                   Minimum
                    Denomination

                  or
                    Percentage Interest

                
	
                  1-A1(2)

                	 	
                  (4)

                	 	
                  $

                	
                  223,449,000

                	 	
                  $

                	
                  100,000

                
	
                  1-A2

                	 	
                  (5)

                	 	
                  $

                	
                  96,609,000(3)

                	 	
                  $

                	
                  1,000,000

                
	
                  1-A3

                	 	
                  (5)

                	 	
                  $

                	
                  126,840,000(3)

                	 	
                  $

                	
                  1,000,000

                
	
                  1-A4(1)

                	 	
                  (4)

                	 	
                  $

                	
                  96,609,000

                	 	
                  $

                	
                  100,000

                
	
                  1-A5(1)

                	 	
                  (4)

                	 	
                  $

                	
                  126,840,000

                	 	
                  $

                	
                  100,000

                
	
                  2-A1(2)

                	 	
                  (6)

                	 	
                  $

                	
                  93,304,000

                	 	
                  $

                	
                  100,000

                
	
                  2-A2(1)

                	 	
                  (7)

                	 	
                  $

                	
                  58,274,000(3)

                	 	
                  $

                	
                  1,000,000

                
	
                  2-A3(1)

                	 	
                  (7)

                	 	
                  $

                	
                  35,030,000(3)

                	 	
                  $

                	
                  1,000,000

                
	
                  2-A4(1)

                	 	
                  (6)

                	 	
                  $

                	
                  58,274,000

                	 	
                  $

                	
                  100,000

                
	
                  2-A5(1)

                	 	
                  (6)

                	 	
                  $

                	
                  35,030,000

                	 	
                  $

                	
                  100,000

                
	
                  2-A6(2)

                	 	
                  (7)

                	 	
                  $

                	
                  93,304,000(3)

                	 	
                  $

                	
                  1,000,000

                
	
                  3-A1(1)

                	 	
                  (8)

                	 	
                  $

                	
                  37,250,946

                	 	
                  $

                	
                  100,000

                
	
                  3-A2(1)

                	 	
                  (9)

                	 	
                  $

                	
                  10,159,349

                	 	
                  $

                	
                  100,000

                
	
                  3-A3(1)

                	 	
                  (8)

                	 	
                  $

                	
                  6,940,767

                	 	
                  $

                	
                  100,000

                
	
                  3-A4(1)

                	 	
                  (9)

                	 	
                  $

                	
                  1,892,936

                	 	
                  $

                	
                  100,000

                
	
                  3-A5(2)

                	 	
                  (8)

                	 	
                  $

                	
                  44,191,714

                	 	
                  $

                	
                  100,000

                
	
                  3-A6(2)

                	 	
                  (9)

                	 	
                  $

                	
                  12,052,285

                	 	
                  $

                	
                  100,000

                
	
                  3-A7(2)

                	 	
                  5.50%

                	 	
                  $

                	
                  47,410,295

                	 	
                  $

                	
                  100,000

                
	
                  3-A8(2)

                	 	
                  5.50%

                	 	
                  $

                	
                  8,833,704

                	 	
                  $

                	
                  100,000

                
	
                  3-A9(2)

                	 	
                  5.50%

                	 	
                  $

                	
                  56,244,000

                	 	
                  $

                	
                  100,000

                
	
                  4-A1

                	 	
                  (10)

                	 	
                  $

                	
                  61,430,000

                	 	
                  $

                	
                  100,000

                
	
                  4-A2

                	 	
                  (11)

                	 	
                  $

                	
                  61,430,000(3)

                	 	
                  $

                	
                  1,000,000

                
	
                  4-A3(1)

                	 	
                  5.50%

                	 	
                  $

                	
                  25,596,000

                	 	
                  $

                	
                  100,000

                
	
                  4-A4(1)

                	 	
                  6.00%

                	 	
                  $

                	
                  2,133,000(3)

                	 	
                  $

                	
                  1,000,000

                
	
                  4-A5(2)

                	 	
                  6.00%

                	 	
                  $

                	
                  25,596,000

                	 	
                  $

                	
                  100,000

                
	
                  4-A6(1)

                	 	
                  (12)

                	 	
                  $

                	
                  18,358,738

                	 	
                  $

                	
                  100,000

                
	
                  4-A7(1)

                	 	
                  (12)

                	 	
                  $

                	
                  7,266,676

                	 	
                  $

                	
                  100,000

                
	
                  4-A8(1)

                	 	
                  (12)

                	 	
                  $

                	
                  9,477,157

                	 	
                  $

                	
                  100,000

                
	
                  4-A9(1)

                	 	
                  (13)

                	 	
                  $

                	
                  3,059,790

                	 	
                  $

                	
                  100,000

                
	
                  4-A10(1)

                	 	
                  (13)

                	 	
                  $

                	
                  1,211,113

                	 	
                  $

                	
                  100,000

                
	
                  4-A11(1)

                	 	
                  (13)

                	 	
                  $

                	
                  1,579,526

                	 	
                  $

                	
                  100,000

                
	
                  4-A12(2)

                	 	
                  6.00%

                	 	
                  $

                	
                  21,418,528

                	 	
                  $

                	
                  100,000

                
	
                  4-A13(2)

                	 	
                  6.00%

                	 	
                  $

                	
                  19,534,472

                	 	
                  $

                	
                  100,000

                
	
                  4-A14(2)

                	 	
                  6.00%

                	 	
                  $

                	
                  29,896,317

                	 	
                  $

                	
                  100,000

                
	
                  4-A15(2)

                	 	
                  6.00%

                	 	
                  $

                	
                  11,056,683

                	 	
                  $

                	
                  100,000

                
	
                  4-A16(2)

                	 	
                  6.00%

                	 	
                  $

                	
                  40,953,000

                	 	
                  $

                	
                  100,000

                
	
                  4-A17

                	 	
                  6.00%

                	 	
                  $

                	
                  3,017,900

                	 	
                  $

                	
                  100,000

                
	
                  5-A1

                	 	
                  (14)

                	 	
                  $

                	
                  100,000,000

                	 	
                  $

                	
                  100,000

                
	
                  5-A2

                	 	
                  (15)

                	 	
                  $

                	
                  100,000,000(3)

                	 	
                  $

                	
                  1,000,000

                
	
                  5-A3

                	 	
                  (16)

                	 	
                  $

                	
                  55,438,000(3)

                	 	
                  $

                	
                  1,000,000

                
	
                  5-A4

                	 	
                  (17)

                	 	
                  $

                	
                  55,438,000

                	 	
                  $

                	
                  100,000

                

        

         

        
          
            
            

          

          
            10

            
              

            

          

          
            
            

          

           

          
            	
                    Class
                      Designation

                  	 	
                    Certificate
                      Interest
                      Rate

                  	 	
                     Initial
                      Class Principal

                    (or
                      Notional) Amount

                  	 	
                     Minimum
                      Denomination

                    or
                      Percentage Interest

                  

          

        

        
          	
                  1B1

                	 	
                  (18)

                	 	
                  $

                	
                  9,868,000

                	 	
                  $

                	
                  100,000

                
	
                  1B2

                	 	
                  (19)

                	 	
                  $

                	
                  3,947,000

                	 	
                  $

                	
                  100,000

                
	
                  1B3

                	 	
                  (20)

                	 	
                  $

                	
                  2,960,000

                	 	
                  $

                	
                  100,000

                
	
                  1B4

                	 	
                  (21)

                	 	
                  $

                	
                  1,974,000

                	 	
                  $

                	
                  100,000

                
	
                  1B5

                	 	
                  (22)

                	 	
                  $

                	
                  1,579,000

                	 	
                  $

                	
                  100,000

                
	
                  1B6

                	 	
                  (23)

                	 	
                  $

                	
                  1,381,591

                	 	
                  $

                	
                  100,000

                
	
                  2B1

                	 	
                  (24)

                	 	
                  $

                	
                  8,450,000

                	 	
                  $

                	
                  100,000

                
	
                  2B2

                	 	
                  (24)

                	 	
                  $

                	
                  2,414,000

                	 	
                  $

                	
                  100,000

                
	
                  2B3

                	 	
                  (24)

                	 	
                  $

                	
                  1,358,000

                	 	
                  $

                	
                  100,000

                
	
                  2B4

                	 	
                  (24)

                	 	
                  $

                	
                  1,207,000

                	 	
                  $

                	
                  100,000

                
	
                  2B5

                	 	
                  (24)

                	 	
                  $

                	
                  1,056,000

                	 	
                  $

                	
                  100,000

                
	
                  2B6

                	 	
                  (24)

                	 	
                  $

                	
                  603,709

                	 	
                  $

                	
                  100,000

                
	
                  AP

                	 	
                  0.00%

                	 	
                  $

                	
                  253,389

                	 	
                  $

                	
                  100,000

                
	
                  AX1

                	 	
                  6.00%

                	 	
                  $

                	
                  1,835,490(3)

                	 	
                  $

                	
                  500,000

                
	
                  AX2

                	 	
                  6.00%

                	 	
                  $

                	
                  949,018(3)

                	 	
                  $

                	
                  500,000

                
	
                  R

                	 	
                  6.00%(25)

                	 	
                  $

                	
                  100

                	 	
                   

                	
                  100%

                
	
                  LT-R

                	 	
                  (26)

                	 	
                  $

                	
                  (26)

                	 	
                   

                	
                  100%

                

        

      

    

     

    
      

    

    
      	 	
              (1)

            	
              Each
                such Class of Certificates (the “Underlying Exchange Certificates”) shall
                be issued hereunder in uncertificated form to the Exchange Trustee,
                and
                held in trust pursuant to the terms of the Exchange Trust Agreement.
                Classes of Certificates having identical characteristics and sharing
                the
                same Class designation shall also be issued under the Exchange Trust
                Agreement. 

            

    

     

    
      	 	
              (2)

            	
              Issued
                under the Exchange Trust Agreement.

            

    

     

    
      	 	
              (3)

            	
              Notional.
                

            

    

     

    
      	 	
              (4)

            	
              The
                Certificate Interest Rate for the Class 1-A1, Class 1-A4 and Class
                1-A5
                Certificates for the first Distribution Date (and related Accrual
                Period)
                will be an annual rate of 5.83% for the first Accrual Period, and
                with
                respect to each Accrual Period thereafter, at an annual rate equal
                to
                LIBOR plus
                0.50%, subject to a maximum rate of 7.00% and a minimum rate of
                0.50%.

            

    

     

    
      	 	
              (5)

            	
              The
                Interest Rate for the Class I1 Component and the Class I2 Component
                of the
                Class 1-A2 and Class 1-A3 Certificates, respectively, for the first
                Distribution Date (and related Accrual Period) will be an annual
                rate of
                1.17% for the first accrual period, and with respect to each accrual
                period thereafter, at an annual rate equal to 6.50% minus
                LIBOR, subject to a maximum rate of 6.50% and a minimum rate of
                0.00%.

            

    

     

    
      	 	
              (6)

            	
              The
                Certificate Interest Rate for the Class 2-A1, Class 2-A4 and Class
                2-A5
                Certificates for the first Distribution Date (and related Accrual
                Period)
                will be an annual rate of 5.68% for the first Accrual Period, and
                with
                respect to each Accrual Period thereafter, at an annual rate equal
                to
                LIBOR plus
                0.35%, subject to a maximum rate of 7.50% and a minimum rate of
                0.35%.

            

    

     

    
      	 	
              (7)

            	
              The
                Certificate Interest Rate for the Class 2-A2, Class 2-A3 and Class
                2-A6
                Certificates for the first Distribution Date (and related Accrual
                Period)
                will be an annual rate of 1.82% for the first accrual period, and
                with
                respect to each accrual period thereafter, at an annual rate equal
                to
                7.15% minus
                LIBOR, subject to a maximum rate of 7.15% and a minimum rate of
                0.00%.

            

    

     

    
      	 	
              (8)

            	
              The
                Certificate Interest Rate for the Class 3-A1, Class 3-A3 and Class
                3-A5
                Certificates for the first Distribution Date (and related Accrual
                Period)
                will be an annual rate of 5.78% for the first Accrual Period, and
                with
                respect to each Accrual Period thereafter, at an annual rate equal
                to
                LIBOR plus
                0.45%, subject to a maximum rate of 7.00% and a minimum rate of
                0.45%.

            

    

     

    
      
        
        

      

      
        11

        
          

        

      

      
        
        

      

    

    
      	 	
              (9)

            	
              The
                Certificate Interest Rate for the Class 3-A2, Class 3-A4 and Class
                3-A6
                Certificates for the first Distribution Date (and related Accrual
                Period)
                will be an annual rate of 4.473333% for the first accrual period,
                and with
                respect to each accrual period thereafter, at an annual rate equal
                to
                24.01666664% minus
                (LIBOR multiplied by 3.66666666), subject to a maximum rate of
                24.01666664% and a minimum rate of
                0.00%.

            

    

     

    
      	 	
              (10)

            	
              The
                Certificate Interest Rate for the Class 4-A1 Certificates for the
                first
                Distribution Date (and related Accrual Period) will be an annual
                rate of
                5.98% for the first Accrual Period, and with respect to each Accrual
                Period thereafter, at an annual rate equal to LIBOR plus
                0.65%, subject to a maximum rate of 6.00% and a minimum rate of
                0.65%.

            

    

     

    
      	 	
              (11)

            	
              The
                Certificate Interest Rate for the Class 4-A2 Certificates for the
                first
                Distribution Date (and related Accrual Period) will be an annual
                rate of
                0.02% for the first accrual period, and with respect to each accrual
                period thereafter, at an annual rate equal to 5.35% minus
                LIBOR, subject to a maximum rate of 5.35% and a minimum rate of
                0.00%.

            

    

     

    
      	 	
              (12)

            	
              The
                Certificate Interest Rate for the Class 4-A6, Class 4-A7 and Class
                4-A8
                Certificates for the first Distribution Date (and related Accrual
                Period)
                will be an annual rate of 5.78% for the first Accrual Period, and
                with
                respect to each Accrual Period thereafter, at an annual rate equal
                to
                LIBOR plus
                0.45%, subject to a maximum rate of 7.00% and a minimum rate of
                0.45%.

            

    

     

    
      	 	
              (13)

            	
              The
                Certificate Interest Rate for the Class 4-A9, Class 4-A10 and Class
                4-A11
                Certificates for the first Distribution Date (and related Accrual
                Period)
                will be an annual rate of 7.32% for the first accrual period, and
                with
                respect to each accrual period thereafter, at an annual rate equal
                to
                39.29999715% minus
                (LIBOR multiplied by 5.99999949), subject to a maximum rate of
                39.29999715% and a minimum rate of
                0.00%.

            

    

     

    
      	 	
              (14)

            	
              The
                Certificate Interest Rate for the Class 5-A1 Certificates for the
                first
                Distribution Date (and related Accrual Period) will be an annual
                rate of
                5.83% for the first Accrual Period, and with respect to each Accrual
                Period thereafter, at an annual rate equal to LIBOR plus
                0.50%, subject to a maximum rate of 7.00% and a minimum rate of
                0.50%.

            

    

     

    
      	 	
              (15)

            	
              The
                Certificate Interest Rate for the Class 5-A2 Certificates for the
                first
                Distribution Date (and related Accrual Period) will be an annual
                rate of
                1.17% for the first accrual period, and with respect to each accrual
                period thereafter, at an annual rate equal to 6.50% minus
                LIBOR, subject to a maximum rate of 6.50% and a minimum rate of
                0.00%.

            

    

     

    
      	 	
              (16)

            	
              The
                Certificate Interest Rate for the Class 5-A3 Certificates for the
                first
                Distribution Date (and related Accrual Period) will be an annual
                rate of
                1.22% for the first accrual period, and with respect to each accrual
                period thereafter, at an annual rate equal to 6.55% minus
                LIBOR, subject to a maximum rate of 6.55% and a minimum rate of
                0.00%.

            

    

     

    
      	 	
              (17)

            	
              The
                Certificate Interest Rate for the Class 5-A4 Certificates for the
                first
                Distribution Date (and related Accrual Period) will be an annual
                rate of
                5.78% for the first Accrual Period, and with respect to each Accrual
                Period thereafter, at an annual rate equal to LIBOR plus
                0.45%, subject to a maximum rate of 7.00% and a minimum rate of
                0.45%.

            

    

     

    
      	 	
              (18)

            	
              The
                Certificate Interest Rate for any Distribution Date (and related
                Accrual
                Period) for the Class 1B1 Certificates will be the Average Rate for
                the
                Group 1 Subordinate Certificates for such Distribution Date, minus
                0.75%, subject to a minimum rate of
                0.00%.

            

    

     

    
      	 	
              (19)

            	
              The
                Certificate Interest Rate for any Distribution Date (and related
                Accrual
                Period) for the Class 1B2 Certificates will be the Average Rate for
                the
                Group 1 Subordinate Certificates for such Distribution Date, minus
                0.50%, subject to a minimum rate of
                0.00%.

            

    

     

    
      	 	
              (20)

            	
              The
                Certificate Interest Rate for any Distribution Date (and related
                Accrual
                Period) for the Class 1B3 Certificates will be the Average Rate for
                the
                Group 1 Subordinate Certificates for such Distribution
                Date.

            

    

     

    
      	 	
              (21)

            	
              The
                Certificate Interest Rate for the Class 1B4 Certificates for the
                first
                Distribution Date (and related Accrual Period) will be the Average
                Rate
                for the Group 1 Subordinate Certificates plus
                ((0.75% multiplied by the Class Principal Amount of the Class 1B1
                Certificates plus
                0.50% multiplied by the Class Principal Amount of the Class 1B2
                Certificates) multiplied by
                40.0033133443%).

            

    

     

    
      
        
        

      

      
        12

        
          

        

      

      
        
        

      

    

    
      	 	
              (22)

            	
              The
                Certificate Interest Rate for the Class 1B5 Certificates for the
                first
                Distribution Date (and related Accrual Period) will be the Average
                Rate
                for the Group 1 Subordinate Certificates plus
                ((0.75% multiplied by the Class Principal Amount of the Class 1B1
                Certificates plus
                0.50%
                multiplied by the Class Principal Amount of the Class 1B2 Certificates)
                multiplied by 31.9985976549%).

            

    

     

    
      	 	
              (23)

            	
              The
                Certificate Interest Rate for the Class 1B6 Certificates for the
                first
                Distribution Date (and related Accrual Period) will be the Average
                Rate
                for the Group 1 Subordinate Certificates plus
                ((0.75% multiplied by the Class Principal Amount of the Class 1B1
                Certificates plus
                0.50% multiplied by the Class Principal Amount of the Class 1B2
                Certificates) multiplied by
                27.9980890008%).

            

    

     

    
      	 	
              (24)

            	
              The
                Certificate Interest Rate for any Distribution Date (and related
                Accrual
                Period) for the Class 2B1, Class 2B2, Class 2B3, Class 2B4, Class
                2B5 and
                Class 2B6 Certificates will be the Average Rate for the Group 2
                Subordinate Certificates for such Distribution
                Date.

            

    

     

    
      	 	
              (25)

            	
              The
                Class R Certificate represents ownership of the residual interest
                in each
                of REMIC IIA, REMIC IIB and REMIC III and will be issued in a single
                Certificate representing a 100% Percentage Interest in such
                Class.

            

    

     

    
      	 	
              (26)

            	
              The
                Class LT-R Certificate will be issued without a Class Principal Amount
                and
                will not bear interest at a stated rate. The Class LT-R Certificate
                represents ownership of the residual interest in REMIC I and shall
                be
                issued as a single Certificate evidencing the entire Percentage Interest
                in such Class.

            

    

     

    As
      of the
      Cut-off Date, the Mortgage Loans had an aggregate Scheduled Principal Balance
      of
      $696,483,690.17.

     

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

     

    ARTICLE
      I

     

    DEFINITIONS

     

    Section
      1.01. Definitions.

     

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

     

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

     

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

     

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

     

    Accretion
      Directed Certificate:
      None.

     

    
      
        
        

      

      
        13

        
          

        

      

      
        
        

      

    

    Accretion
      Termination Date:
      None.

     

    Accrual
      Amount:
      None.

     

    Accrual
      Certificate:
      None.

     

    Accrual
      Component:
      None.

     

    Accrual
      Period:
      With
      respect to any Distribution Date and any Class of Certificates or Components
      (other than any LIBOR Certificates, the Class X Certificates and the Class
      P
      Component) or Class of Lower Tier Interests, the calendar month immediately
      preceding the month in which such Distribution Date occurs. With respect to
      any
      Distribution Date and a Class of LIBOR Certificates, the period beginning on
      the
      Distribution Date in the calendar month preceding the month in which such
      Distribution Date occurs (or on September 25, 2006, in the case of the first
      Accrual Period) and ending on the day immediately preceding such Distribution
      Date.

     

    Accrued
      Certificate Interest:
      As to
      any Class of Certificates or Components (other than the Class X, Class AP
      Certificates and the Class P Components) and any Distribution Date, the product
      of (i) the Certificate Interest Rate for such Class of Certificates divided
      by
      12 and (ii) the Class Principal Amount (or Class Notional Amount or Component
      Notional Amount) of such Class of Certificates or Components as of the last
      day
      of the related Accrual Period, as reduced by such Class’s share of (a) the
      interest portion of any Excess Losses for the related Collateral Group for
      such
      Distribution Date and (b) the interest portion of any Relief Act Reduction
      for
      the related Collateral Group for such Distribution Date, in each case, allocable
      among the interest-bearing Senior Certificates (and the Class I Components)
      and
      the related Subordinate Certificates pro
      rata
      based
      (x) in the case of such Senior Certificates and any such Component, on the
      Accrued Certificate Interest otherwise distributable thereto and (y) in the
      case
      of the Subordinate Certificates, on their respective Apportioned Principal
      Balances. 

     

    Interest
      shall accrue on the basis of a 360-day year comprising twelve 30-day
      months.

     

    Act:
      As
      defined in Section 8.03(c).

     

    Additional
      Collateral:
      None.

     

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

     

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

     

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

     

    Advance:
      An
      advance of the aggregate of payments of principal and interest (net of the
      applicable Servicing Fee) on one or more Mortgage Loans (other than Charged-off
      Loans or Released Mortgage Loans) that were due on the Due Date in the related
      Due Period and not received as of the close of business on the related
      Determination Date, required to be made by or on behalf of the Master Servicer
      and the related Servicer (or by the Securities Administrator as successor to
      the
      Master Servicer) pursuant to Section 5.04, but only to the extent that such
      amount is expected, in the reasonable judgment of the Master Servicer or the
      related Servicer (or by the Securities Administrator as successor to the Master
      Servicer), to be recoverable from collections or recoveries in respect of such
      Mortgage Loans.

     

    
      
        
        

      

      
        14

        
          

        

      

      
        
        

      

    

    Adverse
      REMIC Event:
      As
      defined in Section 10.01(f). 

     

    Affiliate:
      With
      respect to any specified Person, any other Person controlling or controlled
      by
      or under common control with such specified Person. For the purposes of this
      definition, “control” when used with respect to any specified Person means the
      power to direct the management and policies of such Person, directly or
      indirectly, whether through the ownership of voting securities, by contract
      or
      otherwise; and the terms “controlling” and “controlled” have meanings
      correlative to the foregoing.

     

    Aggregate
      Certificate Insurance Premium:
      None.

     

    Aggregate
      Principal Balance:
      The
      aggregate of the Scheduled Principal Balances for all Mortgage Loans at any
      date
      of determination.

     

    Aggregate
      Subordinate Percentage:
      With
      respect to any Distribution Date, the sum of the Class Principal Amounts of
      the
      Subordinate Certificates immediately prior to such date divided by the Aggregate
      Principal Balances of the Mortgage Loans for the immediately preceding
      Distribution Date.

     

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

     

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

     

    AP
      Deferred Amount:
      With
      respect to any Distribution Date through the Credit Support Depletion Date,
      the
      total of all amounts allocable to the Class AP Certificates on such Distribution
      Date in respect of Realized Losses (other than Excess Losses) on the Mortgage
      Loans and all amounts previously allocated in respect of Realized Losses to
      such
      Class of Certificates and not distributed on prior Distribution
      Dates.

     

    Applicable
      Fraction:
      For
      each Mortgage Loan in the specified Subgroup and the related Collateral Group,
      as follows:

     

    Collateral
      Group

     

    
      	
              Subgroup

               

            	
              1A

               

            	
              2A

               

            	
              3

               

            
	
              1-A

               

            	
              1-((7.00%-NMR)/1.50%)

               

            	
              -

               

            	
              (7.00%
                - NMR)/1.50%

               

            
	
              1-B

               

            	
              (7.50%-NMR)/0.50%

               

            	
              1-((7.50%-NMR)/0.50%)

               

            	
              -

               

            
	
              1-C

               

            	
              -

               

            	
              1

               

            	
              -

               

            

    

    

    
      
        
        

      

      
        15

        
          

        

      

      
        
        

      

    

     

    
      	
              Subgroup

               

            	
              1B

               

            	
              2B

               

            	
              3

               

            
	
              2-A

               

            	
              1-((7.00-NMR)/1.50%

               

            	
              -

               

            	
              (7.00%
                - NMR)/1.50%

               

            
	
              2-B

               

            	
              (7.50%-NMR)/0.50%

               

            	
              1-((7.50%-NMR)/0.50%)

               

            	
              -

               

            
	
              2-C

               

            	
              -

               

            	
              1

               

            	
              -

               

            

    

    

     

    
      	
              Subgroup

               

            	
              4

               

            	
              5

               

            	
              P

               

            
	
              3-A

               

            	
              NMR/6.00%

               

            	
              -

               

            	
              (6.00%
                - NMR)/6.00%

               

            
	
              3-B

               

            	
              (7.00%-NMR)/1.00%

               

            	
              1-((7.00%-NMR)/1.00%)

               

            	
              -

               

            
	
              3-C

               

            	
              -

               

            	
              1

               

            	
              -

               

            

    

     

    AP
      Principal Distribution Amount:
      For any
      Distribution Date and Collateral Group P, the sum of the following
      amounts:

     

    (i) the
      related Applicable Fraction of the principal portion of each Scheduled Payment
      (without giving effect to any Debt Service Reduction occurring prior to the
      Bankruptcy Coverage Termination Date) on each Mortgage Loan in such Collateral
      Group due during the related Due Period;

     

    (ii) the
      related Applicable Fraction of each of the following amounts: (1) each Principal
      Prepayment collected on a Mortgage Loan in such Collateral Group during the
      applicable Prepayment Period, (2) each other unscheduled collection, including
      any Subsequent Recovery, Insurance Proceeds and Net Liquidation Proceeds (other
      than with respect to any Mortgage Loan in such Collateral Group that was finally
      liquidated during the applicable Prepayment Period), representing or allocable
      to recoveries of principal of such Mortgage Loan in such Collateral Group
      received during the applicable Prepayment Period and (3) the principal portion
      of all proceeds of the purchase of any Mortgage Loan in the such Collateral
      Group (or, in the case of a permitted substitution, amounts representing a
      principal adjustment) actually received by the Master Servicer with respect
      to
      the applicable Prepayment Period;

     

    (iii) with
      respect to unscheduled recoveries allocable to principal of any Mortgage Loan
      in
      the such Collateral Group that was finally liquidated during the related
      Prepayment Period, the related Applicable Fraction of the related net
      Liquidation Proceeds allocable to principal; and

     

    
      
        
        

      

      
        16

        
          

        

      

      
        
        

      

    

    (iv) any
      amounts described in clauses (i) through (iii) for any previous Distribution
      Date that remain unpaid.

     

    Apportioned
      Principal Balance:
      As to
      any Class of Subordinate Certificates and any Distribution Date, the Class
      Principal Amount of such Class immediately prior to such Distribution Date
      multiplied by a fraction, the numerator of which is the applicable Group
      Subordinate Amount for such date and the denominator of which is the sum of
      the
      Group Subordinate Amounts for Collateral Groups 1A, 1B, 2A, 2B and 3 for such
      date (in the case of each Class of Group 1 Subordinate Certificate) or
      Collateral Groups 4 and 5 for such date (in the case of each Class of Group
      2
      Subordinate Certificate).

     

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

     

    Assignment
      Agreement:
      The
      agreement between LBB and the Seller dated as of September 1, 2006, pursuant
      to
      which LBB conveyed the Mortgage Loans to the Seller.

     

    Assignment
      of Mortgage:
      An
      assignment of the Mortgage, notice of transfer or equivalent instrument, in
      recordable form, sufficient under the laws of the jurisdiction wherein the
      related Mortgaged Property is located to reflect the sale of the Mortgage to
      the
      Trustee, which assignment, notice of transfer or equivalent instrument may
      be in
      the form of one or more blanket assignments covering the Mortgage Loans secured
      by Mortgaged Properties located in the same jurisdiction, if permitted by law;
      provided,
      however,
      that
      the Trustee shall not be responsible for determining whether any such assignment
      is in recordable form.

     

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

     

    Authorized
      Officer:
      Any
      Person who may execute an Officer’s Certificate, as specified in the definition
      thereof, on behalf of the Depositor.

     

    Available
      Distribution Amount:
      As to
      each Collateral Group on any Distribution Date, the sum of the Applicable
      Fraction for each Mortgage Loan contributing to such Collateral Group of the
      principal portion of the following amounts with the interest portion thereof
      adjusted to the related Designated Rate:

     

    (i) the
      total
      amount of all cash received by the Master Servicer through the Servicer
      Remittance Date applicable to each Servicer and deposited with the Securities
      Administrator by the Master Servicer by the Master Servicer Remittance Date
      for
      such Distribution Date on the Mortgage Loans of such Collateral Group (including
      proceeds of any Insurance Policy and any other credit support relating to such
      Mortgage Loans and including any Subsequent Recovery or recoveries through
      liquidation of any REO Property), plus all Advances made by the Master Servicer
      or any Servicer (or the Securities Administrator in its capacity as successor
      master servicer) for such Distribution Date, any Compensating Interest Payment
      for such date and Collateral Group and any amounts paid by any Servicer in
      respect of Prepayment Interest Shortfalls in respect of the related Mortgage
      Loans for such date and any proceeds of any purchase of a related Mortgage
      Loan,
      but not including:

     

    
      
        
        

      

      
        17

        
          

        

      

      
        
        

      

    

    (A) all
      amounts distributed pursuant to Section 5.02 on prior Distribution
      Dates;

     

    (B) all
      Scheduled Payments of principal and interest collected but due on a date
      subsequent to the related Due Period;

     

    (C) all
      Principal Prepayments received or identified by the applicable Servicer after
      the applicable Prepayment Period (together with any interest payments received
      with such prepayments to the extent that they represent the payment of interest
      accrued on the related Mortgage Loans for the period subsequent to the
      applicable Prepayment Period);

     

    (D) any
      other
      unscheduled collection, including Net Liquidation Proceeds and Insurance
      Proceeds, received by the Master Servicer after the applicable Prepayment
      Period;

     

    (E) all
      fees
      and amounts due, other than any Prepayment Premium Amounts (as applicable),
      reimbursable to the Master Servicer, the Trustee, the Securities Administrator,
      a Custodian or any Servicer pursuant to the terms of this Agreement, a Custodial
      Agreement or the applicable Servicing Agreement; and 

     

    (F) such
      portion of each payment in respect of interest representing Retained Interest,
      if any; and

     

    (ii) any
      other
      payment made by the Master Servicer, the Securities Administrator, any Servicer,
      the Seller, the Depositor, or any other Person with respect to such Distribution
      Date (including the Purchase Price with respect to any Mortgage Loan purchased
      by the Seller, the Depositor or any other Person and any related Substitution
      Amount) pursuant to this Agreement, a Custodial Agreement or a Servicing
      Agreement.

     

    Average
      Rate:
      With
      respect to each Distribution Date and each Class of Group 1 Subordinate
      Certificates, a per annum rate equal to the weighted average of the Designated
      Rate applicable to Collateral Groups 1A, 1B, 2A, 2B and 3, expressed as a
      percentage and weighted on the basis of the Group Subordinate Amount for each
      such Collateral Group. With respect to each Distribution Date and each Class
      of
      Group 2 Subordinate Certificates, a per annum rate equal to the weighted average
      of the Designated Rate applicable to Collateral Groups 4 and 5, expressed as
      a
      percentage and weighted on the basis of the Group Subordinate Amount for each
      such Collateral Group.

     

    AX
      Mortgage Loans:
      With
      respect to Pool 1 and Pool 2, each Mortgage Loan in Pool 1 and Pool 2 with
      a Net
      Mortgage Rate greater than 7.50%, as listed on Schedule B hereto. With respect
      to Pool 3, each Mortgage Loan in Pool 3 with a Net Mortgage Rate greater than
      7.00%, as listed on Schedule B hereto. 

     

    
      
        
        

      

      
        18

        
          

        

      

      
        
        

      

    

    Balloon
      Mortgage Loan:
      Any
      Mortgage Loan having an original term to maturity that is shorter than its
      amortization schedule, and a final Scheduled Payment that is disproportionately
      large in comparison to other Scheduled Payments.

     

    Balloon
      Payment:
      The
      final Scheduled Payment in respect of a Balloon Mortgage Loan.

     

    Bankruptcy:
      With
      respect to any Person, the making of an assignment for the benefit of creditors,
      the filing of a voluntary petition in bankruptcy, adjudication as a bankrupt
      or
      insolvent, the entry of an order for relief in a bankruptcy or insolvency
      proceeding, the seeking of reorganization, arrangement, composition,
      readjustment, liquidation, dissolution or similar relief, or seeking, consenting
      to or acquiescing in the appointment of a trustee, receiver or liquidator,
      dissolution, or termination, as the case may be, of such Person pursuant to
      the
      provisions of either the United States Bankruptcy Code of 1986, as amended,
      or
      any other similar state laws.

     

    Bankruptcy
      Coverage Termination Date:
      The
      Distribution Date on which the Bankruptcy Loss Limit has been reduced to zero
      (or less than zero).

     

    Bankruptcy
      Loss Limit:
      As of
      the Cut-off Date with respect to the Mortgage Loans in Pool 1 and Pool 2
      collectively, initially, $136,488, which related amount shall be reduced from
      time to time by the amount of Bankruptcy Losses allocated to the related
      Certificates. As of the Cut-off Date with respect to the Mortgage Loans in
      Pool
      3, initially $100,000, which related amount shall be reduced from time to time
      by the amount of Bankruptcy Losses allocated to the related
      Certificates.

     

    Bankruptcy
      Losses:
      With
      respect to the Mortgage Loans in the related Collateral Group, losses that
      are
      incurred as a result of Deficient Valuations and any reduction, in a bankruptcy
      proceeding, of the amount of the Scheduled Payment on a Mortgage Loan other
      than
      as a result of a Deficient Valuation.

     

    Basis
      Risk Reserve Fund:
      The
      Class 4-A1 Reserve Fund.

     

    Basis
      Risk Shortfall:
      With
      respect to any Distribution Date and the Class 4-A1 Certificates, the excess,
      if
      any, of the amount of interest such Class of Certificates would have been
      entitled to receive if the Certificate Interest Rate for such Class was
      calculated without regard to its related per annum maximum rate, over the actual
      amount of interest such Class is entitled to receive for such Distribution
      Date.

     

    Blanket
      Mortgage:
      The
      mortgage or mortgages encumbering a Cooperative Property.

     

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

     

    
      
        
        

      

      
        19

        
          

        

      

      
        
        

      

    

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

     

    Cap
      Agreement:
      The
      Class 4-A1 Cap Agreement.

     

    Cap
      Counterparty:
      Lehman
      Brothers Special Financing Inc.

     

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

     

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

     

    Certificate
      Insurance Premium:
      None.

     

    Certificate
      Insurer:
      None.

     

    Certificate
      Insurer Default:
      Not
      applicable.

     

    Certificate
      Interest Rate:
      With
      respect to each Class of Certificates (other than the Class X and Class AP
      Certificates) and the Class I Components, the applicable per annum rate
      specified or determined as provided in the Preliminary Statement
      hereto.

     

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

     

    Certificate
      Principal Amount:
      With
      respect to any Certificate (other than a Notional Certificate or Class X
      Certificate), at the time of determination, the maximum specified dollar amount
      of principal to which the Holder thereof is then entitled hereunder, such amount
      being equal to the initial principal amount set forth on the face of such
      Certificate (1) less the amount of all principal distributions previously made
      with respect to such Certificate, all Realized Losses allocated to such
      Certificate, and, in the case of a Subordinate Certificate, any related
      Subordinate Certificate Writedown Amount allocated to such Certificate and
      (2)
      as increased, in the case of any Accrual Certificate, by such Certificate’s
      Percentage Interest of any Accrual Amount allocated thereto; provided,
      however,
      that on
      any Distribution Date on which a Subsequent Recovery is distributed, the
      Certificate Principal Amount of any Class of Certificates then outstanding
      for
      which any Realized Loss or any Subordinate Certificate Writedown Amount has
      been
      applied will be increased, in order of seniority, by an amount (to be applied
      pro
      rata
      to all
      Certificates of such Class) equal to the lesser of (i) the amount the Class
      of
      Certificates has been reduced by any Realized Losses or any Subordinate
      Certificate Writedown Amount which have not been previously increased by any
      Subsequent Recovery and (ii) the total amount of any Subsequent Recovery
      distributed on such date to Certificateholders after application (for this
      purpose) to more senior Classes of Certificates. For purposes of Article V
      hereof, unless specifically provided to the contrary, Certificate Principal
      Amounts shall be determined as of the close of business of the immediately
      preceding Distribution Date, after giving effect to all distributions made
      on
      such date. Notional Certificates are issued without Certificate Principal
      Amounts.

     

    
      
        
        

      

      
        20

        
          

        

      

      
        
        

      

    

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

     

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

     

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

     

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

     

    Charged-off
      Loan:
      As of
      any date of determination, any Mortgage Loan other than a Covered Mortgage
      Loan
      that was delinquent in payment for a period of 180 days or more as of the last
      calendar day of the month immediately preceding the month in which such date
      of
      determination occurs, without giving effect to any grace period permitted by
      the
      related Mortgage Note; provided,
      however,
      that
      with respect to any such Mortgage Loan, (i) an equity analysis performed by
      the
      Servicer supports charge-off over foreclosure, (ii) the related Mortgaged
      Property has not become REO Property, (iii) there are no active foreclosure
      or
      other loss mitigation activities and (iv) nothing has come to the attention
      of
      the Servicer indicating that any such Mortgage Loan, at the time of its
      origination, violated any applicable federal, state or local law or regulation,
      including, without limitation, usury, truth-in-lending, consumer credit
      protection and privacy, equal credit opportunity, disclosure or predatory and
      abusive lending laws, applicable to the origination and servicing of such
      Mortgage Loan.

     

    Class:
      All
      Certificates bearing the same class designation, and, in the case of REMIC
      I,
      REMIC IIA and REMIC IIB, all Lower Tier Interests bearing the same
      designation.

     

    Class
      4-A1 Cap Agreement:
      An
      interest rate cap agreement entered into on the Closing Date by the Trustee,
      not
      individually but solely in its capacity as Trustee of the Supplemental Interest
      Trust, with the applicable Cap Counterparty, for the benefit of the Class 4-A1
      and Class X Certificates. Such agreement is attached hereto as Exhibit
      J.

     

    Class
      4-A1 Interest Rate Cap Amount:
      For the
      Class 4-A1 Cap Agreement and any Distribution Date, the amount, if any, to
      be
      paid by the Cap Counterparty to the Securities Administrator for the account
      of
      the Supplemental Interest Trust pursuant to the Class 4-A1 Cap
      Agreement.

     

    Class
      4-A1 Reserve Fund:
      A
      separate account established by the Securities Administrator that is held in
      the
      Supplemental Interest Trust for the benefit of the Holders of the Class 4-A1
      Certificates. 

     

    Class
      E Distributable Amount:
      Not
      applicable.

     

    
      
        
        

      

      
        21

        
          

        

      

      
        
        

      

    

    Class
      I Components:
      Either
      of the Class I1 Component or Class I2 Component.

     

    Class
      I1 Component:
      The
      interest-bearing Component of the Class 1-A2 Certificates.

     

    Class
      I2 Component:
      The
      interest-bearing Component of the Class 1-A3 Certificates.

     

    Class
      LT-R Certificates:
      Each Class LT-R Certificate executed by the Trustee, and authenticated and
      delivered by the Certificate Registrar, substantially in the form annexed hereto
      as Exhibit A and evidencing the residual interest in REMIC I.

     

    Class
      Notional Amount:
      With
      respect to each Class of Notional Certificates, as follows:

     

    · With
      respect to any Distribution Date and the Class 1-A2 Certificates, the Class
      Principal Amount of the Class 1-A4 Certificates for such date. 

     

    · With
      respect to any Distribution Date and the Class 1-A3 Certificates, the Class
      Principal Amount of the Class 1-A5 Certificates for such date. 

     

    · With
      respect to any Distribution Date and the Class 2-A2 Certificates, the Class
      Principal Amount of the Class 2-A4 Certificates for such date. 

     

    · With
      respect to any Distribution Date and the Class 2-A3 Certificates, the Class
      Principal Amount of the Class 2-A5 Certificates for such date. 

     

    · With
      respect to any Distribution Date and the Class 2-A6 Certificates, the Class
      Principal Amount of the Class 2-A1 Certificates for such date. 

     

    · With
      respect to any Distribution Date and the Class 4-A2 Certificates, the Class
      Principal Amount of the Class 4-A1 Certificates for such date. 

     

    · With
      respect to any Distribution Date and the Class 4-A4 Certificates, 0.50% of
      the
      Class Principal Amount of the Class 4-A3 Certificates immediately preceding
      such
      date, divided by 6.00%. 

     

    · With
      respect to any Distribution Date and the Class 5-A2 Certificates, the Class
      Principal Amount of the Class 5-A1 Certificates for such date. 

     

    · With
      respect to any Distribution Date and the Class 5-A3 Certificates, the Class
      Principal Amount of the Class 5-A4 Certificates for such date. 

     

    · With
      respect to the Class AX1 Certificates and each Distribution Date, the product
      of
      (i) a fraction, the numerator of which is the weighted average of the Net
      Mortgage Rates of the AX Mortgage Loans in Pool 1 and Pool 2 at the beginning
      of
      the related Due Period minus
      7.50%
      and the denominator of which is 6.00% and (ii) the total Scheduled Principal
      Balance of the AX Mortgage Loans in Pool 1 and Pool 2.

     

    · With
      respect to the Class AX2 Certificates and each Distribution Date, the product
      of
      (i) a fraction, the numerator of which is the weighted average of the Net
      Mortgage Rates of the AX Mortgage Loans in Pool 3 at the beginning of the
      related Due Period minus
      7.00%
      and the denominator of which is 6.00% and (ii) the total Scheduled Principal
      Balance of the AX Mortgage Loans in Pool 3.

     

    
      
        
        

      

      
        22

        
          

        

      

      
        
        

      

    

    Class
      P Components:
      Either
      of the Class P1 Component or Class P2 Component.

     

    Class
      P1 Component:
      The
      principal only Component of the Class 1-A2 Certificates.

     

    Class
      P2 Component:
      The
      principal only Component of the Class 1-A3 Certificates.

     

    Class
      Percentage:
      With
      respect to each Class of the Subordinate Certificates, for each Distribution
      Date, the percentage obtained by dividing the Class Principal Amount of such
      Class immediately prior to such Distribution Date by the sum of the aggregate
      Class Principal Amount of all Classes of Senior Certificates and the aggregate
      Class Principal Amount of all Classes of Subordinate Certificates immediately
      prior to such date.

     

    Class
      Principal Amount:
      With
      respect to each Class of Certificates other than any Class of Notional
      Certificates and the Class X Certificates, the aggregate of the Certificate
      Principal Amounts of all Certificates of such Class at the date of
      determination. With respect to each Class of Notional Certificates, zero. With
      respect to each Class of Lower Tier Interest and any date of determination,
      the
      initial Class Principal Amount, if any, as set forth in the Preliminary
      Statement as reduced by all distributions of principal and all losses previously
      allocated to such Class.

     

    Class
      R-2A Interest:
      The
      sole residual interest in REMIC IIA.

     

    Class
      R-2B Interest:
      The
      sole residual interest in REMIC IIB.

     

    Class
      X Certificate:
      The
      Class X Certificate executed by the Securities Administrator and authenticated
      by the Certificate Registrar, substantially in the form annexed hereto as
      Exhibit A.

     

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

     

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

     

    Clearstream:
      Clearstream Banking Luxembourg, and any successor thereto.

     

    Closing
      Date:
      September 29, 2006.

     

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

     

    
      
        
        

      

      
        23

        
          

        

      

      
        
        

      

    

    Collateral
      Group:
      Any of
      Collateral Group 1A, 1B, 2A, 2B, 3, 4, 5 or P.

     

    Collateral
      Group P:
      the
      group of Mortgage Loans (or portions thereof) stripped to a rate of 0.00%
      derived from Subgroup 3-A.

     

    Collateral
      Group 1A:
      The
      group of Mortgage Loans (or portions thereof) stripped to a rate of 7.00%
      derived from Subgroup 1-A and Subgroup 1-B.

     

    Collateral
      Group 1B:
      The
      group of Mortgage Loans (or portions thereof) stripped to a rate of 7.00%
      derived from Subgroup 2-A and Subgroup 2-B.

     

    Collateral
      Group 2A:
      The
      group of Mortgage Loans (or portions thereof) stripped to a rate of 7.50%
      derived from Subgroup 1-B and Subgroup 1-C.

     

    Collateral
      Group 2B:
      The
      group of Mortgage Loans (or portions thereof) stripped to a rate of 7.50%
      derived from Subgroup 2-B and Subgroup 2-C.

     

    Collateral
      Group 3:
      The
      group of Mortgage Loans (or portions thereof) stripped to a rate of 5.50%
      derived from Subgroup 1-A and Subgroup 2-A.

     

    Collateral
      Group 4:
      The
      group of Mortgage Loans (or portions thereof) stripped to a rate of 6.00%
      derived from Subgroup 3-A and Subgroup 3-B.

     

    Collateral
      Group 5:
      The
      group of Mortgage Loans (or portions thereof) stripped to a rate of 7.00%
      derived from Subgroup 3-B and Subgroup 3-C.

     

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

     

    Commission:
      U.S.
      Securities and Exchange Commission.

     

    Combination
      Group:
      Any
      combination of Exchange Certificates set forth on Appendix A to the Exchange
      Trust Agreement.

     

    Compensating
      Interest Payment:
      With
      respect to any Distribution Date, an amount equal to the aggregate amount of
      any
      Prepayment Interest Shortfalls required to be paid by the Servicers with
respect
      to such Distribution Date. The Master Servicer shall not be responsible to
      make
      any Compensating Interest Payment.

     

    Component:
      The
      Class 1-A2 Certificates shall be issued in two non-severable Components: the
      Class I1 and Class P1 Components. The Class 1-A3 Certificates shall be issued
      in
      two non-severable Components: the Class I2 and Class P2 Components. The Class
      I
      Components shall be issued with a Certificate Interest Rate and Component
      Notional Amount; the Class P Components shall not be issued with either a
      Certificate Interest Rate or a balance but shall evidence the right to receive
      distributions pursuant to Section 5.02(k).

     

    Component
      Certificate:
      None.

     

    
      
        
        

      

      
        24

        
          

        

      

      
        
        

      

    

    Component
      Interest Rate:
      None.

     

    Component
      Notional Amount:
      With
      respect to any Distribution Date and the Class I1 Component, the aggregate
      Class
      Principal Amount of the Class 1-A4 Certificates for such date. With respect
      to
      any Distribution Date and the Class I2 Component, the aggregate Class Principal
      Amount of the Class 1-A5 Certificates for such date.

     

    Component
      Principal Amount:
      None.

     

    Component
      Writedown Amount:
      Not
      applicable.

     

    Control:
      The
      meaning specified in Section 8-106 of the UCC.

     

    Conventional
      Loan:
      A
      Mortgage Loan that is not insured by the United States Federal Housing
      Administration or guaranteed by the United States Veterans
      Administration.

     

    Converted
      Mortgage Loan:
      None.

     

    Convertible
      Mortgage Loan:
      None.

     

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

     

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

     

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

     

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

     

    Cooperative
      Shares:
      Shares
      issued by a Cooperative Corporation.

     

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

     

    
      
        
        

      

      
        25

        
          

        

      

      
        
        

      

    

    Corporate
      Trust Office:
      With
      respect to the Securities Administrator, the principal corporate trust office
      at
      which, at any particular time, its corporate trust business shall be
      administered, which office at the date hereof is located at (a) for purposes
      of
      presentment, exchange and surrender of the Certificates, Sixth Street and
      Marquette Avenue, Minneapolis, Minnesota 55479, Attention: Client Service
      Manager - LMT 2006-6 and (b) for all other purposes, 9062 Old Annapolis Road,
      Columbia, Maryland 21045, Attention: Client Service Manager - LMT 2006-6.

     

    With
      respect to the Trustee, the principal corporate trust office is located at
      452
      Fifth Avenue, New York, NY 10018, Attention: Corporate
      Trust & Loan Agency (LMT 2006-6).

    

    Corresponding
      Class:
      With
      respect to any class of REMIC IIA or REMIC IIB Interests, the Class of
      Certificates so designated in the Preliminary Statement hereto. With respect
      to
      any Class of Certificates, the class or classes of Lower Tier Interests so
      designated in the Preliminary Statement hereto.

     

    Covered
      Mortgage Loan:
      Any
      mortgage loan that is covered by a Primary Mortgage Insurance
      Policy.

     

    Credit
      Score:
      With
      respect to any Mortgage Loan, a numerical assessment of default risk with
      respect to the Mortgagor under such Mortgage Loan, determined on the basis
      of a
      methodology developed by Fair, Isaac & Co., Inc.

     

    Credit
      Support Depletion Date:
      The
      Distribution Date on which, giving effect to all distributions on such date,
      the
      aggregate Certificate Principal Amount of the related Subordinate Certificates
      is reduced to zero.

     

    Credit
      Support Percentage:
      As to
      any Class of Subordinate Certificates and any Distribution Date, the sum of
      the
      Class Percentages of all related Classes of Certificates that rank lower in
      priority than such Class.

     

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

     

    Custodian:
      Each
      custodian appointed by the Trustee pursuant to the Custodial Agreement, and
      any
      successor thereto. The initial custodians shall be U.S. Bank National
      Association, LaSalle Bank, National Association, and Deutsche Bank National
      Trust Company.

     

    Cut-off
      Date:
      September 1, 2006.

     

    Cut-off
      Date Aggregate Principal Balance:
      With
      respect to the Mortgage Loans in the Trust Fund on the Closing Date, the
      Aggregate Principal Balance for all such Mortgage Loans as of the Cut-off
      Date.

     

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

     

    
      
        
        

      

      
        26

        
          

        

      

      
        
        

      

    

    Deceased
      Holder:
      Not
      applicable.

     

    Deferred
      Interest:
      Not
      applicable.

     

    Deficiency
      Amount:
      Not
      applicable.

     

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

     

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

     

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

     

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

     

    Designated
      Rate:
      With
      respect to Collateral Group 1A, 7.00%. With respect to Collateral Group 1B,
      7.00%. With respect to Collateral Group 2A, 7.50%. With respect to Collateral
      Group 2B, 7.50%. With respect to Collateral Group 3, 5.50%. With respect to
      Collateral Group 4, 6.00%. With respect to Collateral Group 5, 7.00%. With
      respect to Collateral Group P, 0.00%.

     

    Determination
      Date:
      With
      respect to each Distribution Date and any Servicer, as specified in the
      applicable Servicing Agreement.

     

    Discount
      Mortgage Loan:
      Any
      Mortgage Loan with a Net Rate less than 6.00% per annum. 

     

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

     

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

     

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

     

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

     

    Document
      Transfer Event:
      Not
      applicable.

     

    
      
        
        

      

      
        27

        
          

        

      

      
        
        

      

    

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    
      
        
        

      

      
        28

        
          

        

      

      
        
        

      

    

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

     

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

     

    (vi) a
      Qualified GIC;

     

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

     

    (viii) any
      other
      demand, money market fund, common trust fund or time deposit or obligation,
      or
      interest-bearing or other security or investment (including those managed or
      advised by the Securities Administrator or any Affiliate thereof), (A) rated
      in
      the highest rating category by each Rating Agency rating such investment or
      (B)
      that would not adversely affect the then current rating by any Rating Agency
      of
      any of the Certificates. Such investments in this subsection (viii) may include
      money market mutual funds or common trust funds, including any other fund for
      which
      the Securities
      Administrator,
      the Trustee,
      the
      Master Servicer or an affiliate thereof serves as an investment advisor,
      administrator, shareholder servicing agent, and/or custodian or subcustodian,
      notwithstanding that (x) the
      Securities
      Administrator, the Trustee, the Master Servicer or an affiliate thereof charges
      and collects fees and expenses from such funds for services rendered, (y)
the
      Trustee, the Securities
      Administrator, the Master Servicer or an affiliate thereof charges and collects
      fees and expenses for services rendered pursuant to this Agreement, and (z)
      services performed for such funds and pursuant to this Agreement may converge
      at
      any time. The
      Trustee or
      an
      affiliate thereof is specifically authorized to charge and collect from the
      Trustee such fees as are collected from all investors in such funds for services
      rendered to such funds (but not to exceed investment earnings
      thereon);

     

    provided,
      however,
      that no
      such instrument shall be an Eligible Investment if such instrument evidences
      either (i) a right to receive only interest payments with respect to the
      obligations underlying such instrument, or (ii) both principal and interest
      payments derived from obligations underlying such instrument and the principal
      and interest payments with respect to such instrument provide a yield to
      maturity of greater than 120% of the yield to maturity at par of such underlying
      obligations, provided
      that any
      such investment will be a “permitted investment” within the meaning of Section
      860G(a)(5) of the Code.

     

    
      
        
        

      

      
        29

        
          

        

      

      
        
        

      

    

    Employee
      Discount Rate:
      Not
      applicable.

     

    Employee
      Mortgage Loan:
      None.

     

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

     

    ERISA-Qualifying
      Underwriting:
      A best
      efforts or firm commitment underwriting or private placement that meets the
      requirements of an Underwriter’s Exemption.

     

    ERISA-Restricted
      Certificate:
      Any
      Class R, Class LT-R, Class X, Class 1B4, Class 1B5, Class 1B6, Class 2B4, Class
      2B5 or Class 2B6 Certificate or any Certificate with a rating below the lowest
      applicable rating permitted under the Underwriter’s Exemption.

     

    ERISA-Restricted
      Trust Certificate:
      Any
      Class 4-A1 Certificate.

     

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

     

    Euroclear:
      JPMorgan Chase Bank, Brussels office, as operator of the Euroclear
      System.

     

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

     

    Excess
      Loss:
      Any
      Bankruptcy Loss, or portion thereof, in excess of the then-applicable Bankruptcy
      Loss Limit, any Fraud Loss, or portion thereof, in excess of the then-applicable
      Fraud Loss Limit, and any Special Hazard Loss, or portion thereof, in excess
      of
      the then-applicable Special Hazard Loss Limit.

     

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

     

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

     

    Exchange
      Class
      or Exchange
      Certificates:
      The Class
      1-A4, Class 1-A5, Class 2-A2, Class 2-A3, Class 2-A4, Class 2-A5, Class 3-A1,
      Class 3-A2, Class 3-A3, Class 3-A4, Class 4-A3, Class 4-A4, Class 4-A6, Class
      4-A7, Class 4-A8, Class 4-A9, Class 4-A10 and Class 4-A11 Certificates issued
      under the Exchange Trust Agreement.

     

    Exchangeable
      Classes
      or Exchangeable
      Certificates:
      The Class
      1-A1, Class 2-A1, Class 2-A6, Class 3-A5, Class 3-A6, Class 3-A7, Class 3-A8,
      Class 3-A9, Class 4-A5, Class 4-A12, Class 4-A13, Class 4-A14, Class 4-A15
      and
      Class 4-A16 Certificates
      issued under the Exchange Trust Agreement.

     

    
      
        
        

      

      
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    Exchange
      Trust Agreement:
      The
      Exchange Trust Agreement dated as of September 1, 2006, entered into by and
      among the Depositor, the Trustee and the Securities Administrator for the
      issuance of the Exchange and Exchangeable Certificates.

     

    Exchange
      Trustee:
      HSBC
      Bank USA, National Association, in its capacity as trustee under the Exchange
      Trust Agreement.

     

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

     

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

     

    Financial
      Asset:
      The
      meaning specified in Section 8-102(a)(9) of the UCC.

     

    Financial
      Intermediary:
      A
      broker, dealer, bank or other financial institution or other Person that clears
      through or maintains a custodial relationship with a Clearing Agency
      Participant.

     

    Fitch:
      Fitch
      Ratings or any successor in interest.

     

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

     

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

     

    Form
      10-K Certification:
      The
      certification required pursuant to Rule 13a-14 under the Exchange
      Act.

     

    Fraud
      Loss:
      Any
      Realized Loss on a Liquidated Mortgage Loan sustained by reason of a default
      arising from fraud, dishonesty or misrepresentation in connection with such
      Liquidated Mortgage Loan, as reported by the Servicer to the Master
      Servicer.

