Document:

Unassociated Document

    EXECUTION

     

    
      
        

      

    

     

    GREENWICH
      CAPITAL ACCEPTANCE, INC.,

    Depositor

    

    THORNBURG
      MORTGAGE HOME LOANS, INC.,

    Seller

    

    WELLS
      FARGO BANK, N.A.,

    Master
      Servicer and

    Securities
      Administrator

    

    WILMINGTON
      TRUST COMPANY,

    Delaware
      Trustee

    

    and

    

    LASALLE
      BANK NATIONAL ASSOCIATION,

    Trustee
      and Custodian

    

     

    POOLING
      AND SERVICING AGREEMENT

     

    Dated
      as
      of January 1, 2006

     

    __________________________________

     

    Thornburg
      Mortgage Securities Trust 2006-1

     

    Mortgage
      Loan Pass-Through Certificates, Series 2006-1

     

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Table
      of Contents

     

    
      	 	
              Page

            
	
               

              ARTICLE
                I DEFINITIONS; DECLARATION OF TRUST

               

            	
               

              7

               

            
	
              SECTION
                1.01. Defined Terms.

            	
              7

            
	
              SECTION
                1.02. Accounting.

            	
              48

            
	
               

              ARTICLE
                IA ORGANIZATION OF TRUST

               

            	
               

              48

               

            
	
              Section
                1A.01. Name of Trust.

            	
              48

            
	
              Section
                1A.02. Office.

            	
              49

            
	
              Section
                1A.03. Declaration of Trust.

            	
              49

            
	
              Section
                1A.04. Purpose and Powers.

            	
              49

            
	
              Section
                1A.05. Liability of the Certificateholders.

            	
              49

            
	
              Section
                1A.06. Title To Trust Property.

            	
              49

            
	
              Section
                1A.07. Situs of Trust.

            	
              50

            
	
              Section
                1A.08. The Delaware Trustee.

            	
              50

            
	
              Section
                1A.09. Separateness Provisions.

            	
              52

            
	
               

              ARTICLE
                II CONVEYANCE OF MORTGAGE LOANS; ORIGINAL ISSUANCE OF
                CERTIFICATES

               

            	
               

              53

               

            
	
              SECTION
                2.01. Conveyance of Mortgage Loans.

            	
              53

            
	
              SECTION
                2.02. Acceptance by Trustee.

            	
              58

            
	
              SECTION
                2.03. Repurchase or Substitution of Mortgage Loans by the
                Seller.

            	
              59

            
	
              SECTION
                2.04. Representations and Warranties of the Seller with Respect to
                the
                Mortgage Loans.

            	
              62

            
	
              SECTION
                2.05. [Reserved].

            	
              63

            
	
              SECTION
                2.06. Representations and Warranties of the Depositor.

            	
              63

            
	
              SECTION
                2.07. Issuance of Certificates.

            	
              64

            
	
              SECTION
                2.08. Representations and Warranties of the Seller.

            	
              64

            
	
              SECTION
                2.09. Covenants of the Seller.

            	
              66

            
	
               

              ARTICLE
                III ADMINISTRATION AND SERVICING OF THE MORTGAGE LOANS

               

            	
               

              66

               

            
	
              SECTION
                3.01. Master Servicer to Service and Administer the Mortgage
                Loans.

            	
              66

            
	
              SECTION
                3.02. REMIC-Related Covenants.

            	
              68

            
	
              SECTION
                3.03. Monitoring of Servicers.

            	
              68

            
	
              SECTION
                3.04. Fidelity Bond.

            	
              69

            
	
              SECTION
                3.05. Power to Act; Procedures.

            	
              70

            
	
              SECTION
                3.06. Due-on-Sale Clauses; Assumption Agreements.

            	
              71

            
	
              SECTION
                3.07. Release of Mortgage Files.

            	
              71

            
	
              SECTION
                3.08. Documents, Records and Funds in Possession of Master Servicer
                To Be
                Held for Trust.

            	
              72

            
	
              SECTION
                3.09. Standard Hazard Insurance and Flood Insurance
                Policies.

            	
              72

            
	
              SECTION
                3.10. Presentment of Claims and Collection of Proceeds.

            	
              73

            
	
              SECTION
                3.11. Maintenance of the Primary Insurance Policies.

            	
              73

            

    

     

    
      
        
        

      

      
        i

        
          

        

      

      
        
        

      

    

    
      	
              SECTION
                3.12. Trustee to Retain Possession of Certain Insurance Policies
                and
                Documents.

            	
              74

            
	
              SECTION
                3.13. Realization Upon Defaulted Mortgage Loans.

            	
              74

            
	
              SECTION
                3.14. Additional Compensation to the Master Servicer.

            	
              74

            
	
              SECTION
                3.15. REO Property.

            	
              75

            
	
              SECTION
                3.16. Assessments of Compliance and Attestation Reports.

            	
              75

            
	
              SECTION
                3.17. Annual Compliance Statement.

            	
              77

            
	
              SECTION
                3.18. Sarbanes-Oxley Certification.

            	
              78

            
	
              SECTION
                3.19. Reports Filed with Securities and Exchange
                Commission.

            	
              78

            
	
              SECTION
                3.20. Additional Information.

            	
              83

            
	
              SECTION
                3.21. Intention of the Parties and Interpretation.

            	
              83

            
	
              SECTION
                3.22. Indemnification.

            	
              83

            
	
              SECTION
                3.23. Amendments to Master Servicing Guide and Correspondent Sellers
                Guide.

            	
              84

            
	
              SECTION
                3.24. UCC.

            	
              84

            
	
              SECTION
                3.25. Optional and Required Purchases of Certain Mortgage
                Loans.

            	
              85

            
	
              SECTION
                3.26. Realization upon Troubled Mortgage Loans.

            	
              86

            
	
              SECTION
                3.27. Closing Certificate and Opinion.

            	
              86

            
	
              SECTION
                3.28. Liabilities of the Master Servicer.

            	
              86

            
	
              SECTION
                3.29. Merger or Consolidation of the Master Servicer.

            	
              86

            
	
              SECTION
                3.30. Indemnification of the Trustee, the Delaware Trustee, the Master
                Servicer and the Securities Administrator.

            	
              87

            
	
              SECTION
                3.31. Limitations on Liability of the Master Servicer and Others;
                Indemnification of Trustee and Others.

            	
              87

            
	
              SECTION
                3.32. Master Servicer Not to Resign.

            	
              89

            
	
              SECTION
                3.33. Successor Master Servicer.

            	
              89

            
	
              SECTION
                3.34. Sale and Assignment of Master Servicing.

            	
              89

            
	
              SECTION
                3.35. Reporting Requirements of the Commission.

            	
              90

            
	
               

              ARTICLE
                IV ACCOUNTS

               

            	
               

              90

               

            
	
              SECTION
                4.01. Servicing Accounts.

            	
              90

            
	
              SECTION
                4.02. Distribution Account.

            	
              91

            
	
              SECTION
                4.03. Permitted Withdrawals and Transfers from the Distribution
                Account.

            	
              93

            
	
              SECTION
                4.04. [Reserved].

            	
              95

            
	
              SECTION
                4.05. [Reserved].

            	
              96

            
	
               

              ARTICLE
                V FLOW OF FUNDS

               

            	
               

              96

               

            
	
              SECTION
                5.01. Distributions.

            	
              96

            
	
              SECTION
                5.02. [Reserved].

            	
              102

            
	
              SECTION
                5.03. Allocation of Realized Losses.

            	
              102

            
	
              SECTION
                5.04. Statements.

            	
              103

            
	
              SECTION
                5.05. Remittance Reports; Advances.

            	
              106

            
	
              SECTION
                5.06. Compensating Interest Payments.

            	
              107

            
	
              SECTION
                5.07. [Reserved].

            	
              107

            
	
              SECTION
                5.08. Available Funds Cap Reserve Fund.

            	
              107

            
	
              SECTION
                5.09. Yield Maintenance Account.

            	
              108

            
	
              SECTION
                5.10. Recoveries.

            	
              109

            
	
              SECTION
                5.11. The Final Maturity Reserve Trust.

            	
              109

            

    

     

    
      
        
        

      

      
        ii

        
          

        

      

      
        
        

      

    

    
      	
              SECTION
                4.07. The Final Maturity Reserve Trust

            	
              109

            
	
               

              ARTICLE
                VI THE CERTIFICATES

               

            	
               

              110

               

            
	
              SECTION
                6.01. The Certificates.

            	
              110

            
	
              SECTION
                6.02. Registration of Transfer and Exchange of
                Certificates.

            	
              111

            
	
              SECTION
                6.03. Mutilated, Destroyed, Lost or Stolen Certificates.

            	
              117

            
	
              SECTION
                6.04. Persons Deemed Owners.

            	
              118

            
	
              SECTION
                6.05. Appointment of Paying Agent.

            	
              118

            
	
              SECTION
                6.06. Optional Purchase of Certificates.

            	
              119

            
	
               

              ARTICLE
                VII DEFAULT

               

            	
               

              120

               

            
	
              SECTION
                7.01. Event of Default.

            	
              120

            
	
              SECTION
                7.02. Trustee to Act.

            	
              123

            
	
              SECTION
                7.03. Waiver of Event of Default.

            	
              124

            
	
              SECTION
                7.04. Notification to Certificateholders.

            	
              124

            
	
               

              ARTICLE
                VIII THE TRUSTEE AND THE SECURITIES ADMINISTRATOR

               

            	
               

              125

               

            
	
              SECTION
                8.01. Duties of Trustee and Securities Administrator.

            	
              125

            
	
              SECTION
                8.02. Certain Matters Affecting the Trustee and the Securities
                Administrator.

            	
              126

            
	
              SECTION
                8.03. Trustee and the Securities Administrator Not Liable for
                Certificates, Mortgage Loans or Additional Collateral.

            	
              128

            
	
              SECTION
                8.04. Trustee, Custodian, Delaware Trustee, Master Servicer and Securities
                Administrator May Own Certificates.

            	
              129

            
	
              SECTION
                8.05. Trustee’s, Delaware Trustee’s and Securities Administrator’s Fees
                and Expenses.

            	
              129

            
	
              SECTION
                8.06. Eligibility Requirements for Trustee and Securities
                Administrator.

            	
              130

            
	
              SECTION
                8.07. Resignation or Removal of Trustee and Securities
                Administrator.

            	
              130

            
	
              SECTION
                8.08. Successor Trustee and Successor Securities
                Administrator.

            	
              131

            
	
              SECTION
                8.09. Merger or Consolidation of Trustee or Securities
                Administrator.

            	
              132

            
	
              SECTION
                8.10. Appointment of Co-Trustee or Separate Trustee.

            	
              132

            
	
              SECTION
                8.11. Limitation of Liability.

            	
              133

            
	
              SECTION
                8.12. Trustee May Enforce Claims Without Possession of
                Certificates.

            	
              133

            
	
              SECTION
                8.13. Suits for Enforcement.

            	
              134

            
	
              SECTION
                8.14. Waiver of Bond Requirement.

            	
              135

            
	
              SECTION
                8.15. Waiver of Inventory, Accounting and Appraisal
                Requirement.

            	
              135

            
	
              SECTION
                8.16. Appointment of Custodians.

            	
              135

            
	
              SECTION
                8.17. Auction Administration Agreement; Auction Swap
                Agreement.

            	
              135

            
	
               

              ARTICLE
                IX REMIC ADMINISTRATION

               

            	
               

              136

               

            
	
              SECTION
                9.01. REMIC Administration.

            	
              136

            
	
              SECTION
                9.02. Prohibited Transactions and Activities.

            	
              138

            
	
               

              ARTICLE
                X TERMINATION

               

            	
               

              139

               

            
	
              SECTION
                10.01. Termination.

            	
              139

            
	
              SECTION
                10.02. Additional Termination Requirements.

            	
              140

            

    

     

    
      
        
        

      

      
        iii

        
          

        

      

      
        
        

      

    

    
      	
               

              ARTICLE
                XI DISPOSITION OF TRUST ASSETS

               

            	
               

              141

               

            
	
              SECTION
                11.01. Disposition of Trust Assets.

            	
              141

            
	
               

              ARTICLE
                XII MISCELLANEOUS PROVISIONS

               

            	
               

              142

               

            
	
              SECTION
                12.01. Amendment.

            	
              142

            
	
              SECTION
                12.02. Recordation of Agreement; Counterparts.

            	
              143

            
	
              SECTION
                12.03. Limitation on Rights of Certificateholders.

            	
              143

            
	
              SECTION
                12.04. Governing Law; Jurisdiction.

            	
              144

            
	
              SECTION
                12.05. Notices.

            	
              144

            
	
              SECTION
                12.06. Severability of Provisions.

            	
              145

            
	
              SECTION
                12.07. Article and Section References.

            	
              145

            
	
              SECTION
                12.08. Notice to the Rating Agencies.

            	
              145

            
	
              SECTION
                12.09. Further Assurances.

            	
              146

            
	
              SECTION
                12.10. Benefits of Agreement.

            	
              146

            
	
              SECTION
                12.11. Acts of Certificateholders.

            	
              147

            
	
              SECTION
                12.12. Successors and Assigns.

            	
              147

            
	
              SECTION
                12.13. Derivative Transactions.

            	
              147

            

    

    

    EXHIBITS
      AND SCHEDULES:

     

    
      	
              Exhibit
                A

            	
              Form
                of Senior Certificate

            	
              A-1

            
	
              Exhibit
                B

            	
              Form
                of Class A-X Certificate

            	
              B-2

            
	
              Exhibit
                C-1

            	
              Form
                of Class A-R Certificate

            	
              C-1-1

            
	
              Exhibit
                C-2

            	
              Form
                of Class I Certificate

            	
              C-2-1

            
	
              Exhibit
                D

            	
              Form
                of Subordinate Certificate

            	
              D-1

            
	
              Exhibit
                E

            	
              Form
                of Reverse of the Certificates

            	
              E-1

            
	
              Exhibit
                F

            	
              Request
                for Release

            	
              F-1

            
	
              Exhibit
                G-1

            	
              Form
                of Receipt of Mortgage Note

            	
              G-1-1

            
	
              Exhibit
                G-2

            	
              Form
                of Interim Certificate of Trustee

            	
              G-2-1

            
	
              Exhibit
                G-3

            	
              Form
                of Final Certification of Trustee

            	
              G-3-1

            
	
              Exhibit
                H

            	
              Form
                of Lost Note Affidavit

            	
              H-1

            
	
              Exhibit
                I

            	
              Form
                of ERISA Representation

            	
              I-1

            
	
              Exhibit
                J-1

            	
              Form
                of Investment Letter [Non-Rule 144A]

            	
              J-1-1

            
	
              Exhibit
                J-2

            	
              Form
                of Rule 144A Investment Letter

            	
              J-2-1

            
	
              Exhibit
                K

            	
              Form
                of Transferor Certificate

            	
              K-1

            
	
              Exhibit
                L

            	
              Transfer
                Affidavit for Class A-R Certificate Pursuant to Section
                6.02(e)

            	
              L-1

            
	
              Exhibit
                M

            	
              Form
                of Certificate of Trust

            	
              M-1

            
	
              Exhibit
                N

            	
              List
                of Servicers and Servicing Agreements

            	
              N-1

            
	
              Exhibit
                O

            	
              Notice
                of Exercise of Optional Securities Purchase Right

            	
              O-1

            
	
              Exhibit
                P

            	
              [Reserved]

            	
              P-1

            
	
              Exhibit
                Q

            	
              Servicing
                Criteria

            	
              Q-1

            
	
              Exhibit
                R

            	
              Additional
                Form 10-D Disclosure

            	
              R-1

            
	
              Exhibit
                S

            	
              Additional
                Form 10-K Disclosure

            	
              S-1

            
	
              Exhibit
                T

            	
              Form
                8-K Disclosure Information

            	
              T-1

            
	
              Exhibit
                U

            	
              Form
                of Additional Disclosure Notification

            	
              U-1

            

    

     

    
      
        
        

      

      
        iv

        
          

        

      

      
        
        

      

    

    Schedule
      I Mortgage
      Loan Schedule

    Schedule
      II Converted
      Mortgage Loan Schedule

    Schedule
      III Modified
      Mortgage Loan Schedule

    Schedule
      IV Three-Year
      Hybrid Mortgage Loan Schedule

    Schedule
      V Five-Year
      Hybrid Mortgage Loan Schedule

    Schedule
      VI Seven-Year
      Hybrid Mortgage Loan Schedule

    Schedule
      VII Ten-Year
      Hybrid Mortgage Loan Schedule

    

    
      
        
        

      

      
        v

        
          

        

      

      
        
        

      

    

    This
      Pooling and Servicing Agreement is dated as of January 1, 2006 (the
“Agreement”),
      among
      GREENWICH CAPITAL ACCEPTANCE, INC., a Delaware corporation, as depositor (the
      “Depositor”),
      THORNBURG MORTGAGE HOME LOANS, INC., a Delaware corporation, as seller (the
      “Seller”),
      WELLS
      FARGO BANK, N.A., a national banking association, as master servicer (in such
      capacity, the “Master
      Servicer”)
      and as
      securities administrator (in such capacity, the “Securities
      Administrator”),
      WILMINGTON TRUST COMPANY, a Delaware banking corporation, as Delaware trustee
      (the “Delaware
      Trustee”)
      and
      LASALLE BANK NATIONAL ASSOCIATION, a national banking association, as trustee
      (the “Trustee”).

     

    PRELIMINARY
      STATEMENT:

     

    On
      January 23, 2006 the Depositor formed Thornburg Mortgage Securities Trust
      2006-1, as a Delaware statutory trust (the “Trust”)
      pursuant to (i) the Trust Agreement, dated as of January 23, 2006 (the
“Original
      Trust Agreement”),
      among
      the Depositor, the Trustee and the Delaware Trustee and (ii) a Certificate
      of
      Trust filed with the Secretary of State of the State of Delaware on January
      23,
      2006.

     

    The
      parties to this Agreement desire to amend and restate the Original Trust
      Agreement in its entirety, and, as evidenced by their signatures hereto, the
      Original Trust Agreement is hereby amended, restated and replaced in its
      entirety as of the date first written above by this Agreement. 

     

    Through
      this Agreement, the Depositor intends to cause the issuance and sale of the
      Trust’s Mortgage Pass-Through Certificates, Series 2006-1 (the “Certificates”)
      representing in the aggregate the entire beneficial ownership of the Trust,
      the
      primary assets of which are the Mortgage Loans (as defined below).

     

    On
      or
      prior to the Closing Date, the Depositor acquired the Mortgage Loans from the
      Seller. On the Closing Date, the Depositor will sell the Mortgage Loans and
      certain other property to the Trust and receive in consideration therefor
      Certificates evidencing the entire beneficial ownership of the
      Trust.

     

    The
      Depositor intends to sell the Certificates, to be issued hereunder in multiple
      classes, which in the aggregate will evidence the entire beneficial ownership
      interest in the Trust. The Certificates will consist of twelve classes of
      certificates, designated as (i) the Class A-1 Certificates, (ii) the Class
      A-2
      Certificates, (iii) the Class A-3 Certificates, (iv) the Class A-X Certificates,
      (v) the Class A-R Certificate, (vi) the Class B-1 Certificates, (vii) the Class
      B-2 Certificates, (viii) the Class B-3 Certificates, (ix) the Class B-4
      Certificates, (x) the Class B-5 Certificates, (xi) the Class B-6 Certificates
      and (xii) the Class I Certificates.

     

    For
      federal income tax purposes, the Trust Fund (exclusive of the Additional
      Collateral, the Yield Maintenance Agreements, the Auction Swap Agreement, the
      Yield Maintenance Account, the Final Maturity Reserve Trust, the Final Maturity
      Reserve Account, and the Available Funds Cap Reserve Fund, collectively, the
      “Excluded
      Trust Assets”)
      is
      comprised of three REMICs in a tiered REMIC structure - REMIC 1 (the
“Lower
      Tier REMIC”),
      REMIC
      2 (the “Middle
      Tier REMIC”),
      and
      the upper tier REMIC (the “Upper
      Tier REMIC”).
      Each
      Certificate, other than the Class A-R Certificate, shall represent ownership
      of
      a regular interest in the Upper-Tier REMIC, as described herein. In addition,
      the Class A-1, Class A-2 and Class A-3 Certificates represent the right to
      receive payments in respect of Available Funds Cap Shortfalls from the Available
      Funds Cap Reserve Fund as provided in Section 5.08 and the Yield Maintenance
      Account as provided in Section 5.09. The Class A-1 and Class A-2 Certificates
      also represent the right to receive payments in respect of the Final Maturity
      Reserve Account. The owners of the Class I Certificates beneficially own the
      Final Maturity Reserve Account and the Final Maturity Reserve Trust. The owners
      of the Class A-X Certificates beneficially own the Available Funds Cap Reserve
      Fund and the Yield Maintenance Account. The Class A-R Certificate represents
      ownership of the sole class of residual interest in each REMIC.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    The
      Lower
      Tier REMIC will hold as its assets all of the assets constituting the Trust
      Fund
      (exclusive of the Excluded Trust Assets) and will issue interests (the
“Lower
      Tier Regular Interests”)
      (which
      will be uncertificated and will represent the regular interests in the Lower
      Tier REMIC) and a residual interest (the “Class LT1-R Interest”) which will also
      be uncertificated and which will represent the sole class of residual interest
      in the Lower Tier REMIC. The Middle Tier REMIC will hold as its assets the
      Lower
      Tier Regular Interests in REMIC 1 and will issue interests (also, the
“Lower
      Tier Regular Interests”)
      (which
      will be uncertificated and will represent the regular interests in the Middle
      Tier REMIC) and a residual interest (the “Class LT2-R Interest”) which will be
      uncertificated and which will represent the sole class of residual interest
      in
      the Middle Tier REMIC. The Trustee will hold the Lower Tier Regular Interests
      in
      REMIC 2 as assets of the Upper Tier REMIC. The Certificates, other than the
      Class A-R Certificate, will represent “regular interests” in the Upper Tier
      REMIC, and the Class A-R Certificate, which will represent the sole class of
      “residual interest” in the Upper Tier REMIC as well as ownership of the Class
      LT1-R and Class LT2-R Interests. 

     

    For
      purposes of the REMIC Provisions, the startup day is the Closing Date. All
      REMIC
      regular and residual interests created hereby will be retired on or before
      the
      Latest Possible Maturity Date.

     

    REMIC
      1

     

    The
      following table specifies the designation, interest rate, and initial principal
      amount for each Class of Lower Tier REMIC Interest in REMIC 1:

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

    
      	
              Designation

            	 	
               

              Interest
                Rate

            	 	
              Initial
                Principal

              Balance

            	 	
               

               

              Related
                Loan Group

            	 
	
              LT1-Loan
                Group 1

            	 	 	
              (1)
                

            	 	
              $

            	
              203,337,457.69

            	 	 	
              Loan
                Group 1

            	 
	
              LT1-GSA1

            	 	 	
              (1)
                

            	 	
              $

            	
              72,215.73

            	 	 	
              Loan
                Group 1

            	 
	
              LT1-Loan
                Group 2

            	 	 	
              (1)
                

            	 	
              $

            	
              486,646,636.75

            	 	 	
              Loan
                Group 2

            	 
	
              LT1-GSA2

            	 	 	
              (1)
                

            	 	
              $

            	
              172,824.61

            	 	 	
              Loan
                Group 2

            	 
	
              LT1-Loan
                Group 3

            	 	 	
              (1)
                

            	 	
              $

            	
              1,237,628,415.45

            	 	 	
              Loan
                Group 3

            	 
	
              LT1-GSA3

            	 	 	
              (1)
                

            	 	
              $

            	
              439,509.25

            	 	 	
              Loan
                Group 3

            	 
	
              LT1-IO-1

            	 	 	
              (2)
                

            	 	 	
              (3)
                

            	 	 	
              Loan
                Group 1

            	 
	
              LT1-IO-2

            	 	 	
              (4)
                

            	 	 	
              (5)
                

            	 	 	
              Loan
                Group 2

            	 
	
              LT1-R
                

            	 	 	
              (6)
                

            	 	 	
              (6)
                

            	 	 	
              N/A

            	 

    

     

    __________________

     

    
      	(1)  	
              For
                any Distribution Date (and the related Accrual Period) the interest
                rate
                for each of these Lower Tier Regular Interests shall equal the Net
                WAC
                (less the related Final Maturity Reserve Rate) of its related Loan
                Group.

            

    

     

    
      	(2)  	
              The
                interest rate for this Lower Tier Regular Interest shall equal (i)
                for any
                Distribution Date (and the related Accrual Period) before January
                2016,
                0.00% per annum, and (ii) for any Distribution Date on and after
                January
                2016, 0.00325% per annum. 

            

    

     

    
      	(3)  	
              This
                Lower Tier Regular Interest is an interest-only class and does not
                have a
                principal balance. It shall have a notional balance at all times
                equal to
                the aggregate Stated Principal Balance of Loan Group 1 at the beginning
                of
                the related Due Period (or, in the case of the first Distribution
                Date, as
                of the Cut-off Date).

            

    

     

    
      	(4)  	
              The
                interest rate for this Lower Tier Regular Interest shall equal (i)
                for any
                Distribution Date (and the related Accrual Period) before January
                2016,
                0.00% per annum, and (ii) for any Distribution Date on and after
                January
                2016, 0.00371% per annum.

            

    

     

    
      	(5)  	
              This
                Lower Tier Regular Interest is an interest-only class and does not
                have a
                principal balance. It shall have a notional balance at all times
                equal to
                the aggregate Stated Principal Balance of Loan Group 2 at the beginning
                of
                the related Due Period (or, in the case of the first Distribution
                Date, as
                of the Cut-off Date).

            

    

     

    
      	(6)  	
              The
                Class LT1-R Interest does not have a principal balance and does not
                bear
                interest.

            

    

     

    On
      each
      Distribution Date, the Available Funds for each Loan Group shall be distributed
      as interest with respect to the Lower Tier Regular Interests in REMIC 1 based
      on
      the interest rates described above. 

     

    On
      each
      Distribution Date, the remaining Available Funds for each Loan Group shall
      be
      distributed as principal on Lower Tier Regular Interests in REMIC 1 as follows:
      

     

    
      	(i)  	
              first,
                to the Class LT1-GSA1 Interest until the principal balance of such
                Lower
                Tier Regular Interest equals one percent of the Subordinate Component
                for
                Loan Group 1 for the next succeeding Distribution
                Date;

            

    

     

    
      	(ii)  	
              second,
                to the Class LT1-GSA2 Interest until the principal balance of such
                Lower
                Tier Regular Interest equals one percent of the Subordinate Component
                for
                Loan Group 2 for the next succeeding Distribution
                Date;

            

    

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

    
      	(iii)  	
              third,
                to the Class LT1-GSA3 Interest until the principal balance of such
                Lower
                Tier Regular Interest equals one percent of the Subordinate Component
                for
                Loan Group 3 for the next succeeding Distribution
                Date;

            

    

     

    
      	(iv)  	
              fourth,
                to the Class LT1-GSA1, the Class LT1-GSA2 or the Class LT1-GSA3 Interests
                the minimum amount necessary to cause the ratio of the principal
                balance
                of each such Lower Tier Regular Interest in REMIC 1 to the other
                two such
                Lower Tier Regular Interests in REMIC 1 to equal the ratio of the
                Subordinate Component related to such Lower Tier Regular Interest
                to the
                Subordinate Components related to the other two Lower Tier Regular
                Interests;

            

    

     

    
      	(v)  	
              fifth,
                to the Class LT1-Loan Group 1, the Class LT1-Loan Group 2 and the
                Class
                LT1-Loan Group 3 Interests, pro
                rata,
                based upon their entitlements under clauses a., b. and
                c.:

            

    

     

    
      	a.  	
              To
                the Class LT1-Loan Group 1 Interest until its principal balance equals
                the
                difference between (I) the Stated Principal Balance of Loan Group
                1 on
                such Distribution Date, minus
                (II) the principal balance of the Class LT1-GSA1 Interest on such
                Distribution Date, taking into account the distributions under priorities
                (i) through (iv) above, 

            

    

     

    
      	b.  	
              To
                the Class LT1-Loan Group 2 Interest until its principal balance equals
                the
                difference between (I) the Stated Principal Balance of Loan Group
                2 on
                such Distribution Date, minus
                (II) the principal balance of the Class LT1-GSA2 Interest on such
                Distribution Date, taking into account the distributions under priorities
                (i) through (iv) above, and

            

    

     

    
      	c.  	
              To
                the Class LT1-Loan Group 3 Interest until its principal balance equals
                the
                difference between (I) the Stated Principal Balance of Loan Group
                3 on
                such Distribution Date, minus
                (II) the principal balance of the Class LT1-GSA3 Interest on such
                Distribution Date, taking into account the distributions under priorities
                (i) through (iv) above.

            

    

     

    On
      each
      Distribution Date, Realized Losses attributable to principal with respect to
      any
      Loan Group shall each be allocated among the Lower Tier Regular Interests in
      REMIC 1 in the same manner that principal is distributed among such Lower Tier
      Regular Interests. 

     

    REMIC
      2

     

    The
      following table specifies the designation, interest rate, and initial principal
      amount for each Lower Tier Regular Interest in REMIC 2:

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

    
      	
               Designation

            	 	
               

              Interest
                Rate

            	 	
              Initial
                

              Principal

              Balance

            	 	
               

               

              Related
                Loan Group

            	 	
               

              Corresponding
                Class of Certificates

            
	
              LT2-A-1

            	 	
              (1)

            	 	
              (2)

            	 	
              Loan
                Group 1

            	 	
              A-1

            
	
              LT2-A-2

            	 	
              (1)

            	 	
              (2)

            	 	
              Loan
                Group 2

            	 	
              A-2

            
	
              LT2-A-3

            	 	
              (1)

            	 	
              (2)

            	 	
              Loan
                Group 3

            	 	
              A-3

            
	
              LT2-B-1

            	 	
              (3)

            	 	
              (2)

            	 	
              All
                Loan Groups

            	 	
              B-1

            
	
              LT2-B-2

            	 	
              (3)

            	 	
              (2)

            	 	
              All
                Loan Groups

            	 	
              B-2

            
	
              LT2-B-3

            	 	
              (3)

            	 	
              (2)

            	 	
              All
                Loan Groups

            	 	
              B-3

            
	
              LT2-B-4

            	 	
              (3)

            	 	
              (2)

            	 	
              All
                Loan Groups

            	 	
              B-4

            
	
              LT2-B-5

            	 	
              (3)

            	 	
              (2)

            	 	
              All
                Loan Groups

            	 	
              B-5

            
	
              LT2-B-6

            	 	
              (3)

            	 	
              (2)

            	 	
              All
                Loan Groups

            	 	
              B-6

            
	
              LT2-IO
                

            	 	
              (4)

            	 	
              (4)

            	 	
              Loan
                Groups 1, 2

            	 	
              I

            
	
              LT2-R
                

            	 	
              (5)

            	 	
              (5)

            	 	
              N/A

            	 	
              N/A

            

    

    __________________

     

    
      	
              (1)

            	
              The
                interest rate with respect to any Distribution Date (and the related
                Accrual Period) for each of these Lower Tier Regular Interests will
                be a
                per annum rate equal to the Net WAC (less the related Final Maturity
                Reserve Rate) of its related Loan Group.

            

    

     

    
      	
              (2)

            	
              Each
                of these Lower Tier Regular Interests shall have a principal balance
                initially equal to the Class Certificate Principal Balance of its
                Corresponding Class of Certificates as of the Closing
                Date.

            

    

     

    
      	
              (3)

            	
              The
                interest rate with respect to any Distribution Date (and the related
                Accrual Period) for each of these Lower Tier Regular Interests will
                be a
                per annum rate equal to the weighted average of the rates on the
                LT1-GSA1,
                LT1-GSA2 and LT1-GSA3 Lower Tier Regular Interests in REMIC 1, weighted
                in
                each case based on the relative principal balances of those Lower
                Tier
                Regular Interests in REMIC 1.

            

    

     

    
      	
              (4)

            	
              The
                LT2-IO Interest shall be entitled, on each Distribution Date, to
                all
                amounts distributable with respect to the LT1-IO-1 and LT1-IO-2
                Interests.

            

    

     

    
      	
              (5)

            	
              The
                Class LT2-R Interest does not have a principal balance and does not
                bear
                interest.

            

    

     

    On
      each
      Distribution Date, interest shall be distributed with respect to the Lower
      Tier
      Regular Interests in REMIC 2 based on the interest rates described above.

     

    On
      each
      Distribution Date, principal shall be distributed on the Lower Tier Regular
      Interests in REMIC 2, concurrently, to the LT2-A-1, LT2-A-2, LT2-A-3, LT2-B-1,
      LT2-B-2, LT2-B-3, LT2-B-4, LT2-B-5, and LT2-B-6 Interests until the principal
      balance of each such Lower Tier Regular Interest in REMIC 2 equals the Class
      Certificate Principal Balance of its Corresponding Class of Certificates for
      such Lower Tier Regular Interest in REMIC 2 immediately after such Distribution
      Date.