     

    Fraud
      Loss Limit:
      As of
      the Cut-off Date with respect to the Mortgage Loans in Pool 1 and Pool 2
      collectively, initially, $7,894,132. As of the Cut-off Date with respect to
      the
      Mortgage Loans in Pool 3, initially $3,017,771. The Fraud Loss Limit for each
      Mortgage Pool shall be reduced, from time to time, by the amount of Fraud Losses
      allocated to the related Certificates. In addition, on each anniversary of
      the
      Cut-off Date, the Fraud Loss Limit for Pool 1 and Pool 2, collectively, shall
      be
      reduced as follows: (a) on the first anniversary of the Cut-off Date, to an
      amount equal to the lesser of (1) the Fraud Loss Limit as of the most recent
      anniversary of the Cut-off Date and (2) 2.00% of the aggregate Scheduled
      Principal Balance of the related Mortgage Loans, as of the most recent
      anniversary of the Cut-off Date, and (b) on the second through the fifth
      anniversaries of the Cut-off Date, to an amount equal to the lesser of (1)
      the
      Fraud Loss Limit as of the most recent anniversary of the Cut-off Date and
      (2)
      1.00% of the aggregate Scheduled Principal Balance of the related Mortgage
      Loans, as of the most recent anniversary of the Cut-off Date and thereafter,
      to
      zero. Similarly, on each anniversary of the Cut-off Date, the Fraud Loss Limit
      for Pool 3 shall be reduced as follows: (a) on the first through the third
      anniversaries of the Cut-off Date, to an amount equal to the lesser of (1)
      the
      Fraud Loss Limit as of the most recent anniversary of the Cut-off Date and
      (2)
      1.00% of the aggregate Scheduled Principal Balance of the related Mortgage
      Loans, as of the most recent anniversary of the Cut-off Date, and (b) on the
      fourth and fifth anniversaries of the Cut-off Date, to an amount equal to the
      lesser of (1) the Fraud Loss Limit as of the most recent anniversary of the
      Cut-off Date and (2) 0.50% of the aggregate Scheduled Principal Balance of
      the
      related Mortgage Loans, as of the most recent anniversary of the Cut-off Date
      and thereafter, to zero. 

     

    
      
        
        

      

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

     

    GNMA:
      The
      Government National Mortgage Association, a wholly owned corporate
      instrumentality of the United States within HUD.

     

    Group
      1 Subordinate Certificates:
      Any of
      the Class 1B1, Class 1B2, Class 1B3, Class 1B4, Class 1B5 or Class 1B6
      Certificates.

     

    Group
      2 Subordinate Certificates:
      Any of
      the Class 2B1, Class 2B2, Class 2B3, Class 2B4, Class 2B5 or Class 2B6
      Certificates.

     

    Group
      4 Percentage:
      With
      respect to each Distribution Date and the Class 4-A3 Certificates, the
      percentage obtained by dividing (x) the Class Principal Amount of the Class
      4-A3
      Certificates immediately prior to such Distribution Date, by (y) the aggregate
      Class Principal Amount of the Class 4-A1, Class 4-A3, Class 4-A6, Class 4-A7,
      Class 4-A8, Class 4-A9, Class 4-A10 and Class 4-A11 Certificates immediately
      prior to such date.

     

    Group
      4 Priority Amount:
      With
      respect to each Distribution Date and the Class 4-A1 Certificates, an amount
      equal to the lesser of (i) the sum of (x) the product of the Group 4 Percentage
      for such date, the Shift Percentage and 97.6961304457%%
      of the
      Scheduled Principal Amount for Collateral Group 4 for such date and (y) the
      product of the Group 4 Percentage for such date, the Shift Percentage for such
      date and 97.6961304457%
      of the
      Unscheduled Principal Amount for Collateral Group 4 for such date, and (ii)
      the
      Class Principal Amount of the Class 4-A1 Certificates.

     

    Group
      Subordinate Amount:
      With
      respect to any Collateral Group (other than Collateral Group P) and any
      Distribution Date, the excess of the Non-AP Pool Balance for such Collateral
      Group for the immediately preceding Distribution Date over the sum of the Class
      Principal Amounts of the Non-AP Senior Certificates for such Collateral Group
      immediately prior to such Distribution Date.

     

    Holder
      or Certificateholder:
      The
      registered owner of any Certificate as recorded on the books of the Certificate
      Registrar except that, solely for the purposes of taking any action or giving
      any consent pursuant to this Agreement, any Certificate registered in the name
      of the Depositor, the Trustee, the Master Servicer, the
      Securities
      Administrator, any Servicer, the Cap Counterparty or any Affiliate thereof
      shall
      be deemed not to be outstanding in determining whether the requisite percentage
      necessary to effect any such consent has been obtained, except that, in
      determining whether the
      Trustee
      shall be protected in relying upon any such consent, only Certificates which
      a
      Responsible Officer of the
      Trustee
      knows to be so owned shall be disregarded. The Trustee may request and
      conclusively rely on certifications by the Depositor, the Master Servicer,
      the
      Securities Administrator and any Servicer in determining whether any
      Certificates are registered to an Affiliate of the Depositor, the Master
      Servicer, the Securities Administrator, the Cap Counterparty or any Servicer.
      After a Section 7.01(c) Purchase Event other than in Sections 5.02(a) through
      (h) and 11.03(a) and (b) herein, and, except in the case of the Class LT-R
      Certificates, Sections 3.03, 3.04, 3.05, 3.06, 3.07, 3.09 and 5.07(c) and (f)
      herein, all references in this Agreement to “Holder” or “Certificateholder”
shall be deemed to be references to the LTURI-holder, as recorded on the books
      of the Certificate Registrar, as holder of the Lower Tier REMIC 1 Uncertificated
      Regular Interests.

     

    
      
        
        

      

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

     

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

     

    Individual
      Redemption Certificate:
      Not
      applicable.

     

    Initial
      LIBOR Rate:
      5.33%.

     

    Initial
      Optional Termination Date:
      As
      defined in Section 7.01(b).

     

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

     

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

     

    Interest
      Distribution Amount:
      Not
      applicable.

     

    Interest
      Shortfall:
      With
      respect to any Class of Certificates (including any interest-bearing Component
      thereof but excluding the Class AP and Class X Certificates) and any
      Distribution Date, any Accrued Certificate Interest not distributed (or added
      to
      principal) with respect to any previous Distribution Date, other than due to
      any
      Net Prepayment Interest Shortfalls.

     

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

     

    
      
        
        

      

      
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    Latest
      Possible Maturity Date:
      With
      respect to the Collateral Groups 1A, 1B, 2A, 2B and 3, the Distribution Date
      in
      October 2036. With respect to the Collateral Groups 4 and 5, the Distribution
      Date in December 2036.

     

    LBB:
      Lehman
      Brothers Bank, FSB.

     

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

     

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

     

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

     

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

     

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

     

    LIBOR
      Certificate:
      Any
      Certificate (or Component) whose Certificate Interest Rate adjusts on the basis
      of LIBOR.

     

    LIBOR
      Component:
      None.

     

    LIBOR
      Determination Date:
      For any
      LIBOR Certificate, the second LIBOR Business Day immediately preceding the
      commencement of each Accrual Period other than the first Accrual
      Period.

     

    Liquidated
      Mortgage Loan:
      Any
      Charged-off Loan or defaulted Mortgage Loan as to which the Mortgage Loan or
      related REO Property has been disposed of and as to which the Master Servicer
      or
      the applicable Servicer has determined that all amounts that it expects to
      recover on behalf of the Trust Fund from or on account of such Mortgage Loan
      have been recovered.

     

    
      
        
        

      

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

     

    Liquidation
      Proceeds:
      Cash
      received in connection with the liquidation of a defaulted Mortgage Loan,
      whether through the sale or assignment of such Mortgage Loan, trustee’s sale,
      foreclosure sale or otherwise, or the sale of the related Mortgaged Property
      if
      the Mortgaged Property is acquired in satisfaction of the Mortgage Loan,
      including any amounts remaining in the related Escrow Account, together with
      an
      net proceeds received on a monthly basis with respect to any properties acquired
      on behalf of the Holders by foreclosure or deed in lieu of
      foreclosure.

     

    Living
      Holder:
      Not
      applicable.

     

    Loan-to-Value
      Ratio:
      With
      respect to any Mortgage Loan and any date of determination, the ratio, expressed
      as a percentage, of (a) of the principal balance of such Mortgage Loan on such
      date, over (b) the Original Value thereof.

     

    London
      Business Day:
      Any day
      on which banks are open for dealing in foreign currency and exchange in London,
      England and New York City.

     

    Lower
      Tier Interest:
      Any one
      of the interests in a Lower Tier REMIC, as described in the Preliminary
      Statement.

     

    Lower
      Tier REMIC:
      REMIC
      I, REMIC IIA or REMIC IIB, as described in the Preliminary
      Statement.

     

    Lower
      Tier REMIC I Uncertificated Regular Interests:
      Lower
      Tier Interests of REMIC I constituting regular interests held in uncertificated
      form. 

     

    LTURI
      holder:
      The
      holder of Lower Tier REMIC I Uncertificated Regular Interests, which, upon
      the
      occurrence of a Section 7.01(c) Purchase Event, shall be the Master Servicer
      or
      its designee, and including any trustee in its capacity as trustee of any
      privately placed securitization.

     

    Maintenance:
      With
      respect to any Cooperative Unit, the rent or fee paid by the Mortgagor to the
      Cooperative Corporation pursuant to the Proprietary Lease.

     

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

     

    
      
        
        

      

      
        35

        
          

        

      

      
        
        

      

    

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

     

    Master
      Servicing Fee Rate:
      0.00%
      per annum.

     

    Master
      Servicer Remittance Date:
      With
      respect to each Distribution Date, the
      fourth
      Business
      Day immediately preceding such Distribution Date.

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    Mortgage
      Loan Sale Agreement:
      The
      agreement dated as of September 1, 2006, for the sale of the Mortgage Loans
      by
      LBH to the Depositor.

     

    Mortgage
      Loan Schedule:
      The
      schedule attached hereto as Schedule A, which shall identify each Mortgage
      Loan,
      as such schedule may be amended from time to time to reflect the addition of
      Mortgage Loans to, or the deletion of Mortgage Loans from, the Trust Fund.
      Such
      schedule shall set forth, among other things, the following information with
      respect to each Mortgage Loan: (i) the Mortgage Loan identifying number; (ii)
      the Mortgagor’s name; (iii) the street address of the Mortgaged Property
      including the city, state and zip code; (iv) the original principal amount
      of
      the Mortgage Loan; (v) the Mortgage Rate at origination; (vi) the monthly
      payment of principal and interest at origination; (vii) the Mortgage Pool,
      Collateral Group or Group to which such Mortgage Loan has been assigned, (viii)
      the Servicer of such Mortgage Loan, (ix) the term and method of calculation
      of Prepayment Penalty Amounts, (x) whether such Mortgage Loan is an
      Employee Mortgage Loan, and (xi) the initial Custodian for such Mortgage
      Loan. The Depositor shall be responsible for providing the Trustee, the
      Securities Administrator and the Master Servicer with all amendments to the
      Mortgage Loan Schedule.

     

    
      
        
        

      

      
        36

        
          

        

      

      
        
        

      

    

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

     

    Mortgage
      Pool:
      Any of
      Pool 1, Pool 2 or Pool 3.

     

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

     

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

     

    Mortgagor:
      The
      obligor on a Mortgage Note.

     

    Negative
      Amortization Certificate:
      None.

     

    Net
      Liquidation Proceeds:
      With
      respect to any Liquidated Mortgage Loan, the related Liquidation Proceeds net
      of
      unreimbursed expenses incurred in connection with liquidation or foreclosure
      and
      unreimbursed Advances, Servicing Advances, Servicing Fees and Retained Interest,
      if any, received and retained in connection with the liquidation of such
      Mortgage Loan.

     

    Net
      Mortgage Rate or NMR:
      With
      respect to any Mortgage Loan, the Mortgage Rate thereof reduced by the sum
      of
      the applicable Servicing Fee Rate, the applicable Retained Interest Rate, if
      any, and, if applicable and specified on the Mortgage Loan Schedule, the premium
      rate on any lender-provided mortgage insurance. The Net Mortgage Rate of any
      Employee Mortgage Loan shall be calculated without regard to any increase in
      the
      Mortgage Rate thereof as a result of the related Mortgagor ceasing to be an
      employee of the Underwriter or any of its affiliates.

     

    Net
      Prepayment Interest Shortfall:
      With
      respect to each Collateral Group and any Distribution Date, the excess, if
      any,
      of any Prepayment Interest Shortfalls with respect to the Mortgage Loans for
      such date over the sum of any amounts paid by the Servicers with respect to
      such
      shortfalls and any amount that is required to be paid by the Master Servicer
      in
      respect of such shortfalls pursuant to this Agreement.

     

    Non-AP
      Pool Balance:
      As to
      any Collateral Group (other than Collateral Group P) and any Distribution Date,
      the sum of the related Applicable Fractions of the Scheduled Principal Balance
      of each Mortgage Loan included in the applicable Collateral Group for such
      Distribution Date. 

     

    Non-AP
      Senior Certificate:
      Any
      Senior Certificate other than the Class AP Certificates issued with a
      Certificate (or Component) Principal Balance.

     

    
      
        
        

      

      
        37

        
          

        

      

      
        
        

      

    

    Non-Book-Entry
      Certificate:
      Any
      Certificate other than a Book-Entry Certificate.

     

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

     

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

     

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

     

    Notice
      of Nonpayment.
      Not
      applicable.

     

    Notional
      Amount:
      With
      respect to any Notional Certificate and any Distribution Date, such
      Certificate’s Percentage Interest of the Class Notional Amount of such Class of
      Certificates for such Distribution Date.

     

    Notional
      Certificate:
      Any
      Class of Certificates issued with a Class Notional Amount (or Component issued
      with a Component Notional Amount).

     

    Notional
      Principal Contract Value:
      $34,824.

     

    Offering
      Document:
      The
      private placement memorandum relating to the Privately Offered Certificates,
      or
      the Prospectus.

     

    Offered
      Certificates:
      The
      Certificates other than the Privately Offered Certificates.

     

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

     

    Opinion
      of Counsel:
      A
      written opinion of counsel, reasonably acceptable in form and substance to
      the
      Trustee,
      the Securities
      Administrator or the Depositor, as applicable, and who may be in-house or
      outside counsel to the Depositor, the Master Servicer, the
      Securities
      Administrator or a Servicer but which must be Independent outside counsel with
      respect to any such opinion of counsel concerning the transfer of any Residual
      Certificate or concerning certain matters with respect to ERISA, or the
      taxation, or the federal income tax status, of each REMIC. For purpose of
      Section 2.01(c)(i), the Opinion of Counsel referred to therein may take the
      form
      of a memorandum of law or other acceptable assurance.

     

    Original
      Credit Support Percentage:
      With
      respect to each Class of Subordinate Certificates, the Credit Support Percentage
      for such Class of Certificates on the Closing Date.

     

    Original
      Group Subordinate Amount:
      With
      respect to Pool 1 and Pool 2, the sum of the Group Subordinate Amounts for
      Collateral Groups 1A, 1B, 2A, 2B and 3 as of the Cut-off Date. With respect
      to
      Pool 3, the Group Subordinate Amount for Collateral Groups 4 and 5 as of the
      Cut-off Date.

     

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

     

    
      
        
        

      

      
        38

        
          

        

      

      
        
        

      

    

    Originator:
      The
      entity that originated a Mortgage Loan.

     

    PAC
      Certificate:
      None.

     

    PAC
      Principal Amount:
      Not
      applicable.

     

    PAC
      Principal Amount Schedule:
      Not
      applicable.

     

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

     

    Percentage
      Interest:
      With
      respect to any Certificate and the related Class, such Certificate’s percentage
      interest in the undivided beneficial ownership interest in the Trust Fund
      evidenced by all Certificates of the same Class as such Certificate. With
      respect to any Certificate other than a Notional Certificate, the Percentage
      Interest evidenced thereby shall equal the initial Certificate Principal Amount
      (or Component Notional Amount) thereof divided by the initial Class Principal
      Amount (or Component Notional Amount) of all Certificates of the same Class.
      With respect to any Notional Certificate, the Percentage Interest evidenced
      thereby shall equal the initial Class Notional Amount divided by the initial
      Class Notional Amount of all Certificates of the same Class. With respect to
      the
      Class X, Class R and Class LT-R Certificates, the Percentage Interest evidenced
      thereby shall be as specified on the face thereof, or otherwise be equal to
      100%.

     

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

     

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

     

    Placement
      Agent:
      Lehman
      Brothers Inc.

     

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

     

    Plan:
      An
      employee benefit plan or other retirement arrangement which is subject to
      Section 406 of ERISA and/or Section 4975 of the Code or any entity whose
      underlying assets include such plan's or arrangement's assets by reason of
      their
      investment in the entity.

     

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

     

    Pool
      1
      Certificates:
      Any
      Senior or Subordinate Certificate related to Pool 1.

     

    
      
        
        

      

      
        39

        
          

        

      

      
        
        

      

    

    Pool
      1
      Mortgage Loan:
      Any
      Mortgage Loan in Pool 1.

     

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

     

    Pool
      2
      Certificates:
      Any
      Senior or Subordinate Certificate related to Pool 2.

     

    Pool
      2
      Mortgage Loan:
      Any
      Mortgage Loan in Pool 2.

     

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

     

    Pool
      3
      Certificates:
      Any
      Senior or Subordinate Certificate related to Pool 3.

     

    Pool
      3
      Mortgage Loan:
      Any
      Mortgage Loan in Pool 3.

     

    Preference
      Amount:
      Not
      applicable.

     

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

     

    Prepayment
      Penalty Amounts:
      With
      respect to any Distribution Date, all premiums or charges paid by the obligors
      under the related Mortgage Notes due to Principal Prepayments collected by
      the
      Servicers during the immediately preceding Prepayment Period.

     

    Prepayment
      Period:
      With
      respect to any Distribution Date the period specified as such in the related
      Servicing Agreement.

     

    Primary
      Mortgage Insurance Policy:
      Mortgage guaranty insurance, if any, on an individual Mortgage Loan, as
      evidenced by a policy or certificate.

     

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

     

    Privately
      Offered Certificates:
      The
      Class X, Class 1B4, Class 1B5, Class 1B6, Class 2B4, Class 2B5 and Class
      2B6 Certificates.

     

    Proceeding:
      Any
      suit in equity, action at law or other judicial or administrative
      proceeding.

     

    
      
        
        

      

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

     

    Prospectus:
      The
      prospectus supplement dated September 28, 2006, together with the accompanying
      prospectus dated September 13, 2006, relating to the Offered
      Certificates.

     

    Purchase
      Price:
      With
      respect to the repurchase of a Mortgage Loan pursuant to this Agreement, an
      amount equal to the sum of (a) 100% of the unpaid principal balance of such
      Mortgage Loan, (b) accrued interest thereon at the Mortgage Rate, from the
      date
      as to which interest was last paid to (but not including) the Due Date
      immediately preceding the related Distribution Date, (c)
      any
      costs
      and damages incurred by the Trust Fund with respect to such Mortgage Loan in
      connection with any violation of any federal, state or local predatory or
      abusive lending laws or other similar laws and (d) any unreimbursed Servicing
      Advances with respect to such Mortgage Loan. The Master Servicer or the
      applicable Servicer (or the Securities Administrator, if applicable) shall
      be
      reimbursed from the Purchase Price for any Mortgage Loan or related REO Property
      for any Advances made with respect to such Mortgage Loan that are reimbursable
      to the Master Servicer, such Servicer or the Securities Administrator under
      this
      Agreement or the related Servicing Agreement, as well as any unreimbursed
      Servicing Advances and accrued and unpaid Master Servicing Fees or Servicing
      Fees, as applicable.

     

    QIB:
      As
      defined in Section 3.03(c).

     

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

     

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

     

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

     

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

     

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

     

    
      
        
        

      

      
        41

        
          

        

      

      
        
        

      

    

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

     

    Qualified
      Insurer:
      An
      insurance company duly qualified as such under the laws of the states in which
      the related Mortgaged Properties are located, duly authorized and licensed
      in
      such states to transact the applicable insurance business and to write the
      insurance provided and whose claims paying ability is rated by each Rating
      Agency in its highest rating category or whose selection as an insurer will
      not
      adversely affect the rating of the Certificates.

     

    Qualifying
      Substitute Mortgage Loan:
      In the
      case of a Mortgage Loan substituted for a Deleted Mortgage Loan, a Mortgage
      Loan
      that, on the date of substitution, (i) has a Scheduled Principal Balance
      (together with that of any other mortgage loan substituted for the same Deleted
      Mortgage Loan) as of the Due Date in the month in which such substitution occurs
      not in excess of the Scheduled Principal Balance of the related Deleted Mortgage
      Loan; provided,
      however,
      that,
      to the extent that the Scheduled Principal Balance of such Mortgage Loan is
      less
      than the Scheduled Principal Balance of the related Deleted Mortgage Loan,
      then
      a Substitution Amount shall be paid by the party effecting such substitution
      to
      the Securities Administrator for deposit into the Certificate Account, and
      shall
      be treated as a Principal Prepayment hereunder; (ii) has a Net Mortgage Rate
      not
      lower than the Net Mortgage Rate of the related Deleted Mortgage Loan and a
      Net
      Mortgage Rate within the Net Mortgage Rate parameters of the related Subgroup;
      (iii) has a remaining stated term to maturity not more than eighteen months
      longer than, and not more than eighteen months shorter than, the remaining
      term
      to stated maturity of the related Deleted Mortgage Loan; provided,
      however,
      in no
      case shall such substitute Mortgage Loan have a remaining stated term to
      maturity later than the Final Scheduled Distribution Date; (iv) (A) has a
      Loan-to-Value Ratio as of the date of such substitution of not greater than
      80%;
provided,
      however,
      that if
      the related Deleted Mortgage Loan has a Loan-to-Value Ratio of greater than
      80%
      as of the date of substitution, then the Loan-to-Value Ratio of such substitute
      Mortgage Loan may be greater than 80% but shall not be greater than the
      Loan-to-Value Ratio of the related Deleted Mortgage Loan and (B) the addition
      of
      such substitute Mortgage Loan does not increase the weighted average
      Loan-to-Value Ratio, as of the date of substitution of the Mortgage Pool by
      more
      than 5%; (v) will comply with all of the representations and warranties relating
      to Mortgage Loans set forth herein, as of the date as of which such substitution
      occurs; (vi) is not a Cooperative Loan unless the related Deleted Mortgage
      Loan
      was a Cooperative Loan; (vii) if applicable, has the same index as and a margin
      not less than that of the related Deleted Mortgage Loan; (viii) has not been
      delinquent for a period of more than 30 days more than once in the twelve months
      immediately preceding such date of substitution; (ix) is covered by a Primary
      Mortgage Insurance Policy if the related Deleted Mortgage Loan is so covered,
      and the Loan-to-Value Ratio of such Mortgage Loan is greater than 80%; and
      (x)
      has a Credit Score not greater than 20 points lower than the Credit Score of
      the
      related Deleted Mortgage Loan; provided,
      however,
      that if
      the Deleted Mortgage Loan does not have a Credit Score, then such substitute
      Mortgage Loan shall have a Credit Score equal to or greater than 700. In the
      event that either one mortgage loan is substituted for more than one Deleted
      Mortgage Loan or more than one mortgage loan is substituted for one or more
      Deleted Mortgage Loans, then (a) the Scheduled Principal Balance referred to
      in
      clause (i) above shall be determined such that the aggregate Scheduled Principal
      Balance of all such substitute Mortgage Loans shall not exceed the aggregate
      Scheduled Principal Balance of all Deleted Mortgage Loans and (b) each of (1)
      the rate referred to in clause (ii) above, (2) the remaining term to stated
      maturity referred to in clause (iii) above, (3) the Loan-to-Value Ratio referred
      to in clause (iv) above and (4) the Credit Score referred to in clause (x)
      above
      shall be determined on a weighted average basis, provided
      that the
      final scheduled maturity date of any Qualifying Substitute Mortgage Loan shall
      not exceed the Final Scheduled Distribution Date of any Class of Certificates.
      Whenever a Qualifying Substitute Mortgage Loan is substituted for a Deleted
      Mortgage Loan pursuant to this Agreement, the party effecting such substitution
      shall certify such qualification in writing to the Trustee. Notwithstanding
      any
      provision herein to the contrary, a Qualifying Substitute Mortgage Loan shall
      be
      deemed to have the same Applicable Fraction as that of the Deleted Mortgage
      Loan
      for which it was substituted.

     

    
      
        
        

      

      
        42

        
          

        

      

      
        
        

      

    

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

     

    Realized
      Loss:
      (a)
      With respect to each Liquidated Mortgage Loan, an amount equal to (i) the unpaid
      principal balance of such Mortgage Loan as of the date of liquidation, plus
      (ii) interest at the applicable Net Mortgage Rate from the date as to which
      interest was last paid up to the last day of the month of such liquidation,
      minus (iii) Liquidation Proceeds received, net of amounts that are reimbursable
      to the Master Servicer or the applicable Servicer with respect to such Mortgage
      Loan (other than Advances of principal and interest) including expenses of
      liquidation, and (b) with respect to each Mortgage Loan that has become the
      subject of a Deficient Valuation, the difference between the unpaid principal
      balance of such Mortgage Loan immediately prior to such Deficient Valuation
      and
      the unpaid principal balance of such Mortgage Loan as reduced by the Deficient
      Valuation. In determining whether a Realized Loss on a Liquidated Mortgage
      Loan
      is a Realized Loss of interest or principal, Liquidation Proceeds shall be
      allocated, first, to payment of expenses related to such Liquidated Mortgage
      Loan (including payment of any Retained Interest), then to accrued unpaid
      interest and finally to reduce the principal balance of the Mortgage
      Loan.

     

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

     

    Record
      Date:
      With
      respect to any Distribution Date and each Class of Certificates (other than
      the
      LIBOR Certificates), the close of business on the last Business Day of the
      month
      immediately preceding the month in which such Distribution Date occurs; and
      with
      respect to any Distribution Date and the LIBOR Certificates, the Business Day
      immediately preceding the related Distribution Date.

     

    Redemption
      Certificate:
      None.

     

    Regulation
      AB:
      Subpart
      229.1100 - Asset Backed Securities (Regulation AB), 17 C.F.R.
§§229.1100-229.1123, as such may be amended from time to time, and subject to
      such clarification and interpretation as have been provided by the Commission
      in
      the adopting release (Asset-Backed Securities, Securities Act Release No.
      33-8518, 70 Fed. Reg. 1,506, 1,531 (Jan. 7, 2005)) or by the staff of the
      Commission, or as may be provided by the Commission or its staff from time
      to
      time.

     

    
      
        
        

      

      
        43

        
          

        

      

      
        
        

      

    

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

     

    Regulation
      S Global Security:
      The
      meaning specified in Section 3.01(c).

     

    Reimbursement
      Amount:
      Not
      applicable.

     

    Released
      Mortgage Loan:
      As of
      any transfer date as set forth in the related Servicing Agreement, any Mortgage
      Loan other than a Covered Mortgage Loan that was delinquent in payment for
      a
      period of time equal to the later to occur of (i) 210 days or more or (ii)
      30
      days or more after such Mortgage Loan became a Charged-off Loan, in each case
      as
      of the last calendar day of the month immediately proceeding the month in which
      such transfer date occurs, without giving effect to any grace period permitted
      by the related Mortgage Note, and for which foreclosure proceedings have not
      been initiated.

     

    Released
      Mortgage Transferee:
      The
      Master Servicer.

     

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

     

    Relevant
      UCC:
      The
      Uniform Commercial Code as in effect in the applicable
      jurisdiction.

     

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

     

    REMIC:
      Each of
      REMIC I, REMIC IIA, REMIC IIB and REMIC III, as described in the Preliminary
      Statement hereto.

     

    REMIC
      Provisions:
      The
      provisions of the federal income tax law relating to real estate mortgage
      investment conduits, which appear at sections 860A through 86OG of Subchapter
      M
      of Chapter 1 of the Code, and related provisions, and regulations, including
      proposed regulations and rulings, and administrative pronouncements promulgated
      thereunder, as the foregoing may be in effect from time to time.

     

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

     

    
      
        
        

      

      
        44

        
          

        

      

      
        
        

      

    

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

     

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

     

    Residual
      Certificate:
      Any
      Class LT-R or Class R Certificate.

     

    Responsible
      Officer:
      When
      used with respect to the Trustee or the Securities Administrator, respectively,
      any Vice President, Assistant Vice President, the Secretary, any assistant
      secretary, any Trust Officer, the Treasurer, or any assistant treasurer, working
      in its corporate trust department and having direct responsibility for the
      administration of this Agreement.

     

    Restricted
      Certificate:
      Any
      Class 1B4, Class 1B5, Class 1B6, Class 2B4, Class 2B5, Class 2B6 or Class X
      Certificate and any Restricted Global Security.

     

    Restricted
      Global Security:
      The
      meaning specified in Section 3.01(c).

     

    Retained
      Interest:
      Not
      applicable.

     

    Retained
      Interest Mortgage Loan:
      Not
      applicable.

     

    Retained
      Interest Holder:
      Not
      applicable.

     

    Retained
      Interest Rate:
      Not
      applicable.

     

    Retained
      Mortgage File:
      Not
      applicable. 

     

    Rules:
      As
      defined in Section 6.20(c).

     

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

     

    Sarbanes
      Oxley Act:
      The
      Sarbanes-Oxley Act of 2002 and the rules and regulations of the Commission
      promulgated thereunder (including any interpretations thereof by the
      Commission’s staff).

     

    Sarbanes-Oxley
      Certification:
      A
      written certification covering the activities of all Servicing Function
      Participants and signed by an officer of the Exchange Act Signing Party that
      complies with Section 302 of the Sarbanes-Oxley Act, as amended from time to
      time.

     

    Scheduled
      Certificate:
      None.

     

    Scheduled
      Component:
      None.

     

    Scheduled
      Payment:
      Each
      scheduled payment of principal and interest (or of interest only, if applicable)
      to be paid by the Mortgagor on a Mortgage Loan, as reduced (except where
      otherwise specified herein) by the amount of any related Debt Service Reduction
      (excluding all amounts of principal and interest that were due on or before
      the
      Cut-off Date whenever received) and, in the case of an REO Property, an amount
      equal to the Scheduled Payment that would have been due on the related Mortgage
      Loan if such Mortgage Loan had remained in existence. In the case of any
      bi-weekly payment Mortgage Loan, all payments due on such Mortgage Loan during
      any Due Period shall be deemed collectively to constitute the Scheduled Payment
      due on such Mortgage Loan in such Due Period.

     

    
      
        
        

      

      
        45

        
          

        

      

      
        
        

      

    

    Scheduled
      Principal Amount:
      With
      respect to each Distribution Date and any Collateral Group, the amount described
      in clause (i) of the definition of Senior Principal Distribution Amount with
      respect to such Collateral Group.

     

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

     

    Section
      7.01(c) Purchase Event:
      The
      purchase of all the Lower Tier REMIC 1 Uncertificated Regular
      Interests.

     

    Securities
      Act:
      The
      Securities Act of 1933, as amended.

     

    Securities
      Administrator:
      Wells
      Fargo Bank, N.A., not in its individual capacity but solely as Securities
      Administrator, or any successor in interest, or if any successor Securities
      Administrator shall be appointed as herein provided, then such successor
      Securities Administrator.

     

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

     

    Seller:
      LBH or
      any successor in interest, as the context may require.

     

    Senior
      Certificate:
      Any
      Certificate (including any Exchangeable or Exchange Certificate) other than
      a
      Subordinate Certificate or a Class X or Class LT-R Certificate.

     

    Senior
      Percentage:
      With
      respect to each Collateral Group (other than Collateral Group P) and any
      Distribution Date, the percentage equivalent of a fraction, the numerator of
      which is the sum of the Class Principal Amounts of each Class of Non-AP Senior
      Certificates for the such Collateral Group immediately prior to such
      Distribution Date, to the extent that such Classes are outstanding on such
      date,
      and the denominator of which is the related Non-AP Pool Balance as of the
      beginning of the related Due Period. 

     

    
      
        
        

      

      
        46

        
          

        

      

      
        
        

      

    

    Senior
      Prepayment Percentage:
      With
      respect to each Collateral Group (other than Collateral Group P) and any
      Distribution Date occurring during the five years beginning on the first
      Distribution Date, 100%. With respect to each Collateral Group and for any
      Distribution Date occurring on or after the fifth anniversary of the first
      Distribution Date, the related Senior Percentage plus the following percentage
      of the related Subordinate Percentage for such Distribution Date: for any
      Distribution Date in the first year thereafter, 70%; for any Distribution Date
      in the second year thereafter, 60%; for any Distribution Date in the third
      year
      thereafter, 40%; for any Distribution Date in the fourth year thereafter, 20%;
      and for any subsequent Distribution Date, 0%; provided,
      however,
      that if
      on any of the foregoing Distribution Dates the Senior Percentage for a
      Collateral Group exceeds the initial Senior Percentage for such Collateral
      Group, the Senior Prepayment Percentage for each Collateral Group for such
      Distribution Date shall once again equal 100% for such Distribution Date,
provided,
      further,
      if that Collateral Group is any of Collateral Groups 1A, 1B, 2A, 2B or 3, the
      Senior Prepayment Percentage for each of Collateral Groups 1A, 1B, 2A, 2B and
      3
      will once again equal 100% and if that Collateral Group is either of Collateral
      Groups 4 or 5, the Senior Prepayment Percentage for each of Collateral Groups
      4
      and 5 will once again equal 100%.

     

    Notwithstanding
      the foregoing, no decrease in the Senior Prepayment Percentage for any of
      Collateral Groups 1A, 1B, 2A, 2B or 3 below the level in effect for the most
      recent prior period set forth in the paragraph above shall be effective on
      any
      Distribution Date if, as of the first Distribution Date as to which any such
      decrease applies, (i) the average outstanding principal balance on such
      Distribution Date and for the preceding five Distribution Dates of all Mortgage
      Loans in such Collateral Groups that were delinquent 60 days or more (including
      for this purpose any REO Property or Mortgage Loans in foreclosure or bankruptcy
      and Mortgage Loans with respect to which the related Mortgaged Property has
      been
      acquired by the Trust Fund if the related Mortgage Loan had remained in
      existence) is greater than or equal to 50% of the related Group Subordinate
      Amounts, immediately prior to such Distribution Date or (ii) cumulative
      Realized Losses with respect to the Mortgage Loans in such Collateral Groups
      exceed (a) with respect to the Distribution Date on or after the fifth
      anniversary but prior to the sixth anniversary of the first Distribution Date,
      30% of the related Original Group Subordinate Amount, (b) with respect to the
      Distribution Date on or after the sixth anniversary but prior to the seventh
      anniversary of the first Distribution Date, 35% of the related Original Group
      Subordinate Amount, (c) with respect to the Distribution Date on or after the
      seventh anniversary but prior to the eighth anniversary of the first
      Distribution Date, 40% of the related Original Group Subordinate Amount, (d)
      with respect to the Distribution Date on or after the eighth anniversary but
      prior to the ninth anniversary of the first Distribution Date, 45% of the
      related Original Group Subordinate Amount and (e) with respect to the
      Distribution Date on or after the ninth anniversary of the first Distribution
      Date or thereafter, 50% of the related Original Group Subordinate
      Amount.

     

    
      
        
        

      

      
        47

        
          

        

      

      
        
        

      

    

    Notwithstanding
      the foregoing, no decrease in the Senior Prepayment Percentage for any of
      Collateral Groups 4 or 5 below the level in effect for the most recent prior
      period set forth in the paragraph above shall be effective on any Distribution
      Date if, as of the first Distribution Date as to which any such decrease
      applies, (i) the average outstanding principal balance on such Distribution
      Date
      and for the preceding five Distribution Dates of all Mortgage Loans in such
      Collateral Groups that were delinquent 60 days or more (including for this
      purpose any REO Property or Mortgage Loans in foreclosure or bankruptcy and
      Mortgage Loans with respect to which the related Mortgaged Property has been
      acquired by the Trust Fund if the related Mortgage Loan had remained in
      existence) is greater than or equal to 50% of the related Group Subordinate
      Amounts, immediately prior to such Distribution Date or (ii) cumulative
      Realized Losses with respect to the Mortgage Loans in such Collateral Groups
      exceed (a) with respect to the Distribution Date on or after the fifth
      anniversary but prior to the sixth anniversary of the first Distribution Date,
      30% of the related Original Group Subordinate Amount, (b) with respect to the
      Distribution Date on or after the sixth anniversary but prior to the seventh
      anniversary of the first Distribution Date, 35% of the related Original Group
      Subordinate Amount, (c) with respect to the Distribution Date on or after the
      seventh anniversary but prior to the eighth anniversary of the first
      Distribution Date, 40% of the related Original Group Subordinate Amount, (d)
      with respect to the Distribution Date on or after the eighth anniversary but
      prior to the ninth anniversary of the first Distribution Date, 45% of the
      related Original Group Subordinate Amount and (e) with respect to the
      Distribution Date on or after the ninth anniversary of the first Distribution
      Date or thereafter, 50% of the related Original Group Subordinate
      Amount.

     

    After
      the
      Class Principal Amount of each Class of Senior Certificates for a Collateral
      Group has been reduced to zero, the Senior Prepayment Percentage for such
      Collateral Group shall be 0%.

     

    Senior
      Principal Distribution Amount:
      For any
      Collateral Group (other than Collateral Group P) and any Distribution Date,
      the
      sum of the following amounts:

     

    (i) the
      product of (a) the related Senior Percentage for such date and (b) the principal
      portion (multiplied by the related Applicable Fraction) of each Scheduled
      Payment (without giving effect to any Debt Service Reduction occurring prior
      to
      the Bankruptcy Coverage Termination Date), on each Mortgage Loan in the related
      Collateral Group due during the related Due Period;

     

    (ii) the
      product of (a) the related Senior Prepayment Percentage for such date and (b)
      each of the following amounts (multiplied by the related Applicable Fraction):
      (1) each Principal Prepayment on the Mortgage Loans in the related Collateral
      Group collected during the related Prepayment Period, (2) each other unscheduled
      collection, including any Subsequent Recovery, Insurance Proceeds and Net
      Liquidation Proceeds (other than with respect to any Mortgage Loan in the
      related Collateral Group that was finally liquidated during the related
      Prepayment Period) representing or allocable to recoveries of principal received
      during the related Prepayment Period, and (3) the principal portion of all
      proceeds of the purchase of any Mortgage Loan in the related Collateral Group
      (or, in the case of a permitted substitution, amounts representing a principal
      adjustment) actually received by the Securities Administrator during the related
      Prepayment Period;

     

    (iii) with
      respect to unscheduled recoveries allocable to principal of any Mortgage Loan
      in
      the related Collateral Group that was finally liquidated during the related
      Prepayment Period, the lesser of (a) the related net Liquidation Proceeds
      allocable to principal (multiplied by the related Applicable Fraction) and
      (b)
      the product of the related Senior Prepayment Percentage for such date and the
      Scheduled Principal Balance (multiplied by the related Applicable Fraction)
      of
      such related Mortgage Loan at the time of liquidation; and

     

    
      
        
        

      

      
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    (iv) any
      amounts described in clauses (i) through (iii) for any previous Distribution
      Date that remain unpaid.

     

    If
      on any
      Distribution Date the Class Principal Amount of the Class or Classes of Non-AP
      Senior Certificates related to any Collateral Group have been reduced to zero,
      the Senior Principal Distribution Amount for such Class or Classes of Non-AP
      Senior Certificates for such date (following such reduction) and each subsequent
      Distribution Date shall be zero.

     

    Senior
      Principal Priorities:
      The
      priorities for distribution of principal to the Senior Certificates as set
      forth
      in Exhibit O.

     

    Servicer:
      Any
      Servicer that has entered into any of the Servicing Agreements identified on
      Exhibit E hereto, or any successors in interest. The initial Servicers shall
      be
      Aurora Loan Services LLC, IndyMac Bank, F.S.B, National City Mortgage Co. and
      PHH Mortgage Corporation. 

     

    Servicer
      Remittance Date:
      The day
      in each month on which each Servicer is required to remit payments to the
      account maintained by the Master Servicer, as specified in the related Servicing
      Agreement, which is the 18th day of each month (or if such 18th day is not
      a
      Business Day, the next succeeding Business Day).

     

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

     

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

     

    Servicing
      Agreement:
      Each
      servicing agreement or reconstituted servicing agreement between the Servicer
      and the Seller and acknowledged by the Trustee dated as of September 1, 2006,
      identified on Exhibit E hereto, and any other servicing agreement entered into
      between a successor servicer and the Seller or the Trustee pursuant to the
      terms
      hereof.

     

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

     

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

     

    
      
        
        

      

      
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    Servicing
      Fee Rate:
      With
      respect to each Mortgage Loan, the rate specified in the applicable Servicing
      Agreement.

     

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

     

    Servicing
      Officer:
      Any
      officer of the Master Servicer involved in or responsible for the administration
      and servicing or master servicing of the Mortgage Loans whose name appears
      on a
      list of servicing officers furnished by the Master Servicer to the Trustee,
      the
      Securities
      Administrator and the Custodian, as such list may from time to time be
      amended.

     

    Shift
      Percentage:
      With
      respect to each Distribution Date occurring during the five years beginning
      on
      the first Distribution Date, 0%. With respect to each Distribution Date
      occurring on or after the fifth anniversary of the first Distribution Date,
      the
      following percentage for such Distribution Date; for any Distribution Date
      in
      the first year thereafter, 30%; for any Distribution Date in the second year
      thereafter, 40%; for any Distribution Date in the third year thereafter, 60%;
      for any Distribution Date in the fourth year thereafter, 80%; and for any
      subsequent Distribution Date, 100%.

     

    Special
      Hazard Loss:
      With
      respect to the Mortgage Loans, (x) any Realized Loss arising out of any direct
      physical loss or damage to a Mortgaged Property which is caused by or results
      from any cause, exclusive of any loss covered by a hazard policy or a flood
      insurance policy required to be maintained in respect of such Mortgaged Property
      and any loss caused by or resulting from (i) normal wear and tear, (ii)
      conversion or other dishonest act on the part of the Trustee, the Master
      Servicer, the
      Securities
      Administrator, any Servicer or any of their agents or employees, or (iii) errors
      in design, faulty workmanship or faulty materials, unless the collapse of the
      property or a part thereof ensues, or (y) any Realized Loss arising from or
      related to the presence or suspected presence of hazardous wastes, or hazardous
      substances on a Mortgaged Property unless such loss is covered by a hazard
      policy or flood insurance policy required to be maintained in respect of such
      Mortgaged Property, in any case, as reported by any Servicer to the Master
      Servicer.

     

    Special
      Hazard Loss Limit:
      As of
      the Cut-off Date with respect to the Mortgage Loans in Pool 1 and Pool 2
      collectively, initially, $3,947,066, and as of the Cut-off Date with respect
      to
      the Mortgage Loans in Pool 3, initially $3,669,528, which amounts shall be
      reduced from time to time to an amount equal on any Distribution Date to the
      lesser of (a) the greatest of (i) 1% of the aggregate of the Scheduled Principal
      Balances of the related Mortgage Loans; (ii) twice the Scheduled Principal
      Balance of the related Mortgage Loan having the highest Scheduled Principal
      Balance, and (iii) the aggregate Scheduled Principal Balances of the related
      Mortgage Loans secured by Mortgaged Properties located in the single California
      postal zip code area having the highest aggregate Scheduled Principal Balance
      of
      Mortgage Loans of any such postal zip code area and (b) the related Special
      Hazard Loss Limit as of the Closing Date less the amount, if any, of Special
      Hazard Losses incurred with respect to the Mortgage Loans since the Closing
      Date.

     

    
      
        
        

      

      
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    Specified
      Rating:
      Not
      applicable.

     

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

     

    Subcontractor:
      Any
      vendor, subcontractor or other Person that is not responsible for the overall
      servicing (as “servicing” is commonly understood by participants in the
      mortgage-backed securities market) of the Mortgage Loans but performs one or
      more discrete material functions required to be performed under this Agreement,
      the Servicing Agreement or any subservicing agreement, as identified in Item
      1122(d) of Regulation AB with respect to the Mortgage Loans under the direction
      or authority of the Securities
      Administrator,
      the Master Servicer, a Custodian or the Servicer.

     

    Subgroups:
      Each of
      the subgrouping of Mortgage Loans described below:

     

    “Subgroup
      1-A”:
      The
      Mortgage Loans in Pool 1 with Net Mortgage Rates of greater than 5.50% but
      less
      than 7.00%.

     

    “Subgroup
      1-B”:
      The
      Mortgage Loans in Pool 1 with Net Mortgage Loans of greater than or equal to
      7.00% but less than 7.50%.

     

    “Subgroup
      1-C”:
      The
      Mortgage Loans in Pool 1 with Net Mortgage Rates of greater than
      7.50%.

     

    “Subgroup
      2-A”:
      The
      Mortgage Loans in Pool 2 with Net Mortgage Rates of greater than 5.50% but
      less
      than 7.00%.

     

    “Subgroup
      2-B”:
      The
      Mortgage Loans in Pool 2 with Net Mortgage Loans of greater than or equal to
      7.00% but less than 7.50%.

     

    “Subgroup
      2-C”:
      The
      Mortgage Loans in Pool 2 with Net Mortgage Rates of greater than
      7.50%.

     

    “Subgroup
      3-A”:
      The
      Mortgage Loans in Pool 3 with Net Mortgage Rates of less than
      6.00%.

     

    “Subgroup
      3-B”:
      The
      Mortgage Loans in Pool 3 with Net Mortgage Loans of greater than or equal to
      6.00% but less than 7.00%.

     

    “Subgroup
      3-C”:
      The
      Mortgage Loans in Pool 3 with Net Mortgage Rates of greater than
      7.00%.

     

    Subordinate
      Certificates:
      Any of
      the Class 1B1, Class 1B2, Class 1B3, Class 1B4, Class 1B5, Class 1B6, Class
      2B1,
      Class 2B2, Class 2B3, Class 2B4, Class 2B5 or Class 2B6
      Certificates.

     

    
      
        
        

      

      
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    Subordinate
      Certificate Writedown Amount:
      As to
      any Distribution Date and the Group 1 Subordinate Certificates, or Group 2
      Subordinate Certificates, as applicable, the amount by which (i) the sum of
      the
      Class Principal Amounts of the related Senior Certificates (after giving effect
      to the distribution of principal and the application of Realized Losses in
      reduction of the Certificate Principal Amounts of such Certificates on such
      Distribution Date) exceeds (ii) the aggregate Scheduled Principal Balance of
      the
      Mortgage Loans in the related Collateral Group or Groups such Distribution
      Date.

     

    Subordinate
      Class Percentage:
      With
      respect to any Distribution Date and any Class of Group 1 Subordinate
      Certificates, the percentage obtained by dividing the Class Principal Amount
      of
      such Class immediately prior to such Distribution Date by the aggregate
      Certificate Principal Amount of all Group 1 Subordinate Certificates immediately
      prior to such Distribution Date. With respect to any Distribution Date and
      any
      Class of Group 2 Subordinate Certificates, the percentage obtained by dividing
      the Class Principal Amount of such Class immediately prior to such Distribution
      Date by the aggregate Certificate Principal Amount of all Group 2 Subordinate
      Certificates immediately prior to such Distribution Date.

     

    Subordinate
      Percentage:
      With
      respect to each Collateral Group (other than Collateral Group P) and any
      Distribution Date, the difference between 100% and the related Senior Percentage
      for such Distribution Date.

     

    Subordinate
      Prepayment Percentage:
      With
      respect to each Collateral Group (other than Collateral Group P) and any
      Distribution Date, the difference between 100% and the related Senior Prepayment
      Percentage for such Distribution Date.

     

    Subordinate
      Principal Distribution Amount:
      For any
      Collateral Group (other than Collateral Group P) and any Distribution Date,
      the
      sum of the following:

     

    (i) the
      product of (a) the related Subordinate Percentage for such date and (b) the
      principal portion (multiplied by the related Applicable Fraction) of each
      Scheduled Payment (without giving effect to any Debt Service Reduction occurring
      prior to the applicable Bankruptcy Coverage Termination Date) on each Mortgage
      Loan in the related Collateral Group due during the related Due
      Period;

     

    (ii) the
      product of (a) the related Subordinate Prepayment Percentage for such date
      and
      (b) each of the following amounts (multiplied by the related Applicable
      Fraction): (1) each Principal Prepayment on the Mortgage Loans in the related
      Collateral Group collected during the related Prepayment Period, (2) each other
      unscheduled collection, including any Subsequent Recovery, Insurance Proceeds
      and Net Liquidation Proceeds (other than with respect to any Mortgage Loan
      in
      the related Collateral Group that was finally liquidated during the related
      Prepayment Period) representing or allocable to recoveries of principal received
      during the related Prepayment Period, and (3) the principal portion of all
      proceeds of the purchase of any Mortgage Loan in the related Collateral Group
      (or, in the case of a permitted substitution, amounts representing a principal
      adjustment) actually received by the Securities Administrator during the related
      Prepayment Period;

     

    
      
        
        

      

      
        52

        
          

        

      

      
        
        

      

    

    (iii) with
      respect to unscheduled recoveries allocable to principal of any Mortgage Loan
      in
      the related Collateral Group that was finally liquidated during the related
      Prepayment Period, the related net Liquidation Proceeds allocable to principal
      (multiplied by the related Applicable Fraction) less any related amount paid
      pursuant to subsection (iii) of the definition of Senior Principal Distribution
      Amount for the related Mortgage Pool; and

     

    (iv) any
      amounts described in clauses (i) through (iii) for any previous Distribution
      Date that remain unpaid.

     

    Subsequent
      Recovery:
      The
      amount, if any, recovered by the related Servicer or the Master Servicer with
      respect to a Liquidated Mortgage Loan with respect to which a Realized Loss
      has
      been incurred after liquidation and disposition of such Mortgage
      Loan.

     

    Subservicer:
      Any
      Person that (i) is considered to be a Servicing Function Participant, (ii)
      services Mortgage Loans on behalf of any Servicer or Additional Servicer, and
      (iii) is responsible for the performance (whether directly or through
      subservicers or Subcontractors) of any material servicing functions required
      to
      be performed under this Agreement, any related Servicing Agreement or any
      subservicing agreement that are identified in Item 1122(d) of Regulation
      AB.

     

    Substitution
      Amount:
      The
      amount, if any, by which the Scheduled Principal Balance of a Deleted Mortgage
      Loan exceeds the Scheduled Principal Balance of the related Qualifying
      Substitute Mortgage Loan, or aggregate Scheduled Principal Balance, if
      applicable, plus
      unpaid
      interest thereon at the applicable Net Mortgage Rate from the date on which
      interest was first paid through the end of the Due Period in which such
      substitution occurs, and any related unpaid Advances or Servicing Advances
      or
      unpaid Servicing Fees, and the amount of any costs and damages incurred by
      the
      Trust Fund associated with a violation of any applicable federal, state or
      local
      predatory or abusive lending law in connection with the origination of such
      Deleted Mortgage Loan.

     

    Supplemental
      Interest Trust:
      The
      corpus of a trust created pursuant to Section 5.07 of this Agreement and
      designated as the “Supplemental Interest Trust,” consisting of the Class 4-A1
      Cap Agreement.

     

    TAC
      Certificate:
      None.

     

    TAC
      Principal Amount:
      Not
      applicable.

     

    TAC
      Principal Amount Schedule:
      Not
      applicable.

     

    Tax
      Matters Person:
      The
“tax matters person” as specified in the REMIC Provisions.

     

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

     

    Termination
      Price:
      As
      defined in Section 7.01 hereof.

     

    
      
        
        

      

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

     

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

     

    Transferor:
      Each
      seller of Mortgage Loans to LBB or the Seller pursuant to a Transfer
      Agreement.

     

    Trust
      Fund:
      The
      corpus of the Lehman Mortgage Trust 2006-6 created pursuant to this Agreement,
      consisting of the Mortgage Loans (other than any Retained Interest), the
      assignment of the Depositor’s rights under the Mortgage Loan Sale Agreement,
      such amounts as shall from time to time be held in the Collection Account,
      the
      Certificate Account, any Escrow Account, the Insurance Policies, any REO
      Property and the other items referred to in, and conveyed to the Trustee under,
      Section 2.01(a).

     

    Trust
      Fund Termination Event:
      As
      defined in Section 7.01(a).

     

    Trustee:
      HSBC
      Bank USA, National Association, not in its individual capacity but solely as
      Trustee, or any successor in interest, or if any successor trustee or any
      co-trustee shall be appointed as herein provided, then such successor trustee
      and such co-trustee, as the case may be. 

     

    Trustee
      Fee:
      $3,500
      per annum.

     

    UCC:
      The
      Uniform Commercial Code as adopted in the State of New York.

     

    Undercollateralization
      Distribution:
      As
      defined in Section 5.02(i).

     

    Undercollateralized
      Class or Classes:
      With
      respect to any Distribution Date and any Class of Non-AP Senior Certificates
      relating to a Collateral Group as to which the total Certificate Principal
      Amount thereof, after giving effect to distributions pursuant to Sections
      5.02(a) and (b) on such date, is greater than the Non-AP Pool Balance of the
      related Collateral Group for such Distribution Date, in the case of the Senior
      Certificates (other than the Notional Certificates).

     

    Underlying
      Exchange Certificates:
      The
      Certificates identified as such in footnote (1) to table under the heading
      “REMIC III” in the Preliminary Statement.

     

    Underwriter:
      Lehman
      Brothers Inc.

     

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

     

    Unpaid
      Basis Risk Shortfall:
      With
      respect to any Distribution Date and any of the Class 4-A1 Certificates, the
      aggregate of all Basis Risk Shortfalls with respect to such Class remaining
      unpaid from previous Distribution Dates, plus interest accrued thereon at the
      Certificate Interest Rate.

     

    
      
        
        

      

      
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    Unscheduled
      Principal Amount:
      With
      respect to each Distribution Date and any Collateral Group (other than
      Collateral Group P), the amount described in clauses (ii) and (iii) (without
      application of the related Senior Prepayment Percentage) of the definition
      of
      Senior Principal Distribution Amount with respect to such Collateral
      Group.

     

    Voting
      Interests:
      The
      portion of the voting rights of all the Certificates that is allocated to any
      Certificate for purposes of the voting provisions of this Agreement. At all
      times during the term of this Agreement until the Class Notional Amount of
      each
      Class of Notional Certificates has been reduced to zero, 87% of all Voting
      Interests shall be allocated to the Certificates other than the Notional
      Certificates. The Class X Certificates and each Class of Notional Certificates
      shall be allocated 1% of all Voting Interests. After the Class Notional Amount
      of each Class of Notional Certificate has been reduced to zero, 100% of all
      Voting Interests shall be allocated to the remaining Classes of Certificates.
      Voting Interests allocated to the Notional Certificates shall be allocated
      among
      the Certificates of each such Class in proportion to their Notional Amounts.
      Voting Interests shall be allocated among the other Classes of Certificates
      (and
      among the Certificates of each such Class) in proportion to their Class
      Principal Amounts (or Certificate Principal Amounts). In the case of the
      purchase by the Master Servicer of the Lower Tier REMIC I Uncertificated Regular
      Interests pursuant to a Section 7.01(c) Purchase Event, the LTURI holder shall
      be allocated 100% of the Voting Interests and upon such purchase any provisions
      in this Agreement which require a vote by, a direction or notice given by,
      an
      action taken by, a request in writing by or the consent of, any percentage
      of
      the Holders of the Certificates or any Class of Certificates may be exercised
      by
      the LTURI holder. 

     

    Section
      1.02. Calculations
      Respecting Mortgage Loans.

     

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

     

    ARTICLE
      II

     

    DECLARATION
      OF TRUST;

    ISSUANCE
      OF CERTIFICATES

     

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

     

    
      
        
        

      

      
        55

        
          

        

      

      
        
        

      

    

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

     

    Concurrently
      with the execution and delivery of this Agreement and any Cap Agreement, the
      Depositor does hereby assign to the Trustee all of its rights and interest
      under
      the Mortgage Loan Sale Agreement including all rights of the Seller under the
      Servicing Agreements and Transfer Agreements (other than first payment date
      default or early payment date default rights against the related Transferor)
      to
      the extent assigned under such Mortgage Loan Sale Agreement or the Assignment
      Agreement (as applicable). The Trustee hereby accepts such assignment, and
      shall
      be entitled to exercise all rights of the Depositor under the Mortgage Loan
      Sale
      Agreement as if, for such purpose, it were the Depositor. The foregoing sale,
      transfer, assignment, set-over, deposit and conveyance does not and is not
      intended to result in creation or assumption by the Trustee of any obligation
      of
      the Depositor, the Seller, or any other Person in connection with the Mortgage
      Loans or any other agreement or instrument relating thereto except as
      specifically set forth herein. The Depositor hereby authorizes and directs
      the
      Trustee, solely in its capacity as Trustee of the Supplemental Interest Trust
      created hereunder, to execute and deliver any Cap Agreement. The Seller, the
      Master Servicer,
      the Securities
      Administrator, the Depositor and the Certificateholders acknowledge and agree
      that the Trustee is executing any Cap Agreement solely in its capacity as
      trustee of the Supplemental Interest Trust, and not in its individual capacity.
      The Trustee shall have no duty or responsibility to enter into any other
      interest rate cap agreement upon the expiration or termination of any such
      Cap
      Agreement.

     

    It
      is
      agreed and understood by the Depositor and the Trustee (and the Depositor has
      so
      represented and recognized in the Mortgage Loan Sale Agreement) that it is
      not
      intended that any Mortgage Loan to be included in the Trust Fund be a (i)
“High-Cost Home Loan” as defined in the New Jersey Home Ownership Act effective
      November 27, 2003; (ii) “High-Cost Home Loan” as defined in the New Mexico Home
      Loan Protection Act effective January 1, 2004; (iii) “High-Cost Home Mortgage
      Loans” as defined in the Massachusetts Predatory Home Loan Practices Act
      effective November 7, 2004 and (iv) “High Cost Home Loans” as defined in the
      Indiana Home Loan Practices Act effective January 1, 2005. 

     

    
      
        
        

      

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

     

    (i) with
      respect to each Mortgage Loan, the original Mortgage Note endorsed without
      recourse in proper form to the order of the Trustee, as shown in Exhibit B-4,
      or
      in blank (in each case, with all necessary intervening endorsements as
      applicable);

     

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

     

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

     

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

     

    
      
        
        

      

      
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    (v) with
      respect to each Non-MERS Mortgage Loan other than a Cooperative Loan, the
      original Assignment of Mortgage for each Mortgage Loan;

     

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

     

    (vii) the
      original Primary Mortgage Insurance Policy or certificate, if private mortgage
      guaranty insurance is required;

     

    (viii) with
      respect to each Mortgage Loan other than a Cooperative Loan, the original
      mortgagee title insurance policy or attorney’s opinion of title and abstract of
      title;

     

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

     

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

     

    (xi) in
      connection with any pledge of Additional Collateral, the original additional
      collateral pledge and security agreement executed in connection therewith,
      assigned to the Trustee; and

     

    (xii) with
      respect to any manufactured housing contract, any related manufactured housing
      sales contract, installment loan agreement or participation
      interest.

     

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

     

    (c) (i) Assignments
      of Mortgage with respect to each Non-MERS Mortgage Loan other than a Cooperative
      Loan shall be recorded; provided,
      however,
      that
      such Assignments of Mortgage need not be recorded if, in the Opinion of Counsel
      (which must be from Independent counsel) (which Opinion of Counsel may be in
      the
      form of a memorandum of law) acceptable to the Trustee and the Rating Agencies,
      recording in such states is not required to protect the Trustee’s interest in
      the related Non-MERS Mortgage Loans. Subject to the preceding sentence, as
      soon
      as practicable after the Closing Date (but in no event more than 3 months
      thereafter except to the extent delays are caused by the applicable recording
      office), the Trustee, at the expense of the Depositor and with the cooperation
      of the applicable Servicer, shall cause to be properly recorded by such Servicer
      in each public recording office where the related Mortgages are recorded each
      Assignment of Mortgage referred to in subsection (b)(v) above with respect
      to
      each Non-MERS Mortgage Loan. With respect to each Cooperative Loan, the Trustee,
      at the expense of the Depositor and with the cooperation of the applicable
      Servicer, shall cause such Servicer to take such actions as are necessary under
      applicable law in order to perfect the interest of the Trustee in the related
      Mortgaged Property.

     

    
      
        
        

      

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

     

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

     

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

     

    (f) The
      Depositor shall have the right to receive any and all loan-level information
      regarding the characteristics and performance of the Mortgage Loans upon
      request, and to publish, disseminate or otherwise utilize such information
      in
      its discretion, subject to applicable laws and regulations.

     

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

     

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

     

    
      
        
        

      

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

     

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

     

    
      
        
        

      

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

     

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

     

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

     

    (g) Notwithstanding
      anything to the contrary contained herein, the parties hereto acknowledge that
      the functions of the Trustee with respect to the custody, acceptance, inspection
      and release of Mortgage Files, including but not limited to certain insurance
      policies and documents contemplated by this Agreement or the Servicing
      Agreement(s), and preparation and delivery of the certifications shall be
      performed by the Custodians pursuant to the terms and conditions of the
      Custodial Agreements.

     

    Section
      2.03. Representations
      and Warranties of the Depositor.

     

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

     

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

     

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

     

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

     

    
      
        
        

      

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

     

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

     

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

     

    (b) The
      representations and warranties of each Transferor with respect to the related
      Mortgage Loans in the applicable Transfer Agreement, which have been assigned
      to
      the Trustee hereunder, were made as of the date specified in the applicable
      Transfer Agreement (or underlying agreement, if such Transfer Agreement is
      in
      the form of an assignment of a prior agreement). To the extent that any fact,
      condition or event with respect to a Mortgage Loan constitutes a breach of
      both
      (i) a representation or warranty of the applicable Transferor under the
      applicable Transfer Agreement and (ii) a representation or warranty of LBH
      under
      the Mortgage Loan Sale Agreement, the only right or remedy of the Trustee or
      of
      any Certificateholder shall be the Trustee’s right to enforce the obligations of
      the applicable Transferor under any applicable representation or warranty made
      by it. The Trustee acknowledges that LBH shall have no obligation or liability
      with respect to any breach of a representation or warranty made by it with
      respect to the Mortgage Loans if the fact, condition or event constituting
      such
      breach also constitutes a breach of a representation or warranty made by the
      applicable Transferor in the applicable Transfer Agreement, without regard
      to
      whether such Transferor fulfills its contractual obligations in respect of
      such
      representation or warranty. The Trustee further acknowledges that the Depositor
      shall have no obligation or liability with respect to any breach of any
      representation or warranty with respect to the Mortgage Loans (except as set
      forth in Section 2.03(a)(vi)) under any circumstances.

     

    
      
        
        

      

      
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    Section
      2.04. Discovery
      of Breach.

     

    It
      is
      understood and agreed that the representations and warranties (i) of the
      Depositor set forth in Section 2.03 hereof, (ii) of LBH set forth in the
      Mortgage Loan Sale Agreement and assigned to the Trustee by the Depositor
      hereunder and (iii) of each Transferor, assigned by LBH to the Depositor
      pursuant to the Mortgage Loan Sale Agreement and assigned to the Trustee by
      the
      Depositor hereunder, shall each survive delivery of the Mortgage Files and
      the
      Assignment of Mortgage of each Mortgage Loan to the Trustee and shall continue
      throughout the term of this Agreement. Upon discovery by any of the Depositor,
      the Master Servicer or the Trustee of a breach of any of such representations
      and warranties that adversely and materially affects the value of the related
      Mortgage Loan, the party discovering such breach shall give prompt written
      notice to the other parties. Within 90 days of the discovery of a breach of
      any
      representation or warranty given to the Trustee by the Depositor, any Transferor
      or LBH and assigned to the Trustee hereunder, the Depositor, such Transferor
      or
      LBH shall either (a) cure such breach in all material respects, (b) repurchase
      such Mortgage Loan or any property acquired in respect thereof from the Trustee
      at the Purchase Price or (c) within the two year period following the Closing
      Date, substitute a Qualifying Substitute Mortgage Loan for the affected Mortgage
      Loan. In the event of the discovery of a breach of any representation and
      warranty of any Transferor assigned to the Trustee, the Trustee shall enforce
      its rights under the applicable Transfer Agreement and the Mortgage Loan Sale
      Agreement for the benefit of the Certificateholders. As provided in the Mortgage
      Loan Sale Agreement, if any Transferor substitutes for a Mortgage Loan for
      which
      there is a breach of any representations and warranties in the related Transfer
      Agreement which adversely and materially affects the value of such Mortgage
      Loan
      and such substitute mortgage loan is not a Qualifying Substitute Mortgage Loan,
      under the terms of the Mortgage Loan Sale Agreement, LBH will, in exchange
      for
      such Substitute Mortgage Loan, either (i) provide the applicable Purchase
      Price for the affected Mortgage Loan or (ii) within two years of the
      Closing Date, substitute such affected Mortgage Loan with a Qualifying
      Substitute Mortgage Loan. 

     

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

     

    
      
        
        

      

      
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    (a) With
      respect to any Mortgage Loan repurchased by the Depositor pursuant to this
      Agreement by LBH pursuant to the Mortgage Loan Sale Agreement or by any
      Transferor pursuant to the applicable Transfer Agreement, the principal portion
      of the funds received by the Securities Administrator in respect of such
      repurchase of a Mortgage Loan will be considered a Principal Prepayment and
      shall be deposited in the Certificate Account. The Trustee, upon notification
      by
      LBH or a Transferor that it has remitted to the Securities Administrator the
      full amount of the Purchase Price for a Deleted Mortgage Loan, or upon its
      receipt of notification from the applicable Custodian that it has received
      the
      Mortgage File for a Qualifying Substitute Mortgage Loan substituted for a
      Deleted Mortgage Loan (and any applicable Substitution Amount), shall release
      or
      cause to be released and reassigned to the Depositor, LBH or the applicable
      Transferor, as applicable, the related Mortgage File for the Deleted Mortgage
      Loan and shall execute and deliver such instruments of transfer or assignment,
      in each case without recourse, representation or warranty, as shall be necessary
      to vest in such party or its designee or assignee title to any Deleted Mortgage
      Loan released pursuant hereto, free and clear of all security interests, liens
      and other encumbrances created by this Agreement, which instruments shall be
      prepared by the applicable Servicer or the Trustee (or the applicable
      Custodian), and the Trustee shall have no further responsibility with respect
      to
      the Mortgage File relating to such Deleted Mortgage Loan. The Seller indemnifies
      and holds the Trust Fund, the Trustee, the Securities Administrator, the
      Depositor and each Certificateholder harmless against any and all taxes, claims,
      losses, penalties, fines, forfeitures, reasonable legal fees and related costs,
      judgments, and any other costs, fees and expenses that the Trust Fund, the
      Trustee, the Securities Administrator, the Depositor and any Certificateholder
      may sustain in connection with any actions of the Seller relating to a
      repurchase of a Mortgage Loan other than in compliance with the terms of this
      Section 2.05 and the Mortgage Loan Sale Agreement, to the extent that any such
      action causes (i) any federal or state tax to be imposed on the Trust Fund,
      including without limitation, any federal tax imposed on “prohibited
      transactions” under Section 860F(2) of the Code, or (ii) any REMIC created
      hereunder to fail to qualify as a REMIC at any time that any Certificate is
      outstanding.

     

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

     

    
      
        
        

      

      
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    (c) Notwithstanding
      any other provision of this Agreement, the right to substitute Mortgage Loans
      pursuant to this Article II shall be subject to the additional limitations
      that
      no substitution of a Qualifying Substitute Mortgage Loan for a Deleted Mortgage
      Loan shall be made unless the Trustee has received an Opinion of Counsel (at
      the
      expense of the party seeking to make the substitution) that, under current
      law,
      such substitution will not (A) affect adversely the status of any REMIC
      established hereunder as a REMIC, or of the related “regular interests” as
“regular interests” in any such REMIC, or (B) cause any such REMIC to engage in
      a prohibited transaction or prohibited contribution pursuant to the REMIC
      Provisions.

     

    Section
      2.06. Grant
      Clause.

     

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

     

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

     

    
      
        
        

      

      
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    ARTICLE
      III

     

    THE
      CERTIFICATES

     

    Section
      3.01. The
      Certificates.

     

    (a) The
      Certificates shall be issuable in registered form only and shall be securities
      governed by Article 8 of the New York Uniform Commercial Code. The Book-Entry
      Certificates will be evidenced by one or more certificates, beneficial ownership
      of which will be held in the dollar denominations in Certificate Principal
      Amount or Notional Amount, as applicable, or in the Percentage Interests,
      specified herein. Each Class of Book-Entry Certificates shall be issued in
      the
      minimum denominations in Certificate Principal Amount (or Notional Amount)
      or
      Percentage Interest specified in the Preliminary Statement hereto and in
      integral multiples of $1 or 5% (in the case of Certificates issued in Percentage
      Interests) in excess thereof. Each Class of Non-Book Entry Certificates other
      than the Residual Certificate shall be issued in definitive, fully registered
      form in the minimum denominations in Certificate Principal Amount (or Notional
      Amount) specified in the Preliminary Statement hereto and in integral multiples
      of $1 in excess thereof. The Residual Certificates shall each be issued as
      a
      single Certificate and maintained in definitive, fully registered form in a
      minimum denomination equal to 100% of the Percentage Interest of such Class.
      The
      Class X Certificates shall be maintained in definitive, fully registered form
      and shall be issued in a minimum denomination equal to 10% of the Percentage
      Interest of such class. The Certificates may be issued in the form of
      typewritten certificates. One Certificate of each Class of Certificates other
      than any Class of Residual Certificates may be issued in any denomination in
      excess of the minimum denomination.

     

    
      
        
        

      

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

     

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

     

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

     

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

     

    Section
      3.02. Registration.

     

    The
      Securities Administrator is hereby appointed, and hereby accepts its appointment
      as, Certificate Registrar in respect of the Certificates (and, after a Section
      7.01(c) Purchase Event, the Lower Tier REMIC I Uncertificated Regular Interests,
      if applicable) and shall maintain books for the registration and for the
      transfer of Certificates (and, after a Section 7.01(c) Purchase Event, the
      Lower
      Tier REMIC I Uncertificated Regular Interests, if applicable) (the “Certificate
      Register”). A registration book shall be maintained for the Certificates (and,
      after a Section 7.01(c) Purchase Event, the Lower Tier REMIC I Uncertificated
      Regular Interests, if applicable) collectively. The Certificate Registrar may
      resign or be discharged or removed and a new successor may be appointed by
      the
      Trustee in accordance with the procedures and requirements set forth in Sections
      6.06 and 6.07 hereof with respect to the resignation, discharge or removal
      of
      the Securities Administrator and the appointment of a successor Securities
      Administrator. The Certificate Registrar may appoint, by a written instrument
      delivered to the Holders and the Master Servicer, any bank or trust company
      to
      act as co-registrar under such conditions as the Certificate Registrar may
      prescribe; provided,
      however,
      that
      the Certificate Registrar shall not be relieved of any of its duties or
      responsibilities hereunder by reason of such appointment.

     

    
      
        
        

      

      
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    Upon
      the
      occurrence of a Section 7.01(c) Purchase Event, the Master Servicer shall
      provide the Securities Administrator with written notice of the identity of
      any
      transferee of the Master Servicer’s interest in the Lower Tier REMIC I
      Uncertificated Regular Interests, which notice shall contain a certification
      that such transferee is permitted LTURI holder. The Lower Tier REMIC I
      Uncertificated Regular Interests may only be transferred in whole and not in
      part to no more than one LTURI holder at a time who is either (1) an affiliate
      of the Master Servicer or (2) a trustee of a privately placed securitization.
      The Securities Administrator and the Depositor shall treat the Person in whose
      name the Lower Tier REMIC I Uncertificated Regular Interests are registered
      on
      the books of the Certificate Registrar as the LTURI holder for all purposes
      hereunder.

     

    Section
      3.03. Transfer
      and Exchange of Certificates.

     

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

     

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

     

    
      
        
        

      

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

     

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

     

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

     

    
      
        
        

      

      
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    (ii) The
      Certificate Registrar shall register the transfer of a Restricted Certificate
      if
      the requested transfer is being made to an “accredited investor” under Rule
      501(a)(1), (2), (3) or (7) under the Securities Act by a transferor who
      furnishes to the Securities Administrator a letter of the transferee
      substantially in the form of Exhibit G hereto.

     

    (d) (i)
      No
      transfer of an ERISA-Restricted Certificate in the form of a Definitive
      Certificate shall be made to any Person or shall be effective unless the
      Securities Administrator has received (A) a certificate substantially in the
      form of Exhibit H hereto (or Exhibit D-1, in the case of a Residual Certificate)
      from such transferee or (B) an Opinion of Counsel reasonably satisfactory to
      the
      Securities Administrator to the effect that the purchase and holding of such
      a
      Certificate will not constitute or result in prohibited transactions under
      Title
      I of ERISA or Section 4975 of the Code and will not subject the Trustee, the
      Securities Administrator the Master Servicer or the Depositor to any obligation
      in addition to those undertaken in the Agreement; provided,
      however,
      that
      the Securities Administrator will not require such certificate or opinion in
      the
      event that, as a result of a change of law or otherwise, the Securities
      Administrator receives an Opinion of Counsel to the effect that the purchase
      and
      holding of an ERISA-Restricted Certificate by a Plan or a Person that is
      purchasing or holding such a Certificate with the assets of a Plan will not
      constitute or result in a prohibited transaction under Title I of ERISA or
      Section 4975 of the Code. Each Transferee of an ERISA-Restricted Certificate
      that is a Book-Entry Certificate shall be deemed to have made the
      representations set forth in Exhibit H. The preparation and delivery of the
      certificate and opinions referred to above shall not be an expense of the Trust
      Fund, the Trustee, the
      Securities
      Administrator, the Master Servicer or the Depositor.

     

    Notwithstanding
      the foregoing, no opinion or certificate shall be required for the initial
      issuance of the ERISA-Restricted Certificates. The Securities Administrator
      shall have no obligation to monitor transfers of Book-Entry Certificates that
      are ERISA-Restricted Certificates and shall have no liability for transfers
      of
      such Certificates in violation of the transfer restrictions. The Securities
      Administrator shall be under no liability to any Person for any registration
      of
      transfer of any ERISA-Restricted Certificate that is in fact not permitted
      by
      this Section 3.03(d) or for making any payments due on such Certificate to
      the
      Holder thereof or taking any other action with respect to such Holder under
      the
      provisions of this Agreement so long as the transfer was registered by the
      Securities Administrator in accordance with the foregoing requirements. The
      Securities Administrator shall be entitled, but not obligated, to recover from
      any Holder of any ERISA-Restricted Certificate that was in fact a Plan or a
      Person acting on behalf of a Plan any payments made on such ERISA-Restricted
      Certificate at and after either such time. Any such payments so recovered by
      the
      Securities Administrator shall be paid and delivered by the Securities
      Administrator to the last preceding Holder of such Certificate that is not
      such
      a Plan or Person acting on behalf of a Plan.

     

    (ii) No
      transfer of an ERISA-Restricted Trust Certificate shall be made prior to the
      termination of the related Cap Agreement unless the Securities Administrator
      shall have received a representation letter from the transferee of such
      Certificate, substantially in the form set forth in Exhibit H, to the effect
      that either (i) such transferee is neither a Plan nor a Person acting on behalf
      of any such Plan or using the assets of any such Plan to effect such transfer
      or
      (ii) the acquisition and holding of the ERISA-Restricted Trust Certificate
      are
      eligible for exemptive relief under Prohibited Transaction Class Exemption
      (“PTCE”) 84-14, PTCE 90-1, PTCE 91-38, PTCE 95-60, PTCE 96-23 or the statutory
      exemption for non-fiduciary service providers under Section 408(b)(17) of ERISA.
      Notwithstanding anything else to the contrary herein, any purported transfer
      of
      an ERISA-Restricted Trust Certificate prior to the termination of the related
      Cap Agreement to or on behalf of a Plan without the delivery to the Securities
      Administrator of a representation letter as described above shall be void and
      of
      no effect. If the ERISA-Restricted Trust Certificate is a Book-Entry
      Certificate, prior to the termination of the related Cap Agreement, the
      transferee will be deemed to have made a representation as provided in clause
      (i) or (ii) of this paragraph, as applicable.

     

    
      
        
        

      

      
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    If
      any
      ERISA-Restricted Trust Certificate, or any interest therein, is acquired or
      held
      in violation of the provisions of the preceding paragraph, the next preceding
      permitted beneficial owner will be treated as the beneficial owner of that
      Certificate, retroactive to the date of transfer to the purported beneficial
      owner. Any purported beneficial owner whose acquisition or holding of an
      ERISA-Restricted Trust Certificate, or interest therein, was effected in
      violation of the provisions of the preceding paragraph shall indemnify to the
      extent permitted by law and hold harmless the Depositor, the Trustee,
the
      Securities
      Administrator and the Master Servicer from and against any and all liabilities,
      claims, costs or expenses incurred by such parties as a result of such
      acquisition or holding.

     

    To
      the
      extent permitted under applicable law (including, but not limited to, ERISA),
      neither the Trustee nor the Securities Administrator shall be under any
      liability to any Person for any registration of transfer of any ERISA-Restricted
      Trust Certificate that is in fact not permitted by this Section 3.03(d)(ii)
      or
      for making any payments due on such Certificate to the Holder thereof or taking
      any other action with respect to such Holder under the provisions of this
      Agreement so long as the transfer was registered by the Securities Administrator
      in accordance with the foregoing requirements.

     

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

     

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

     

    
      
        
        

      

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

     

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

     

    
      
        
        

      

      
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    (g) Each
      Holder of a Residual Certificate, by such Holder’s acceptance thereof, shall be
      deemed for all purposes to have consented to the provisions of this
      section.

     

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

     

    (A) Subject
      to clauses (B) and (C) of this Section 3.03(h), transfers of a Global Security
      representing any of the Privately Offered Certificates shall be limited to
      transfers of such Global Security, in whole or in part, to nominees of DTC
      or to
      a successor of DTC or such successor’s nominee.

     

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

     

    
      
        
        

      

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

     

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

     

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

     

    
      
        
        

      

      
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    Section
      3.04. Cancellation
      of Certificates.

     

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

     

    Section
      3.05. Replacement
      of Certificates.

     

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

     

    Section
      3.06. Persons
      Deemed Owners.

     

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

     

    Section
      3.07. Temporary
      Certificates.

     

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

     

    
      
        
        

      

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

     

    Section
      3.08. Appointment
      of Paying Agent.

     

    The
      Securities Administrator may appoint a Paying Agent (which may be the Securities
      Administrator) for the purpose of making distributions to Certificateholders
      hereunder. The Securities Administrator shall cause such Paying Agent (if other
      than the Securities Administrator) to execute and deliver to the Securities
      Administrator an instrument in which such Paying Agent shall agree with the
      Securities Administrator that such Paying Agent will hold all sums held by
      it
      for the payment to Certificateholders in an Eligible Account, on behalf of
      the
      Securities Administrator, in trust for the benefit of the Certificateholders
      entitled thereto until such sums shall be paid to the Certificateholders. All
      funds remitted by the Securities Administrator to any such Paying Agent for
      the
      purpose of making distributions shall be paid to Certificateholders on each
      Distribution Date and any amounts not so paid shall be returned on such
      Distribution Date to the Securities Administrator. If the Paying Agent is not
      the Securities Administrator, the Securities Administrator shall cause to be
      remitted to the Paying Agent on or before the Business Day prior to each
      Distribution Date, by wire transfer in immediately available funds, the funds
      to
      be distributed on such Distribution Date. Any Paying Agent shall be either
      a
      bank or trust company or otherwise authorized under law to exercise corporate
      trust powers. As of the Closing Date, the Securities Administrator is the Paying
      Agent.

     

    At
      any time during the period that a Form 10-K is being filed with respect to
      the
      Trust in accordance with the Exchange Act and the rules and regulations of
      the
      Commission, the Securities Administrator shall not appoint a Paying Agent that
      is not the Securities Administrator unless that Paying Agent first agrees in
      writing with the Securities Administrator (i) to deliver an assessment of
      compliance and an accountant’s attestation in such manner and at such times in
      compliance with Section 6.01(l) and (m) of this Agreement, (ii) to comply with
      the provisions of Section 6.01(l), 6.01(m), 6.20(e)(i) and 6.20(e)(iii)of this
      Agreement and (iii) to indemnify the Depositor and the Master Servicer, and
      their respective directors, officers, employees and agents and the Trust Fund
      and hold each of them harmless as set forth in Section 6.01(n). 

     

    In
      addition, the Paying Agent (if other than the Securities Administrator) (i)
      may
      not be an originator of Mortgage Loans, the Master Servicer, a Servicer, the
      Depositor or an affiliate of the Depositor unless the Paying Agent is in an
      institutional trust department of the Paying Agent, (ii) must be authorized
      to
      exercise corporate trust powers under the laws of its jurisdiction of
      organization and (iii) must be rated at least “A/F1” by Fitch, if Fitch is a
      Rating Agency that has rated the Paying Agent, or the equivalent rating by
      S&P. If no successor Paying Agent shall have been appointed and shall have
      accepted appointment within 60 days after the Paying Agent ceases to be the
      Paying Agent pursuant to this Section 3.08, then the Securities Administrator
      shall perform the duties of the Paying Agent pursuant to this Agreement. The
      Securities Administrator shall notify the Rating Agencies of any change of
      Paying Agent.

     

    
      
        
        

      

      
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    Section
      3.09. Book-Entry
      Certificates.

     

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

     

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

     

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

     

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

     

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

     

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

     

    
      
        
        

      

      
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    (c) If
      (i)
      (A) the Depositor advises the Securities Administrator in writing that the
      Clearing Agency is no longer willing or able to discharge properly its
      responsibilities with respect to the Book-Entry Certificates, and (B) the
      Securities Administrator or the Depositor is unable to locate a qualified
      successor or (ii) after the occurrence of an Event of Default, Certificate
      Owners representing beneficial interests aggregating not less than 50% of the
      Class Principal Amount (or Class Notional Amount) of a Class of Book-Entry
      Certificates identified as such to the Securities Administrator by an Officer’s
      Certificate from the Clearing Agency advise the Securities Administrator and
      the
      Clearing Agency through the Clearing Agency Participants in writing that the
      continuation of a book-entry system through the Clearing Agency is no longer
      in
      the best interests of the Certificate Owners of a Class of Book-Entry
      Certificates, the Securities Administrator shall notify or cause the Certificate
      Registrar to notify the Clearing Agency to effect notification to all
      Certificate Owners, through the Clearing Agency, of the occurrence of any such
      event and of the availability of Definitive Certificates to Certificate Owners
      requesting the same. Upon surrender to the Securities Administrator of the
      Book-Entry Certificates by the Clearing Agency, accompanied by registration
      instructions from the Clearing Agency for registration, the Securities
      Administrator shall issue the Definitive Certificates. Neither the Transferor
      nor the Securities Administrator shall be liable for any delay in delivery
      of
      such instructions and may conclusively rely on, and shall be protected in
      relying on, such instructions. Upon the issuance of Definitive Certificates
      all
      references herein to obligations imposed upon or to be performed by the Clearing
      Agency shall be deemed to be imposed upon and performed by the Securities
      Administrator, to the extent applicable, with respect to such Definitive
      Certificates and the Securities Administrator shall recognize the holders of
      the
      Definitive Certificates as Certificateholders hereunder. None of the Seller,
      the
      Depositor, the Underwriter, the Master Servicer or the Securities Administrator
      shall have any responsibility for any aspect of the records relating to or
      payments made on account of beneficial ownership interests of the Book Entry
      Certificates held by the Clearing Agency or for maintaining, supervising or
      reviewing any records relating to such beneficial ownership interests.

     

    Section
      3.10. Deposit
      of Underlying Exchange Certificates under the Exchange Trust
      Agreement.

     

    The
      Underlying Exchange Certificates shall be issued in uncertificated form to
      the
      Underwriter and transferred by the Underwriter to the Exchange Trustee to be
      held in trust pursuant to terms of the Exchange Trust Agreement.

    

    ARTICLE
      IV

     

    ADMINISTRATION
      OF THE TRUST FUND

     

    Section
      4.01. Collection
      Account.

     

    (a) On
      the
      Closing Date, the Master Servicer shall open and shall thereafter maintain
      a
      segregated account held in trust (the “Collection Account”), entitled, Aurora
      Loan Services LLC, as Master Servicer, in trust for the benefit of the Holders
      of Lehman Mortgage Trust Mortgage Pass-Through Certificates, Series 2006-6.” The
      Collection Account shall relate solely to the Certificates issued by the Trust
      Fund hereunder, and funds in such Collection Account shall not be commingled
      with any other monies.

     

    
      
        
        

      

      
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    (b) The
      Collection Account shall be an Eligible Account. If an existing Collection
      Account ceases to be an Eligible Account, the Master Servicer shall establish
      a
      new Collection Account that is an Eligible Account within 30 days and transfer
      all funds on deposit in such existing Collection Account into such new
      Collection Account.

     

    (c) The
      Master Servicer shall give to the Trustee and the Securities Administrator
      prior
      written notice of the name and address of the depository institution at which
      the Collection Account is maintained and the account number of such Collection
      Account. No later than 2:00 p.m. New York City time on each Master Servicer
      Remittance Date, the entire amount on deposit in the Collection Account (subject
      to permitted withdrawals set forth in Section 4.02), excluding any amounts
      that
      are not included in the Available Distribution Amount for such Distribution
      Date
      (other than amounts due or reimbursable to the Securities Administrator or
      the
      Trustee or Custodians pursuant to this Agreement), shall be remitted to the
      Securities Administrator for deposit into the Certificate Account by wire
      transfer in immediately available funds. The Master Servicer, at its option
      and
      with prior notice to the Securities Administrator, may choose to make daily
      remittances from the Collection Account to the Securities Administrator for
      deposit into the Certificate Account.

     

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

     

    (i) all
      payments on account of principal, including Principal Prepayments and late
      collections, as indicated in the Mortgage Loan Schedule, on the Mortgage
      Loans;

     

    (ii) all
      payments on account of interest on the Mortgage Loans (other than payments
      due
      prior to the Cut-off Date), net of the applicable Servicing Fee and Master
      Servicing Fee with respect to each such Mortgage Loan, but only to the extent
      of
      the amount permitted to be withdrawn or withheld from the Collection Account
      in
      accordance with Sections 5.04 and 9.21;

     

    (iii) any
      unscheduled payment or other recovery with respect to a Mortgage Loan not
      otherwise specified in this paragraph (d), including any Subsequent Recovery,
      all Net Liquidation Proceeds with respect to the Mortgage Loans and REO
      Property, and all amounts received in connection with the operation of any
      REO
      Property, net of any unpaid Servicing Fees and Master Servicing Fees with
      respect to such Mortgage Loans, but only to the extent of the amount permitted
      to be withdrawn or withheld from the Collection Account in accordance with
      Sections 5.04 and 9.21; provided
      that if
      the applicable Servicer is also the Retained Interest Holder with respect to
      any
      Mortgage Loan, payments on account of interest on the Mortgage Loans as to
      which
      such Servicer is the Retained Interest Holder may also be made net of the
      related Retained Interest with respect to each such Mortgage Loan.

     

    
      
        
        

      

      
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    (iv) all
      Insurance Proceeds;

     

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

     

    (vi) all
      proceeds of any Mortgage Loan purchased by any Person and any Substitution
      Amounts related to any Qualifying Substitute Mortgage Loan.

     

    (e) Funds
      in
      the Collection Account may be invested in Eligible Investments (selected by
      and
      at the written direction of the Master Servicer) which shall mature not later
      than the earlier of (a) the Master Servicer Remittance Date or (b) the day
      on
      which the funds in such Collection Account are required to be remitted to the
      Securities Administrator for deposit into the Certificate Account, and any
      such
      Eligible Investment shall not be sold or disposed of prior to its maturity.
      All
      such Eligible Investments shall be made in the name of the Master Servicer
      in
      trust for the benefit of the Trustee and Holders of the Certificates. All income
      and gain realized from any such investment shall be for the benefit of the
      Master Servicer as compensation and shall be subject to its withdrawal on order
      from time to time, and shall not be part of the Trust Fund. The amount of any
      losses incurred in respect of any such investments shall be deposited in the
      Collection Account by the Master Servicer out of its own funds, without any
      right of reimbursement therefor, immediately as realized. The foregoing
      requirements for deposit in the Collection Account are exclusive, it being
      understood and agreed that, without limiting the generality of the foregoing,
      payments of interest on funds in the Collection Account and payments in the
      nature of late payment charges or assumption fees need not be deposited by
      the
      Master Servicer in the Collection Account and may be retained by the Master
      Servicer or the applicable Servicer as additional servicing compensation. If
      the
      Master Servicer deposits in the Collection Account any amount not required
      to be
      deposited therein, it may at any time withdraw such amount from the Collection
      Account. 

     

    Section
      4.02. Application
      of Funds in the Collection Account.

     

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

     

    (i) to
      reimburse itself or any Servicer for Advances made by it or by such Servicer
      pursuant to Section 5.04 or the applicable Servicing Agreement; provided,
      however,
      that the
      Master Servicer’s right to reimburse itself pursuant to this subclause is
      limited to amounts received on or in respect of particular Mortgage Loans
      (including, for this purpose, Liquidation Proceeds and amounts representing
      Insurance Proceeds with respect to the property subject to the related Mortgage)
      which represent late recoveries (net of the applicable Servicing Fee and the
      Master Servicing Fee) of payments of principal or interest respecting which
      any
      such Advance was made; provided,
      further,
      that
      following the final liquidation of a Mortgage Loan, the Master Servicer may
      reimburse itself for previously unreimbursed Advances in excess of Liquidation
      Proceeds or Insurance Proceeds with respect to such Mortgage Loans from any
      funds in the Collection Account, it being understood, in the case of any such
      reimbursement, that the Master Servicer’s or Servicer’s right thereto shall be
      prior to the rights of the Certificateholders;

     

    
      
        
        

      

      
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    (ii) to
      reimburse itself or any Servicer for any Servicing Advances made by it or by
      such Servicer that it or such Servicer determines in good faith will not be
      recoverable from amounts representing late recoveries of payments of principal
      or interest respecting the particular Mortgage Loan as to which such Servicing
      Advance was made or from Liquidation Proceeds or Insurance Proceeds with respect
      to such Mortgage Loan, it being understood, in the case of any such
      reimbursement, that such Master Servicer’s or Servicer’s right thereto shall be
      prior to the rights of the Certificateholders;

     

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

     

    (iv) to
      reimburse itself or any Servicer for expenses incurred by and recoverable by
      or
      reimbursable to it or such Servicer pursuant to Section 9.04, 9.05, 9.06, 9.16
      or 9.22(a) or pursuant to the applicable Servicing Agreement, and to reimburse
      itself for any expenses reimbursable to it pursuant to Section
      10.01(c);

     

    (v) to
      pay to
      the applicable Person, with respect to each Mortgage Loan or REO Property
      acquired in respect thereof that has been repurchased by such Person pursuant
      to
      this Agreement, all amounts received thereon and not distributed on the date
      on
      which the related repurchase was effected;

     

    (vi) to
      pay to
      itself income earned on the investment of funds deposited in the Collection
      Account;

     

    (vii) to
      make
      payments to the Securities Administrator for deposit into the Certificate
      Account in the amounts and in the manner provided for in Section
      4.01(c);

     

    (viii) to
      make
      distributions of any Retained Interest to the Retained Interest Holder on each
      Distribution Date (other than any Retained Interest not deposited into the
      Collection Account in accordance with Section 4.01(d)(iii));

     

    
      
        
        

      

      
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    (ix) to
      make
      payment to itself, the Securities Administrator and others pursuant to any
      provision of this Agreement;

     

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

     

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

     

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

     

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

     

    In
      the
      event that the Master Servicer fails on any Master Servicer Remittance Date
      to
      remit to the Securities Administrator any amounts required to be so remitted
      to
      the Securities Administrator pursuant to subclause (vii) on such date, the
      Master Servicer shall pay the Securities Administrator, for the account of
      the
      Securities Administrator, interest calculated at the “prime rate” (as published
      in the “Money Rates” section of The
      Wall Street Journal)
      on such
      amounts not timely remitted for the period from and including that Master
      Servicer Remittance Date to but not including the related Distribution
      Date.

     

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

     

    Section
      4.03. Reports
      to Certificateholders.

     

    (a) On
      each
      Distribution Date on or prior to a Section 7.01(c) Purchase Event or a Trust
      Fund Termination Event, the Securities Administrator shall prepare (based solely
      on information provided by the Master Servicer and the Cap Counterparty (other
      than item (xx) below, which shall be determined solely by the Securities
      Administrator)) and shall make available to each Certificateholder and each
      Rating Agency a report (the “Distribution Date Statement”), setting forth the
      following information (on the basis of Mortgage Loan level information obtained
      from the Master Servicer (other than with respect to item (xx)
      below)):

     

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

     

    
      
        
        

      

      
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    (ii) the
      aggregate amount of the distribution to be made on such Distribution Date to
      the
      Holders of each Class of Certificates, other than the Class AP Certificates,
      and
      in respect of any Component, allocable to interest, including any Accrual Amount
      added to the Class Principal Amount of any Class of Accrual
      Certificates;

     

    (iii) the
      amount, if any, of any distribution to the Holders of a Residual
      Certificate;

     

    (iv) for
      each
      Collateral Group and in the aggregate, (A) the aggregate amount of any
      Advances required to be made as of the end of the month immediately preceding
      the month in which such Distribution Date occurs by or on behalf of the Master
      Servicer or the Servicer (or the Securities Administrator solely in its capacity
      as successor Master Servicer) with respect to such Distribution Date,
      (B) the aggregate amount of such Advances actually made, and (C) the
      amount, if any, by which (A) above exceeds (B) above;

     

    (v) the
      Aggregate Principal Balance of the Mortgage Loans and the Non-AP Pool Balance
      of
      each Mortgage Pool for such Distribution Date, after giving effect to payments
      allocated to principal reported under clause (i) above;

     

    (vi) the
      Class
      Principal Amount (or Class Notional Amount) of each Class of Certificates,
      to
      the extent applicable, and the Component Principal Amount or Component Notional
      Amount, as applicable, of each Component as of such Distribution Date after
      giving effect to payments allocated to principal reported under clause (i)
      above
      (and to the addition of any Accrual Amount in the case of any Class of Accrual
      Certificates), separately identifying any reduction of any of the foregoing
      Certificate Principal Amounts, Component Principal Amounts or Component Notional
      Amounts due to Realized Losses;

     

    (vii) for
      each
      Collateral Group and in the aggregate, any Realized Losses realized with respect
      to the Mortgage Loans (x) in the applicable Prepayment Period and (y) in the
      aggregate since the Cut-off Date, stating separately the amount of Special
      Hazard Losses, Fraud Losses and Bankruptcy Losses and the aggregate amount
      of
      such Realized Losses, and the remaining Special Hazard Loss Amount, Fraud Loss
      Amount and Bankruptcy Loss Amount;

     

    (viii) the
      amount of the Master Servicing Fees and Servicing Fees paid during the Due
      Period to which such distribution relates;

     

    (ix) the
      number and aggregate Scheduled Principal Balance of Mortgage Loans, as reported
      to the Securities Administrator by the Master Servicer, (a) remaining
      outstanding, (b) delinquent 30 to 59 days, (c) delinquent 60 to 89
      days, (d) delinquent 90 or more days, (e) as to which foreclosure
      proceedings have been commenced, all as of the close of business on the last
      Business Day of the calendar month immediately before the month in which that
      Distribution Date occurs, (f) in bankruptcy, (g) that are REO
      Properties, (h) that are Charged-off Loans and (i) that are Released
      Mortgage Loans (the information in this item (ix) will be calculated using
      the
      MBA delinquency method);

     

    
      
        
        

      

      
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    (x) the
      deemed principal balance of each REO Property as of the close of business on
      the
      last Business Day of the calendar month immediately preceding the month in
      which
      such Distribution Date occurs;

     

    (xi) with
      respect to any Mortgage Loan that became an REO Property during the preceding
      calendar month, the principal balance of such Mortgage Loan and the number
      of
      such Mortgage Loans as of the close of business on the last Business Day of
      the
      calendar month immediately preceding the month in which such Distribution Date
      occurs;

     

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

     

    (xiii) the
      aggregate outstanding Interest Shortfalls and Net Prepayment Interest
      Shortfalls, if any, for each Class of Certificates, after giving effect to
      distributions made on such Distribution Date;

     

    (xiv) the
      Certificate Interest Rate or Component Interest Rate applicable to such
      Distribution Date with respect to each Class of Certificates and each Component,
      respectively;

     

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

     

    (xvi) the
      amount of any payments distributed to the Class X Certificates for such
      Distribution Date;

     

    (xvii) the
      aggregate outstanding Basis Risk Shortfalls and Unpaid Basis Risk Shortfalls,
      if
      any, after giving effect to the distribution made on such Distribution Date;
      

     

    (xviii) the
      amount of any payments made by the Cap Counterparty to the Securities
      Administrator on behalf of the Supplemental Interest Trust under any Cap
      Agreement; 

     

    (xix) the
      amount of any Prepayment Penalty Amounts collected by the Servicers and paid
      to
      the Class P Components; and 

     

    (xx) a
      statement as to whether any exchanges of Exchangeable Certificates or Exchange
      Certificates have taken place since the preceding Distribution Date, and, if
      applicable, the names, certificate balances, including notional balances,
      certificate interest rates, and any interest and principal paid, including
      any
      shortfalls allocated, of any classes of certificates that were received by
      the
      Certificateholder as a result of such exchange.

     

    
      
        
        

      

      
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    In
      addition to the information listed above, such Distribution Date Statement
      shall
      also include such
      other information as is required by Form 10-D, including, but not limited to,
      the information required by Item 1121 (§ 229.1121) of Regulation AB,
other
      than those data elements specified in Item 1121(a)(11), (12) and (14) for as
      long as reports on From 10-D are required to be filed by the Securities
      Administrator pursuant to Section 6.20.

     

    In
      the
      case of information furnished pursuant to subclauses (i), (ii) and (vii) above,
      the amounts shall be expressed as a dollar amount per $1,000 of original
      principal amount of Certificates.

     

    On
      any
      Distribution Date after the occurrence of a Section 7.01(c) Purchase Event,
      the
      information required by subclauses (i), (iii), (iv), (v), (vii), (viii), (ix),
      (x), (xi), (xii) and (xvi) shall be provided to the Holder of the LT-R
      Certificate and the LTURI Holder with regard to the Lower Tier REMIC I
      Uncertificated Regular Interests in lieu of the Certificates.

     

    The
      Securities Administrator shall make such report and any additional loan level
      information (and, at its option, any additional files containing the same
      information in an alternative format) available each month to the Trustee,
      the
      Certificateholders and the Rating Agencies via the Securities Administrator’s
      internet website. The Securities Administrator’s internet website shall
      initially be located at “www.ctslink.com.”
      Assistance in using the website can be obtained by calling the Securities
      Administrator’s customer service desk at 1-301-815-6600. Such parties that are
      unable to use the website are entitled to have a paper copy mailed to them
      via
      first class mail by calling the customer service desk and indicating such.
      The
      Securities Administrator shall have the right to change the way such statements
      are distributed in order to make such distribution more convenient and/or more
      accessible to the above parties and the Securities Administrator shall provide
      timely and adequate notification to all above parties regarding any such
      changes.

     

     

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

     

    
      
        
        

      

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

     

    (c) Within
      90
      days, or such shorter period as may be required by statute or regulation, after
      the end of each calendar year, the Securities Administrator shall make available
      to each Person who at any time during the calendar year was a Certificateholder
      of record, a report summarizing the items provided to Certificateholders
      pursuant to Section 4.03(a)(i) and (ii) on an annual basis as may be required
      to
      enable such Holders to prepare their federal income tax returns. Such
      information shall include the amount of original issue discount accrued on
      each
      Class of Certificates and information regarding the expenses of the Trust Fund.
      The Securities Administrator shall be deemed to have satisfied this requirement
      if it forwards such information in any other format permitted by the Code.
      The
      Master Servicer shall provide the Securities Administrator with such information
      as is necessary for the Securities Administrator to prepare such
      reports.

     

    (d) The
      Securities Administrator shall, to the extent reasonably available, furnish
      any
      other information that is required by the Code and regulations thereunder to
      be
      made available to Certificateholders. The Master Servicer shall, to the extent
      reasonably available, provide the Securities Administrator with such information
      as is necessary for the Securities Administrator to prepare such reports (and
      the Securities Administrator may rely solely upon such
      information).

     

    (e) So
      long
      as not prohibited by applicable law, the Master Servicer shall provide to the
      Depositor or to any party designated by the Depositor, as promptly as
      practicable upon the Depositor’s request, any and all loan-level information
      that the Depositor may request in any format reasonably requested by the
      Depositor.

     

    
      
        
        

      

      
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    Section
      4.04. Certificate
      Account.

     

    (a) The
      Securities Administrator shall establish and maintain in its name, as securities
      administrator, a trust account (the “Certificate Account”), entitled
“Certificate Account, Wells Fargo Bank, N.A., as Securities Administrator, in
      trust for the benefit of the Holders of Lehman Mortgage Trust Mortgage
      Pass-Through Certificates, Series 2006-6” until disbursed pursuant to the terms
      of this Agreement. The Certificate Account shall be an Eligible Account. If
      the
      existing Certificate Account ceases to be an Eligible Account, the Securities
      Administrator shall establish a new Certificate Account that is an Eligible
      Account within 20 Business Days and transfer all funds on deposit in such
      existing Certificate Account into such new Certificate Account. The Certificate
      Account shall relate solely to the Certificates issued hereunder and funds
      in
      the Certificate Account shall be held separate and apart from and shall not
      be
      commingled with any other monies including, without limitation, other monies
      of
      the Securities Administrator held under this Agreement.

     

    (b) The
      Securities Administrator shall cause to be deposited into the Certificate
      Account on the day on which, or, if such day is not a Business Day, the Business
      Day immediately following the day on which, any monies are remitted by the
      Master Servicer to the Securities Administrator, all such amounts. 

     

    (c) The
      Securities Administrator shall make withdrawals from the Certificate Account
      only for the following purposes:

     

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

     

    (ii) to
      pay
      itself the Securities Administrator Fee and any investment income earned with
      respect to funds in the Certificate Account invested in Eligible Investments
      as
      set forth in subsection (d) below, and to make payments to itself prior to
      making distributions pursuant to Section 5.02 for any expenses or other
      indemnification owing to the Securities Administrator and others pursuant to
      any
      provision of this Agreement or the Custodial Agreements;

     

    (iii) to
      make
      payments of the Master Servicing Fee (to the extent not already withheld or
      withdrawn from the Collection Account by the Master Servicer) to the Master
      Servicer;

     

    (iv) to
      make
      payments of the Trustee Fee to the Trustee;

     

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

     

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

     

    
      
        
        

      

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

     

    ARTICLE
      V

     

    DISTRIBUTIONS
      TO HOLDERS OF CERTIFICATES

     

    Section
      5.01. Distributions
      Generally.

     

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

     

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

     

    
      
        
        

      

      
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    Section
      5.02. Distributions
      from the Certificate Account.

     

    (a) On
      each
      Distribution Date, the Securities Administrator (or the Paying Agent on behalf
      of the Securities Administrator) shall withdraw from the Certificate Account,
      the Available Distribution Amount with respect to each Collateral Group, and
      shall distribute such amount to the Holders of record of each Class of
      Certificates, in the following order of priority:

     

    (i) from
      the
      Available Distribution Amount for each Collateral Group, to each Class of Senior
      Certificates (or related Component) relating to such Collateral Group (other
      than the Class AP Certificates), the Accrued Certificate Interest thereon for
      such Distribution Date, as reduced, in each case, by such Class’s (or related
      Component’s) allocable share of any Net Prepayment Interest Shortfalls for the
      related Collateral Group for such Distribution Date; provided,
      however,
      that
      any shortfall in available amounts for each Collateral Group shall be allocated
      among the Classes of Senior Certificates related to such Collateral Group in
      proportion to the amount of Accrued Certificate Interest (as so reduced) that
      would otherwise be distributable thereon; 

     

    (ii) from
      the
      remaining Available Distribution Amount for each Collateral Group, to each
      Class
      of Senior Certificates (or related Component) relating to such Collateral Group
      (other than the Class AP Certificates), any related Interest Shortfall for
      such
      Distribution Date; provided,
      however,
      that
      any shortfall in available amounts for each Collateral Group shall be allocated
      among the Classes of Senior Certificates (or related Component) related to
      such
      Collateral Group in proportion to the amount of such interest (as so reduced)
      related that would otherwise be distributable thereon; 

     

    (iii) from
      the
      remaining Available Distribution Amount for each Collateral Group to the Senior
      Certificates (other than any related Notional Certificates) as set forth in
      the
      Senior Principal Priorities attached as Exhibit O hereto;

     

    (iv) from
      the
      remaining Available Distribution Amounts for Collateral Group 4 and 5, to
      the Class AP Certificates to the extent of the remaining Available Distribution
      Amounts for such Collateral Groups, any AP Deferred Amount for such Class and
      Distribution Date, until the Certificate Principal Amount thereof has been
      reduced to zero; provided,
      however,
      that
      (A) distributions pursuant to this priority shall not exceed the aggregate
      Subordinate Principal Distribution Amount for such Collateral Groups for such
      date; and (B) such amounts will not reduce the Certificate Principal Amount
      of
      the Class AP Certificates;

     

    (v) from
      the
      remaining Available Distribution Amounts for Collateral Groups 1A, 1B, 2A,
      2B
      and 3, to the Group 1 Subordinate Certificates, subject to the prior
      distribution of amounts pursuant to Section 5.02(f), in the following order
      of
      priority:

     

    
      
        
        

      

      
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    (A) to
      the
      Class 1B1 Certificates, the Accrued Certificate Interest thereon for such
      Distribution Date, as reduced by such Class’s allocable share of any Net
      Prepayment Interest Shortfalls for such Distribution Date;

     

    (B) to
      the
      Class 1B1 Certificates, any Interest Shortfall for such Class on such
      Distribution Date;

     

    (C) to
      the
      Class 1B1 Certificates, in reduction of the Class Principal Amount thereof,
      such
      Class’s Subordinate Class Percentage of the Subordinate Principal Distribution
      Amount for each such Collateral Group on such Distribution Date, except as
      provided in Section 5.02(d), until the Class Principal Amount thereof has been
      reduced to zero;

     

    (D) to
      the
      Class 1B2 Certificates, the Accrued Certificate Interest thereon for such
      Distribution Date, as reduced by such Class’s allocable share of any Net
      Prepayment Interest Shortfalls for such Distribution Date;

     

    (E) to
      the
      Class 1B2 Certificates, any Interest Shortfall for such Class on such
      Distribution Date;

     

    (F) to
      the
      Class 1B2 Certificates, in reduction of the Class Principal Amount thereof,
      such
      Class’s Subordinate Class Percentage of the Subordinate Principal Distribution
      Amount for each such Collateral Group on such Distribution Date, except as
      provided in Section 5.02(d), until the Class Principal Amount thereof has been
      reduced to zero;

     

    (G) to
      the
      Class 1B3 Certificates, the Accrued Certificate Interest thereon for such
      Distribution Date, as reduced by such Class’s allocable share of any Net
      Prepayment Interest Shortfalls for such Distribution Date;

     

    (H) to
      the
      Class 1B3 Certificates, any Interest Shortfall for such Class on such
      Distribution Date;

     

    (I) to
      the
      Class 1B3 Certificates, in reduction of the Class Principal Amount thereof,
      such
      Class’s Subordinate Class Percentage of the Subordinate Principal Distribution
      Amount for each such Collateral Group on such Distribution Date, except as
      provided in Section 5.02(d), until the Class Principal Amount thereof has been
      reduced to zero;

     

    (J) to
      the
      Class 1B4 Certificates, the Accrued Certificate Interest thereon for such
      Distribution Date, as reduced by such Class’s allocable share of any Net
      Prepayment Interest Shortfalls for such Distribution Date;

     

    
      
        
        

      

      
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    (K) to
      the
      Class 1B4 Certificates, any Interest Shortfall for such Class on such
      Distribution Date;

     

    (L) to
      the
      Class 1B4 Certificates, in reduction of the Class Principal Amount thereof,
      such
      Class’s Subordinate Class Percentage of the Subordinate Principal Distribution
      Amount for each such Collateral Group on such Distribution Date, except as
      provided in Section 5.02(d), until the Class Principal Amount thereof has been
      reduced to zero;

     

    (M) to
      the
      Class 1B5 Certificates, the Accrued Certificate Interest thereon for such
      Distribution Date, as reduced by such Class’s allocable share of any Net
      Prepayment Interest Shortfalls for such Distribution Date;

     

    (N) to
      the
      Class 1B5 Certificates, any Interest Shortfall for such Class on such
      Distribution Date;

     

    (O) to
      the
      Class 1B5 Certificates, in reduction of the Class Principal Amount thereof,
      such
      Class’s Subordinate Class Percentage of the Subordinate Principal Distribution
      Amount for each such Collateral Group on such Distribution Date, except as
      provided in Section 5.02(d), until the Class Principal Amount thereof has been
      reduced to zero;

     

    (P) to
      the
      Class 1B6 Certificates, the Accrued Certificate Interest thereon for such
      Distribution Date, as reduced by such Class’s allocable share of any Net
      Prepayment Interest Shortfalls for such Distribution Date;

     

    (Q) to
      the
      Class 1B6 Certificates, any Interest Shortfall for such Class on such
      Distribution Date; and

     

    (R) to
      the
      Class 1B6 Certificates, in reduction of the Class Principal Amount thereof,
      such
      Class’s Subordinate Class Percentage of the Subordinate Principal Distribution
      Amount for each such Collateral Group on Distribution Date, except as provided
      in Section 5.02(d), until the Class Principal Amount thereof has been reduced
      to
      zero; and

     

    (vi) from
      the
      remaining Available Distribution Amount for Collateral Groups 4 and 5, to the
      Group 2 Subordinate Certificates, subject to the prior distribution of amounts
      pursuant to Section 5.02(d), in the following order of priority:

     

    (A) to
      the
      Class 2B1 Certificates, the Accrued Certificate Interest thereon for such
      Distribution Date, as reduced by such Class’s allocable share of any Net
      Prepayment Interest Shortfalls for such Distribution Date;

     

    
      
        
        

      

      
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    (B) to
      the
      Class 2B1 Certificates, any Interest Shortfall for such Class on such
      Distribution Date;

     

    (C) to
      the
      Class 2B1 Certificates, in reduction of the Class Principal Amount thereof,
      such
      Class’s Subordinate Class Percentage of the Subordinate Principal Distribution
      Amount for each such Collateral Group on such Distribution Date, except as
      provided in Section 5.02(d), until the Class Principal Amount thereof has been
      reduced to zero;

     

    (D) to
      the
      Class 2B2 Certificates, the Accrued Certificate Interest thereon for such
      Distribution Date, as reduced by such Class’s allocable share of any Net
      Prepayment Interest Shortfalls for such Distribution Date;

     

    (E) to
      the
      Class 2B2 Certificates, any Interest Shortfall for such Class on such
      Distribution Date;

     

    (F) to
      the
      Class 2B2 Certificates, in reduction of the Class Principal Amount thereof,
      such
      Class’s Subordinate Class Percentage of the Subordinate Principal Distribution
      Amount for each such Collateral Group on such Distribution Date, except as
      provided in Section 5.02(d), until the Class Principal Amount thereof has been
      reduced to zero;

     

    (G) to
      the
      Class 2B3 Certificates, the Accrued Certificate Interest thereon for such
      Distribution Date, as reduced by such Class’s allocable share of any Net
      Prepayment Interest Shortfalls for such Distribution Date;

     

    (H) to
      the
      Class 2B3 Certificates, any Interest Shortfall for such Class on such
      Distribution Date;

     

    (I) to
      the
      Class 2B3 Certificates, in reduction of the Class Principal Amount thereof,
      such
      Class’s Subordinate Class Percentage of the Subordinate Principal Distribution
      Amount for each such Collateral Group on such Distribution Date, except as
      provided in Section 5.02(d), until the Class Principal Amount thereof has been
      reduced to zero;

     

    (J) to
      the
      Class 2B4 Certificates, the Accrued Certificate Interest thereon for such
      Distribution Date, as reduced by such Class’s allocable share of any Net
      Prepayment Interest Shortfalls for such Distribution Date;

     

    (K) to
      the
      Class 2B4 Certificates, any Interest Shortfall for such Class on such
      Distribution Date;

     

    (L) to
      the
      Class 2B4 Certificates, in reduction of the Class Principal Amount thereof,
      such
      Class’s Subordinate Class Percentage of the Subordinate Principal Distribution
      Amount for each such Collateral Group on such Distribution Date, except as
      provided in Section 5.02(d), until the Class Principal Amount thereof has been
      reduced to zero;

     

    
      
        
        

      

      
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    (M) to
      the
      Class 2B5 Certificates, the Accrued Certificate Interest thereon for such
      Distribution Date, as reduced by such Class’s allocable share of any Net
      Prepayment Interest Shortfalls for such Distribution Date;

     

    (N) to
      the
      Class 2B5 Certificates, any Interest Shortfall for such Class on such
      Distribution Date;

     

    (O) to
      the
      Class 2B5 Certificates, in reduction of the Class Principal Amount thereof,
      such
      Class’s Subordinate Class Percentage of the Subordinate Principal Distribution
      Amount for each such Collateral Group on such Distribution Date, except as
      provided in Section 5.02(d), until the Class Principal Amount thereof has been
      reduced to zero; 

     

    (P) to
      the
      Class 2B6 Certificates, the Accrued Certificate Interest thereon for such
      Distribution Date, as reduced by such Class’s allocable share of any Net
      Prepayment Interest Shortfalls for such Distribution Date;

     

    (Q) to
      the
      Class 2B6 Certificates, any Interest Shortfall for such Class on such
      Distribution Date; and

     

    (R) to
      the
      Class 2B6 Certificates, in reduction of the Class Principal Amount thereof,
      such
      Class’s Subordinate Class Percentage of the Subordinate Principal Distribution
      Amount for each such Collateral Group on Distribution Date, except as provided
      in Section 5.02(d), until the Class Principal Amount thereof has been reduced
      to
      zero.

     

    (b) Net
      Prepayment Interest Shortfalls for each Collateral Group shall be allocated
      among the Senior Certificates related to such Collateral Group (including any
      interest-bearing Component thereof and excluding the Class AP Certificates)
      and
      the Subordinate Certificates pro
      rata
      based on
      (i) in the case of the related Non-AP Senior Certificates (and any such
      Component), the Accrued Certificate Interest otherwise distributable thereon,
      and (ii) in the case of the Subordinate Certificates, interest accrued on the
      related Apportioned Principal Balances.

     

    (c) After
      the
      applicable Credit Support Depletion Date, the Senior Distribution Amount with
      respect to Collateral Groups 1A, 1B, 2A, 2B, 3, 4 and 5 remaining after
      distribution of interest to the related Non-AP Senior Certificates on such
      date
      shall be distributed among the related Classes of Senior Certificates
      proportionately, on the basis of their respective Class Principal Amounts
      immediately prior to such Distribution Date, regardless of the priorities and
      amounts set forth in Section 5.02(a)(iii).