     

    On
      each
      Distribution Date, Realized Losses shall be allocated among the Lower Tier
      Regular Interests in REMIC 2 in the same manner that principal is distributed
      among the Lower Tier Regular Interests in REMIC 2. 

     

    Upper
      Tier REMIC

     

    The
      following table sets forth (or describes) the Class designation, Pass-Through
      Rate and Original Class Certificate Principal Balance for each Class of
      Certificates comprising one or more regular interests in the REMIC created
      hereunder, each of which, except for the Class A-R Certificate, is hereby
      designated a REMIC regular interest in the Upper Tier REMIC for purposes of
      the
      REMIC Provisions:

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

     

    
      	
              Class

            	 	
              Original
                Class Certificate 
Principal Balance or Class 
Certificate
                Notional Balance

            	 	
              Pass-Through

              Rate

            	 
	
              Class
                A-1

            	 	
               

            	
              
                $196,188,000.00

              

            	 	 	
              (1)

            	 
	
              Class
                A-2

            	 	
               

            	
              $469,537,000.00

            	 	 	
              (1)

            	 
	
              Class
                A-3

            	 	
               

            	
              $1,194,117,000.00

            	 	 	
              (1)
                

            	 
	
              Class
                A-X

            	 	
               

            	
              $1,859,842,000.00

            	 	 	
              (1)

            	 
	
              Class
                A-R

            	 	
               

            	
              $100.00

            	 	 	
              (1)

            	 
	
              Class
                B-1

            	 	
               

            	
              $32,781,000.00

            	 	 	
              (2)

            	 
	
              Class
                B-2

            	 	
               

            	
              $13,498,000.00

            	 	 	
              (2)

            	 
	
              Class
                B-3

            	 	
               

            	
              $7,713,000.00

            	 	 	
              (2)

            	 
	
              Class
                B-4

            	 	
               

            	
              $5,785,000.00

            	 	 	
              (2)

            	 
	
              Class
                B-5

            	 	
               

            	
              $4,821,000.00

            	 	 	
              (2)

            	 
	
              Class
                B-6

            	 	
               

            	
              $3,856,959.00

            	 	 	
              (2)

            	 
	
              Class
                I

            	 	 	
              (4)

            	 	 	
              (3)

            	 

    

    ____________

    
      	(1)  	
              Calculated
                pursuant to the definition of “Pass-Through
                Rate.”

            

    

     

    
      	(2)  	
              Calculated
                pursuant to the definition of “Subordinate Certificate Pass-Through
                Rate”.

            

    

    

    
      	(3)  	
              The
                Pass-Through Rate for the Class I Certificates shall be equal to
                (i) for
                any Distribution Date prior to the Distribution Date in January 2016,
                0.00% per annum and (ii) for any Distribution Date on or after the
                Distribution Date in January 2016, a per annum rate equal to the
                weighted
                average of the Final Maturity Reserve Rates for Loan Group 1 and
                Loan
                Group 2, weighted on the basis of the aggregate Stated Principal
                Balance
                of each Loan Group. For purposes of the REMIC Provisions, the Class
                I
                Certificates will be entitled on each Distribution Date to all amounts
                distributed with respect to the LT2-IO Lower Tier Regular Interest
                in
                REMIC 2.

            

    

     

    
      	(4)  	
              The
                Class I Certificates are interest-only certificates; they will not
                be
                entitled to payments of principal and will accrue interest on their
                notional amount. The Class I Certificates will have a Class Certificate
                Notional Balance for each Distribution Date equal to the sum of the
                aggregate Stated Principal Balance of Loan Group 1 and Loan Group
                2 as of
                the beginning of the related Due Period (or in the case of the first
                Distribution Date, as of the Cut-off Date).

            

    

     

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

     

    ARTICLE
      I

     

    DEFINITIONS;
      DECLARATION OF TRUST

     

     

    SECTION
      1.01.   Defined
      Terms.

     

    Whenever
      used in this Agreement or in the Preliminary Statement, the following words
      and
      phrases, unless the context otherwise requires, shall have the meanings
      specified in this Article. All calculations of interest described herein shall
      be made on the basis of an assumed 360-day year consisting of twelve 30-day
      months unless otherwise indicated in this Agreement.

     

    “Accepted
      Master Servicing Practices”:
      With
      respect to any Mortgage Loan, as applicable, either (x) those customary mortgage
      servicing practices of prudent mortgage servicing institutions that master
      service mortgage loans of the same type and quality as such Mortgage Loan in
      the
      jurisdiction where the related Mortgaged Property is located, to the extent
      applicable to the Trustee (as successor Master Servicer) or the Master Servicer
      (except in its capacity as successor to a Servicer), or (y) as provided in
      the
      applicable Servicing Agreement, to the extent applicable to any Servicer, but
      in
      no event below the standard set forth in clause (x).

     

    “Account”:
      The
      Distribution Account, the Final Maturity Reserve Account, each Servicing
      Account, the Yield Maintenance Account, the Available Funds Cap Reserve Fund,
      the Swap Proceeds Account and the Auction Proceeds Account, as the context
      requires.

     

    “Accrual
      Period”:
      With
      respect to each Distribution Date and the Class A-1, Class A-2 and Class A-3
      Certificates, the period beginning on the 25th
      day of
      the month immediately preceding the related Distribution Date (or the Closing
      Date, in the case of the first Distribution Date) and ending on the
      24th
      day of
      the month in which related Distribution Date occurs. Interest for such Classes
      will be calculated based upon a 360-day year and the actual number of days
      in
      each Accrual Period. With respect to each Distribution Date and any Class of
      Lower Tier Regular Interests and the Class A-X, Class I and Class A-R
      Certificates and Subordinate Certificates, the calendar month prior to the
      month
      of such Distribution Date. Interest for such Lower Tier Regular Interests and
      such Classes will be calculated based upon a 360-day year consisting of twelve
      30-day months in each Accrual Period.

     

    “Accrued
      Interest Amount”:
      For
      any Distribution Date and for any Undercollateralized Group, an amount equal
      to
      one month’s interest on the applicable Principal Deficiency Amount at the
      Pass-Through Rate of the related Certificates, plus any interest accrued on
      such
      Undercollateralized Group remaining unpaid from prior Distribution
      Dates.

     

    “Additional
      Collateral”:
      With
      respect to any Additional Collateral Mortgage Loan, the marketable securities
      or
      other assets subject to a security interest pursuant to the related pledge
      agreement.

     

    “Additional
      Collateral Mortgage Loan”:
      Each
      Mortgage Loan identified as such in the Mortgage Loan Schedule and as to which
      Additional Collateral is then required to be provided as security
      therefor.

     

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

    “Additional
      Disclosure Notification”:
      As
      defined in Section 3.19(a).

     

    “Additional
      Form 10-D Disclosure”:
      As
      defined in Section 3.19(a).

     

    “Additional
      Form 10-K Disclosure”:
      As
      defined in Section 3.19(b).

     

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

     

    “Adjustment
      Date”:
      With
      respect to each Mortgage Loan, each adjustment date on which the related Loan
      Rate changes pursuant to the related Mortgage Note. The first Adjustment Date
      following the Cut-Off Date as to each Mortgage Loan is set forth in the Mortgage
      Loan Schedule.

     

    “Advance”:
      As to
      any Mortgage Loan or REO Property, any advance made by the Master Servicer
      (including the Trustee in its capacity as successor Master Servicer) in respect
      of any Distribution Date pursuant to Section 5.05.

     

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

     

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

     

    “Aggregate
      Subordinate Percentage”:
      As to
      any Distribution Date, the percentage equivalent of a fraction, the numerator
      of
      which is the aggregate of the Class Certificate Principal Balances of the
      Classes of Subordinate Certificates and the denominator of which is the Pool
      Balance for such Distribution Date.

     

    “Agreement”:
      This
      Pooling and Servicing Agreement, dated as of January 1, 2006, as amended,
      supplemented and otherwise modified from time to time.

     

    “Applicable
      Credit Support Percentage”:
      As
      defined in Section 5.01(e).

     

    “Apportioned
      Principal Balance”:
      As to
      any Class of Subordinate Certificates, a Loan Group and any Distribution Date,
      the Class Certificate Principal Balance of such Class immediately prior to
      such
      Distribution Date multiplied by a fraction, the numerator of which is the
      Subordinate Component for the related Loan Group for such date and the
      denominator of which is the sum of the Subordinate Components (in the
      aggregate).

     

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

    “Assignment”:
      As to
      any Mortgage, an assignment of mortgage, notice of transfer or equivalent
      instrument, in recordable form, which is sufficient, under the laws of the
      jurisdiction in which the related Mortgaged Property is located, to reflect
      or
      record the sale of such Mortgage.

     

    “Auction
      Administrator”:
      As
      defined in Section 8.17. 

     

    “Auction
      Administration Agreement”:
      The
      Auction Administration Agreement dated as of January 31, 2006 between the
      Auction Swap Counterparty and the Auction Administrator.

     

    “Auction
      Call”:
      The
      exercise of the auction under the Auction Administration Agreement and the
      Auction Swap Agreement on the Auction Call Date.

     

    “Auction
      Certificates”:
      The
      Class A-1, Class A-2 and Class A-3 Certificates.

     

    “Auction
      Distribution Date”:
      The
      Distribution Date in January 2009.

     

    “Auction
      Proceeds Account”:
      The
      account maintained by the Auction Administrator pursuant to the Auction
      Administration Agreement and which shall be an asset of the Trust Fund, but
      not
      of any REMIC.

     

    “Auction
      Swap Agreement”:
      The
      swap agreement dated January 31, 2006 by and between the Auction Swap
      Counterparty and the Auction Administrator, including the ISDA Master Agreement
      between the Auction Swap Counterparty and the Auction Administrator, the
      schedule thereto and the related confirmation (RBS Ref. No. HG2FHW0/ HG2FHW0),
      each dated as of January 31, 2006.

     

    “Auction
      Swap Counterparty”:
      The
      Royal Bank of Scotland plc.

     

    “Available
      Funds”:
      As to
      any Distribution Date and any Loan Group, an amount equal to (i) the sum,
      without duplication, of (a) the aggregate of the related Monthly Payments
      received on or prior to the related Determination Date (excluding Monthly
      Payments due in future Due Periods but received by the related Determination
      Date) in respect of the Mortgage Loans in that Loan Group, (b) Net
      Liquidation Proceeds, Insurance Proceeds, Principal Prepayments (but not
      including Prepayment Penalty Amounts), Recoveries and other unscheduled
      recoveries of principal and interest in respect of the Mortgage Loans in that
      Loan Group received during the related Prepayment Period, (c) the aggregate
      of
      any amounts received in respect of related REO Properties for such Distribution
      Date, (d) the aggregate of any amounts of Interest Shortfalls (excluding
      for such purpose all shortfalls as a result of Relief Act Reductions) paid
      by
      the Servicers pursuant to the related Servicing Agreements and Compensating
      Interest Payments deposited in the Distribution Account for such Distribution
      Date in respect of the Mortgage Loans in that Loan Group, (e) the aggregate
      of the Purchase Prices, Substitution Adjustments and amounts collected for
      purchases pursuant to Sections 2.03 or 3.25 deposited in the Distribution
      Account during the related Prepayment Period in respect of the Mortgage Loans
      in
      that Loan Group, (f) the aggregate of any Advances made by the Servicers
      and the Master Servicer for such Distribution Date in respect of the Mortgage
      Loans in that Loan Group, (g) the aggregate of any Advances made by the
      Trustee (as successor Master Servicer) for such Distribution Date pursuant
      to
      Section 7.02 hereof in respect of the Mortgage Loans in that Loan Group and
      (h) the Termination Price allocated to such Loan Group on the Distribution
      Date on which the Trust is terminated; minus
      (ii) the sum of (w) the Expense Fees for such Distribution Date in
      respect of the Mortgage Loans in that Loan Group, (x) amounts in reimbursement
      for Advances previously made in respect of the Mortgage Loans in that Loan
      Group
      and other amounts as to which the Servicers, the Trustee, the Securities
      Administrator and the Master Servicer are entitled to be reimbursed pursuant
      to
      Section 4.03, (y) the amount payable from funds of the Trust to the Trustee,
      the
      Delaware Trustee, the Master Servicer, the Custodian or the Securities
      Administrator pursuant to Section 8.05, Section 3.30 and Section 3.31(c) in
      respect of Mortgage Loans in that Loan Group or if not related to a Mortgage
      Loan, allocated to each Loan Group on a pro
      rata
      basis
      and (z) amounts deposited in the Distribution Account, as the case may be,
      in
      error, in respect of Mortgage Loans in that Loan Group, in each case without
      duplication.

     

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

    “Available
      Funds Cap”:
      With
      respect to any Distribution Date and each of the Class A-1, Class A-2 and Class
      A-3 Certificates, a per annum rate equal to the product of (i) the Net WAC
      of
      the related Loan Group less
      in the
      case of Loan Group 1 and Loan Group 2, on and after the Distribution Date in
      January 2016, the related Final Maturity Reserve Rate, and (ii) a fraction,
      the
      numerator of which is 30 and the denominator of which is the actual number
      of
      days in the related interest accrual period for such Certificates.

     

    “Available
      Funds Cap Reserve Fund”:
      A fund
      created as part of the Trust Fund pursuant to Section 5.08 of this Agreement,
      but which is not an asset of any of the REMICs.

     

    “Available
      Funds Cap Shortfall”:
      With
      respect to any Distribution Date and each of the Class A-1, Class A-2 and Class
      A-3 Certificates and each Class of the Subordinate Certificates, any Unpaid
      Available Funds Cap Shortfall plus the excess, if any, of (i) the amount of
      Monthly Interest Distributable Amount that would have been payable on such
      Class
      for such Distribution Date if the Pass-Through Rate for such Class were
      determined without regard to clause (a) of the proviso in the relevant
      definition of “Pass-Through Rate” over (ii) the actual Monthly Interest
      Distributable Amount payable on such Class for such Distribution
      Date.

     

    “Bankruptcy
      Code”:
      The
      Bankruptcy Reform Act of 1978 (Title 11 of the United States Code), as
      amended.

     

    “Base
      Value”:
      With
      respect to any Mortgage Loan for which Additional Collateral has been pledged,
      the value of the Additional Collateral as determined with respect to that
      Mortgage Loan in accordance with the applicable underwriting
      guidelines.

     

    “Book-Entry
      Certificates”:
      Any of
      the Certificates that shall be registered in the name of the Depository or
      its
      nominee, the ownership of which is reflected on the books of the Depository
      or
      on the books of a Person maintaining an account with the Depository (directly,
      as a “Depository Participant”, or indirectly, as an indirect participant in
      accordance with the rules of the Depository and as described in Section 6.02
      hereof). On the Closing Date, all Classes of the Certificates other than the
      Physical Certificates shall be Book-Entry Certificates.

     

    “Business
      Day”:
      Any
      day other than a Saturday, a Sunday or a day on which banking or savings
      institutions in the State of Minnesota, the State of Maryland, the State of
      Illinois, the State of New York or in the city in which the Corporate Trust
      Office of the Trustee is located are authorized or obligated by law or executive
      order to be closed.

     

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

    “Certificate”:
      Any
      Regular Certificate or Residual Certificate.

     

    “Certificate
      Notional Balance”:
      With
      respect to the Notional Certificates and any date of determination, the product
      of (i) the Class Certificate Notional Balance of such Class and (ii) the
      applicable Percentage Interest of such Certificate.

     

    “Certificate
      of Trust”:
      The
      certificate of trust filed with the Delaware Secretary of State in respect
      of
      the Trust pursuant to Section 3810 of the DSTS.

     

    “Certificate
      Owner”:
      With
      respect to each Book-Entry Certificate, any beneficial owner thereof and with
      respect to each Physical Certificate, the Certificateholder
      thereof.

     

    “Certificate
      Principal Balance”:
      With
      respect to each Certificate of a given Class (other than the Class A-X and
      Class
      I Certificates) and any date of determination, the product of (i) the Class
      Certificate Principal Balance of such Class and (ii) the applicable Percentage
      Interest of such Certificate.

     

    “Certificate
      Register”
and
      “Certificate
      Registrar”:
      The
      register maintained and registrar appointed pursuant to Section 6.02
      hereof.

     

    “Certificateholder”
or
      “Holder”:
      The
      Person in whose name a Certificate is registered in the Certificate Register,
      except that a Disqualified Organization or non-U.S. Person shall not be a Holder
      of a Residual Certificate for any purpose hereof.

     

    “Certification
      Parties”:
      As
      defined in Section 3.18.

     

    “Certifying
      Person”:
      As
      defined in Section 3.18.

     

    “Class”:
      Collectively, Certificates that have the same priority of payment and bear
      the
      same class designation and the form of which is identical except for variation
      in the Percentage Interest evidenced thereby.

     

    “Class
      A-1 Certificate”:
      Any of
      the Class A-1 Certificates as designated on the face thereof, executed by the
      Securities Administrator and authenticated and delivered by the Certificate
      Registrar, substantially in the form annexed hereto as Exhibit A, evidencing
      the
      ownership of a “regular interest” in the Upper Tier REMIC created hereunder and
      representing the right to distributions as set forth herein and
      therein.

     

    “Class
      A-2 Certificate”:
      Any of
      the Class A-2 Certificates as designated on the face thereof, executed by the
      Securities Administrator and authenticated and delivered by the Certificate
      Registrar, substantially in the form annexed hereto as Exhibit A, evidencing
      the
      ownership of a “regular interest” in the Upper Tier REMIC created hereunder and
      representing the right to distributions as set forth herein and
      therein.

     

    
      
        
        

      

      
        11

        
          

        

      

      
        
        

      

    

    “Class
      A-3 Certificate”:
      Any of
      the Class A-3 Certificates as designated on the face thereof, executed by the
      Securities Administrator and authenticated and delivered by the Certificate
      Registrar, substantially in the form annexed hereto as Exhibit A, evidencing
      the
      ownership of a “regular interest” in the Upper Tier REMIC created hereunder and
      representing the right to distributions as set forth herein and
      therein.

     

    “Class
      A-R Certificate”:
      The
      Class A-R Certificate as designated on the face thereof, executed by the
      Securities Administrator, and authenticated and delivered by the Certificate
      Registrar, substantially in the form annexed hereto as Exhibit C-1, evidencing
      the ownership of the sole class of “residual interests” in the Upper Tier REMIC
      created hereunder as well as ownership of the Class LT1-R Interest and Class
      LT2-R Interest and representing the right to distributions as set forth herein
      and therein.

     

    “Class
      A-X Certificate”:
      Any of
      the Class A-X Certificates as designated on the face thereof, executed by the
      Securities Administrator and authenticated and delivered by the Certificate
      Registrar, substantially in the form annexed hereto as Exhibit B, evidencing
      the
      ownership of two “regular interests” in the Upper Tier REMIC created hereunder
      and representing the right to distributions as set forth herein and
      therein.

     

    “Class
      B-1 Certificate”:
      Any of
      the Class B-1 Certificates as designated on the face thereof, executed by the
      Securities Administrator and authenticated and delivered by the Certificate
      Registrar, substantially in the form annexed hereto as Exhibit D, evidencing
      the
      ownership of a “regular interest” in the Upper Tier REMIC created hereunder and
      representing the right to distributions as set forth herein and
      therein.

     

    “Class
      B-2 Certificate”:
      Any of
      the Class B-2 Certificates as designated on the face thereof, executed by the
      Securities Administrator and authenticated and delivered by the Certificate
      Registrar, substantially in the form annexed hereto as Exhibit D, evidencing
      the
      ownership of a “regular interest” in the Upper Tier REMIC created hereunder and
      representing the right to distributions as set forth herein and
      therein.

     

    “Class
      B-3 Certificate”:
      Any of
      the Class B-3 Certificates as designated on the face thereof, executed by the
      Securities Administrator and authenticated and delivered by the Certificate
      Registrar, substantially in the form annexed hereto as Exhibit D, evidencing
      the
      ownership of a “regular interest” in the Upper Tier REMIC created hereunder and
      representing the right to distributions as set forth herein and
      therein.

     

    “Class
      B-4 Certificate”:
      Any of
      the Class B-4 Certificates as designated on the face thereof, executed by the
      Securities Administrator and authenticated and delivered by the Certificate
      Registrar, substantially in the form annexed hereto as Exhibit D, evidencing
      the
      ownership of a “regular interest” in the Upper Tier REMIC created hereunder and
      representing the right to distributions as set forth herein and
      therein.

     

    “Class
      B-5 Certificate”:
      Any of
      the Class B-5 Certificates as designated on the face thereof, executed by the
      Securities Administrator and authenticated and delivered by the Certificate
      Registrar, substantially in the form annexed hereto as Exhibit D, evidencing
      the
      ownership of a “regular interest” in the Upper Tier REMIC created hereunder and
      representing the right to distributions as set forth herein and
      therein.

     

    
      
        
        

      

      
        12

        
          

        

      

      
        
        

      

    

    “Class
      B-6 Certificate”:
      Any of
      the Class B-6 Certificates as designated on the face thereof, executed by the
      Securities Administrator and authenticated and delivered by the Certificate
      Registrar, substantially in the form annexed hereto as Exhibit D, evidencing
      the
      ownership of a “regular interest” in the Upper Tier REMIC created hereunder and
      representing the right to distributions as set forth herein and
      therein.

     

    “Class
      I Certificate”: 
      Any
      Class I Certificate as designated on the face thereof, executed by the
      Securities Administrator and authenticated and delivered by the Certificate
      Registrar, substantially in the form annexed hereto as Exhibit C-2, evidencing
      the ownership of the Final Maturity Reserve Trust.

     

    “Class
      Certificate Notional Balance”:
      With
      respect to the Class A-X Certificates and any Distribution Date on or prior
      to
      the Distribution Date in January 2009, the sum of the Certificate Principal
      Balances of the Class A-1, Class A-2 and Class A-3 Certificates immediately
      prior to such Distribution Date, and after the Distribution Date in January
      2009, zero. With respect to the Class I Certificates and any Distribution Date,
      the sum of the Stated Principal Balances for the Mortgage Loans in Loan Group
      1
      and Loan Group 2 as of the beginning of the related Due Period (or in the case
      of the first Distribution Date, as of the Cut-Off Date).

     

    “Class
      Certificate Principal Balance”:
      As to
      any Distribution Date, with respect to any Class of Certificates (other than
      the
      Class A-X and Class I Certificates), the Original Class Certificate Principal
      Balance as reduced by the sum of (x) all amounts actually distributed in respect
      of principal of that Class on all prior Distribution Dates, (y) all Realized
      Losses, if any, actually allocated to that Class on all prior Distribution
      Dates
      and (z) in the case of the Subordinate Certificates, any applicable Writedown
      Amount; provided,
      however,
      that
      pursuant to Section 5.10, the Class Certificate Principal Balance of a Class
      of
      Certificates may be increased up to the amount of Realized Losses previously
      allocated to such Class, in the event that there is a Recovery on a Mortgage
      Loan, and the Certificate Principal Balance of any individual Certificate of
      such Class will be increased by its pro
      rata
      share of
      the increase to such Class.

     

    “Class
      LT1-R Interest”:
      As
      described in the Preliminary Statement.

     

    “Class
      LT2-R Interest”:
      As
      described in the Preliminary Statement.

     

    “Class
      Subordination Percentage”:
      With
      respect to each Class of Subordinate Certificates and any Distribution Date,
      the
      percentage equivalent of a fraction the numerator of which is the Class
      Certificate Principal Balance of such Class immediately before such Distribution
      Date and the denominator of which is the aggregate of the Class Certificate
      Principal Balances of all Classes of Certificates immediately before such
      Distribution Date.

     

    “Close
      of Business”:
      As
      used herein, with respect to any Business Day and location, 5:00 p.m. at such
      location.

     

    “Closing
      Date”:
      January 31, 2006.

     

    
      
        
        

      

      
        13

        
          

        

      

      
        
        

      

    

    “Code”:
      The
      Internal Revenue Code of 1986, as amended.

     

    “Commission”:
      U.S.
      Securities and Exchange Commission.

     

    “Compensating
      Interest Payment”:
      With
      respect to any Distribution Date, an
      amount
      equal to the amount, if any, by which (x) the aggregate
      amount
      of any Interest Shortfalls (excluding for such purpose all shortfalls as a
      result of Relief Act Reductions) required to be paid by the Servicers pursuant
      to the related Servicing Agreement with respect to such Distribution Date,
      exceeds (y) the aggregate amount actually paid by the Servicers in respect
      of
      such shortfalls; provided,
      that
      such
      amount, to the extent payable by the Master Servicer, shall not exceed the
      aggregate Master Servicing Fee that would be payable to the Master Servicer
      in
      respect of such Distribution Date without giving effect to any Compensating
      Interest Payment.
      

     

    “Converted
      Mortgage Loan”:
      Any
      Mortgage Loan as to which the Mortgagor thereunder has exercised its right
      under
      the related Mortgage Note to convert the adjustable Loan Rate thereon to a
      fixed
      Loan Rate.

     

    “Converted
      Mortgage Loan Schedule”:
      With
      respect to each Distribution Date, a schedule listing each Convertible Mortgage
      Loan that has become a Converted Mortgage Loan during the immediately preceding
      Due Period, and the Purchase Price for each such Converted Mortgage Loan in
      the
      form attached hereto as Schedule II.

     

    “Convertible
      Mortgage Loan”:
      Any
      Mortgage Loan which, at the option of the Mortgagor and in accordance with
      the
      terms of the related Mortgage Note, may have the related Mortgage Rate converted
      from an adjustable rate to a fixed rate.

     

    “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 or a copy of the executed Security Agreement and the
      assignment of the Security Agreement in blank; (iii) the original or a copy
      of
      the executed Proprietary Lease and the original assignment of the Proprietary
      Lease endorsed in blank; (iv) the original, if available, or a copy of the
      executed Recognition Agreement and, if available, the original 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 Amendments (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).

     

    
      
        
        

      

      
        14

        
          

        

      

      
        
        

      

    

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

     

    “Cooperative
      Shares”:
      Shares
      issued by a Cooperative Corporation.

     

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

     

    “Corporate
      Trust Office”:
      With
      respect to the Trustee, the principal corporate trust office of the Trustee
      at
      which at any particular time its corporate trust business in connection with
      this Agreement shall be administered, which office at the date of the execution
      of this instrument is located at 135 South LaSalle Street, Suite 1625, Chicago,
      IL 60603, Attention: Global Securities and Trust Services, Thornburg 2006-1,
      or
      at such other address as the Trustee may designate from time to time by notice
      to the Certificateholders, the Depositor and the Seller. With respect to the
      Securities Administrator and the Certificate Registrar and (i) presentment
      of
      Certificates for registration of transfer, exchange or final payment, Wells
      Fargo Bank, National Association, Sixth Street and Marquette Avenue,
      Minneapolis, Minnesota 55479, Attention: Corporate Trust, Thornburg Mortgage
      Securities Trust 2006-1, and (ii) for all other purposes, P.O. Box 98, Columbia,
      Maryland 21046 (or for overnight deliveries, 9062 Old Annapolis Road, Columbia,
      Maryland 21045), Attention: Corporate Trust, Thornburg Mortgage Securities
      Trust
      2006-1.

     

    “Correspondent
      Sellers Guide”:
      The
      Seller’s Correspondent Sellers Guide, revised September 15, 2005, as amended by
      Regulation AB Amendment dated December 1, 2005 and as revised and/or amended
      from time to time.

     

    “Corresponding
      Class”:
      With
      respect to each class of Lower Tier Regular Interests, the Class or Classes
      of
      Certificates corresponding to such class as set forth in the Preliminary
      Statement. 

     

    “Custodian”:
      LaSalle Bank National Association, and its successors acting as custodian of
      the
      Mortgage Files.

     

    “Cut-Off
      Date”:
      With
      respect to any Mortgage Loan other than a Qualified Substitute Mortgage Loan,
      the Close of Business in New York City on January 1, 2006. With respect to
      any
      Qualified Substitute Mortgage Loan, the date designated as such on the Mortgage
      Loan Schedule (as amended).

     

    “Cut-Off
      Date Aggregate Principal Balance”:
      The
      aggregate of the Cut-Off Date Principal Balances of the Mortgage Loans in each
      Loan Group.

     

    “Cut-Off
      Date Principal Balance”:
      With
      respect to any Mortgage Loan, the principal balance thereof remaining to be
      paid, after application of all scheduled principal payments due on or before
      the
      Cut-Off Date whether or not received as of the Cut-Off Date (or as of the
      applicable date of substitution with respect to a Qualified Substitute Mortgage
      Loan).

     

    “Definitive
      Certificates”:
      Any
      Certificate evidenced by a Physical Certificate and any Certificate issued
      in
      lieu of a Book-Entry Certificate pursuant to Section 6.02(c) or (d)
      hereof.

     

    
      
        
        

      

      
        15

        
          

        

      

      
        
        

      

    

    “Delaware
      Statutory Trust Statute”
or
      “DSTS”:
      As
      defined in Section 1A.03. 

     

    “Delaware
      Trustee”:
      Wilmington Trust Company, not in its individual capacity but solely as trustee,
      and its successors and assigns.

     

    “Deleted
      Mortgage Loan”:
      A
      Mortgage Loan replaced or to be replaced by one or more Qualified Substitute
      Mortgage Loans.

     

    “Delinquent”:
      Any
      Mortgage Loan with respect to which the Monthly Payment due on a Due Date is
      not
      made.

     

    “Depositor”:
      Greenwich Capital Acceptance, Inc., a Delaware corporation, or any successor
      in
      interest.

     

    “Depository”:
      The
      initial Depository shall be The Depository Trust Company, whose nominee is
      Cede
& Co., or any other organization registered as a “clearing agency” pursuant
      to Section 17A of the Exchange Act. The Depository shall initially be the
      registered Holder of the Book-Entry Certificates. The Depository shall at all
      times be a “clearing corporation” as defined in Section 8-102(3) of the Uniform
      Commercial Code of the State of New York.

     

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

     

    “Determination
      Date”:
      For
      any Distribution Date and each Mortgage Loan, the date each month, as set forth
      in the related Servicing Agreement, on which the related Servicer determines
      the
      amount of all funds required to be remitted to the Master Servicer on the
      Servicer Remittance Date with respect to the Mortgage Loans it is servicing.
      

     

    “Disqualified
      Organization”:
      A
“disqualified organization” defined in Section 860E(e)(5) of the Code, or any
      other Person so designated by the Trustee based upon an Opinion of Counsel
      provided to the Trustee by nationally recognized counsel acceptable to the
      Trustee that the holding of an ownership interest in the Residual Certificate
      by
      such Person may cause the Trust Fund or any Person having an ownership interest
      in any Class of Certificates (other than such Person) to incur liability for
      any
      federal tax imposed under the Code that would not otherwise be imposed but
      for
      the transfer of an ownership interest in the Residual Certificate to such
      Person.

     

    “Distribution
      Account”:
      The
      trust account or accounts created and maintained by the Securities Administrator
      pursuant to Section 4.02 hereof which shall be entitled “Distribution Account,
      Wells Fargo Bank, N.A., as Securities Administrator for LaSalle Bank National
      Association, as Trustee, in trust for the registered Holders of Thornburg
      Mortgage Securities Trust 2006-1, Mortgage Pass-Through Certificates, Series
      2006-1” and which must be an Eligible Account.

     

    “Distribution
      Account Income”:
      As to
      any Distribution Date, any interest or other investment income earned on funds
      deposited in the Distribution Account during the month of such Distribution
      Date.

     

    
      
        
        

      

      
        16

        
          

        

      

      
        
        

      

    

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

     

    “Distribution
      Date Statement”:
      As
      defined in Section 5.04(a) hereof.

     

    “Document
      Transfer Event”:
      The
      day on which (i) Wells Fargo Bank, N.A. or any successor thereto is no longer
      the servicer of any of the Mortgage Loans, (ii) the senior, unsecured long-term
      debt rating of Wells Fargo Home Mortgage, Inc., a division of Wells Fargo Bank,
      N.A. is less than “BBB-” by Fitch or (iii) any Rating Agency requires Wells
      Fargo Bank, N.A., as Servicer to deliver the Retained Mortgage Files to the
      Custodian.

     

    “Due
      Date”:
      With
      respect to each Mortgage Loan and any Distribution Date, the first day of the
      calendar month in which such Distribution Date occurs on which the Monthly
      Payment for such Mortgage Loan was due, exclusive of any days of
      grace.

     

    “Due
      Period”:
      With
      respect to any Distribution Date, the period commencing on the second day of
      the
      month 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”:
      Any of

     

    (i)  an
      account or accounts maintained with a federal or state chartered depository
      institution or trust company the short-term unsecured debt obligations of which
      (or, in the case of a depository institution or trust company that is the
      principal subsidiary of a holding company, the short-term unsecured debt
      obligations of such holding company) are rated in the highest short term rating
      category of each Rating Agency at the time any amounts are held on deposit
      therein;

     

    (ii)  an
      account or accounts the deposits in which are fully insured by the FDIC (to
      the
      limits established by it), the uninsured deposits in which account are otherwise
      secured such that, as evidenced by an Opinion of Counsel delivered to the
      Securities Administrator and the Trustee and to each Rating Agency, the Trustee
      on behalf of Certificateholders will have a claim with respect to the funds
      in
      the account or a perfected first priority security interest against the
      collateral (which shall be limited to Permitted Investments) securing those
      funds that is superior to claims of any other depositors or creditors of the
      depository institution with which such account is maintained;

     

    (iii)  an
      account or accounts maintained with the trust department of a federal or state
      chartered depository institution, national banking association or trust company
      acting in its fiduciary capacity; or 

     

    (iv)  an
      account otherwise acceptable to each Rating Agency without reduction or
      withdrawal of its then current ratings of the Certificates as evidenced by
      a
      letter from such Rating Agency to the Securities Administrator and the Trustee.
      Eligible Accounts may bear interest.

     

    
      
        
        

      

      
        17

        
          

        

      

      
        
        

      

    

    “Employee
      Loan”:
      Any
      Mortgage Loan identified as such in the Mortgage Loan Schedule and which was
      originated by the Seller, which provides for an increase in the Loan Rate
      thereof in the event of the change of employment of the Mortgagor
      thereunder.

     

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

     

    “ERISA-Restricted
      Auction Certificates”:
      Any of
      the Class A-1, Class A-2 or Class A-3 Certificates.

     

    “ERISA-Restricted
      Certificates”:
      The
      Residual Certificate, the Class I Certificate and any Certificate that does
      not
      satisfy the applicable rating requirement under the Underwriter’s
      Exemption.

     

    “ERISA-Restricted
      Final Maturity Reserve Certificate”:
      Any
      Senior or Subordinate Certificate (other than the Class A-X and Class A-3
      Certificates).

     

    “Escrow
      Payments”:
      The
      amounts constituting ground rents, taxes, assessments, water rates, fire and
      hazard insurance premiums and other payments required to be escrowed by the
      Mortgagor with the mortgagee pursuant to any Mortgage Loan.

     

    “Event
      of Default”:
      In
      respect of the Master Servicer, one or more of the events (howsoever described)
      set forth in Section 7.01 hereof as an event or events upon the occurrence
      and
      continuation of which the Master Servicer may be terminated.

     

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

     

    “Expense
      Fee”:
      With
      respect to any Mortgage Loan, the sum of (w) the Retained Interest, if any,
      (x)
      the Master Servicing Fee and (y) the related Servicing Fee with respect to
      the
      related Servicer.

     

    “Expense
      Fee Rate”:
      With
      respect to any Mortgage Loan, the per annum rate at which the Expense Fee
      accrues for such Mortgage Loan as set forth in the Mortgage Loan
      Schedule.

     

    “Fannie
      Mae”:
      The
      Federal National Mortgage Association or any successor thereto.

     

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

     

    “Final
      Maturity Reserve Account”:
      The
      account created pursuant to Section 5.11 of this Agreement. 

     

    “Final
      Maturity Reserve Amount”:
      For
      Loan Group 1 and Loan Group 2 and each Distribution Date prior to the
      Distribution Date in January 2016, zero. For Loan Group 1 and Loan Group 2
      and
      each Distribution Date on and after the Distribution Date in January 2016 to
      and
      including the earlier of (i) the Distribution Date in January 2036 or (ii)
      the
      termination of the Trust, the product of (x) the quotient of the related Final
      Maturity Reserve Rate divided by 12 and (y) the Stated Principal Balance of
      the
      related Mortgage Loans on the first day of the related Due Period (not including
      for this purpose Mortgage Loans in the related Loan Group for which prepayments
      in full have been received and distributed in the month prior to the
      Distribution Date). 

     

    
      
        
        

      

      
        18

        
          

        

      

      
        
        

      

    

    “Final
      Maturity Reserve Rate”:
      For
      the Mortgage Loans in Loan Group 1 and Loan Group 2, an annual rate of 0.00325%
      and 0.00371%, respectively. For the Mortgage Loans in Loan Group 3, an annual
      rate of 0.00%.

     

    “Final
      Maturity Reserve Trust”:
      The
      corpus of a trust created pursuant to Section 5.11 of this Agreement and
      designated as the “Final Maturity Reserve Trust” consisting of the Final
      Maturity Reserve Account, but which is not an asset of any REMIC.

     

    “Final
      Recovery Determination”:
      With
      respect to any defaulted Mortgage Loan or any REO Property (other than a
      Mortgage Loan or REO Property purchased by the Seller pursuant to or
      contemplated by Section 2.03, 3.25 and 10.01), a determination made by the
      related Servicer that all Insurance Proceeds, Liquidation Proceeds and other
      payments or recoveries which it expects to be finally recoverable in respect
      thereof have been so recovered. 

     

    “Five-Year
      Hybrid Mortgage Loans”:
      The
      Mortgage Loans set forth on Schedule V hereto.

     

    “Form
      8-K Disclosure Information”:
      As
      defined in Section 3.19(c).

     

    “Freddie
      Mac”:
      The
      Federal Home Loan Mortgage Corporation or any successor thereto.

     

    “Gross
      Margin”:
      With
      respect to each Mortgage Loan, the fixed percentage set forth in the related
      Mortgage Note that is added to the applicable Index on each Adjustment Date
      in
      accordance with the terms of the related Mortgage Note used to determine the
      Loan Rate for such Mortgage Loan.

     

    “Group
      1 Mortgage Loan”:
      A
      Mortgage Loan that is identified as such on the Mortgage Loan
      Schedule.

     

    “Group
      2 Mortgage Loan”:
      A
      Mortgage Loan that is identified as such on the Mortgage Loan
      Schedule.

     

    “Group
      3 Mortgage Loan”:
      A
      Mortgage Loan that is identified as such on the Mortgage Loan
      Schedule.

     

    “Indemnified
      Persons”:
      The
      Trustee (individually in its corporate capacity and in all capacities
      hereunder), the Delaware Trustee, the Master Servicer, the Seller, the Depositor
      and the Securities Administrator (in all capacities hereunder) and their
      officers, directors, agents and employees and, with respect to the Trustee,
      any
      separate co-trustee and its officers, directors, agents and
      employees.

     

    “Independent”:
      When
      used with respect to any specified Person, any such Person who (a) is in fact
      independent of the Depositor and its Affiliates, (b) does not have any direct
      financial interest in or any material indirect financial interest in the
      Depositor or any Affiliate thereof, and (c) is not connected with the Depositor
      or any Affiliate thereof as an officer, employee, promoter, underwriter,
      trustee, partner, director or Person performing similar functions; provided,
      however,
      that a
      Person shall not fail to be Independent of the Depositor or any Affiliate
      thereof merely because such Person is the beneficial owner of 1% or less of
      any
      class of securities issued by the Depositor or any Affiliate
      thereof.

     

    
      
        
        

      

      
        19

        
          

        

      

      
        
        

      

    

    “Index”:
      With
      respect to each Mortgage Loan and each Adjustment Date, the index specified
      in
      the related Mortgage Note.

     

    “Initial
      Certificate Principal Balance”:
      With
      respect to any Certificate (other than the Class A-X and Class I Certificates),
      the amount designated “Initial Certificate Principal Balance” on the face
      thereof.

     

    “Initial
      Certificate Notional Balance”:
      With
      respect to the Class A-X and Class I Certificates, the amount designated
“Initial Certificate Notional Balance” on the face thereof.

     

    “Initial
      LIBOR Rate”:
      4.568%.

     

    “Initial
      Loan Group 1 Balance”:
      $203,409,673.42.

     

    “Initial
      Loan Group 2 Balance”:
      $486,819.461.36.

     

    “Initial
      Loan Group 3 Balance”:
      $1,238,067,924.70.

     

    “Insurance
      Proceeds”:
      With
      respect to any Mortgage Loan, proceeds of any title policy, hazard policy or
      other insurance policy covering a Mortgage Loan, to the extent such proceeds
      are
      not to be applied to the restoration of the related Mortgaged Property or
      released to the related Mortgagor in accordance with the related Servicing
      Agreement.

     

    “Interest
      Distributable Amount”:
      With
      respect to any Distribution Date and each Class of Certificates, the sum of
      (i) the Monthly Interest Distributable Amount for that Class and
      (ii) the Unpaid Interest Shortfall Amount for that Class.

     

    “Interest
      Shortfall”:
      With
      respect to any Distribution Date and each Mortgage Loan that during the related
      Prepayment Period was the subject of a Principal Prepayment or a reduction
      of
      its Monthly Payment under the Relief Act, constitutes an amount determined
      as
      follows:

     

    (a)  Principal
      Prepayments in part received during the relevant Prepayment Period: the
      difference between (i) one month’s interest at the applicable Net Loan Rate on
      the amount of such prepayment and (ii) the amount of interest for the calendar
      month of such prepayment (adjusted to the applicable Net Loan Rate) received
      at
      the time of such prepayment; and

     

    (b)  Principal
      Prepayments in full received during the relevant Prepayment Period: the
      difference between (i) one month’s interest at the applicable Net Loan Rate on
      the Stated Principal Balance of such Mortgage Loan immediately prior to such
      prepayment and (ii) the amount of interest for the calendar month of such
      prepayment (adjusted to the applicable Net Loan Rate) received at the time
      of
      such prepayment; and

     

    
      
        
        

      

      
        20

        
          

        

      

      
        
        

      

    

    (c)  any
      Relief Act Reductions for such Distribution Date.

     

    “Item
      1122 Responsible Party”:
      As
      defined in Section 3.22.

     

    “Latest
      Possible Maturity Date”:
      As
      determined as of the Cut-Off Date, the Distribution Date following the fifth
      anniversary of the scheduled maturity date of the Mortgage Loan having the
      latest scheduled maturity date as of the Cut-Off Date.

     

    “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 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.

     

    (a) 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 from Reuters’ “page LIBOR 01” or Bloomberg’s page “BBAM.”
If such rate is not published for such LIBOR Determination Date, LIBOR for
      such
      date will be the most recently published Interest Settlement Rate. In the event
      that the BBA no longer sets an Interest Settlement Rate, the 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
      Distribution Account, that the selection of such index will not cause any REMIC
      created hereunder to lose its classification as a REMIC for federal income
      tax
      purposes.

     

    (b) The
      establishment of LIBOR by the Securities Administrator and the Securities
      Administrator’s subsequent calculation of the Pass-Through Rate applicable to
      the Class A-1, Class A-2, Class A-3 and Class A-X 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
      Determination Date”:
      The
      second LIBOR Business Day immediately preceding the commencement of each Accrual
      Period for the Class A-1, Class A-2 and Class A-3 Certificates.

     

    “Liquidated
      Mortgage Loan”:
      As to
      any Distribution Date, any Mortgage Loan in respect of which the related
      Servicer or the Master Servicer has determined, in accordance with the servicing
      procedures specified herein, as of the end of the related Prepayment Period,
      that all Liquidation Proceeds that it expects to recover with respect to the
      liquidation of such Mortgage Loan or disposition of the related REO Property
      have been recovered.

     

    “Liquidation
      Event”:
      With
      respect to any Mortgage Loan, any of the following events: (i) such Mortgage
      Loan is paid in full; (ii) a Final Recovery Determination is made as to such
      Mortgage Loan; or (iii) such Mortgage Loan is removed from the Trust Fund by
      reason of its being purchased, sold or replaced pursuant to or as contemplated
      hereunder. With respect to any REO Property, either of the following events:
      (i)
      a Final Recovery Determination is made as to such REO Property; or (ii) such
      REO
      Property is removed from the Trust Fund by reason of its being sold or purchased
      pursuant to Section 10.01 hereof or the applicable provisions of the related
      Servicing Agreement.

     

    
      
        
        

      

      
        21

        
          

        

      

      
        
        

      

    

    “Liquidation
      Expenses”:
      With
      respect to a Mortgage Loan in liquidation, unreimbursed expenses paid or
      incurred by or for the account of the Master Servicer or the related Servicers,
      such expenses including (a) property protection expenses, (b) property sales
      expenses, (c) foreclosure and sale costs, including court costs and reasonable
      attorneys’ fees, and (d) similar expenses reasonably paid or incurred in
      connection with liquidation. 

     

    “Liquidation
      Proceeds”:
      With
      respect to any Mortgage Loan, the amount (other than amounts received in respect
      of the rental of any REO Property prior to REO Disposition) received by the
      related Servicer as proceeds from the liquidation of such Mortgage Loan, as
      determined in accordance with the applicable provisions of the related Servicing
      Agreement, other than Recoveries; provided
      that (i)
      with respect to any Mortgage Loan or REO Property repurchased, substituted
      or
      sold pursuant to or as contemplated hereunder, or pursuant to the applicable
      provisions of the related Servicing Agreement, “Liquidation Proceeds” shall also
      include amounts realized in connection with such repurchase, substitution or
      sale and (ii) with respect to a defaulted Additional Collateral Mortgage Loan,
      “Liquidation Proceeds” shall also include the amount realized on the related
      Additional Collateral.

     

    “Loan
      Group”:
      Any of
      Loan Group 1, Loan Group 2 or Loan Group 3, as the context
      requires.

     

    “Loan
      Group Balance”:
      As to
      each Loan Group and any Distribution Date, the aggregate of the Stated Principal
      Balances, as of the Close of Business on the first day of the month preceding
      the month in which such Distribution Date occurs, of the Mortgage Loans in
      such
      Loan Group that were Outstanding Mortgage Loans on that day.

     

    “Loan
      Group 1”:
      At any
      time, the Group 1 Mortgage Loans in the aggregate and any REO Properties
      acquired in respect thereof.

     

    “Loan
      Group 2”:
      At any
      time, the Group 2 Mortgage Loans in the aggregate and any REO Properties
      acquired in respect thereof.

     

    “Loan
      Group 3”:
      At any
      time, the Group 3 Mortgage Loans in the aggregate and any REO Properties
      acquired in respect thereof.

     

    “Loan
      Rate”:
      With
      respect to each Mortgage Loan, the annual rate at which interest accrues on
      such
      Mortgage Loan from time to time in accordance with the provisions of the related
      Mortgage Note.

     

    “Loan-to-Collateral
      Value Ratio”:
      With
      respect to each Mortgage Loan and any date of determination, a fraction,
      expressed as a percentage, the numerator of which is the Principal Balance
      of
      the Mortgage Loan at such date of determination less the Base Value of any
      related Additional Collateral and the denominator of which is the Value of
      the
      related Mortgaged Property.

     

    
      
        
        

      

      
        22

        
          

        

      

      
        
        

      

    

    “Loan-to-Value
      Ratio”:
      With
      respect to each Mortgage Loan and any date of determination, a fraction,
      expressed as a percentage, the numerator of which is the Principal Balance
      of
      the Mortgage Loan at such date of determination and the denominator of which
      is
      the Value of the related Mortgaged Property.

     

    “Lost
      Note Affidavit”:
      With
      respect to any Mortgage Loan as to which the original Mortgage Note has been
      lost or destroyed and has not been replaced, an affidavit from the Seller
      certifying that the original Mortgage Note has been lost, misplaced or destroyed
      (together with a copy of the related Mortgage Note and indemnifying the Trust
      against any loss, cost or liability resulting from the failure to deliver the
      original Mortgage Note) in the form of Exhibit H hereto.

     

    “Lower
      Tier Regular Interest”:
      As
      described in the Preliminary Statement.

     

    “Lower
      Tier REMIC”:
      As
      described in the Preliminary Statement.

     

    “Majority
      Certificateholders”:
      The
      Holders of Certificates evidencing at least 51% of the Voting
      Rights.

     

    “Master
      Servicer”:
      Wells
      Fargo Bank, N.A., or any successor Master Servicer appointed as herein
      provided.

     

    “Master
      Servicing Fee”:
      As to
      any Distribution Date and each related Mortgage Loan, an amount equal to the
      product of the applicable Master Servicing Fee Rate and the outstanding
      Principal Balance of such Mortgage Loan as of the first day of the related
      Due
      Period. The Master Servicing Fee for any Mortgage Loan shall be payable in
      respect of any Distribution Date solely from the interest portion of the Monthly
      Payment or other payment or recovery with respect to such Mortgage
      Loan.

     

    “Master
      Servicing Fee Rate”:
      0.0050% per annum.

     

    “Master
      Servicing Guide”:
      Wells
      Fargo Conduit and Norwest Conduit Servicing Guide, dated January 1997, as
      amended through January 31, 2006. 

     

    “Maximum
      Loan Rate”:
      With
      respect to each Mortgage Loan, the percentage set forth in the related Mortgage
      Note as the maximum Loan Rate thereunder.

     

    “MERS”:
      Mortgage Electronic Registration Systems, Inc., a corporation organized and
      existing under the laws of the State of Delaware, or any successor
      thereto.

     

    “MERS
      Mortgage Loan”:
      Any
      Mortgage Loan registered with MERS on the MERS System.

     

    “MERS® System”:
      The
      system of recording transfers of mortgages electronically maintained by
      MERS.

     

    
      
        
        

      

      
        23

        
          

        

      

      
        
        

      

    

    “Middle
      Tier REMIC”:
      As
      described in the Preliminary Statement.

     

    “MIN”:
      The
      Mortgage Identification Number for any MERS Mortgage Loan.

     

    “Modifiable
      Mortgage Loan”:
      Any
      Mortgage Loan which, at the option of the Mortgagor and in accordance with
      the
      terms of the related Mortgage Note, may have the related Mortgage Rate modified
      to any adjustable rate or hybrid product offered at the time by the related
      originator.

     

    “Modified
      Mortgage Loan”:
      Any
      Modifiable Mortgage Loan as to which the related Mortgagor has exercised the
      right to modify the Mortgage Rate.

     

    “Modified
      Mortgage Loan Schedule”:
      With
      respect to each Distribution Date, a schedule listing each Modifiable Mortgage
      Loan in the form set forth in Schedule III hereto that has become a
      Modified Mortgage Loan during the immediately preceding Due Period, and the
      Purchase Price for each such Modified Mortgage Loan.

     

    “MOM
      Loan”:
      Any
      Mortgage Loan as to which MERS is acting as mortgagee, solely as nominee for
      the
      originator of such Mortgage Loan and its successors and assigns.

     

    “Monthly
      Interest Distributable Amount”:
      With
      respect to each Class of Certificates and any Distribution Date, the amount
      of
      interest accrued during the related Accrual Period at the related Pass-Through
      Rate on the Class Certificate Principal Balance or Class Certificate Notional
      Balance, as applicable, of that Class immediately prior to such Distribution
      Date.

     

    “Monthly
      Payment”:
      With
      respect to any Mortgage Loan, the scheduled monthly payment of principal and/or
      interest on such Mortgage Loan that is payable by the related Mortgagor from
      time to time under the related Mortgage Note, determined, for the purposes
      of
      this Agreement: (a) after giving effect to any reduction in the amount of
      interest collectible from the related Mortgagor pursuant to the Relief Act;
      (b)
      without giving effect to any extension granted or agreed to by the related
      Servicer pursuant to the applicable provisions of the related Servicing
      Agreement; and (c) on the assumption that all other amounts, if any, due under
      such Mortgage Loan are paid when due.

     

    “Moody’s”:
      Moody’s Investors Service, Inc. or any successor thereto.

     

    “Mortgage”:
      The
      mortgage, deed of trust or other instrument creating a first lien on, or first
      priority security interest in, a Mortgaged Property securing a Mortgage
      Note.

     

    “Mortgage
      File”:
      The
      mortgage documents listed in Section 2.01 hereof pertaining to a particular
      Mortgage Loan and any additional documents required to be added to the Mortgage
      File pursuant to this Agreement.

     

    “Mortgage
      Loan”:
      Each
      mortgage loan (including Cooperative Loans) transferred and assigned to the
      Trustee pursuant to Section 2.01 or Section 2.03(d) hereof as from time to
      time
      held as a part of the Trust Fund, the Mortgage Loans so held being identified
      in
      the Mortgage Loan Schedule.

     

    
      
        
        

      

      
        24

        
          

        

      

      
        
        

      

    

    “Mortgage
      Loan Purchase Agreement”:
      The
      Mortgage Loan Purchase Agreement between the Seller and the Depositor, dated
      as
      of January 1, 2006, regarding the transfer of the Mortgage Loans by the Seller
      to or at the direction of the Depositor.

     

    “Mortgage
      Loan Schedule”:
      As of
      any date, the list of Mortgage Loans included in the Trust Fund on such date,
      attached hereto as Schedule I. The Mortgage Loan Schedule shall be prepared
      by
      the Seller and shall set forth 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 state and
                five-digit ZIP code;

            

    

     

    
      	(iv)  	
              a
                code indicating whether the Mortgaged Property was represented by
                the
                borrower, at the time of origination, as being
                owner-occupied;

            

    

     

    
      	(v)  	
              a
                code indicating whether the Residential Dwelling constituting the
                Mortgaged Property is (a) a detached single family dwelling, (b)
                a
                dwelling in a planned unit development, (c) a condominium unit, (d)
                a two-
                to four-unit residential property, (e) a townhouse or (f) other type
                of
                Residential Dwelling;

            

    

     

    
      	(vi)  	
              if
                the related Mortgage Note permits the borrower to make Monthly Payments
                of
                interest only for a specified period of time, (a) the original number
                of
                such specified Monthly Payments and (b) the remaining number of such
                Monthly Payments as of the Cut-Off
                Date;

            

    

     

    
      	(vii)  	
              the
                original months to maturity;

            

    

     

    
      	(viii)  	
              the
                stated remaining months to maturity from the Cut-Off Date based on
                the
                original amortization schedule;

            

    

     

    
      	(ix)  	
              the
                Loan-to-Value Ratio at origination;

            

    

     

    
      	(x)  	
              the
                value of any Additional Collateral at
                origination;

            

    

     

    
      	(xi)  	
              the
                Loan-to-Collateral Value Ratio at
                origination;

            

    

     

    
      	(xii)  	
              the
                Loan Rate in effect immediately following the Cut-Off
                Date;

            

    

     

    
      	(xiii)  	
              the
                date on which the first Monthly Payment is or was due on the Mortgage
                Loan;

            

    

     

    
      	(xiv)  	
              the
                stated maturity date;

            

    

     

    
      	(xv)  	
              the
                Master Servicing Fee Rate and the Servicing Fee Rate, if
                any;

            

    

     

    
      
        
        

      

      
        25

        
          

        

      

      
        
        

      

    

    
      	(xvi)  	
              whether
                such loan is an Additional Collateral Mortgage Loan or an Employee
                Loan;

            

    

     

    
      	(xvii)  	
              the
                last Due Date on which a Monthly Payment was actually applied to
                the
                unpaid Stated Principal Balance;

            

    

     

    
      	(xviii)  	
              the
                original principal balance of the Mortgage
                Loan;

            

    

     

    
      	(xix)  	
              the
                Stated Principal Balance of the Mortgage Loan on the Cut-Off Date
                and a
                code indicating the purpose of the Mortgage Loan (i.e., purchase
                financing, rate/term refinancing, cash-out
                refinancing);

            

    

     

    
      	(xx)  	
              the
                Index and Gross Margin specified in related Mortgage
                Note;

            

    

     

    
      	(xxi)  	
              the
                next Adjustment Date, if
                applicable;

            

    

     

    
      	(xxii)  	
              the
                Maximum Loan Rate, if applicable;

            

    

     

    
      	(xxiii)  	
              the
                Value of the Mortgaged Property;

            

    

     

    
      	(xxiv)  	
              the
                sale price of the Mortgaged Property, if
                applicable;

            

    

     

    
      	(xxv)  	
              the
                product code;

            

    

     

    
      	(xxvi)  	
              Expense
                Fee Rate therefor;

            

    

     

    
      	(xxvii)  	
              the
                Servicer that is servicing each Mortgage Loan and the originator
                of the
                Mortgage Loan; and

            

    

     

    
      	(xxviii)  	
              the
                respective Loan Group.

            

    

     

    Information
      set forth in clauses (ii) and (iii) above regarding each Mortgagor and the
      related Mortgaged Property shall be confidential and the Trustee (or Master
      Servicer) shall not disclose such information except to the extent disclosure
      may be required by any law or regulatory or administrative authority;
provided,
      however,
      that
      the Trustee may disclose on a confidential basis any such information to its
      agents, attorneys and any auditors in connection with the performance of its
      responsibilities hereunder.

    

    The
      Mortgage Loan Schedule, as in effect from time to time, shall also set forth
      the
      following information with respect to the Mortgage Loans in the aggregate and
      by
      Loan Group as of the Cut-Off Date: (1) the number of Mortgage Loans;
      (2) the current Principal Balance of the Mortgage Loans; (3) the
      weighted average Loan Rate of the Mortgage Loans; and (4) the weighted
      average remaining months to maturity of the Mortgage Loans. The Mortgage Loan
      Schedule shall be amended from time to time by the Seller in accordance with
      the
      provisions of this Agreement.

     

    “Mortgage
      Note”:
      The
      original executed note or other evidence of indebtedness evidencing the
      indebtedness of a Mortgagor under a Mortgage Loan.

     

    
      
        
        

      

      
        26

        
          

        

      

      
        
        

      

    

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

     

    “Mortgagor”:
      The
      obligor on a Mortgage Note.

     

    “Net
      Interest Shortfall”:
      With
      respect to any Distribution Date, the excess of the Interest Shortfall, if
      any,
      for such Distribution Date over the sum of (i) Interest Shortfalls paid by
      the
      Servicers under the related Servicing Agreements with respect to such
      Distribution Date and (ii) Compensating Interest Payments made with respect
      to
      such Distribution Date.

     

    “Net
      Liquidation Proceeds”:
      With
      respect to any Liquidated Mortgage Loan or any other disposition of related
      Mortgaged Property (including REO Property) the related Liquidation Proceeds
      net
      of Advances, related Servicing Advances, Master Servicing Fee, related Servicing
      Fees and any other accrued and unpaid servicing fees received and retained
      in
      connection with the liquidation of such Mortgage Loan or Mortgaged Property,
      and
      any related Retained Interest.

     

    “Net
      Loan Rate”:
      With
      respect to any Mortgage Loan (or the related REO Property), as of any date
      of
      determination, a per annum rate of interest equal to the then applicable Loan
      Rate for such Mortgage Loan minus the related Servicing Fee Rate, Master
      Servicing Fee Rate and Retained Rate, if any.

     

    “Net
      WAC”:
      With
      respect to each Loan Group or all of the Mortgage Loans and any Distribution
      Date, the weighted average of the Net Loan Rates of the Mortgage Loans in that
      Loan Group or all of the Mortgage Loans, respectively, as of the first day
      of
      the month preceding the month in which such Distribution Date occurs (or, in
      the
      case of the first Distribution Date, as of the Cut-Off Date), weighted on the
      basis of their related Stated Principal Balances as of the first day of the
      month prior to the month of that Distribution Date (or, in the case of the
      first
      Distribution Date, as of the Cut-Off Date).

     

    “Nonrecoverable”:
      The
      determination by the Master Servicer or the related Servicer in respect of
      a
      delinquent Mortgage Loan that if it were to make an Advance in respect of
      thereof, such amount would not be recoverable from any collections or other
      recoveries (including Liquidation Proceeds) on such Mortgage Loan.

     

    “Notional
      Certificate”:
      Any
      Class A-X or Class I Certificate.

     

    “Officers’
      Certificate”:
      A
      certificate signed by the Chairman of the Board, the Vice Chairman of the Board,
      the President or a vice president (however denominated), or by the Treasurer,
      the Secretary, or one of the assistant treasurers or assistant secretaries
      of
      the Seller, the Master Servicer or the Depositor, as applicable.

     

    “One-Month
      LIBOR”:
      The
      average of interbank offered rates for one month U.S. dollar deposits in the
      London market based on quotations of major banks.

     

    
      
        
        

      

      
        27

        
          

        

      

      
        
        

      

    

    “One-Month
      LIBOR Indexed”:
      Indicates a Mortgage Loan that has an adjustable Loan Rate calculated on the
      basis of the One-Month LIBOR index.

     

    “One-Year
      CMT”:
      The
      weekly average yield on United States Treasury securities adjusted to a constant
      maturity of one year as published by the Federal Reserve Board in Statistical
      Release H.15(519).

     

    “One-Year
      CMT Indexed”:
      Indicates a Mortgage Loan that has an adjustable Loan Rate calculated on the
      basis of the One-Year CMT Index. 

     

    “One-Year
      LIBOR”:
      The
      average of interbank offered rates for one-year U.S. dollar deposits in the
      London market based on quotations of major banks.

     

    “One-Year
      LIBOR Indexed”:
      Indicates a Mortgage Loan that has an adjustable Loan Rate calculated on the
      basis of the One-Year LIBOR index.

     

    “Opinion
      of Counsel”:
      A
      written opinion of counsel, who may, without limitation, be a salaried counsel
      for the Depositor or the Seller, acceptable to the Trustee or the Securities
      Administrator, as applicable, except that any opinion of counsel relating to
      (a)
      the qualification of any REMIC created hereunder as a REMIC or (b) compliance
      with the REMIC Provisions must be an opinion of Independent
      counsel.

     

    “Optional
      Securities Purchase Date”:
      The
      first Distribution Date that the aggregate Stated Principal Balance of the
      Mortgage Loans as of the end of the immediately preceding Due Period is equal
      to
      or less than 20% of the Cut-off Date Aggregate Principal Balance.

     

    “Optional
      Securities Purchase Right”:
      The
      right of TMI to purchase the outstanding Certificates in accordance with Section
      6.06.

     

    “Original
      Applicable Credit Support Percentage”:
      With
      respect to each Class of Subordinate Certificates, the corresponding percentage
      set forth below opposite its Class designation:

     

    
      	
              Class
                B-1

            	
              3.55%

            
	
              Class
                B-2

            	
              1.85%

            
	
              Class
                B-3

            	
              1.15%

            
	
              Class
                B-4

            	
              0.75%

            
	
              Class
                B-5

            	
              0.45%

            
	
              Class
                B-6

            	
              0.20%

            

    

    

     

    “Original
      Class Certificate Notional Balance”:
      With
      respect to each of the Class A-X and Class I Certificates, the corresponding
      aggregate notional amount set forth opposite the Class designation of such
      Class
      in the Preliminary Statement.

     

    “Original
      Class Certificate Principal Balance”:
      With
      respect to each Class of Certificates other than the Notional Certificates,
      the
      corresponding aggregate amount set forth opposite the Class designation of
      such
      Class in the Preliminary Statement. 

     

    
      
        
        

      

      
        28

        
          

        

      

      
        
        

      

    

    “Original
      Subordinated Principal Balance”:
      The
      aggregate of the Original Class Certificate Principal Balances of the Classes
      of
      Subordinate Certificates.

     

    “Original
      Trust Agreement”:
      The
      Trust Agreement, dated as of January 23, 2006, among the Depositor, the Trustee
      and the Delaware Trustee.

     

    “OTS”:
      The
      Office of Thrift Supervision.

     

    “Outstanding
      Mortgage Loan”:
      As of
      any Due Date, a Mortgage Loan with a Stated Principal Balance greater than
      zero,
      that was not the subject of a prepayment in full prior to such Due Date and
      that
      did not become a Liquidated Mortgage Loan prior to such Due Date.

     

    “Ownership
      Interest”:
      As to
      any Certificate, any ownership or security interest in such Certificate,
      including any interest in such Certificate as the Holder thereof and any other
      interest therein, whether direct or indirect, legal or beneficial, as owner
      or
      as pledgee.

     

    “Pass-Through
      Rate”:
      With
      respect to each Class of Certificates and any Distribution Date, the rate set
      forth below:

     

    
      	(i)  	
              The
                Pass-Through Rate for the Class A-1 Certificates with respect to
                any
                Distribution Date on or before the Auction Distribution Date shall
                be
                equal to the sum of LIBOR and 0.140% per annum, but in no event greater
                than the Available Funds Cap for Loan Group 1 for such Distribution
                Date.
                On all Distribution Dates after the Auction Distribution Date, the
                Pass-Through Rate of the Class A-1 Certificates on any Distribution
                Date
                shall be equal to the Available Funds Cap of Loan Group 1 for such
                Distribution Date.

            

    

     

    
      	(ii)  	
              The
                Pass-Through Rate for the Class A-2 Certificates with respect to
                any
                Distribution Date on or before the Auction Distribution Date shall
                be
                equal to the sum of LIBOR and 0.150% per annum, but in no event greater
                than the Available Funds Cap for Loan Group 2 for such Distribution
                Date.
                On all Distribution Dates after the Auction Distribution Date, the
                Pass-Through Rate of the Class A-2 Certificates on any Distribution
                Date
                shall be equal to the Available Funds Cap of Loan Group 2 for such
                Distribution Date.

            

    

     

    
      	(iii)  	
              The
                Pass-Through Rate for the Class A-3 Certificates with respect to
                any
                Distribution Date on or before the Auction Distribution Date shall
                be
                equal to the sum of LIBOR and 0.170% per annum, but in no event greater
                than the lesser of (a) the Available Funds Cap for Loan Group 3 for
                such
                Distribution Date and (b) 11.00% per annum. On all Distribution Dates
                after the Auction Distribution Date, the Pass-Through Rate of the
                Class
                A-3 Certificates on any Distribution Date shall be equal to the Available
                Funds Cap of Loan Group 3 for such Distribution
                Date.