     

    
      
        
        

      

      
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    (d) With
      respect to each Class of Subordinate Certificates (other than the Class 1B1
      or Class 2B1 Certificates), if on any Distribution Date the Credit Support
      Percentage for that Class is less than the Original Credit Support Percentage
      for such Class, then, notwithstanding anything to the contrary is in Section
      5.02(a), no distribution of amounts described in clauses (ii) and (iii) of
      the
      definition of the related Subordinate Principal Distribution Amount will be
      made
      to any related Subordinate Certificates of lower priority. Any such amounts
      will
      be distributed proportionately to such Class of related Subordinate Certificates
      entitled to distributions in respect such clauses (ii) and (iii) of the
      definition of Subordinate Principal Distribution Amount on such date. Any amount
      not distributed in respect of any Class on any Distribution Date pursuant to
      the
      immediately preceding paragraph shall be allocated among the remaining Classes
      of related Subordinate Certificates in proportion to their respective Class
      Principal Amounts.

     

    (e) On
      each
      Distribution Date, the Securities Administrator shall distribute to the Holder
      of the Class R Certificate any amounts remaining in REMIC III for such
      Distribution Date after application of all amounts described in paragraph (a)
      of
      this Section 5.02. Any distributions pursuant to this paragraph (e) shall not
      reduce the Class Principal Amount of the Class R Certificate.

     

    (f) On
      each
      Distribution Date prior to the related Credit Support Depletion Date but after
      the date on which the total Certificate Principal Amount of the Non-AP Senior
      Certificate or Certificates relating to Collateral Groups 1A, 1B, 2A, 2B or
      3
      have been reduced to zero, amounts otherwise distributable as principal on
      each
      Class of Group 1 Subordinate Certificates pursuant to Section 5.02(a)(v), in
      reverse order of priority, in respect of such Class’s Subordinate Class
      Percentage of the related Subordinate Principal Distribution Amount for the
      Collateral Group relating to such retired Certificates, shall be distributed
      as
      principal to such Non-AP Senior Certificates remaining outstanding pursuant
      to
      Section 5.02(a)(iii) until the Class Principal Amounts thereof have been reduced
      to zero, provided
      that on
      such Distribution Date (a) the Aggregate Subordinate Percentage for Collateral
      Groups 1A, 1B, 2A, 2B or 3 for such Distribution Date is less than 200% of
      such
      Aggregate Subordinate Percentage for the Pool 1 Subordinate Certificates, as
      of
      the Cut-off Date or (b) the average outstanding principal balance of the
      Mortgage Loans in any of Collateral Groups 1A, 1B, 2A, 2B or 3 that are
      delinquent 60 days or more for the last six months (including for this purpose
      any REO Property or Mortgage Loans in foreclosure or bankruptcy and the
      Scheduled Payments that would have been due on Mortgage Loans with respect
      to
      which the related Mortgaged Property has been acquired by the Trust Fund if
      the
      related Mortgage Loan had remained in existence) as a percentage of the related
      Group Subordinate Amount is greater than or equal to 50%.

     

    (g) On
      each
      Distribution Date prior to the related Credit Support Depletion Date but after
      the date on which the total Certificate Principal Amount of the Non-AP Senior
      Certificate or Certificates relating to Collateral Groups 4 or 5 have been
      reduced to zero, amounts otherwise distributable as principal on each Class
      of
      Group 2 Subordinate Certificates pursuant to Section 5.02(a)(vi), in reverse
      order of priority, in respect of such Class’s Subordinate Class Percentage of
      the related Subordinate Principal Distribution Amount for the Collateral Group
      relating to such retired Certificates, shall be distributed as principal to
      such
      Non-AP Senior Certificates remaining outstanding pursuant to Section
      5.02(a)(iii) until the Class Principal Amounts thereof have been reduced to
      zero, provided
      that on
      such Distribution Date (a) the Aggregate Subordinate Percentage for Collateral
      Groups 4 or 5 for such Distribution Date is less than 200% of such Aggregate
      Subordinate Percentage for the Pool 2 Subordinate Certificates, as of the
      Cut-off Date or (b) the average outstanding principal balance of the Mortgage
      Loans in any of Collateral Groups 4 or 5 that are delinquent 60 days or more
      for
      the last six months (including for this purpose any REO Property or Mortgage
      Loans in foreclosure or bankruptcy and the Scheduled Payments that would have
      been due on Mortgage Loans with respect to which the related Mortgaged Property
      has been acquired by the Trust Fund if the related Mortgage Loan had remained
      in
      existence) as a percentage of the related Group Subordinate Amount is greater
      than or equal to 50%.

     

    
      
        
        

      

      
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    (h) On
      each
      Distribution Date on which the Class Principal Amounts of the Non-AP Senior
      Certificates relating to one or more Collateral Groups have been reduced to
      zero, any amounts distributable pursuant to this Section 5.02(f) or (g) will
      be
      allocated, as to each applicable Class of Subordinate Certificates, in
      proportion to such Class’s Subordinate Class Percentage of the Subordinate
      Principal Distribution Amount for the Collateral Group relating to each such
      retired Senior Certificate.

     

    On
      each
      Distribution Date on which the Non-AP Senior Certificates for one or more
      Collateral Groups remain outstanding, any amounts distributable pursuant to
      Section 5.02(f) or (g) will be distributed in proportion to the aggregate
      Certificate Principal Amount of such Certificates relating to each such
      Collateral Group.

     

    (i) (A) On
      any Distribution Date on which any Non-AP Senior Certificate or Certificates
      relating to Collateral Groups 1A, 1B, 2A, 2B or 3 constitute an
      Undercollateralized Class or Classes, all amounts otherwise distributable as
      principal on the Group 1 Subordinate Certificates, in reverse order of priority
      (other than amounts necessary to pay any AP Deferred Amounts or unpaid Interest
      Shortfalls) (or, following the applicable Credit Support Depletion Date, such
      other amounts described in the immediately following sentence), will be
      distributed as principal to such Undercollateralized Class or Classes pursuant
      to Section 5.02(a)(iii), until the total Certificate Principal Amount of the
      Undercollateralized Class or Classes equals the Non-AP Pool Balance of the
      related Collateral Group, (such distribution, an “Undercollateralization
      Distribution”). In the event that any Non-AP Senior Certificate or Certificates
      relating to Collateral Groups 1A, 1B, 2A, 2B or 3 constitute an
      Undercollateralized Class or Classes on any Distribution Date following the
      related Credit Support Depletion Date, related Undercollateralization
      Distributions will be made from any Available Distribution Amount for such
      Collateral Groups not related to an Undercollateralized Class or Classes
      remaining after all required amounts have been distributed to the Non-AP Senior
      Certificates related to such other Collateral Groups. In addition, the amount
      of
      any unpaid Interest Shortfalls with respect to an Undercollateralized Class
      on
      any Distribution Date (including any Interest Shortfalls for such Distribution
      Date) will be distributed to such Undercollateralized Class or Classes prior
      to
      the payment of any related Undercollateralization Distributions from amounts
      otherwise distributable as principal on the Group 1 Subordinate Certificates,
      in
      reverse order of priority (or, following the related Credit Support Depletion
      Date, as provided in the preceding sentence).

     

    
      
        
        

      

      
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    (B) On
      any Distribution Date on which any Non-AP Senior Certificate or Certificates
      relating to Collateral Groups 4 or 5 constitute an Undercollateralized Class
      or
      Classes, all amounts otherwise distributable as principal on the Group 2
      Subordinate Certificates, in reverse order of priority (other than amounts
      necessary to pay any AP Deferred Amounts or unpaid Interest Shortfalls) (or,
      following the applicable Credit Support Depletion Date, such other amounts
      described in the immediately following sentence), will be distributed as
      principal to such Undercollateralized Class or Classes pursuant to Section
      5.02(a)(iii), until the total Certificate Principal Amount of the
      Undercollateralized Class or Classes equals the Non-AP Pool Balance of the
      related Collateral Group, (such distribution, also an “Undercollateralization
      Distribution”). In the event that any Non-AP Senior Certificate or Certificates
      relating to Collateral Groups 4 or 5 constitute an Undercollateralized Class
      or
      Classes on any Distribution Date following the related Credit Support Depletion
      Date, related Undercollateralization Distributions will be made from any
      Available Distribution Amount for such Collateral Groups not related to an
      Undercollateralized Class or Classes remaining after all required amounts have
      been distributed to the Non-AP Senior Certificates related to such other
      Collateral Groups. In addition, the amount of any unpaid Interest Shortfalls
      with respect to an Undercollateralized Class on any Distribution Date (including
      any Interest Shortfalls for such Distribution Date) will be distributed to
      such
      Undercollateralized Class or Classes prior to the payment of any related
      Undercollateralization Distributions from amounts otherwise distributable as
      principal on the Group 2 Subordinate Certificates, in reverse order of priority
      (or, following the related Credit Support Depletion Date, as provided in the
      preceding sentence).

     

    (C) If
      on any Distribution Date the Non-AP Senior Certificates relating to more than
      one Collateral Group are Undercollateralized Classes, the distribution described
      in paragraph (A) or (B) above will be made in proportion to the amount by which
      the total Certificate Principal Amount of the Non-AP Senior Certificate or
      Certificates relating to each such Collateral Group, after giving effect to
      distributions pursuant to Section 5.02(a) on such Distribution Date, exceeds
      the
      Non-AP Pool Balance for the related Collateral Group for such Distribution
      Date.

     

    (j) On
      each
      Distribution Date occurring after a Section 7.01(c) Purchase Event but on or
      prior to a Trust Fund Termination Event, the Securities Administrator (or the
      Paying Agent on behalf of the Securities Administrator), shall withdraw from
      the
      Certificate Account the Available Distribution Amount (to the extent such amount
      is on deposit in the Certificate Account), and shall allocate such amount to
      the
      interests issued in respect of the Lower Tier REMIC 1 Uncertificated Regular
      Interests created pursuant to this Agreement and shall distribute such amount
      first, to the Securities Administrator, any amounts reimbursable pursuant to
      Section 4.04(b)(i) and not previously reimbursed to the Securities
      Administrator, second, to the LTURI-holder, any remaining Available Distribution
      Amount to the extent payable on the Lower Tier REMIC 1 Uncertificated Regular
      Interests as provided in the Preliminary Statement, and third, to the Class
      LT-R
      Certificates.

     

    
      
        
        

      

      
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    (k) On
      each
      Distribution Date, all Prepayment Penalty Amounts received during the related
      Prepayment Period in respect of Pool 1 and Pool 2 shall be distributed to the
      Class 1-A2 and Class 1-A3 Certificates, respectively (in each case, in respect
      of the related Class P Component thereof), regardless of whether the Class
      Notional Amount thereof has been reduced to zero.

     

    (l) On
      each
      Distribution Date following the date on which the Class Principal Amount of
      the
      Class 1B4, Class 1B5 or Class 1B6 Certificates (each, a “Retired Subordinate
      Class”) has been reduced to zero, the Securities Administrator shall distribute
      to each such Retired Subordinate Class any Additional Interest Amount (as
      defined below) for such date and Class. Such amounts shall be distributed from
      the Available Distribution Amount remaining after clause (R) of Section 5.02(v),
      sequentially, to the Class 1B4, Class 1B5 and Class 1B6 Certificates, in that
      order.

     

    For
      purposes hereof, the “Additional Interest Amount” for each Retired Subordinate
      Class on each Distribution Date shall equal the sum of (1) the product of 0.75%
      per annum multiplied by the Subordinate Allocation Percentage for such Retired
      Subordinate Class and the Class Principal Amount of the Class 1B1 Certificates
      on such date; and (2) the product of 0.50% per annum multiplied by the
      Subordinate Allocation Percentage for such Retired Subordinate Class and the
      Class Principal Amount of the Class 1B2 Certificates on such date. Calculations
      of Additional Interest Amounts shall be made on the basis of a 360-day year
      consisting of twelve 30-day months. The “Subordinate Allocation Percentage” for
      each Distribution Date and each of the Class 1B4, Class 1B5 and Class 1B6
      Certificates will equal 40.0033133443%, 31.9985976549% and 27.9980890008%,
      respectively.

     

    Section
      5.03. Allocation
      of Realized Losses.

     

    (a) On
      any
      Distribution Date, (i) the related Applicable Fraction of the principal portion
      of each Realized Loss (other than any Excess Loss) in respect of a Mortgage
      Loan
      in Collateral Group P will be allocated to and reduce the Certificate Principal
      Amount of the Class AP Certificates until the Certificate Principal Amount
      thereof has been reduced to zero; and (ii) the related Applicable Fraction
      of
      the principal portion of each Realized Loss (other than any Excess Loss) in
      respect of a Mortgage Loan, shall be allocated in the following order of
      priority:

     

    (A) Such
      losses experienced by Pool 1 and Pool 2 shall be allocated in the following
      order of priority:

     

    first,
      to the
      Class 1B6 Certificates, in reduction of their Class Principal Amount, until
      the
      Class Principal Amount thereof has been reduced to zero;

     

    second,
      to the
      Class 1B5 Certificates, in reduction of their Class Principal Amount, until
      the
      Class Principal Amount thereof has been reduced to zero;

     

    third,
      to the
      Class 1B4 Certificates, in reduction of their Class Principal Amount, until
      the
      Class Principal Amount thereof has been reduced to zero;

     

    
      
        
        

      

      
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    fourth,
      to the
      Class 1B3 Certificates, in reduction of their Class Principal Amount, until
      the
      Class Principal Amount thereof has been reduced to zero; 

     

    fifth,
      to the
      Class 1B2 Certificates, in reduction of their Class Principal Amount, until
      the
      Class Principal Amount thereof has been reduced to zero;

     

    sixth,
      to the
      Class 1B1 Certificates, in reduction of their Class Principal Amount, until
      the
      Class Principal Amount thereof has been reduced to zero; and

     

    seventh,
      to the
      related Classes of Non-AP Senior Certificates, pro
      rata,
      in
      accordance with their respective Class Principal Amounts; and

     

    (B) Such
      losses experienced by Pool 3 shall be allocated in the following order of
      priority:

     

    first,
      to the
      Class 2B6 Certificates, in reduction of their Class Principal Amount, until
      the
      Class Principal Amount thereof has been reduced to zero;

     

    second,
      to the
      Class 2B5 Certificates, in reduction of their Class Principal Amount, until
      the
      Class Principal Amount thereof has been reduced to zero;

     

    third,
      to the
      Class 2B4 Certificates, in reduction of their Class Principal Amount, until
      the
      Class Principal Amount thereof has been reduced to zero;

     

    fourth,
      to the
      Class 2B3 Certificates, in reduction of their Class Principal Amount, until
      the
      Class Principal Amount thereof has been reduced to zero; 

     

    fifth,
      to the
      Class 2B2 Certificates, in reduction of their Class Principal Amount, until
      the
      Class Principal Amount thereof has been reduced to zero;

     

    sixth,
      to the
      Class 2B1 Certificates, in reduction of their Class Principal Amount, until
      the
      Class Principal Amount thereof has been reduced to zero; and

     

    seventh,
      to the
      related Classes of Non-AP Senior Certificates, pro
      rata,
      in
      accordance with their respective Class Principal Amounts provided,
      however,
      that
      any Realized Loss allocated (1) to the Class 4-A1, Class 4-A3, Class 4-A5,
      Class
      4-A6, Class 4-A7, Class 4-A8, Class 4-A9, Class 4-A10 or Class 4-A11
      Certificates shall instead be allocated to the Class 4-A17 Certificates until
      the Class Principal Amount thereof has been reduced to zero.

     

    (b) With
      respect to any Distribution Date, the related Applicable Fraction of the
      principal portion of any Excess Loss in respect of a Mortgage Loan in any
      Collateral Group shall be allocated, pro
      rata,
      to the
      related Subordinate Certificates and related Non-AP Senior Certificate or
      Certificates on the basis of the Apportioned Principal Balances of the Classes
      of Subordinate Certificates and Class Principal Amounts of the Non-AP Senior
      Certificates (and in the same manner as specified in clause seven
      of
      subsection (a) above).

     

    
      
        
        

      

      
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    (c) Any
      Realized Losses allocated to a Class of Certificates pursuant to Section 5.03(a)
      shall be allocated among the Certificates of such Class in proportion to their
      respective Certificate Principal Amounts. Any allocation of Realized Losses
      pursuant to this paragraph (c) shall be accomplished by reducing the Certificate
      Principal Amounts of the related Certificates on the related Distribution Date
      in accordance with Section 5.03(d). Realized Losses allocated to any Accrual
      Certificates will be allocated on the basis of the lesser of their original
      Class Principal Amount and their current Class Principal Amount.

     

    (d) Realized
      Losses allocated in accordance with this Section 5.03 shall be allocated on
      the
      Distribution Date in the month following the month in which such loss was
      incurred and, in the case of the principal portion thereof, after giving effect
      to distributions made on such Distribution Date, except that the aggregate
      amount of Realized Losses to be allocated to the Class AP Certificates on such
      Distribution Date will be taken into account in determining distributions in
      respect of any related AP Deferred Amount for such date.

     

    (e) On
      each
      Distribution Date, the Subordinate Certificate Writedown Amount for Subordinate
      Certificates for such date shall effect a corresponding reduction in the Class
      Principal Amount of the lowest ranking Class of outstanding Subordinate
      Certificates, which reduction shall occur on such Distribution Date after giving
      effect to distributions made on such Distribution Date.

     

    Section
      5.04. Advances
      by the Master Servicer and the Securities Administrator.

     

    (a) Advances
      shall be made in respect of each Master Servicer Remittance Date as provided
      herein. If, on any Determination Date, the Master Servicer determines that
      any
      Scheduled Payments due during the related Due Period (other than Balloon
      Payments) have not been received, the Master Servicer shall, or cause the
      applicable Servicer to, advance such amount on the Master Servicer Remittance
      Date immediately following such Determination Date, less an amount, if any,
      to
      be set forth in an Officer’s Certificate to be delivered to the Securities
      Administrator on such Determination Date, which if advanced the Master Servicer
      or the applicable Servicer has determined would not be recoverable from amounts
      received with respect to such Mortgage Loan, including late payments,
      Liquidation Proceeds, Insurance Proceeds or otherwise. If the Master Servicer
      determines that an Advance is required, it shall on the Master Servicer
      Remittance Date immediately following such Determination Date either (i) remit
      to the Securities Administrator from its own funds (or funds advanced by the
      applicable Servicer) for deposit in the Certificate Account immediately
      available funds in an amount equal to such Advance, (ii) cause to be made an
      appropriate entry in the records of the Collection Account that funds in such
      account being held for future distribution or withdrawal have been, as permitted
      by this Section 5.04, used by the Master Servicer to make such Advance, and
      remit such immediately available funds to the Securities Administrator for
      deposit in the Certificate Account or (iii) make Advances in the form of any
      combination of clauses (i) and (ii) aggregating the amount of such Advance.
      Any
      funds being held in the Collection Account for future distribution to
      Certificateholders and so used shall be replaced by the Master Servicer from
      its
      own funds by remittance to the Securities Administrator for deposit in the
      Certificate Account on or before any future Master Servicer Remittance Date
      to
      the extent that funds in the Certificate Account on such Master Servicer
      Remittance Date shall be less than payments to Certificateholders required
      to be
      made on the related Distribution Date. The Securities Administrator shall be
      entitled to conclusively rely upon any determination by the Master Servicer
      that
      an Advance, if made, would constitute a non-recoverable advance. The Master
      Servicer and each Servicer shall be entitled to be reimbursed from the
      Collection Account for all Advances made by it as provided in Section
      4.02.

     

    
      
        
        

      

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

     

    Section
      5.05. Compensating
      Interest Payments.

     

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

     

    Section
      5.06. Supplemental
      Interest Trust.

     

    The
      Trustee is hereby directed by the Depositor to accept the Cap Agreement on
      behalf of a trust, separate from the Trust Fund, for the benefit of the Class
      4-A1 and Class X Certificateholders in the form presented to it by the Depositor
      and shall have no responsibility for the contents, adequacy or sufficiency
      of
      the Cap Agreement, including without limitation, the representations and
      warranties contained therein.

     

    Section
      5.07. The
      Reserve Fund.

     

    (a) On
      the
      Closing Date, the Securities Administrator shall establish and maintain in
      the
      name of the Trustee, in the Supplemental Interest Trust for the benefit of
      the
      holders of the Class 4-A1 and Class X Certificates, the Class 4-A1 Reserve
      Fund,
      into which the Depositor shall deposit $1,000. The Securities Administrator
      shall hold the Class 4-A1 Cap Agreement as an asset in the Class 4-A1 Reserve
      Fund. The Class 4-A1 Reserve Fund shall be an Eligible Account, and funds on
      deposit therein shall be held separate and apart from, and shall not be
      commingled with, any other moneys, including without limitation other moneys
      of
      the Securities Administrator held pursuant to this Agreement. The Class 4-A1
      Reserve Fund shall not be an asset of any REMIC or the Trust Fund established
      hereby. The Securities Administrator shall deposit promptly upon receipt in
      the
      Class 4-A1 Reserve Fund any amounts received from the Class 4-A1 Cap
      Agreement.

     

    
      
        
        

      

      
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    (b) On
      each
      Distribution Date, the Securities Administrator, on behalf of the Supplemental
      Interest Trust, shall distribute amounts on deposit in the Class 4-A1 Reserve
      Fund, first,
      to the
      Holders of the Class 4-A1 Certificates, in an amount up to any Basis Risk
      Shortfalls thereon and second,
      to the
      Holders of the Class 4-A1 Certificates, in an amount up to any Unpaid Basis
      Risk
      Shortfalls thereon. Any remaining amounts shall be retained in the Class 4-A1
      Reserve Fund for distribution on future Distribution Dates.

     

    (c) Upon
      the
      earliest to occur of (i) the Distribution Date on which the Class Principal
      Amount of the Class 4-A1 Certificates is reduced to zero, (ii) a Section 7.01(c)
      Purchase Event or (iii) a Trust Fund Termination Event, any amounts remaining
      in
      the Class 4-A1 Reserve Fund and any future amounts payable under the Class
      4-A1
      Cap Agreement shall be distributed to the Class X
      Certificateholder.

     

    (d) Funds
      in
      the Class 4-A1 Reserve Fund shall be invested in Eligible Investments. The
      Class
      X Certificates shall evidence ownership of the Class 4-A1 Reserve Fund for
      federal income tax purposes and LBH on behalf of the Holders thereof shall
      direct the Securities Administrator, in writing, as to investment of amounts
      on
      deposit therein. LBH shall be liable for any losses incurred on such
      investments. In the absence of written instructions from LBH as to investment
      of
      funds on deposit in the Class 4-A1 Reserve
      Fund, such funds shall remain uninvested.

     

    For
      federal income tax purposes, the Securities Administrator shall treat the
      holders of the Class 4-A1 Certificates as having entered into a notional
      principal contract with the holders of the Class X Certificates. Pursuant to
      such notional principal contract, all holders of the Class X Certificates shall
      be treated as having agreed to pay Basis Risk Shortfalls and Unpaid Basis Risk
      Shortfalls to the holders of the Class 4-A1 Certificates. Any payments to the
      Class 4-A1 Certificates in light of the foregoing shall not be payments with
      respect to a “regular interest” in a REMIC within the meaning of Code Section
      860G(a)(1). Notwithstanding the priority and sources of payments set forth
      in
      Article V hereof or otherwise, the Securities Administrator shall account for
      all distributions on the Class 4-A1 Certificates as set forth in this section.
      For purposes of providing tax information reporting with respect to the Class
      4-A1 Certificates, the Securities Administrator shall treat the notional
      principal contract described in this paragraph as having a value equal to the
      Notional Principal Contract Value as of the Closing Date.

     

    
      
        
        

      

      
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    ARTICLE
      VI

     

    CONCERNING
      THE TRUSTEE AND THE SECURITIES ADMINISTRATOR; EVENTS OF DEFAULT

     

    Section
      6.01. Duties
      of Trustee and Securities Administrator. 

     

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

     

    (b) Each
      of
      the Trustee and the Securities Administrator, upon receipt of all resolutions,
      certificates, statements, opinions, reports, documents, orders or other
      instruments furnished to the Trustee or the Securities Administrator which
      are
      specifically required to be furnished pursuant to any provision of this
      Agreement, shall examine them to determine whether they are on their face in
      the
      form required by this Agreement; provided,
      however,
      that
      neither the Trustee nor the Securities Administrator shall be responsible for
      the accuracy or content of any such resolution, certificate, statement, opinion,
      report, document, order or other instrument furnished by the Master Servicer,
      any Servicer, or the Cap Counterparty to the Trustee or the Securities
      Administrator pursuant to this Agreement, and shall not be required to
      recalculate or verify any numerical information furnished to the Trustee or
      the
      Securities Administrator pursuant to this Agreement. Subject to the immediately
      preceding sentence, if any such resolution, certificate, statement, opinion,
      report, document, order or other instrument is found not to conform on its
      face
      to the form required by this Agreement in a material manner the Trustee or
      Securities Administrator, as applicable, shall notify the Person providing
      such
      resolutions, certificates, statements, opinions, reports or other documents
      of
      the non-conformity, and if the instrument is not corrected to the Trustee’s or
      Securities Administrator’s, as applicable, satisfaction, the Trustee or
      Securities Administrator, as applicable, will provide notice thereof to the
      Certificateholders and will, at the expense of the Trust Fund, which expense
      shall be reasonable given the scope and nature of the required action, take
      such
      further action as directed by the Certificateholders.

     

    (c) Neither
      the Trustee nor the Securities Administrator shall have any liability arising
      out of or in connection with this Agreement, except for its negligence or
      willful misconduct. No provision of this Agreement shall be construed to relieve
      the Trustee or the Securities Administrator from liability for its own negligent
      action, its own negligent failure to act or its own willful misconduct;
provided,
      however,
      that:

     

    
      
        
        

      

      
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    (i) Neither
      the Trustee nor the Securities Administrator shall be liable with respect to
      any
      action taken, suffered or omitted to be taken by it in good faith in accordance
      with the direction of the Holders as provided in Section 6.18
      hereof;

     

    (ii) For
      all
      purposes under this Agreement, the Trustee shall not be deemed to have notice
      of
      any Event of Default unless a Responsible Officer of the Trustee has actual
      knowledge thereof or unless written notice of any event which is in fact such
      a
      default is received by the Trustee at the address provided in Section 11.07,
      and
      such notice references the Holders of the Certificates and this
      Agreement;

     

    (iii) For
      all
      purposes under this Agreement, the Securities Administrator shall not be deemed
      to have notice of any Event of Default (other than resulting from a failure
      by
      the Master Servicer to furnish information to the Securities Administrator
      when
      required to do so) unless a Responsible Officer of the Securities Administrator
      has actual knowledge thereof or unless written notice of any event which is
      in
      fact such a default is received by the Securities Administrator at its Corporate
      Trust Office, and such notice references the Holders of the Certificates and
      this Agreement;

     

    (iv) No
      provision of this Agreement shall require the Trustee or the Securities
      Administrator to expend or risk its own funds or otherwise incur any financial
      liability in the performance of any of its duties hereunder, or in the exercise
      of any of its rights or powers, if it shall have reasonable grounds for
      believing that repayment of such funds or adequate indemnity against such risk
      or liability is not reasonably assured to it; and none of the provisions
      contained in this Agreement shall in any event require the Trustee or the
      Securities Administrator to perform, or be responsible for the manner of
      performance of, any of the obligations of the Master Servicer under this
      Agreement;

     

    (v) Neither
      the Trustee nor the Securities Administrator shall be responsible for any act
      or
      omission of the Master Servicer, any Servicer, the Depositor, the Seller or
      the
      Custodian and neither the Securities Administrator nor the Trustee shall be
      responsible for any act or omission of the other.

     

    (d) The
      Trustee shall have no duty hereunder with respect to any complaint, claim,
      demand, notice or other document it may receive or which may be alleged to
      have
      been delivered to or served upon it by the parties as a consequence of the
      assignment of any Mortgage Loan hereunder; provided,
      however,
      that the
      Trustee shall promptly remit to the Master Servicer upon receipt any such
      complaint, claim, demand, notice or other document (i) which is delivered to
      the
      address of the Trustee provided in Section 11.07 and makes reference to this
      series of Certificate or this Agreement, (ii) of which a Responsible Officer
      has
      actual knowledge, and (iii) which contains information sufficient to permit
      the
      Trustee to make a determination that the real property to which such document
      relates is a Mortgaged Property.

     

    (e) Neither
      the Trustee nor the Securities Administrator shall be personally liable with
      respect to any action taken, suffered or omitted to be taken by it in good
      faith
      in accordance with the direction of any the Certificateholders of any Class
      holding Certificates which evidence, as to such Class, Percentage Interests
      aggregating not less than 25% as to the time, method and place of conducting
      any
      proceeding for any remedy available to the Trustee or the Securities
      Administrator or exercising any trust or power conferred upon the Trustee or
      the
      Securities Administrator, as applicable, under this Agreement.

     

    
      
        
        

      

      
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    (f) Neither
      the Trustee nor the Securities Administrator shall be required to perform
      services under this Agreement, or to expend or risk its own funds or otherwise
      incur financial liability for the performance of any of its duties hereunder
      or
      the exercise of any of its rights or powers if there is reasonable ground for
      believing that the timely payment of its fees and expenses or the repayment
      of
      such funds or adequate indemnity against such risk or liability is not
      reasonably assured to it, and none of the provisions contained in this Agreement
      shall in any event require the Trustee or the Securities Administrator, as
      applicable, to perform, or be responsible for the manner of performance of,
      any
      of the obligations of the Master Servicer or any Servicer under this Agreement
      or any Servicing Agreement except during such time, if any, as the Securities
      Administrator shall be the successor to, and be vested with the rights, duties,
      powers and privileges of, the Master Servicer in accordance with the terms
      of
      this Agreement.

     

    (g) [Reserved.]

     

    (h) The
      Trustee shall not and, except as otherwise provided herein, the Securities
      Administrator shall not have any duty (A) to see to any recording, filing,
      or
      depositing of this Agreement or any agreement referred to herein or any
      financing statement or continuation statement evidencing a security interest,
      or
      to see to the maintenance of any such recording or filing or depositing or
      to
      any rerecording, refiling or redepositing of any thereof, (B) to see to any
      insurance or claim under any Insurance Policy, and (C) to see to the payment
      or
      discharge of any tax, assessment, or other governmental charge or any lien
      or
      encumbrance of any kind owing with respect to, assessed or levied against,
      any
      part of the Trust Fund or the Supplemental Interest Trust other than from funds
      available in the Certificate Account. Except as otherwise provided herein,
      neither the Trustee nor the Securities Administrator shall have any duty to
      confirm or verify the contents of any reports or certificates of the Master
      Servicer, any Servicer, or the Cap Counterparty delivered to the Trustee or
      the
      Securities Administrator pursuant to this Agreement believed by the Trustee
      or
      the Securities Administrator, as applicable, to be genuine and to have been
      signed or presented by the proper party or parties.

     

    (i) Neither
      the Securities Administrator nor the Trustee shall be liable in its individual
      capacity for an error of judgment made in good faith by a Responsible Officer
      or
      other officers of the Trustee or the Securities Administrator, as applicable,
      unless it shall be proved that the Trustee or the Securities Administrator,
      as
      applicable, was negligent in ascertaining the pertinent facts.

     

    (j) Notwithstanding
      anything in this Agreement to the contrary, none of the Securities
      Administrator, any Paying Agent or the Trustee shall be liable for special,
      indirect or consequential losses or damages of any kind whatsoever (including,
      but not limited to, lost profits), even if the Securities Administrator, the
      Paying Agent or the Trustee, as applicable, has been advised of the likelihood
      of such loss or damage and regardless of the form of action, provided,
      however,
      that
      this Subsection 6.01(j) shall not apply in connection with any failure by the
      Securities Administrator to comply with the provisions of Subsections 6.01(l)
      hereof and Subsections 9.25(a) and (b) hereof.

     

    
      
        
        

      

      
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    (k) Neither
      the Securities Administrator nor the Trustee shall be responsible for the acts
      or omissions of the other, it being understood that this Agreement shall not
      be
      construed to render them agents of one another, or of the Master Servicer or
      any
      Servicer.

     

    (l) The
      Securities Administrator shall give prior written notice to the Sponsor, the
      Master Servicer and the Depositor of the appointment of any Subcontractor by
      it
      and a written description (in form and substance satisfactory to the Sponsor
      and
      the Depositor) of the role and function of each Subcontractor utilized by the
      Securities Administrator specifying (A) the identity of each such Subcontractor
      and (B) which elements of the servicing criteria set forth under Item 1122(d)
      of
      Regulation AB will be addressed in assessments of compliance provided by each
      such Subcontractor.

     

    Section
      6.02. Certain
      Matters Affecting the Trustee and the Securities Administrator.

     

    Except
      as
      otherwise provided in Section 6.01:

     

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

     

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

     

    (c) Neither
      the Trustee nor the Securities Administrator shall be personally liable for
      any
      action taken, suffered or omitted by it in good faith and reasonably believed
      by
      it to be authorized or within the discretion or rights or powers conferred
      upon
      it by this Agreement;

     

    (d) Unless
      an
      Event of Default shall have occurred and be continuing, neither the Trustee
      nor
      the Securities Administrator shall be bound to make any investigation into
      the
      facts or matters stated in any resolution, certificate, statement, instrument,
      opinion, report, notice, request, consent, order, approval, bond or other paper
      or document (provided the same appears regular on its face), unless requested
      in
      writing to do so by the Holders of at least a majority in Class Principal Amount
      (or Percentage Interest) of each Class of Certificates; provided,
      however,
      that, if
      the payment within a reasonable time to the Trustee or the Securities
      Administrator, as applicable, of the costs, expenses or liabilities likely
      to be
      incurred by it in the making of such investigation is, in the opinion of the
      Trustee or the Securities Administrator, as applicable, not reasonably assured
      to the Trustee or the Securities Administrator by the security afforded to
      it by
      the terms of this Agreement, the Trustee or the Securities Administrator, as
      applicable, may require reasonable indemnity against such expense or liability
      or payment of such estimated expenses from the Certificateholders as a condition
      to proceeding. The reasonable expense thereof shall be paid by the party
      requesting such investigation and if not reimbursed by the requesting party
      shall be reimbursed to the Trustee by the Trust Fund;

     

    
      
        
        

      

      
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    (e) Each
      of
      the Trustee and the Securities Administrator may execute any of the trusts
      or
      powers hereunder or perform any duties hereunder either directly or by or
      through agents, custodians or attorneys, which agents, custodians or attorneys
      shall have any and all of the rights, powers, duties and obligations of the
      Trustee and the Securities Administrator conferred on them by such appointment,
      provided that each of the Trustee and the Securities Administrator shall
      continue to be responsible for its duties and obligations hereunder to the
      extent provided herein, and provided further that neither the Trustee nor the
      Securities Administrator shall be responsible for any misconduct or negligence
      on the part of any such agent or attorney appointed with due care by the Trustee
      or the Securities Administrator, as applicable;

     

    (f) Neither
      the Trustee nor the Securities Administrator shall be under any obligation
      to
      exercise any of the trusts or powers vested in it by this Agreement or to
      institute, conduct or defend any litigation hereunder or in relation hereto,
      in
      each case at the request, order or direction of any of the Certificateholders
      pursuant to the provisions of this Agreement, unless such Certificateholders
      shall have offered to the Trustee or the Securities Administrator, as
      applicable, reasonable security or indemnity against the costs, expenses and
      liabilities which may be incurred therein or thereby;

     

    (g) The
      right
      of the Trustee and the Securities Administrator to perform any discretionary
      act
      enumerated in this Agreement shall not be construed as a duty, and neither the
      Trustee nor the Securities Administrator shall be answerable for other than
      its
      negligence or willful misconduct in the performance of such act;
      and

     

    (h) Neither
      the Trustee nor the Securities Administrator shall be required to give any
      bond
      or surety in respect of the execution of the Trust Fund or Supplemental Interest
      Trust created hereby or the powers granted hereunder.

     

    Section
      6.03. Trustee
      and Securities Administrator Not Liable for Certificates. 

     

    The
      Trustee and the Securities Administrator make no representations as to the
      validity or sufficiency of this Agreement, the Exchange Trust Agreement, the
      Cap
      Agreement or the Certificates (other than the certificate of authentication
      on
      the Certificates) or the Lower Tier REMIC 1 Uncertificated Regular Interests,
      or
      of any Mortgage Loan, or related document save that the Trustee and the
      Securities Administrator represent that, assuming due execution and delivery
      by
      the other parties hereto, this Agreement has been duly authorized, executed
      and
      delivered by it and constitutes its valid and binding obligation, enforceable
      against it in accordance with its terms except that such enforceability may
      be
      subject to (A) applicable bankruptcy and insolvency laws and other similar
      laws
      affecting the enforcement of the rights of creditors generally, and (B) general
      principles of equity regardless of whether such enforcement is considered in
      a
      proceeding in equity or at law. The Trustee and the Securities Administrator
      shall not be accountable for the use or application by the Depositor of funds
      paid to the Depositor in consideration of the assignment of the Mortgage Loans
      to the Trust Fund by the Depositor or for the use or application of any funds
      deposited into the Certificate Account, any Escrow Account or any other fund
      or
      account maintained with respect to the Certificates. The Trustee and the
      Securities Administrator shall not be responsible for the legality or validity
      of this Agreement, the Exchange Trust Agreement or the Cap Agreement or the
      validity, priority, perfection or sufficiency of the security for the
      Certificates or the Lower Tier REMIC 1 Uncertificated Regular Interests issued
      or intended to be issued hereunder. The Trustee shall not, and except as
      otherwise provided herein, the Securities Administrator shall have no
      responsibility for filing any financing or continuation statement in any public
      office at any time or to otherwise perfect or maintain the perfection of any
      security interest or lien granted to it hereunder or to record this
      Agreement.

     

    
      
        
        

      

      
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    Section
      6.04. Trustee
      and the Securities Administrator May Own Certificates. 

     

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

     

    Section
      6.05. Eligibility
      Requirements for Trustee and Securities Administrator. 

     

    The
      Trustee and the Securities Administrator hereunder shall at all times be (i)
      an
      institution whose accounts are insured by the FDIC, (ii) a corporation or
      national banking association, organized and doing business under the laws of
      any
      State or the United States of America, authorized under such laws to exercise
      corporate trust powers, having a combined capital and surplus of not less than
      $50,000,000 and subject to supervision or examination by federal or state
      authority and (iii) not an Affiliate of the Master Servicer or any Servicer
      (except in the case of the Securities Administrator). If such corporation or
      national banking association publishes reports of condition at least annually,
      pursuant to law or to the requirements of the aforesaid supervising or examining
      authority, then, for the purposes of this Section, the combined capital and
      surplus of such corporation or national banking association shall be deemed
      to
      be its combined capital and surplus as set forth in its most recent report
      of
      condition so published. In addition, the Securities Administrator (i) may not
      be
      an originator of Mortgage Loans, the Master Servicer, a Servicer, the Depositor
      or an affiliate of the Depositor unless the Securities Administrator is in
      an
      institutional trust department of the Securities Administrator, (ii) must be
      authorized to exercise corporate trust powers under the laws of its jurisdiction
      of organization and (iii) must be rated at least “A/F1” by Fitch, if Fitch is a
      Rating Agency that has rated the Securities Administrator, or the equivalent
      rating by S&P or Moody’s. In case at any time the Trustee or the Securities
      Administrator shall cease to be eligible in accordance with provisions of this
      Section, the Trustee or the Securities Administrator, as applicable, shall
      resign immediately in the manner and with the effect specified in Section
      6.06.

     

    
      
        
        

      

      
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    Section
      6.06. Resignation
      and Removal of Trustee and the Securities Administrator. 

     

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

     

    (b) If
      at any
      time (i) the Trustee shall cease to be eligible in accordance with the
      provisions of Section 6.05 and shall fail to resign after written request
      therefor by the Depositor, (ii) the Trustee or the Securities Administrator
      shall become incapable of acting, or shall be adjudged a bankrupt or insolvent,
      or a receiver of the Trustee or the Securities Administrator of its property
      shall be appointed, or any public officer shall take charge or control of the
      Trustee or the Securities Administrator or of either of their property or
      affairs for the purpose of rehabilitation, conservation or liquidation, (iii)
      the Securities Administrator shall fail to observe or perform in any material
      respect any of the covenants or agreements of the Securities Administrator
      contained in this Agreement, including any failure to provide the information,
      reports, assessments or attestations required pursuant to Subsection 9.25(a)
      or
      9.25(b) hereof, (iv) a tax is imposed or threatened with respect to the Trust
      Fund by any state in which the Trustee or the Trust Fund held by the Trustee
      is
      located, (v) the continued use of the Trustee or Securities Administrator would
      result in a downgrading of the rating by any Rating Agency of any Class of
      Certificates with a rating, (vi) the Paying Agent shall fail to provide the
      information required pursuant to Sections 9.25(a) and (b) hereof or (vii) the
      Depositor desires to replace the Securities Administrator with a successor
      Securities Administrator, then the Depositor, the Master Servicer or the Trustee
      (with regard to clause (iii) only) shall remove the Trustee, the Paying Agent
      or
      the Securities Administrator, as applicable, and the Depositor shall appoint
      a
      successor trustee or successor securities administrator, as applicable,
      acceptable to the Master Servicer by written instrument, one copy of which
      instrument shall be delivered to the Trustee or Securities Administrator so
      removed, one copy each to the successor trustee or successor securities
      administrator, as applicable, and one copy to each of the Master
      Servicer.

     

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

     

    
      
        
        

      

      
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    (d) Any
      resignation or removal of the Trustee or the Securities Administrator, as
      applicable, and appointment of a successor trustee or successor securities
      administrator pursuant to any of the provisions of this Section shall become
      effective upon acceptance of appointment by the successor trustee or the
      successor securities administrator, as applicable, as provided in Section
      6.07.

     

    Section
      6.07. Successor
      Trustee and Successor Securities Administrator. 

     

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

     

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

     

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

     

    
      
        
        

      

      
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    (d) Upon
      the
      resignation or removal of the Securities Administrator pursuant to this Section
      6.06, the Securities Administrator shall deliver the amounts held in its
      possession for the benefit of the Certificateholders to the successor securities
      administrator upon the appointment of the successor securities
      administrator.

     

    Section
      6.08. Merger
      or Consolidation of Trustee or the Securities Administrator. 

     

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

     

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

     

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

     

    
      
        
        

      

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    
      
        
        

      

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

     

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

     

    (g) The
      Trustee shall pay the reasonable compensation of the co-trustees requested
      by
      the Trustee to be so appointed (which compensation shall not reduce any
      compensation payable to the Trustee ) and, if paid by the Trustee, shall be
      a
      reimbursable expense pursuant to Section 6.12, provided, no provision of this
      Agreement shall require the Trustee to expend or risk its own funds or otherwise
      incur any financial liability in the performance of any of its duties hereunder,
      or in the exercise of any of its rights or powers, if it shall have reasonable
      grounds for believing that repayment of such funds is not reasonably assured
      to
      it.

     

    Section
      6.10. Authenticating
      Agents. 

     

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

     

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

     

    
      
        
        

      

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

     

    Section
      6.11. Indemnification
      of Trustee and Securities Administrator. 

     

    The
      Trustee and the Securities Administrator and their respective directors,
      officers, employees and agents shall be entitled to indemnification from the
      Trust Fund for any loss, liability or expense incurred in connection with any
      legal proceeding or incurred without negligence or willful misconduct on their
      part, arising out of, or in connection with, the acceptance or administration
      of
      the trusts created hereunder or in connection with the performance of their
      duties hereunder or under the Cap Agreement, the Exchange Trust Agreement,
      the
      Mortgage Loan Sale Agreement, the Transfer Agreement, any Servicing Agreement
      or
      the Custodial Agreements, including any applicable fees and expenses payable
      pursuant to Section 6.12 and the costs and expenses of defending themselves
      against any claim in connection with the exercise or performance of any of
      their
      powers or duties hereunder, provided that:

     

    (i) with
      respect to any such claim, the Trustee or the Securities Administrator, as
      applicable, shall have given the Depositor, the Master Servicer and the Holders
      written notice thereof promptly after a Responsible Officer of the Trustee
      or
      the Securities Administrator, as applicable, shall have knowledge thereof
provided
      that the
      failure to provide such prompt written notice shall not affect the Trustee’s or
      Securities Administrator’s right to indemnification hereunder;

     

    (ii) while
      maintaining control over its own defense, the Trustee or the Securities
      Administrator, as applicable, shall cooperate and consult fully with the
      Depositor and the Master Servicer in preparing such defense; and

     

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

     

    
      
        
        

      

      
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    The
      Trustee shall be further indemnified by the Seller for and held harmless
      against, any loss, liability or expense arising out of, or in connection with,
      the provisions set forth in the fourth paragraph of Section 2.01(a) hereof,
      including, without limitation, all costs, liabilities and expenses (including
      reasonable legal fees and expenses) of investigating and defending itself
      against any claim, action or proceeding, pending or threatened, relating to
      the
      provisions of such paragraph.

     

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

     

    Section
      6.12. Fees
      and Expenses of Securities Administrator, Trustee and Custodian.

     

    The
      Trustee shall be entitled, annually, to the Trustee Fee, which shall be paid
      by
      the Securities Administrator on the first Distribution Date of each Anniversary
      Year from the Securities Administrator Fee. The Securities Administrator shall
      be entitled to the Securities Administrator Fee (other than any amounts required
      to be deducted in respect of the Trustee Fee as provided in Section 4.01).
      The
      Trustee and the Securities Administrator shall be entitled to reimbursement
      of
      all reasonable expenses, disbursements and advances incurred or made by the
      Securities Administrator or Trustee, as applicable, in accordance with this
      Agreement (including fees and expenses of its counsel and all persons not
      regularly in its employment and any amounts described in Section 10.01 to which
      such party is entitled as provided therein), except for expenses, disbursements
      and advances that either (i) do not constitute “unanticipated expenses” within
      the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii) or (ii) arise
      from
      its negligence, bad faith or willful misconduct. If the Trustee Fee is not
      fully
      paid from the Securities Administrator Fee, the Trust Fund shall immediately
      reimburse the Trustee upon demand for any shortfall from amounts on deposit
      in
      the Certificate Account. Each Custodian shall receive compensation and
      reimbursement or payment of its expenses under the applicable Custodial
      Agreement as provided therein; provided
      that,
      to the
      extent required under the Custodial Agreement, the Securities Administrator
      is
      hereby authorized to pay such compensation from amounts on deposit in the
      Certificate Account prior to any distributions to Certificateholders pursuant
      to
      Section 5.02 hereof.

     

    Section
      6.13. Collection
      of Monies. 

     

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

     

    
      
        
        

      

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

     

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

     

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

     

    (ii) Any
      failure by the Master Servicer to duly perform, within the required time period
      and without notice, its obligations to provide any certifications required
      pursuant to Sections 9.25 or 9.26; or

     

    (iii) Except
      with respect to those items listed in clause (ii) above, any failure by the
      Master Servicer to duly perform, within the required time period, without notice
      or grace period, its obligations to provide any information, data or materials
      required to be provided hereunder pursuant to Sections 9.23 and 9.29(b),
      including any items required to be included in any Exchange Act report;
      or

     

    (iv) Any
      failure on the part of the Master Servicer duly to observe or perform in any
      material respect any other of the covenants or agreements on the part of the
      Master Servicer contained in this Agreement which continues unremedied for
      a
      period of 30 days after the date on which written notice of such failure,
      requiring the same to be remedied, shall have been given to the Master Servicer
      by the Trustee or the Securities Administrator, or to the Master Servicer,
      the
      Securities Administrator and the Trustee by the Holders of more than 50% of
      the
      Aggregate Voting Interests of the Certificates; or

     

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

     

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

     

    
      
        
        

      

      
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    (vii) The
      Master Servicer shall admit in writing its inability to pay its debts generally
      as they become due, file a petition to take advantage of any applicable
      insolvency or reorganization statute, make an assignment for the benefit of
      its
      creditors or voluntarily suspend payment of its obligations; or

     

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

     

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

     

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

     

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

     

    (xii) After
      receipt of notice from the Trustee or the Securities Administrator, any failure
      of the Master Servicer to deposit into the Certificate Account any payment
      required to be made for the benefit of Certificateholders under the terms of
      this Agreement, including any Advance, on the Business Day immediately preceding
      the related Distribution Date which such failure continues unremedied for a
      period of one Business Day after the date upon which notice of such failure
      shall have been given to the Master Servicer by the Trustee.

     

    
      
        
        

      

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

     

    The
      Securities Administrator and the Trustee shall be entitled to be reimbursed
      from
      the Master Servicer (or by the Trust Fund, if the Master Servicer is unable
      to
      fulfill its obligations hereunder) for all costs associated with the transfer
      of
      master servicing from the predecessor Master Servicer, including, without
      limitation, any costs or expenses associated with the complete transfer of
      all
      master servicing data and the completion, correction or manipulation of such
      servicing data as may be required by the Securities Administrator to correct
      any
      errors or insufficiencies in the master servicing data or otherwise to enable
      the Securities Administrator to master service the Mortgage Loans properly
      and
      effectively. If the terminated Master Servicer does not pay such reimbursement
      within thirty (30) days of its receipt of an invoice therefore, such
      reimbursement shall be an expense of the Trust and the Securities Administrator
      and the Trustee, as applicable, shall be entitled to withdraw such reimbursement
      from amounts on deposit in the Certificate Account pursuant to Section 4.02;
      provided
      that the
      terminated Master Servicer shall reimburse the Trust for any such expense
      incurred by the Trust; and provided,
      further,
      that
      the Securities Administrator shall decide whether and to what extent it is
      in
      the best interest of the Certificateholders to pursue any remedy against any
      party obligated to make such reimbursement.

     

    
      
        
        

      

      
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    Notwithstanding
      the termination of its activities as Master Servicer, each terminated Master
      Servicer shall continue to be entitled to reimbursement to the extent provided
      in Section 4.02 to the extent such reimbursement relates to the period prior
      to
      such Master Servicer’s termination.

     

    If
      any
      Event of Default shall occur, the Trustee, upon a Responsible Officer of the
      Trustee becoming aware of the occurrence thereof, shall promptly notify the
      Securities Administrator, the Cap Counterparty and each Rating Agency of the
      nature and extent of such Event of Default. The Securities Administrator shall
      immediately give written notice to the Master Servicer and the Trustee upon
      the
      Master Servicer’s failure to remit funds to the Securities Administrator on the
      Master Servicer Remittance Date.

     

    (b) On
      and
      after the time the Master Servicer receives a notice of termination from the
      Trustee pursuant to Section 6.14(a) or the Trustee receives the resignation
      of
      the Master Servicer evidenced by an Opinion of Counsel pursuant to Section
      9.28
      and within a period of time not to exceed 90 days after the Securities
      Administrator receives written notice from the Trustee pursuant to Section
      6.14(a) or Section 9.28, the Securities Administrator, unless another master
      servicer shall have been appointed, shall be the successor in all respects
      to
      the Master Servicer in its capacity as such under this Agreement and the
      transactions set forth or provided for herein and shall have all the rights
      and
      powers and be subject to all the responsibilities, duties and liabilities
      relating thereto and arising thereafter placed on the Master Servicer hereunder,
      including the obligation to make Advances; provided,
      however,
      that
      any failure to perform such duties or responsibilities caused by the Master
      Servicer’s or the Trustee’s failure to provide information required by this
      Agreement shall not be considered a default by the Securities Administrator
      or
      the Trustee hereunder. In addition, the Securities Administrator shall have
      no
      responsibility for any act or omission of the Master Servicer prior to the
      issuance of any notice of termination and within a period of time not to exceed
      90 days after the Securities Administrator receives written notice from the
      Trustee pursuant to Section 6.14(a) or Section 9.28, as applicable. The
      Securities Administrator shall have no liability relating to the representations
      and warranties of the Master Servicer set forth in Section 9.14. In the
      Securities Administrator’s capacity as such successor, the Securities
      Administrator shall have the same limitations on liability herein granted to
      the
      Master Servicer. As compensation therefor, the Securities Administrator shall
      be
      entitled to receive all compensation payable to the Master Servicer under this
      Agreement, including the Master Servicing Fee.

     

    
      
        
        

      

      
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    (c) Notwithstanding
      the above, the Securities Administrator may, if it shall be unwilling to
      continue to so act, or shall, if it is unable to so act, petition a court of
      competent jurisdiction to appoint, or appoint on its own behalf any established
      housing and home finance institution servicer, master servicer, servicing or
      mortgage servicing institution having a net worth of not less than $15,000,000
      and meeting such other standards for a successor master servicer as are set
      forth in this Agreement, as the successor to such Master Servicer in the
      assumption of all of the responsibilities, duties or liabilities of the Master
      Servicer hereunder. Any entity designated by the Trustee or the Securities
      Administrator as a successor master servicer may be an Affiliate of the Trustee
      or the Securities Administrator; provided,
      however,
      that,
      unless such Affiliate meets the net worth requirements and other standards
      set
      forth herein for a successor master servicer, the Trustee or the Securities
      Administrator, in its individual capacity shall agree, at the time of such
      designation, to be and remain liable to the Trust Fund for such Affiliate’s
      actions and omissions in performing its duties hereunder. In connection with
      such appointment and assumption, the Trustee or the Securities Administrator
      may
      make such arrangements for the compensation of such successor out of payments
      on
      Mortgage Loans as it and such successor shall agree; provided,
      however,
      that no
      such compensation shall be in excess of that permitted to the Master Servicer
      hereunder. The Trustee, the Securities Administrator and such successor shall
      take such actions, consistent with this Agreement, as shall be necessary to
      effectuate any such succession and may make other arrangements with respect
      to
      the servicing to be conducted hereunder which are not inconsistent herewith.
      The
      Master Servicer shall cooperate with the Trustee, the Securities Administrator
      and any successor master servicer in effecting the termination of the Master
      Servicer’s responsibilities and rights hereunder including, without limitation,
      notifying Mortgagors of the assignment of the master servicing functions and
      providing the Trustee, the Securities Administrator and successor master
      servicer, as applicable, all documents and records in electronic or other form
      reasonably requested by it to enable it to assume the Master Servicer’s
      functions hereunder and the transfer to the Trustee, the Securities
      Administrator or such successor master servicer, as applicable, all amounts
      which shall at the time be or should have been deposited by the Master Servicer
      in the Collection Account and any other account or fund maintained with respect
      to the Certificates or the Lower Tier REMIC 1 Uncertificated Regular Interests
      or thereafter be received with respect to the Mortgage Loans. Neither the
      Trustee, the Securities Administrator nor any other successor master servicer
      shall be deemed to be in default hereunder by reason of any failure to make,
      or
      any delay in making, any distribution hereunder or any portion thereof caused
      by
      (i) the failure of the Master Servicer to deliver, or any delay in delivering,
      cash, documents or records to it, (ii) the failure of the Master Servicer to
      cooperate as required by this Agreement, (iii) the failure of the Master
      Servicer to deliver the Mortgage Loan data to the Securities Administrator
      as
      required by this Agreement or (iv) restrictions imposed by any regulatory
      authority having jurisdiction over the Master Servicer. Neither the Securities
      Administrator nor any other successor master servicer shall be deemed to be
      in
      default hereunder by reason of any failure to make, or any delay in making,
      any
      distribution hereunder or any portion thereof caused by (i) the failure of
      the
      Trustee to deliver, or any delay in delivering cash, documents or records to
      it,
      or (ii) the failure of Trustee to cooperate as required by this
      Agreement.

     

    Notwithstanding
      anything herein to the contrary, in no event shall the Trustee be liable for
      any
      Master Servicing Fee or Servicing Fee or for any differential in the amount
      of
      the Master Servicing Fee or Servicing Fee paid hereunder or under the applicable
      Servicing Agreement and the amount necessary to induce any successor master
      servicer or successor servicer to act as successor master servicer or successor
      servicer under this Agreement or the applicable Servicing Agreement and the
      transactions set forth or provided for herein.

     

    
      
        
        

      

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

     

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

     

    Section
      6.16. Waiver
      of Defaults. 

     

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

     

    Section
      6.17. Notification
      to Holders. 

     

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

     

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

     

    
      
        
        

      

      
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    Subject
      to the provisions of Section 8.01 hereof, during the continuance of any Event
      of
      Default, Holders of Certificates evidencing not less than 25% of the Class
      Principal Amount (or Percentage Interest) of each Class of Certificates affected
      thereby may direct the time, method and place of conducting any proceeding
      for
      any remedy available to the Trustee, or exercising any trust or power conferred
      upon the Trustee, under this Agreement; provided,
      however,
      that the
      Trustee shall be under no obligation to pursue any such remedy, or to exercise
      any of the trusts or powers vested in it by this Agreement (including, without
      limitation, (i) the conducting or defending of any administrative action or
      litigation hereunder or in relation hereto and (ii) the terminating of the
      Master Servicer or any successor master servicer from its rights and duties
      as
      master servicer hereunder) at the request, order or direction of any of the
      Certificateholders, unless such Certificateholders shall have offered to the
      Trustee reasonable security or indemnity against the cost, expenses and
      liabilities which may be incurred therein or thereby; and, provided further,
      that, subject to the provisions of Section 8.01, the Trustee shall have the
      right to decline to follow any such direction if the Trustee determines that
      the
      action or proceeding so directed may not lawfully be taken or if the Trustee
      in
      good faith determines that the action or proceeding so directed would involve
      it
      in personal liability for which it is not indemnified to its satisfaction or
      be
      unjustly prejudicial to the non-assenting Certificateholders.