            

    

     

    
      
        
        

      

      
        29

        
          

        

      

      
        
        

      

    

    
      	(iv)  	
              The
                Pass-Through Rate of the Class A-X Certificates with respect to any
                Distribution Date (a) on or before the Auction Distribution Date
                shall be
                equal to an annual rate equal to the weighted average (weighted based
                on
                the relative Class Certificate Principal Balances of the Class A-1,
                Class
                A-2 and Class A-3 Certificates immediately prior to such Distribution
                Date) of the excess of (i) the Net WAC applicable to Loan Group 1,
                Loan
                Group 2 and Loan Group 3 over (ii) the Pass-Through Rates of the
                Class
                A-1, Class A-2 and Class A-3 Certificates, respectively, adjusted
                for this purpose by multiplying such Pass-Through Rate by a fraction,
                the
                numerator of which is the actual number of days in the applicable
                Accrual
                Period and the denominator of which is 30) and (b) after the Auction
                Distribution Date, an annual rate equal to 0.00%.
                The Class A-X Certificates will not be entitled to any interest
                distributions on any Distribution Date after the Auction Distribution
                Date.

            

    

     

    
      	(v)  	
              The
                Pass-Through Rate for the Class A-R Certificates with respect to
                any
                Distribution Date will be equal to the Net WAC for Loan Group
                1.

            

    

     

    
      	(vi)  	
              The
                Pass-Through Rate for the Class B-1, Class B-2, Class B-3, Class
                B-4,
                Class B-5 and Class B-6 Certificates with respect to any Distribution
                Date
                shall be equal to the Subordinate Certificate Pass-Through
                Rate.

            

    

     

    
      	(vii)  	
              The
                Pass-Through Rate for the Class I Certificates shall be equal to
                (i) for
                any Distribution Date prior to the Distribution Date in January 2016,
                0.00% per annum and (ii) for any Distribution Date on or after the
                Distribution Date in January 2016, a per annum rate equal to the
                weighted
                average of the Final Maturity Reserve Rates for Loan Group 1 and
                Loan
                Group 2, weighted on the basis of the aggregate Stated Principal
                Balance
                for each Loan Group as of the first day of the related Due
                Period.

            

    

     

    “Paying
      Agent”:
      Any
      paying agent appointed pursuant to Section 6.05 hereof.

     

    “PCAOB”:
      The
      Public Company Accounting Oversight Board.

     

    “Percentage
      Interest”:
      With
      respect to any Certificate other than a Residual Certificate or a Class I
      Certificate, a fraction, expressed as a percentage, the numerator of which
      is
      the Initial Certificate Principal Balance or Initial Certificate Notional
      Balance, as applicable, represented by such Certificate and the denominator
      of
      which is the Original Class Certificate Principal Balance or Original Class
      Certificate Notional Balance, as applicable, of the related Class. With respect
      to the Residual Certificate and the Class I Certificate, 100%.

     

    “Permitted
      Investments”:
      Any
      one or more of the following obligations or securities acquired at a purchase
      price of not greater than par, regardless of whether issued or managed by the
      Depositor, the Master Servicer, the Trustee or any of their respective
      Affiliates or for which an Affiliate of the Trustee serves as an
      advisor:

     

    (i)  direct
      obligations of, or obligations fully guaranteed as to timely payment of
      principal and interest by, the United States or any agency or instrumentality
      thereof, provided such obligations are backed by the full faith and credit
      of
      the United States; 

     

    
      
        
        

      

      
        30

        
          

        

      

      
        
        

      

    

    (ii)  (A)
      demand and time deposits in, certificates of deposit of, bankers’ acceptances
      issued by or federal funds sold by any depository institution or trust company
      (including the Trustee or the Master Servicer or their agents acting in their
      respective commercial capacities) incorporated under the laws of the United
      States of America or any state thereof and subject to supervision and
      examination by federal and/or state authorities, so long as, at the time of
      such
      investment or contractual commitment providing for such investment, such
      depository institution or trust company or its ultimate parent has a short-term
      uninsured debt rating in one of the two highest available rating categories
      of
      each Rating Agency and (B) any other demand or time deposit or deposit which
      is
      fully insured by the FDIC;

     

    (iii)  repurchase
      obligations with respect to any security described in clause (i) above and
      entered into with a depository institution or trust company (acting as
      principal) rated A or higher by the Rating Agencies;

     

    (iv)  securities
      bearing interest or sold at a discount that are issued by any corporation
      incorporated under the laws of the United States of America, the District of
      Columbia or any State thereof and that are rated by each Rating Agency in its
      highest long-term unsecured rating categories at the time of such investment
      or
      contractual commitment providing for such investment;

     

    (v)  commercial
      paper (including both non-interest-bearing discount obligations and
      interest-bearing obligations) that is rated by each Rating Agency in its highest
      short-term unsecured debt rating available at the time of such
      investment;

     

    (vi)  units
      of
      money market funds (which may be 12b-1 funds, as contemplated by the Commission
      under the Investment Company Act of 1940) registered under the Investment
      Company Act of 1940 including funds managed or advised by the Trustee, the
      Master Servicer or an affiliate thereof having the highest applicable rating
      from each Rating Agency; and

     

    (vii)  if
      previously confirmed in writing to the Trustee, any other demand, money market
      or time deposit, or any other obligation, security or investment, as may be
      acceptable to each Rating Agency in writing as a permitted investment of funds
      backing securities having ratings equivalent to its highest initial rating
      of
      the Senior Certificates;

     

    provided,
      however,
      that no
      instrument described hereunder shall evidence either the right to receive (a)
      only interest with respect to the obligations underlying such instrument or
      (b)
      both principal and interest payments derived from obligations underlying such
      instrument and the interest and principal payments with respect to such
      instrument provide a yield to maturity at par greater than 120% of the yield
      to
      maturity at par of the underlying obligations.

     

    “Permitted
      Transferee”:
      Any
      Transferee of a Residual Certificate other than a Disqualified Organization
      or a
      non-U.S. Person.

     

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

     

    
      
        
        

      

      
        31

        
          

        

      

      
        
        

      

    

    “PHH”:
      As
      defined in Section 2.01.

     

    “Physical
      Certificates”:
      The
      Residual Certificate and the Class I Certificate.

     

    “Pool
      Balance”:
      As to
      any Distribution Date, the aggregate of the Stated Principal Balances, as of
      the
      Close of Business on the first day of the month preceding the month in which
      such Distribution Date occurs, of the Mortgage Loans in all Loan Groups that
      were Outstanding Mortgage Loans on that day.

     

    “Prepayment
      Penalty Amount”:
      With
      respect to any Mortgage Loan and each Distribution Date, all premiums or
      charges, if any, paid by Mortgagors under the related Mortgage Notes as a result
      of full or partial Principal Prepayments collected by the applicable Servicer
      during the immediately preceding Prepayment Period, but only to the extent
      required to be remitted to the Master Servicer on the applicable Servicer
      Remittance Date under the terms of the related Servicing Agreement.

     

    “Prepayment
      Period”:
      With
      respect to any Distribution Date, the calendar month preceding the month in
      which such Distribution Date occurs.

     

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

     

    “Principal
      Balance”:
      As to
      any Mortgage Loan, other than a Liquidated Mortgage Loan, and any day, the
      related Cut-Off Date Principal Balance, minus
      all
      collections credited against the Principal Balance of such Mortgage Loan after
      the Cut-Off Date. For purposes of this definition, a Liquidated Mortgage Loan
      shall be deemed to have a Principal Balance equal to the Principal Balance
      of
      the related Mortgage Loan as of the final recovery of related Liquidation
      Proceeds and a Principal Balance of zero thereafter. As to any REO Property
      and
      any day, the Principal Balance of the related Mortgage Loan immediately prior
      to
      such Mortgage Loan becoming REO Property.

     

    “Principal
      Deficiency Amount”:
      For
      any Distribution Date and for any Undercollateralized Group, the excess, if
      any,
      of the aggregate Class Certificate Principal Balance of such Undercollateralized
      Group immediately prior to such Distribution Date over the sum of the Principal
      Balances of the Mortgage Loans in the related Loan Group immediately prior
      to
      such Distribution Date.

     

    “Principal
      Distribution Amount”:
      With
      respect to each Loan Group and any Distribution Date, the sum of (a) each
      scheduled payment of principal collected or advanced on the related Mortgage
      Loans by the related Servicer or the Master Servicer in respect of the related
      Due Period, (b) that portion of the Purchase Price, representing principal
      of any repurchased or purchased Mortgage Loan in that Loan Group, deposited
      to
      the Distribution Account during the related Prepayment Period, (c) the
      principal portion of any related Substitution Adjustments with respect to that
      Loan Group deposited in the Distribution Account during the related Prepayment
      Period, (d) the principal portion of all Insurance Proceeds received during
      the related Prepayment Period with respect to Mortgage Loans in that Loan Group
      that are not yet Liquidated Mortgage Loans, (e) the principal portion of
      all Net Liquidation Proceeds received during the related Prepayment Period
      with
      respect to Liquidated Mortgage Loans in that Loan Group (other than Recoveries),
      (f) all Principal Prepayments in part or in full on Mortgage Loans in that
      Loan Group applied by the Servicers or the Master Servicer during the related
      Prepayment Period, (g) all Recoveries received during the related Prepayment
      Period and (h) on the Distribution Date on which the Trust is to be
      terminated pursuant to Section 10.01 hereof, that portion of the Termination
      Price in respect of principal for that Loan Group.

     

    
      
        
        

      

      
        32

        
          

        

      

      
        
        

      

    

    “Principal
      Prepayment”:
      Any
      payment of principal made by the Mortgagor on a Mortgage Loan that is received
      in advance of its scheduled Due Date and that is not accompanied by an amount
      of
      interest representing the full amount of scheduled interest due on any Due
      Date
      in any month or months subsequent to the month of prepayment.

     

    “Private
      Certificates”:
      The
      Class I, Class B-4, Class B-5 and Class B-6 Certificates.

     

    “Private
      Placement Memorandum”:
      The
      Private Placement Memorandum dated January 30, 2006, relating to the initial
      sale of the Class B-4, Class B-5 and Class B-6 Certificates.

     

    “Pro
      Rata Share”:
      As to
      any Distribution Date and any Class of Subordinate Certificates, the portion
      of
      the Subordinate Principal Distribution Amount allocable to such Class, equal
      to
      the product of the (a) Subordinate Principal Distribution Amount on such date
      and (b) a fraction, the numerator of which is the related Class Certificate
      Principal Balance of that Class and the denominator of which is the aggregate
      of
      the Class Certificate Principal Balances of all the Classes of Subordinate
      Certificates.

     

    “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, together with the accompanying prospectus, dated
      September 26, 2005, relating to the Senior Certificates and the Class B-1,
      Class
      B-2 and Class B-3 Certificates.

     

    “Prospectus
      Supplement”:
      That
      certain Prospectus Supplement, dated January 30, 2006, relating to the initial
      sale of the Senior Certificates and the Class B-1, Class B-2 and Class B-3
      Certificates.

     

    “Purchase
      Price”:
      With
      respect to any Mortgage Loan or REO Property to be purchased pursuant to or
      as
      contemplated by Section 2.03, Section 3.25 or Section 10.01 hereof, and as
      confirmed by an Officers’ Certificate from the Seller to the Trustee, an amount
      equal to the sum of (i) 100% of the Principal Balance thereof as of the
      date of purchase (or such other price as is provided in Section 10.01), plus
      (ii) in the case of (x) a Mortgage Loan, accrued interest on such
      Principal Balance at the applicable Loan Rate from the Due Date as to which
      interest was last covered by a payment by the Mortgagor through the end of
      the
      calendar month in which the purchase is to be effected, and (y) an REO
      Property, the sum of (1) accrued interest on such Principal Balance at the
      applicable Loan Rate from the Due Date as to which interest was last covered
      by
      a payment by the Mortgagor plus (2) REO Imputed Interest for such REO Property
      for each calendar month commencing with the calendar month in which such REO
      Property was acquired and ending with the calendar month in which such purchase
      is to be effected, net of the total of all net rental income, Insurance Proceeds
      and Liquidation Proceeds that as of the date of purchase had been distributed
      as
      or to cover REO Imputed Interest, plus (iii) any unreimbursed Servicing
      Advances and any unpaid Expense Fees allocable to such Mortgage Loan or REO
      Property, plus (iv) in the case of a Mortgage Loan required to be purchased
      pursuant to Section 2.03 hereof, any costs and damages incurred by the Trust
      in
      connection with any violation by such Mortgage Loan of any predatory- or
      abusive-lending laws.

     

    
      
        
        

      

      
        33

        
          

        

      

      
        
        

      

    

    “Qualified
      Insurer”:
      A
      mortgage guaranty insurance company duly qualified as such under the laws of
      the
      state of its principal place of business and each state having jurisdiction
      over
      such insurer in connection with the insurance policy issued by such insurer,
      duly authorized and licensed in such states to transact a mortgage guaranty
      insurance business in such states and to write the insurance provided by the
      insurance policy issued by it, so long as the claims paying ability of which
      is
      acceptable to each Rating Agency for pass-through certificates having the same
      ratings as the Certificates rated by each Rating Agency as of the Closing Date.
      Any replacement insurer with respect to a Mortgage Loan must have at least
      as
      high a claims paying ability rating as the insurer it replaces had on the
      Closing Date.

     

    “Qualified
      Substitute Mortgage Loan”:
      A
      mortgage loan substituted for a Deleted Mortgage Loan pursuant to the terms
      of
      this Agreement which must, on the date of such substitution, (i) have an
      outstanding principal balance, after application of all scheduled payments
      of
      principal and interest due during or prior to the month of substitution, not
      in
      excess of, and not more than 5% less than, the Principal Balance of the Deleted
      Mortgage Loan as of the Due Date in the calendar month during which the
      substitution occurs, (ii) have a maximum loan rate not less than the
      Maximum Loan Rate of the Deleted Mortgage Loan, (iii)  have a gross margin
      equal to or greater than the Gross Margin of the Deleted Mortgage Loan, (iv)
      have the same Index as the Deleted Mortgage Loan, (v) have its next adjustment
      date not more than two months after the next Adjustment Date of the Deleted
      Mortgage Loan, (vi) have a remaining term to maturity not greater than (and
      not
      more than one year less than) that of the Deleted Mortgage Loan, (vii) be
      current as of the date of substitution, (viii) have a Loan-to-Value Ratio
      and a Loan-to-Collateral Value Ratio as of the date of substitution equal to
      or
      lower than the Loan-to-Value Ratio and the Loan-to-Collateral Value Ratio,
      respectively, of the Deleted Mortgage Loan as of such date, (ix) have been
      underwritten or re-underwritten in accordance with the same or substantially
      similar underwriting criteria and guidelines as the Deleted Mortgage Loan,
      (x)
      is of the same or better credit quality as the Deleted Mortgage Loan and
      (xi) conform to each representation and warranty set forth in Section 2.04
      hereof applicable to the Deleted Mortgage Loan. In the event that one or more
      mortgage loans are substituted for one or more Deleted Mortgage Loans, the
      amounts described in clause (i) hereof shall be determined on the basis of
      aggregate principal balances, the terms described in clause (vi) hereof
      shall be determined on the basis of weighted average remaining term to maturity,
      the Loan-to-Value Ratio and Loan-to-Collateral Value Ratio described in clause
      (viii) hereof shall be satisfied as to each such mortgage loan and, except
      to the extent otherwise provided in this sentence, the representations and
      warranties described in clause (x) hereof must be satisfied as to each
      Qualified Substitute Mortgage Loan or in the aggregate, as the case may
      be.

     

    “Rating
      Agency”:
      Each
      of S&P and Moody’s and any respective successors thereto. If Moody’s,
      S&P or their respective successors shall no longer be in existence, “Rating
      Agency” shall include such nationally recognized statistical rating agency or
      agencies, or other comparable Person or Persons, as shall have been designated
      by the Depositor, notice of which designation shall be given to the Trustee
      and
      the Master Servicer.

     

    
      
        
        

      

      
        34

        
          

        

      

      
        
        

      

    

    “Realized
      Loss”:
      With
      respect to any Liquidated Mortgage Loan, the amount of loss realized equal
      to
      the portion of the Principal Balance remaining unpaid after application of
      all
      Net Liquidation Proceeds in respect of such Liquidated 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 each Distribution Date and the Class A-1, Class A-2 and Class A-3
      Certificates, the Business Day preceding the applicable Distribution Date so
      long as such Certificates remain Book-Entry Certificates and otherwise the
      Record Date shall be same as the other Classes of Certificates. For each other
      Class of Certificates, the last Business Day of the calendar month preceding
      the
      month in which such Distribution Date occurs.

     

    “Recovery”:
      With
      respect to any Distribution Date and a Mortgage Loan that became a Liquidated
      Mortgage Loan in a month preceding the related Prepayment Period to such
      Distribution Date and with respect to which the related Realized Loss was
      allocated to one or more Classes of Certificates, an amount received in respect
      of such Liquidated Mortgage Loan during the related Prepayment Period, net
      of
      any reimbursable expenses.

     

    “Refinancing
      Mortgage Loan”:
      Any
      Mortgage Loan originated in connection with the refinancing of an existing
      mortgage loan.

     

    “Regular
      Certificate”:
      Any
      Class A-1, Class A-2, Class A-3, Class A-X, Class I, Class B-1, Class B-2,
      Class
      B-3, Class B-4, Class B-5 or Class B-6 Certificate.

     

    “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 clarifications and interpretations 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.

     

    “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 Securities Administrator, the Trustee (in its capacity as
      Custodian) or each Servicer, the term “Relevant Servicing Criteria” may refer to
      a portion of the Relevant Servicing Criteria applicable to such
      parties.

     

    “Relief
      Act”:
      The
      Servicemembers Civil Relief Act or similar state or local law.

     

    “Relief
      Act Reductions”:
      With
      respect to any Distribution Date and any Mortgage Loan as to which there has
      been a reduction in the amount of interest collectible thereon for the most
      recently ended Due Period as a result of the application of the Relief Act,
      the
      amount, if any, by which (i) interest collectible on that Mortgage Loan during
      such Due Period is less than (ii) one month’s interest on the Stated Principal
      Balance of such Mortgage Loan at the Loan Rate for such Mortgage Loan before
      giving effect to the application of the Relief Act.

     

    
      
        
        

      

      
        35

        
          

        

      

      
        
        

      

    

    “REMIC”:
      A
“real estate mortgage investment conduit” within the meaning of Section 860D of
      the Code.

     

    “REMIC
      Opinion”:
      An
      Independent Opinion of Counsel, to the effect that the proposed action described
      therein would not cause an Adverse REMIC Event.

     

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

     

    “Remittance
      Report”:
      The
      Master Servicer’s Remittance Report to the Securities Administrator providing
      information with respect to each Mortgage Loan which is provided no later than
      the second Business Day following each Determination Date and which shall
      contain such information as may be agreed upon by the Master Servicer and the
      Securities Administrator and which shall be sufficient to enable the Securities
      Administrator to prepare the related Distribution Date Statement.

     

    “Rents
      from Real Property”:
      With
      respect to any REO Property, gross income of the character described in Section
      856(d) of the Code.

     

    “REO
      Account”:
      The
      account or accounts maintained by a Servicer in respect of an REO Property
      pursuant to the related Servicing Agreement.

     

    “REO
      Disposition”:
      The
      sale or other disposition of an REO Property on behalf of the
      Trust.

     

    “REO
      Imputed Interest”:
      As to
      any REO Property, for any calendar month during which such REO Property was
      at
      any time part of the Trust Fund, one month’s interest at the applicable Net Loan
      Rate on the Principal Balance of such REO Property (or, in the case of the
      first
      such calendar month, of the related Mortgage Loan if appropriate) as of the
      Close of Business on the Due Date in such calendar month.

     

    “REO
      Principal Amortization”:
      With
      respect to any REO Property, for any calendar month, the excess, if any, of
      (a)
      the aggregate of all amounts received in respect of such REO Property during
      such calendar month, whether in the form of rental income, sale proceeds
      (including, without limitation, that portion of the Termination Price paid
      in
      connection with a purchase of all of the Mortgage Loans and REO Properties
      pursuant to Section 10.01 hereof that is allocable to such REO Property) or
      otherwise, net of any portion of such amounts (i) payable pursuant to the
      applicable provisions of the related Servicing Agreement in respect of the
      proper operation, management and maintenance of such REO Property or (ii)
      payable or reimbursable to the applicable Servicer pursuant to the applicable
      provisions of the related Servicing Agreement for unpaid Master Servicing Fees
      and Servicing Fees in respect of the related Mortgage Loan and unreimbursed
      Servicing Advances and Advances in respect of such REO Property or the related
      Mortgage Loan, over (b) the REO Imputed Interest in respect of such REO
      Property for such calendar month.

     

    
      
        
        

      

      
        36

        
          

        

      

      
        
        

      

    

    “REO
      Property”:
      A
      Mortgaged Property acquired by the applicable Servicer on behalf of the Trust
      through foreclosure or deed-in-lieu of foreclosure in accordance with the
      applicable provisions of the related Servicing Agreement.

     

    “Reportable
      Event”:
      As
      defined in Section 3.19(c).

     

    “Reporting
      Servicer”:
      As
      defined in Section 3.19(b).

     

    “Request
      for Release”:
      A
      release signed by a Servicing Officer, in the form of Exhibit F attached
      hereto.

     

    “Required
      Reserve Fund Deposit”:
      With
      respect to any Distribution Date, an amount equal to the lesser of (i) the
      Monthly Interest Distributable Amount for the Class A-X Certificates for such
      Distribution Date and (ii) the amount required to maintain the balance on
      deposit in the Available Funds Cap Reserve Fund at an amount equal to the
      excess, if any, of the sum of (1) the Available Funds Cap Shortfall for such
      Distribution Date with respect to the Class A-1, Class A-2 and Class A-3
      Certificates over, in each case, the Yield Maintenance Amount received for
      the
      related Class of Certificates for such Distribution Date.

     

    “Residential
      Dwelling”:
      Any
      one of the following: (i) a detached one-family dwelling, (ii) a
      detached two- to four-family dwelling, (iii) a one-family dwelling unit in
      a condominium project, (iv) a manufactured home, (v) a cooperative unit or
      (vi)
      a detached one-family dwelling in a planned unit development, none of which
      is a
      mobile home.

     

    “Residual
      Certificate”:
      The
      Class A-R Certificate.

     

    “Responsible
      Officer”:
      When
      used with respect to the Trustee or the Securities Administrator, any director,
      any vice president, any assistant vice president, any associate assigned to
      the
      Corporate Trust Office (or similar group) or any other officer of the Trustee
      customarily performing functions similar to those performed by any of the above
      designated officers and, with respect to a particular matter, to whom such
      matter is referred because of such officer’s knowledge of and familiarity with
      the particular subject.

     

    “Restricted
      Classes”:
      As
      defined in Section 5.01(e).

     

    “Restricted
      Global Security”:
      As
      defined in Section 6.01.

     

    “Retained
      Interest”:
      As to
      any Employee Loans originated by Thornburg and each Distribution Date, interest
      accrued on the Principal Balance thereof at the Retained Rate.

     

    “Retained
      Interest Holder”:
      With
      respect to each Employee Loan, the Seller or any successor in interest by
      assignment or otherwise.

     

    
      
        
        

      

      
        37

        
          

        

      

      
        
        

      

    

    “Retained
      Mortgage File”:
      As to
      each Mortgage Loan, the file consisting of the mortgage loan documents listed
      as
      items (iii) and (vi) through (x) of Section 2.01(b) that are to be delivered
      to
      the Custodian subsequent to a Document Transfer Event.

     

    “Retained
      Rate”:
      As of
      the Cut-off Date, and for each Due Period thereafter, 0.00% per annum;
provided,
      however,
      if the
      related Mortgagor of the Employee Loan ceases to be an employee or a director
      of
      Thornburg or its Affiliates, the amount of the increase in the per annum rate
      set forth in the related Mortgage Note.

     

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

     

    “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 Master Servicer that complies
      with
      (i) the Sarbanes-Oxley Act of 2002, as amended from time to time, and (ii)
      Exchange Act Rules 13a-14(d) and 15d-14(d), as in effect from time to time;
      provided that if, after the Closing Date (a) the Sarbanes-Oxley Act of 2002
      is
      amended, (b) the Rules referred to in clause (ii) are modified or superseded
      by
      any subsequent statement, rule or regulation of the Commission or any statement
      of a division thereof, or (c) any future releases, rules and regulations are
      published by the Securities and Exchange Commission from time to time pursuant
      to the Sarbanes-Oxley Act of 2002, which in any such case affects the form
      or
      substance of the required certification and results in the required
      certification being, in the reasonable judgment of the Master Servicer,
      materially more onerous than the form of the required certification as of the
      Closing Date, the Sarbanes-Oxley Certification shall be as agreed to by the
      Master Servicer, the Depositor and the Seller following a negotiation in good
      faith to determine how to comply with any such new requirements.

     

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

     

    “Securities
      Administrator”:
      Wells
      Fargo Bank, N.A., or its successor in interest, or any successor securities
      administrator appointed as herein provided.

     

    “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”:
      Thornburg, in its capacity as seller under this Agreement.

     

    “Senior
      Certificate”:
      Any
      one of the Class A-1, Class A-2, Class A-3, Class A-X or Class A-R
      Certificates.

     

    
      
        
        

      

      
        38

        
          

        

      

      
        
        

      

    

    “Senior
      Certificate Group”:
      Any of
      (a) the Class A-1 and Class A-R Certificates with respect to Loan Group 1,
      (b)
      the Class A-2 Certificates with respect to Loan Group 2 and (c) the Class A-3
      Certificates with respect to Loan Group 3.

     

    “Senior
      Certificateholder”:
      Any
      Holder of a Senior Certificate.

     

    “Senior
      Credit Support Depletion Date”:
      The
      date on which the Class Certificate Principal Balance of each Class of
      Subordinate Certificates has been reduced to zero.

     

    “Senior
      Percentage”:
      With
      respect to each Loan Group and any Distribution Date, the percentage equivalent
      of a fraction the numerator of which is the aggregate of the Class Certificate
      Principal Balances of the Class or Classes of Senior Certificates relating
      to
      that Loan Group immediately prior to such Distribution Date and the denominator
      of which is the Loan Group Balance in the related Loan Group for such
      Distribution Date provided,
      however,
      that on
      any Distribution Date after a Senior Termination Date has occurred with respect
      to a Loan Group, the Senior Percentage for that Loan Group will be equal to
      0%
      and; provided,
      further, that
      on
      any Distribution Date after a Senior Termination Date has occurred with respect
      to two Loan Groups, the Senior Percentage of the remaining Senior Certificates
      is the percentage equivalent of a fraction, the numerator of which is the
      aggregate of the Certificate Principal Balances of remaining Class of Senior
      Certificates immediately prior to such date and the denominator of which is
      the
      aggregate of the Certificate Principal Balances of all Classes of Certificates,
      immediately prior to such date. 

     

    “Senior
      Prepayment Percentage”:
      With
      respect to each Loan Group and any Distribution Date before February 2013,
      100%.
      Except as provided herein, the Senior Prepayment Percentage for each Loan Group
      for any Distribution Date occurring on or after the seventh anniversary of
      the
      first Distribution Date will be as follows: (i) from February 2013 through
      January 2014, the related Senior Percentage plus 70% of the related Subordinate
      Percentage for such Distribution Date; (ii) from February 2014 through
      January 2015, the related Senior Percentage plus 60% of the related Subordinate
      Percentage for such Distribution Date; (iii) from February 2015 through
      January 2016, the related Senior Percentage plus 40% of the related Subordinate
      Percentage for such Distribution Date; (iv) from February 2016 through
      January 2017, the related Senior Percentage plus 20% of the related Subordinate
      Percentage for such Distribution Date; and (v) from and after February
      2017, the related Senior Percentage for such Distribution Date; provided,
      however, that
      there shall be no reduction in the Senior Prepayment Percentage for any Loan
      Group on a Distribution Date, unless the Step Down Conditions are satisfied
      with
      respect to such Distribution Date; and provided,
      further,
      that if
      on any Distribution Date occurring on or after the Distribution Date in February
      2013, the Senior Percentage for any Loan Group exceeds the initial Senior
      Percentage for such Loan Group, the related Senior Prepayment Percentage for
      such Distribution Date will again equal 100%.

     

    Notwithstanding
      the above, (i) if on any Distribution Date prior to February 2009 the Two Times
      Test is satisfied, the Senior Prepayment Percentage for each Loan Group will
      equal the related Senior Percentage for such Distribution Date plus 50% of
      an
      amount equal to 100% minus the related Senior Percentage for such Distribution
      Date and (ii) if
      on any
      Distribution Date in or after February 2009 the Two Times Test is satisfied,
      the
      Senior Prepayment Percentage for each Loan Group will equal the related Senior
      Percentage for such Distribution Date.

     

    
      
        
        

      

      
        39

        
          

        

      

      
        
        

      

    

    “Senior
      Principal Distribution Amount”:
      With
      respect to each Loan Group and any Distribution Date, the sum of: 

     

    (1)  the
      related Senior Percentage of all amounts described in clauses (a) through (d)
      of
      the definition of “Principal Distribution Amount” for such Distribution
      Date;

     

    (2)  with
      respect to each Mortgage Loan in that Loan Group which became a Liquidated
      Mortgage Loan during the related Prepayment Period, the lesser of

     

    
      	 	
              (x)

            	
              the
                related Senior Percentage of the Stated Principal Balance of that
                Mortgage
                Loan; and

            

    

     

    
      	 	
              (y)

            	
              the
                related Senior Prepayment Percentage of the amount of the Net Liquidation
                Proceeds allocable to principal received with respect to that Mortgage
                Loan; and

            

    

     

    (3)  the
      related Senior Prepayment Percentage of the amounts described in clause (f)
      of
      the definition of “Principal Distribution Amount;”

     

    provided,
      however,
      that on
      any Distribution Date after a Senior Termination Date has occurred with respect
      to two Loan Groups, the Senior Principal Distribution Amount for the remaining
      Senior Certificate Group will be calculated pursuant to the above formula based
      on all the Mortgage Loans rather than the Mortgage Loans in the related Loan
      Group only.

     

    “Senior
      Termination Date”:
      For
      each Loan Group, the Distribution Date on which the aggregate of the Class
      Certificate Principal Balances of the related Senior Certificates is reduced
      to
      zero.

     

    “Servicer”:
      Each
      of the several primary servicers of the Mortgage Loans as set forth and as
      individually defined in Exhibit N hereto and any successors thereto.

     

    “Servicer
      Remittance Date”:
      With
      respect to each Mortgage Loan, the 18th day of each month, or the next Business
      Day if such 18th day is not a Business Day or if provided in the related
      Servicing Agreement, the preceding Business Day if such 18th
      day is
      not a Business Day.

     

    “Service(s)(ing)”:
      In
      accordance with Regulation AB, the act of servicing and administering the
      Mortgage Loans or any other assets of the Trust by an entity that meets the
      definition of “servicer’ set forth in Item 1101 of Regulation AB and is subject
      to the disclosure requirements set forth in 1108 of Regulation AB. Any
      uncapitalized occurrence of this term shall have the meaning commonly understood
      by participants in the residential mortgage-backed securitization
      market.

     

    
      
        
        

      

      
        40

        
          

        

      

      
        
        

      

    

    “Servicing
      Account”:
      Any
      account established and maintained for the benefit of the Master Servicer or
      the
      Trust by a Servicer with respect to the related Mortgage Loans and any REO
      Property, pursuant to the terms of the respective Servicing
      Agreement.

     

    “Servicing
      Advances”:
      With
      respect to any Servicer or the Master Servicer (including the Trustee in its
      capacity as successor Master Servicer), all customary, reasonable and necessary
      “out of pocket” costs and expenses (including reasonable attorneys’ fees and
      expenses) incurred by any Servicer or the Master Servicer in the performance
      of
      its servicing obligations hereunder, including, but not limited to, the cost
      of
      (i) the preservation, restoration, inspection and protection of the Mortgaged
      Property, (ii) any enforcement or judicial proceedings, including foreclosures,
      (iii) the management and liquidation of the REO Property and (iv) compliance
      with the obligations under Article III hereof or the related Servicing
      Agreements.

     

    “Servicing
      Agreement”:
      The
      servicing agreements relating to the Mortgage Loans as set forth in Exhibit
      N
      hereto, servicing arrangements for any Mortgage Loans under the Seller’s
      Correspondent Sellers Guide, and any other servicing agreement entered into
      between a successor servicer and the Seller or the Trustee on behalf of the
      Trust 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”:
      With
      respect to each Servicer and each Mortgage Loan serviced by such Servicer and
      for any calendar month, the fee payable to such Servicer determined pursuant
      to
      the related Servicing Agreement.

     

    “Servicing
      Fee Rate”:
      With
      respect to each Mortgage Loan, the per annum servicing fee rate set forth on
      the
      Mortgage Loan Schedule.

     

    “Servicing
      Function Participant”:
      Any
      Sub-Servicer or Subcontractor, other than each Servicer, the Master Servicer,
      the Trustee, the Custodian 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 a Master Servicer or Servicer involved in, or responsible for, the
      administration and servicing of Mortgage Loans, whose name and specimen
      signature appear on a list of servicing officers furnished by the Master
      Servicer to the Trustee and the Depositor on the Closing Date, as such list
      may
      from time to time be amended.

     

    “Seven-Year
      Hybrid Mortgage Loans”:
      The
      Mortgage Loans set forth on Schedule VI hereto.

     

    “Significant
      Modification”:
      As
      defined in Section 3.25.

     

    “Significant
      Modification Loan”:
      As
      defined in Section 3.25.

     

    “Six-Month
      LIBOR”:
      The
      average of interbank offered rates for six-month U.S. dollar deposits in the
      London market based on quotations of major banks.

     

    
      
        
        

      

      
        41

        
          

        

      

      
        
        

      

    

    “Six-Month
      LIBOR Indexed”:
      Indicates a Mortgage Loan that has an adjustable Loan Rate calculated on the
      basis of the Six-Month LIBOR index.

     

    “Startup
      Day”:
      As
      defined in Section 9.01(b) hereof.

     

    “Stated
      Principal Balance”:
      With
      respect to any Mortgage Loan: (a) as of the Distribution Date in February 2006,
      the Cut-Off Date Principal Balance of such Mortgage Loan,  (b) thereafter
      as of any date of determination up to and including the Distribution Date on
      which the proceeds, if any, of a Liquidation Event with respect to such Mortgage
      Loan would be distributed, the outstanding principal balance of such Mortgage
      Loan as of the Cut-Off Date, as shown in the Mortgage Loan Schedule,
minus,
      in the
      case of each Mortgage Loan, the sum of (i) the principal portion of each
      Monthly Payment due on a Due Date subsequent to the Cut-Off Date, whether or
      not
      received, (ii) all Principal Prepayments received after the Cut-Off Date,
      to the extent distributed pursuant to Section 5.01 before such date of
      determination and (iii) all Liquidation Proceeds and Insurance Proceeds
      applied by the applicable Servicer as recoveries of principal in accordance
      with
      the applicable provisions of the related Servicing Agreement, to the extent
      distributed pursuant to Section 5.01 before such date of determination; and
      (c) as of any date of determination subsequent to the Distribution Date on
      which the proceeds, if any, of a Liquidation Event with respect to such Mortgage
      Loan would be distributed, zero. With respect to any REO Property: (x) as
      of any date of determination up to and including the Distribution Date on which
      the proceeds, if any, of a Liquidation Event with respect to such REO Property
      would be distributed, an amount (not less than zero) equal to the Stated
      Principal Balance of the related Mortgage Loan as of the date on which such
      REO
      Property was acquired on behalf of the Trust, minus the aggregate amount of
      REO
      Principal Amortization in respect of such REO Property for all previously ended
      calendar months, to the extent distributed pursuant to Section 5.01 before
      such date of determination; and (y) as of any date of determination
      subsequent to the Distribution Date on which the proceeds, if any, of a
      Liquidation Event with respect to such REO Property would be distributed,
      zero.

     

    “Step
      Down Conditions”:
      As of
      any Distribution Date on which any decrease in any Senior Prepayment Percentage
      may apply, (i) the outstanding Principal Balance of all Mortgage Loans 60 days
      or more Delinquent (including Mortgage Loans in REO and foreclosure), averaged
      over the preceding six month period, as a percentage of the aggregate of the
      Class Certificate Principal Balances of the Classes of Subordinate Certificates
      on such Distribution Date, does not equal or exceed 50% and (ii) cumulative
      Realized Losses with respect to all of the Mortgage Loans do not
      exceed:

     

    
      	·  	
              for
                any Distribution Date on or after the seventh anniversary until the
                eighth
                anniversary of the first Distribution Date, 30% of the aggregate
                Certificate Principal Balance of the Subordinate Certificates as
                of the
                Closing Date,

            

    

     

    
      	·  	
              for
                any Distribution Date on or after the eighth anniversary until the
                ninth
                anniversary of the first Distribution Date, 35% of the aggregate
                Certificate Principal Balance of the Subordinate Certificates as
                of the
                Closing Date,

            

    

     

    
      
        
        

      

      
        42

        
          

        

      

      
        
        

      

    

    
      	·  	
              for
                any Distribution Date on or after the ninth anniversary until the
                tenth
                anniversary of the first Distribution Date, 40% of the aggregate
                Certificate Principal Balance of the Subordinate Certificates as
                of the
                Closing Date,

            

    

     

    
      	·  	
              for
                any Distribution Date on or after the tenth anniversary until the
                eleventh
                anniversary of the first Distribution Date, 45% of the aggregate
                Certificate Principal Balance of the Subordinate Certificates as
                of the
                Closing Date, and

            

    

     

    
      	·  	
              for
                any Distribution Date on or after the eleventh anniversary of the
                first
                Distribution Date, 50% of the aggregate Certificate Principal Balance
                of
                the Subordinate Certificates as of the Closing
                Date.

            

    

     

    “Subcontractor”:
      Any
      vendor, subcontractor or other Person that is not responsible for the overall
      servicing of Mortgage Loans but performs one or more discrete functions
      identified in Item 1122(d) of Regulation AB with respect to Mortgage Loans
      under
      the direction or authority of any Servicer (or a Sub-Servicer of any Servicer),
      the Master Servicer, the Trustee or the Securities Administrator.

     

    “Subordinate
      Certificate”:
      Any
      one of the Class B-1, Class B-2, Class B-3, Class B-4, Class B-5 or Class B-6
      Certificates.

     

    “Subordinate
      Certificate Pass-Through Rate”:
      With
      respect to each Class of Subordinate Certificates and any Distribution Date,
      the
      per annum rate equal to the weighted average (weighted on the basis of the
      related Subordinate Component) of the Net WACs for Loan Group 1, Loan Group
      2
      and Loan Group 3 less on and after the Distribution Date in January 2016, in
      the
      case of Loan Group 1 and Loan Group 2, the related Final Maturity Reserve
      Rate.

     

    “Subordinate
      Component”:
      With
      respect to each Loan Group and any Distribution Date, the excess of the related
      Loan Group Balance for such Distribution Date over the aggregate Class
      Certificate Principal Balance of the related Senior Certificate Group
      immediately preceding such Distribution Date. The designation “1,” “2” or “3”
appearing after the corresponding Loan Group designation is used to indicate
      a
      Subordinate Component allocable to Loan Group 1, Loan Group 2 and Loan Group
      3,
      respectively.

     

    “Subordinate
      Percentage”:
      With
      respect to each Loan Group and any Distribution Date, the difference between
      100% and the related Senior Percentage for such Loan Group and Distribution
      Date; provided,
      however,
      that on
      any Distribution Date occurring after a Senior Termination Date has occurred
      with respect to two Loan Groups, the Subordinate Percentage will represent
      the
      entire interest of the Subordinate Certificates in the Mortgage Loans and will
      equal the difference between 100% and the related Senior Percentage for such
      Distribution Date.

     

    “Subordinate
      Prepayment Percentage”:
      With
      respect to each Loan Group and any Distribution Date, the difference between
      100% and the related Senior Prepayment Percentage for such Distribution
      Date.

     

    
      
        
        

      

      
        43

        
          

        

      

      
        
        

      

    

    “Subordinate
      Principal Distribution Amount”:
      With
      respect to each Loan Group and any Distribution Date, an amount equal to the
      sum
      of:

     

    (1)  
      the
      related Subordinate Percentage of all amounts described in clauses (a) through
      (d) of the definition of “Principal Distribution Amount” for such Loan Group and
      Distribution Date;

     

    (2)  with
      respect to each Mortgage Loan in such Loan Group that became a Liquidated
      Mortgage Loan during the related Prepayment Period, the amount of the Net
      Liquidation Proceeds allocated to principal received with respect thereto
      remaining after application thereof pursuant to clause (2) of the definition
      of
“Senior Principal Distribution Amount” for such Loan Group and Distribution
      Date, up to the related Subordinate Percentage of the Stated Principal Balance
      of such Mortgage Loan; and

     

    (3)  the
      related Subordinated Prepayment Percentage of all amounts described in clause
      (f) of the definition of “Principal Distribution Amount” for such Loan Group and
      Distribution Date;

     

    provided,
      however,
      that on
      any Distribution Date occurring after a Senior Termination Date has occurred
      with respect to two Loan Groups, the Subordinate Principal Distribution Amount
      will not be calculated by Loan Group but will equal the amount calculated
      pursuant to the formula set forth above based on the applicable Subordinate
      Percentage or Subordinate Prepayment Percentage, as applicable, for such
      Distribution Date with respect to all the Mortgage Loans rather than the
      Mortgage Loans in the related Loan Group only.

     

    “Sub-Servicer”:
      Any
      Person that (i) services Mortgage Loans on behalf of any Servicer, the Master
      Servicer, the Securities Administrator, the Trustee or the Custodian and (ii)
      is
      responsible for the performance (whether directly or through sub-servicers
      or
      Subcontractors) of Servicing functions required to be performed under this
      Agreement, any related Servicing Agreement or any sub-servicing agreement that
      are identified in Item 1122(d) of Regulation AB.

     

    “Substitution
      Adjustment”:
      As
      defined in Section 2.03(d) hereof.

     

    “Swap
      Proceeds Account”:
      The
      account maintained by the Auction Administrator pursuant to the Auction
      Administration Agreement and which shall be an asset of the Trust Fund, but
      not
      of any REMIC.

     

    “Tax
      Returns”:
      The
      federal income tax return on Internal Revenue Service Form 1066, U.S. Real
      Estate Mortgage Investment Conduit Income Tax Return, including Schedule Q
      thereto, Quarterly Notice to Residual Interest Holders of the REMIC Taxable
      Income or Net Loss Allocation, or any successor forms, to be filed on behalf
      of
      each of the REMICs created hereunder under the REMIC Provisions, together with
      any and all other information reports or returns that may be required to be
      furnished to the Certificateholders or filed with the Internal Revenue Service
      or any other governmental taxing authority under any applicable provisions
      of
      federal, state or local tax laws.

     

    
      
        
        

      

      
        44

        
          

        

      

      
        
        

      

    

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

     

    “10-K
      Filing Deadline”:
      As
      defined in Section 3.19(b).

     

    “Ten-Year
      Hybrid Mortgage Loans”:
      The
      Mortgage Loans set forth on Schedule VII hereto.

     

    “Termination
      Price”:
      As
      defined in Section 10.01(a) hereof. 

     

    “Thornburg”:
      Thornburg Mortgage Home Loans, Inc., a Delaware corporation, and its successors
      and assigns.

     

    “Three-Year
      Hybrid Mortgage Loans”:
      The
      Mortgage Loans set forth on Schedule IV hereto.

     

    “TMI”:
      Thornburg Mortgage, Inc., a Maryland corporation, and its successors and
      assigns.

     

    “Transfer”:
      Any
      direct or indirect transfer or sale of any Ownership Interest in a Residual
      Certificate.

     

    “Transfer
      Affidavit”:
      As
      defined in Section 6.02(e)(ii) hereof.

     

    “Transferee”:
      Any
      Person who is acquiring by Transfer any Ownership Interest in a
      Certificate.

     

    “Trust”:
      Thornburg Mortgage Securities Trust 2006-1, the Delaware statutory trust
      governed hereunder. 

     

    “Trust
      Fund”:
      The
      segregated pool of assets subject hereto, constituting the primary trust created
      hereby and to be administered hereunder, with respect to which a REMIC election
      is to be made, such Trust Fund consisting of: (i) such Mortgage Loans as from
      time to time are subject to this Agreement, together with the Mortgage Files
      relating thereto, and together with all collections thereon and proceeds thereof
      (but not including any Prepayment Penalty Amounts), (ii) any REO Property,
      together with all collections thereon and proceeds thereof, (iii) the Trustee’s
      rights with respect to the Mortgage Loans under all insurance policies required
      to be maintained pursuant to this Agreement and any proceeds thereof, (iv)
      the
      Depositor’s rights under the Mortgage Loan Purchase Agreement (including any
      security interest created thereby); (v) the Depositor's security interest in
      the
      Additional Collateral, (vi) the Distribution Account (subject to the last
      sentence of this definition), any REO Account and such assets that are deposited
      therein from time to time and any investments thereof, together with any and
      all
      income, proceeds and payments with respect thereto, (vii) all right, title
      and
      interest of the Depositor in and to each security or pledge agreement in respect
      of Additional Collateral, (viii) all right, title and interest of the
      Seller in and to each of the Servicing Agreements, (ix) the Available Funds
      Cap
      Reserve Fund, (x) the Yield Maintenance Account, (xi) the Final Maturity Reserve
      Account and the Final Maturity Reserve Trust and (xii) the Swap Proceeds Account
      and the Auction Proceeds Account. Notwithstanding the foregoing, however, the
      Trust Fund specifically excludes (1) all payments and other collections of
      interest and principal due on the Mortgage Loans on or before the Cut-Off Date
      and principal received before the Cut-Off Date (except any principal collected
      as part of a payment due after the Cut-Off Date), (2) all income and gain
      realized from Permitted Investments of funds on deposit in the Distribution
      Account, (3) any Prepayment Penalty Amounts and (4) any Retained
      Interest.

     

    
      
        
        

      

      
        45

        
          

        

      

      
        
        

      

    

    “Trustee”:
      LaSalle Bank National Association, a national banking association, not in its
      individual capacity but solely as trustee, its successors or assigns, or any
      successor trustee appointed as herein provided.

     

    “Trustee
      Fee”:
      The
      annual on-going fee payable by the Master Servicer on behalf of the Trust to
      the
      Trustee from the Master Servicer Fee and pursuant to the terms of the separate
      fee letter agreement between the Trustee and the Master Servicer relating to
      the
      Thornburg Mortgage Securities Trust 2006-1.

     

    “Two
      Times Test”:
      As to
      any Distribution Date, (i) the Aggregate Subordinate Percentage is at least
      two
      times the Aggregate Subordinate Percentage as of the Closing Date; (ii) the
      aggregate of the Principal Balances of all Mortgage Loans Delinquent 60 days
      or
      more (including Mortgage Loans in REO and foreclosure), averaged over the
      preceding six-month period, as a percentage of the aggregate of the Class
      Certificate Principal Balances of the Subordinate Certificates, does not equal
      or exceed 50%; and (iii) on or after the Distribution Date in February 2009,
      cumulative Realized Losses do not exceed 30% of the Original Subordinated
      Principal Balance, or prior to the Distribution Date in February 2009,
      cumulative Realized Losses do not exceed 20% of the Original Subordinated
      Principal Balance.

     

    “Undercollateralized
      Group”:
      With
      respect to any Distribution Date, any Class of Senior Certificates as to which
      the aggregate Class Certificate Principal Balance thereof, after giving effect
      to distributions pursuant to Section 5.01(a) on such date, is greater than
      the
      Loan Group Balance of the related Loan Group for such Distribution Date.

     

    “Underwriter’s
      Exemption”:
      Prohibited Transaction Exemption 90-59 (Exemption Application No. D-8374),
      as
      amended by PTE 97-34 (Exemption Application No. D-10245 and D-10246) and by
      PTE
      2000-58 (Exemption Application No. D-10829) and PTE 2002-41 (Exemption
      Application No. D-11077), as amended (or any successor thereto), or any
      substantially similar administrative exemption granted by the U.S. Department
      of
      Labor. 

     

    “Uninsured
      Cause”:
      Any
      cause of damage to a Mortgaged Property such that the complete restoration
      of
      such property is not fully reimbursable by the hazard insurance policies
      required to be maintained on such Mortgaged Property.

     

    “United
      States Person”
or
      “U.S.
      Person”:
      A
      citizen or resident of the United States, a corporation, partnership or other
      entity treated as a corporation or partnership for federal income tax purposes
      (other than a partnership that is not treated as a U.S. Person pursuant to
      any
      applicable Treasury regulations) created or organized in, or under the laws
      of,
      the United States, any state thereof or the District of Columbia, or an estate
      the income of which from sources without the United States is includible in
      gross income for United States federal income tax purposes regardless of its
      connection with the conduct of a trade or business within the United States,
      or
      a trust if a court within the United States is able to exercise primary
      supervision over the administration of the trust and one or more United States
      persons have authority to control all substantial decisions of the trust. The
      term “United States” shall have the meaning set forth in Section 7701 of
      the Code or successor provisions.

     

    
      
        
        

      

      
        46

        
          

        

      

      
        
        

      

    

    “Unpaid
      Available Funds Cap Shortfall”:
      With
      respect to any Distribution Date and each of the Class A-1, Class A-2 and Class
      A-3 Certificates, the aggregate of all Available Funds Cap Shortfalls with
      respect to such Class of Certificates remaining unpaid from previous
      Distribution Dates, plus interest accrued thereon at the applicable Pass-Through
      Rate determined without regard to clause (a) of the definition thereof
      applicable to such Class of Certificates to the extent not paid on prior
      Distribution Dates.

     

    “Unpaid
      Interest Shortfall Amount”:
      With
      respect to each Class of Certificates and (i) the first Distribution Date,
      zero, and (ii) any Distribution Date after the first Distribution Date, the
      amount, if any, by which (1)(a) the Monthly Interest Distributable Amount for
      that Class for the immediately preceding Distribution Date exceeds (b) the
      aggregate amount distributed on that Class in respect of such Monthly Interest
      Distributable Amount on the preceding Distribution Date plus (2) any such
      shortfalls remaining unpaid from prior Distribution Dates.

     

    “Upper
      Tier REMIC”:
      As
      described in the Preliminary Statement.

     

    “Value”:
      With
      respect to any Mortgage Loan and the related Mortgaged Property, the lesser
      of:

     

    (i) the
      value
      of such Mortgaged Property as determined by an appraisal made for the originator
      of the Mortgage Loan at the time of origination of the Mortgage Loan by an
      appraiser who met the minimum requirements of Fannie Mae and Freddie Mac; and
      

     

    (ii) the
      purchase price paid for the related Mortgaged Property by the Mortgagor with
      the
      proceeds of the Mortgage Loan; 

     

    provided,
      however,
      that in
      the case of a Refinancing Mortgage Loan, such value of the Mortgaged Property
      is
      based solely upon the value determined by an appraisal made for the originator
      of such Refinancing Mortgage Loan at the time of origination by an appraiser
      who
      met the minimum requirements of Fannie Mae and Freddie Mac.

     

    “Voting
      Rights”:
      The
      portion of the voting rights of all of the Certificates which is allocated
      to
      any Certificate. 98% of the voting rights shall be allocated among the Classes
      of Certificates (other than the Class A-X, Class I and Class A-R Certificates),
      pro
      rata,
      based
      on a fraction, expressed as a percentage, the numerator of which is the Class
      Certificate Principal Balance of such Class and the denominator of which is
      the
      aggregate of the Class Certificate Principal Balances then outstanding, 1%
      of
      the voting rights shall be allocated to the Holders of the Class A-X
      Certificates and 1% of the voting rights shall be allocated to the Holder of
      the
      Class A-R Certificate; provided,
      however,
      that
      when none of the Regular Certificates (other than the Class I Certificates)
      is
      outstanding, 100% of the voting rights shall be allocated to the Holder of
      the
      Class A-R Certificate. The voting rights allocated to a Class of Certificates
      shall be allocated among all Holders of such Class, pro
      rata,
      based
      on a fraction the numerator of which is the Certificate Principal Balance or
      Certificate Notional Balance of each Certificate of such Class and the
      denominator of which is the Class Certificate Principal Balance or Class
      Certificate Notional Balance of such Class; provided,
      however,
      that
      any Certificate registered in the name of the Master Servicer, the Securities
      Administrator, the Trustee, the Delaware Trustee or any of their respective
      affiliates shall not be included in the calculation of Voting Rights. The Class
      I Certificates will not have any Voting Rights.

     

    
      
        
        

      

      
        47

        
          

        

      

      
        
        

      

    

    “WFB”:
      As
      defined in Section 2.01.

     

    “Writedown
      Amount”:
      The
      reduction described in Section 5.03(c).

     

    “Yield
      Maintenance Account”:
      The
      account maintained by the Securities Administrator pursuant to Section 5.09
      which shall be entitled “Yield Maintenance Account, Wells Fargo Bank, N.A., in
      trust for the registered Holders of Thornburg Mortgage Securities Trust 2006-1,
      Mortgage Loan Pass-Through Certificates, Series 2006-1” and which must be an
      Eligible Account.

     

    “Yield
      Maintenance Agreement”:
      Each
      interest rate cap agreement, by and between the Yield Maintenance Counterparty
      and the Securities Administrator, on behalf of the Trust, including the ISDA
      Master Agreement between the Yield Maintenance Counterparty and the Securities
      Administrator, the schedule thereto and the related confirmations (Ref. No.
      IRG6922044, Ref. No. IRG6922059 and Ref. No. IRG6922060), each dated as of
      January 31, 2006. 

     

    “Yield
      Maintenance Amounts”:
      For
      each Yield Maintenance Agreement and any Distribution Date, the amount, if
      any,
      to be paid by the Yield Maintenance Counterparty to the Securities Administrator
      pursuant to such Yield Maintenance Agreement, as calculated by the Yield
      Maintenance Counterparty based on information in the Distribution Date Statement
      delivered to it pursuant to Section 5.04.

     

    “Yield
      Maintenance Counterparty”:
      The
      Royal Bank of Scotland plc.

     

    SECTION
      1.02.   Accounting.

     

    Unless
      otherwise specified herein, for the purpose of any definition or calculation,
      whenever amounts are required to be netted, subtracted or added or any
      distributions are taken into account such definition or calculation and any
      related definitions or calculations shall be determined without duplication
      of
      such functions.

     

    ARTICLE
      IA

     

    ORGANIZATION
      OF TRUST

     

    Section
      1A.01. Name
      of Trust.
      The
      name of the Trust formed under the Original Trust Agreement and the Certificate
      of Trust is “Thornburg Mortgage Securities Trust 2006-1,” in which name the
      Trustee may conduct the business and affairs of the Trust, make and execute
      contracts and agreements on behalf of the Trust and sue and be
      sued.

     

    
      
        
        

      

      
        48

        
          

        

      

      
        
        

      

    

    Section
      1A.02. Office.
      The
      office of the Trust shall be in care of the Trustee. The office of the Trust
      shall be located at its Corporate Trust Office, or at such other address as
      the
      Trustee may designate by written notice to the Certificateholders, each Rating
      Agency and the other parties to this Agreement.

     

    Section
      1A.03. Declaration
      of Trust.
      Under
      the Original Trust Agreement and effective as of the date hereof, the Depositor
      appointed LaSalle Bank National Association, as Trustee of the Trust, to have
      all the rights powers and duties set forth herein. Under the Original Trust
      Agreement and effective as of the date hereof, the Depositor appointed
      Wilmington Trust Company to act as Delaware Trustee. It is the intention of
      the
      parties hereto that the Trust constitute a statutory trust under Chapter 38
      of
      Title 12 of the Delaware Code, 12 Del.
      Code§ 3801
      et
      seq.,
      as the
      same may be amended from time to time (the “Delaware
      Statutory Trust Statute”
or
      “DSTS”),
      and
      that this Agreement amends and restates in its entirety the Original Trust
      Agreement and constitutes the governing instrument of such statutory trust.
      Effective as of the date hereof, the Trustee shall have all rights, powers
      and
      duties set forth in the Delaware Statutory Trust Statute with respect to
      accomplishing the purposes of the Trust (except those duties expressly required
      to be performed by the Delaware Trustee hereunder). It is hereby confirmed
      that
      the Trustee and the Delaware Trustee were authorized to execute the Original
      Trust Agreement and to file a Certificate of Trust in substantially the form
      of
      Exhibit M with the Secretary of State of Delaware, on behalf of the
      Trust.

     

    Section
      1A.04. Purpose
      and Powers.
      The
      purposes of the Trust are (i) to issue the Certificates and to sell the
      Certificates to or at the direction of the Depositor; (ii) with the proceeds
      of
      the sale of the Certificates, to purchase the Mortgage Loans and all related
      assets and to pay any organizational start-up and transactional expenses of
      the
      Trust; (iii) to enter into this Agreement and to perform its obligations
      hereunder; (iv) to engage in those activities, including entering into
      agreements, that are necessary, suitable or convenient to accomplish the
      foregoing or are incidental thereto or connected therewith; and (v) subject
      to
      compliance with this Agreement, to engage in such other activities as may be
      required in connection with the conservation of the assets of the Trust and
      the
      making of distributions to the Certificateholders. The Trust is hereby
      authorized to engage in the foregoing activities. The Trust shall not engage
      in
      any activity other than in connection with the foregoing or other than as
      required or authorized by the terms of this Agreement.

     

    Section
      1A.05. Liability
      of the Certificateholders.
      The
      Certificateholders shall be entitled to the same limitation of personal
      liability extended to stockholders of private corporations for profit organized
      under the General Corporation Law of the State of Delaware. 

     

    Section
      1A.06. Title
      To Trust Property.
      Legal
      title to the assets of the Trust shall be vested at all times in the Trust
      as a
      separate legal entity except where applicable law in any jurisdiction requires
      title to any part of the Trust to be vested in a trustee or trustees, in which
      case title shall be deemed to be vested in the Trustee, a co-trustee and/or
      a
      separate trustee, as the case may be, and in each case on behalf of the Trust.
      The Certificateholders shall not have legal title to any part of the assets
      of
      the Trust. No transfer by operation of law or otherwise of any interest of
      the
      Certificateholders shall operate to terminate this Agreement or the trusts
      hereunder or entitle any transferee to an accounting or to the transfer to
      it of
      any part of the assets of the Trust. The Trustee, in such capacity and in its
      capacity as Custodian, is hereby authorized to hold all assets of the Trust
      on
      behalf of the Trust, for the benefit of the Certificateholders. 

     

    
      
        
        

      

      
        49

        
          

        

      

      
        
        

      

    

    Section
      1A.07. Situs
      of Trust.
      The
      Trust will be located in the State of Delaware and administered in the States
      of
      Delaware, Illinois, Maryland and Minnesota. Nothing herein shall restrict or
      prohibit the Trustee from having employees within or without the State of
      Delaware. The Trust may also be qualified to do business in the State of New
      York. 

     

    Section
      1A.08. The
      Delaware Trustee.
      (a)  The Delaware Trustee is appointed to serve as the trustee of the
      Trust in the State of Delaware for the sole purpose of satisfying the
      requirement of Section 3807(a) of the DSTS that the Trust have at least one
      trustee with a principal place of business in the State of Delaware. It is
      understood and agreed by the parties hereto that the Delaware Trustee shall
      have
      none of the duties, obligations or liabilities of the Trustee.

     

    (b) The
      duties of the Delaware Trustee shall be limited to (i) accepting legal process
      served on the Trust in the State of Delaware and (ii) the execution of any
      certificates required to be filed with the Delaware Secretary of State which
      the
      Delaware Trustee is required to execute under Section 3811 of the DSTS. To
      the
      extent that, at law or in equity, the Delaware Trustee has duties (including
      fiduciary duties) and liabilities relating thereto to the Trust or the
      Certificateholders, it is hereby understood and agreed by the other parties
      hereto that such duties and liabilities are replaced by the duties and
      liabilities of the Delaware Trustee expressly set forth in this Agreement.
      The
      Delaware Trustee shall have no liability for the acts or omissions of the
      Trustee. Except as provided above, the Delaware Trustee shall not be deemed
      a
      trustee and shall have no management responsibilities or owe any fiduciary
      duties to the Trust or the Certificateholders.

     

    (c) The
      Delaware Trustee may be removed by the Trustee upon 30 days prior written notice
      to the Delaware Trustee. The Delaware Trustee may resign upon 30 days prior
      written notice to the Trustee. No resignation or removal of the Delaware Trustee
      shall be effective except upon the appointment of a successor Delaware Trustee.
      If no successor has been appointed within such 30 day period, the Delaware
      Trustee or the Trustee may, at the expense of the Trust, petition a court to
      appoint a successor Delaware Trustee.

     

    (d) Any
      Person into which the Delaware Trustee may be merged or with which it may be
      consolidated, or any Person resulting from any merger or consolidation to which
      the Delaware Trustee shall be a party, or any Person which succeeds to all
      or
      substantially all of the corporate trust business of the Delaware Trustee,
      shall
      be the successor Delaware Trustee under this Agreement without the execution,
      delivery or filing of any paper or instrument or further act to be done on
      the
      part of the parties hereto, except as may be required by applicable
      law.

     

    (e) The
      Delaware Trustee shall be entitled to all of the same rights, protections
      indemnities and immunities under this Agreement and with respect to the Trust
      as
      the Trustee. No amendment or waiver of any provision of this Agreement which
      adversely affects the Delaware Trustee shall be effective against it without
      its
      prior written consent. 

     

    
      
        
        

      

      
        50

        
          

        

      

      
        
        

      

    

    The
      Delaware Trustee shall not be liable for the acts or omissions of the Trustee,
      nor shall the Delaware Trustee be liable for supervising or monitoring the
      performance and the duties and obligations of the Trustee or the Trust under
      this Agreement or any related document. The Delaware Trustee shall not be
      personally liable under any circumstances, except for its own willful
      misconduct, bad faith or gross negligence. In particular, but not by way of
      limitation:

     

    (i)  the
      Delaware Trustee shall not be personally liable for any error of judgment made
      in good faith; 

     

    (ii)  no
      provision of this Agreement shall require the Delaware Trustee to expend or
      risk
      its personal funds or otherwise incur any financial liability in the performance
      of its rights or powers hereunder, if the Delaware Trustee shall have reasonable
      grounds for believing that the payment of such funds or adequate indemnity
      against such risk or liability is not reasonably assured or provided to
      it;

     

    (iii)  under
      no
      circumstances shall the Delaware Trustee be personally liable for any
      representation, warranty, covenant, agreement, or indebtedness of the
      Trust;

     

    (iv)  the
      Delaware Trustee shall not be personally responsible for or in respect of the
      validity or sufficiency of this Agreement or for the due execution hereof by
      any
      other party hereto;

     

    (v)  the
      Delaware Trustee shall incur no liability to anyone in acting upon any
      signature, instrument, notice, resolution, request, consent, order, certificate,
      report, opinion, bond or other document or paper reasonably believed by it
      to be
      genuine and reasonably believed by it to be signed by the proper party or
      parties. The Delaware Trustee may accept a certified copy of a resolution of
      the
      board of directors or other governing body of any corporate party as conclusive
      evidence that such resolution has been duly adopted by such body and that the
      same is in full force and effect. As to any fact or matter the manner of
      ascertainment of which is not specifically prescribed herein, the Delaware
      Trustee may for all purposes hereof rely on a certificate, signed by the
      Trustee, the Securities Administrator or the Master Servicer, as applicable,
      as
      to such fact or matter, and such certificate shall constitute full protection
      to
      the Delaware Trustee for any action taken or omitted to be taken by it in good
      faith in reliance thereon;

     

    (vi)  in
      the
      exercise or administration of the Trust hereunder, the Delaware Trustee (a)
      may
      act directly or through agents or attorneys pursuant to agreements entered
      into
      with any of them, and the Delaware Trustee shall not be liable for the default
      or misconduct of such agents or attorneys if such agents or attorneys shall
      have
      been selected by the Delaware Trustee in good faith and with due care and (b)
      may consult with counsel, accountants and other skilled persons to be selected
      by it in good faith and with due care and employed by it, and it shall not
      be
      liable for anything done, suffered or omitted in good faith by it in accordance
      with the advice or opinion of any such counsel, accountants or other skilled
      persons; and

     

    (vii)  except
      as
      expressly provided in this Section 1A.08, in accepting and performing the trusts
      hereby created the Delaware Trustee acts solely as trustee hereunder and not
      in
      its individual capacity, and all persons having any claim against the Delaware
      Trustee by reason of the transactions contemplated by this Agreement shall
      look
      only to the Trust Fund for payment or satisfaction thereof. 

     

    
      
        
        

      

      
        51

        
          

        

      

      
        
        

      

    

    (f) In
      the
      event of the appointment of a successor Delaware Trustee, such successor shall
      cause an amendment to the Certificate of Trust to be filed with the Secretary
      of
      State of Delaware in accordance with Section 3810(b) of the DSTS, indicating
      the
      change of such Delaware Trustee’s identity. In addition, until the termination
      of the Trust and this Agreement, the Delaware Trustee shall at all times fulfill
      the requirements of the DSTS.

     

    (g) Upon
      written notification from the Securities Administrator that the Trust has been
      terminated in accordance with Article X, the Delaware Trustee shall cause the
      Certificate of Trust to be cancelled by filing a certificate of cancellation
      with the Secretary of State of Delaware in accordance with Section 3810(d)
      of
      the DSTS.