     

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

     

    In
      the
      event that the Trustee or the Securities Administrator shall have actual
      knowledge of any action or inaction of the Master Servicer that would become
      an
      Event of Default upon the Master Servicer’s failure to remedy the same after
      notice, the Trustee or the Securities Administrator, as applicable, shall give
      notice thereof to the Master Servicer, the Trustee, the Securities Administrator
      and the Cap Counterparty, as applicable.

     

    Section
      6.20. Preparation
      of Tax Returns and Other Reports. 

     

    (a) The
      Securities Administrator shall prepare or cause to be prepared on behalf of
      the
      Trust Fund, based upon information calculated in accordance with this Agreement
      pursuant to instructions given by the Depositor, and the Securities
      Administrator shall file federal tax returns, all in accordance with Article
      X
      hereof. If the Securities Administrator determines that a state tax return
      or
      other return is required, then, at its sole expense, the Securities
      Administrator shall prepare and file such state income tax returns and such
      other returns as may be required by applicable law relating to the Trust Fund,
      and, if required by state law, and shall file any other documents to the extent
      required by applicable state tax law (to the extent such documents are in the
      Securities Administrator’s possession). The Securities Administrator shall
      forward copies to the Depositor of all such returns and supplemental tax
      information and such other information within the Securities Administrator’s
      control as the Depositor may reasonably request in writing. The Securities
      Administrator shall furnish to each Certificateholder, such forms and such
      information within the control of the Securities Administrator as are required
      by the Code and the REMIC Provisions to be furnished to them (other than any
      Form 1099s). The Master Servicer will indemnify the Securities Administrator
      and
      the Trustee for any liability of or assessment against the Securities
      Administrator and the Trustee, as applicable, resulting from any error in any
      of
      such tax or information returns directly resulting from errors in the
      information provided by such Master Servicer.

     

    
      
        
        

      

      
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    (b) The
      Securities Administrator shall prepare and file with the Internal Revenue
      Service (“IRS”), on behalf of the Trust Fund and each of the REMICs specified in
      the Preliminary Statement, an application for an employer identification number
      on IRS Form SS-4 or by any other acceptable method. The Securities Administrator
      shall also file a Form 8811 as required. The Securities Administrator, upon
      receipt from the IRS of the Notice of Taxpayer Identification Number Assigned,
      shall upon request promptly forward a copy of such notice to the Trustee and
      the
      Depositor. The Trustee shall have no obligation to verify the information in
      any
      Form 8811 or Form SS-4 filing.

     

    (c) The
      Depositor shall prepare or cause to be prepared the initial current report
      on
      Form 8-K. Thereafter, the Securities Administrator shall, in accordance with
      industry standards and the rules of the Commission as in effect from time to
      time (the “Rules”), prepare and file with the Commission via the Electronic Data
      Gathering and Retrieval System (“EDGAR”), the reports listed in subsections (d)
      through (f) of this Section 6.20 in respect of the Trust Fund as and to the
      extent required under the Exchange Act.

     

    (d) Reports
      Filed on Form 10-D. 

     

    (i) Within
      15
      days after each Distribution Date (subject to permitted extensions under the
      Exchange Act), the Securities Administrator shall prepare and file on behalf
      of
      the Trust Fund any Form 10-D required by the Exchange Act, in form and substance
      as required by the Exchange Act. The Securities Administrator shall file each
      Form 10-D with a copy of the related Distribution Date Statement. Any disclosure
      in addition to the Distribution Date Statement that is required to be included
      on Form 10-D (“Additional Form 10-D Disclosure”) shall be determined and
      prepared by and at the direction of the Depositor pursuant to the following
      paragraph and the Securities Administrator will have no duty or liability for
      any failure hereunder to determine or prepare any Additional Form 10-D
      Disclosure, except as set forth in the next paragraph.

    

    (ii) As
      set
      forth on Exhibit L-1 hereto, within five calendar days after the related
      Distribution Date, (A) certain parties to the Lehman Mortgage Trust 2006-6
      transaction shall be required to provide to the Securities Administrator and
      the
      Depositor, to the extent known by a responsible officer thereof, in
      EDGAR-compatible form (which may be Word or Excel documents easily convertible
      to EDGAR format), or in such other form as otherwise agreed upon by the
      Securities Administrator and such party, the form and substance of any
      Additional Form 10-D Disclosure, if applicable, and include with such Additional
      Form 10-D Disclosure Notification in the form attached hereto as Exhibit L-4,
      and (B) the Depositor will approve, as to form and substance, or disapprove,
      as
      the case may be, the inclusion of the Additional Form 10-D Disclosure on Form
      10-D. The Sponsor will be responsible for any reasonable fees and expenses
      assessed or incurred by the Securities Administrator in connection with
      including any Additional Form 10-D Disclosure on Form 10-D pursuant to this
      paragraph.

    

    
      
        
        

      

      
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    (iii) After
      preparing the Form 10-D, the Securities Administrator shall forward
      electronically a copy of the Form 10-D to the Exchange Act Signing Party for
      review and approval. If the Master Servicer is the Exchange Act Signing Party
      and the Form 10-D includes Additional Form 10-D Disclosure, then the Form 10-D
      shall also be electronically distributed to the Depositor for review and
      approval. The Securities Administrator will make available to the Exchange
      Act
      Signing Party the monthly statement to certificateholders containing the
      information with respect to exchanges required to be included in such report
      for
      each Distribution Date and the Exchange Act Signing Party shall have the right
      to ask the Securities Administrator reasonable questions regarding any
      information reported in a certificateholder statement regarding any exchange.
      The Exchange Act Signing Party shall have the right to rely on any such
      information provided to it by the Securities Administrator. No later than two
      Business Days prior to the 15th
      calendar
      day after the related Distribution Date, a duly authorized representative of
      the
      Exchange Act Signing Party shall sign the Form 10-D and return an electronic
      or
      fax copy of such signed Form 10-D (with an original executed hard copy to follow
      by overnight mail) to the Securities Administrator. If a Form 10-D cannot be
      filed on time or if a previously filed Form 10-D needs to be amended, the
      Securities Administrator will follow the procedures set forth in subsection
      (g)(ii) of this Section 6.20. Promptly (but no later than one Business Day)
      after filing with the Commission, the Securities Administrator will make
      available on its internet website a final executed copy of each Form 10-D
      prepared and filed by the Securities Administrator. Each party to this Agreement
      acknowledges that the performance by the Securities Administrator of its duties
      under this Section 6.20(d) related to the timely preparation and filing of
      Form
      10-D is contingent upon such parties strictly observing all applicable deadlines
      in the performance of their duties under this Section 6.20(d). The Securities
      Administrator shall have no liability for any loss, expense, damage, claim
      arising out of or with respect to any failure to properly prepare and/or timely
      file such Form 10-D, where such failure results from the Securities
      Administrator’s inability or failure to obtain or receive, on a timely basis,
      any information from any other party hereto needed to prepare, arrange for
      execution or file such Form 10-D, not resulting from its own negligence, bad
      faith or willful misconduct.

    

    (iv) Form
      10-D
      requires the registrant to indicate (by checking "yes" or "no") that it “(1) has
      filed all reports required to be filed by Section 13 or 15(d) of the Exchange
      Act during the preceding 12 months (or for such shorter period that the
      registrant was required to file such reports), and (2) has been subject to
      such
      filing requirements for the past 90 days.” The Depositor hereby represents to
      the Securities Administrator that the Depositor has filed all such required
      reports during the preceding 12 months and that it has been subject to such
      filing requirement for the past 90 days. The Depositor shall notify the
      Securities Administrator in writing, no later than the fifth calendar day after
      the related Distribution Date with respect to the filing of a report on Form
      10-D if the answer to the questions should be “no.” The Securities Administrator
      shall be entitled to rely on such representations in preparing, executing and/or
      filing any such report.

    

    (e) Reports
      Filed on Form 10-K.

     

    
      
        
        

      

      
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    (i) Within
      90
      days after the end of each fiscal year of the Trust Fund or such earlier date
      as
      may be required by the Exchange Act (the “10-K Filing Deadline”) (it being
      understood that the fiscal year for the Trust Fund ends on December
      31st
      of each
      year), commencing in March 2007, the Securities Administrator shall prepare
      and
      file on behalf of the Trust Fund a Form 10-K, in form and substance as required
      by the Exchange Act. Each such Form 10-K shall include the following items,
      in
      each case to the extent they have been delivered to the Securities Administrator
      within the applicable time frames set forth in this Agreement and in the related
      Servicing Agreements and Custodial Agreement, (A) an annual compliance statement
      for each Servicer, each Additional Servicer and the Master Servicer, as
      described under Section 9.26 hereof and in each Servicing Agreement, (B)(I)
      the
      annual reports on assessment of compliance with servicing criteria for each
      Servicer, the Custodian, each Additional Servicer, the Master Servicer, any
      Servicing Function Participant, the Paying Agent and the Securities
      Administrator (each, a “Reporting Servicer”), as described under Section 9.25(a)
      hereof and in each Servicing Agreement and Custodial Agreement, and (II) if
      any
      Reporting Servicer’s report on assessment of compliance with servicing criteria
      described under Section 9.25(a) hereof or in any Servicing Agreement or
      Custodial Agreement identifies any material instance of noncompliance,
      disclosure identifying such instance of noncompliance, or if any Reporting
      Servicer’s report on assessment of compliance with servicing criteria described
      under Section 9.25(a) hereof or in the any Servicing Agreement or Custodial
      Agreement is not included as an exhibit to such Form 10-K, disclosure that
      such
      report is not included and an explanation why such report is not included,
      (C)(I) the registered public accounting firm attestation report for each
      Reporting Servicer, as described under Section 9.25(b) hereof and in each
      Servicing Agreement and Custodial Agreement and (II) if any registered public
      accounting firm attestation report described under Section 9.25(b) hereof or
      in
      any Servicing Agreement or Custodial Agreement identifies any material instance
      of noncompliance, disclosure identifying such instance of noncompliance, or
      if
      any such registered public accounting firm attestation report is not included
      as
      an exhibit to such Form 10-K, disclosure that such report is not included and
      an
      explanation why such report is not included, and (D) a Sarbanes-Oxley
      Certification. Any disclosure or information in addition to (A) through (D)
      above that is required to be included on Form 10-K (“Additional Form 10-K
      Disclosure”) shall be determined and prepared by and at the direction of the
      Depositor pursuant to the following paragraph and the Securities Administrator
      will have no duty or liability for any failure hereunder to determine or prepare
      any Additional Form 10-K Disclosure, except as set forth in the next paragraph.
      

    

    (ii) As
      set
      forth on Exhibit L-2 hereto, no later than March 15 of each year that the Trust
      Fund is subject to the Exchange Act reporting requirements, commencing in 2007,
      (A) certain parties to the Lehman Mortgage Trust 2006-6 transaction shall be
      required to provide to the Securities Administrator and the Depositor, to the
      extent known by a responsible officer thereof, in EDGAR-compatible form (which
      may be Word or Excel documents easily convertible to EDGAR format), or in such
      other form as otherwise agreed upon by the Securities Administrator and such
      party, the form and substance of any Additional Form 10-K Disclosure, if
      applicable, and include with such Additional Form 10-K Disclosure, an Additional
      Disclosure Notification in the form attached hereto as Exhibit L-4, and (B)
      the
      Depositor will approve, as to form and substance, or disapprove, as the case
      may
      be, the inclusion of the Additional Form 10-K Disclosure on Form 10-K. The
      Securities Administrator has no duty under this Agreement to monitor or enforce
      the performance by the parties listed on Exhibit L-2 of their duties under
      this
      paragraph or proactively solicit or procure from such parties any Form 10-K
      Disclosure Information. The Sponsor will be responsible for any reasonable
      fees
      and expenses assessed or incurred by the Securities Administrator in connection
      with including any Additional Form 10-K Disclosure on Form 10-K pursuant to
      this
      paragraph. 

    

    
      
        
        

      

      
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    (iii) After
      preparing the Form 10-K, the Securities Administrator shall forward
      electronically a copy of the Form 10-K to the Exchange Act Signing Party for
      review and approval. If the Master Servicer is the Exchange Act Signing Party
      and the Form 10-K includes Additional Form 10-K Disclosure, then the Form 10-K
      shall also be electronically distributed to the Depositor for review and
      approval. No later than the close of business New York City time on the 4th
      Business Day prior to the 10-K Filing Deadline, a duly authorized representative
      of the Exchange Act Signing Party shall sign the Form 10-K and return an
      electronic or fax copy of such signed Form 10-K (with an original executed
      hard
      copy to follow by overnight mail) to the Securities Administrator. If a Form
      10-K cannot be filed on time or if a previously filed Form 10-K needs to be
      amended, the Securities Administrator will follow the procedures set forth
      in
      subsection (g) of this Section 6.20. Promptly (but no later than one Business
      Day) after filing with the Commission, the Securities Administrator will make
      available on its internet website a final executed copy of each Form 10-K
      prepared and filed by the Securities Administrator. The parties to this
      Agreement acknowledge that the performance by the Securities Administrator
      of
      its duties under this Section 6.20(e) related to the timely preparation and
      filing of Form 10-K is contingent upon such parties (and any Additional Servicer
      or Servicing Function Participant) strictly observing all applicable deadlines
      in the performance of their duties under this Section 6.20(e), Section 9.25(a),
      Section 9.25(b) and Section 9.26. The Securities Administrator shall have no
      liability for any loss, expense, damage, claim arising out of or with respect
      to
      any failure to properly prepare and/or timely file such Form 10-K, where such
      failure results from the Securities Administrator’s inability or failure to
      obtain or receive, on a timely basis, any information from any other party
      hereto needed to prepare, arrange for execution or file such Form 10-K, not
      resulting from its own negligence, bad faith or willful misconduct.

    

    (iv) Each
      Form
      10-K shall include the Sarbanes-Oxley Certification. The Securities
      Administrator, the Paying Agent and, if the Depositor is the Exchange Act
      Signing Party, the Master Servicer, shall, and the Securities Administrator,
      the
      Paying Agent and the Master Servicer (if applicable) shall cause any Servicing
      Function Participant engaged by it to, provide to the Person who signs the
      Sarbanes-Oxley Certification (the “Certifying Person”), by March 15 of each year
      in which the Trust Fund is subject to the reporting requirements of the Exchange
      Act (each, a “Back-Up Certification”), in the form attached hereto as Exhibit
      Q-1 (or, in the case of (x) the Paying Agent, such other form as agreed to
      between the Paying Agent and the Exchange Act Signing Party, and (y) the
      Securities Administrator, the form attached hereto as Exhibit Q-2), upon which
      the Certifying Person, the entity for which the Certifying Person acts as an
      officer, and such entity’s officers, directors and Affiliates (collectively with
      the Certifying Person, “Certification Parties”) can reasonably rely. The senior
      officer of the Exchange Act Signing Party shall serve as the Certifying Person
      on behalf of the Trust Fund. In the event the Master Servicer, the Securities
      Administrator, the Paying Agent or any Servicing Function Participant engaged
      by
      such parties is terminated or resigns pursuant to the terms of this Agreement,
      such party or Servicing Function Participant shall provide a Back-Up
      Certification to the Certifying Person pursuant to this Section 6.20(e)(iv)
      with
      respect to the period of time it was subject to this Agreement.

    

    
      
        
        

      

      
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    (v) Each
      person (including their officers or directors) that signs any Form 10-K
      Certification shall be entitled to indemnification from the Trust Fund for
      any
      liability or expense incurred by it in connection with such certification,
      other
      than any liability or expense attributable to such Person’s own bad faith,
      negligence or willful misconduct. The provisions of this subsection shall
      survive any termination of this Agreement and the resignation or removal of
      such
      Person.

    

    (vi) Form
      10-K
      requires the registrant to indicate (by checking "yes" or "no") that it “(1) has
      filed all reports required to be filed by Section 13 or 15(d) of the Exchange
      Act during the preceding 12 months (or for such shorter period that the
      registrant was required to file such reports), and (2) has been subject to
      such
      filing requirements for the past 90 days.” The Depositor hereby represents to
      the Securities Administrator that the Depositor has filed all such required
      reports during the preceding 12 months and that it has been subject to such
      filing requirement for the past 90 days. The Depositor shall notify the
      Securities Administrator in writing, no later than March 15th
      with
      respect to the filing of a report on Form 10-K, if the answer to the questions
      should be “no.” The Securities Administrator shall be entitled to rely on such
      representations in preparing, executing and/or filing any such
      report.

    

    (f) Reports
      Filed on Form 8-K.

     

    (i) Within
      four Business Days after the occurrence of an event requiring disclosure on
      Form
      8-K (each such event, a “Reportable Event”), and if requested by the Depositor,
      the Securities Administrator shall prepare and file on behalf of the Trust
      Fund
      any Form 8-K, as required by the Exchange Act, provided
      that the
      Depositor shall file the initial Form 8-K in connection with the issuance of
      the
      Certificates. Any disclosure or information related to a Reportable Event or
      that is otherwise required to be included on Form 8-K (“Form 8-K Disclosure
      Information”) shall be determined and prepared by and at the direction of the
      Depositor pursuant to the following paragraph and the Securities Administrator
      will have no duty or liability for any failure hereunder to determine or prepare
      any Form 8-K Disclosure Information or any Form 8-K, except as set forth in
      the
      next paragraph. 

    

    (ii) As
      set
      forth on Exhibit L-3 hereto, for so long as the Trust Fund is subject to the
      Exchange Act reporting requirements, no later than Noon New York City time
      on
      the 2nd Business Day after the occurrence of a Reportable Event (A) certain
      parties to the Lehman Mortgage Trust 2006-6 transaction shall be required to
      provide to the Securities Administrator and the Depositor, to the extent known
      by a responsible officer thereof, in EDGAR-compatible form (which may be Word
      or
      Excel documents easily convertible to EDGAR format), or in such other form
      as
      otherwise agreed upon by the Securities Administrator and such party, the form
      and substance of any Form 8-K Disclosure Information, if applicable, and include
      with such Form 8-K Disclosure Information, an Additional Disclosure Notification
      in the form attached hereto as Exhibit L-4, and (B) the Depositor will approve,
      as to form and substance, or disapprove, as the case may be, the inclusion
      of
      the Form 8-K Disclosure Information. The Securities Administrator has no duty
      under this Agreement to monitor or enforce the performance by the parties listed
      on Exhibit L-3 of their duties under this paragraph or proactively solicit
      or
      procure from such parties any Form 8-K Disclosure Information. The Sponsor
      will
      be responsible for any reasonable fees and expenses assessed or incurred by
      the
      Securities Administrator in connection with including any Form 8-K Disclosure
      Information on Form 8-K pursuant to this paragraph. 

    

    
      
        
        

      

      
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    (iii) After
      preparing the Form 8-K, the Securities Administrator shall forward
      electronically, no later than Noon New York City time on the 3rd
      Business
      Day after the Reportable Event, a copy of the Form 8-K to the Exchange Act
      Signing Party for review and approval. If the Master Servicer is the Exchange
      Act Signing Party, then the Form 8-K shall also be electronically distributed
      to
      the Depositor for review and approval. No later than Noon New York City time
      on
      the 4th
      Business
      Day after the Reportable Event, a senior officer of the Exchange Act Signing
      Party shall sign the Form 8-K and return an electronic or fax copy of such
      signed Form 8-K (with an original executed hard copy to follow by overnight
      mail) to the Securities Administrator. If a Form 8-K cannot be filed on time
      or
      if a previously filed Form 8-K needs to be amended, the Securities Administrator
      will follow the procedures set forth in subsection (g) of this Section 6.20.
      Promptly (but no later than one Business Day) after filing with the Commission,
      the Securities Administrator will make available on its internet website a
      final
      executed copy of each Form 8-K prepared and filed by it pursuant to this Section
      6.20(f). The parties to this Agreement acknowledge that the performance by
      the
      Securities Administrator of its duties under this Section 6.20(f) related to
      the
      timely preparation and filing of Form 8-K is contingent upon such parties
      strictly observing all applicable deadlines in the performance of their duties
      under this Section 6.20(f). The Securities Administrator shall have no liability
      for any loss, expense, damage, claim arising out of or with respect to any
      failure to properly prepare and/or timely file such Form 8-K, where such failure
      results from the Securities Administrator’s inability or failure to obtain or
      receive, on a timely basis, any information from any other party hereto needed
      to prepare, arrange for execution or file such Form 8-K, not resulting from
      its
      own negligence, bad faith or willful misconduct. 

    

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

     

    (i) On
      or
      before January 30th
      in of
      the first year in which the Securities Administrator is able to do so under
      applicable law, unless otherwise directed by the Depositor, the Securities
      Administrator shall prepare and file a Form 15 relating to the automatic
      suspension of reporting in respect of the Trust Fund under the Exchange Act.
      

    

    
      
        
        

      

      
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    (ii) In
      the
      event that the Securities Administrator becomes aware that it will be unable
      to
      timely file with the Commission all or any required portion of any Form 8-K,
      10-D or 10-K required to be filed by this Agreement because required disclosure
      information was either not delivered to it or delivered to it after the delivery
      deadlines set forth in this Agreement or for any other reason, the Securities
      Administrator will promptly notify the Depositor. In the case of Form 10-D
      and
      10-K, the parties to this Agreement and each Servicer will cooperate to prepare
      and file a Form 12b-25 and a 10-D/A and 10-K/A as applicable, pursuant to Rule
      12b-25 of the Exchange Act. In the case of Form 8-K, the Securities
      Administrator will, upon receipt of all required Form 8-K Disclosure Information
      and upon the approval and direction of the Depositor, include such disclosure
      information on the next Form 10-D. In the event that any previously filed Form
      8-K, 10-D or 10-K needs to be amended with respect to an additional disclosure
      item, the Securities Administrator will notify the Depositor and any applicable
      party affected thereby and such parties will cooperate to prepare any necessary
      8-K/A, 10-D/A or 10-K/A. Any Form 15, Form 12b-25 or any amendment to Form
      8-K,
      10-D or 10-K shall be signed by a senior officer or a duly authorized
      representative, as applicable, of the Exchange Act Signing Party. The parties
      to
      this Agreement acknowledge that the performance by the Securities Administrator
      of its duties under this Section 6.20(g) related to the timely preparation
      and
      filing of Form 15, a Form 12b-25 or any amendment to Form 8-K, 10-D or 10-K
      is
      contingent upon each such party performing its duties under this Section. The
      Securities Administrator shall have no liability for any loss, expense, damage,
      claim arising out of or with respect to any failure to properly prepare and/or
      timely file any such Form 15, Form 12b-25 or any amendments to Forms 8-K, 10-D
      or 10-K, where such failure results from the Securities Administrator’s
      inability or failure to obtain or receive, on a timely basis, any information
      from any other party hereto needed to prepare, arrange for execution or file
      such Form 15, Form 12b-25 or any amendments to Forms 8-K, 10-D or 10-K, not
      resulting from its own negligence, bad faith or willful misconduct.

    

    (h) Any
      party
      that signs any Exchange Act report that the Securities Administrator is required
      to file shall provide to the Securities Administrator prompt notice of the
      execution of such Exchange Act report along with the name and contact
      information for the person signing such report and shall promptly deliver to
      the
      Securities Administrator the original executed signature page for such report.
      In addition, each of the parties agrees to provide to the Securities
      Administrator such additional information related to such party as the
      Securities Administrator may reasonably request, including evidence of the
      authorization of the person signing any certification or statement, financial
      information and reports, and such other information related to such party or
      its
      performance hereunder. 

    

    (i) The
      Depositor and the Master Servicer, by mutual agreement, shall determine which
      of
      the Depositor or the Master Servicer shall be the initial Exchange Act Signing
      Party. Upon such determination, the Depositor shall timely notify the Securities
      Administrator, and such notice shall provide contact information for the
      Exchange Act Signing Party. If the Depositor and Master Servicer, at any time,
      mutually agree to change the identity of the Exchange Act Signing Party, the
      Depositor shall provide timely notice to the Securities Administrator of any
      such change. Any notice delivered pursuant to this Section 6.20 may be by fax
      or
      electronic copy notwithstanding the notice provisions of Section
      11.07.

    

    
      
        
        

      

      
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    Section
      6.21. [Reserved]

     

    Section
      6.22. No
      Merger. 

     

    (a) The
      Trustee shall not cause or otherwise knowingly permit the assets of the Trust
      Fund to be merged or consolidated with any other entity, except as a result
      of a
      final judicial determination.

     

    Section
      6.23. Indemnification
      by the Securities Administrator. 

     

    The
      Securities Administrator agrees to indemnify the Depositor, the Trustee and
      the
      Master Servicer, and each of their respective directors, officers, employees
      and
      agents and the Trust Fund and hold each of them harmless from and against any
      losses, damages, penalties, fines, forfeitures, legal fees and expenses and
      related costs, judgments, and any other costs, fees and expenses that any of
      them may sustain arising out of or based upon the engagement of any
      Subcontractor in violation of Section 6.01(l) or any failure by the Securities
      Administrator to deliver any information, report, certification, accountants’
letter or other material when and as required under this Agreement, including
      any report under Sections 6.20, 9.25(a) or (b).

     

    Section
      6.24. Compliance
      with Regulation AB.

     

    Each
      of
      the parties hereto acknowledges and agrees that the purpose of Sections 6.01
      and
      6.20 of this Agreement is to facilitate compliance by the Sponsor, the Master
      Servicer, the Depositor and the Securities Administrator with the provisions
      of
      Regulation AB, as such may be amended or clarified from time to time. Therefore,
      each of the parties agrees that (a) the obligations of the parties hereunder
      shall be interpreted in such a manner as to accomplish compliance with
      Regulation AB, (b) the parties’ obligations hereunder will be supplemented and
      modified as necessary to be consistent with any such amendments, interpretive
      advice or guidance from the Commission, convention or consensus among active
      participants in the asset-backed securities markets, or otherwise in respect
      of
      the requirements of Regulation AB and (c) the parties shall comply with
      reasonable requests made by the Sponsor, the Master Servicer, the Depositor
      or
      the Securities Administrator for delivery of additional or different
      information, to the extent such information is available or reasonably
      attainable, as the Sponsor, the Master Servicer, the Depositor or the Securities
      Administrator may determine in good faith is necessary to comply with the
      provisions of Regulation AB.

     

    ARTICLE
      VII

     

    PURCHASE
      AND TERMINATION

    OF
      THE
      TRUST FUND

     

    Section
      7.01. Termination
      of Trust Fund Upon Repurchase or Liquidation of All Mortgage Loans.

     

    
      
        
        

      

      
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    (a) The
      respective obligations and responsibilities of the Trustee, the Securities
      Administrator and the Master Servicer created hereby (other than the obligation
      of the Securities Administrator to make payments to Certificateholders as set
      forth in Section 7.02, the obligation of the Master Servicer to make a final
      remittance to the Securities Administrator for deposit into the Certificate
      Account pursuant to Section 4.01 and the obligations of the Master Servicer
      to
      the Securities Administrator pursuant to Sections 9.10 and 9.14), shall
      terminate upon the occurrence of the earlier of (i) the final payment or other
      liquidation of the last Mortgage Loan remaining in the Trust Fund and the
      disposition of all REO Property, (ii) the sale of the property held by the
      Trust
      Fund in accordance with Section 7.01(b) and (iii) the Latest Possible Maturity
      Date (each, a “Trust Fund Termination Event”); provided, however, that in no
      event shall the Trust Fund created hereby continue beyond the expiration of
      21
      years from the death of the last survivor of the descendants of Joseph P.
      Kennedy, the late Ambassador of the United States to the Court of St. James’s,
      living on the date hereof or beyond the Latest Possible Maturity Date. Upon
      the
      occurrence of a Trust Fund Termination Event, each REMIC shall be terminated
      in
      a manner that shall qualify as a “qualified liquidation” under the REMIC
      Provisions.

     

    (b) On
      any
      Distribution Date occurring after the date on which the aggregate Scheduled
      Principal Balance of the Mortgage Loans is less than 10% of the Cut-off Date
      Aggregate Principal Balance (the “Initial Optional Termination Date”), the
      Master Servicer or LTURI-holders, as applicable, may, upon written direction
      to
      the Trustee (delivered no later than 30 days prior to the anticipated sale
      date), with a copy to the Securities Administrator, cause (i) the Trustee to
      sell (or arrange for the sale of) the assets of the Trust Fund and (ii) the
      Trust Fund to adopt a plan of complete liquidation pursuant to Section
      7.03(a)(i) hereof to sell all of its property. The property of the Trust Fund
      shall be sold at a price (the “Termination Price”) equal to the sum of: (i) 100%
      of the unpaid principal balance of each Mortgage Loan on the day of such
      purchase plus interest accrued thereon at the applicable Mortgage Rate with
      respect to any Mortgage Loan to the Due Date in the Due Period immediately
      preceding the related Distribution Date to the date of such repurchase, (ii)
      the
      fair market value of any REO Property and any other property held by any REMIC,
      such fair market value to be determined by an appraiser or appraisers appointed
      by the Master Servicer and reasonably acceptable to the Trustee (reduced, in
      the
      case of REO Property, by (1) reasonably anticipated disposition costs (as
      determined by the Master Servicer plus interest accrued thereon at the
      applicable Net Mortgage Rate to the date of purchases) and (2) any amount by
      which the fair market value as so reduced exceeds the outstanding principal
      balance of the related Mortgage Loan) and (iii) any unreimbursed Servicing
      Advances with respect to each Mortgage Loan. The Master Servicer, each Servicer,
      the Trustee, the Securities Administrator and each Custodian shall be reimbursed
      from the Termination Price for any Mortgage Loan or related REO Property for
      any
      Advances made or other amounts advanced with respect to the Mortgage Loans
      that
      are reimbursable to any such entity under this Agreement, the applicable
      Servicing Agreement or the applicable Custodial Agreement, together with any
      accrued and unpaid compensation and any other amounts due to the Master
      Servicer, the Securities Administrator or the Trustee hereunder or the Servicers
      or the Custodians.

     

    
      
        
        

      

      
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    (c) On
      any
      Distribution Date occurring on or after the Initial Optional Termination Date,
      the Master Servicer, with the prior written consent of the Seller, which consent
      shall not be unreasonably withheld, has the option to purchase all of the Lower
      Tier REMIC 1 Uncertificated Regular Interests. Upon exercise of such option,
      the
      Lower Tier REMIC 1 Uncertificated Regular Interests shall be sold to the Master
      Servicer at a price (the “Lower Tier REMIC 1 Uncertificated Regular Interests
      Purchase Price”) equal to the sum of (i) 100% of the unpaid principal balance of
      each Mortgage Loan on the day of such purchase plus interest accrued thereon
      at
      the applicable Mortgage Rate with respect to any Mortgage Loan to the Due Date
      in the Collection Period immediately preceding the related Distribution Date
      to
      the date of such repurchase and (ii) the fair market value of any REO Property
      and any other property held by any REMIC, such fair market value to be
      determined by an independent appraiser or appraisers mutually agreed upon by
      the
      Master Servicer and the Trustee (reduced, in the case of REO Property, by (1)
      reasonably anticipated disposition costs and (2) any amount by which the fair
      market value as so reduced exceeds the outstanding principal balance of the
      related Mortgage Loan plus interest accrued thereon at the applicable Net
      Mortgage Rate to the date of such purchase). If the Master Servicer elects
      to
      exercise such option, each REMIC created pursuant to this Agreement (other
      than
      REMIC I) shall be terminated in such a manner so that the termination of each
      such REMIC shall qualify as a “qualified liquidation” under the REMIC Provisions
      and the Lower Tier REMIC 1 Uncertificated Regular Interests and the Class LT-R
      Certificates will evidence the entire beneficial interest in the property of
      the
      Trust Fund. Following a purchase of the Lower Tier REMIC 1 Uncertificated
      Regular Interests pursuant to this subsection, the Trust Fund (and REMIC I)
      will
      remain outstanding and final payment on the Certificates (other than the Class
      LT-R Certificates) will be made in accordance with Sections 7.03(a)(iii) and
      5.02. The Trust Fund will terminate upon the occurrence of a Trust Fund
      Termination Event, in accordance with Section 7.01(a).

     

    Section
      7.02. Procedure
      Upon Termination of Trust Fund. 

     

    (a) Notice
      of
      any Trust Fund Termination Event and notice of the purchase of the Lower Tier
      REMIC 1 Uncertificated Regular Interests, specifying the Distribution Date
      upon
      which the final distribution to the Certificates (other than the Class LT-R
      Certificates, in the case of a purchase of the Lower Tier REMIC 1 Uncertificated
      Regular Interests) shall be made, shall be given promptly by the Securities
      Administrator by first class mail to Certificateholders mailed no later than
      5
      Business Days after the Securities Administrator has received notice from the
      Master Servicer of its election to cause (x) the sale of all of the property
      of
      the Trust Fund pursuant to Section 7.01(b), (y) the purchase of the Lower Tier
      REMIC 1 Uncertificated Regular Interests pursuant to Section 7.01(c) or (z)
      upon
      the final payment or other liquidation of the last Mortgage Loan or REO Property
      in the Trust Fund. In the case of a Trust Fund Termination Event, the Securities
      Administrator shall also give notice to the Certificate Registrar (if the
      Securities Administrator and the Certificate Registrar are not the same person)
      at the time notice is given to Holders of the Certificates.

     

    In
      the
      case of a Trust Fund Termination Event, such notice shall specify (A) the
      Distribution Date upon which final distribution on the Certificates or Lower
      Tier REMIC 1 Uncertificated Regular Interests of all amounts required to be
      distributed to Certificateholders pursuant to Section 5.02 will be made upon
      presentation and surrender of the Certificates at the Corporate Trust Office,
      and (B) that the Record Date otherwise applicable to such Distribution Date
      is
      not applicable, distribution being made only upon presentation and surrender
      of
      the Certificates at the office or agency of the Securities Administrator therein
      specified. Upon any such Trust Fund Termination Event, the duties of the
      Certificate Registrar with respect to the Certificates or Lower Tier REMIC
      1
      Uncertificated Regular Interests shall terminate and the Securities
      Administrator shall terminate or request the Master Servicer to terminate,
      the
      Collection Account it maintains, the Certificate Account and any other account
      or fund maintained with respect to the Certificates or Lower Tier REMIC 1
      Uncertificated Regular Interests, subject to the Securities Administrator’s
      obligation hereunder to hold all amounts payable to Certificateholders in trust
      without interest pending such payment. 

     

    
      
        
        

      

      
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    In
      the
      case of a purchase of the Lower Tier REMIC 1 Uncertificated Regular Interests,
      such notice shall specify (A) the Distribution Date upon which final
      distribution on the Certificates (other than the Class LT-R Certificates) of
      all
      amounts required to be distributed to Certificateholders pursuant to Section
      5.02 (other than any distributions to the Class LT-R Certificates in respect
      of
      REMIC I) will be made upon presentation and surrender of the Certificates (other
      than the Class LT-R Certificates) at the Corporate Trust Office of the
      Securities Administrator, and (B) that the Record Date otherwise applicable
      to
      such Distribution Date is not applicable, distribution being made only upon
      presentation and surrender of the Certificates (other than the Class LT-R
      Certificates) at the office or agency of the Securities Administrator therein
      specified. Upon any such purchase of the Lower Tier REMIC 1 Uncertificated
      Regular Interests, the duties of the Certificate Registrar with respect to
      the
      Certificates other than the Class LT-R Certificate shall terminate but the
      Securities Administrator shall not terminate or request the Master Servicer
      to
      terminate, the Collection Account it maintains, the Certificate Account and
      any
      other account or fund maintained with respect to the Certificates, subject
      to
      the Securities Administrator’s obligation hereunder to hold all amounts payable
      to Certificateholders in trust without interest pending such payment. For all
      Distribution Dates following the Distribution Date on which the Master Servicer
      purchases the Lower Tier REMIC 1 Uncertificated Regular Interests, all amounts
      that would be distributed on the Certificates (other than the Class LT-R
      Certificate and exclusive of amounts payable from any fund held outside of
      REMIC
      I) absent such purchase shall be payable to the LTURI-holder.

     

    (b) In
      the
      event that all of the applicable Holders do not surrender their Certificates
      for
      cancellation within three months after the time specified in the above-mentioned
      written notice, the Securities Administrator shall give a second written notice
      to such Certificateholders to surrender their Certificates for cancellation
      and
      receive the final distribution with respect thereto. If within one year after
      the second notice any such Certificates shall not have been surrendered for
      cancellation, the Securities Administrator may take appropriate steps to contact
      such remaining Certificateholders concerning surrender of such Certificates,
      and
      the cost thereof shall be paid out of the amounts distributable to such Holders.
      If within two years after the second notice such Certificates shall not have
      been surrendered for cancellation, the Securities Administrator shall, subject
      to applicable state law relating to escheatment, hold all amounts distributable
      to such Holders for the benefit of such Holders. No interest shall accrue on
      any
      amount held by the Securities Administrator and not distributed to a
      Certificateholder due to such Certificateholder’s failure to surrender its
      Certificate(s) for payment of the final distribution thereon in accordance
      with
      this Section.

     

    
      
        
        

      

      
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    (c) Any
      reasonable expenses incurred by the Trustee or Securities Administrator in
      connection with any Trust Fund Termination Event or any purchase of the Lower
      Tier REMIC I Uncertificated Regular Interests shall be reimbursed from proceeds
      received from the liquidation of the Trust Fund.

     

    Section
      7.03. Additional
      Requirements for any Trust Fund Termination Events or Purchase of the Lower
      Tier
      REMIC 1 Uncertificated Regular Interests. 

     

    (a) Any
      termination of the Trust Fund pursuant to Section 7.01(a) or any termination
      of
      a REMIC pursuant to Section 7.01(c) shall be effected in accordance with the
      following additional requirements, unless the Securities Administrator receives
      (at the request of the party exercising the option to purchase all of the
      Mortgage Loans or Lower Tier REMIC 1 Uncertificated Regular Interests pursuant
      to Section 7.01(b) or Section 7.01(c), respectively) an Opinion of Counsel
      (at
      the expense of such requesting party), addressed to the Securities Administrator
      to the effect that the failure to comply with the requirements of this Section
      7.03 will not result in an Adverse REMIC Event:

     

    (i) Within
      89
      days prior to the time of the making of the final payment on the Certificates
      other than the Class LT-R Certificates, in the case of a purchase of the Lower
      Tier REMIC 1 Uncertificated Regular Interests, upon notification by the Master
      Servicer or an Affiliate of the Seller that it intends to exercise its option
      to
      cause the termination of the Trust Fund or purchase the Lower Tier REMIC 1
      Uncertificated Regular Interests, the Securities Administrator shall adopt
      a
      plan of complete liquidation on behalf of each REMIC (other than REMIC I, in
      the
      case of a purchase of the Lower Tier REMIC 1 Uncertificated Regular Interests),
      meeting the requirements of a qualified liquidation under the REMIC Provisions;
      

     

    (ii) Any
      sale
      of the assets of the Trust Fund or the Lower Tier REMIC 1 Uncertificated Regular
      Interests pursuant to Section 7.02 shall be a sale for cash and shall occur
      at
      or after the time of adoption of such a plan of complete liquidation and prior
      to the time of making of the final payment on the Certificates (other than
      the
      Class LT-R Certificates, in the case of a purchase of the Lower Tier REMIC
      1
      Uncertificated Regular Interests);

     

    (iii) On
      the
      date specified for final payment of the Certificates (other than the Class
      LT-R
      Certificates, in the case of a purchase of the Lower Tier REMIC 1 Uncertificated
      Regular Interests), the Securities Administrator shall make final distributions
      of principal and interest on such Certificates in accordance with Section 5.02.
      In the case of a Trust Fund Termination Event, and, after payment of, or
      provision for any outstanding expenses, the Securities Administrator shall
      distribute or credit, or cause to be distributed or credited, to the Holders
      of
      the Residual Certificates all cash on hand after such final payment (other
      than
      cash retained to meet claims), and the Trust Fund (and each REMIC) shall
      terminate at that time; and

     

    (iv) In
      no
      event may the final payment on the Certificates or the final distribution or
      credit to the Holders of the Residual Certificates in respect of the residual
      interest in any liquidated REMIC be made after the 89th day from the date on
      which the plan of complete liquidation for such REMIC is adopted.

     

    
      
        
        

      

      
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    (b) By
      its
      acceptance of a Residual Certificate, each Holder thereof hereby (i) authorizes
      the Securities Administrator to take the action described in paragraph (a)
      above
      and (ii) agrees to take such other action as may be necessary to facilitate
      liquidation of each REMIC created under this Agreement, which authorization
      shall be binding upon all successor Residual Certificateholders.

     

    (c) In
      connection with the termination of the Trust Fund or a Section 7.01(c) Purchase
      Event, the Securities Administrator may request an Opinion of Counsel addressed
      to the Securities Administrator (at the expense of the Depositor) to the effect
      that all of the requirements of a qualified liquidation under the REMIC
      Provisions have been met.

     

    Section
      7.04. Charged-off
      Loans and Released Mortgage Loans.

     

    Notwithstanding
      anything to the contrary contained in this Agreement, each Charged-off Loan
      that
      becomes a Released Mortgage Loan shall be released from the Trust Fund as soon
      as practicable after becoming a Released Mortgage Loan and shall no longer
      be an
      asset of any REMIC. Each Released Mortgage Loan shall be transferred to the
      Released Mortgage Transferee, without recourse. Thereafter (i) the Released
      Mortgage Transferee shall be entitled to any amounts subsequently received
      in
      respect of any such Released Mortgage Loans, (ii) the Released Mortgage
      Transferee may designate any Servicer to service any such Released Mortgage
      Loan
      and (iii) the Released Mortgage Transferee may sell any such Released Mortgage
      Loan to a third party. For purposes of compliance with the REMIC Provisions,
      any
      such Released Mortgage Loan transferred to the Released Mortgage Transferee
      pursuant to this Section 7.04 and having any value as of the date of such
      transfer shall be treated as having been transferred by the related REMIC as
      additional compensation for services provided to such REMIC.

     

    ARTICLE
      VIII

     

    RIGHTS
      OF
      CERTIFICATEHOLDERS

     

    Section
      8.01. Limitation
      on Rights of Holders. 

     

    (a) The
      death
      or incapacity of any Certificateholder shall not operate to terminate this
      Agreement or this Trust Fund, nor entitle such Certificateholder’s legal
      representatives or heirs to claim an accounting or take any action or proceeding
      in any court for a partition or winding up of this Trust Fund, nor otherwise
      affect the rights, obligations and liabilities of the parties hereto or any
      of
      them. Except as otherwise expressly provided herein, no Certificateholder,
      solely by virtue of its status as a Certificateholder, shall have any right
      to
      vote or in any manner otherwise control the Master Servicer or the operation
      and
      management of the Trust Fund, or the obligations of the parties hereto, nor
      shall anything herein set forth, or contained in the terms of the Certificates,
      be construed so as to constitute the Certificateholders from time to time as
      partners or members of an association, nor shall any Certificateholder be under
      any liability to any third person by reason of any action taken by the parties
      to this Agreement pursuant to any provision hereof.

     

    
      
        
        

      

      
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    (b) No
      Certificateholder, solely by virtue of its status as Certificateholder, shall
      have any right by virtue or by availing of any provision of this Agreement
      to
      institute any suit, action or proceeding in equity or at law upon or under
      or
      with respect to this Agreement, unless such Holder previously shall have given
      to the Trustee a written notice of an Event of Default and of the continuance
      thereof, as hereinbefore provided, and unless also the Holders of Certificates
      evidencing not less than 25% of the Class Principal Amount (or Class Notional
      Amount) of Certificates of each Class shall have made written request upon
      the
      Trustee to institute such action, suit or proceeding in its own name as Trustee
      hereunder and shall have offered to the Trustee such reasonable indemnity as
      it
      may require against the cost, expenses and liabilities to be incurred therein
      or
      thereby, and the Trustee, for sixty days after its receipt of such notice,
      request and offer of indemnity, shall have neglected or refused to institute
      any
      such action, suit or proceeding and no direction inconsistent with such written
      request has been given such Trustee during such sixty-day period by such
      Certificateholders; it being understood and intended, and being expressly
      covenanted by each Certificateholder with every other Certificateholder and
      the
      Trustee, that no one or more Holders of Certificates shall have any right in
      any
      manner whatever by virtue or by availing of any provision of this Agreement
      to
      affect, disturb or prejudice the rights of the Holders of any other of such
      Certificates, or to obtain or seek to obtain priority over or preference to
      any
      other such Holder, or to enforce any right under this Agreement, except in
      the
      manner herein provided and for the benefit of all Certificateholders. For the
      protection and enforcement of the provisions of this Section, each and every
      Certificateholder and the Trustee shall be entitled to such relief as can be
      given either at law or in equity.

     

    Section
      8.02. Access
      to List of Holders. 

     

    (a) If
      the
      Securities Administrator is not acting as Certificate Registrar, the Certificate
      Registrar will furnish or cause to be furnished to the Securities Administrator,
      within fifteen days after receipt by the Certificate Registrar of a request
      by
      the Securities Administrator in writing, a list, in such form as the Securities
      Administrator may reasonably require, of the names and addresses of the
      Certificateholders of each Class as of the most recent Record Date.

     

    (b) If
      three
      or more Holders or Certificate Owners (hereinafter referred to as “Applicants”)
      apply in writing to the Securities Administrator, and such application states
      that the Applicants desire to communicate with other Holders with respect to
      their rights under this Agreement or under the Certificates and is accompanied
      by a copy of the communication which such Applicants propose to transmit, then
      the Securities Administrator shall, within five Business Days after the receipt
      of such application, afford such Applicants reasonable access during the normal
      business hours of the Securities Administrator to the most recent list of
      Certificateholders held by the Securities Administrator or shall, as an
      alternative, send, at the Applicants’ expense, the written communication
      proffered by the Applicants to all Certificateholders at their addresses as
      they
      appear in the Certificate Register.

     

    
      
        
        

      

      
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    (c) Every
      Holder or Certificate Owner, if the Holder is a Clearing Agency, by receiving
      and holding a Certificate, agrees with the Depositor, the Master Servicer,
      the
      Certificate Registrar and the Securities Administrator that neither the
      Depositor, the Master Servicer, the Certificate Registrar nor the Securities
      Administrator shall be held accountable by reason of the disclosure of any
      such
      information as to the names and addresses of the Certificateholders hereunder,
      regardless of the source from which such information was derived.

     

    Section
      8.03. Acts
      of Holders of Certificates. 

     

    (a) Any
      request, demand, authorization, direction, notice, consent, waiver or other
      action provided by this Agreement to be given or taken by Holders or Certificate
      Owner, if the Holder is a Clearing Agency, may be embodied in and evidenced
      by
      one or more instruments of substantially similar tenor signed by such Holders
      in
      person or by agent duly appointed in writing; and, except as herein otherwise
      expressly provided, such action shall become effective when such instrument
      or
      instruments are delivered to the Trustee and the Securities Administrator and,
      where expressly required herein, to the Master Servicer. Such instrument or
      instruments (as the action embodies therein and evidenced thereby) are herein
      sometimes referred to as an “Act” of the Holders signing such instrument or
      instruments. Proof of execution of any such instrument or of a writing
      appointing any such agents shall be sufficient for any purpose of this Agreement
      and conclusive in favor of the Trustee, the Securities Administrator and the
      Master Servicer, if made in the manner provided in this Section. Each of the
      Trustee, the Securities Administrator and the Master Servicer shall promptly
      notify the others of receipt of any such instrument by it, and shall promptly
      forward a copy of such instrument to the others.

     

    (b) The
      fact
      and date of the execution by any Person of any such instrument or writing may
      be
      proved by the affidavit of a witness of such execution or by the certificate
      of
      any notary public or other officer authorized by law to take acknowledgments
      or
      deeds, certifying that the individual signing such instrument or writing
      acknowledged to him the execution thereof. Whenever such execution is by an
      officer of a corporation or a member of a partnership on behalf of such
      corporation or partnership, such certificate or affidavit shall also constitute
      sufficient proof of his authority. The fact and date of the execution of any
      such instrument or writing, or the authority of the individual executing the
      same, may also be proved in any other manner which the Trustee or Securities
      Administrator, as applicable, deems sufficient.

     

    (c) The
      ownership of Certificates or Lower Tier REMIC I Uncertificated Regular Interests
      (whether or not such Certificates or Lower Tier REMIC I Uncertificated Regular
      Interests shall be overdue and notwithstanding any notation of ownership or
      other writing thereon made by anyone other than the Trustee) shall be proved
      by
      the Certificate Register, and none of the Trustee, the Securities Administrator,
      the Master Servicer, or the Depositor shall be affected by any notice to the
      contrary.

     

    
      
        
        

      

      
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    (d) Any
      request, demand, authorization, direction, notice, consent, waiver or other
      action by the Holder of any Certificate or Lower Tier REMIC I Uncertificated
      Regular Interests shall bind every future Holder of the same Certificate and
      the
      Holder of every Certificate or Lower Tier REMIC I Uncertificated Regular
      Interests issued upon the registration of transfer thereof or in exchange
      therefor or in lieu thereof, in respect of anything done, omitted or suffered
      to
      be done by the Securities Administrator or the Master Servicer in reliance
      thereon, whether or not notation of such action is made upon such Certificate
      or
      Lower Tier REMIC I Uncertificated Regular Interests.

     

    ARTICLE
      IX

     

    ADMINISTRATION
      AND SERVICING OF MORTGAGE LOANS

    BY
      THE
      MASTER SERVICER

     

    Section
      9.01. Duties
      of the Master Servicer. 

     

    The
      Certificateholders, by their purchase and acceptance of the Certificates or
      Lower Tier REMIC I Uncertificated Regular Interests, appoint Aurora Loan
      Services LLC, as Master Servicer. For and on behalf of the Depositor, the
      Trustee, the
      Securities
      Administrator and the Certificateholders, the Master Servicer shall master
      service the Mortgage Loans in accordance with the provisions of this Agreement
      and the provisions of the Servicing Agreements.

     

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

     

    (a) The
      Master Servicer, at its expense, shall maintain in effect a Fidelity Bond and
      an
      Errors and Omissions Insurance Policy, affording coverage with respect to all
      directors, officers, employees and other Persons acting on such Master
      Servicer’s behalf, and covering errors and omissions in the performance of the
      Master Servicer’s obligations hereunder. The Errors and Omissions Insurance
      Policy and the Fidelity Bond shall be in such form and amount that would meet
      the requirements of FNMA or FHLMC if it were the purchaser of the Mortgage
      Loans. The Master Servicer shall (i) require each Servicer to maintain an Errors
      and Omissions Insurance Policy and a Fidelity Bond in accordance with the
      provisions of the applicable Servicing Agreement, (ii) cause each Servicer
      to
      provide to the Master Servicer certificates evidencing that such policy and
      bond
      is in effect and to furnish to the Master Servicer any notice of cancellation,
      non-renewal or modification of the policy or bond received by it, as and to
      the
      extent provided in the applicable Servicing Agreement, and (iii) furnish copies
      of the certificates and notices referred to in clause (ii) to the Trustee upon
      its request. The Fidelity Bond and Errors and Omissions Insurance Policy may
      be
      obtained and maintained in blanket form.

     

    
      
        
        

      

      
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    (b) The
      Master Servicer shall promptly report to the Trustee any material changes that
      may occur in the Master Servicer Fidelity Bond or the Master Servicer Errors
      and
      Omissions Insurance Policy and shall furnish to the Trustee, on request,
      certificates evidencing that such bond and insurance policy are in full force
      and effect. The Master Servicer shall promptly report to the Trustee all cases
      of embezzlement or fraud, if such events involve funds relating to the Mortgage
      Loans. The total losses, regardless of whether claims are filed with the
      applicable insurer or surety, shall be disclosed in such reports together with
      the amount of such losses covered by insurance. If a bond or insurance claim
      report is filed with any of such bonding companies or insurers, the Master
      Servicer shall promptly furnish a copy of such report to the Trustee. Any
      amounts relating to the Mortgage Loans collected by the Master Servicer under
      any such bond or policy shall be promptly remitted by the Master Servicer to
      the
      Securities Administrator for deposit into the Certificate Account. Any amounts
      relating to the Mortgage Loans collected by any Servicer under any such bond
      or
      policy shall be remitted to the Master Servicer to the extent provided in the
      applicable Servicing Agreement.

     

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

     

    For
      each
      year this Agreement is in effect, the Master Servicer shall submit to each
      Rating Agency and the Depositor a copy of its annual unaudited financial
      statements on or prior to March 15 of each year, commencing March 15, 2007.
      Such
      financial statements shall include a balance sheet, income statement, statement
      of retained earnings, statement of additional paid-in capital, statement of
      changes in financial position and all related notes and schedules and shall
      be
      in comparative form, certified by a nationally recognized firm of Independent
      Accountants to the effect that such statements were examined and prepared in
      accordance with generally accepted accounting principles applied on a basis
      consistent with that of the preceding year.

     

    Section
      9.04. Power
      to Act; Procedures. 

     

    
      
        
        

      

      
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    (a) The
      Master Servicer shall master service the Mortgage Loans and shall have full
      power and authority, subject to the REMIC Provisions and the provisions of
      Article X hereof, and each Servicer shall have full power and authority (to
      the
      extent provided in the applicable Servicing Agreement) to do any and all things
      that it may deem necessary or desirable in connection with the servicing and
      administration of the Mortgage Loans, including but not limited to the power
      and
      authority (i) to execute and deliver, on behalf of the Certificateholders and
      the Trustee, customary consents or waivers and other instruments and documents,
      (ii) to consent to transfers of any Mortgaged Property and assumptions of the
      Mortgage Notes and related Mortgages, (iii) to collect any Insurance Proceeds
      and Liquidation Proceeds, and (iv) to effectuate foreclosure or other conversion
      of the ownership of the Mortgaged Property securing any Mortgage Loan, in each
      case, in accordance with the provisions of this Agreement and the applicable
      Servicing Agreement, as applicable; provided
      that the
      Master Servicer shall not take, or knowingly permit any Servicer to take, any
      action that is inconsistent with or prejudices the interests of the Trust Fund,
      the Trustee or the Certificateholders in any Mortgage Loan or the rights and
      interests of the Depositor, the Trustee and the Certificateholders under this
      Agreement. The Master Servicer further is authorized and empowered by the
      Trustee, on behalf of the Certificateholders and the Trustee, in its own name
      or
      in the name of any Servicer, when the Master Servicer or the Servicer, as the
      case may be, believes it is appropriate in its best judgment to register any
      Mortgage Loan with MERS, or cause the removal from the registration of any
      Mortgage Loan on the MERS system, to execute and deliver, on behalf of the
      Trustee and the Certificateholders or any of them, any and all instruments
      of
      assignment and other comparable instruments with respect to such assignment
      or
      re-recording of a Mortgage in the name of MERS, solely as nominee for the
      Trustee and its successors and assigns. The Master Servicer shall represent
      and
      protect the interests of the Trust Fund in the same manner as it protects its
      own interests in mortgage loans in its own portfolio in any claim, proceeding
      or
      litigation regarding a Mortgage Loan and shall not make or knowingly permit
      any
      Servicer to make any modification, waiver or amendment of any term of any
      Mortgage Loan that would cause any REMIC formed hereby to fail to qualify as
      a
      REMIC or result in the imposition of any tax under Section 860F(a) or Section
      860G(d) of the Code. Without limiting the generality of the foregoing, the
      Master Servicer in its own name or in the name of a Servicer, and each Servicer,
      to the extent such authority is delegated to such Servicer by the Master
      Servicer under the applicable Servicing Agreement, is hereby authorized and
      empowered by the Trustee when the Master Servicer or applicable Servicer, as
      the
      case may be, believes it appropriate in its best judgment and in accordance
      with
      Accepted Servicing Practices and the applicable Servicing Agreement, to execute
      and deliver, on behalf of itself and the Certificateholders, the Trustee or
      any
      of them, any and all instruments of satisfaction or cancellation, or of partial
      or full release or discharge and all other comparable instruments, with respect
      to the Mortgage Loans and with respect to the Mortgaged Properties. The Trustee
      shall execute, upon request, any powers of attorney furnished to it (and
      reasonably acceptable to it) by the Master Servicer empowering the Master
      Servicer or any Servicer to execute and deliver instruments of satisfaction
      or
      cancellation, or of partial or full release or discharge, and to foreclose
      upon
      or otherwise liquidate Mortgaged Property, and to appeal, prosecute or defend
      in
      any court action relating to the Mortgage Loans or the Mortgaged Property,
      in
      accordance with the applicable Servicing Agreement and this Agreement, and
      the
      Trustee shall execute and deliver such other documents, as the Master Servicer
      may request, necessary or appropriate to enable the Master Servicer to master
      service the Mortgage Loans and carry out its duties hereunder, and allow each
      Servicer to service the Mortgage Loans in each case in accordance with Accepted
      Servicing Practices (and the Trustee shall have no liability for misuse of
      any
      such powers of attorney by the Master Servicer or any Servicer). If the Master
      Servicer or the Trustee has been advised that it is likely that the laws of
      the
      state in which action is to be taken prohibit such action if taken in the name
      of the Trustee or that the Trustee would be adversely affected under the “doing
      business” or tax laws of such state if such action is taken in its name, then
      upon request of the Trustee, the Master Servicer shall join with the Trustee
      in
      the appointment of a co-trustee pursuant to Section 6.09 hereof. In the
      performance of its duties hereunder, the Master Servicer shall be an independent
      contractor and shall not, except in those instances where it is taking action
      in
      the name of the Trustee, be deemed to be the agent of the Trustee.