     

    Section
      1A.09 Separateness
      Provisions.
      The
      Trust shall not commingle its assets with those of any other entity. The Trust
      shall maintain its financial and accounting books and records separate from
      those of any other entity. Except as expressly set forth herein, the Trust
      shall
      pay its indebtedness, operating expenses and liabilities from its own funds,
      and
      the Trust shall neither incur any indebtedness nor pay the indebtedness,
      operating expenses and liabilities of any other entity. The Trust shall not
      engage in any dissolution, liquidation, consolidation, merger or sale of assets
      except as specifically provided for herein. The Trust shall maintain appropriate
      minutes or other records of all appropriate actions and shall maintain its
      office separate from the offices of the Depositor or any of its Affiliates.
      The
      Trust shall not engage in any business activity other than as contemplated
      by
      this Agreement and related documentation. The Trust shall not form, or cause
      to
      be formed, any subsidiaries and shall not own or acquire any asset other than
      as
      contemplated by this Agreement and related documentation. Other than as
      contemplated by this Agreement and related documentation, the Trust shall not
      follow the directions or instructions of the Depositor. The Trust shall conduct
      its own business in its own name. The Trust shall observe all formalities
      required under the Delaware Statutory Trust Statute. The Trust shall not hold
      out its credit as being available to satisfy the obligations of any other person
      or entity. The Trust shall not acquire the obligations or securities of its
      Affiliates or the Seller. Other than as contemplated by this Agreement and
      related documentation, the Trust shall not pledge its assets for the benefit
      of
      any other person or entity. The Trust shall correct any known misunderstanding
      regarding its separate identity. The Trust shall not identify itself as a
      division of any other person or entity.

     

    For
      accounting purposes, the Trust shall be treated as an entity separate and
      distinct from any Certificateholder. The pricing and other material terms of
      all
      transactions and agreements to which the Trust is a party shall be intrinsically
      fair to all parties thereto. This Agreement is and shall be the only agreement
      among the parties hereto with respect to the creation, operation and termination
      of the Trust.

     

    
      
        
        

      

      
        52

        
          

        

      

      
        
        

      

    

     

    ARTICLE
      II

     

    CONVEYANCE
      OF MORTGAGE LOANS;

    ORIGINAL
      ISSUANCE OF CERTIFICATES

     

    SECTION
      2.01.   Conveyance
      of Mortgage Loans.

     

    The
      Depositor, concurrently with the execution and delivery hereof, does hereby
      transfer, assign, set over and otherwise convey to the Trustee without recourse
      for the benefit of the Certificateholders all the right, title and interest
      of
      the Depositor, including any security interest therein for the benefit of the
      Depositor, in and to (i) each Mortgage Loan (other than the right to receive
      any
      Retained Interest or any Prepayment Penalty Amounts) identified on the Mortgage
      Loan Schedule, including the related Cut-Off Date Principal Balance, all
      interest due thereon after the Cut-Off Date and all collections in respect
      of
      interest and principal due after the Cut-Off Date; (ii) all the Depositor’s
      right, title and interest in and to the Distribution Account and all amounts
      from time to time credited to and to the proceeds of the Distribution Account;
      (iii) any real property that secured each such Mortgage Loan and that has been
      acquired by foreclosure or deed in lieu of foreclosure; (iv) the Depositor’s
      interest in any insurance policies in respect of the Mortgage Loans; (v) the
      Depositor’s security interest in the Additional Collateral; (vi) all proceeds of
      any of the foregoing; and (vii) all other assets included or to be included
      in
      the Trust Fund. Such assignment includes all interest and principal due to
      the
      Depositor or the Master Servicer after the Cut-Off Date with respect to the
      Mortgage Loans.

     

    Concurrently
      with the execution and delivery of this Agreement, the Depositor does hereby
      assign to the Trustee all of its rights and interest under the Mortgage Loan
      Purchase Agreement, including all rights of the Seller under the Servicing
      Agreements to the extent assigned in the Mortgage Loan Purchase Agreement.
      The
      Trustee hereby accepts such assignment, and shall be entitled to exercise all
      rights of the Depositor under the Mortgage Loan Purchase Agreement and the
      Seller under the Servicing Agreements as if, for such purpose, it were the
      Depositor or the Seller, as applicable. 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.

     

    In
      addition, with respect to any Additional Collateral Mortgage Loan, the Depositor
      does hereby transfer, assign, set-over and otherwise convey to the Trustee
      without recourse (except as provided herein) (i) its rights as assignee under
      any security agreements, pledge agreements or guarantees relating to the
      Additional Collateral supporting any Additional Collateral Mortgage Loan, (ii)
      its security interest in and to any Additional Collateral and (iii) its right
      to
      receive payments in respect of any Additional Collateral Mortgage Loan pursuant
      to the related Servicing Agreement.

     

    For
      purposes of complying with the requirements of the Asset-Backed Securities
      Facilitation Act of the State of Delaware, 6 Del. C. § 2701A, et seq. (the
“Securitization
      Act”),
      each
      of the parties hereto hereby agrees that:

     

    
      
        
        

      

      
        53

        
          

        

      

      
        
        

      

    

    
      	(i)  	
              any
                property, assets or rights purported to be transferred, in whole
                or in
                part, by the Depositor pursuant to this Agreement shall be deemed
                to no
                longer be the property, assets or rights of the
                Depositor;

            

    

     

    
      	(ii)  	
              none
                of the Depositor, its creditors or, in any insolvency proceeding
                with
                respect to the Depositor or the Depositor’s property, a bankruptcy
                trustee, receiver, debtor, debtor in possession or similar person,
                to the
                extent the issue is governed by Delaware law, shall have any rights,
                legal
                or equitable, whatsoever to reacquire (except pursuant to a provision
                of
                this Agreement), reclaim, recover, repudiate, disaffirm, redeem or
                recharacterize as property of the Depositor any property, assets
                or rights
                purported to be transferred, in whole or in part, by the Depositor
                pursuant to this Agreement (including the
                Assignment);

            

    

     

    
      	(iii)  	
              in
                the event of a bankruptcy, receivership or other insolvency proceeding
                with respect to the Depositor or the Depositor’s property, to the extent
                the issue is governed by Delaware law, such property, assets and
                rights
                shall not be deemed to be part of the Depositor’s property, assets, rights
                or estate; and

            

    

     

    
      	(iv)  	
              the
                transaction contemplated by this Agreement shall constitute a
                “securitization transaction” as such term is used in the Securitization
                Act.

            

    

     

    In
      connection with such transfer and assignment, the Seller, on behalf of the
      Depositor, does hereby deliver on the Closing Date, unless otherwise specified
      in this Section 2.01, to, and deposit with the Trustee, or the Custodian as
      its
      designated agent, the following documents or instruments with respect to each
      Mortgage Loan (a “Mortgage
      File”)
      so
      transferred and assigned:

     

    
      	(i)  	
              the
                original Mortgage Note, endorsed either on its face or by allonge
                attached
                thereto in blank or in the following form: “Pay to the order of LaSalle
                Bank National Association, as Trustee for Thornburg Mortgage Securities
                Trust 2006-1, without recourse”, or with respect to any lost Mortgage
                Note, an original Lost Note Affidavit stating that the original mortgage
                note was lost, misplaced or destroyed, together with a copy of the
                related
                mortgage note; provided,
                however,
                that such substitutions of Lost Note Affidavits for original Mortgage
                Notes may occur only with respect to Mortgage Loans the aggregate
                Cut-Off
                Date Principal Balance of which is less than or equal to 2% of the
                Cut-Off
                Date Aggregate Principal Balance;

            

    

     

    
      	(ii)  	
              originals
                or copies of any guarantee, security agreement or pledge agreement
                relating to any Additional Collateral, if applicable, and executed
                in
                connection with the Mortgage Note, assigned to the Trustee on behalf
                of
                the Trust;

            

    

     

    
      	(iii)  	
              except
                as provided below, for each Mortgage Loan that is not a MERS Mortgage
                Loan, the original Mortgage, and in the case of each MERS Mortgage
                Loan,
                the original Mortgage, noting the presence of the MIN for that Mortgage
                Loan and either language indicating that the Mortgage Loan is a MOM
                Loan
                if the Mortgage Loan is a MOM Loan, or if such Mortgage Loan was
                not a MOM
                Loan at origination, the original Mortgage and the assignment to
                MERS, in
                each case with evidence of recording 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 certified copy of such Mortgage or power of
                attorney, as the case may be, 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 (delivered at the Seller’s expense) 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;

            

    

     

    
      
        
        

      

      
        54

        
          

        

      

      
        
        

      

    

    
      	(iv)  	
              the
                original or a copy 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
                Seller certifying that the copy of such assumption, modification
                or
                substitution agreement delivered to the Trustee (or its custodian)
                on
                behalf of the Trust is a true copy and that the original of such
                agreement
                has been forwarded to the public recording
                office;

            

    

     

    
      	(v)  	
              in
                the case of each Mortgage Loan that is not a MERS Mortgage Loan,
                an
                original Assignment of Mortgage, in form and substance acceptable
                for
                recording. The Mortgage shall be assigned to “LaSalle Bank National
                Association, as Trustee for Thornburg Mortgage Securities Trust 2006-1,
                without recourse” or in blank;

            

    

     

    
      	(vi)  	
              in
                the case of each Mortgage Loan that is not a MERS Mortgage Loan,
                an
                original copy of any intervening Assignment of Mortgage showing a
                complete
                chain of assignments, or, in the case of an intervening Assignment
                of
                Mortgage that has been lost, a written Opinion of Counsel (delivered
                at
                the Seller’s expense) acceptable to the Trustee that such original
                intervening Assignment of Mortgage is not required to enforce the
                Trustee’s interest in the Mortgage
                Loans;

            

    

     

    
      	(vii)  	
              the
                original or a certified copy of lender’s title insurance policy;
                and

            

    

     

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

            

    

    

    
      
        
        

      

      
        55

        
          

        

      

      
        
        

      

    

    Notwithstanding
      the above, the Mortgage Files to be delivered and deposited with the Trustee,
      or
      the Custodian for the Mortgage Loans serviced by Wells Fargo Bank, N.A. (“WFB”),
      shall include only the documents or instruments referred to in (i), (ii), (iv)
      and (v) above and the other documents identified above shall be retained and
      held by WFB, as servicer, as provided in the Reconstituted Servicing Agreements
      dated as of January 1, 2006, between the Seller and WFB, and acknowledged by
      the
      Master Servicer and the Trustee; provided that the Master Servicer shall cause
      WFB to deliver to the Trustee or the Custodian, within 60 days of the occurrence
      of a Document Transfer Event, the documents and instruments so retained by
      it
      consisting of the documents or instruments referred to in (iii) and (vi) -
      (ix)
      above.

     

    In
      addition to the foregoing, the Mortgage Files to be delivered and deposited
      with
      the Trustee, or the Custodian as its agent for the Mortgage Loans serviced
      by
      PHH Mortgage Corporation (“PHH”), shall include only the documents or
      instruments referred to in (i) and (v) above and the other documents identified
      above shall be delivered and deposited with the Trustee, or the Custodian as
      its
      agent for the Mortgage Loans serviced by PHH no later than 120 days after the
      Closing Date.

     

    In
      connection with the assignment of any MERS Mortgage Loan, the Seller agrees
      that
      it will take (or shall cause the applicable Servicer to take), at the expense
      of
      the Seller (with the cooperation of the Depositor, the Trustee and the Master
      Servicer), such actions as are necessary to cause the MERS® System to indicate
      that such Mortgage Loans have been assigned by the Seller to the Trustee in
      accordance with this Agreement for the benefit of the Certificateholders by
      including (or deleting, in the case of Mortgage Loans that are repurchased
      in
      accordance with this Agreement) in such computer files the information required
      by the MERS® System to identify the series of the Certificates issued in
      connection with the transfer of such Mortgage Loans to the Thornburg Mortgage
      Securities Trust 2006-1.

     

    With
      respect to each Cooperative Loan the Seller, on behalf of the Depositor does
      hereby deliver to the Trustee (or Custodian) the related Cooperative Loan
      Documents and the Seller will take (or shall cause the applicable Servicer
      to
      take), at the expense of the Seller (with the cooperation of the Depositor,
      the
      Trustee and the Master Servicer) such actions as are necessary under applicable
      law (including but not limited to the relevant UCC) in order to perfect the
      interest of the Trustee in the related Mortgaged Property.

     

    Assignments
      of each Mortgage with respect to each Mortgage Loan that is not a MERS Mortgage
      Loan (other than a Cooperative Loan) shall be recorded; provided,
      however,
      that
      such assignments need not be recorded if, in the Opinion of Counsel (which
      must
      be from Independent Counsel and not at the expense of the Trust or the Trustee)
      acceptable to the Trustee, each Rating Agency and the Master Servicer, recording
      in such states is not required to protect the Trust’s interest in the related
      Mortgage Loans; provided,
      however,
      notwithstanding the delivery of any Opinion of Counsel, each assignment of
      Mortgage shall be submitted for recording by the Seller (or the Seller will
      cause the applicable Servicer to submit each such assignment for recording),
      at
      the cost and expense of the Seller, in the manner described above, at no expense
      to the Trust or Trustee, upon the earliest to occur of (1) reasonable direction
      by the Majority Certificateholders, (2) the occurrence of a bankruptcy or
      insolvency relating to the Seller or the Depositor, or (3) with respect to
      any
      one Assignment of Mortgage, the occurrence of a bankruptcy, insolvency or
      foreclosure relating to the Mortgagor under the related Mortgage. Subject to
      the
      preceding sentence, as soon as practicable after the Closing Date (but in no
      event more than three months thereafter except to the extent delays are caused
      by the applicable recording office), the Seller shall properly record (or the
      Seller will cause the applicable Servicer to properly record), at the expense
      of
      the Seller (with the cooperation of the Depositor, the Trustee and the Master
      Servicer), in each public recording office where the related Mortgages are
      recorded, each assignment referred to in Section 2.01(v) above with respect
      to a
      Mortgage Loan that is not a MERS Mortgage Loan.

     

    
      
        
        

      

      
        56

        
          

        

      

      
        
        

      

    

    The
      Trustee agrees to execute and deliver to the Depositor on or prior to the
      Closing Date an acknowledgment of receipt of the original Mortgage Note (with
      any exceptions noted), substantially in the form attached as Exhibit G-1
      hereto.

     

    If
      the
      original lender’s title insurance policy, or a certified copy thereof, was
      required to be but was not delivered pursuant to Section 2.01(vii) above, the
      Seller shall deliver or cause to be delivered to the Trustee the original or
      a
      copy of a written commitment or interim binder or preliminary report of title
      issued by the title insurance or escrow company, with the original or a
      certified copy thereof to be delivered to the Trustee, promptly upon receipt
      thereof, but in any case within 175 days of the Closing Date. The Seller shall
      deliver or cause to be delivered to the Trustee, promptly upon receipt thereof,
      any other documents constituting a part of a Mortgage File received with respect
      to any Mortgage Loan sold to the Depositor by the Seller and required to be
      delivered to the Trustee, including, but not limited to, any original documents
      evidencing an assumption or modification of any Mortgage Loan. The Master
      Servicer shall cause to be delivered to the Trustee the Mortgage Files retained
      by WFB within 60 days of the occurrence of a Document Transfer Event as
      described above.

     

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

     

    Upon
      discovery or receipt of notice of any materially defective document in, or
      that
      a document is missing from, a Mortgage File, the Seller shall have 90 days
      to
      cure such defect or deliver such missing document to the Trustee. If the Seller
      does not cure such defect or deliver such missing document within such time
      period, the Seller shall either repurchase or substitute for such Mortgage
      Loan
      in accordance with Section 2.03 hereof.

     

    The
      Depositor herewith delivers to the Trustee an executed copy of the Mortgage
      Loan
      Purchase Agreement.

     

    SECTION
      2.02.   Acceptance
      by Trustee.

     

    The
      Trustee hereby accepts its appointment as Custodian hereunder and acknowledges
      the receipt, subject to the provisions of Section 2.01 and subject to the review
      described below and any exceptions noted on the exception report described
      in
      the next paragraph below, of the documents referred to in Section 2.01 above
      and
      all other assets included in the definition of “Trust Fund” and declares that,
      in its capacity as Custodian, it holds and will hold such documents and the
      other documents delivered to it constituting a Mortgage File, and that it holds
      or will hold all such assets and such other assets included in the definition
      of
“Trust Fund” in trust for the exclusive use and benefit of all present and
      future Certificateholders.

     

    
      
        
        

      

      
        57

        
          

        

      

      
        
        

      

    

    The
      Trustee further agrees, for the benefit of the Certificateholders, to review
      each Mortgage File (other than for the Mortgage Loans serviced by PHH) delivered
      to it and to certify and deliver to the Depositor, the Seller and each Rating
      Agency an interim certification in substantially the form attached hereto as
      Exhibit G-2, within 90 days after the Closing Date (or, with respect to any
      document delivered after the Startup Day, within 45 days of receipt (including,
      but not limited to, documents provided by PHH as described in Section 2.01
      above) and with respect to any Qualified Substitute Mortgage, within five
      Business Days after the assignment thereof) that, as to each Mortgage Loan
      listed in the Mortgage Loan Schedule (other than any Mortgage Loan paid in
      full
      or any Mortgage Loan specifically identified in the exception report annexed
      thereto as not being covered by such certification), (i) all documents
      required to be delivered to it pursuant Section 2.01 of this Agreement are
      in its possession, (ii) such documents have been reviewed by it and have
      not been mutilated, damaged or torn and relate to such Mortgage Loan and
      (iii) based on its examination and only as to the foregoing, the
      information set forth in the Mortgage Loan Schedule that corresponds to items
      (i), (ii), (iii), (xiii), (xiv) and (xviii) of the Mortgage Loan Schedule (to
      the extent such items are required to be delivered to it as part of the Mortgage
      Files pursuant to Section 2.01) accurately reflects information set forth in
      the
      Mortgage File. It is herein acknowledged that, in conducting such review, the
      Trustee is under no duty or obligation to inspect, review or examine any such
      documents, instruments, certificates or other papers to determine that they
      are
      genuine, enforceable, or appropriate for the represented purpose or that they
      have actually been recorded or that they are other than what they purport to
      be
      on their face.

     

    No
      later
      than 180 days after the Closing Date, the Trustee shall deliver to the Depositor
      and the Seller a final certification in the form annexed hereto as Exhibit
      G-3
      evidencing the completeness of the Mortgage Files, with any applicable
      exceptions noted thereon.

     

    If,
      in
      the process of reviewing the Mortgage Files and making or preparing, as the
      case
      may be, the certifications referred to above, the Trustee finds any document
      or
      documents constituting a part of a Mortgage File to be missing or not conforming
      to the requirements set forth herein, at the conclusion of its review the
      Trustee (or the Custodian as its designated agent) shall promptly notify the
      Seller, the Depositor and the Master Servicer. In addition, upon the discovery
      by the Seller or the Depositor (or upon receipt by the Trustee of written
      notification of such breach) of a breach of any of the representations and
      warranties made by the Seller in the Mortgage Loan Purchase Agreement in respect
      of any Mortgage Loan that materially adversely affects such Mortgage Loan or
      the
      interests of the related Certificateholders in such Mortgage Loan, the party
      discovering such breach shall give prompt written notice to the other parties
      to
      this Agreement.

     

    
      
        
        

      

      
        58

        
          

        

      

      
        
        

      

    

    The
      Depositor and the Trustee intend that the assignment and transfer herein
      contemplated constitute a sale of the Mortgage Loans, the related Mortgage
      Notes
      and the related documents, conveying good title thereto free and clear of any
      liens and encumbrances, from the Depositor to the Trustee and that such property
      not be part of the Depositor’s estate or property of the Depositor in the event
      of any insolvency by the Depositor. In the event that such conveyance is deemed
      to be, or to be made as security for, a loan, the parties intend that the
      Depositor shall be deemed to have granted and does hereby grant to the Trustee
      a
      first priority perfected security interest in all of the Depositor’s right,
      title and interest in and to the Mortgage Loans, the related Mortgage Notes
      and
      the related documents, and that this Agreement shall constitute a security
      agreement under applicable law.

     

    SECTION
      2.03.   Repurchase
      or Substitution of Mortgage Loans by the Seller.

     

    (a)  Upon
      discovery or receipt of written notice that a document does not comply with
      the
      requirements of Section 2.01 hereof, or that a document is missing from, a
      Mortgage File or of the breach by the Seller of any representation, warranty
      or
      covenant under the Mortgage Loan Purchase Agreement or in Section 2.04 or
      Section 2.08 hereof in respect of any Mortgage Loan which materially adversely
      affects the value of that Mortgage Loan or the interest therein of the
      Certificateholders, the Trustee (or the Custodian as its designated agent)
      shall
      promptly notify the Seller of such noncompliance, missing document or breach
      and
      request that the Seller deliver such missing document or cure such noncompliance
      or breach within 90 days from the date that the Seller was notified of such
      missing document, noncompliance or breach, and if the Seller does not deliver
      such missing document or cure such noncompliance or breach in all material
      respects during such period, the Trustee shall enforce the Seller’s obligation
      under the Mortgage Loan Purchase Agreement and cause the Seller to repurchase
      that Mortgage Loan from the Trust Fund at the Purchase Price on or prior to
      the
      Determination Date following the expiration of such 90 day period (subject
      to
      Section 2.03(e) below); provided,
      however,
      that, in
      connection with any such breach that could not reasonably have been cured within
      such 90 day period, if the Seller shall have commenced to cure such breach
      within such 90 day period, the Seller shall be permitted to proceed thereafter
      diligently and expeditiously to cure the same within the additional period
      provided under the Mortgage Loan Purchase Agreement; and, provided
      further,
      that,
      in the case of the breach of any representation, warranty or covenant made
      by
      the Seller in Schedule III to the Mortgage Loan Purchase Agreement, the Seller
      shall be obligated to cure such breach or purchase the affected Mortgage Loans
      for the Purchase Price or, if the Mortgage Loan or the related Mortgaged
      Property acquired with respect thereto has been sold, then the Seller shall
      pay,
      in lieu of the Purchase Price, any excess of the Purchase Price over the Net
      Liquidation Proceeds received upon such sale. The Purchase Price for the
      repurchased Mortgage Loan or such other amount due shall be deposited in the
      Distribution Account on or prior to the next Determination Date after the
      Seller’s obligation to repurchase such Mortgage Loan arises. The Trustee, upon
      receipt of written certification from the Securities Administrator of the
      related deposit in the Distribution Account, shall release to the Seller the
      related Mortgage File and shall execute and deliver such instruments of transfer
      or assignment, in each case without recourse, as the Seller shall furnish to
      it
      and as shall be necessary to vest in the Seller any Mortgage Loan released
      pursuant hereto and the Trustee shall have no further responsibility with regard
      to such Mortgage File (it being understood that the Trustee shall have no
      responsibility for determining the sufficiency of such assignment for its
      intended purpose). In lieu of repurchasing any such Mortgage Loan as provided
      above, the Seller may cause such Mortgage Loan to be removed from the Trust
      Fund
      (in which case it shall become a Deleted Mortgage Loan) and substitute one
      or
      more Qualified Substitute Mortgage Loans in the manner and subject to the
      limitations set forth in Section 2.03(d) below. It is understood and agreed
      that
      the obligation of the Seller to cure or to repurchase (or to substitute for)
      any
      Mortgage Loan as to which a document is missing, a material defect in a
      constituent document exists or as to which such a breach has occurred and is
      continuing shall constitute the sole remedy against the Seller respecting such
      omission, defect or breach available to the Trustee on behalf of the
      Certificateholders.

     

    
      
        
        

      

      
        59

        
          

        

      

      
        
        

      

    

    The
      Trustee shall enforce the obligations of the Seller under the Mortgage Loan
      Purchase Agreement including, without limitation, any obligation of the Seller
      to purchase a Mortgage Loan on account of missing or defective documentation
      or
      on account of a breach of a representation, warranty or covenant as described
      in
      this Section 2.03(a).

     

    Any
      costs
      and expenses incurred by the Trustee enforcing the obligations of the Seller
      under this Section 2.03(a) shall be reimbursable to the Trustee from amounts
      on
      deposit in the Distribution Account.

     

    (b)  If
      pursuant to the provisions of Section 2.03(a), the Seller repurchases or
      otherwise removes from the Trust Fund a Mortgage Loan that is a MERS Mortgage
      Loan, the Seller will take (or shall cause the applicable Servicer to take),
      at
      the expense of the Seller (with the cooperation of the Depositor, the Trustee
      and the Master Servicer), such actions as are necessary either (i) cause MERS
      to
      execute and deliver an Assignment of Mortgage in recordable form to transfer
      the
      Mortgage from MERS to the Seller and shall cause such Mortgage to be removed
      from registration on the MERS® System in accordance with MERS’ rules and
      regulations or (ii) cause MERS to designate on the MERS® System the Seller or
      its designee as the beneficial holder of such Mortgage Loan.

     

    (c)  [Reserved].

     

    (d)  Any
      substitution of Qualified Substitute Mortgage Loans for Deleted Mortgage Loans
      made pursuant to Section 2.03(a) above must be effected prior to the last
      Business Day that is within two years after the Closing Date. As to any Deleted
      Mortgage Loan for which the Seller substitutes a Qualified Substitute Mortgage
      Loan or Loans, such substitution shall be effected by the Seller delivering
      to
      the Trustee, for such Qualified Substitute Mortgage Loan or Loans, the Mortgage
      Note, the Mortgage, the Assignment to the Trustee, and such other documents
      and
      agreements, with all necessary endorsements thereon, as are required by Section
      2.01 hereof (subject to the exceptions provided therein), together with an
      Officers’ Certificate stating that each such Qualified Substitute Mortgage Loan
      satisfies the definition thereof and specifying the Substitution Adjustment
      (as
      described below), if any, in connection with such substitution; provided,
      however,
      that, in
      the case of any Qualified Substitute Mortgage Loan that is a MERS Mortgage
      Loan,
      the Seller shall provide such documents and take such other action with respect
      to such Qualified Substitute Mortgage Loans as are required pursuant to Section
      2.01 hereof. The Trustee shall acknowledge receipt for such Qualified Substitute
      Mortgage Loan or Loans and, within five Business Days thereafter, shall review
      such documents as specified in Section 2.02 hereof and deliver to the related
      Servicer, with respect to such Qualified Substitute Mortgage Loan or Loans,
      a
      certification substantially in the form attached hereto as Exhibit G-2, with
      any
      exceptions noted thereon. Within 180 days of the date of substitution, the
      Trustee shall deliver to the Seller and the Master Servicer a certification
      substantially in the form of Exhibit G-3 hereto with respect to such Qualified
      Substitute Mortgage Loan or Loans, with any exceptions noted thereon. Monthly
      Payments due with respect to Qualified Substitute Mortgage Loans in the month
      of
      substitution are not part of the Trust Fund and will be retained by the Seller.
      For the month of substitution, distributions to Certificateholders will reflect
      the collections and recoveries in respect of such Deleted Mortgage Loan in
      the
      Due Period preceding the month of substitution and the Depositor or the Seller,
      as the case may be, shall thereafter be entitled to retain all amounts
      subsequently received in respect of such Deleted Mortgage Loan. The Seller
      shall
      give or cause to be given written notice to the Certificateholders that such
      substitution has taken place, shall amend the Mortgage Loan Schedule to reflect
      the removal of such Deleted Mortgage Loan from the terms of this Agreement
      and
      the substitution of the Qualified Substitute Mortgage Loan or Loans and shall
      deliver a copy of such amended Mortgage Loan Schedule to the Trustee. Upon
      such
      substitution, such Qualified Substitute Mortgage Loan or Loans shall constitute
      part of the Trust Fund and shall be subject in all respects to the terms of
      this
      Agreement and, in the case of a substitution effected by the Seller, the
      Mortgage Loan Purchase Agreement, including, in the case of a substitution
      effected by the Seller all representations and warranties thereof included
      in
      the Mortgage Loan Purchase Agreement and all representations and warranties
      thereof set forth in Section 2.04 hereof, in each case as of the date of
      substitution.

     

    
      
        
        

      

      
        60

        
          

        

      

      
        
        

      

    

    For
      any
      month in which the Seller substitutes one or more Qualified Substitute Mortgage
      Loans for one or more Deleted Mortgage Loans, the Seller shall determine, and
      provide written certification to the Trustee and the Seller as to, the amount
      (each, a “Substitution
      Adjustment”),
      if
      any, by which the aggregate Purchase Price of all such Deleted Mortgage Loans
      exceeds the aggregate, as to each such Qualified Substitute Mortgage Loan,
      of
      the principal balance thereof as of the date of substitution, together with
      one
      month’s interest on such principal balance at the applicable Net Loan Rate. On
      or prior to the next Determination Date after the Seller’s obligation to
      repurchase the related Deleted Mortgage Loan arises, the Seller will deliver
      or
      cause to be delivered to the Securities Administrator for deposit in the
      Distribution Account an amount equal to the related Substitution Adjustment,
      if
      any, and the Trustee, upon receipt of the related Qualified Substitute Mortgage
      Loan or Loans and an acknowledgment from the Securities Administrator of its
      receipt of the deposit to the Distribution Account, shall release to the Seller
      the related Mortgage File or Files and shall execute and deliver such
      instruments of transfer or assignment, in each case without recourse, as the
      Seller shall deliver to it and as shall be necessary to vest therein any Deleted
      Mortgage Loan released pursuant hereto.

     

    In
      addition, the Seller shall obtain at its own expense and deliver to the Trustee
      an Opinion of Counsel to the effect that such substitution (either specifically
      or as a class of transactions) will not cause (a) any federal tax to be imposed
      on the Trust Fund, including without limitation, any federal tax imposed on
      “prohibited transactions” under Section 860F(a)(l) of the Code or on
“contributions after the startup date” under Section 860G(d)(l) of the Code, or
      (b) any REMIC created hereunder to fail to qualify as a REMIC at any time that
      any Certificate is outstanding. If such Opinion of Counsel cannot be delivered,
      then such substitution may only be effected at such time as the required Opinion
      of Counsel can be given.

     

    (e)  Upon
      discovery by the Seller, the Master Servicer, a Servicer or the Trustee that
      any
      Mortgage Loan does not constitute a “qualified mortgage” within the meaning of
      Section 860G(a)(3) of the Code, the party discovering such fact shall within
      two
      Business Days give written notice thereof to the other parties. In connection
      therewith, the Seller shall repurchase or, subject to the limitations set forth
      in Section 2.03(d), substitute one or more Qualified Substitute Mortgage Loans
      for the affected Mortgage Loan within 90 days of the earlier of discovery or
      receipt of such notice with respect to such affected Mortgage Loan. Any such
      repurchase or substitution shall be made in the same manner as set forth in
      Section 2.03(a) above, if made by the Seller. The Trustee shall reconvey to
      the
      Seller the Mortgage Loan to be released pursuant hereto in the same manner,
      and
      on the same terms and conditions, as it would a Mortgage Loan repurchased for
      breach of a representation or warranty.

     

    
      
        
        

      

      
        61

        
          

        

      

      
        
        

      

    

     

    
      	SECTION
              2.04.   	
              Representations
                and Warranties of the Seller with Respect to the Mortgage
                Loans.

            

    

     

    The
      Seller hereby represents and warrants to the Trustee for the benefit of the
      Certificateholders that the representations and warranties made by the Seller
      pursuant to Schedule III to the Mortgage Loan Purchase Agreement are hereby
      being made to the Trustee and are true and correct as of the Closing
      Date.

     

    With
      respect to the representations and warranties incorporated in this Section
      2.04
      that are made to the best of the Seller’s knowledge or as to which the Seller
      has no knowledge, if it is discovered by the Depositor, the Seller, the Master
      Servicer or the Trustee that the substance of such representation and warranty
      is inaccurate and such inaccuracy materially and adversely affects the value
      of
      the related Mortgage Loan or the interest therein of the Certificateholders
      then, notwithstanding the Seller’s lack of knowledge with respect to the
      substance of such representation and warranty being inaccurate at the time
      the
      representation or warranty was made, such inaccuracy shall be deemed a breach
      of
      the applicable representation or warranty.

     

    Within
      90
      days of its discovery or its receipt of notice of any such missing or materially
      defective documentation or any such breach of a representation or warranty,
      the
      Seller shall promptly deliver such missing document or cure such defect or
      breach in all material respects or, in the event such defect or breach cannot
      be
      cured, the Seller shall repurchase the affected Mortgage Loan or cause the
      removal of such Mortgage Loan from the Trust Fund and substitute for it one
      or
      more Qualified Substitute Mortgage Loans, in either case, in accordance with
      Section 2.03 hereof.

     

    It
      is
      understood and agreed that the representations and warranties incorporated
      in
      this Section 2.04 shall survive delivery of the Mortgage Files to the Trustee
      and shall inure to the benefit of the Certificateholders notwithstanding any
      restrictive or qualified endorsement or assignment. Upon discovery by any of
      the
      Depositor, the Seller, the Master Servicer or the Trustee of a breach of any
      of
      the foregoing representations and warranties which materially and adversely
      affects the value of any Mortgage Loan or the interests therein of the
      Certificateholders, the party discovering such breach shall give prompt written
      notice to the other parties, and in no event later than two Business Days from
      the date of such discovery. It is understood and agreed that the obligations
      of
      the Seller set forth in Section 2.03(a) hereof to cure, substitute for or
      repurchase a related Mortgage Loan pursuant to the Mortgage Loan Purchase
      Agreement constitute the sole remedies available to the Certificateholders
      or to
      the Trustee on their behalf respecting a breach of the representations and
      warranties incorporated in this Section 2.04.

     

    
      
        
        

      

      
        62

        
          

        

      

      
        
        

      

    

     

    SECTION
      2.05.   [Reserved].

     

     

    SECTION
      2.06.   Representations
      and Warranties of the Depositor.

     

    The
      Depositor represents and warrants to the Trust and the Trustee on behalf of
      the
      Certificateholders as follows:

     

    (i)  this
      agreement constitutes a legal, valid and binding obligation of the Depositor,
      enforceable against the Depositor in accordance with its terms, except as
      enforceability may be limited by applicable bankruptcy, insolvency,
      reorganization, moratorium or other similar laws now or hereafter in effect
      affecting the enforcement of creditors’ rights in general an except as such
      enforceability may be limited by general principles of equity (whether
      considered in a proceeding at law or in equity);

     

    (ii)  immediately
      prior to the sale and assignment by the Depositor to the Trustee on behalf
      of
      the Trust of each Mortgage Loan, the Depositor had good and marketable title
      to
      each Mortgage Loan (insofar as such title was conveyed to it by the Seller)
      subject to no prior lien, claim, participation interest, mortgage, security
      interest, pledge, charge or other encumbrance or other interest of any
      nature;

     

    (iii)  as
      of the
      Closing Date, the Depositor has transferred all right, title and interest in
      the
      Mortgage Loans to the Trustee on behalf of the Trust;

     

    (iv)  the
      Depositor has not transferred the Mortgage Loans to the Trustee on behalf of
      the
      Trust with any intent to hinder, delay or defraud any of its creditors;

     

    (v)  the
      Depositor has been duly incorporated and is validly existing as a corporation
      in
      good standing under the laws of Delaware, with full corporate power and
      authority to own its assets and conduct its business as presently being
      conducted;

     

    (vi)  the
      Depositor is not in violation of its certificate of incorporation or by-laws
      or
      in default in the performance or observance of any material obligation,
      agreement, covenant or condition contained in any contract, indenture, mortgage,
      loan agreement, note, lease or other instrument to which the Depositor is a
      party or by which it or its properties may be bound, which default might result
      in any material adverse changes in the financial condition, earnings, affairs
      or
      business of the Depositor or which might materially and adversely affect the
      properties or assets, taken as a whole, of the Depositor;

     

    (vii)  the
      execution, delivery and performance of this Agreement by the Depositor, and
      the
      consummation of the transactions contemplated hereby, do not and will not result
      in a material breach or violation of any of the terms or provisions of, or,
      to
      the knowledge of the Depositor, constitute a default under, any indenture,
      mortgage, deed of trust, loan agreement or other agreement or instrument to
      which the Depositor is a party or by which the Depositor is bound or to which
      any of the property or assets of the Depositor is subject, nor will such actions
      result in any violation of the provisions of the certificate of incorporation
      or
      by-laws of the Depositor or, to the best of the Depositor’s knowledge without
      independent investigation, any statute or any order, rule or regulation of
      any
      court or governmental agency or body having jurisdiction over the Depositor
      or
      any of its properties or assets (except for such conflicts, breaches, violations
      and defaults as would not have a material adverse effect on the ability of
      the
      Depositor to perform its obligations under this Agreement);

     

    
      
        
        

      

      
        63

        
          

        

      

      
        
        

      

    

    (viii)  to
      the
      best of the Depositor’s knowledge without any independent investigation, no
      consent, approval, authorization, order, registration or qualification of or
      with any court or governmental agency or body of the United States or any other
      jurisdiction is required for the issuance of the Certificates, or the
      consummation by the Depositor of the other transactions contemplated by this
      Agreement, except such consents, approvals, authorizations, registrations or
      qualifications as (a) may be required under State securities or “blue sky” laws,
      (b) have been previously obtained or (c) the failure of which to obtain would
      not have a material adverse effect on the performance by the Depositor of its
      obligations under, or the validity or enforceability of, this Agreement;
      and

     

    (ix)  there
      are
      no actions, proceedings or investigations pending before or, to the Depositor’s
      knowledge, threatened by any court, administrative agency or other tribunal
      to
      which the Depositor is a party or of which any of its properties is the subject:
      (a) which if determined adversely to the Depositor would have a material adverse
      effect on the business, results of operations or financial condition of the
      Depositor; (b) asserting the invalidity of this Agreement or the Certificates;
      (c) seeking to prevent the issuance of the Certificates or the consummation
      by
      the Depositor of any of the transactions contemplated by this Agreement, as
      the
      case may be; or (d) which might materially and adversely affect the performance
      by the Depositor of its obligations under, or the validity or enforceability
      of,
      this Agreement.

     

    SECTION
      2.07.   Issuance
      of Certificates.

     

    The
      Trustee acknowledges the assignment to it of the Mortgage Loans and the delivery
      to it of the Mortgage Files, subject to the provisions of Sections 2.01 and
      2.02 hereof, together with the assignment to it of all other assets included
      in
      the Trust Fund, receipt of which is hereby acknowledged. Concurrently with
      such
      assignment and delivery and in exchange therefor, the Securities Administrator,
      pursuant to the written request of the Depositor executed by an officer of
      the
      Depositor, has executed, authenticated and delivered to or upon the order of
      the
      Depositor, the Certificates in authorized denominations. The interests evidenced
      by the Certificates constitute the entire beneficial ownership interest in
      the
      Trust Fund.

     

    SECTION
      2.08.   Representations
      and Warranties of the Seller.

     

    The
      Seller hereby represents and warrants to the Trust and the Trustee on behalf
      of
      the Certificateholders that, as of the Closing Date or as of such date
      specifically provided herein:

     

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

     

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

     

    
      
        
        

      

      
        64

        
          

        

      

      
        
        

      

    

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

     

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

     

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

     

    (vi)  the
      Seller has good, marketable and indefeasible title to the Mortgage Loans, free
      and clear of any and all liens, pledges, charges or security interests of any
      nature encumbering the Mortgage Loans and upon the payment of the purchase
      price
      under the Mortgage Loan Purchase Agreement by the Depositor, the Depositor
      will
      have good and marketable title to the Mortgage Notes and Mortgage Loans, free
      and clear of all liens or encumbrances;

     

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

     

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

     

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

     

    
      
        
        

      

      
        65

        
          

        

      

      
        
        

      

    

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

     

    SECTION
      2.09.   Covenants
      of the Seller.  

     

    The
      Seller hereby covenants that, except for the transfer hereunder, the Seller
      will
      not sell, pledge, assign or transfer to any other Person, or grant, create,
      incur, assume or suffer to exist any lien on any Mortgage Loan, or any interest
      therein; the Seller will notify the Trustee, as assignee of the Depositor,
      and
      the Master Servicer of the existence of any lien on any Mortgage Loan
      immediately upon discovery thereof, and the Seller will defend the right, title
      and interest of the Trust, as assignee of the Depositor, in, to and under the
      Mortgage Loans, against all claims of third parties claiming through or under
      the Seller; provided,
      however,
      that
      nothing in this Section 2.09 shall prevent or be deemed to prohibit the Seller
      from suffering to exist upon any of the Mortgage Loans any liens for municipal
      or other local taxes and other governmental charges if such taxes or
      governmental charges shall not at the time be due and payable or if the Seller
      shall currently be contesting the validity thereof in good faith by appropriate
      proceedings and shall have set aside on its books adequate reserves with respect
      thereto.
      The
      Seller shall, within 30 days after the Closing Date, provide the Master
      Servicer, the Securities Administrator, the Trustee, the Delaware Trustee,
      the
      Yield Maintenance Counterparty, the Auction Swap Counterparty, each Servicer
      and
      the Depositor a complete list of each party to the Thornburg Mortgage Trust
      2006-1 transaction, including all Servicers and originators.

     

    ARTICLE
      III

     

    ADMINISTRATION
      AND SERVICING

    OF
      THE
      MORTGAGE LOANS

     

    SECTION
      3.01.   Master
      Servicer to Service and Administer the Mortgage Loans. 

     

    The
      Master Servicer shall supervise, monitor and oversee the obligation of the
      Servicers to service and administer their respective Mortgage Loans in
      accordance with the terms of the applicable Servicing Agreement and, where
      applicable, the Correspondent Sellers Guide and the Master Servicing Guide,
      and
      shall have full power and authority to do any and all things which it may deem
      necessary or desirable in connection with such master servicing and
      administration. In performing its obligations hereunder, the Master Servicer
      shall act in a manner consistent with Accepted Master Servicing Practices and,
      where applicable, the Master Servicing Guide. Furthermore, the Master Servicer
      shall oversee and consult with each Servicer as necessary from time-to-time
      to
      carry out the Master Servicer’s obligations hereunder, shall receive, review and
      evaluate all reports, information and other data provided to the Master Servicer
      by each Servicer and shall cause each Servicer to perform and observe the
      covenants, obligations and conditions to be performed or observed by such
      Servicer under the applicable Servicing Agreement. The Master Servicer shall
      independently and separately monitor each Servicer’s servicing activities with
      respect to each related Mortgage Loan, reconcile the results of such monitoring
      with such information provided in the previous sentence on a monthly basis
      and
      coordinate corrective adjustments to the Servicers’ and Master Servicer’s
      records, and based on such reconciled and corrected information, prepare the
      statements specified in Section 5.04 and any other information and statements
      required hereunder. The Master Servicer shall reconcile the results of its
      Mortgage Loan monitoring with the actual remittances of the Servicers to the
      related Servicing Accounts pursuant to the applicable Servicing
      Agreements.

     

    
      
        
        

      

      
        66

        
          

        

      

      
        
        

      

    

    The
      Trustee shall furnish the Servicers and the Master Servicer with any limited
      powers of attorney and other documents in form acceptable to the Trustee,
      necessary or appropriate to enable the Servicers and the Master Servicer to
      service and administer the related Mortgage Loans and REO Property, which
      limited powers of attorney shall provide that the Trustee will not be liable
      for
      the actions or omissions of the Servicers or Master Servicer in exercising
      such
      powers. 

     

    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. The Master Servicer shall indemnify the Trustee for
      any and all costs, liabilities and expenses incurred by the Trustee in
      connection with the negligent or willful misuse of such powers of attorney
      by
      the Master Servicer.

     

    The
      Trustee shall provide access to the records and documentation in possession
      of
      the Trustee (including in its capacity as Custodian hereunder) regarding the
      related Mortgage Loans and REO Property and the servicing thereof to the
      Certificateholders, the FDIC, and the supervisory agents and examiners of the
      FDIC, such access being afforded only upon reasonable prior written request
      and
      during normal business hours at the office of the Trustee; provided,
      however,
      that,
      unless otherwise required by law, the Trustee shall not be required to provide
      access to such records and documentation if the provision thereof would violate
      the legal right to privacy of any Mortgagor. The Trustee shall allow
      representatives of the above entities to photocopy any of the records and
      documentation and shall provide equipment for that purpose at a charge that
      covers the Trustee’s actual costs.

     

    The
      Trustee, upon the written request of the Master Servicer, shall execute and
      deliver to the related Servicer and the Master Servicer any court pleadings,
      requests for trustee’s sale or other documents necessary or desirable to (i) the
      foreclosure or trustee’s sale with respect to a Mortgaged Property; (ii) any
      legal action brought to obtain judgment against any Mortgagor on the Mortgage
      Note or Mortgage; (iii) obtain a deficiency judgment against the Mortgagor;
      or
      (iv) enforce any other rights or remedies provided by the Mortgage Note or
      Mortgage or otherwise available at law or equity.

     

    SECTION
      3.02.   REMIC-Related
      Covenants.

     

    For
      as
      long as each REMIC created hereunder shall exist, the Trustee and the Securities
      Administrator shall act in accordance herewith to treat each such REMIC as
      a
      REMIC, and the Trustee and the Securities Administrator shall comply with any
      directions of the Depositor, the related Servicer or the Master Servicer to
      assure such continuing treatment. In particular, the Trustee, the Securities
      Administrator and the Master Servicer shall not (a) sell or knowingly permit
      the
      sale of all or any portion of the Mortgage Loans or of any investment of
      deposits in an Account unless such sale is as a result of a repurchase of the
      Mortgage Loans or is otherwise permitted pursuant to this Agreement or the
      Trustee has received a REMIC Opinion prepared at the expense of the Trust;
      and
      (b) other than with respect to a substitution pursuant to the Mortgage Loan
      Purchase Agreement or Section 2.03 or 2.04 of this Agreement or as otherwise
      provided in this Agreement, as applicable, accept any contribution to any REMIC
      after the Startup Day without receipt of a REMIC Opinion.

     

    
      
        
        

      

      
        67

        
          

        

      

      
        
        

      

    

     

    SECTION
      3.03.   Monitoring
      of Servicers.

     

    (a)  The
      Master Servicer shall be responsible for reporting to the Trustee (on behalf
      of
      the Trust) and the Depositor the compliance by each Servicer with its duties
      under the related Servicing Agreement. In the review of each Servicer’s
      activities, the Master Servicer may rely upon an officer’s certificate of the
      Servicer with regard to such Servicer’s compliance with the terms of its
      Servicing Agreement. In the event that the Master Servicer, in its judgment,
      determines that a Servicer should be terminated in accordance with its Servicing
      Agreement, or that a notice should be sent pursuant to such Servicing Agreement
      with respect to the occurrence of an event that, unless cured, would constitute
      grounds for such termination, the Master Servicer shall notify the Depositor
      and
      the Trustee thereof and the Master Servicer shall issue such notice or take
      such
      other action as it deems appropriate.

     

    (b)  The
      Master Servicer, for the benefit of the Trust and the Certificateholders, shall
      (acting as agent of the Trust when enforcing the Trust’s rights under each
      Servicing Agreement) (i) enforce the obligations of each Servicer under the
      related Servicing Agreement, and (ii) in the event that a Servicer fails to
      perform its obligations in accordance with the related Servicing Agreement,
      subject to the preceding paragraph, terminate the rights and obligations of
      such
      Servicer thereunder and act as servicer of the related Mortgage Loans or enter
      into a new Servicing Agreement with a successor Servicer selected by the Master
      Servicer which the Master Servicer shall cause the Trustee to acknowledge;
      provided,
      however,
      it is
      understood and acknowledged by the parties hereto that there will be a period
      of
      transition (not to exceed 90 days) before the actual servicing functions can
      be
      fully transferred to such successor Servicer. Such enforcement, including,
      without limitation, the legal prosecution of claims, termination of Servicing
      Agreements and the pursuit of other appropriate remedies, shall be in such
      form
      and carried out to such an extent and at such time as the Master Servicer,
      in
      its good faith business judgment, would require were it the owner of the related
      Mortgage Loans. The Master Servicer shall pay the costs of such enforcement
      at
      its own expense, provided that the Master Servicer shall not be required to
      prosecute or defend any legal action except to the extent that the Master
      Servicer shall have received reasonable indemnity for its costs and expenses
      in
      pursuing such action.

     

    (c)  To
      the
      extent that the costs and expenses of the Master Servicer related to any
      termination of a Servicer, appointment of a successor Servicer or the transfer
      and assumption of servicing by the Master Servicer with respect to any Servicing
      Agreement (including, without limitation, (i) all legal costs and expenses
      and
      all due diligence costs and expenses associated with an evaluation of the
      potential termination of the Servicer as a result of an event of default by
      such
      Servicer and (ii) all costs and expenses associated with the complete transfer
      of servicing, including all servicing files and all servicing data and the
      completion, correction or manipulation of such servicing data as may be required
      by the successor servicer to correct any errors or insufficiencies in the
      servicing data or otherwise to enable the successor servicer to service the
      Mortgage Loans in accordance with the related Servicing Agreement) are not
      fully
      and timely reimbursed by the terminated Servicer, the Master Servicer shall
      be
      entitled to reimbursement of such costs and expenses from the Distribution
      Account.

     

    
      
        
        

      

      
        68

        
          

        

      

      
        
        

      

    

    (d)  The
      Master Servicer shall require each Servicer to comply with the remittance
      requirements and other obligations set forth in the related Servicing
      Agreement.

     

    (e)  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.

     

    (f)  With
      respect to Additional Collateral Mortgage Loans, the Master Servicer shall
      have
      no duty or obligation to supervise, monitor or oversee the activities of each
      Servicer under its Servicing Agreement with respect to Additional Collateral,
      except (a) with respect to any instances where a Servicer, in the course of
      fulfilling its obligations under the related Servicing Agreement seeks
      directions, instructions, consents or waivers from the Master Servicer with
      respect to any item of Additional Collateral, or (b) upon the occurrence of
      the
      following events (i) in the case of a final liquidation of any Mortgaged
      Property secured by Additional Collateral, the Master Servicer shall enforce
      the
      obligation of the Servicer under the related Servicing Agreement to liquidate
      such Additional Collateral as required by such Servicing Agreement, and (ii)
      if
      the Master Servicer assumes the obligations of such Servicer as successor
      Servicer under the related Servicing Agreement pursuant to this Section 3.03,
      as
      successor Servicer, it shall be bound to service and administer the Additional
      Collateral in accordance with the provisions of such Servicing
      Agreement.

     

    SECTION
      3.04.   Fidelity
      Bond.

     

    The
      Master Servicer, at its expense, shall maintain in effect a blanket 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
      generally acceptable for entities serving as master servicers or
      trustees.

     

    
      
        
        

      

      
        69

        
          

        

      

      
        
        

      

    

    SECTION
      3.05.   Power
      to Act; Procedures.

     

    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, to do any and all things that it may deem necessary or
      desirable in connection with the master 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, the Trust 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,
      Liquidation Proceeds and Recoveries and (iv) to effectuate, in its own name,
      on
      behalf the Trust, or in the name of the Trust, 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 related
      Servicing Agreement, as applicable; provided,
      however,
      that
      the Master Servicer shall not (and, consistent with its responsibilities under
      Section 3.03, shall not permit any Servicer to) knowingly or intentionally
      take
      any action, or fail to take (or fail to cause to be taken) any action reasonably
      within its control and the scope of duties more specifically set forth herein,
      that, under the REMIC Provisions, if taken or not taken, as the case may be,
      would result in an Adverse REMIC Event unless the Master Servicer has received
      an Opinion of Counsel (but not at the expense of the Master Servicer) to the
      effect that the contemplated action will not result in an Adverse REMIC Event.
      The Trustee shall furnish the Master Servicer, upon written request from a
      Servicing Officer, with any limited powers of attorney empowering the Master
      Servicer or any Servicer to execute and deliver instruments of satisfaction
      or
      cancellation, or of partial or full release or discharge, and to foreclose
      upon
      or otherwise liquidate Mortgaged Property, and to appeal, prosecute or defend
      in
      any court action relating to the Mortgage Loans or the Mortgaged Property,
      in
      accordance with the applicable Servicing Agreement and this Agreement, and
      the
      Trustee shall execute and deliver such other documents, as the Master Servicer
      may request, to enable the Master Servicer to master service and administer
      the
      Mortgage Loans and carry out its duties hereunder, in each case in accordance
      with Accepted Master Servicing Practices (and the Trustee shall have no
      liability for misuse of any such powers of attorney by the Master Servicer
      or
      any Servicer). In instituting foreclosures or similar proceedings, the Master
      Servicer shall institute such proceedings either in its own name on behalf
      of
      the Trust or in the name of the Trust (or cause the related Servicer, pursuant
      to the related Servicing Agreement, to institute such proceedings either in
      the
      name of such Servicer on behalf of the Trust or in the name of the Trust),
      unless otherwise required by law or otherwise appropriate. 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 Trust or the Trustee on its behalf or that the Trust or the Trustee,
      as
      applicable, would be adversely affected under the “doing business” or tax laws
      of such state if such action is taken in its name, the Master Servicer shall
      join with the Trustee, on behalf of the Trust, in the appointment of a
      co-trustee pursuant to Section 8.10 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 on behalf of the Trust.

     

    SECTION
      3.06.   Due-on-Sale
      Clauses; Assumption Agreements.

     

    To
      the
      extent provided in the applicable Servicing Agreement and to the extent Mortgage
      Loans contain enforceable due-on-sale clauses, the Master Servicer shall 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.

     

    
      
        
        

      

      
        70

        
          

        

      

      
        
        

      

    

     

    SECTION
      3.07.   Release
      of Mortgage Files.

     

    (a)  Upon
      becoming aware of the payment in full of any Mortgage Loan, or the receipt
      by
      any Servicer of a notification that payment in full has been escrowed in a
      manner customary for such purposes for payment to Certificateholders on the
      next
      Distribution Date, the Servicer will, if required under the applicable Servicing
      Agreement, promptly furnish to the Custodian, on behalf of the Trustee, two
      copies of a certification substantially in the form of Exhibit F hereto signed
      by a Servicing Officer or in a mutually agreeable electronic format which will,
      in lieu of a signature on its face, originate from a Servicing Officer (which
      certification shall include a statement to the effect that all amounts received
      in connection with such payment that are required to be deposited in the related
      Servicing Account maintained by the applicable Servicer pursuant to Section
      4.01
      or by the applicable Servicer pursuant to its Servicing Agreement have been
      or
      will be so deposited) and shall request that the Trustee (or the Custodian,
      on
      behalf of the Trustee) deliver to the applicable Servicer the related Mortgage
      File. Upon receipt of such certification and request, the Trustee (or the
      Custodian, on behalf of the Trustee), shall promptly release the related
      Mortgage File to the applicable Servicer and the Trustee (and the Custodian,
      if
      applicable) shall have no further responsibility with regard to such Mortgage
      File. Upon any such payment in full, each Servicer 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 related Servicing Account.

     

    (b)  From
      time
      to time and as appropriate for the servicing or foreclosure of any Mortgage
      Loan
      and in accordance with the applicable Servicing Agreement, the Trustee shall
      execute such documents as shall be prepared and furnished to the Trustee by
      a
      Servicer or the Master Servicer (in form reasonably acceptable to the Trustee)
      and as are necessary to the prosecution of any such proceedings. The Trustee
      (or
      the Custodian, on behalf of the Trustee), shall, upon the request of a Servicer
      or the Master Servicer, and delivery to the Trustee (the Custodian, on behalf
      of
      the Trustee), of two copies of a request for release signed by a Servicing
      Officer substantially in the form of Exhibit F (or in a mutually agreeable
      electronic format which will, in lieu of a signature on its face, originate
      from
      a Servicing Officer), release the related Mortgage File held in its possession
      or control to the Servicer or the Master Servicer, as applicable. Such trust
      receipt shall obligate the Servicer or the Master Servicer to return the
      Mortgage File to the Trustee (or the Custodian on behalf of the Trustee) when
      the need therefor by the Servicer or the Master Servicer no longer exists unless
      the Mortgage Loan shall be liquidated, in which case, upon receipt of a
      certificate of a Servicing Officer similar to that hereinabove specified, the
      Mortgage File shall be released by the Trustee (or the Custodian on behalf
      of
      the Trustee), to the Servicer or the Master Servicer.

     

    
      
        
        

      

      
        71

        
          

        

      

      
        
        

      

    

    
      	SECTION
              3.08.   	
              Documents,
                Records and Funds in Possession of Master Servicer To Be Held for
                Trust.

            

    

     

    (a)  The
      Master Servicer shall transmit and each Servicer (to the extent required by
      the
      related Servicing Agreement) shall transmit to the Trustee (or Custodian) such
      documents and instruments coming into the possession of the Master Servicer
      or
      such Servicer from time to time as are required by the terms hereof, or in
      the
      case of the Servicers, the applicable Servicing Agreement, to be delivered
      to
      the Trustee (or Custodian). Any funds received by the Master Servicer or by
      a
      Servicer in respect of any Mortgage Loan or which otherwise are collected by
      the
      Master Servicer or by a Servicer as Liquidation Proceeds, Insurance Proceeds
      or
      Recoveries in respect of any Mortgage Loan shall be held for the benefit of
      the
      Trust and the Certificateholders subject to the Master Servicer’s right to
      retain or withdraw from the Distribution Account the Master Servicing Fee,
      any
      additional compensation pursuant to Section 3.14 and any other amounts provided
      in this Agreement, and to the right of each Servicer to retain its Servicing
      Fee
      and any other amounts as provided in the applicable Servicing Agreement. The
      Master Servicer shall, and (to the extent provided in the applicable Servicing
      Agreement) shall cause each 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, in respect of any Mortgage Loans, whether from the collection
      of principal and interest payments or from Liquidation Proceeds, Insurance
      Proceeds or Recoveries, shall be held by the Master Servicer for and on behalf
      of the Trust and the Certificateholders and shall be and remain the sole and
      exclusive property of the Trust; 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.

     

    SECTION
      3.09.   Standard
      Hazard Insurance and Flood Insurance Policies.

     

    (a)  For
      each
      Mortgage Loan (other than a Cooperative Loan), the Master Servicer shall enforce
      any obligation of the Servicers under the related Servicing Agreements to
      maintain or cause to be maintained standard fire and casualty insurance and,
      where applicable, flood insurance, all in accordance with the provisions of
      the
      related Servicing Agreements. 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.

     

    
      
        
        

      

      
        72

        
          

        

      

      
        
        

      

    

    (b)  Pursuant
      to Section 4.01 and 4.02, any amounts collected by the Servicers or the Master
      Servicer, or by any Servicer, under any insurance policies (other than amounts
      to be applied to the restoration or repair of the property subject to the
      related Mortgage or released to the Mortgagor in accordance with the applicable
      Servicing Agreement) shall be deposited into the Distribution Account, subject
      to withdrawal pursuant to Section 4.02 and 4.03. 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
      and
      4.03.

     

    SECTION
      3.10.   Presentment
      of Claims and Collection of Proceeds.

     

    The
      Master Servicer shall (to the extent provided in the applicable Servicing
      Agreement) cause the related Servicer to, prepare and present on behalf of
      the
      Trustee, the Trust and the Certificateholders all claims under the Insurance
      Policies and take such actions (including the negotiation, settlement,
      compromise or enforcement of the insured’s claim) as shall be necessary to
      realize recovery under such policies. Any proceeds disbursed to the Master
      Servicer (or disbursed to a Servicer and remitted to the Master Servicer) in
      respect of such policies, bonds or contracts shall be promptly deposited in
      the
      Distribution Account upon receipt, except that any amounts realized that are
      to
      be applied to the repair or restoration of the related Mortgaged Property as
      a
      condition precedent to the presentation of claims on the related Mortgage Loan
      to the insurer under any applicable Insurance Policy need not be so deposited
      (or remitted).

     

    SECTION
      3.11.   Maintenance
      of the Primary Insurance Policies.

     

    (a)  The
      Master Servicer shall not take, or permit any Servicer (to the extent such
      action is prohibited under the applicable Servicing Agreement) to take, any
      action that would result in noncoverage under any applicable Primary Insurance
      Policy of any loss which, but for the actions of such Master Servicer or
      Servicer, would have been covered thereunder. The Master Servicer shall use
      its
      best reasonable efforts to cause each Servicer (to the extent required under
      the
      related Servicing Agreement) 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 (including any lender-paid
      Primary Insurance Policy) 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 the extent required under the related
      Servicing Agreement) to, cancel or refuse to renew any such Primary Insurance
      Policy that is in effect at the date of the initial issuance of the Mortgage
      Note and is required to be kept in force hereunder except in accordance with
      the
      provisions of this Agreement and the related Servicing Agreement, as
      applicable.

     

    (b)  The
      Master Servicer agrees to cause each Servicer (to the extent required under
      the
      related Servicing Agreement) to present, on behalf of the Trustee, the Trust
      and
      the Certificateholders, claims to the insurer under any Primary Insurance
      Policies and, in this regard, to take such reasonable action as shall be
      necessary to permit recovery under any Primary Insurance Policies respecting
      defaulted Mortgage Loans. Pursuant to Section 4.01 and 4.02, any amounts
      collected by the Servicer under any Primary Insurance Policies shall be
      deposited in the Distribution Account, subject to withdrawal pursuant to Section
      4.03.

     

    
      
        
        

      

      
        73

        
          

        

      

      
        
        

      

    

    
      	SECTION
              3.12.   	
              Trustee
                to Retain Possession of Certain Insurance Policies and
                Documents.

            

    

     

    The
      Trustee (or the Custodian, as directed by the Trustee), shall retain possession
      and custody of the originals (to the extent available and delivered) of any
      Primary Insurance Policies, or certificate of insurance if applicable and
      available, and any certificates of renewal as to the foregoing as may be issued
      from time to time as contemplated by this Agreement and which come into its
      possession. 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 its Custodian, if any, 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 the Custodian, as directed by the Trustee), upon the
      execution or receipt thereof the originals of any Primary Insurance Policies,
      any certificates of renewal, 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
      3.13.   Realization
      Upon Defaulted Mortgage Loans.

     

    The
      Master Servicer shall cause each Servicer (to the extent required under the
      related Servicing Agreement) 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.

     

    SECTION
      3.14.   Additional
      Compensation to the Master Servicer. 

     

    Pursuant
      to Section 4.02(c), certain income and gain realized from any investment of
      funds in the Distribution Account shall be for the benefit of the Master
      Servicer as additional compensation. Servicing compensation in the form of
      assumption fees, if any, late payment charges, as collected, if any, or
      otherwise (but, unless otherwise specifically permitted in a Servicing
      Agreement, not including any Prepayment Penalty Amounts) shall be retained
      by
      the applicable Servicer, or the Master Servicer, and shall not be deposited
      in
      the related Servicing Account or Distribution 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. The amount of
      the
      aggregate compensation payable as set forth in this Section 3.14 plus the Master
      Servicing Fee due to the Master Servicer in respect of any Distribution Date
      shall be reduced in accordance with Section 5.06.

     

     

    
      
        
        

      

      
        74

        
          

        

      

      
        
        

      

    

    SECTION
      3.15.   REO
      Property.

     

    (a)  In
      the
      event the Trust (or the Trustee on its behalf) acquires ownership of any REO
      Property in respect of any related Mortgage Loan, the deed or certificate of
      sale shall be issued to the Trust, or if required under applicable law, to
      the
      Trustee, or to its nominee, on behalf of the Trust. The Master Servicer shall,
      to the extent provided in the applicable Servicing Agreement, cause the
      applicable Servicer to sell, any REO Property as expeditiously as possible
      (and
      in no event later than three years after acquisition) and in accordance with
      the
      provisions of this Agreement and the related Servicing Agreement, as applicable.
      Pursuant to its efforts to sell such REO Property, the Master Servicer shall
      cause the applicable Servicer to protect and conserve, such REO Property in
      the
      manner and to the extent required by the applicable Servicing Agreement, in
      accordance with the REMIC Provisions and in a manner that does not result in
      a
      tax on “net income from foreclosure property” or cause such REO Property to fail
      to qualify as “foreclosure property” within the meaning of Section 860G(a)(8) of
      the Code.

     

    (b)  The
      Master Servicer shall, to the extent required by the related Servicing
      Agreement, cause the applicable Servicer to deposit all funds collected and
      received in connection with the operation of any REO Property in the related
      Servicing 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 and other unreimbursed advances as well as any unpaid Servicing Fees
      from Liquidation Proceeds received in connection with the final disposition
      of
      such REO Property; provided, that any such unreimbursed Advances as well as
      any
      unpaid Servicing Fees may be reimbursed or paid, as the case may be, prior
      to
      final disposition, out of any net rental income or other net amounts derived
      from such REO Property.

     

    (d)  To
      the
      extent provided in the related Servicing Agreement, 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
      related Servicing Account on or prior to the applicable Determination Date
      in
      the month following receipt thereof and be remitted by wire transfer in
      immediately available funds to the Master Servicer for deposit into the related
      Distribution Account on the next succeeding Servicer Remittance
      Date.

     

    SECTION
      3.16.   Assessments
      of Compliance and Attestation Reports.

     

    (a)  Assessments
      of Compliance.

     

    (i)  By
      March
      10 (with a 5 calendar day cure period) of each year (subject to the later date
      referred to in Section 3.16(a)(iii)), commencing in March 2007, the Master
      Servicer, the Securities Administrator and the Custodian, each at its own
      expense, shall furnish, and each such party shall cause any Servicing Function
      Participant engaged by it to furnish, each at its own expense, to the Securities
      Administrator and the Depositor (provided that the Master Servicer shall furnish
      copies of each such report received by it from the Servicers to the Depositor),
      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 3.19(b) and for each fiscal year thereafter, whether
      or not a Form 10-K is required to be filed, 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. 

    

    
      
        
        

      

      
        75

        
          

        

      

      
        
        

      

    

    (ii)  No
      later
      than the end of each fiscal year for the Trust for which a 10-K is required
      to
      be filed, the Master Servicer and the Custodian, shall each forward to the
      Securities Administrator the name of each Servicing Function Participant engaged
      by it and what Relevant Servicing Criteria will be addressed in the report
      on
      assessment of compliance prepared by such Servicing Function Participant. When
      the Master Servicer, the Custodian, and the Securities Administrator 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 3.16) of each Servicing Function Participant engaged by
      it.