     

    
      
        
        

      

      
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    (b) In
      master
      servicing and administering the Mortgage Loans, the Master Servicer shall employ
      procedures and exercise the same care that it customarily employs and exercises
      in master servicing and administering loans for its own account, giving due
      consideration to Accepted Servicing Practices where such practices do not
      conflict with this Agreement. Consistent with the foregoing, the Master Servicer
      may, and may permit any Servicer to, in its discretion (i) waive any late
      payment charge or any prepayment charge or penalty interest in connection with
      the prepayment of a Mortgage Loan, and, except as set forth below (ii) extend
      the due dates for payments due on a Mortgage Note for a period not greater
      than
      120 days; provided,
      however,
      that
      the maturity of any Mortgage Loan shall not be extended past the date on which
      the final payment is due on the latest maturing Mortgage Loan as of the Cut-off
      Date. In the event of any extension described in clause (ii) above, the Master
      Servicer shall make or cause to be made Advances on the related Mortgage Loan
      in
      accordance with the provisions of Section 5.04 on the basis of the amortization
      schedule of such Mortgage Loan without modification thereof by reason of such
      extension. Notwithstanding
      anything to the contrary in this Agreement, the Master Servicer shall not make
      or knowingly permit any modification, waiver or amendment of any material term
      of any Mortgage Loan unless: (1) such Mortgage Loan is in default or default
      by
      the related Mortgagor is, in the reasonable judgment of the Master Servicer
      or
      the applicable
      Servicer, reasonably foreseeable, (2) in the case of a waiver of a Prepayment
      Premium if (a) such Mortgage Loan is in default or default by the related
      Mortgagor is reasonably foreseeable, and such waiver would maximize recovery
      of
      total proceeds taking into account the value of such Prepayment Premium and
      the
      related Mortgage Loan or (b) if the prepayment is not the result of a refinance
      by the Servicer or any of its affiliates and (i) such Mortgage Loan is in
      default or default by the related Mortgagor is, in the reasonable judgment
      of
      the Master Servicer or the
      applicable
      Servicer, reasonably foreseeable, and such waiver would maximize recovery of
      total proceeds taking into account the value of such Prepayment Premium and
      the
      related Mortgage Loan or (ii) the collection of the Prepayment Premium would
      be
      in violation of applicable laws or (iii) the collection of such Prepayment
      Premium would be considered "predatory" pursuant to written guidance published
      or issued by any applicable federal, state or local regulatory authority acting
      in its official capacity and having jurisdiction over such matters, and (3)
      the
      Master Servicer shall have provided or caused to be provided to the Trustee
      an
      Opinion of Counsel(which opinion shall, if provided by the Master Servicer,
      be
      an expense reimbursed from the Collection Account pursuant to Section 4.02(v))
      in writing to the effect that such modification, waiver or amendment would
      not
      cause an Adverse REMIC Event; provided,
      in no event shall an Opinion of Counsel be required for the waiver of a
      Prepayment Premium under clause (2) above. Notwithstanding
      anything to the contrary, the Master Servicer shall not without the Trustee’s
      written consent: (i) initiate any action, suit or proceeding solely under the
      Trustee’s name without indicating the Master Servicer’s representative capacity
      or (ii) take any action with the intent to cause, and which actually does cause,
      the Trustee to be registered to do business in any state.

     

    Section
      9.05. Servicing
      Agreements Between the Master Servicer and Servicers; Enforcement of Servicers’
Obligations. 

     

    (a) Each
      Servicing Agreement requires the applicable Servicer to service the Mortgage
      Loans in accordance with the provisions thereof. References in this Agreement
      to
      actions taken or to be taken by the Master Servicer include such actions taken
      or to be taken by the Servicer pursuant to a Servicing Agreement. Any fees,
      costs and expenses and other amounts payable to such Servicers shall be deducted
      from amounts remitted to the Master Servicer by the applicable Servicer (to
      the
      extent permitted by the applicable Servicing Agreement) and shall not be an
      obligation of the Trust Fund, the Trustee or the Master Servicer.

     

    
      
        
        

      

      
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    (b) The
      Master Servicer shall not be required to (i) take any action with respect to
      the
      servicing of any Mortgage Loan that the related Servicer is not required to
      take
      under the related Servicing Agreement and (ii) cause a Servicer to take any
      action or refrain from taking any action if the related Servicing Agreement
      does
      not require such Servicer to take such action or refrain from taking such
      action; in both cases notwithstanding any provision of this Agreement that
      requires the Master Servicer to take such action or cause the Servicer to take
      such action.

     

    (c) The
      Master Servicer, for the benefit of the Trustee and the Certificateholders,
      shall enforce the obligations of each Servicer under the related Servicing
      Agreement, and shall use its reasonable best efforts to enforce the obligations
      of each Servicer under the related Servicing Agreement and shall, upon its
      obtaining actual knowledge of the failure of a Servicer to perform its
      obligations in accordance with the related Servicing Agreement, to the extent
      that the non-performance of any such obligations would have a material adverse
      effect on a Mortgage Loan, the Trust Fund or Certificateholders terminate the
      rights and obligations of such Servicer thereunder to the extent and in the
      manner permitted by the Servicing Agreement and either act as Servicer of the
      related Mortgage Loans or enter into a Servicing Agreement with a successor
      servicer. Such enforcement, including, without limitation, the legal prosecution
      of claims, termination of the Servicing Agreements and the pursuit of other
      appropriate remedies, shall be in such form and carried out to such an extent
      and at such time as the Master Servicer, in its good faith business judgment,
      would require were it the owner of the related Mortgage Loans. The Master
      Servicer shall pay the costs of such enforcement at its own expense, and shall
      be reimbursed therefor initially only (i) from a general recovery resulting
      from
      such enforcement only to the extent, if any, that such recovery exceeds all
      amounts due in respect of the related Mortgage Loans or (ii) from a specific
      recovery of costs, expenses or attorneys’ fees against the party against whom
      such enforcement is directed, and then, to the extent that such amounts are
      insufficient to reimburse the Master Servicer for the costs of such enforcement,
      (iii) from the Collection Account.

     

    (d) The
      Master Servicer shall be entitled to rely conclusively on any certifications
      or
      other information provided by the Servicer under the terms of the Servicing
      Agreement in its preparation of any certifications, notifications, filings
      or
      reports to be made in accordance with the terms hereof or as may be required
      by
      applicable law or regulation.

     

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

     

    (a) To
      the
      extent provided in the applicable Servicing Agreement, the Master Servicer
      shall
      cause each Servicer to establish and maintain one or more custodial accounts
      at
      a depository institution (which may be a depository institution with which
      the
      Master Servicer or any Servicer establishes accounts in the ordinary course
      of
      its servicing activities), the accounts of which are insured to the maximum
      extent permitted by the FDIC (each, an “Escrow Account”) and shall deposit
      therein any collections of amounts received with respect to amounts due for
      taxes, assessments, water rates, Standard Hazard Insurance Policy premiums
      or
      any comparable items for the account of the Mortgagors. Withdrawals from any
      Escrow Account may be made (to the extent amounts have been escrowed for such
      purpose) only in accordance with the applicable Servicing Agreement. Each
      Servicer shall be entitled to all investment income not required to be paid
      to
      Mortgagors on any Escrow Account maintained by such Servicer. The Master
      Servicer shall make (or cause to be made) to the extent provided in the
      applicable Servicing Agreement advances to the extent necessary in order to
      effect timely payment of taxes, water rates, assessments, Standard Hazard
      Insurance Policy premiums or comparable items in connection with the related
      Mortgage Loan (to the extent that the Mortgagor is required, but fails, to
      pay
      such items), provided
      that it
      has determined that the funds so advanced are recoverable from escrow payments,
      reimbursement pursuant to Section 4.02(v) or otherwise.

     

    
      
        
        

      

      
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    (b) Costs
      incurred by the Master Servicer or by Servicers in effecting the timely payment
      of taxes and assessments on the properties subject to the Mortgage Loans may
      be
      added to the amount owing under the related Mortgage Note where the terms of
      the
      Mortgage Note so permit; provided,
      however,
      that
      the addition of any such cost shall not be taken into account for purposes
      of
      calculating the distributions to be made to Certificateholders. Such costs,
      to
      the extent that they are unanticipated, extraordinary costs, and not ordinary
      or
      routine costs shall be recoverable by the Master Servicer pursuant to Section
      4.02(v).

     

    Section
      9.07. Termination
      of Servicing Agreements; Successor Servicers.

     

    (a) The
      Master Servicer shall be entitled to terminate the rights and obligations of
      any
      Servicer under the applicable Servicing Agreement in accordance with the terms
      and conditions of such Servicing Agreement and without any limitation by virtue
      of this Agreement; provided,
      however,
      that in
      the event of termination of any Servicing Agreement by the Master Servicer
      or
      the related Servicer, the Master Servicer shall either act as Servicer of the
      related Mortgage Loans, or enter into a servicing agreement with a successor
      servicer. The parties acknowledge that notwithstanding the preceding sentence,
      there may be a transition period, not to exceed 90 days, in order to effect
      the
      transfer of servicing to a successor servicer.  The Master Servicer shall
      be entitled to be reimbursed from each Servicer (or by the Trust Fund, if such
      Servicer is unable to fulfill its obligations hereunder) for all costs
      associated with the transfer of servicing from the predecessor Servicer,
      including without limitation, any costs or expenses associated with the complete
      transfer of all servicing data and the completion, correction or manipulation
      of
      such servicing data, as may be required by the Master Servicer to correct any
      errors or insufficiencies in the servicing data or otherwise to enable the
      Master Servicer to service the Mortgage Loans properly and
      effectively.

     

    (b) If
      the
      Master Servicer acts as Servicer, it will not assume liability for the
      representations and warranties of the Servicer, if any, that it replaces. The
      Master Servicer shall use reasonable efforts to have the successor servicer
      assume liability for the representations and warranties made by the terminated
      Servicer in respect of the related Mortgage Loans, and in the event of any
      such
      assumption by the successor servicer, the Trustee or the Master Servicer, as
      applicable, may, in the exercise of its business judgment, release the
      terminated Servicer from liability for such representations and
      warranties.

     

    
      
        
        

      

      
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    Section
      9.08. Master
      Servicer Liable for Enforcement. 

     

    Notwithstanding
      any Servicing Agreement, the Master Servicer shall remain obligated and liable
      to the Trustee and the Certificateholders in accordance with the provisions
      of
      this Agreement, to the extent of its obligations hereunder, without diminution
      of such obligation or liability by virtue of such Servicing Agreement or
      arrangements. The Master Servicer shall use commercially reasonable efforts
      to
      ensure that the Mortgage Loans are serviced in accordance with the provisions
      of
      this Agreement and shall use commercially reasonable efforts to enforce the
      provisions of each Servicing Agreement for the benefit of the
      Certificateholders. The Master Servicer shall be entitled to enter into any
      agreement with the Servicers for indemnification of the Master Servicer and
      nothing contained in this Agreement shall be deemed to limit or modify such
      indemnification. Except as expressly set forth herein, the Master Servicer
      shall
      have no liability for the acts or omissions of such Servicer in the performance
      by the Servicer of its obligations under the related Servicing
      Agreement.

     

    Section
      9.09. No
      Contractual Relationship Between Servicers and Trustee or Depositor.

     

    Any
      Servicing Agreement that may be entered into and any other transactions or
      services relating to the Mortgage Loans involving a Servicer in its capacity
      as
      such and not as an originator shall be deemed to be between such Servicer,
      the
      related Seller and the Master Servicer, and except to the extent expressly
      provided therein the Trustee and the Depositor shall not be deemed parties
      thereto and shall have no claims, rights, obligations, duties or liabilities
      with respect to such Servicer except as set forth in Section 9.10
      hereof.

     

    Section
      9.10. Assumption
      of Servicing Agreement by Securities Administrator.

     

    (a) In
      the
      event the Master Servicer shall for any reason no longer be the Master Servicer
      (including by reason of any Event of Default under this Agreement), after a
      period not to exceed ninety days after the issuance of any notice of termination
      pursuant to Section 6.14 or Section 9.28, as applicable, the Securities
      Administrator shall, in accordance with Section 6.14, thereupon assume all
      of
      the rights and obligations of such Master Servicer hereunder and enforce the
      rights under the Servicing Agreement entered into with respect to the Mortgage
      Loans. The Securities Administrator, its designee or any successor master
      servicer appointed by the Securities Administrator shall be deemed to have
      assumed all of the Master Servicer’s interest herein and therein to the same
      extent as if such Servicing Agreement had been assigned to the assuming party,
      except that the Master Servicer shall not thereby be relieved of any liability
      or obligations of the Master Servicer under such Servicing Agreement accruing
      prior to its replacement as Master Servicer, and shall be liable to the
      Securities Administrator, and hereby agrees to indemnify and hold harmless
      the
      Securities Administrator from and against all costs, damages, expenses and
      liabilities (including reasonable attorneys’ fees) incurred by the Securities
      Administrator as a result of such liability or obligations of the Master
      Servicer and in connection with the Securities Administrator’s assumption (but
      not its performance, except to the extent that costs or liability of the
      Securities Administrator are created or increased as a result of negligent
      or
      wrongful acts or omissions of the Master Servicer prior to its replacement
      as
      Master Servicer) of the Master Servicer’s obligations, duties or
      responsibilities thereunder; provided
      that the
      Master Servicer shall not indemnify or hold harmless the Securities
      Administrator against negligent or willful misconduct of the Securities
      Administrator.

     

    
      
        
        

      

      
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    (b) The
      Master Servicer that has been terminated shall, upon request of the Securities
      Administrator but at the expense of such Master Servicer or, at the expense
      of
      the Trust Fund to the extent provided in this Agreement, deliver to the assuming
      party all documents and records relating to each Servicing Agreement and the
      related Mortgage Loans and an accounting of amounts collected and held by it
      and
      otherwise use its best efforts to effect the orderly and efficient transfer
      of
      each Servicing Agreement to the assuming party.

     

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

     

    (a) To
      the
      extent provided in the applicable Servicing Agreement, to the extent Mortgage
      Loans contain enforceable due-on-sale clauses, and to the extent that the Master
      Servicer has knowledge of the conveyance of a Mortgaged Property, the Master
      Servicer shall use its reasonable best efforts to cause the Servicers to enforce
      such clauses in accordance with the applicable Servicing Agreement. If
      applicable law prohibits the enforcement of a due-on-sale clause or such clause
      is otherwise not enforced in accordance with the applicable Servicing Agreement,
      and, as a consequence, a Mortgage Loan is assumed, the original Mortgagor may
      be
      released from liability in accordance with the applicable Servicing
      Agreement.

     

    (b) The
      Master Servicer or the related Servicer, as the case may be, shall be entitled
      to approve a request from a Mortgagor for the granting of an easement thereon
      in
      favor of another Person or any alteration or demolition of the related Mortgaged
      Property if it has determined, exercising its good faith business judgment
      in
      the same manner as it would if it were the owner of the related Mortgage Loan,
      that the security for, and the timely and full collectibility of, such Mortgage
      Loan would not be materially adversely affected thereby. Any fee collected
      by
      the Master Servicer or the related Servicer for processing such a request will
      be retained by the Master Servicer or the such Servicer as additional servicing
      compensation.

     

    Section
      9.12. Release
      of Mortgage Files.

     

    
      
        
        

      

      
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    (a) Upon
      (i)
      becoming aware of the payment in full of any Mortgage Loan or, (ii) the receipt
      by the applicable Servicer of a notification that payment in full has been
      or
      will be escrowed in a manner customary for such purposes, the Master Servicer
      will, or will cause the applicable Servicer to, promptly notify the Trustee
      (or
      the applicable Custodian) by a certification (which certification shall include
      a statement to the effect that all amounts received or to be received in
      connection with such payment that are required to be deposited in the Collection
      Account maintained by the Master Servicer pursuant to Section 4.01 have been
      or
      will be so deposited) of a Servicing Officer and shall request the Trustee
      or
      the applicable Custodian, to deliver to the applicable Servicer the related
      Mortgage File. In lieu of sending a hard copy certification of a Servicing
      Officer, the Master Servicer may, or may cause the Servicer to, deliver the
      request for release in a mutually agreeable electronic format. To the extent
      that such a request, on its face, originates from a Servicing Officer, no
      signature shall be required. Upon receipt of such certification and request,
      the
      Trustee or the applicable Custodian, shall promptly release the related Mortgage
      File to the applicable Servicer and neither the Trustee nor the applicable
      Custodian shall have any further responsibility with regard to such Mortgage
      File. The Master Servicer is authorized, and each Servicer, to the extent such
      authority is delegated to the Servicer by the Master Servicer under the
      applicable Servicing Agreement, is authorized, to give, as agent for the
      Trustee, as the mortgagee under the Mortgage that secured the Mortgage Loan,
      an
      instrument of satisfaction (or assignment of mortgage without recourse)
      regarding the Mortgaged Property subject to the Mortgage, which instrument
      of
      satisfaction or assignment, as the case may be, shall be delivered to the Person
      or Persons entitled thereto against receipt therefor of such payment, it being
      understood and agreed that no expenses incurred in connection with such
      instrument of satisfaction or assignment, as the case may be, shall be
      chargeable to the Collection Account.

     

    (b) From
      time
      to time and as appropriate for the servicing or foreclosure of, or other legal
      proceedings relating to, any Mortgage Loan and in accordance with Accepted
      Servicing Practices and the applicable Servicing Agreement, the Trustee shall
      execute such pleadings, request for trustee’s sale or other documents as shall
      be prepared and furnished to the Trustee by the Master Servicer, or by a
      Servicer (in form reasonably acceptable to the Trustee) and as are necessary
      to
      the prosecution of any such proceedings. The Trustee or the applicable
      Custodian, shall, upon request of the Master Servicer, or of the Servicer,
      and
      delivery to the Trustee or the applicable Custodian, of a trust receipt signed
      by a Servicing Officer substantially in the form annexed hereto as Exhibit
      C or
      in the form annexed to the applicable Custodial Agreement as Exhibit C, release
      the related Mortgage File held in its possession or control to the Master
      Servicer (or the applicable Servicer). Such trust receipt shall obligate the
      Master Servicer or applicable Servicer to return the Mortgage File to the
      Trustee or applicable Custodian, as applicable, when the need therefor by the
      Master Servicer or applicable Servicer no longer exists unless (i) the Mortgage
      Loan shall be liquidated, in which case, upon receipt of a certificate of a
      Servicing Officer similar to that herein above specified, the trust receipt
      shall be released by the Trustee or the applicable Custodian, as applicable,
      to
      the Master Servicer (or the applicable Servicer) or (ii) the Mortgage File
      has
      been delivered directly or through the Servicer to an attorney, or to a public
      trustee or other public official as required by law, for purposes of initiating
      or pursuing legal action or other proceedings for the foreclosure of the
      Mortgaged Property either judicially or non-judicially, and the Master Servicer
      has delivered directly or through the Servicer to the Trustee a certificate
      of a
      Servicing Officer certifying as to the name and address of the Person to which
      such Mortgage File or such document was delivered and the purpose or purposes
      of
      such delivery.

     

    
      
        
        

      

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

     

    (a) The
      Master Servicer shall transmit, or cause the applicable Servicer to transmit,
      to
      the Trustee such documents and instruments coming into the possession of the
      Master Servicer or such Servicer from time to time as are required by the terms
      hereof to be delivered to the Trustee. Any funds received by the Master Servicer
      or by a Servicer in respect of any Mortgage Loan or which otherwise are
      collected by the Master Servicer or by a Servicer as a Subsequent Recovery,
      Liquidation Proceeds or Insurance Proceeds in respect of any Mortgage Loan
      shall
      be held for the benefit of the Trustee and the Certificateholders subject to
      the
      Master Servicer’s right to retain or withdraw from the Collection Account the
      Master Servicing Fee and other amounts provided in this Agreement, and to the
      right of each Servicer to retain its Servicing Fee and other amounts as provided
      in the applicable Servicing Agreement. The Master Servicer shall, and shall
      (to
      the extent provided in the applicable Servicing Agreement) cause the Servicer
      to, provide access to information and documentation regarding the Mortgage
      Loans
      to the Trustee, its agents and accountants at any time upon reasonable request
      and during normal business hours, and to Certificateholders that are savings
      and
      loan associations, banks or insurance companies, the Office of Thrift
      Supervision, the FDIC and the supervisory agents and examiners of such Office
      and Corporation or examiners of any other federal or state banking or insurance
      regulatory authority if so required by applicable regulations of the Office
      of
      Thrift Supervision or other regulatory authority, such access to be afforded
      without charge but only upon reasonable request in writing and during normal
      business hours at the offices of the Master Servicer designated by it. In
      fulfilling such a request the Master Servicer shall not be responsible for
      determining the sufficiency of such information.

     

    (b) All
      Mortgage Files and funds collected or held by, or under the control of, the
      Master Servicer, or any Servicer, in respect of any Mortgage Loans, whether
      from
      the collection of principal and interest payments or from a Subsequent Recovery,
      Liquidation Proceeds or Insurance Proceeds, shall be held by the Master
      Servicer, or by such Servicer, for and on behalf of the Trustee and the
      Certificateholders and shall be and remain the sole and exclusive property
      of
      the Trustee; provided,
      however,
      that
      the Master Servicer and each Servicer shall be entitled to setoff against,
      and
      deduct from, any such funds any amounts that are properly due and payable to
      the
      Master Servicer or such Servicer under this Agreement or the applicable
      Servicing Agreement and shall be authorized to remit such funds to the
      Securities Administrator in accordance with this Agreement.

     

    
      
        
        

      

      
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    (c) The
      Master Servicer hereby acknowledges that concurrently with the execution of
      this
      Agreement, the Trustee shall own or, to the extent that a court of competent
      jurisdiction shall deem the conveyance of the Mortgage Loans from either Seller
      to the Depositor not to constitute a sale, the Trustee shall have a security
      interest in either Mortgage Loans and in all Mortgage Files representing such
      Mortgage Loans and in all funds now or hereafter held by, or under the control
      of, a Servicer or the Master Servicer that are collected by such Servicer or
      the
      Master Servicer in connection with such Mortgage Loans, whether as scheduled
      installments of principal and interest or as full or partial prepayments of
      principal or interest or as a Subsequent Recovery, Liquidation Proceeds or
      Insurance Proceeds or otherwise, and in all proceeds of the foregoing and
      proceeds of proceeds (but excluding any fee or other amounts to which such
      Servicer is entitled under the applicable Servicing Agreement, or the Master
      Servicer or the Depositor is entitled to hereunder); and the Master Servicer
      agrees that so long as the Mortgage Loans are assigned to and held by the
      Trustee or a Custodian, all documents or instruments constituting part of the
      Mortgage Files, and such funds relating to the Mortgage Loans which come into
      the possession or custody of, or which are subject to the control of, the Master
      Servicer or any Servicer shall be held by the Master Servicer or such Servicer
      for and on behalf of the Trustee as the Trustee’s agent and bailee for purposes
      of perfecting the Trustee’s security interest therein as provided by the
      applicable Uniform Commercial Code or other laws.

     

    (d) The
      Master Servicer agrees that it shall not, and shall not authorize the Servicer
      to, create, incur or subject any Mortgage Loans, or any funds that are deposited
      in any custodial account, Escrow Account or the Collection Account, or any
      funds
      that otherwise are or may become due or payable to the Trustee, to any claim,
      lien, security interest, judgment, levy, writ of attachment or other
      encumbrance, nor assert by legal action or otherwise any claim or right of
      setoff against any Mortgage Loan or any funds collected on, or in connection
      with, a Mortgage Loan.

     

    Section
      9.14. Representations
      and Warranties of the Master Servicer. 

     

    (a) The
      Master Servicer hereby represents and warrants to the Depositor, the Securities
      Administrator and the Trustee, for the benefit of the Certificateholders, as
      of
      the Closing Date that:

     

    (i) it
      is
      validly existing and in good standing under the jurisdiction of its formation,
      and as Master Servicer has full power and authority to transact any and all
      business contemplated by this Agreement and to execute, deliver and comply
      with
      its obligations under the terms of this Agreement, the execution, delivery
      and
      performance of which have been duly authorized by all necessary corporate action
      on the part of the Master Servicer;

     

    (ii) the
      execution and delivery of this Agreement by the Master Servicer and its
      performance and compliance with the terms of this Agreement will not (A) violate
      the Master Servicer’s charter or bylaws, (B) violate any law or regulation or
      any administrative decree or order to which it is subject or (C) constitute
      a
      default (or an event which, with notice or lapse of time, or both, would
      constitute a default) under, or result in the breach of, any material contract,
      agreement or other instrument to which the Master Servicer is a party or by
      which it is bound or to which any of its assets are subject, which violation,
      default or breach would materially and adversely affect the Master Servicer’s
      ability to perform its obligations under this Agreement;

     

    (iii) this
      Agreement constitutes, assuming due authorization, execution and delivery hereof
      by the other respective parties hereto, a legal, valid and binding obligation
      of
      the Master Servicer, enforceable against it in accordance with the terms hereof,
      except as such enforcement may be limited by bankruptcy, insolvency,
      reorganization, moratorium and other laws affecting the enforcement of
      creditors’ rights in general, and by general equity principles (regardless of
      whether such enforcement is considered in a proceeding in equity or at
      law);

     

    
      
        
        

      

      
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    (iv) the
      Master Servicer is not in default with respect to any order or decree of any
      court or any order or regulation of any federal, state, municipal or
      governmental agency to the extent that any such default would materially and
      adversely affect its performance hereunder;

     

    (v) the
      Master Servicer is not a party to or bound by any agreement or instrument or
      subject to any charter provision, bylaw or any other corporate restriction
      or
      any judgment, order, writ, injunction, decree, law or regulation that may
      materially and adversely affect its ability as Master Servicer to perform its
      obligations under this Agreement or that requires the consent of any third
      person to the execution of this Agreement or the performance by the Master
      Servicer of its obligations under this Agreement; 

     

    (vi) no
      litigation is pending or, to the best of the Master Servicer’s knowledge,
      threatened against the Master Servicer which would prohibit its entering into
      this Agreement or performing its obligations under this Agreement;

     

    (vii) the
      Master Servicer, or an affiliate thereof the primary business of which is the
      servicing of conventional residential mortgage loans, is an FNMA- and FHLMC
      approved seller/servicer;

     

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

     

    (ix) the
      consummation of the transactions contemplated by this Agreement are in the
      ordinary course of business of the Master Servicer; and

     

    (x) the
      Master Servicer has obtained an Errors and Omissions Insurance Policy and a
      Fidelity Bond in accordance with Section 9.02, each of which is in full force
      and effect, and each of which provides at least such coverage as is required
      hereunder.

     

    (b) It
      is
      understood and agreed that the representations and warranties set forth in
      this
      Section 9.14 shall survive the execution and delivery of this Agreement. The
      Master Servicer shall indemnify the Depositor, the Securities Administrator
      and
      the Trustee and hold them harmless against any loss, damages, penalties, fines,
      forfeitures, legal fees and related costs, judgments, and other costs and
      expenses resulting from any claim, demand, defense or assertion based on or
      grounded upon, or resulting from, a breach of the Master Servicer’s
      representations and warranties contained in Section 9.14(a). Notwithstanding
      anything in this Agreement to the contrary, the Master Servicer shall not be
      liable for special, indirect or consequential losses or damages of any kind
      whatsoever (including, but not limited to, lost profits). It is understood
      and
      agreed that the enforcement of the obligation of the Master Servicer set forth
      in this Section to indemnify the Depositor and the Trustee as provided in this
      Section constitutes the sole remedy (other than as set forth in Section 6.14)
      of
      the Depositor and the Trustee, respecting a breach of the foregoing
      representations and warranties. Such indemnification shall survive any
      termination of the Master Servicer as Master Servicer hereunder, and any
      termination of this Agreement. 

     

    
      
        
        

      

      
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    Any
      cause
      of action against the Master Servicer relating to or arising out of the breach
      of any representations and warranties made in this Section shall accrue upon
      discovery of such breach by either the Depositor, the Master Servicer or the
      Trustee or notice thereof by any one of such parties to the other
      parties.

     

    (c) It
      is
      understood and agreed that the representations and warranties of the Depositor
      set forth in Sections 2.03(a) through (f) shall survive the execution and
      delivery of this Agreement. The Depositor shall indemnify the Master Servicer
      and hold it harmless against any loss, damages, penalties, fines, forfeitures,
      legal fees and related costs, judgments, and other costs and expenses resulting
      from any claim, demand, defense or assertion based on or grounded upon, or
      resulting from, a breach of the Depositor’s representations and warranties
      contained in Sections 2.03(a) through (f) hereof. It is understood and agreed
      that the enforcement of the obligation of the Depositor set forth in this
      Section to indemnify the Master Servicer as provided in this Section constitutes
      the sole remedy of the Master Servicer respecting a breach by the Depositor
      of
      the representations and warranties in Sections 2.03(a) through (f)
      hereof.

     

    Any
      cause
      of action against the Depositor relating to or arising out of the breach of
      the
      representations and warranties made in Sections 2.03(a) through (f) hereof
      shall
      accrue upon discovery of such breach by either the Depositor or the Master
      Servicer or notice thereof by any one of such parties to the other
      parties.

     

    Section
      9.15. Closing
      Certificate and Opinion. 

     

    On
      or
      before the Closing Date, the Master Servicer shall cause to be delivered to
      the
      Depositor, the Trustee and Lehman Brothers Inc. an Opinion of Counsel, dated
      the
      Closing Date, in form and substance reasonably satisfactory to the Depositor
      and
      Lehman Brothers Inc., as to the due authorization, execution and delivery of
      this Agreement by the Master Servicer and the enforceability thereof.

     

    Section
      9.16. Standard
      Hazard and Flood Insurance Policies. 

     

    For
      each
      Mortgage Loan (other than a Cooperative Loan), the Master Servicer shall
      maintain, or cause to be maintained by each Servicer, standard fire and casualty
      insurance and, where applicable, flood insurance, all in accordance with the
      provisions of this Agreement and the related Servicing Agreement, as applicable.
      It is understood and agreed that such insurance shall be with insurers meeting
      the eligibility requirements set forth in the applicable Servicing Agreement
      and
      that no earthquake or other additional insurance is to be required of any
      Mortgagor or to be maintained on property acquired in respect of a defaulted
      loan, other than pursuant to such applicable laws and regulations as shall
      at
      any time be in force and as shall require such additional
      insurance.

     

    
      
        
        

      

      
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    Pursuant
      to Section 4.01, any amounts collected by the Master Servicer, or by any
      Servicer, under any insurance policies maintained pursuant to this Section
      9.16
      (other than amounts to be applied to the restoration or repair of the property
      subject to the related Mortgage or released to the Mortgagor in accordance
      with
      the Master Servicer’s or the Servicer’s normal servicing procedures and Accepted
      Servicing Practices) shall be deposited into the Collection Account, subject
      to
      withdrawal pursuant to Section 4.02. Any cost incurred by the Master Servicer
      or
      any Servicer in maintaining any such insurance if the Mortgagor defaults in
      its
      obligation to do so shall be added to the amount owing under the Mortgage Loan
      where the terms of the Mortgage Loan so permit; provided,
      however,
      that
      the addition of any such cost shall not be taken into account for purposes
      of
      calculating the distributions to be made to Certificateholders and shall be
      recoverable by the Master Servicer or such Servicer pursuant to Section
      4.02(v).

     

    Section
      9.17. Presentment
      of Claims and Collection of Proceeds. 

     

    The
      Master Servicer shall, or shall cause each Servicer (to the extent provided
      in
      the applicable Servicing Agreement) to, prepare and present on behalf of the
      Trustee and the Certificateholders all claims under the Insurance Policies
      with
      respect to the Mortgage Loans, and take such actions (including the negotiation,
      settlement, compromise or enforcement of the insured’s claim) as shall be
      necessary to realize recovery under such policies. Any proceeds disbursed to
      the
      Master Servicer (or disbursed to the Servicer and remitted to the Master
      Servicer) in respect of such policies or bonds shall be promptly deposited
      in
      the Collection Account upon receipt, except that any amounts realized that
      are
      to be applied to the repair or restoration of the related Mortgaged Property
      or
      released to the Mortgagor in accordance with the Master Servicer’s or the
      Servicer’s normal servicing procedures need not be so deposited (or
      remitted).

     

    Section
      9.18. Maintenance
      of the Primary Mortgage Insurance Policies. 

     

    (a) The
      Master Servicer shall not take, or knowingly permit any Servicer (consistent
      with the applicable Servicing Agreement) to take, any action that would result
      in non-coverage under any applicable Primary Mortgage Insurance Policy of any
      loss which, but for the actions of such Master Servicer or Servicer, would
      have
      been covered thereunder. To the extent that coverage is available, the Master
      Servicer shall use its best reasonable efforts to keep in force and effect,
      or
      to cause each Servicer to keep in force and effect (to the extent that the
      Mortgage Loan requires the Mortgagor to maintain such insurance), primary
      mortgage insurance applicable to each Mortgage Loan in accordance with the
      provisions of this Agreement and the related Servicing Agreement, as applicable.
      The Master Servicer shall not, and shall not permit any Servicer to, cancel
      or
      refuse to renew any such Primary Mortgage Insurance Policy that is in effect
      at
      the date of the initial issuance of the Certificates and is required to be
      kept
      in force hereunder except as required by applicable law or in accordance with
      the provisions of this Agreement and the related Servicing Agreement, as
      applicable.

     

    
      
        
        

      

      
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    (b) The
      Master Servicer agrees to present, or to cause each Servicer to present, on
      behalf of the Trustee and the Certificateholders, claims to the insurer under
      any Primary Mortgage Insurance Policies and, in this regard, to take such
      reasonable action as shall be necessary to permit recovery under any Primary
      Mortgage Insurance Policies respecting defaulted Mortgage Loans. Pursuant to
      Section 4.01, any amounts collected by the Master Servicer or any Servicer
      under
      any Primary Mortgage Insurance Policies shall be deposited in the Collection
      Account, subject to withdrawal pursuant to Section 4.02.

     

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

     

    The
      Trustee (or any Custodian, as directed by the Trustee), shall retain possession
      and custody of the originals of the Primary Mortgage Insurance Policies or
      certificate of insurance if applicable and any certificates of renewal as to
      the
      foregoing as may be issued from time to time as contemplated by this Agreement.
      Until all amounts distributable in respect of the Certificates have been
      distributed in full and the Master Servicer otherwise has fulfilled its
      obligations under this Agreement, the Trustee (or any Custodian, as directed
      by
      the Trustee) shall also retain possession and custody of each Mortgage File
      in
      accordance with and subject to the terms and conditions of this Agreement.
      The
      Master Servicer shall promptly deliver or cause to be delivered to the Trustee
      (or any Custodian, as directed by the Trustee), upon the execution or receipt
      thereof the originals of the Primary Mortgage Insurance Policies and any
      certificates of renewal thereof, and such other documents or instruments that
      constitute portions of the Mortgage File that come into the possession of the
      Master Servicer from time to time.

     

    Section
      9.20. Realization
      Upon Defaulted Mortgage Loans. 

     

    The
      Master Servicer shall use its reasonable best efforts to, or to cause the
      Servicer to, foreclose upon, repossess or otherwise comparably convert the
      ownership of Mortgaged Properties securing such of the Mortgage Loans as come
      into and continue in default and as to which no satisfactory arrangements can
      be
      made for collection of delinquent payments, all in accordance with the
      applicable Servicing Agreement. Alternatively, the Master Servicer may take,
      or
      authorize any Servicer to take, other actions in respect of a defaulted Mortgage
      Loan, which may include (i) accepting a short sale (a payoff of the Mortgage
      Loan for an amount less than the total amount contractually owed in order to
      facilitate a sale of the Mortgaged Property by the Mortgagor) or permitting
      a
      short refinancing (a payoff of the Mortgage Loan for an amount less than the
      total amount contractually owed in order to facilitate refinancing transactions
      by the Mortgagor not involving a sale of the Mortgaged Property), (ii) arranging
      for a repayment plan or (iii) agreeing to a modification in accordance with
      Section 9.04. In connection with such foreclosure or other conversion or action,
      the Master Servicer shall, consistent with Section 9.18, follow such practices
      and procedures as it shall reasonably determine to be in the best interests
      of
      the Trust Fund and the Certificateholders and which shall be consistent with
      its
      customary practices in performing its general mortgage servicing activities;
      provided that the Master Servicer shall not be liable in any respect hereunder
      if the Master Servicer is acting in connection with any such foreclosure or
      other conversion or action in a manner that is consistent with the provisions
      of
      this Agreement. Neither the Master Servicer, nor any Servicer, shall be required
      to expend its own funds or incur other reimbursable charges in connection with
      any foreclosure, or attempted foreclosure which is not completed, or toward
      the
      correction of any default on a related senior mortgage loan, or towards the
      restoration of any property unless it shall determine (i) that such restoration
      and/or foreclosure will increase the proceeds of liquidation of the Mortgage
      Loan to the Certificateholders after reimbursement to itself for such expenses
      or charges and (ii) that such expenses and charges will be recoverable to it
      through Liquidation Proceeds or Insurance Proceeds (as provided in Section
      4.02).

     

    
      
        
        

      

      
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    Section
      9.21. Compensation
      to the Master Servicer. 

     

    The
      Master Servicer shall be entitled to withdraw from the Collection Account,
      the
      Master Servicing Fee to the extent permitted by Section 4.02(vi). Servicing
      compensation in the form of assumption fees, if any, late payment charges,
      as
      collected, if any, or otherwise shall be retained by the Master Servicer (or
      the
      applicable Servicer) and shall not be deposited in the Collection Account.
      If
      the Master Servicer does not retain or withdraw the Master Servicing Fee from
      the Collection Account as provided herein, the Master Servicer shall be entitled
      to direct the Securities Administrator to pay the Master Servicing Fee to such
      Master Servicer by withdrawal from the Certificate Account. The Master Servicer
      shall be required to pay all expenses incurred by it in connection with its
      activities hereunder and shall not be entitled to reimbursement therefor except
      as provided in this Agreement. Pursuant to Section 4.01(e), all income and
      gain
      realized from any investment of funds in the Collection Account shall be for
      the
      benefit of the Master Servicer as additional compensation. The provisions of
      this Section 9.21 are subject to the provisions of Section 6.14(b).

     

    Section
      9.22. REO
      Property. 

     

    (a) In
      the
      event the Trust Fund acquires ownership of any REO Property in respect of any
      Mortgage Loan, the deed or certificate of sale shall be issued to the Trustee,
      or to its nominee, on behalf of the Certificateholders. The Master Servicer
      shall use its reasonable best efforts to sell, or, to the extent provided in
      the
      applicable Servicing Agreement, cause the applicable Servicer to sell, any
      REO
      Property as expeditiously as possible and in accordance with the provisions
      of
      this Agreement and the related Servicing Agreement, as applicable, but in all
      events within the time period, and subject to the conditions set forth in
      Article X hereof. Pursuant to its efforts to sell such REO Property, the Master
      Servicer shall protect and conserve, or cause the applicable Servicer to protect
      and conserve, such REO Property in the manner and to such extent required by
      the
      applicable Servicing Agreement, subject to Article X hereof.

     

    (b) The
      Master Servicer shall deposit or cause to be deposited all funds collected
      and
      received by it, or recovered from any Servicer, in connection with the operation
      of any REO Property in the Collection Account.

     

    (c) The
      Master Servicer and the applicable Servicer, upon the final disposition of
      any
      REO Property, shall be entitled to reimbursement for any related unreimbursed
      Advances as well as any unpaid Master Servicing Fees or Servicing Fees from
      Liquidation Proceeds received in connection with the final disposition of such
      REO Property; provided,
      that
      (without limitation of any other right of reimbursement that the Master Servicer
      or any Servicer shall have hereunder) any such unreimbursed Advances as well
      as
      any unpaid Master Servicing Fees or Servicing Fees may be reimbursed or paid,
      as
      the case may be, prior to final disposition, out of any net rental income or
      other net amounts derived from such REO Property.

     

    
      
        
        

      

      
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    (d) The
      Liquidation Proceeds from the final disposition of the REO Property, net of
      any
      payment to the Master Servicer and the applicable Servicer as provided above,
      shall be deposited in the Collection Account on or prior to the Determination
      Date in the month following receipt thereof and be remitted by wire transfer
      in
      immediately available funds to the Securities Administrator for deposit into
      the
      Certificate Account on the next succeeding Master Servicer Remittance
      Date.

     

    Section
      9.23. Notices
      to the Depositor and the Securities Administrator 

     

    (a) The
      Master Servicer shall promptly notify the Securities Administrator, the Sponsor
      and the Depositor (i) of any legal proceedings pending against the Master
      Servicer of the type described in Item 1117 (§ 229.1117) of Regulation AB and
      (ii) if the Master Servicer shall become (but only to the extent not previously
      disclosed) at any time an affiliate of any of the parties listed on Exhibit
      I to
      this Agreement. On or before March 1st
      of each
      year, the Depositor shall distribute the information in Exhibit I to the Master
      Servicer.

     

    (b) Not
      later
      than three Business Days prior to the Distribution Date of each month, the
      Master Servicer shall provide to the Securities Administrator, the Sponsor
      and
      the Depositor notice of the occurrence of any material modifications, extensions
      or waivers of terms, fees, penalties or payments relating to the Mortgage Loans
      during the related Collection Period or that have cumulatively become material
      over time (Item 1121(a)(11) of Regulation AB) along with all information, data,
      and materials related thereto as may be required to be included in the related
      Distribution Report on Form 10-D. The parties to this Agreement acknowledge
      that
      the performance by the Master Servicer of its duties under this Section 9.23(b)
      related to the timely preparation and delivery of such information is contingent
      upon each applicable Servicer strictly observing all requirements and deadlines
      in the performance of their duties under their related Servicing Agreements.
      The
      Master Servicer shall have no liability for any loss, expense, damage or claim
      arising out of or with respect to any failure to properly prepare and/or timely
      deliver all such information where such failure results from the Master
      Servicer’s inability or failure to obtain or receive, on a timely basis, any
      information from any Servicer needed to prepare or deliver such information,
      which failure does not result from the Master Servicer’s own negligence, bad
      faith or willful misconduct.

     

    Section
      9.24. Reports
      to the Securities Administrator. 

     

    (a) Not
      later
      than 30 days after each Distribution Date, the Master Servicer shall forward
      to
      the Securities Administrator a statement, deemed to have been certified by
      a
      Servicing Officer, setting forth the status of the Collection Account maintained
      by the Master Servicer as of the close of business on the related Distribution
      Date, indicating that all distributions required by this Agreement to be made
      by
      the Master Servicer have been made (or if any required distribution has not
      been
      made by the Master Servicer, specifying the nature and status thereof) and
      showing, for the period covered by such statement, the aggregate of deposits
      into and withdrawals from the Collection Account maintained by the Master
      Servicer. Copies of such statement shall be provided by the Master Servicer
      to
      the Depositor, Attention: Contract Finance, and, upon request, any
      Certificateholders (or by the Trustee at the Master Servicer’s expense if the
      Master Servicer shall fail to provide such copies (unless (i) the Master
      Servicer shall have failed to provide the Trustee with such statement or (ii)
      the Trustee shall be unaware of the Master Servicer’s failure to provide such
      statement)).

     

    
      
        
        

      

      
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    (b) Not
      later
      than two Business Days following each Distribution Date, the Master Servicer
      shall deliver to the Person designated by the Depositor, in a format consistent
      with other electronic loan level reporting supplied by the Master Servicer
      in
      connection with similar transactions, “loan level” information with respect to
      the Mortgage Loans as of the related Determination Date (including information
      on any Net Prepayment Interest Shortfalls), to the extent that such information
      has been provided to the Master Servicer by the Servicers or by the
      Depositor.

     

    (c) All
      information, reports and statements prepared by the Master Servicer under this
      Agreement shall be based on information supplied to the Master Servicer by
      the
      Servicers without independent verification thereof and the Master Servicer
      shall
      be entitled to rely on such information.

     

    Section
      9.25. Assessment
      of Compliance and Attestation Reports. 

     

    (a) Assessment
      of Compliance

     

    (i) By
      March
      15 of each year, commencing in March 2007, the Master Servicer, the Paying
      Agent
      and the Securities Administrator, each at its own expense, shall furnish, and
      shall cause any Servicing Function Participant engaged by it to furnish, each
      at
      its own expense, to the Sponsor, the Depositor, the Master Servicer and the
      Securities Administrator, a report on an assessment of compliance with the
      Relevant Servicing Criteria that contains (A) a statement by such party of
      its
      responsibility for assessing compliance with the Relevant Servicing Criteria,
      (B) a statement that such party used the Servicing Criteria to assess compliance
      with the Relevant Servicing Criteria, (C) such party’s assessment of compliance
      with the Relevant Servicing Criteria as of and for the fiscal year covered
      by
      the Form 10-K required to be filed pursuant to Section 6.20(e), including,
      if
      there has been any material instance of noncompliance with the Relevant
      Servicing Criteria, a discussion of each such failure and the nature and status
      thereof, and (D) a statement that a registered public accounting firm has issued
      an attestation report on such party’s assessment of compliance with the Relevant
      Servicing Criteria as of and for such period. 

     

    (ii) When
      the
      Master Servicer, the Paying Agent and the Securities Administrator (or any
      Servicing Function Participant engaged by it) submit their assessments to the
      Securities Administrator, such parties will also at such time include the
      assessment (and attestation pursuant to subsection (b) of this Section 9.25)
      of
      each Servicing Function Participant engaged by it and shall indicate to the
      Securities Administrator what Relevant Servicing Criteria will be addressed
      in
      any such reports prepared by any such Servicing Function
      Participant.

     

    
      
        
        

      

      
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    (iii) Promptly
      after receipt of each report on assessment of compliance, the Securities
      Administrator shall confirm that the assessments, taken as a whole, address
      all
      applicable Servicing Criteria and taken individually address the Relevant
      Servicing Criteria (and disclose the inapplicability of the Servicing Criteria
      not determined to be Relevant Criteria) for each party as set forth on Exhibit
      Q
      and on any similar exhibit set forth in each Servicing Agreement in respect
      of
      each Servicer, and each Custodial Agreement in respect of each Custodian, and
      shall notify the Depositor of any exceptions.

     

    (b) Attestation
      Reports

     

    (i) By
      March
      15 of each year, commencing in March 2007, the Master Servicer, the Paying
      Agent
      and the Securities Administrator, each at its own expense, shall cause, and
      each
      such party shall cause any Servicing Function Participant engaged by it to
      cause, each at its own expense, a registered public accounting firm (which
      may
      also render other services to the Master Servicer, the Paying Agent and the
      Securities Administrator, as the case may be) that is a member of the American
      Institute of Certified Public Accountants to furnish a report to the Sponsor,
      the Depositor, the Master Servicer and the Securities Administrator, to the
      effect that (A) it has obtained a representation regarding certain matters
      from
      the management of such party, which includes an assertion that such party has
      complied with the Relevant Servicing Criteria, and (B) on the basis of an
      examination conducted by such firm in accordance with standards for attestation
      engagements issued or adopted by the PCAOB, it is expressing an opinion as
      to
      whether such party’s compliance with the Relevant Servicing Criteria was fairly
      stated in all material respects, or it cannot express an overall opinion
      regarding such party’s assessment of compliance with the Relevant Servicing
      Criteria. In the event that an overall opinion cannot be expressed, such
      registered public accounting firm shall state in such report why it was unable
      to express such an opinion. Such report must be available for general use and
      not contain restricted use language.

     

    (ii) Promptly
      after receipt of such report from the Master Servicer, the Paying Agent, the
      Securities Administrator or any Servicing Function Participant engaged by such
      parties, the Securities Administrator shall confirm that each assessment
      submitted pursuant subsection (a) of this Section 9.25 is coupled with an
      attestation meeting the requirements of this Section and notify the Depositor
      of
      any exceptions.

     

    (c) The
      Paying Agent’s and the Master Servicer’s obligation to provide assessments of
      compliance and attestations under this Section 9.25 shall terminate upon the
      filing of a Form 15 suspension notice on behalf of the Trust Fund.
      Notwithstanding the foregoing after the occurrence of such event and provided
      the Depositor is not otherwise provided with such reports or copies of such
      reports, the Paying Agent shall be obligated to provide a copy of such reports
      by March 15 of each year to the Depositor.

     

    
      
        
        

      

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

     

    (a) The
      Master Servicer shall deliver (and the Master Servicer shall cause any
      Additional Servicer engaged by it to deliver) to the Sponsor, the Depositor
      and
      the Securities Administrator on or before March 15 of each year, commencing
      in
      March 2007, an Officer’s Certificate stating, as to the signer thereof, that (A)
      a review of such party’s activities during the preceding calendar year or
      portion thereof and of such party’s performance under this Agreement, or such
      other applicable agreement in the case of an Additional Servicer, has been
      made
      under such officer’s supervision and (B) to the best of such officer’s
      knowledge, based on such review, such party has fulfilled all its obligations
      under this Agreement, or such other applicable agreement in the case of an
      Additional Servicer, in all material respects throughout such year or portion
      thereof, or, if there has been a failure to fulfill any such obligation in
      any
      material respect, specifying each such failure known to such officer and the
      nature and status thereof.

     

    Copies
      of
      such statements shall be provided to any Certificateholder upon request, by
      the
      Master Servicer or by the Securities Administrator at the Master Servicer’s
      expense if the Master Servicer failed to provide such copies (unless (i) the
      Master Servicer shall have failed to provide the Securities Administrator with
      such statement or (ii) the Securities Administrator shall be unaware of the
      Master Servicer’s failure to provide such statement).

     

    (b) The
      Master Servicer shall give prompt written notice to the Securities
      Administrator, the Sponsor and the Depositor of the appointment of any
      Subcontractor by it and a written description (in form and substance
      satisfactory to the Securities Administrator, the Sponsor and the Depositor)
      of
      the role and function of each Subcontractor utilized by the Master Servicer,
      specifying (A) the identity of each such Subcontractor and (B) which elements
      of
      the Servicing Criteria set forth under Item 1122(d) of Regulation AB will be
      addressed in assessments of compliance provided by each such
      Subcontractor.

     

    Section
      9.27. Merger
      or Consolidation. 

     

    Any
      Person into which the Master Servicer may be merged or consolidated, or any
      Person resulting from any merger, conversion, other change in form or
      consolidation to which the Master Servicer shall be a party, or any Person
      succeeding to the business of the Master Servicer, shall be the successor to
      the
      Master Servicer hereunder, without the execution or filing of any paper or
      any
      further act on the part of any of the parties hereto, anything herein to the
      contrary notwithstanding; provided,
      however,
      that
      the successor or resulting Person to the Master Servicer shall be a Person
      that
      shall be qualified and approved to service mortgage loans for FNMA or FHLMC
      and
      shall have a net worth of not less than $15,000,000.

     

    Section
      9.28. Resignation
      of Master Servicer. 

     

    Except
      as
      otherwise provided in Sections 9.27 and 9.29 hereof, the Master Servicer shall
      not resign from the obligations and duties hereby imposed on it unless it
      determines that the Master Servicer’s duties hereunder are no longer permissible
      under applicable law or are in material conflict by reason of applicable law
      with any other activities carried on by it and cannot be cured. Any such
      determination permitting the resignation of the Master Servicer shall be
      evidenced by an Opinion of Counsel that shall be Independent to such effect
      delivered to the Trustee. No such resignation shall become effective until
      the
      Securities Administrator shall have assumed, or a successor master servicer
      acceptable to the Trustee shall have been appointed by the Securities
      Administrator and until such successor shall have assumed, the Master Servicer’s
      responsibilities and obligations under this Agreement. Notice of such
      resignation shall be given promptly by the Master Servicer and the Depositor
      to
      the Trustee and the Securities Administrator.

     

    
      
        
        

      

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

     

    Except
      as
      expressly provided herein, the Master Servicer shall not assign or transfer
      any
      of its rights, benefits or privileges hereunder to any other Person, or delegate
      to or subcontract with, or authorize or appoint any Subservicer, Subcontractor
      or any other Person to perform any of the duties, covenants or obligations
      to be
      performed by the Master Servicer hereunder; provided,
      however,
      that
      the Master Servicer shall have the right without the prior written consent
      of
      the Trustee, the Depositor or the Rating Agencies to delegate or assign to
      or
      subcontract with or authorize or appoint an Affiliate of the Master Servicer
      to
      perform and carry out any duties, covenants or obligations to be performed
      and
      carried out by the Master Servicer hereunder. In no case, however, shall any
      such delegation, subcontracting or assignment to an Affiliate of the Master
      Servicer relieve the Master Servicer of any liability hereunder. Notice of
      such
      permitted assignment shall be given promptly by the Master Servicer to the
      Depositor and the Securities Administrator. If, pursuant to any provision
      hereof, the duties of the Master Servicer are transferred to a successor master
      servicer, the entire amount of the Master Servicing Fees and other compensation
      payable to the Master Servicer pursuant hereto, including amounts payable to
      or
      permitted to be retained or withdrawn by the Master Servicer pursuant to Section
      9.21 hereof, shall thereafter be payable to such successor master
      servicer.

     

    The
      Master Servicer shall not permit a Subservicer to perform any master servicing
      responsibilities hereunder with respect to the Mortgage Loans unless that
      Subservicer first agrees in writing with such Master Servicer to deliver an
      assessment of compliance and an accountant’s attestation in such manner and at
      such times in compliance with Sections 9.25(a)(ii) and (b)(ii) of this
      Agreement.

     

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

     

    (a) The
      Master Servicer undertakes to perform such duties and only such duties as are
      specifically set forth in this Agreement. 

     

    (b) No
      provision of this Agreement shall be construed to relieve the Master Servicer
      from liability for its own negligent action, its own negligent failure to act
      or
      its own willful misconduct; provided,
      however,
      that
      the duties and obligations of the Master Servicer shall be determined solely
      by
      the express provisions of this Agreement, the Master Servicer shall not be
      liable except for the performance of such duties and obligations as are
      specifically set forth in this Agreement; no implied covenants or obligations
      shall be read into this Agreement against the Master Servicer and, in absence
      of
      bad faith on the part of the Master Servicer, the Master Servicer may
      conclusively rely, as to the truth of the statements and the correctness of
      the
      opinions expressed therein, upon any certificates or opinions furnished to
      the
      Master Servicer and conforming to the requirements of this
      Agreement.

     

    
      
        
        

      

      
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    (c) None
      of
      the Master Servicer, the Seller or the Depositor or any of the directors,
      officers, employees or agents of any of them shall be under any liability to
      the
      Trustee or the Certificateholders for any action taken or for refraining from
      the taking of any action in good faith pursuant to this Agreement, or for errors
      in judgment; provided,
      however,
      that
      this provision shall not protect the Master Servicer, the Seller or the
      Depositor or any such person against any liability that would otherwise be
      imposed by reason of willful misfeasance, bad faith or negligence in its
      performance of its duties or by reason of reckless disregard for its obligations
      and duties under this Agreement. The Master Servicer, the Seller and the
      Depositor and any director, officer, employee or agent of any of them shall
      be
      entitled to indemnification by the Trust Fund and will be held harmless against
      any loss, liability or expense incurred in connection with any legal action
      relating to this Agreement or the Certificates other than any loss, liability
      or
      expense incurred by reason of willful misfeasance, bad faith or negligence
      in
      the performance of his or its duties hereunder or by reason of reckless
      disregard of his or its obligations and duties hereunder. The Master Servicer,
      the Seller and the Depositor and any director, officer, employee or agent of
      any
      of them may rely in good faith on any document of any kind prima facie properly
      executed and submitted by any Person respecting any matters arising hereunder.
      The Master Servicer shall be under no obligation to appear in, prosecute or
      defend any legal action that is not incidental to its duties to master service
      the Mortgage Loans in accordance with this Agreement and that in its opinion
      may
      involve it in any expenses or liability; provided,
      however,
      that the
      Master Servicer may in its sole discretion undertake any such action that it
      may
      deem necessary or desirable in respect to this Agreement and the rights and
      duties of the parties hereto and the interests of the Certificateholders
      hereunder. In such event, the legal expenses and costs of such action and any
      liability resulting therefrom shall be expenses, costs and liabilities of the
      Trust Fund and the Master Servicer shall be entitled to be reimbursed therefor
      out of the Collection Account it maintains as provided by Section
      4.02.

     

    Section
      9.31. Indemnification;
      Third-Party Claims. 

     

    The
      Master Servicer agrees to indemnify the Depositor, the Sponsor, the
      Securities
      Administrator and the Trustee, and their respective officers, directors, agents
      and affiliates, and hold each of them harmless against any and all claims,
      losses, penalties, fines, forfeitures, reasonable legal fees and related costs,
      judgments, and any other costs, liability, fees and expenses that the Depositor,
      the Sponsor, the
      Securities
      Administrator or the Trustee may sustain as a result of (a) any material breach
      by the Master Servicer of any if its obligations hereunder, including
      particularly its obligations to provide any reports under Section 9.25(a),
      Section 9.25(b), Section 9.26 or any information, data or materials required
      to
      be included in any Exchange Act report, (b) any material misstatement or
      omission in any information, data or materials provided by the Master Servicer,
      or (c) the negligence, bad faith or willful misconduct of the Master Servicer
      in
      connection with its performance hereunder, provided,
      however,
      that in
      no event shall the Master Servicer be liable for any special, consequential,
      indirect or punitive damages pursuant to this Section 9.31, even if advised
      of
      the possibility of such damages. The Depositor, the Sponsor, the
      Securities
      Administrator and the Trustee shall immediately notify the Master Servicer
      if a
      claim is made by a third party with respect to this Agreement or the Mortgage
      Loans entitling the Depositor, the Sponsor, the
      Securities
      Administrator or the Trustee to indemnification hereunder, whereupon the Master
      Servicer shall assume the defense of any such claim and pay all expenses in
      connection therewith, including counsel fees, and promptly pay, discharge and
      satisfy any judgment or decree which may be entered against it or them in
      respect of such claim. Notwithstanding anything to the contrary contained
      herein, the Master Servicer shall not settle any claim involving any of the
      other parties hereto without such party’s prior written consent unless such
      settlement involves a complete and absolute release of such party from any
      and
      all liability in connection with such claim. This indemnification shall survive
      the termination of this Agreement or the termination of the Master Servicer
      as a
      party to this Agreement.

     

    
      
        
        

      

      
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    Section
      9.32. Special
      Servicing of Delinquent Mortgage Loans. 

     

    If
      permitted under the terms of the Servicing Agreement, the Seller may appoint,
      pursuant to the terms of the Servicing Agreement and with the written consent
      of
      the Depositor, the Master Servicer and the Trustee, a special Servicer (the
      “Special Servicer”) to special service any Distressed Mortgage Loans. Any
      applicable termination fee related to the termination of the Servicer and the
      appointment of any Special Servicer shall be paid by the Mortgage Loan Seller
      from its own funds, without right of reimbursement from the Trust Fund. Any
      fees
      paid to any such Special Servicer shall not exceed the Servicing Fee
      Rate.

     

    ARTICLE
      X

     

    REMIC
      ADMINISTRATION

     

    Section
      10.01. REMIC
      Administration. 

     

    (a) As
      set
      forth in the Preliminary Statement hereto, the Securities Administrator shall
      elect REMIC status in accordance with the REMIC Provisions with respect to
      each
      of the REMICs. The Securities Administrator shall make such elections on Forms
      1066 or other appropriate federal tax or information return for the taxable
      year
      ending on the last day of the calendar year in which the Certificates are
      issued. For the purposes of such elections, each of the Interests in REMIC
      I,
      other than the Class LT-R Certificate, is hereby designated as a regular
      interest in REMIC I; each of the interests in REMIC IIA, other than the Class
      R-2A Interest, is hereby designated as a regular interest in REMIC IIA; each
      of
      the interests in REMIC IIB, other than the Class R-2B Interest, is hereby
      designated as a regular interest in REMIC IIB; and each Certificate, other
      than
      the Class X, Class LT-R and Class R Certificates, is hereby designated as a
      regular interest in REMIC III. In addition, the Class R-2A Interest is hereby
      designated as the sole residual interest in REMIC IIA, the Class R-2B Interest
      is hereby designated as the sole residual interest in REMIC IIB and the Class
      R
      Certificate evidences ownership of the Class R-2A and Class R-2B Interests,
      and
      is also hereby designated as the sole residual interest in REMIC
      III.

     

    
      
        
        

      

      
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    (b) The
      Closing Date is hereby designated as the “Startup Day” of each REMIC within the
      meaning of section 86OG(a)(9) of the Code. The latest possible maturity date
      for
      purposes of Treasury Regulation 1.86OG-1(a)(4) will be the Latest Possible
      Maturity Date.

     

    (c) The
      Securities Administrator shall pay any and all tax related expenses (not
      including taxes) of each REMIC, including but not limited to any professional
      fees or expenses related to audits or any administrative or judicial proceedings
      with respect to such REMIC that involve the Internal Revenue Service or state
      tax authorities, but only to the extent that (i) such expenses are ordinary
      or
      routine expenses, including expenses of a routine audit but not expenses of
      litigation (except as described in (ii)); or (ii) such expenses or liabilities
      (including taxes and penalties) are attributable to the negligence or willful
      misconduct of the Securities Administrator in fulfilling its duties hereunder
      (including its duties as tax return preparer). The Securities Administrator
      shall be entitled to reimbursement of expenses to the extent provided in clause
      (i) above from the Certificate Account, provided,
      however,
      the
      Securities Administrator shall not be entitled to reimbursement for expenses
      incurred in connection with the preparation of tax returns and Form SS-4 as
      required by Section 6.20 and this Section 10.01.

     

    (d) The
      Securities Administrator shall prepare (and the Trustee shall sign) and file
      all
      of each REMIC’s federal and applicable state tax and information returns as such
      REMIC’s direct representative. As used in the previous sentence, “applicable
      state tax and information returns” shall mean such returns as may be required by
      the laws of any state, the applicability of which to the Trust Fund shall have
      been confirmed to the Securities Administrator in writing either (i) by the
      delivery to the Securities Administrator of an Opinion of Counsel to such
      effect, or (ii) by delivery to the Securities Administrator of a written
      notification to such effect by the taxing authority of such state. The expenses
      of preparing and filing such returns shall be borne by the Securities
      Administrator. If any Disqualified Organization acquires any Ownership Interest
      in a Residual Certificate, then the Securities Administrator will upon request
      provide to the Internal Revenue Service, and to the persons specified in
      Sections 860E(e)(3) and (6) of the Code, such information as required in Section
      860D(a)(6)(B) of the Code needed to compute the tax imposed under Section
      860E(e) of the Code on transfers of residual interests to disqualified
      organizations. The Securities Administrator shall be entitled to additional
      compensation from such person for the cost of providing such
      information.

     

    (e) The
      Securities Administrator shall perform on behalf of each REMIC all reporting
      and
      other tax compliance duties that are the responsibility of such REMIC under
      the
      Code, the REMIC Provisions, or other compliance guidance issued by the Internal
      Revenue Service or any state or local taxing authority. Among its other duties,
      if required by the Code, the REMIC Provisions, or other such guidance, the
      Securities Administrator shall provide (i) to the Treasury or other governmental
      authority such information as is necessary for the application of any tax
      relating to the transfer of a Residual Certificate to any disqualified person
      or
      organization and (ii) to the Securities Administrator such information as is
      necessary for the Securities Administrator to provide to the Certificateholders
      such information or reports as are required by the Code or the REMIC
      Provisions.

     

    
      
        
        

      

      
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    If,
      after
      the Closing Date, as a result of any changes to the Code, the REMIC Provisions,
      or other compliance guidance issued by the Internal Revenue Service or any
      state
      or local taxing authority, the Securities Administrator shall have additional
      duties or obligations pursuant to this subsection (e), the Securities
      Administrator shall be entitled to receive reasonable compensation for the
      performance of its duties under this subsection (e); provided,
      however,
      that
      such compensation shall not exceed $5,000 per year.

     

    (f) The
      Securities Administrator, the Master Servicer and the Holders of Certificates
      shall take any action within their respective control and scope of its duties
      or
      cause each REMIC to take any action necessary to create or maintain the status
      of such REMIC as a REMIC under the REMIC Provisions and shall assist each other
      as necessary to create or maintain such status. None of the Securities
      Administrator, the Master Servicer or the Holder of any Residual Certificate
      shall take any action within their respective control, cause any REMIC to take
      any action or fail to take (or fail to cause to be taken) any action within
      its
      control and in the scope of its duties that, under the REMIC Provisions, if
      taken or not taken, as the case may be, could (i) endanger the status of
      any REMIC as a REMIC or (ii) result in the imposition of a tax upon any REMIC
      (including but not limited to the tax on prohibited transactions as defined
      in
      Code Section 860F(a)(2) and the tax on prohibited contributions set forth on
      Section 860G(d) of the Code) (either such event, an “Adverse REMIC Event”)
      unless the Securities Administrator and the Master Servicer have received an
      Opinion of Counsel (at the expense of the party seeking to take such action)
      to
      the effect that the contemplated action will not endanger such status or result
      in the imposition of such a tax. In addition, prior to taking any action with
      respect to any REMIC or the assets therein, or causing any REMIC to take any
      action, which is not expressly permitted under the terms of this Agreement
      any
      Holder of a Residual Certificate will consult with the Securities Administrator
      and the Master Servicer, or their respective designees, in writing, with respect
      to whether such action could cause an Adverse REMIC Event to occur with respect
      to any REMIC, and no such Person shall take any such action or cause any REMIC
      to take any such action as to which the Securities Administrator or the Master
      Servicer has advised it in writing that an Adverse REMIC Event could
      occur.

     

    (g) Each
      Holder of a Residual Certificate shall pay when due any and all taxes imposed
      on
      the related REMIC by federal or state governmental authorities. To the extent
      it
      has actual knowledge that such taxes were not paid by a Residual
      Certificateholder, the Securities Administrator shall pay any remaining REMIC
      taxes out of current or future amounts otherwise distributable to the Holder
      of
      the Residual Certificate in such REMIC or, if no such amounts are available,
      out
      of other amounts held in the Certificate Account, and shall reduce amounts
      otherwise payable to holders of regular interests in such REMIC, as the case
      may
      be.

     

    
      
        
        

      

      
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    (h) The
      Securities Administrator shall, for federal income tax purposes, maintain books
      and records with respect to each REMIC on a calendar year and on an accrual
      basis.

     

    (i) No
      additional contributions of assets shall be made to any REMIC, except as
      expressly provided in this Agreement with respect to eligible substitute
      mortgage loans.

     

    (j) None
      of
      the Trustee, the Securities Administrator, or the Master Servicer shall enter
      into any arrangement by which any REMIC will receive a fee or other compensation
      for services.

     

    (k) Upon
      the
      request of any Rating Agency, the Securities Administrator shall deliver to
      such
      Rating Agency an Officer’s Certificate stating, without regard to any actions
      taken by any party other than the Securities Administrator, the Securities
      Administrator’s compliance with the provisions of this Section 10.01 applicable
      to it.

     

    Section
      10.02. Prohibited
      Transactions and Activities. 

     

    None
      of
      the Depositor, the Master Servicer, the Trustee or the Securities Administrator
      shall sell, dispose of, or substitute for any of the Mortgage Loans, except
      in a
      disposition pursuant to (i) the foreclosure of a Mortgage Loan, (ii) the
      bankruptcy of the Trust Fund, (iii) the termination of each REMIC pursuant
      to
      Article VII of this Agreement, (iv) a substitution pursuant to Article II of
      this Agreement or (v) a repurchase of Mortgage Loans pursuant to Article II
      of
      this Agreement, nor acquire any assets for any REMIC, nor sell or dispose of
      any
      investments in the Certificate Account for gain, nor accept any contributions
      to
      any REMIC after the Closing Date, unless it has received an Opinion of Counsel
      (at the expense of the party causing such sale, disposition, or substitution)
      that such disposition, acquisition, substitution, or acceptance will not (a)
      affect adversely the status of such REMIC as a REMIC or of the Certificates,
      other than the Residual and Class X Certificates, as the regular interests
      therein, (b) affect the distribution of interest or principal on the
      Certificates, (c) result in the encumbrance of the assets transferred or
      assigned to the Trust Fund (except pursuant to the provisions of this Agreement)
      or (d) cause such REMIC to be subject to a tax on prohibited transactions or
      prohibited contributions pursuant to the REMIC Provisions.

     

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

     

    In
      the
      event that a REMIC fails to qualify as a REMIC, loses its status as a REMIC,
      or
      incurs federal, state or local taxes as a result of a prohibited transaction
      or
      prohibited contribution under the REMIC Provisions due to the negligent
      performance by the Securities Administrator of its duties and obligations set
      forth herein, the Securities Administrator shall indemnify the Holder of the
      Residual Certificate against any and all losses, claims, damages, liabilities
      or
      expenses (“Losses”) resulting from such negligence; provided,
      however,
      that
      the Securities Administrator shall not be liable for any such Losses
      attributable to the action or inaction of the Master Servicer, the Depositor,
      or
      the Holder of such Residual Certificate, as applicable, or for any such Losses
      resulting from misinformation provided by the Holder of such Residual
      Certificate on which the Securities Administrator has relied. The foregoing
      shall not be deemed to limit or restrict the rights and remedies of the Holder
      of such Residual Certificate now or hereafter existing at law or in equity.
      Notwithstanding the foregoing, however, in no event shall the Securities
      Administrator have any liability (1) for any action or omission that is taken
      in
      accordance with and in compliance with the express terms of, or which is
      expressly permitted by the terms of, this Agreement, (2) for any Losses other
      than arising out of a negligent performance by the Securities Administrator
      its
      duties and obligations set forth herein, and (3) for any special or
      consequential damages to Certificateholders (in addition to payment of principal
      and interest on the Certificates); provided, however, that this sentence shall
      not apply in connection with any failure by the Securities Administrator to
      comply with the provisions of Section 6.01(l) and Section 9.25(a) or (b) hereof.
      In addition, the Securities Administrator shall not have any liability for
      the
      actions or failure to act of the Trustee.

     

    
      
        
        

      

      
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    Section
      10.04. REO
      Property. 

     

    (a) Notwithstanding
      any other provision of this Agreement, the Master Servicer, acting on behalf
      of
      the Securities Administrator hereunder, shall not (except to the extent provided
      in the applicable Servicing Agreement) permit any Servicer to, rent, lease,
      or
      otherwise earn income on behalf of any REMIC with respect to any REO Property
      which might cause such REO Property to fail to qualify as “foreclosure” property
      within the meaning of section 860G(a)(8) of the Code or result in the receipt
      by
      any REMIC of any “income from non-permitted assets” within the meaning of
      section 860F(a)(2) of the Code or any “net income from foreclosure property”
which is subject to tax under the REMIC Provisions unless the Master Servicer
      has advised, or has caused the applicable Servicer to advise, the Securities
      Administrator in writing to the effect that, under the REMIC Provisions, such
      action would not adversely affect the status of any REMIC as a REMIC and any
      income generated for any REMIC by the REO Property would not result in the
      imposition of a tax upon such REMIC.

     

    (b) The
      Master Servicer shall make, or shall cause the applicable Servicer to make,
      reasonable efforts to sell any REO Property for its fair market value. In any
      event, however, the Master Servicer shall, or shall cause the applicable
      Servicer to, dispose of any REO Property within three years from the end of
      the
      calendar year of its acquisition by the Trust Fund unless the Master Servicer
      has received a grant of extension from the Internal Revenue Service to the
      effect that, under the REMIC Provisions and any relevant proposed legislation
      and under applicable state law, the REMIC may hold REO Property for a longer
      period without adversely affecting the REMIC status of such REMIC or causing
      the
      imposition of a Federal or state tax upon such REMIC. If such an extension
      has
      been received, then (a) the Master Servicer shall provide a copy of such
      extension to the Securities Administrator and (b) the Master Servicer, acting
      on
      behalf of the Trust Fund, shall, or shall cause the applicable Servicer to,
      continue to attempt to sell the REO Property for its fair market value for
      such
      period longer than three years as such extension permits (the “Extended
      Period”). If the Master Servicer has not received such an extension, or the
      Master Servicer is acting on behalf of the Trust Fund hereunder, or the
      applicable Servicer is unable to sell the REO Property within 33 months after
      its acquisition by the Trust Fund or if an extension has been received and
      the
      Master Servicer acting on behalf of the Trust Fund hereunder, is unable to
      sell
      the REO Property within the period ending three months before the close of
      the
      Extended Period, the Master Servicer shall, or shall cause the applicable
      Servicer to, before the end of the three year period or the Extended Period,
      as
      applicable, (i) purchase such REO Property at a price equal to the REO
      Property’s fair market value or (ii) auction the REO Property to the highest
      bidder (which may be the Master Servicer) in an auction reasonably designed
      to
      produce a fair price prior to the expiration of the three-year period or the
      Extended Period, as the case may be.

     

    
      
        
        

      

      
        163

        
          

        

      

      
        
        

      

    

    
      ARTICLE
        XI

       

      MISCELLANEOUS
        PROVISIONS

       

      Section
        11.01. Binding
        Nature of Agreement; Assignment. 

       

      This
        Agreement shall be binding upon and inure to the benefit of the parties hereto
        and their respective successors and permitted assigns.

       

      Section
        11.02. Entire
        Agreement. 

       

      This
        Agreement contains the entire agreement and understanding among the parties
        hereto with respect to the subject matter hereof, and supersedes all prior
        and
        contemporaneous agreements, understandings, inducements and conditions, express
        or implied, oral or written, of any nature whatsoever with respect to the
        subject matter hereof. The express terms hereof control and supersede any
        course
        of performance and/or usage of the trade inconsistent with any of the terms
        hereof.

       

      Section
        11.03. Amendment.
        

       

      (a) On
        or
        prior to a Section 7.01(c) Purchase Event, this Agreement may be amended
        from
        time to time by the Depositor, the Master Servicer, the Securities Administrator
        and the Trustee, without notice to or the consent of any of the Holders,
        (i) to
        cure any ambiguity, (ii) to cause the provisions herein to conform to or
        be
        consistent with or in furtherance of the statements made with respect to
        the
        Certificates, the Trust Fund or this Agreement in any Offering Document;
        or to
        correct or supplement any provision herein which may be inconsistent with
        any
        other provisions herein, (iii) to make any other provisions with respect
        to
        matters or questions arising under this Agreement or with the provisions
        of any
        Servicing Agreement (iv) to add, delete, or amend any provisions to the extent
        necessary or desirable to comply with any requirements imposed by the Code
        and
        the REMIC Provisions. No such amendment effected pursuant to the preceding
        sentence shall, as evidenced by an Opinion of Counsel, adversely affect the
        status of any REMIC created pursuant to this Agreement, nor shall such amendment
        effected pursuant to clause (iii) of such sentence adversely affect in any
        material respect the interests of any Holder. Prior to entering into any
        amendment without the consent of Holders pursuant to this paragraph, the
        Trustee
        may require an Opinion of Counsel (at the expense of the party requesting
        such
        amendment) to the effect that such amendment is permitted under this paragraph.
        Any such amendment shall be deemed not to adversely affect in any material
        respect any Holder if the Trustee receives written confirmation from each
        Rating
        Agency that such amendment will not cause such Rating Agency to reduce, qualify
        or withdraw the then current rating assigned to the Certificates (and any
        Opinion of Counsel requested by the Trustee in connection with any such
        amendment may rely expressly on such confirmation as the basis therefor).
        

       

      
        
          
          

        

        
          164

          
            

          

        

        
          
          

        

      

      (b) On
        or
        prior to a Section 7.01(c) Purchase Event, this Agreement may also be amended
        from time to time by the Depositor, the Master Servicer and the Securities
        Administrator with the consent of the Holders of not less than 66 2/3% of
        the
        Class Principal Amount (or Class Notional Amount or Percentage Interest)
        of each
        Class of Certificates affected thereby for the purpose of adding any provisions
        to or changing in any manner or eliminating any of the provisions of this
        Agreement or of modifying in any manner the rights of the Holders; provided,
        however,
        that no
        such amendment shall be made unless the Securities Administrator receives
        an
        Opinion of Counsel, at the expense of the party requesting the change, that
        such
        change will not cause an Adverse REMIC Event; and provided,
        further,
        that no
        such amendment may (i) reduce in any manner the amount of, or delay the timing
        of, payments received on Mortgage Loans which are required to be distributed
        on
        any Certificate, without the consent of the Holder of such Certificate or
        (ii)
        reduce the aforesaid percentages of Class Principal Amount (or Class Notional
        Amount or Percentage Interest) of Certificates of each Class, the Holders
        of
        which are required to consent to any such amendment without the consent of
        the
        Holders of 100% of the Class Principal Amount (or Class Notional Amount)
        of each
        Class of Certificates affected thereby. For purposes of this paragraph,
        references to “Holder” or “Holders” shall be deemed to include, in the case of
        any Class of Book-Entry Certificates, the related Certificate
        Owners.

       

      (c) After
        a
        Section 7.01(c) Purchase Event but on or prior to a Trust Fund Termination
        Event, this Agreement may be amended from time to time by the Depositor,
        the
        Master Servicer, the
        Securities
        Administrator, the LTURI holder and the Trustee. Prior to entering into any
        amendment without the consent of Holders pursuant to this paragraph,
        the Securities
        Administrator and the Trustee shall be provided with an Opinion of Counsel
        addressed to the Securities
        Administrator and the Trustee (at the expense of the party requesting such
        amendment) to the effect that such amendment is permitted under this Section
        and
        will not result in an Adverse REMIC Event.

       

      (d) Promptly
        after the execution of any such amendment, the Securities
        Administrator shall furnish written notification of the substance of such
        amendment to each Holder, the Depositor and to the Rating Agencies.

       

      (e) It
        shall
        not be necessary for the consent of Holders under this Section 11.03 to approve
        the particular form of any proposed amendment, but it shall be sufficient
        if
        such consent shall approve the substance thereof. The manner of obtaining
        such
        consents and of evidencing the authorization of the execution thereof by
        Holders
        shall be subject to such reasonable regulations as the Trustee may
        prescribe.

       

      (f) Notwithstanding
        anything to the contrary in any Servicing Agreement, the Trustee shall not
        consent to any amendment of any Servicing Agreement unless (i) such amendment
        is
        effected pursuant to the standards provided in Section 11.03(a) or Section
        11.03(b) with respect to amendment of this Agreement and (ii) except for
        a
        Permitted Servicing Amendment, any such amendment pursuant to Section
        11.03(a)(iii) shall not be materially inconsistent with the provisions of
        such
        Servicing Agreement as evidenced by an Officer’s Certificate of the
        Depositor.

       

      
        
          
          

        

        
          165

          
            

          

        

        
          
          

        

      

      (g) Notwithstanding
        anything to the contrary in this Section 11.03, this Agreement may be amended
        from time to time by the Depositor, the Master Servicer and the Trustee to
        the
        extent necessary, in the judgment of the Depositor and its counsel, to comply
        with the Rules.

       

      (h) Prior
        to
        the execution of any amendment to this Agreement, the Trustee shall be entitled
        to receive and rely upon an Opinion of Counsel addressed to it stating that
        the
        execution of such amendment is authorized or permitted by this Agreement.
        The
        Trustee may, but shall not be obligated to, enter into any such amendment
        which
        affects the Trustee’s own rights, duties or immunities under this
        Agreement.

       

      Section
        11.04. Voting
        Rights. 

       

      Except
        to
        the extent that the consent of all affected Certificateholders is required
        pursuant to this Agreement, with respect to any provision of this Agreement
        requiring the consent of Certificateholders representing specified percentages
        of aggregate outstanding Certificate Principal Amount (or Notional Amount),
        Certificates owned by the Depositor, the Master Servicer, the Trustee,
the
        Securities
        Administrator or any Servicer or Affiliates thereof are not to be counted
        so
        long as such Certificates are owned by the Depositor, the Master Servicer,
        the
        Trustee, the
        Securities
        Administrator or any Servicer or Affiliates thereof.

       

      Section
        11.05. Provision
        of Information. 

       

      (a) For
        so
        long as any of the Certificates of any Series or Class are “restricted
        securities” within the meaning of Rule 144(a)(3) under the Act, each of the
        Depositor and the Securities Administrator agree to cooperate with each other
        to
        provide to any Certificateholders and to any prospective purchaser of
        Certificates designated by such Certificateholder, upon the request of such
        Certificateholder or prospective purchaser, any information required to be
        provided to such holder or prospective purchaser to satisfy the condition
        set
        forth in Rule 144A(d)(4) under the Act. Any reasonable, out-of-pocket expenses
        incurred by the Securities Administrator in providing such information shall
        be
        reimbursed by the Depositor.

       

      (b) The
        Securities Administrator will make available to any person to whom a Prospectus
        was delivered, upon the request of such person specifying the document or
        documents requested, (i) a copy (excluding exhibits) of any report on Form
        8-K
        or Form 10-K filed with the Securities and Exchange Commission pursuant to
        Section 6.20(c) and (ii) a copy of any other document incorporated by reference
        in the Prospectus to the extent in the possession of the Securities
        Administrator. Any reasonable out-of-pocket expenses incurred by the Securities
        Administrator in providing copies of such documents shall be reimbursed by
        the
        Depositor.

       

      (c) On
        each
        Distribution Date, the Securities Administrator shall deliver or cause to
        be
        delivered by first class mail or make available on its website to the Depositor,
        Attention: Contract Finance, a copy of the report delivered to
        Certificateholders pursuant to Section 4.03.

       

      
        
          
          

        

        
          166

          
            

          

        

        
          
          

        

      

      Section
        11.06. Governing
        Law. 

       

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

       

      Section
        11.07. Notices.
        

       

      All
        demands, notices and communications hereunder shall be in writing and shall
        be
        deemed to have been duly given when delivered to such party at the relevant
        address, facsimile number or electronic mail address set forth below (or
        at such
        other address, facsimile number or electronic mail address as such party
        may
        designate from time to time by written notice in accordance with this Section
        11.07): (a) in the case of the Depositor, Structured Asset Securities
        Corporation, 745 Seventh Avenue, 7th
        Floor,
        New York, New York 10019, Attention:
        Mortgage Finance, LMT 2006-6,
        (b) in
        the case of the Securities Administrator, its Corporate Trust Office, (c)
        in the
        case of the Master Servicer, Aurora Loan Services LLC, 10350 Park Meadows
        Drive,
        Littleton, Colorado 80124; Attention: Master Servicing and (d) in the case
        of
        the Trustee, HSBC Bank USA, National Association, 452 Fifth Avenue, New York,
        NY
        10018, Attention: Corporate Trust & Loan Agency (LMT 2006-6), or as to each
        party such other address as may hereafter be furnished by such party to the
        other parties in writing. Any notice required or permitted to be mailed to
        a
        Holder shall be given by first class mail, postage prepaid, at the address
        of
        such Holder as shown in the Certificate Register. Any notice so mailed within
        the time prescribed in this Agreement shall be conclusively presumed to have
        been duly given, whether or not the Holder receives such notice.

       

      Section
        11.08. Severability
        of Provisions. 

       

      If
        any
        one or more of the covenants, agreements, provisions or terms of this Agreement
        shall be for any reason whatsoever held invalid, then such covenants,
        agreements, provisions or terms shall be deemed severable from the remaining
        covenants, agreements, provisions or terms of this Agreement and shall in
        no way
        affect the validity or enforceability of the other provisions of this Agreement
        or of the Certificates or the rights of the Holders thereof.

       

      Section
        11.09. Indulgences;
        No Waivers. 

       

      Neither
        the failure nor any delay on the part of a party to exercise any right, remedy,
        power or privilege under this Agreement shall operate as a waiver thereof,
        nor
        shall any single or partial exercise of any right, remedy, power or privilege
        preclude any other or further exercise of the same or of any other right,
        remedy, power or privilege, nor shall any waiver of any right, remedy, power
        or
        privilege with respect to any occurrence be construed as a waiver of such
        right,
        remedy, power or privilege with respect to any other occurrence. No waiver
        shall
        be effective unless it is in writing and is signed by the party asserted
        to have
        granted such waiver.

       

      
        
          
          

        

        
          167

          
            

          

        

        
          
          

        

      

      Section
        11.10. Headings
        Not To Affect Interpretation. 

       

      (a) The
        headings contained in this Agreement are for convenience of reference only,
        and
        they shall not be used in the interpretation hereof.

       

      Section
        11.11. Benefits
        of Agreement. 

       

      Nothing
        in this Agreement or in the Certificates, express or implied, shall give
        to any
        Person, other than the parties to this Agreement and their successors hereunder
        and the Holders of the Certificates, any benefit or any legal or equitable
        right, power, remedy or claim under this Agreement, except to the extent
        specified in Sections 11.14 and 11.15.

       

      Section
        11.12. Special
        Notices to the Rating Agencies. 

       

      (a) The
        Depositor shall give prompt notice to the Rating Agencies of the occurrence
        of
        any of the following events of which it has notice:

       

      (i) any
        amendment to this Agreement pursuant to Section 11.03;

       

      (ii) any
        Assignment by the Master Servicer of its rights hereunder or delegation of
        its
        duties hereunder;

       

      (iii) the
        occurrence of any Event of Default described in Section 6.14;

       

      (iv) any
        notice of termination given to the Master Servicer pursuant to Section 6.14
        and
        any resignation of the Master Servicer hereunder;

       

      (v) the
        appointment of any successor to any Master Servicer pursuant to Section 6.14;
        and

       

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

       

      (b) All
        notices to the Rating Agencies provided for this Section shall be in writing
        and
        sent by first class mail, telecopy or overnight courier, as
        follows:

       

      If
        to
        S&P, to:

       

      Standard
        & Poor’s Ratings Services

      55
        Water
        Street, 41st Floor

      New
        York,
        New York 10041

      Attention:
        Residential Mortgage Surveillance

       

      If
        to
        Moody’s, to:

       

      Moody’s
        Investors Service, Inc.

      99
        Church
        Street

      New
        York,
        New York 10007

      Attention:
        ABS Monitoring Department

       

      
        
          
          

        

        
          168

          
            

          

        

        
          
          

        

      

      If
        to Fitch, to:

      

      Fitch
        Ratings

      One
        State
        Street Plaza

      New
        York,
        New York 10004

      Attention:
        Residential Mortgages

       

      (c) The
        Securities Administrator shall provide or make available to the Rating Agencies
        reports prepared pursuant to Section 4.03. In addition, the Securities
        Administrator shall, at the expense of the Trust Fund, make available to
        each
        Rating Agency such information as such Rating Agency may reasonably request
        regarding the Certificates or the Trust Fund, to the extent that such
        information is reasonably available to the Securities
        Administrator.

       

      Section
        11.13. Counterparts.
        

       

      This
        Agreement may be executed in one or more counterparts, each of which shall
        be
        deemed to be an original, and all of which together shall constitute one
        and the
        same instrument.

       

      Section
        11.14. Transfer
        of Servicing. 

       

      The
        Seller agrees that it shall provide written notice to the Trustee, the
        Securities
        Administrator and the Master Servicer thirty days prior to any transfer or
        assignment by the Seller of its rights under any Servicing Agreement or of
        the
        servicing thereunder or delegation of its rights or duties thereunder or
        any
        portion thereof to any Person other than the initial Servicer under any
        Servicing Agreement; provided,
        that
        (i) the Seller shall not be required to provide prior notice of any transfer
        of
        servicing that occurs within three months following the Closing Date to an
        entity that is the Servicer on the Closing Date or (ii) LBH shall be required
        to
        provide notice of any transfer of servicing rights by either of them to the
        other. In addition, the ability of the Seller to transfer or assign its rights
        and delegate its duties under the Servicing Agreement (other than a transfer
        of
        servicing rights between LBH and LBB) or to transfer the servicing thereunder
        to
        a successor servicer shall be subject to the following conditions:

       

      (i) Such
        successor servicer must be qualified to service loans for FNMA or
        FHLMC;

       

      (ii) Such
        successor servicer must satisfy the Servicer eligibility standards in the
        applicable Servicing Agreement, exclusive of any experience in mortgage loan
        origination, and must be reasonably acceptable to the Master Servicer, whose
        approval shall not be unreasonably withheld;

       

      (iii) Such
        successor servicer must execute and deliver to the Trustee and the Master
        Servicer an agreement, in form and substance reasonably satisfactory to the
        Trustee and the Master Servicer, that contains an assumption by such successor
        servicer of the due and punctual performance and observance of each covenant
        and
        condition to be performed and observed by the Servicer under the applicable
        Servicing Agreement or, (i) in the case of a transfer of servicing to a party
        that is already a Servicer pursuant to this Agreement, an agreement to add
        the
        related Mortgage Loans to the Servicing Agreement already in effect with
        the
        Servicer and (ii) in the case of a transfer of servicing to a Special Servicer
        pursuant to Section 9.32 herein, a special servicing agreement in the form
        of
        that attached to the Servicing Agreement;

       

      
        
          
          

        

        
          169

          
            

          

        

        
          
          

        

      

      (iv) If
        the
        successor servicer is not a Servicer of Mortgage Loans at the time of transfer,
        there must be delivered to the Trustee a letter from each Rating Agency to
        the
        effect that such transfer of servicing will not result in a qualification,
        withdrawal or downgrade of the then-current rating of any of the Certificates;
        and

       

      (v) The
        Seller shall, at its cost and expense, take such steps, or cause the terminated
        Servicer to take such steps, as may be necessary or appropriate to effectuate
        and evidence the transfer of the servicing of the Mortgage Loans to such
        successor servicer, including, but not limited to, the following: (A) to
        the
        extent required by the terms of the Mortgage Loans and by applicable federal
        and
        state laws and regulations, the Seller shall cause the prior Servicer to
        timely
        mail to each obligor under a Mortgage Loan any required notices or disclosures
        describing the transfer of servicing of the Mortgage Loans to the successor
        servicer; (B) prior to the effective date of such transfer of servicing,
        the
        Seller shall cause the prior Servicer to transmit to any related insurer
        notification of such transfer of servicing; (C) on or prior to the effective
        date of such transfer of servicing, the Seller shall cause the prior Servicer
        to
        deliver to the successor servicer all Mortgage Loan Documents and any related
        records or materials; (D) on or prior to the effective date of such transfer
        of
        servicing, the Seller shall cause the prior Servicer to transfer to the
        successor servicer, or, if such transfer occurs after a Servicer Remittance
        Date
        but before the next succeeding Master Servicer Remittance Date, to the Master
        Servicer, all funds held by the applicable Servicer in respect of the Mortgage
        Loans; (E) on or prior to the effective date of such transfer of servicing,
        the
        Seller shall cause the prior Servicer to, after the effective date of the
        transfer of servicing to the successor servicer, continue to forward to such
        successor servicer, within one Business Day of receipt, the amount of any
        payments or other recoveries received by the prior Servicer, and to notify
        the
        successor servicer of the source and proper application of each such payment
        or
        recovery; and (F) the Seller shall cause the prior Servicer to, after the
        effective date of transfer of servicing to the successor servicer, continue
        to
        cooperate with the successor servicer to facilitate such transfer in such
        manner
        and to such extent as the successor servicer may reasonably
        request.

      
        
          
          

        

        
          170

          
            

          

        

        
          
          

        

      

      IN
        WITNESS WHEREOF, the parties hereto have caused their names to be signed
        hereto
        by their respective officers hereunto duly authorized as of the day and year
        first above written.

       

      

       

      STRUCTURED
        ASSET SECURITIES 

      CORPORATION,
        as Depositor

       

      By:
        /s/ Michael Hitzmann

      Name:
        Michael Hitzmann

      Title:
        Senior Vice President

       

      HSBC
        BANK
        USA, NATIONAL ASSOCIATION,

      as
        Trustee

       

      By:
        /s/ Fernando Acebedo

      Name:
        Fernando Acebedo

      Title:
        Vice President

       

      AURORA
        LOAN SERVICES LLC, 

      as
        Master
        Servicer

       

      By:
        /s/ Jerald W. Dreyer

      Name:
        Jerald W. Dreyer

      Title:
        Vice President

       

      WELLS
        FARGO BANK, N.A.,

      as
        Securities Administrator

      

      By:
        /s/ Michael Pinzon

      Name:
        Michael Pinzon

      Title:
        Assistant Vice President

      

      

      

      Solely
        for purposes of Sections 6.11 and 11.14, 

      accepted
        and agreed to by:

       

      LEHMAN
        BROTHERS HOLDINGS INC.

       

      By:
        /s/ Ellen V. Kiernan

      Name:
        Ellen V. Kiernan

      Title:
        Authorized Signatory

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      

      [RESERVED]

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      [RESERVED]

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        A

       

      FORMS
        OF
        CERTIFICATES

       

      

       

      
        
          
          

        

        
          A-1

          
            

          

        

        
          
          

        

      

      EXHIBIT
        B-1

       

      FORM
        OF INITIAL CERTIFICATION

       

       

      
        	 	 
	
                [Date]

              	 

      

       

      HSBC
        Bank USA, National Association

      452
        Fifth Avenue

      New
        York,
        NY 10018

      Attention:
        CTLA-Structured Finance/LMT 2006-6

      

      Structured
        Asset Securities Corporation

      745
        Seventh Avenue, 7th Floor

      New
        York, New York 10019

       

      Aurora
        Loan Services LLC

      10350
        Park Meadows Drive

      Littleton,
        Colorado 80124

       

      
        	 	RE:	
                Trust
                  Agreement dated as of September 1, 2006, (the “Trust Agreement”), among
                  Structured Asset Securities Corporation, as Depositor, Aurora Loan
                  Services LLC, as Master Servicer, Wells Fargo Bank, N.A., as Securities
                  Administrator, and HSBC Bank USA, National Association, as Trustee,
                  with
                  respect to Lehman Mortgage
                  Trust Mortgage Pass-Through Certificates, Series
                  2006-6

              

      

       

      Ladies
        and Gentlemen:

       

      In
        accordance with Section 2.02(a) of the Trust Agreement, subject to review
        of the
        contents thereof, the undersigned, as Custodian on behalf of the Trustee,
        hereby
        certifies that it has received the documents listed in Section 2.01(b) of
        the
        Trust Agreement for each Mortgage File pertaining to each Mortgage Loan listed
        on Schedule A, to the Trust Agreement, subject to any exceptions noted on
        Schedule I hereto.

       

      Capitalized
        words and phrases used herein and not otherwise defined herein shall have
        the
        respective meanings assigned to them in the Trust Agreement. This Certificate
        is
        subject in all respects to the terms of Section 2.02 of the Trust Agreement
        and
        the Trust Agreement sections cross-referenced therein.

       

      [Custodian],
        on behalf of

      HSBC
        Bank USA, National Association,

      as
        Trustee

       

      By:
        ________________________

        
        Name: 

        
        Title:

       

      
        
          
          

        

        
          B-1-1

          
            

          

        

        
          
          

        

      

      EXHIBIT
        B-2

       

      FORM
        OF INTERIM CERTIFICATION

       

      
        
          
             

            
              	 	 
	
                      [Date]

                    	 

            

             

          
HSBC
          Bank USA, National Association

      

      452
        Fifth Avenue

      New
        York,
        NY 10018

      Attention:
        CTLA-Structured Finance/LMT 2006-6

      

      Structured
        Asset Securities Corporation

      745
        Seventh Avenue, 7th Floor

      New
        York, New York 10019

       

      Aurora
        Loan Services LLC

      10350
        Park Meadows Drive

      Littleton,
        Colorado 80124

      
         

        
          	 	RE:	
                  Trust
                    Agreement dated as of September 1, 2006, (the “Trust Agreement”), among
                    Structured Asset Securities Corporation, as Depositor, Aurora
                    Loan
                    Services LLC, as Master Servicer, Wells Fargo Bank, N.A., as
                    Securities
                    Administrator, and HSBC Bank USA, National Association, as Trustee,
                    with
                    respect to Lehman Mortgage
                    Trust Mortgage Pass-Through Certificates, Series
                    2006-6

                

        

         

      

      Ladies
        and Gentlemen:

       

      In
        accordance with Section 2.02(b) of the Trust Agreement, the undersigned,
        as
        Custodian on behalf of the Trustee, hereby certifies that as to each Mortgage
        Loan listed in the Mortgage Loan Schedule (other than any Mortgage Loan paid
        in
        full or listed on the attachment hereto) it (or its custodian) has received
        the
        applicable documents listed in Section 2.01(b) of the Trust
        Agreement.

       

      The
        undersigned hereby certifies that as to each Mortgage Loan identified on
        the
        Mortgage Loan Schedule, other than any Mortgage Loan listed on the attachment
        hereto, it has reviewed the documents listed above and has determined that
        each
        such document appears regular on its face and appears to relate to the Mortgage
        Loan identified in such document.

       

      Capitalized
        words and phrases used herein shall have the respective meanings assigned
        to
        them in the Trust Agreement. This Certificate is qualified in all respects
        by
        the terms of said Trust Agreement including, but not limited to, Section
        2.02(b).

       

      [Custodian],
        on behalf of

      HSBC
        Bank USA, National Association,

      as
        Trustee

       

      By:_______________________________

      Name:

      Title:

      
        
          
          

        

        
          B-2-1

          
            

          

        

        
          
          

        

      

      EXHIBIT
        B-3

       

      FORM
        OF FINAL CERTIFICATION

      
        
           

          
            	 	 
	
                    [Date]

                  	 

          

           

        
HSBC
        Bank USA, National Association

      452
        Fifth Avenue

      New
        York,
        NY 10018

      Attention:
        CTLA-Structured Finance/LMT 2006-6

      

      Structured
        Asset Securities Corporation

      745
        Seventh Avenue, 7th Floor

      New
        York, New York 10019

       

      Aurora
        Loan Services LLC

      10350
        Park Meadows Drive

      Littleton,
        Colorado 80124

      
        
           

          
            	 	Re:	
                    Trust
                      Agreement dated as of September 1, 2006, (the “Trust Agreement”), among
                      Structured Asset Securities Corporation, as Depositor, Aurora
                      Loan
                      Services LLC, as Master Servicer, Wells Fargo Bank, N.A., as
                      Securities
                      Administrator, and HSBC Bank USA, National Association, as
                      Trustee, with
                      respect to Lehman Mortgage
                      Trust Mortgage Pass-Through Certificates, Series
                      2006-6

                  

          

           

        

      

      Ladies
        and Gentlemen:

       

      In
        accordance with Section 2.02(d) of the Trust Agreement, the undersigned,
        as
        Custodian on behalf of the Trustee, hereby certifies that as to each Mortgage
        Loan listed in the Mortgage Loan Schedule (other than any Mortgage Loan paid
        in
        full or listed on the attachment hereto) it has received the applicable
        documents listed in Section 2.02(b) of the Trust Agreement.

       

      The
        undersigned hereby certifies that as to each Mortgage Loan identified in
        the
        Mortgage Loan Schedule, other than any Mortgage Loan listed on Schedule I
        hereto, it has reviewed the documents listed above and has determined that
        each
        such document appears to be complete and, based on an examination of such
        documents, the information set forth in items (i) through (vi) of the definition
        of Mortgage Loan Schedule is correct.

       

      Capitalized
        words and phrases used herein shall have the respective meanings assigned
        to
        them in the Trust Agreement. This Certificate is qualified in all respects
        by
        the terms of said Trust Agreement.

       

      [Custodian],
        on behalf of

      HSBC
        Bank USA, National Association, 

      as
        Trustee

       

      By:________________________________

      Name:

      Title:

      
        
          
          

        

        
          B-3-1

          
            

          

        

        
          
          

        

      

      EXHIBIT
        B-4

       

      FORM
        OF
        ENDORSEMENT

       

      Pay
        to
        the order of
        HSBC Bank USA, National Association,
        as
        trustee (the “Trustee”) under the Trust
        Agreement dated as of September 1, 2006, (the “Trust Agreement”), among
        Structured Asset Securities Corporation, as Depositor, Aurora Loan Services
        LLC,
        as Master Servicer, Wells Fargo Bank, N.A., as Securities Administrator,
        and
        HSBC Bank USA, National Association, as Trustee,
        relating
        to Lehman Mortgage Trust Mortgage Pass-Through Certificates, Series 2006-6,
        without recourse.

       

      ______________________________________

      [current
        signatory on note]

       

      By:___________________________________

      Name:

      Title:

       

      
        
          
          

        

        
          B-4-1

          
            

          

        

        
          
          

        

      

      EXHIBIT
        C

       

      REQUEST
        FOR RELEASE OF DOCUMENTS AND RECEIPT

       

                                 
                        

      Date

       

      [Addressed
        to Trustee

      or,
        if
        applicable, custodian]

       

      In
        connection with the administration of the mortgages held by you as Trustee
        under
        a certain
        Trust Agreement dated as of September 1, 2006, (the “Trust Agreement”), among
        Structured Asset Securities Corporation, as Depositor, Aurora Loan Services
        LLC,
        as Master Servicer, Wells Fargo Bank, N.A., as Securities Administrator,
        and
you,
        as
        Trustee (the “Trust Agreement”), the undersigned Master Servicer hereby requests
        a release of the Mortgage File held by you as Trustee, or Custodian, as
        applicable, with respect to the following described Mortgage Loan for the
        reason
        indicated below.

       

      Mortgagor’s
        Name:

       

      Address:

       

      Loan
        No.:

       

      Reason
        for requesting file:

       

      1. Mortgage
        Loan paid in full. (The Master Servicer hereby certifies that all amounts
        received in connection with the loan have been or will be credited to the
        Collection Account or the Certificate Account (whichever is applicable) pursuant
        to the Trust Agreement.)

       

      2. The
        Mortgage Loan is being foreclosed.

       

      3. Mortgage
        Loan substituted. (The Master Servicer hereby certifies that a Qualifying
        Substitute Mortgage Loan has been assigned and delivered to you along with
        the
        related Mortgage File pursuant to the Trust Agreement.)

       

      4. Mortgage
        Loan repurchased. (The Master Servicer hereby certifies that the Purchase
        Price
        has been credited to the Collection Account or the Certificate Account
        (whichever is applicable) pursuant to the Trust Agreement.)

       

      5. Other.
        (Describe)

       

      The
        undersigned acknowledges that the above Mortgage File will be held by the
        undersigned in accordance with the provisions of the Trust Agreement and
        will be
        returned to you within ten (10) days of our receipt of the Mortgage File,
        except
        if the Mortgage Loan has been paid in full, or repurchased or substituted
        for a
        Qualifying Substitute Mortgage Loan (in which case the Mortgage File will
        be
        retained by us permanently).

       

      
        
          
          

        

        
          C-1

          
            

          

        

        
          
          

        

      

      Capitalized
        terms used herein shall have the meanings ascribed to them in the Trust
        Agreement.

       

      _____________________________________

      [Name
        of
        Master Servicer]

       

      By:__________________________________

      Name:

      Title:
        Servicing Officer

       

      
        
          
          

        

        
          C-2

          
            

          

        

        
          
          

        

      

      EXHIBIT
        D-1

       

      FORM
        OF
        RESIDUAL CERTIFICATE TRANSFER AFFIDAVIT (TRANSFEREE)

       

      
        	STATE OF	
                )

              	 
	 	
                )
                  ss.:

              	 
	COUNTY OF	)	 

      

       

      [NAME
        OF
        OFFICER], _________________ being first duly sworn, deposes and
        says:

       

      1. That
        he
        [she] is [title of officer] ________________________ of [name of Purchaser]
        _____________________________ (the “Purchaser”), a _______________________
        [description of type of entity] duly organized and existing under the laws
        of
        the [State of __________] [United States], on behalf of which he [she] makes
        this affidavit.

       

      2. That
        the
        Purchaser’s Taxpayer Identification Number is ______________.

       

      3. That
        the
        Purchaser is not a “disqualified organization” within the meaning of Section
        860E(e)(5) of the Internal Revenue Code of 1986, as amended (the “Code”) and
        will not be a “disqualified organization” as of __________________ [date of
        transfer], and that the Purchaser is not acquiring a Residual Certificate
        (as
        defined in the Agreement) for the account of, or as agent (including a broker,
        nominee, or other middleman) for, any person or entity from which it has
        not
        received an affidavit substantially in the form of this affidavit. 

       

      4. That
        the
        Purchaser either (x) is not, and on __________________ [date of transfer]
        will
        not be, an employee benefit plan or other retirement arrangement subject
        to
        Section 406 of the Employee Retirement Income Security Act of 1974, as amended
        (“ERISA”), or Section 4975 of the Code (“Code”), (collectively, a “Plan”) or a
        person acting on behalf of any such Plan or investing the assets of any such
        Plan to acquire a Residual Certificate; (y) is an insurance company that
        is
        purchasing the Certificate with funds contained in an “insurance company general
        account” as defined in Section V(e) of Prohibited Transaction Class Exemption
        (“PTCE”) 95-60 and the purchase and holding of the Certificate are covered under
        Sections I and III of PTCE 95-60; or (z) herewith delivers to the Certificate
        Registrar an opinion of counsel satisfactory to the Trustee, and upon which
        the
        Trustee, the Certificate Registrar, the Master Servicer and the Depositor
        shall
        be entitled to rely, to the effect that the purchase or holding of such Residual
        Certificate by the Investor will not result in any non-exempt prohibited
        transactions under Title I of ERISA or Section 4975 of the Code and will
        not
        subject the Trustee, the Certificate Registrar, the Depositor or the Master
        Servicer to any obligation in addition to those undertaken by such entities
        in
        the Trust Agreement, which opinion of counsel shall not be an expense of
        the
        Trust Fund or any of the above parties.

       

      5. That
        the
        Purchaser hereby acknowledges that under the terms of the Trust Agreement
        (the
“Agreement”) dated
        as of September 1, 2006, among Structured Asset Securities Corporation, as
        Depositor, Aurora Loan Services LLC, as Master Servicer, Wells Fargo Bank,
        N.A.,
        as Securities Administrator, and HSBC Bank USA, National Association, as
        Trustee,
        no
        transfer of a Residual Certificate shall be permitted to be made to any person
        unless the Depositor and the Certificate Registrar have received a certificate
        from such transferee containing the representations in paragraphs 3, 4 and
        5
        hereof.

       

      
        
          
          

        

        
          D-1-1

          
            

          

        

        
          
          

        

      

      6. That
        the
        Purchaser does not hold REMIC residual securities as nominee to facilitate
        the
        clearance and settlement of such securities through electronic book-entry
        changes in accounts of participating organizations (such entity, a “Book-Entry
        Nominee”).

       

      7. That
        the
        Purchaser does not have the intention to impede the assessment or collection
        of
        any federal, state or local taxes legally required to be paid with respect
        to
        such Residual Certificate, and that the Purchaser has provided financial
        statements or other financial information requested by the transferor in
        connection with the transfer of the Residual Certificate in order to permit
        the
        transferor to assess the financial capability of the Purchaser to pay such
        taxes.

       

      8. That
        the
        Purchaser will not transfer a Residual Certificate to any person or entity
        (i)
        as to which the Purchaser has actual knowledge that the requirements set
        forth
        in paragraph 3, paragraph 6 or paragraph 10 hereof are not satisfied or that
        the
        Purchaser has reason to believe does not satisfy the requirements set forth
        in
        paragraph 7 hereof, and (ii) without obtaining from the prospective Purchaser
        an
        affidavit substantially in this form and providing to the Certificate Registrar
        a written statement substantially in the form of Exhibit G to the
        Agreement.

       

      9. That
        the
        Purchaser understands that, as the holder of a Residual Certificate, the
        Purchaser may incur tax liabilities in excess of any cash flows generated
        by the
        interest and that it intends to pay taxes associated with holding such Residual
        Certificate as they become due.

       

      10. That
        the
        Purchaser (i) is a U.S. Person or (ii) is a Non-U.S. Person that holds a
        Residual Certificate in connection with the conduct of a trade or business
        within the United States and has furnished the transferor and the Certificate
        Registrar with an effective Internal Revenue Service Form W-8 ECI (Certificate
        of Foreign Person’s Claim for exception From Withholding on Income Effectively
        Connected with the Conduct of a Trade or Business in the United States) or
        successor form at the time and in the manner required by the Code. “Non-U.S.
        Person” means any person other than (i) a citizen or resident of the United
        States; (ii) a corporation (or entity treated as a corporation for tax purposes)
        created or organized in the United States or under the laws of the United
        States
        or of any state thereof, including, for this purpose, the District of Columbia;
        (iii) a partnership (or entity treated as a partnership for tax purposes)
        organized in the United States or under the laws of the United States or
        of any
        state thereof, including, for this purpose, the District of Columbia (unless
        provided otherwise by future Treasury regulations); (iv) an estate whose
        income
        is includible in gross income for United States income tax purposes regardless
        of its source; (v) a trust, if a court within the United States is able to
        exercise primary supervision over the administration of the trust and one
        or
        more U.S. Persons have authority to control all substantial decisions of
        the
        trust; (vi) and, to the extent provided in Treasury regulations, certain
        trusts
        in existence prior to August 20, 1996 that are treated as United States persons
        prior to such date and elect to continue to be treated as United States
        persons.

       

      
        
          
          

        

        
          D-1-2

          
            

          

        

        
          
          

        

      

      11. That
        the
        Purchaser agrees to such amendments of the Trust Agreement as may be required
        to
        further effectuate the restrictions on transfer of any Residual Certificate
        to
        such a “disqualified organization,” an agent thereof, a Book-Entry Nominee, or a
        person that does not satisfy the requirements of paragraph 7 and paragraph
        10
        hereof.

       

      12. That
        the
        Purchaser consents to the designation of the Securities Administrator as
        its
        agent to act as “tax matters person” of the Trust Fund pursuant to the Trust
        Agreement.

       

      
        
          
          

        

        
          D-1-3

          
            

          

        

        
          
          

        

      

      IN
        WITNESS WHEREOF, the Purchaser has caused this instrument to be executed
        on its
        behalf, pursuant to authority of its Board of Directors, by its [title of
        officer] this _____ day of __________, 20__.

       

      ______________________________________

      [name
        of
        Purchaser]

       

      By:___________________________________

      Name:
        

      Title:
        

       

      Personally
        appeared before me the above-named [name of officer] ________________, known
        or
        proved to me to be the same person who executed the foregoing instrument
        and to
        be the [title of officer] _________________ of the Purchaser, and acknowledged
        to me that he [she] executed the same as his [her] free act and deed and
        the
        free act and deed of the Purchaser.

       

      Subscribed
        and sworn before me this _____ day of __________, 20__.

       

      NOTARY
        PUBLIC

       

      _________________________________

       

      COUNTY
        OF_____________________

       

      STATE
        OF_______________________

       

      My
        commission expires the _____ day of __________, 20__.

       

      
        
          
          

        

        
          D-1-4

          
            

          

        

        
          
          

        

      

      EXHIBIT
        D-2

       

      FORM
        OF
        RESIDUAL CERTIFICATE TRANSFER AFFIDAVIT (TRANSFEROR)

       

      ____________________

      Date

       

      
        	 	
                Re:

              	
                Lehman
                  Mortgage Trust

              

        	 	 	Mortgage Pass-Through
                Certificates

        	 	 	Series
                2006-6                                         
                

      

       

      _______________________
        (the “Transferor”) has reviewed the attached affidavit of _____________________
        (the “Transferee”), and has no actual knowledge that such affidavit is not true
        and has no reason to believe that the information contained in paragraph
        7
        thereof is not true, and has no reason to believe that the Transferee has
        the
        intention to impede the assessment or collection of any federal, state or
        local
        taxes legally required to be paid with respect to a Residual Certificate.
        In
        addition, the Transferor has conducted a reasonable investigation at the
        time of
        the transfer and found that the Transferee had historically paid its debts
        as
        they came due and found no significant evidence to indicate that the Transferee
        will not continue to pay its debts as they become due.

       

      Very
        truly yours,

       

      _______________________________

      Name:

      Title:

       

      
        
          
          

        

        
          D-2-1

          
            

          

        

        
          
          

        

      

      EXHIBIT
        E

       

      LIST
        OF
        SERVICING AGREEMENT(S)

       

      (a) Servicing
        Agreement dated as of September 1, 2006, among Aurora Loan Services LLC,
        as
        Master Servicer and Servicer, and Lehman Brothers Holdings Inc., as Seller,
        as
        acknowledged by HSBC Bank USA, National Association, as Trustee.

       

      (b) Reconstituted
        Servicing Agreement dated as of September 1, 2006, by and between IndyMac
        Bank,
        F.S.B., as servicer, and Lehman Brothers Holdings Inc., as Seller, as
        acknowledged by Aurora Loan Services LLC, as Master Servicer, and HSBC Bank
        USA,
        National Association, as Trustee.

       

      (c) Reconstituted
        Servicing Agreement dated as of September 1, 2006, by and among PHH
        Mortgage Corporation, as servicer, Lehman Brothers Holdings Inc., as Seller,
        and
        Aurora Loan Services LLC, as Master Servicer, and acknowledged by HSBC Bank
        USA,
        National Association, as Trustee.

       

      (d) Reconstituted
        Servicing Agreement dated as of September 1, 2006, by and between Lehman
        Brothers Holdings Inc., as Seller, and National City Mortgage Co., as Servicer,
        as acknowledged by Aurora Loan Services, LLC, as Master Servicer, and HSBC
        Bank
        USA, National Association, as Trustee.

       

      
        
          
          

        

        
          E-1

          
            

          

        

        
          
          

        

      

      EXHIBIT
        F

       

      FORM
        OF
        RULE 144A TRANSFER CERTIFICATE

      
         

        
          	 	
                  Re:

                	
                  Lehman
                    Mortgage Trust

                

          	 	 	Mortgage Pass-Through
                  Certificates

          	 	 	Series
                  2006-6                                         
                  

        

      

       

      Reference
        is hereby made to the Trust
        Agreement dated as of September 1, 2006, (the “Trust Agreement”), among
        Structured Asset Securities Corporation, as Depositor, Aurora Loan Services
        LLC,
        as Master Servicer, Wells Fargo Bank, N.A., as Securities Administrator,
        and
        HSBC Bank USA, National Association, as Trustee.
        Capitalized terms used but not defined herein shall have the meanings given
        to
        them in the Trust Agreement.

       

      This
        letter relates to $_________ initial Certificate Principal Amount of Class
            
        Certificates
        which are held in the form of Definitive Certificates registered in the name
        of
                                
        (the
“Transferor”). The Transferor has requested a transfer of such Definitive
        Certificates for Definitive Certificates of such Class registered in the
        name of
        [insert name of transferee].

       

      In
        connection with such request, and in respect of such Certificates, the
        Transferor hereby certifies that such Certificates are being transferred
        in
        accordance with (i) the transfer restrictions set forth in the Trust Agreement
        and the Certificates and (ii) Rule 144A under the Securities Act to a purchaser
        that the Transferor reasonably believes is a “qualified institutional buyer”
within the meaning of Rule 144A purchasing for its own account or for the
        account of a “qualified institutional buyer”, which purchaser is aware that the
        sale to it is being made in reliance upon Rule 144A, in a transaction meeting
        the requirements of Rule 144A and in accordance with any applicable securities
        laws of any state of the United States or any other applicable
        jurisdiction.

       

      This
        certificate and the statements contained herein are made for your benefit
        and
        the benefit of the Certificate Registrar, the Placement Agent and the
        Depositor.

       

      ________________________________________

      [Name
        of
        Transferor]

       

      By:_____________________________________

      Name:

      Title:

       

      Dated:
        __________________, ________

       

      
        
          
          

        

        
          F-1

          
            

          

        

        
          
          

        

      

      EXHIBIT
        G

       

      FORM
        OF
        PURCHASER’S LETTER FOR

      INSTITUTIONAL
        ACCREDITED INVESTOR

       

      ______________________

      Date

       

      Dear
        Sirs:

       

      In
        connection with our proposed purchase of $______________ principal amount
        of
        Mortgage Pass-Through Certificates, Series 2006-6 (the “Privately Offered
        Certificates”) of Structured Asset Securities Corporation (the “Depositor”)
        which are held in the form of Definitive Certificates, we confirm
        that:

       

      
        	
                (1)

              	
                We
                  understand that the Privately Offered Certificates have not been,
                  and will
                  not be, registered under the Securities Act of 1933, as amended
                  (the
                  “Securities Act”), and may not be sold except as permitted in the
                  following sentence. We agree, on our own behalf and on behalf of
                  any
                  accounts for which we are acting as hereinafter stated, that if
                  we should
                  sell any Privately Offered Certificates within two years of the
                  later of
                  the date of original issuance of the Privately Offered Certificates
                  or the
                  last day on which such Privately Offered Certificates are owned
                  by the
                  Depositor or any affiliate of the Depositor (which includes the
                  Placement
                  Agent) we will do so only (A) to the Depositor, (B) to “qualified
                  institutional buyers” (within the meaning of Rule 144A under the
                  Securities Act) in accordance with Rule 144A under the Securities
                  Act
                  (“QIBs”), (C) pursuant to the exemption from registration provided by
                  Rule
                  144 under the Securities Act, or (D) to an institutional “accredited
                  investor” within the meaning of Rule 501(a)(1), (2), (3) or (7) of
                  Regulation D under the Securities Act that is not a QIB (an “Institutional
                  Accredited Investor”) which, prior to such transfer, delivers to the
                  Trustee under the Trust
                  Agreement dated as of September 1, 2006, (the “Trust Agreement”), among
                  Structured Asset Securities Corporation, as Depositor, Aurora Loan
                  Services LLC, as Master Servicer, Wells Fargo Bank, N.A., as Securities
                  Administrator, and HSBC Bank USA, National Association, as
                  Trustee,
                  a
                  signed letter in the form of this letter; and we further agree,
                  in the
                  capacities stated above, to provide to any person purchasing any
                  of the
                  Privately Offered Certificates from us a notice advising such purchaser
                  that resales of the Privately Offered Certificates are restricted
                  as
                  stated herein.

              

      

       

      
        	
                (2)

              	
                We
                  understand that, in connection with any proposed resale of any
                  Privately
                  Offered Certificates to an Institutional Accredited Investor, we
                  will be
                  required to furnish to the Certificate Registrar and the Depositor
                  a
                  certification from such transferee in the form hereof to confirm
                  that the
                  proposed sale is being made pursuant to an exemption from, or in
                  a
                  transaction not subject to, the registration requirements of the
                  Securities Act. We further understand that the Privately Offered
                  Certificates purchased by us will bear a legend to the foregoing
                  effect.

              

      

       

      
        
          
          

        

        
          G-1

          
            

          

        

        
          
          

        

      

      
        	
                (3)

              	
                We
                  are acquiring the Privately Offered Certificates for investment
                  purposes
                  and not with a view to, or for offer or sale in connection with,
                  any
                  distribution in violation of the Securities Act. We have such knowledge
                  and experience in financial and business matters as to be capable
                  of
                  evaluating the merits and risks of our investment in the Privately
                  Offered
                  Certificates, and we and any account for which we are acting are
                  each able
                  to bear the economic risk of such
                  investment.

              

      

       

      
        	
                (4)

              	
                We
                  are an Institutional Accredited Investor and we are acquiring the
                  Privately Offered Certificates purchased by us for our own account
                  or for
                  one or more accounts (each of which is an Institutional Accredited
                  Investor) as to each of which we exercise sole investment
                  discretion.

              

      

       

      
        	
                (5)

              	
                We
                  have received such information as we deem necessary in order to
                  make our
                  investment decision.

              

      

       

      
        	
                (6)

              	
                If
                  we are acquiring ERISA-Restricted Certificates, we understand that
                  in
                  accordance with ERISA, the Code and the Exemption, no Plan and
                  no person
                  acting on behalf of such a Plan may acquire such Certificate except
                  in
                  accordance with Section 3.03(d) of the Trust
                  Agreement.

              

      

       

      Terms
        used in this letter which are not otherwise defined herein have the respective
        meanings assigned thereto in the Trust Agreement.

       

      
        
          
          

        

        
          G-2

          
            

          

        

        
          
          

        

      

      The
        Certificate Registrar and the Depositor are entitled to rely upon this letter
        and are irrevocably authorized to produce this letter or a copy hereof to
        any
        interested party in any administrative or legal proceeding or official inquiry
        with respect to the matters covered hereby.

       

      Very
        truly yours,

       

      __________________________________

      [Purchaser]

       

      By________________________________

      Name:
        

      Title:

       

      
        
          
          

        

        
          G-3

          
            

          

        

        
          
          

        

      

      EXHIBIT
        H

       

      FORM
        OF
        ERISA TRANSFER AFFIDAVIT

      
         

        
          	STATE OF NEW YORK 	
                  )

                	 
	 	
                  )
                    ss.:

                	 
	COUNTY OF NEW YORK 	)	 

        

      

       

      The
        undersigned, being first duly sworn, deposes and says as follows:

       

      1. The
        undersigned is the ______________________ of (the “Investor”), a [corporation
        duly organized] and existing under the laws of __________, on behalf of which
        he
        makes this affidavit.

       

      2. The
        Investor either (x) is not, and on ___________ [date of transfer] will not
        be,
        an employee benefit plan or other retirement arrangement subject to Section
        406
        of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), or
        Section 4975 of the Internal Revenue Code of 1986, as amended (the “Code”),
        (collectively, a “Plan”) or a person acting on behalf of any such Plan or
        investing the assets of any such Plan; (y) if the Certificate has been the
        subject of an ERISA-Qualifying Underwriting, is an insurance company that
        is
        purchasing the Certificate with funds contained in an “insurance company general
        account” as defined in Section V(e) of Prohibited Transaction Class Exemption
        (“PTCE”) 95-60 and the purchase and holding of the Certificate are covered under
        Sections I and III of PTCE 95-60; or (z) herewith delivers to the Certificate
        Registrar an opinion of counsel satisfactory to the Certificate Registrar,
        and
        upon which the Trustee, the Certificate Registrar, the Master Servicer and
        the
        Depositor shall be entitled to rely, to the effect that the purchase or holding
        of such Certificate by the Investor will not result in any non-exempt prohibited
        transactions under Title I of ERISA or Section 4975 of the Code and will
        not
        subject the Trustee, the Depositor, the Certificate Registrar or the Master
        Servicer to any obligation in addition to those undertaken by such entities
        in
        the Trust Agreement, which opinion of counsel shall not be an expense of
        the
        Trust Fund or any of the above parties.

       

      3. In
        the
        case of an ERISA-Restricted Trust Certificate prior to the termination of
        the
        related Cap Agreement, either (i) the Investor is neither a Plan nor a person
        acting on behalf of any such Plan or using the assets of any such Plan to
        effect
        such transfer or (ii) the acquisition and holding of the ERISA-Restricted
        Trust
        Certificate are eligible for exemptive relief under PTCE 84-14, PTCE 90-1,
        PTCE
        91-38, PTCE 95-60, PTCE 96-23 or the statutory exemption for non-fiduciary
        service providers under Section 408(b)(17) of ERISA.

       

      4. The
        Investor hereby acknowledges that under the terms of the
        Trust Agreement dated as of September 1, 2006, (the “Agreement”), among
        Structured Asset Securities Corporation, as Depositor, Aurora Loan Services
        LLC,
        as Master Servicer, Wells Fargo Bank, N.A., as Securities Administrator,
        and
        HSBC Bank USA, National Association, as Trustee,
        no
        transfer of the ERISA-Restricted Certificates shall be permitted to be made
        to
        any person unless the Depositor and Certificate Registrar have received a
        certificate from such transferee in the form hereof.

       

      
        
          
          

        

        
          H-1

          
            

          

        

        
          
          

        

      

      IN
        WITNESS WHEREOF, the Investor has caused this instrument to be executed on
        its
        behalf, pursuant to proper authority, by its duly authorized officer, duly
        attested, this ____ day of _______________, 20__.

       

      ________________________________________

      [Investor]

       

      By:_____________________________________

      Name:

      Title:

       

      ATTEST:

       

      ___________________________

       

      
        
          
            	STATE OF	
                    )

                  	 
	 	
                    )
                      ss.:

                  	 
	COUNTY OF	)	 

          

        

         

      

      Personally
        appeared before me the above-named ___________________, known or proved to
        me to
        be the same person who executed the foregoing instrument and to be the
        _________________ of the Investor, and acknowledged that he executed the
        same as
        his free act and deed and the free act and deed of the Investor.

       

      Subscribed
        and sworn before me this _____ day of ___________ 20___.

       

      __________________________________

      NOTARY
        PUBLIC

       

      My
        commission expires the

      ____
        day
        of __________, 20__.

       

      
        
          
          

        

        
          H-2

          
            

          

        

        
          
          

        

      

      EXHIBIT
        I

       

      TRANSACTION
        PARTIES

       

      Sponsor
        and Seller: Lehman Brothers Holdings Inc.

      

      Depositor:
        Structured Asset Securities Corporation

      

      Trustee:
        HSBC
        Bank USA, National Association

      

      Securities
        Administrator: Wells Fargo Bank, N.A.

      

      Master
        Servicer: Aurora Loan Services, LLC

      

      Servicers:
        Aurora Loan Services LLC, IndyMac Bank, F.S.B., National City Mortgage Co.
        and
        PHH Mortgage Corporation

       

      Primary
        Originator: Lehman Brothers Bank, FSB and IndyMac Bank, F.S.B. 

      

      Custodians:
        U.S. Bank National Association, LaSalle Bank, National Association, and Deutsche
        Bank National Trust Company

       

      

       

      
        
          
          

        

        
          I-1

          
            

          

        

        
          
          

        

      

      EXHIBIT
        J

       

      CAP
        AGREEMENT

       

      
        
          
          

        

        
          J-1

          
            

          

        

        
          
          

        

      

      EXHIBIT
        K

       

      CUSTODIAL
        AGREEMENTS

       

      

       

      
        
          
          

        

        
          K-1

          
            

          

        

        
          
          

        

      

      EXHIBIT
        L-1

      

      
        	
                ADDITIONAL
                  FORM 10-D DISCLOSURE

              
	
                Item
                  on Form 10-D

              	
                Party
                  Responsible 

              
	
                Item
                  1: Distribution and Pool Performance Information

                 

              	 
	
                Information
                  included in the Distribution Date Statement

              	
                Servicer(1)

                Master
                  Servicer

                Securities
                  Administrator

              
	
                Any
                  information required by 1121 which is NOT included on the Distribution
                  Date Statement

              	
                Depositor

              
	
                Item
                  2: Legal Proceedings

                 

                Any
                  legal proceeding pending against the following entities or their
                  respective property, that is material to Certificateholders, including
                  any
                  proceedings known to be contemplated by governmental
                  authorities:

              	 
	
                ▪
                  Issuing Entity (Trust Fund)

              	
                Trustee,
                  Master Servicer, Securities Administrator and Depositor

              
	
                ▪
                  Sponsor (Seller)

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

              
	
                ▪
                  Depositor

              	
                Depositor

              
	
                ▪
                  Trustee

              	
                Trustee

              
	
                ▪
                  Securities Administrator

              	
                Securities
                  Administrator

              
	
                ▪
                  Master Servicer

              	
                Master
                  Servicer

              
	
                ▪
                  Custodian

              	
                Custodian(2)

              
	
                ▪
                  1110(b) Originator

              	
                Depositor

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

              	
                Servicer(1)

              
	
                ▪
                  Any other party contemplated by 1100(d)(1)

              	
                Depositor

              
	
                Item
                  3: Sale of Securities and Use of Proceeds

                Information
                  from Item 2(a) of Part II of Form 10-Q:

                 

                With
                  respect to any sale of securities by the sponsor, depositor or
                  issuing
                  entity, that are backed by the same asset pool or are otherwise
                  issued by
                  the issuing entity, whether or not registered, provide the sales
                  and use
                  of proceeds information in Item 701 of Regulation S-K. Pricing
                  information
                  can be omitted if securities were not registered.

              	
                Depositor

              

      

      
        
          
          

        

        
          L-1-1

          
            

          

        

        
          
          

        

      

      

      
        	
                ADDITIONAL
                  FORM 10-D DISCLOSURE

              
	
                Item
                  on Form 10-D

              	
                Party
                  Responsible 

              
	
                Item
                  4: Defaults Upon Senior Securities

                 

                Information
                  from Item 3 of Part II of Form 10-Q:

                 

                Report
                  the occurrence of any Event of Default (after expiration of any
                  grace
                  period and provision of any required notice)

              	
                Securities
                  Administrator

                Trustee

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

                 

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

              	
                Trustee

              
	
                Item
                  6: Significant Obligors of Pool Assets

                 

                Item
                  1112(b) - Significant
                  Obligor Financial Information*

              	
                Depositor

              
	
                *This
                  information need only be reported on the Form 10-D for the distribution
                  period in which updated information is required pursuant to the
                  Item.

              	 
	
                Item
                  7: Significant Enhancement Provider Information

                 

                Item
                  1114(b)(2) - Credit Enhancement Provider Financial
                  Information*

              	 
	
                ▪
                  Determining applicable disclosure threshold

              	
                Depositor

              
	
                ▪
                  Requesting required financial information (including any required
                  accountants’ consent to the use thereof) or effecting incorporation by
                  reference

              	
                Depositor

              
	
                Item
                  1115(b) - Derivative Counterparty Financial
                  Information*

              	 
	
                ▪
                  Determining current maximum probable exposure

              	
                Depositor

              
	
                ▪
                  Determining current significance percentage

              	
                Depositor

              
	
                ▪
                  Requesting required financial information (including any required
                  accountants’ consent to the use thereof) or effecting incorporation by
                  reference

              	
                Depositor

              
	
                *This
                  information need only be reported on the Form 10-D for the distribution
                  period in which updated information is required pursuant to the
                  Items.

              	 
	
                Item
                  8: Other Information

                 

                Disclose
                  any information required to be reported on Form 8-K during the
                  period
                  covered by the Form 10-D but not reported

              	
                Any
                  party responsible for the applicable Form 8-K Disclosure
                  item

              

      

      
        
          
          

        

        
          L-1-2

          
            

          

        

        
          
          

        

      

      

      
        	
                ADDITIONAL
                  FORM 10-D DISCLOSURE

              
	
                Item
                  on Form 10-D

              	
                Party
                  Responsible 

              
	
                Item
                  9: Exhibits

              	 
	
                Monthly
                  Statement to Certificateholders

              	
                Securities
                  Administrator

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

              	
                Depositor

              

      

      _______________________

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

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

      
        
          
          

        

        
          L-1-3

          
            

          

        

        
          
          

        

      

      EXHIBIT
        L-2

      

      
        	
                ADDITIONAL
                  FORM 10-K DISCLOSURE

              
	
                Item
                  on Form 10-K

              	
                Party
                  Responsible 

              
	
                Item
                  1B: Unresolved Staff Comments

                 

              	
                Depositor

              
	
                Item
                  9B: Other Information

                Disclose
                  any information required to be reported on Form 8-K during the
                  fourth
                  quarter covered by the Form 10-K but not reported

              	
                Any
                  party responsible for disclosure items on Form 8-K

              
	
                Item
                  15: Exhibits, Financial Statement Schedules

              	
                Securities
                  Administrator

                Depositor

              
	
                Reg
                  AB Item 1112(b): Significant Obligors of Pool
                  Assets

              	 
	
                Significant
                  Obligor Financial Information*

              	
                Depositor

              
	
                *This
                  information need only be reported on the Form 10-D for the distribution
                  period in which updated information is required pursuant to the
                  Item.

              	 
	
                Reg
                  AB Item 1114(b)(2): Credit Enhancement Provider Financial
                  Information

              	 
	
                ▪
                  Determining applicable disclosure threshold

              	
                Depositor

              
	
                ▪
                  Requesting required financial information (including any required
                  accountants’ consent to the use thereof) or effecting incorporation by
                  reference

              	
                Depositor

              
	
                *This
                  information need only be reported on the Form 10-D for the distribution
                  period in which updated information is required pursuant to the
                  Items.

              	 
	
                Reg
                  AB Item 1115(b): Derivative Counterparty Financial
                  Information

              	 
	
                ▪
                  Determining current maximum probable exposure

              	
                Depositor

              
	
                ▪
                  Determining current significance percentage

              	
                Depositor

              
	
                ▪
                  Requesting required financial information (including any required
                  accountants’ consent to the use thereof) or effecting incorporation by
                  reference

              	
                Depositor

              
	
                *This
                  information need only be reported on the Form 10-D for the distribution
                  period in which updated information is required pursuant to the
                  Items.

              	 
	
                Reg
                  AB Item 1117: Legal Proceedings

                 

                Any
                  legal proceeding pending against the following entities or their
                  respective property, that is material to Certificateholders, including
                  any
                  proceedings known to be contemplated by governmental
                  authorities:

              	 

      

      
        
          
          

        

        
          L-2-1

          
            

          

        

        
          
          

        

      

      

      
        	
                ADDITIONAL
                  FORM 10-K DISCLOSURE

              
	
                Item
                  on Form 10-K

              	
                Party
                  Responsible 

              
	
                ▪
                  Issuing Entity (Trust Fund)

              	
                Trustee,
                  Master Servicer, Securities Administrator and Depositor

              
	
                ▪
                  Sponsor (Seller)

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

              
	
                ▪
                  Depositor

              	
                Depositor

              
	
                ▪
                  Trustee

              	
                Trustee

              
	
                ▪
                  Securities Administrator

              	
                Securities
                  Administrator

              
	
                ▪
                  Master Servicer

              	
                Master
                  Servicer

              
	
                ▪
                  Custodian

              	
                Custodian(1)

              
	
                ▪
                  1110(b) Originator

              	
                Depositor

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

              	
                Servicer(2)

              
	
                ▪
                  Any other party contemplated by 1100(d)(1)

              	
                Depositor

              
	
                Reg
                  AB Item 1119: Affiliations and Relationships

              	 
	
                Whether
                  (a) the Sponsor (Seller), Depositor or Issuing Entity is an affiliate
                  of
                  the following parties, and (b) to the extent known and material,
                  any of
                  the following parties are affiliated with one another:

              	
                Depositor
                  as to (a) 

              
	
                ▪
                  Master Servicer

              	
                Master
                  Servicer 

              
	
                ▪
                  Securities Administrator

              	
                Securities
                  Administrator

              
	
                ▪
                  Trustee

              	
                Trustee

              
	
                ▪
                  Any other 1108(a)(3) servicer

              	
                Servicer(2)

              
	
                ▪
                  Any 1110 Originator

              	
                Depositor

              
	
                ▪
                  Any 1112(b) Significant Obligor

              	
                Depositor

              
	
                ▪
                  Any 1114 Credit Enhancement Provider

              	
                Depositor

              
	
                ▪
                  Any 1115 Derivate Counterparty Provider

              	
                Depositor

              
	
                ▪
                  Any other 1101(d)(1) material party

              	
                Depositor

              
	
                Whether
                  there are any “outside the ordinary course business arrangements” other
                  than would be obtained in an arm’s length transaction between (a) the
                  Sponsor (Seller), Depositor or Issuing Entity on the one hand,
                  and (b) any
                  of the following parties (or their affiliates) on the other hand,
                  that
                  exist currently or within the past two years and that are material
                  to a
                  Certificateholder’s understanding of the Certificates:

              	
                Depositor
                  as to (a) 

              
	
                ▪
                  Master Servicer

              	
                Master
                  Servicer 

              
	
                ▪
                  Securities Administrator

              	
                Securities
                  Administrator

              
	
                ▪
                  Trustee

              	
                Depositor

              

      

      
        
          
          

        

        
          L-2-2

          
            

          

        

        
          
          

        

      

      

      
        	
                ADDITIONAL
                  FORM 10-K DISCLOSURE

              
	
                Item
                  on Form 10-K

              	
                Party
                  Responsible 

              
	
                ▪
                  Any other 1108(a)(3) servicer

              	
                Servicer(2)

              
	
                ▪
                  Any 1110 Originator

              	
                Depositor

              
	
                ▪
                  Any 1112(b) Significant Obligor

              	
                Depositor

              
	
                ▪
                  Any 1114 Credit Enhancement Provider

              	
                Depositor

              
	
                ▪
                  Any 1115 Derivate Counterparty Provider

              	
                Depositor

              
	
                ▪
                  Any other 1101(d)(1) material party

              	
                Depositor

              
	
                Whether
                  there are any specific relationships involving the transaction
                  or the pool
                  assets between (a) the Sponsor (Seller), Depositor or Issuing Entity
                  on
                  the one hand, and (b) any of the following parties (or their affiliates)
                  on the other hand, that exist currently or within the past two
                  years and
                  that are material:

              	
                Depositor
                  as to (a) 

              
	
                ▪
                  Master Servicer

              	
                Master
                  Servicer 

              
	
                ▪
                  Securities Administrator

              	
                Securities
                  Administrator

              
	
                ▪
                  Trustee

              	
                Depositor

              
	
                ▪
                  Any other 1108(a)(3) servicer

              	
                Servicer(2)

              
	
                ▪
                  Any 1110 Originator

              	
                Depositor

              
	
                ▪
                  Any 1112(b) Significant Obligor

              	
                Depositor

              
	
                ▪
                  Any 1114 Credit Enhancement Provider

              	
                Depositor

              
	
                ▪
                  Any 1115 Derivate Counterparty Provider

              	
                Depositor

              
	
                ▪
                  Any other 1101(d)(1) material party

              	
                Depositor

              

      

       

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

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

      

      
        
          
          

        

        
          L-2-3

          
            

          

        

        
          
          

        

      

      EXHIBIT
        L-3

      

      
        	
                FORM
                  8-K DISCLOSURE INFORMATION

              
	
                Item
                  on Form 8-K

              	
                Party
                  Responsible 

              
	
                Item
                  1.01- Entry into a Material Definitive Agreement

                 

                Disclosure
                  is required regarding entry into or amendment of any definitive
                  agreement
                  that is material to the securitization, even if depositor is not
                  a party.
                  

                 

                Examples:
                  servicing agreement, custodial agreement.

                 

                Note:
                  disclosure not required as to definitive agreements that are fully
                  disclosed in the prospectus

              	
                All
                  parties (with respect to any agreement entered into by such
                  party)

              
	
                Item
                  1.02- Termination of a Material Definitive Agreement

                 

                Disclosure
                  is required regarding termination of any definitive agreement that
                  is
                  material to the securitization (other than expiration in accordance
                  with
                  its terms), even if depositor is not a party. 

                 

                Examples:
                  servicing agreement, custodial agreement.

              	
                All
                  parties (with respect to any agreement entered into by such
                  party)

              
	
                Item
                  1.03- Bankruptcy or Receivership

                 

                Disclosure
                  is required regarding the bankruptcy or receivership, with respect
                  to any
                  of the following: 

              	
                Depositor

              
	
                ▪
                  Sponsor (Seller)

              	
                Depositor/Sponsor
                  (Seller)

              
	
                ▪
                  Depositor

              	
                Depositor

              
	
                ▪
                  Master Servicer

              	
                Master
                  Servicer

              
	
                ▪
                  Affiliated Servicer

              	
                Servicer(1)

              
	
                ▪
                  Other Servicer servicing 20% or more of the pool assets at the
                  time of the
                  report

              	
                Servicer(1)

              
	
                ▪
                  Other material servicers

              	
                Servicer(1)

              
	
                ▪
                  Trustee

              	
                Trustee

              
	
                ▪
                  Securities Administrator

              	
                Securities
                  Administrator

              
	
                ▪
                  Significant Obligor

              	
                Depositor

              
	
                ▪
                  Credit Enhancer (10% or more)

              	
                Depositor

              
	
                ▪
                  Derivative Counterparty

              	
                Depositor

              
	
                ▪
                  Custodian

              	
                Custodian(2)

              

      

      
        
          
          

        

        
          L-3-1

          
            

          

        

        
          
          

        

      

      

      
        	
                FORM
                  8-K DISCLOSURE INFORMATION

              
	
                Item
                  on Form 8-K

              	
                Party
                  Responsible 

              
	
                Item
                  2.04- Triggering Events that Accelerate or Increase a Direct Financial
                  Obligation or an Obligation under an Off-Balance Sheet
                  Arrangement

                 

                Includes
                  an early amortization, performance trigger or other event, including
                  event
                  of default, that would materially alter the payment priority/distribution
                  of cash flows/amortization schedule.

                 

                Disclosure
                  will be made of events other than waterfall triggers which are
                  disclosed
                  in the monthly statements to the certificateholders.

              	
                Depositor

                Master
                  Servicer

                Securities
                  Administrator

              
	
                Item
                  3.03- Material Modification to Rights of Security
                  Holders

                 

                Disclosure
                  is required of any material modification to documents defining
                  the rights
                  of Certificateholders, including the Trust Agreement.

              	
                Securities
                  Administrator

                Trustee
                  (with respect to each, only to the extent it is a party to any
                  such
                  documents)

                Depositor

              
	
                Item
                  5.03- Amendments of Articles of Incorporation or Bylaws; Change
                  of Fiscal
                  Year

                Disclosure
                  is required of any amendment “to the governing documents of the issuing
                  entity”.

              	
                Depositor

              
	
                Item
                  6.01- ABS Informational and Computational
                  Material

              	
                Depositor

              
	
                Item
                  6.02- Change of Servicer or Securities Administrator

                 

                Requires
                  disclosure of any removal, replacement, substitution or addition
                  of any
                  master servicer, affiliated servicer, other servicer servicing
                  10% or more
                  of pool assets at time of report, other material servicers or
                  trustee.

              	
                Master
                  Servicer/Securities Administrator/Depositor/

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

              
	
                Reg
                  AB disclosure about any new servicer or master servicer is also
                  required.

              	
                Servicer(1)/Master
                  Servicer/Depositor

              
	
                Reg
                  AB disclosure about any new Trustee is also required.

              	
                Trustee

              
	
                Item
                  6.03- Change in Credit Enhancement or External
                  Support

                Covers
                  termination of any enhancement in manner other than by its terms,
                  the
                  addition of an enhancement, or a material change in the enhancement
                  provided. Applies to external credit enhancements as well as derivatives.
                  

              	
                Depositor/Securities
                  Administrator/Trustee

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

              	
                Depositor

              

      

      
        
          
          

        

        
          L-3-2

          
            

          

        

        
          
          

        

      

      

      
        	
                FORM
                  8-K DISCLOSURE INFORMATION

              
	
                Item
                  on Form 8-K

              	
                Party
                  Responsible 

              
	
                Item
                  6.04- Failure to Make a Required Distribution

              	
                Securities
                  Administrator

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

              
	
                Item
                  6.05- Securities Act Updating Disclosure

                 

                If
                  any material pool characteristic differs by 5% or more at the time
                  of
                  issuance of the securities from the description in the final prospectus,
                  provide updated Reg AB disclosure about the actual asset
                  pool.

              	
                Depositor

              
	
                If
                  there are any new servicers or originators required to be disclosed
                  under
                  Regulation AB as a result of the foregoing, provide the information
                  called
                  for in Items 1108 and 1110 respectively.

              	
                Depositor

              
	
                Item
                  7.01- Reg FD Disclosure

              	
                All
                  parties

              
	
                Item
                  8.01- Other Events

                 

                Any
                  event, with respect to which information is not otherwise called
                  for in
                  Form 8-K, that the registrant deems of importance to
                  certificateholders.

              	
                Depositor

              
	
                Item
                  9.01- Financial Statements and Exhibits

              	
                Responsible
                  party for reporting/disclosing the financial statement or
                  exhibit

              

      

       

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

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

      

      
        
          
          

        

        
          L-3-3

          
            

          

        

        
          
          

        

      

      EXHIBIT
        L-4

       

      ADDITIONAL
        DISCLOSURE NOTIFICATION

      

      Wells
        Fargo Bank, N.A., as Securities Administrator

      9062
        Old
        Annapolis Road

      Columbia,
        Maryland 21045

      Attn:
        Corporate Trust Services - LMT 2006-6 - SEC Report Processing

      

      RE:
        **Additional Form [10-D][10-K][8-K] Disclosure** Required

      

      

      Ladies
        and Gentlemen:

       

      In
        accordance with Section [ ] of the Trust Agreement, dated as of September
        1,
        2006, by and among Structured Asset Securities Corporation, as Depositor,
        Aurora
        Loan Services LLC, as Master Servicer, HSBC Bank USA, National Association,
        as
        Trustee and Wells Fargo Bank, N.A., as Securities Administrator, the
        undersigned, as [ ], hereby notifies you that certain events have come to
        our
        attention that [will] [may] need to be disclosed on Form
        [10-D][10-K][8-K].

       

      Description
        of Additional Form [10-D][10-K][8-K] Disclosure:

       

      

       

      List
        of any Attachments hereto to be included in the Additional Form
        [10-D][10-K][8-K] Disclosure:

       

      

       

      Any
        inquiries related to this notification should be directed to [   
 ], phone number: [      ]; email address:
        [      ]. 

       

      [NAME
        OF
        PARTY],

      as
        [role]

       

      By:                                                          
        

      Name:

      Title:

      
        
          
          

        

        
          L-4-1

          
            

          

        

        
          
          

        

      

      cc:   HSBC
        Bank
        USA, National Association

      452
        Fifth Avenue

      New
        York, NY 10018

      Attention:
        Corporate
        Trust & Loan Agency (LMT 2006-6)

      

      Structured
        Asset Securities Corporation

      745
        Seventh Avenue, 7th Floor

      New
        York,
        New York 10019

      Attention:
        Mortgage Finance, LMT 2006-6

      

       

       

      
        
          
          

        

        
          L-4-2

          
            

          

        

        
          
          

        

      

      EXHIBIT
        M

       

      MONTHLY
        ELECTRONIC DATA TRANSMISSION

       

      
        
          
          

        

        
          M-1

          
            

          

        

        
          
          

        

      

      EXHIBIT
        N-1

       

      FORM
        OF TRANSFER CERTIFICATE FOR TRANSFER 

      FROM
        RESTRICTED GLOBAL SECURITY TO REGULATION S 

      GLOBAL
        SECURITY PURSUANT TO SECTION 3.03(h)(B)

      

       

      
        	 	
                Re:

              	
                Lehman
                  Mortgage Loan Trust,

              

        	 	 	
                Mortgage
                  Pass-Through Certificates, Series
                  2006-6

              

      

       

      Reference
        is hereby made to the Trust
        Agreement dated as of September 1, 2006, (the “Agreement”), among Structured
        Asset Securities Corporation, as Depositor, Aurora Loan Services LLC, as
        Master
        Servicer, Wells Fargo Bank, N.A., as Securities Administrator, and HSBC Bank
        USA, National Association, as Trustee.
        Capitalized terms used but not defined herein shall have the meanings given
        to
        them in the Agreement.

       

      This
        letter relates to U.S. $                            
        aggregate
        principal amount of Securities which are held in the form of a Restricted
        Global
        Security with DTC in the name of [name of transferor]                                                       
        (the
“Transferor”) to effect the transfer of the Securities in exchange for an
        equivalent beneficial interest in a Regulation S Global Security.

       

      In
        connection with such request, the Transferor does hereby certify that such
        transfer has been effected in accordance with the transfer restrictions set
        forth in the Agreement and the Securities and in accordance with Rule 904
        of
        Regulation S, and that:

       

      a. the
        offer
        of the Securities was not made to a person in the United States; 

       

      b. at
        the
        time the buy order was originated, the transferee was outside the United
        States
        or the Transferor and any person acting on its behalf reasonably believed
        that
        the transferee was outside the United States;

       

      c. no
        directed selling efforts have been made in contravention of the requirements
        of
        Rule 903 or 904 of Regulation S, as applicable;

       

      d. the
        transaction is not part of a plan or scheme to evade the registration
        requirements of the United States Securities Act of 1933, as amended;
        and

       

      
        
          e.
            the
            transferee is not a U.S. person (as
            defined in Regulation S).

        

      

       

      The
        Certificate Registrar is entitled to rely upon this letter and is irrevocably
        authorized to produce this letter or a copy hereof to any interested party
        in
        any administrative or legal proceedings or official inquiry with respect
        to the
        matters covered hereby. Terms used in this certificate have the meanings
        set
        forth in Regulation S.

       

      

      

      
        
          
          

        

        
          N-1-1

          
            

          

        

        
          
          

        

      

                                                                  
        

      [Name
        of Transferor]

      

      

      By:
                                                                

      Name:

      Title:

       

      Date:                                   ,
              

      

      

      
        
          
          

        

        
          N-1-2

          
            

          

        

        
          
          

        

      

      EXHIBIT
        N-2

       

      FORM
        OF TRANSFER CERTIFICATE FOR TRANSFER 

      FROM
        REGULATION S GLOBAL SECURITY TO 

      RESTRICTED
        GLOBAL SECURITY PURSUANT TO SECTION 3.03(h)(C)

       

      Re:  Lehman
        Mortgage Trust Mortgage Pass-Through Certificates, Series
        2006-6

       

      Reference
        is hereby made to the Trust
        Agreement dated as of September 1, 2006, (the “Agreement”), among Structured
        Asset Securities Corporation, as Depositor, Aurora Loan Services LLC, as
        Master
        Servicer, Wells Fargo Bank, N.A., as Securities Administrator, and HSBC Bank
        USA, National Association, as Trustee.
        Capitalized terms used but not defined herein shall have the meanings given
        to
        them in the Agreement.

       

      This
        letter relates to U.S. $                            
        aggregate
        principal amount of Securities which are held in the form of a Regulations
        S
        Global Security in the name of [name of transferor]                                                       
        (the
        “Transferor”) to effect the transfer of the Securities in exchange for an
        equivalent beneficial interest in a Restricted Global Security.

       

      In
        connection with such request, and in respect of such Securities, the Transferor
        does hereby certify that such Securities are being transferred in accordance
        with (i) the transfer restrictions set forth in the Agreement and the Securities
        and (ii) Rule 144A under the United States Securities Act of 1933, as amended,
        to a transferee that the Transferor reasonably believes is purchasing the
        Securities for its own account or an account with respect to which the
        transferee exercises sole investment discretion, the transferee and any such
        account is a qualified institutional buyer within the meaning of Rule 144A,
        in a
        transaction meeting the requirements of Rule 144A and in accordance with
        any
        applicable securities laws of any state of the United States or any other
        jurisdiction.

       

      The
        Certificate Registrar is entitled to rely upon this letter and is irrevocably
        authorized to produce this letter or a copy hereof to any interested party
        in
        any administrative or legal proceedings or official inquiry with respect
        to the
        matters covered hereby.

       

      

       

                                                                  
        

      [Name
        of Transferor]

      

      By:                                                        

      Name:

      Title:

       

      Date:                                     ,
              

       

      

       

      
        
          
          

        

        
          N-2-1

          
            

          

        

        
          
          

        

      

      EXHIBIT
        O

       

      SENIOR
        PRINCIPAL PRIORITIES

       

      To
        the
        Senior Certificates related to a Collateral Group (other than any related
        Notional Certificates), to the extent of the remaining Available Distribution
        Amount for the related Collateral Group, in reduction of their Class Principal
        Amounts, concurrently, as follows:

       

      (i) to
        the
        Class AP Certificates, from the Available Distribution Amount for Collateral
        Group P, in an amount up to the AP Principal Distribution Amount, until the
        Class Principal Amount thereof has been reduced to zero;

       

      (ii) to
        the
        Class 1-A4 Certificates, from the Available Distribution Amount for Collateral
        Group 1A, in an amount up to the Senior Principal Distribution Amount for
        Collateral Group 1A, until the Class Principal Amount thereof has been reduced
        to zero;

       

      (iii) to
        the
        Class 1-A5 Certificates, from the Available Distribution Amount for Collateral
        Group 1B, in an amount up to the Senior Principal Distribution Amount for
        Collateral Group 1B, until the Class Principal Amount thereof has been reduced
        to zero;

       

      (iv) to
        the
        Class 2-A4 Certificates, from the Available Distribution Amount for Collateral
        Group 2A, in an amount up to the Senior Principal Distribution Amount for
        Collateral Group 2A, until the Class Principal Amount thereof has been reduced
        to zero;

       

      (v) to
        the
        Class 2-A5 Certificates, from the Available Distribution Amount for Collateral
        Group 2B, in an amount up to the Senior Principal Distribution Amount for
        Collateral Group 2B, until the Class Principal Amount thereof has been reduced
        to zero;

       

      (vi) to
        the
        Class 3-A1, Class 3-A2, Class 3-A3 and Class 3-A4 Certificates, from the
        Available Distribution Amount for Collateral Group 3, in an amount up to
        the
        Senior Principal Distribution Amount for Collateral Group 3, in the following
        order of priority:

       

      (A) to
        the
        Class 3-A1 and Class 3-A2 Certificates, on a pro
        rata
        basis,
        until the Class Principal Amounts thereof have each beeen reduced to zero;
        and

       

      (B) to
        the
        Class 3-A3 and Class 3-A4 Certificates, on a pro
        rata
        basis,
        until the Class Principal Amounts thereof have each beeen reduced to
        zero;

       

      (vii) to
        the
        Class 4-A1, Class 4-A3, Class 4-A6, Class 4-A7, Class 4-A8, Class 4-A9, Class
        4-A10, Class 4-A11, Class 4-A17 and Class R Certificates, from the Available
        Distribution Amount for Collateral Group 4, in an amount up to the Senior
        Principal Distribution Amount for Collateral Group 4, concurrently, as follows:
        

       

      
        
          
          

        

        
          O-1

          
            

          

        

        
          
          

        

      

      (A) 97.6961304457%
        of the amount distributable pursuant to clause (3)(g) above, to the Class
        4-A1,
        Class 4-A3, Class 4-A6, Class 4-A7, Class 4-A8, Class 4-A9, Class 4-A10 and
        Class 4-A11 Certificates, in the following order of priority:

       

      (1) on
        each
        Distribution Date occurring in or after October 2011, to the Class 4-A3
        Certificates, the Group 4 Priority Amount for such Distribution Date, until
        the
        Class Principal Amount thereof has been reduced to zero;

       

      (2) to
        the
        Class 4-A1 Certificates, the lesser of (x) 99.50% of the amount remaining
        after
        distributions pursuant to clause (3)(g)(i)(A) above and (y) $1,000, until
        the
        Class Principal Amount thereof has been reduced to zero; 

       

      (3) on
        each
        Distribution Date occurring in or after March 2007, the lesser of (x) 99.50%
        of
        the amount remaining after distributions pursuant to clause (3)(g)(i)(B)
        above
        and (y) $283,009, to the Class 4-A6, Class 4-A7, Class 4-A8, Class 4-A9,
        Class
        4-A10 and Class 4-A11 Certificates, concurrently, as follows:

       

      
        	 	
                (I)

              	
                85.7142846678%
                  of the amount distributable pursuant to clause (3)(g)(i)(C) above,
                  sequentially, to the Class 4-A6, Class 4-A7 and Class 4-A8 Certificates,
                  in that order, until the Class Principal Amount of each such Class
                  has
                  been reduced to zero; and

              

      

       

      
        	 	
                (II)

              	
                14.2857153322%
                  of the amount distributable pursuant to clause (3)(g)(i)(C) above,
                  sequentially, to the Class 4-A9, Class 4-A10 and Class 4-A11 Certificates,
                  in that order, until the Class Principal Amount of each such Class
                  has
                  been reduced to zero;

              

      

       

      (4) on
        each
        Distribution Date occurring in or after September 2011, the lesser of (x)
        99.50%
        of the amount remaining after distributions pursuant to clause (3)(g)(i)(C)
        above and (y) $141,505, to the Class 4-A6, Class 4-A7, Class 4-A8, Class
        4-A9,
        Class 4-A10 and Class 4-A11 Certificates, concurrently as follows:

       

      
        
          
          

        

        
          O-2

          
            

          

        

        
          
          

        

      

      
        	 	
                (I)

              	
                85.7142846678%
                  of the amount distributable pursuant to clause (3)(g)(i)(D) above,
                  sequentially, to the Class 4-A6, Class 4-A7 and Class 4-A8 Certificates,
                  in that order, until the Class Principal Amount of each such Class
                  has
                  been reduced to zero; and

              

      

       

      
        	 	
                (II)

              	
                14.2857153322%
                  of the amount distributable pursuant to clause (3)(g)(i)(D) above,
                  sequentially, to the Class 4-A9, Class 4-A10 and Class 4-A11 Certificates,
                  in that order, until the Class Principal Amount of each such Class
                  has
                  been reduced to zero;

              

      

       

      (5) to
        the
        Class 4-A1 Certificates, until the Class Principal Amount thereof has been
        reduced to zero;

       

      (6) to
        the
        Class 4-A6, Class 4-A7, Class 4-A8, Class 4-A9, Class 4-A10 and Class 4-A11
        Certificates, concurrently as folllows:

       

      
        	 	
                (I)

              	
                85.7142846678%
                  of the amount distributable pursuant to clause (3)(g)(i)(F) above,
                  sequentially, to the Class 4-A6, Class 4-A7 and Class 4-A8 Certificates,
                  in that order, until the Class Principal Amount of each such Class
                  has
                  been reduced to zero; and

              

      

       

      
        	 	
                (II)

              	
                14.2857153322%
                  of the amount distributable pursuant to clause (3)(g)(i)(F) above,
                  sequentially, to the Class 4-A9, Class 4-A10 and Class 4-A11 Certificates,
                  in that order, until the Class Principal Amount of each such Class
                  has
                  been reduced to zero; and

              

      

       

      (7) to
        the
        Class 4-A3 Certificates, until the Class Principal Amount thereof has been
        reduced to zero; and

       

      (B) 2.3038695543%
        of the amount distributable pursuant to clause (3)(g) above, sequentially,
        to
        the Class R and Class 4-A17 Certificates, in that order, until the Class
        Principal Amount of each such Class has been reduced to zero; and

       

      (viii) to
        the
        Class 5-A1 and Class 5-A4 Certificates, an a pro rata basis, from the Available
        Distribution Amount for Collateral Group 5, in an amount up to the Senior
        Principal Distribution Amount for Collateral Group 5, until the respective
        Class
        Principal Amount of each such Class has been reduced to zero;

       

      
        
          
          

        

        
          O-3

          
            

          

        

        
          
          

        

      

      EXHIBIT
        P

       

      FORM
        OF BACK-UP CERTIFICATION

       

      Structured
        Asset Securities Corporation

      745
        Seventh Avenue, 7th Floor

      New
        York,
        New York 10019

      Attention:
        Mortgage Finance, LMT 2006-6

      

      Aurora
        Loan Services LLC

      10350
        Park Meadows Drive

      Littleton,
        Colorado 80124

       

      Re:   Lehman
        Mortgage Trust

      Mortgage
        Pass-Through Certificates, Series 2006-6

      

      The
        Securities Administrator hereby certifies to the Depositor and the Master
        Servicer, and their respective officers, directors and affiliates, and with
        the
        knowledge and intent that they will rely upon this certification,
        that:

       

      (1) I
        have
        reviewed the annual report on Form 10-K for the fiscal year [____] (the “Annual
        Report”), and all reports on Form 10-D required to be filed in respect of period
        covered by the Annual Report (collectively with the Annual Report, the
“Reports”), of the Trust;

       

      (2) To
        my
        knowledge, (a) the Reports, taken as a whole, do not contain any untrue
        statement of a material fact or omit to state a material fact necessary to
        make
        the statements made, in light of the circumstances under which such statements
        were made, not misleading with respect to the period covered by the Annual
        Report, and (b) the Securities Administrator’s assessment of compliance and
        related attestation report referred to below, taken as a whole, do not contain
        any untrue statement of a material fact or omit to state a material fact
        necessary to make the statements made, in light of the circumstances under
        which
        such statements were made, not misleading with respect to the period covered
        by
        such assessment of compliance and attestation report;

       

      (3) To
        my
        knowledge, the distribution information required to be provided by the
        Securities Administrator under the Trust Agreement for inclusion in the Reports
        is included in the Reports;

       

      (4) I
        am
        responsible for reviewing the activities performed by the Securities
        Administrator under the Trust Agreement, and based on my knowledge and the
        compliance review conducted in preparing the assessment of compliance of
        the
        Securities Administrator required by the Trust Agreement, and except as
        disclosed in the Reports, the Securities Administrator has fulfilled its
        obligations under the Trust Agreement in all material respects; and

       

      (5) The
        report on assessment of compliance with servicing criteria applicable to
        the
        Securities Administrator for asset-backed securities of the Securities
        Administrator and each Subcontractor utilized by the Securities Administrator
        and related attestation report on assessment of compliance with servicing
        criteria applicable to it required to be included in the Annual Report in
        accordance with Item 1122 of Regulation AB and Exchange Act Rules 13a-18
        and
        15d-18 has been included as an exhibit to the Annual Report. Any material
        instances of non-compliance are described in such report and have been disclosed
        in the Annual Report.

       

      
        
          
          

        

        
          P-1

          
            

          

        

        
          
          

        

      

      In
        giving
        the certifications above, the Securities Administrator has reasonably relied
        on
        information provided to it by the following unaffiliated parties: [names
        of
        servicer(s), master servicer, subservicer(s), depositor, trustee,
        custodian(s)]

       

      

      Date:      

      

                              

      [Signature]

      [Title]

      
        
          
          

        

        
          P-2

          
            

          

        

        
          
          

        

      

      EXHIBIT
        Q

       

      FORM
        OF
        CERTIFICATION REGARDING SERVICING CRITERIA TO BE

      ADDRESSED
        IN REPORT ON ASSESSMENT OF COMPLIANCE

       

      
        	
                Reg
                  AB Reference

              	
                Servicing
                  Criteria

              	
                Paying
                  Agent

                (including
                  the Securities Administrator if acting as Paying
                  Agent)

              	
                Master
                  Servicer

              	
                Securities
                  Administrator

              

      

      
        	 	
                General Servicing
                   Considerations

              	 	 	 
	
                1122(d)(1)(i)

              	
                Policies
                  and procedures are instituted to monitor any performance or other
                  triggers
                  and events of default in accordance with the transaction
                  agreements.

              	 	
                X

              	 
	
                1122(d)(1)(ii)

              	
                If
                  any material servicing activities are outsourced to third parties,
                  policies and procedures are instituted to monitor the third party’s
                  performance and compliance with such servicing activities.

              	
                X

              	 	 
	
                1122(d)(1)(iii)

              	
                Any
                  requirements in the transaction agreements to maintain a back-up
                  servicer
                  for the pool assets are maintained. 

              	
                 

              	
                X

              	 
	
                1122(d)(1)(iv)

              	
                A
                  fidelity bond and errors and omissions policy is in effect on the
                  party
                  participating in the servicing function throughout the reporting
                  period in
                  the amount of coverage required by and otherwise in accordance
                  with the
                  terms of the transaction agreements. 

              	 	
                X

              	 
	 	
                Cash Collection and Administration

              	 	 	 
	
                1122(d)(2)(i)

              	
                Payments
                  on pool assets are deposited into the appropriate custodial bank
                  accounts
                  and related bank clearing accounts no more than two business days
                  following receipt, or such other number of days specified in the
                  transaction agreements. 

              	
                X

              	
                X

              	
                X

              
	
                1122(d)(2)(ii)

              	
                Disbursements
                  made via wire transfer on behalf of an obligor or to an investor
                  are made
                  only by authorized personnel. 

              	
                X

              	
                X

              	 
	
                1122(d)(2)(iii)

              	
                Advances
                  of funds or guarantees regarding collections, cash flows or distributions,
                  and any interest or other fees charged for such advances, are made,
                  reviewed and approved as specified in the transaction agreements.
                  

              	 	
                X

              	 

      

       

       

      
        
          
          

        

        
          Q-1

          
            

          

        

        
          
          

        

      

       

      
        
          	
                  Reg
                    AB Reference

                	
                  Servicing
                    Criteria

                	
                  Paying
                    Agent

                  (including
                    the Securities Administrator if acting as Paying
                    Agent)

                	
                  Master
                    Servicer

                	
                  Securities
                    Administrator

                

        

      

      
        	
                1122(d)(2)(iv)

              	
                The
                  related accounts for the transaction, such as cash reserve accounts
                  or
                  accounts established as a form of over collateralization, are separately
                  maintained (e.g., with respect to commingling of cash) as set forth
                  in the
                  transaction agreements. 

              	
                X

              	
                X

              	
                X

              
	
                1122(d)(2)(v)

              	
                Each
                  custodial account is maintained at a federally insured depository
                  institution as set forth in the transaction agreements. For purposes
                  of
                  this criterion, “federally insured depository institution” with respect to
                  a foreign financial institution means a foreign financial institution
                  that
                  meets the requirements of Rule 13k-1(b)(1) of the Securities Exchange
                  Act.
                  

              	 	
                X

              	
                X

              
	
                1122(d)(2)(vi)

              	
                Unissued
                  checks are safeguarded so as to prevent unauthorized access.
                  

              	
                X

              	
                X

              	 
	
                1122(d)(2)(vii)
                  

              	
                Reconciliations
                  are prepared on a monthly basis for all asset-backed securities
                  related
                  bank accounts, including custodial accounts and related bank clearing
                  accounts. These reconciliations are (A) mathematically accurate;
                  (B)
                  prepared within 30 calendar days after the bank statement cutoff
                  date, or
                  such other number of days specified in the transaction agreements;
                  (C)
                  reviewed and approved by someone other than the person who prepared
                  the
                  reconciliation; and (D) contain explanations for reconciling items.
                  These
                  reconciling items are resolved within 90 calendar days of their
                  original
                  identification, or such other number of days specified in the transaction
                  agreements. 

              	
                X

              	
                X

              	 
	 	
                Investor
                  Remittances and Reporting

              	 	 	 
	
                1122(d)(3)(i)

              	
                Reports
                  to investors, including those to be filed with the Commission,
                  are
                  maintained in accordance with the transaction agreements and applicable
                  Commission requirements. Specifically, such reports (A) are prepared
                  in
                  accordance with timeframes and other terms set forth in the transaction
                  agreements; (B) provide information calculated in accordance with
                  the
                  terms specified in the transaction agreements; (C) are filed with
                  the
                  Commission as required by its rules and regulations; and (D) agree
                  with
                  investors’ or the trustee’s records as to the total unpaid principal
                  balance and number of pool assets serviced by the Servicer.
                  

              	 	
                X

              	
                X

              

      

       

       

      
        
          
          

        

        
          Q-2

          
            

          

        

        
          
          

        

      

       

      
        
          	
                  Reg
                    AB Reference

                	
                  Servicing
                    Criteria

                	
                  Paying
                    Agent

                  (including
                    the Securities Administrator if acting as Paying
                    Agent)

                	
                  Master
                    Servicer

                	
                  Securities
                    Administrator

                

        

      

      
        	
                1122(d)(3)(ii)

              	
                Amounts
                  due to investors are allocated and remitted in accordance with
                  timeframes,
                  distribution priority and other terms set forth in the transaction
                  agreements. 

              	
                X

              	
                X

              	 
	
                1122(d)(3)(iii)

              	
                Disbursements
                  made to an investor are posted within two business days to the
                  Servicer’s
                  investor records, or such other number of days specified in the
                  transaction agreements. 

              	
                X

              	
                 X

              	 
	
                1122(d)(3)(iv)

              	
                Amounts
                  remitted to investors per the investor reports agree with cancelled
                  checks, or other form of payment, or custodial bank statements.
                  

              	
                X

              	
                X

              	 
	 	
                Pool
                  Asset Administration

              	 	 	 
	
                1122(d)(4)(i)
                  

              	
                Collateral
                  or security on pool assets is maintained as required by the transaction
                  agreements or related pool asset documents. 

              	
                 

              	 	 
	
                1122(d)(4)(ii)

              	
                Pool
                  assets and related documents are safeguarded as required by the
                  transaction agreements 

              	
                 

              	 	 
	
                1122(d)(4)(iii)

              	
                Any
                  additions, removals or substitutions to the asset pool are made,
                  reviewed
                  and approved in accordance with any conditions or requirements
                  in the
                  transaction agreements. 

              	
                 

              	 	 
	
                1122(d)(4)(iv)

              	
                Payments
                  on pool assets, including any payoffs, made in accordance with
                  the related
                  pool asset documents are posted to the Servicer’s obligor records
                  maintained no more than two business days after receipt, or such
                  other
                  number of days specified in the transaction agreements, and allocated
                  to
                  principal, interest or other items (e.g., escrow) in accordance
                  with the
                  related pool asset documents. 

              	 	 	 

      

       

       

      
        
          
          

        

        
          Q-3

          
            

          

        

        
          
          

        

      

       

      
        
          	
                  Reg
                    AB Reference

                	
                  Servicing
                    Criteria

                	
                  Paying
                    Agent

                  (including
                    the Securities Administrator if acting as Paying
                    Agent)

                	
                  Master
                    Servicer

                	
                  Securities
                    Administrator

                

        

      

      
        	
                1122(d)(4)(v)

              	
                The
                  Servicer’s records regarding the pool assets agree with the Servicer’s
                  records with respect to an obligor’s unpaid principal balance.
                  

              	 	 	 
	
                1122(d)(4)(vi)

              	
                Changes
                  with respect to the terms or status of an obligor's pool assets
                  (e.g.,
                  loan modifications or re-agings) are made, reviewed and approved
                  by
                  authorized personnel in accordance with the transaction agreements
                  and
                  related pool asset documents. 

              	 	
                X

              	 
	
                1122(d)(4)(vii)

              	
                Loss
                  mitigation or recovery actions (e.g., forbearance plans, modifications
                  and
                  deeds in lieu of foreclosure, foreclosures and repossessions, as
                  applicable) are initiated, conducted and concluded in accordance
                  with the
                  timeframes or other requirements established by the transaction
                  agreements. 

              	 	
                X

              	 
	
                1122(d)(4)(viii)

              	
                Records
                  documenting collection efforts are maintained during the period
                  a pool
                  asset is delinquent in accordance with the transaction agreements.
                  Such
                  records are maintained on at least a monthly basis, or such other
                  period
                  specified in the transaction agreements, and describe the entity’s
                  activities in monitoring delinquent pool assets including, for
                  example,
                  phone calls, letters and payment rescheduling plans in cases where
                  delinquency is deemed temporary (e.g., illness or unemployment).
                  

              	 	 	 
	
                1122(d)(4)(ix)

              	
                Adjustments
                  to interest rates or rates of return for pool assets with variable
                  rates
                  are computed based on the related pool asset documents. 

              	 	 	 
	
                1122(d)(4)(x)

              	
                Regarding
                  any funds held in trust for an obligor (such as escrow accounts):
                  (A) such
                  funds are analyzed, in accordance with the obligor’s pool asset documents,
                  on at least an annual basis, or such other period specified in
                  the
                  transaction agreements; (B) interest on such funds is paid, or
                  credited,
                  to obligors in accordance with applicable pool asset documents
                  and state
                  laws; and (C) such funds are returned to the obligor within 30
                  calendar
                  days of full repayment of the related pool assets, or such other
                  number of
                  days specified in the transaction agreements. 

              	 	 	 

      

       

       

      
        
          
          

        

        
          Q-4

          
            

          

        

        
          
          

        

      

       

      
        
          	
                  Reg
                    AB Reference

                	
                  Servicing
                    Criteria

                	
                  Paying
                    Agent

                  (including
                    the Securities Administrator if acting as Paying
                    Agent)

                	
                  Master
                    Servicer

                	
                  Securities
                    Administrator

                

        

      

      
        	
                1122(d)(4)(xi)

              	
                Payments
                  made on behalf of an obligor (such as tax or insurance payments)
                  are made
                  on or before the related penalty or expiration dates, as indicated
                  on the
                  appropriate bills or notices for such payments, provided that such
                  support
                  has been received by the servicer at least 30 calendar days prior
                  to these
                  dates, or such other number of days specified in the transaction
                  agreements. 

              	 	
                 

              	 
	
                1122(d)(4)(xii)

              	
                Any
                  late payment penalties in connection with any payment to be made
                  on behalf
                  of an obligor are paid from the Servicer’s funds and not charged to the
                  obligor, unless the late payment was due to the obligor’s error or
                  omission. 

              	 	
                 

              	 
	
                1122(d)(4)(xiii)

              	
                Disbursements
                  made on behalf of an obligor are posted within two business days
                  to the
                  obligor’s records maintained by the servicer, or such other number of days
                  specified in the transaction agreements. 

              	 	
                 

              	 
	
                1122(d)(4)(xiv)
                  

              	
                Delinquencies,
                  charge-offs and uncollectible accounts are recognized and recorded
                  in
                  accordance with the transaction agreements. 

              	 	
                X

              	 
	
                1122(d)(4)(xv)

              	
                Any
                  external enhancement or other support, identified in Item 1114(a)(1)
                  through (3) or Item 1115 of Regulation AB, is maintained as set
                  forth in
                  the transaction agreements. 

              	 	 	
                X

              

      

      

      *
        If
        applicable for such transaction participant.

      **
        Subject to clarification from the Commission.

      
        
          
          

        

        
          Q-5

          
            

          

        

        
          
          

        

      

      SCHEDULE
        A

       

      ALL
        MORTGAGE LOANS

       

      
        
          
          

        

        
          Sch
            A 1

          
            

          

        

        
          
          

        

      

      SCHEDULE
        B

       

      AX
        MORTGAGE LOANS

       

       

      
        
          
          

        

        
          Sch
            B 1

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00111-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00111-of-00352.parquet"}]]