    

    (iii)  Promptly
      after receipt of each such report on assessment of compliance, (i) the Depositor
      shall review each such report and, if applicable, consult with the Master
      Servicer, the Securities Administrator, the Custodian, and any Servicing
      Function Participant engaged by such parties as to the nature of any material
      instance of noncompliance with the Relevant Servicing Criteria by each such
      party, and (ii) the Securities Administrator shall confirm that the assessments,
      taken as a whole, address all of the Servicing Criteria and taken individually
      address the Relevant Servicing 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 notify the Depositor of any exceptions. None of such parties
      shall be required to deliver any such assessments until April 15 in any given
      year so long as it has received written confirmation from the Depositor that
      a
      Form 10-K is not required to be filed in respect of the Trust for the preceding
      calendar year; provided that the Custodian shall only be required to deliver
      such an assessment of compliance with respect to any fiscal year for which
      a
      Form 10-K is required to be filed in respect of the Trust.

    

    (b)  Attestation
      Reports.

     

    (i) By
      March
      10 (with a 5 calendar day cure period) of each year (subject to the later date
      referred to in Section 3.16(b)(ii)), commencing in March 2007, the Master
      Servicer, the Securities Administrator, the Custodian, 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 Trustee,
      in its capacity as Custodian, the Securities Administrator, or such other
      Servicing Function Participants, as the case may be) and that is a member of
      the
      American Institute of Certified Public Accountants to furnish a report to the
      Securities Administrator and the Depositor, to the effect that (i) 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 (ii) 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. 

    

    
      
        
        

      

      
        76

        
          

        

      

      
        
        

      

    

    (ii) Promptly
      after receipt of such report from the Master Servicer, the Trustee, in its
      capacity as Custodian, the Securities Administrator or any Servicing Function
      Participant engaged by such parties, (i) the Depositor shall review the report
      and, if applicable, consult with such parties as to the nature of any defaults
      by such parties, in the fulfillment of any of each such party’s obligations
      hereunder or under any other applicable agreement, and (ii) the Securities
      Administrator shall confirm that each assessment submitted pursuant to
      subsection (a) of this Section 3.16 is coupled with an attestation meeting
      the
      requirements of this Section and notify the Depositor of any exceptions. None
      of
      the Master Servicer, the Securities Administrator, the Trustee, in its capacity
      as Custodian, or any Servicing Function Participant engaged by such parties
      shall be required to deliver or cause the delivery of such reports until April
      15 in any given year so long as it has received written confirmation from the
      Depositor that a 10-K is not required to be filed in respect of the Trust for
      the preceding fiscal year, provided that the Custodian shall only be required
      to
      deliver or cause to be delivered such report with respect to any fiscal year
      for
      which a Form 10-K is required to be filed in respect of the Trust. 

     

    SECTION
      3.17.   Annual
      Compliance Statement.

     

    The
      Master Servicer and the Securities Administrator shall deliver (and the Master
      Servicer and Securities Administrator shall cause any Additional Servicer or
      Servicing Function Participant engaged by it to deliver) to the Depositor and
      the Securities Administrator on or before March 10 (with a 5 calendar day cure
      period) 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. Promptly after
      receipt of each such Officer’s Certificate, the Depositor shall review such
      Officer’s Certificate and, if applicable, consult with each such party, as
      applicable, as to the nature of any failures by such party, in the fulfillment
      of any of such party’s obligations hereunder or, in the case of an Additional
      Servicer, under such other applicable agreement.

     

    
      
        
        

      

      
        77

        
          

        

      

      
        
        

      

    

     

    SECTION
      3.18.   Sarbanes-Oxley
      Certification.

     

    Each
      Form
      10-K shall include the Sarbanes-Oxley Certification, which shall be signed
      by
      the senior officer of the Master Servicer in charge of the master servicing
      function on behalf of the Trust.

     

    SECTION
      3.19.   Reports
      Filed with Securities and Exchange Commission.

     

    (a)  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 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 attached thereto.
      Any disclosure in addition to the Distribution Date Statement that is required
      to be included on Form 10-D (“Additional
      Form 10-D Disclosure”)
      shall
      be determined and prepared by and at the direction of the Depositor pursuant
      to
      the following paragraph and the Securities Administrator will have no duty
      or
      liability for any failure hereunder to determine or prepare any Additional
      Form
      10-D Disclosure, except as set forth in the next two paragraphs. 

    

    (ii)  As
      set
      forth on Exhibit R hereto, within 5 calendar days after the related Distribution
      Date, (i) the parties to the Thornburg Mortgage Securities Trust 2006-1
      transaction shall be required to provide to the Securities Administrator, 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, together with an Additional Disclosure Notification in the form
      of
      Exhibit U hereto (an “Additional
      Disclosure Notification”),
      (ii)
      the Securities Administrator shall forward to the Depositor, the form and
      substance of the Additional Form 10-D Disclosure, and (iii) 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 Seller 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 in Form 10-D pursuant to this paragraph.

    

    (iii)  After
      preparing the Form 10-D, the Securities Administrator shall forward
      electronically a draft copy of the Form 10-D to the Depositor (provided that
      such Form 10-D includes any Additional Form 10-D Disclosure) and the Master
      Servicer for review. No later than the Business Day prior to the date specified
      in the next sentence, the Depositor and the Master Servicer shall notify the
      Securities Administrator of any changes to or approval of such Form 10-D. No
      later than 2 Business Days prior to the 15th
      calendar
      day after the related Distribution Date, a senior officer of the Master Servicer
      in charge of the master servicing function 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 (d)(ii) of this Section 3.19. Promptly (but no later than 1 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.
      Each
      party to this Agreement acknowledges that the performance by the Master Servicer
      and the Securities Administrator of their respective duties under this Section
      3.19(a) related to the timely preparation, execution 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 3.19(a). Neither the Master
      Servicer nor the Securities Administrator shall have any liability for any
      loss,
      expense, damage, claim arising out of or with respect to any failure to properly
      prepare, execute 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.

    

    
      
        
        

      

      
        78

        
          

        

      

      
        
        

      

    

    (b)  Reports
      Filed on Form 10-K.

     

    (i)  Within
      90
      days (including the 90th day) after the end of each fiscal year of the Trust
      in
      which a Form 10-K is required to be filed 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 ends on December
      31st
      of each
      year), commencing in March 2007, the Securities Administrator shall prepare
      and
      file on behalf of the Trust 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 the related
      Servicing Agreement, (i) an annual compliance statement for each Servicer,
      each
      Additional Servicer, the Master Servicer and the Securities Administrator and
      any Servicing Function Participant engaged by such parties (each, a
“Reporting
      Servicer”)
      as
      described under Section 3.17, (ii)(A) the annual reports on assessment of
      compliance with servicing criteria for each Reporting Servicer, as described
      under Section 3.16(a), and (B) if each Reporting Servicer’s report on assessment
      of compliance with servicing criteria described under Section 3.16(a) identifies
      any material instance of noncompliance, disclosure identifying such instance
      of
      noncompliance, or if each Reporting Servicer’s report on assessment of
      compliance with servicing criteria described under Section 3.16(a) 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, (iii)(A) the
      registered public accounting firm attestation report for each Reporting
      Servicer, as described under Section 3.16(b), and (B) if any registered public
      accounting firm attestation report described under Section 3.16(b) 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
      (iv) a Sarbanes-Oxley Certification as described in Section 3.18. Any disclosure
      or information in addition to (i) through (iv) 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 two paragraphs. 

    

    
      
        
        

      

      
        79

        
          

        

      

      
        
        

      

    

    (ii)  As
      set
      forth on Exhibit S hereto, no later than March 10 (with a 5 calendar day cure
      period) of each year that the Trust is subject to the Exchange Act reporting
      requirements, commencing in 2007, (i) the parties to the Thornburg Mortgage
      Securities Trust 2006-1 transaction shall be required to provide to the
      Securities Administrator, 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, together with an Additional
      Disclosure Notification, (ii) the Securities Administrator shall forward to
      the
      Depositor, the form and substance of the Additional Form 10-K Disclosure, and
      (iii) 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 Seller 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 in Form 10-K pursuant to this
      paragraph.

    

    (iii)  After
      preparing the Form 10-K, the Securities Administrator shall forward
      electronically a draft copy of the Form 10-K to the Master Servicer and
      Depositor for review. No later than the Business Day prior to the date specified
      in the next sentence, the Depositor and the Master Servicer shall notify the
      Securities Administrator of any changes to or approval of such Form 10-K. .No
      later than noon New York City time on the 4th Business Day prior to the 10-K
      Filing Deadline, a senior officer of the Master Servicer in charge of the master
      servicing function 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 (d) of this
      Section 3.19. Promptly (but no later than 1 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. The parties to this Agreement
      acknowledge that the performance by the Master Servicer and the Securities
      Administrator of its duties under this Section 3.19(b) related to the timely
      preparation, execution 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 3.19(b), Section 3.18, Section 3.17, Section 3.16(a) and Section
      3.16(b). Neither the Master Servicer nor the Securities Administrator shall
      have
      any liability for any loss, expense, damage or claim arising out of or with
      respect to any failure to properly prepare, execute 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.

    

    
      
        
        

      

      
        80

        
          

        

      

      
        
        

      

    

    (c)  Reports
      Filed on Form 8-K.

     

    (i)  Within
      four (4) 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 a 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 in 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 two
      paragraphs. 

    

    (ii)  As
      set
      forth on Exhibit T hereto, for so long as the Trust is subject to the Exchange
      Act reporting requirements, no later than noon on the 2nd Business Day after
      the
      occurrence of a Reportable Event (i) the parties to the Thornburg Mortgage
      Securities Trust 2006-1 transaction shall be required to provide to the
      Securities Administrator, 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, together with an Additional
      Disclosure Notification, (ii) the Securities Administrator shall forward to
      the
      Depositor, the form and substance of the Form 8-K Disclosure Information, and
      (iii) 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
      Seller 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 in Form 8-K pursuant to this paragraph. 

    

    (iii)  After
      preparing the Form 8-K, the Securities Administrator shall forward
      electronically a draft copy of the Form 8-K to the Master Servicer and Depositor
      for review. No later than the Business Day prior to the date specified in the
      next sentence, the Depositor and the Master Servicer shall notify the Securities
      Administrator of any changes to or approval of such Form 8-K. No later than
      Noon
      New York City time on the 4th
      Business
      Day after the Reportable Event, a senior officer of the Master Servicer in
      charge of the master servicing function 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
      (d) of this Section 3.19. Promptly (but no later than 1 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. The parties to
      this
      Agreement acknowledge that the performance by the Master Servicer and the
      Securities Administrator of their respective duties under this Section 3.19(c)
      related to the timely preparation, execution 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 3.19(c). Neither the Securities
      Administrator nor the Master Servicer shall have any liability for any loss,
      expense, damage, claim arising out of or with respect to any failure to properly
      prepare, execute 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.

    

    
      
        
        

      

      
        81

        
          

        

      

      
        
        

      

    

    (d)  Delisting;
      Amendments; Late Filings.

     

    (i)  Prior
      to
      January 30 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 under the Exchange
      Act. 

     

    (ii)  In
      the
      event that the Securities Administrator becomes aware that it will be unable
      to
      timely file with the Commission all or any required portion of any Form 8-K,
      10-D or 10-K required to be filed by this Agreement because required disclosure
      information was either not delivered to it or delivered to it after the delivery
      deadlines set forth in this Agreement or for any other reason, the Securities
      Administrator will immediately 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, and such amendment includes any
      Additional Form 10-D Disclosure, any Additional Form 10-K Disclosure or any
      Form
      8-K Disclosure Information or any amendment to such disclosure, the Securities
      Administrator will notify the Depositor and the Master Servicer and such parties
      will cooperate to prepare any necessary 8-KA, 10-D/A or 10-K/A. Any Form 15,
      Form 12b-25 or any amendment to Form 8-K, 10-D or 10-K shall be signed by a
      senior officer of the Master Servicer in charge of the master servicing
      function. The parties to this Agreement acknowledge that the performance by
      the
      Master Servicer and the Securities Administrator of their respective duties
      under this Section 3.19(d) related to the timely preparation, execution 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.
      Neither the Master Servicer nor the Securities Administrator shall have any
      liability for any loss, expense, damage, claim arising out of or with respect
      to
      any failure to properly prepare, execute 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.

    

    
      
        
        

      

      
        82

        
          

        

      

      
        
        

      

    

     

    
      	SECTION
              3.20.   	
              Additional
                Information.

            

    

     

    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. 

     

    
      	SECTION
              3.21.   	
               Intention
                of the Parties and
                Interpretation.

            

    

     

    Each
      of
      the parties acknowledges and agrees that the purpose of Section 3.16 through
      Section 3.22 of this Agreement is to facilitate compliance by the Securities
      Administrator and the Depositor with the provisions of Regulation AB promulgated
      by the Commission under the Exchange Act (17 C.F.R. §§ 229.1100 -
      229.1123), as such may be amended from time to time and subject to such
      clarification and interpretive advice as may be issued by the staff of the
      Commission 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 that purpose, (b) the parties’ obligations hereunder will be
      supplemented and modified as necessary to be consistent with any such
      amendments, interpretive advice or guidance, convention or consensus among
      active participants in the asset-backed securities markets, advice of counsel,
      or otherwise in respect of the requirements of Regulation AB, (c) the parties
      shall comply with the reasonable requests made by the Securities Administrator
      or the Depositor for delivery of such additional or different information as
      the
      Securities Administrator or the Depositor may determine in good faith is
      necessary to comply with the provisions of Regulation AB, which information
      is
      available to such party without unreasonable effort or expense and within such
      timeframe as may be reasonably requested, and (d) no amendment of this Agreement
      shall be required to effect any such changes in the parties’ obligations as are
      necessary to accommodate evolving interpretations of the provisions of
      Regulation AB.

     

    
      	SECTION
              3.22.   	
              Indemnification. 

            

    

     

    Each
      party required to deliver an assessment of compliance and attestation report
      pursuant to Section 3.16 (each, an “Item
      1122 Responsible Party”)
      shall
      indemnify and hold harmless the Securities Administrator, the Master Servicer,
      the Depositor and the Seller and each of their directors, officers, employees,
      agents, and affiliates from and against any and all claims, losses, damages,
      penalties, fines, forfeitures, reasonable legal fees and related costs,
      judgments and other costs and expenses arising out of or based upon (a) any
      breach by such Item 1122 Responsible Party of any of its obligations hereunder
      relating to its obligations as an Item 1122 Responsible Party, including
      particularly its obligations to provide any assessment of compliance,
      attestation report or compliance statement required under Section 3.16(a),
      3.16(b) or 3.17, respectively, or any information, data or materials required
      to
      be included in any Exchange Act report, (b) any material misstatement or
      material omission in any information, data or materials provided by such Item
      1122 Responsible Party (or,
      in
      the case of the Securities Administrator or Master Servicer, any material
      misstatement or material omission in (x) any compliance certificate delivered
      by
      it, or by any Servicing Function Participant engaged by it, pursuant to this
      Agreement, (y) any assessment or attestation delivered by or on behalf of it,
      or
      by any Servicing Function Participant engaged by it, pursuant to this Agreement,
      or (z) any Additional Form 10-D Disclosure, Additional Form 10-K Disclosure
      or
      Form 8-K Disclosure Information concerning the Securities Administrator or
      the
      Master Servicer and provided by either of them),
      or (c)
      the negligence, bad faith or willful misconduct of such Item 1122 Responsible
      Party in connection with its performance hereunder relating to its obligations
      as an Item 1122 Responsible Party. If the indemnification provided for herein
      is
      unavailable or insufficient to hold harmless the Securities Administrator,
      the
      Depositor or the Seller, then each Item 1122 Responsible Party agrees that
      it
      shall contribute to the amount paid or payable by the Securities Administrator,
      the Master Servicer, the Depositor and the Seller as a result of any claims,
      losses, damages or liabilities incurred by the Securities Administrator, the
      Master Servicer, the Depositor or the Seller in such proportion as is
      appropriate to reflect the relative fault of the Securities Administrator,
      the
      Master Servicer, the Depositor or the Seller on the one hand and such Item
      1122
      Responsible Party on the other. This indemnification shall survive the
      termination of this Agreement or the termination of any party to this
      Agreement.

     

    
      
        
        

      

      
        83

        
          

        

      

      
        
        

      

    

    
      	SECTION
              3.23.   	
              Amendments
                to Master Servicing Guide and Correspondent Sellers Guide. 

            

    

     

    The
      Seller and the Master Servicer hereby agree not to amend the Master Servicing
      Guide or the Correspondent Sellers Guide with respect to the Mortgage Loans
      (which are Securitized Loans (as defined therein)) which amendment would (i)
      change the Servicer Remittance Date or date for remittance of any servicer
      reports or monthly remittance advices, (ii) change the manner in which any
      Servicer makes Advances, servicing advances or amounts to compensate for
      Interest Shortfalls or (iii) otherwise have a material adverse effect on the
      Trust or the Certificateholders unless such changes are made pursuant to the
      provisions of Section 12.01 hereof. 

     

    SECTION
      3.24.   UCC.

     

    The
      Trustee agrees to file continuation statements for any Uniform Commercial Code
      financing statements identifying the Trust as debtor which the Depositor has
      informed the Trustee in writing were filed on the Closing Date in connection
      with the Trust, provided that the Trustee receives the related filing
      information on a timely basis. The Depositor shall file any financing statements
      or amendments thereto required by any change in the Uniform Commercial
      Code.

     

    SECTION
      3.25.   Optional
      and Required Purchases of Certain Mortgage Loans.

     

    (a)  Thornburg,
      in its capacity as a Servicer of a substantial portion of the Mortgage Loans,
      shall have the right to purchase from the Trust any Mortgage Loan which as
      of
      the first day of a calendar quarter is delinquent in payment by 90 days or
      more
      or is an REO Property, at a price equal to the Purchase Price; provided however
      (i) that such Mortgage Loan is still 90 days or more delinquent or is an REO
      Property as of the date of such purchase and (ii) this purchase option, if
      not
      theretofore exercised, shall terminate on the date prior to the last day of
      the
      related calendar quarter. This purchase option, if not exercised, shall not
      be
      thereafter reinstated unless the delinquency is cured and the Mortgage Loan
      thereafter again becomes 90 days or more delinquent or becomes an REO Property,
      in which case the option shall again become exercisable as of the first day
      of
      the related calendar quarter. 

     

    
      
        
        

      

      
        84

        
          

        

      

      
        
        

      

    

    (b)
      In
      addition, Thornburg, in its capacity as the Seller, may, but is not required
      to,
      repurchase any Mortgage Loan as to which the Mortgagor has requested a
      Significant Modification and such Mortgagor has a satisfactory payment history
      under such Mortgage Loan and meets the credit standards of the Seller for the
      loan program selected (a “Significant
      Modification Loan”).
      A
“Significant
      Modification”
shall
      mean any modification to the interest rate of the greater of (i) 0.25% added
      or
      subtracted from the existing rate and (ii) a change equal to the product of
      (a)
      5% and (b) the annual existing interest rate thereon, which is not provided
      for
      in the related Mortgage Note. The purchase price for any repurchase pursuant
      to
      this Section 3.25(b) shall be the applicable Purchase Price. In order to
      exercise its repurchase rights hereunder, the Seller shall deliver to the Master
      Servicer and the Trustee an Officer’s Certificate identifying the Mortgage Loan
      to be repurchased and certifying that (i) such Mortgage Loan is a Significant
      Modification Loan, and (ii) that the Significant Modification Loan will be
      entered into on the date of such repurchase.

     

    (c)
      No
      later than the fourth Business Day prior to each Distribution Date, Thornburg
      will provide to the Master Servicer a list identifying all Mortgage Loans that
      became Converted Mortgage Loans or Modified Mortgage Loans during the related
      Due Period. On the third Business Day prior to each Distribution Date, provided
      that it has received such list from Thornburg, the Master Servicer shall prepare
      and provide to TMI a Converted Mortgage Loan Schedule and a Modified Mortgage
      Loan Schedule with respect to such Due Period. No later than 1:00 PM Eastern
      Time on the second Business Day prior to each Distribution Date, TMI shall
      purchase each Converted Mortgage Loan and Modified Mortgage Loan, to the extent
      specified in a Converted Mortgage Loan Schedule or Modified Mortgage Loan
      Schedule delivered to it by the Master Servicer for such Distribution Date,
      at
      the applicable Purchase Price for each such Converted Mortgage Loan or Modified
      Mortgage Loan, as applicable, and shall remit such Purchase Price to the Master
      Servicer for deposit in the Distribution Account.

     

    (d) If
      at any
      time Thornburg or TMI, as applicable, remits to the Master Servicer a payment
      for deposit in the Distribution Account covering the amount of the Purchase
      Price for a Mortgage Loan of the type set forth in clauses (a), (b) or (c)
      above, as applicable, and Thornburg, or TMI, as applicable, provides to the
      Trustee a certification signed by a Servicing Officer stating that the amount
      of
      such payment has been deposited in the Distribution Account, then the Trustee
      shall execute the assignment of such Mortgage Loan at the request of Thornburg
      or TMI without recourse to Thornburg or TMI, as applicable, which shall succeed
      to all the Trust’s and/or the Trustee’s right, title and interest in and to such
      Mortgage Loan, and all security and documents relative thereto. Such assignment
      shall be an assignment outright and not for security. Thornburg or TMI, as
      applicable, will thereupon own such Mortgage Loan, and all such security and
      documents, free of any further obligation to the Trust, the Trustee or the
      Certificateholders with respect thereto.

     

    
      
        
        

      

      
        85

        
          

        

      

      
        
        

      

    

     

    SECTION
      3.26.   Realization
      upon Troubled Mortgage Loans.

     

    The
      Master Servicer shall have the right to cause a Servicer to sell or work out
      any
      Mortgage Loan as to which the Master Servicer reasonably believes that default
      in payment is likely, provided,
      however,
      that,
      with respect to any such sale of a Mortgage Loan by a Servicer, the related
      sale
      price shall be no less than the Stated Principal Balance of such Mortgage Loan
      as of the last day of the Due Period immediately preceding the date of such
      sale
      plus accrued interest thereon through such sale date. Any and all proceeds
      from
      such a sale shall be deemed to be Liquidation Proceeds hereunder and any such
      Mortgage Loan which has been sold shall be deemed a Liquidated Mortgage Loan
      hereunder.

     

    SECTION
      3.27.   Closing
      Certificate and Opinion.

     

    On
      or
      before the Closing Date, the Master Servicer shall cause to be delivered to
      the
      Depositor, the Seller, the Trustee, and Greenwich Capital Markets, Inc. an
      Opinion of Counsel, dated the Closing Date, in form and substance reasonably
      satisfactory to the Depositor, Greenwich Capital Markets, Inc., and the Seller
      as to the due authorization, execution and delivery of this Agreement by the
      Master Servicer and the enforceability thereof. 

     

    SECTION
      3.28.   Liabilities
      of the Master Servicer.

     

    The
      Master Servicer shall be liable in accordance herewith only to the extent of
      the
      obligations specifically imposed upon and undertaken by it herein.

     

    SECTION
      3.29.   Merger
      or Consolidation of the Master Servicer.

     

    (a)  The
      Master Servicer will keep in full force and effect its existence, rights and
      franchises as a corporation under the laws of the state of its incorporation,
      and will obtain and preserve its qualification to do business as a foreign
      corporation in each jurisdiction in which such qualification is or shall be
      necessary to protect the validity and enforceability of this Agreement, the
      Certificates or any of the Mortgage Loans and to perform its duties under this
      Agreement.

     

    (b)  Any
      Person into which the Master Servicer may be merged or consolidated, or any
      corporation resulting from any merger 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 of the Master Servicer hereunder,
      without the execution or filing of any paper or further act on the part of
      any
      of the parties hereto, anything herein to the contrary
      notwithstanding.

     

    
      	SECTION
              3.30.   	
              Indemnification
                of the Trustee, the Delaware Trustee, the Master Servicer and the
                Securities Administrator.

            

    

     

    (a)  In
      addition to any indemnity required pursuant to Section 3.22 hereof, the Master
      Servicer agrees to indemnify the Indemnified Persons for, and to hold them
      harmless against, any loss, liability or expense (except as otherwise provided
      herein with respect to expenses) (including reasonable legal fees and
      disbursements of counsel) incurred on their part that may be sustained in
      connection with, arising out of, or relating to this Agreement or the
      Certificates (i) related to the Master Servicer’s failure to perform its duties
      in compliance with this Agreement (except as any such loss, liability or expense
      shall be otherwise reimbursable pursuant to this Agreement) or (ii) incurred
      by
      reason of the Master Servicer’s willful misfeasance, bad faith or gross
      negligence in the performance of duties hereunder or by reason of reckless
      disregard of obligations and duties hereunder, provided, in each case, that
      with
      respect to any such claim or legal action (or pending or threatened claim or
      legal action), an Indemnified Person shall have given the Master Servicer and
      the Depositor written notice thereof promptly after such Indemnified Person
      shall have with respect to such claim or legal action knowledge thereof. The
      Indemnified Person’s failure to give such notice shall not affect the
      Indemnified Person’s right to indemnification hereunder. This indemnity shall
      survive the resignation or removal of the Trustee, the Delaware Trustee, the
      Master Servicer or the Securities Administrator and the termination of this
      Agreement.

     

    
      
        
        

      

      
        86

        
          

        

      

      
        
        

      

    

    (b)  The
      Trust
      will indemnify any Indemnified Person for any loss, liability or expense of
      any
      Indemnified Person not otherwise indemnified by the Master Servicer as referred
      to in Subsection (a) above.

     

    (c)  In
      addition to any indemnity required pursuant to Section 3.22 hereof, the
      Securities Administrator agrees to indemnify the Indemnified Persons (other
      than
      the Securities Administrator) for, and to hold them harmless against, any loss,
      liability or expense (except as otherwise provided herein with respect to
      expenses) (including reasonable legal fees and disbursements of counsel)
      incurred on their part (i) in connection with, arising out of, or relating
      to
      the Securities Administrator’s failure to file any Exchange Act report which the
      Securities Administrator is responsible for filing in accordance with Section
      3.19, (ii) by reason of the Securities Administrator’s negligence or willful
      misconduct in the performance of such obligations pursuant to Section 3.19
      or
      (iii) by reason of the Securities Administrator’s reckless disregard of such
      obligations pursuant to Section 3.19, provided, in each case, that with respect
      to any such claim or legal action (or pending or threatened claim or legal
      action), an Indemnified Person shall have given the Securities Administrator
      written notice thereof promptly after such Indemnified Person shall have with
      respect to such claim or legal action knowledge thereof. The Indemnified
      Person’s failure to give such notice shall not affect the Indemnified Person’s
      right to indemnification hereunder. This indemnity shall survive the resignation
      or removal of the Trustee, the Delaware Trustee, the Master Servicer or the
      Securities Administrator and the termination of this Agreement.

     

    SECTION
      3.31.   Limitations
      on Liability of the Master Servicer and Others; Indemnification of Trustee
      and
      Others.

     

    Subject
      to the obligation of the Master Servicer to indemnify the Indemnified Persons
      pursuant to Section 3.30:

     

    (a)  Neither
      the Master Servicer nor any of the directors, officers, employees or agents
      of
      the Master Servicer shall be under any liability to the Indemnified Persons,
      the
      Depositor, the Trust or the Certificateholders for taking any action or for
      refraining from taking 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 or any such Person against
      any breach of warranties or representations made herein or any liability which
      would otherwise be imposed by reason of such Person’s willful misfeasance, bad
      faith or gross negligence in the performance of duties or by reason of reckless
      disregard of obligations and duties hereunder.

     

    
      
        
        

      

      
        87

        
          

        

      

      
        
        

      

    

    (b)  The
      Master Servicer and any director, officer, employee or agent of the Master
      Servicer 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.

     

    (c)  The
      Master Servicer, the Delaware Trustee, the Trustee (in its individual corporate
      capacity and as Trustee), the Custodian (including for such purpose, the Trustee
      acting in its capacity as Custodian) and any director, officer, employee or
      agent of the Master Servicer, the Delaware Trustee, the Trustee or the Custodian
      shall be indemnified by the Trust and held harmless thereby against any loss,
      liability or expense (except as otherwise provided herein with respect to
      expenses) (including reasonable legal fees and disbursements of counsel)
      incurred on their part that may be sustained in connection with, arising out
      of,
      or relating to, this Agreement, the Certificates or any Servicing Agreement
      or
      the transactions contemplated hereby or thereby (except, with respect to the
      Master Servicer, to the extent that the Master Servicer is indemnified by the
      Servicer thereunder), other than (i) with respect to the Master Servicer only,
      any such loss, liability or expense related to the Master Servicer’s failure to
      perform its duties in compliance with this Agreement or (ii) with respect to
      the
      Master Servicer or Custodian only, any such loss, liability or expense incurred
      by reason of the Master Servicer’s or the Custodian’s willful misfeasance, bad
      faith or gross negligence in the performance of its own duties hereunder or
      by
      reason of reckless disregard of its own obligations and duties hereunder or
      under a custodial agreement.

     

    (d)  The
      Master Servicer shall not be under any obligation to appear in, prosecute or
      defend any legal action that is not incidental to its duties under this
      Agreement and that in its opinion may involve it in any expense or liability;
      provided,
      however,
      the
      Master Servicer may in its discretion, undertake any such action which it may
      deem necessary or desirable with respect to this Agreement and the rights and
      duties of the parties hereto and the interests of the Trust and 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, and the Master Servicer shall be entitled to be
      reimbursed therefor out of the Distribution Account as provided by Section
      4.03.
      Nothing in this Subsection 3.31(d) shall affect the Master Servicer’s obligation
      to supervise, or to take such actions as are necessary to ensure, the servicing
      and administration of the Mortgage Loans pursuant to Subsection
      3.01(a).

     

    (e)  In
      taking
      or recommending any course of action pursuant to this Agreement, unless
      specifically required to do so pursuant to this Agreement, the Master Servicer
      shall not be required to investigate or make recommendations concerning
      potential liabilities which the Trust might incur as a result of such course
      of
      action by reason of the condition of the Mortgaged Properties but shall give
      notice to the Trustee if it has notice of such potential
      liabilities.

     

    (f)  The
      Master Servicer shall not be liable for any acts or omissions of any Servicer,
      except as otherwise expressly provided herein.

     

    
      
        
        

      

      
        88

        
          

        

      

      
        
        

      

    

     

    SECTION
      3.32.   Master
      Servicer Not to Resign. 

     

    Except
      as
      provided in Section 3.34, the Master Servicer shall not resign from the
      obligations and duties hereby imposed on it except upon a determination that
      any
      such duties hereunder are no longer permissible under applicable law and such
      impermissibility cannot be cured. Any such determination permitting the
      resignation of the Master Servicer shall be evidenced by an Independent Opinion
      of Counsel (delivered at the expense of the Master Servicer) to such effect
      delivered to the Trustee. No such resignation by the Master Servicer shall
      become effective until the Trustee or a successor to the Master Servicer
      reasonably satisfactory to the Trustee shall have assumed the responsibilities
      and obligations of the Master Servicer in accordance with Section 7.02 hereof.
      The Trustee shall notify each Rating Agency of the resignation of the Master
      Servicer.

     

    SECTION
      3.33.   Successor
      Master Servicer.

     

    In
      connection with the appointment of any successor master servicer or the
      assumption of the duties of the Master Servicer, the Trustee may make such
      arrangements for the compensation of such successor master servicer out of
      payments on the Mortgage Loans as the Trustee and such successor master servicer
      shall agree which in no case shall exceed the Master Servicing Fee. If the
      successor master servicer does not agree that the proposed compensation is
      fair,
      such successor master servicer shall obtain two quotations of market
      compensation from third parties actively engaged in the servicing of
      single-family mortgage loans;
      provided,
      however,
      that
      Thornburg, as a Servicer of a substantial portion of the Mortgage Loans, shall
      have the right, but not the obligation, to be appointed successor master
      servicer in the event that the Trustee, in its sole discretion, decides not
      to
      assume the duties of the Master Servicer itself; and provided,
      further,
      that
      each Rating Agency shall confirm in writing that any appointment of a successor
      Master Servicer (other than the Trustee) will not result in a downgrade in
      the
      then current rating of any Class of Certificates. 

     

    SECTION
      3.34.   Sale
      and Assignment of Master Servicing.

     

    The
      Master Servicer may sell and assign its rights and delegate its duties and
      obligations in their entirety as Master Servicer under this Agreement, with
      the
      written consent of Thornburg in its capacity as a Servicer of a substantial
      portion of the Mortgage Loans, to be given in its sole discretion, and provided
      further that: (i) the purchaser or transferee accepting such assignment and
      delegation (a) shall be a Person which shall be qualified to service mortgage
      loans for Fannie Mae or Freddie Mac; (b) shall have a net worth of not less
      than
      $10,000,000 (unless otherwise approved by each Rating Agency pursuant to clause
      (ii) below); (c) shall be reasonably satisfactory to Thornburg and the Trustee
      (as evidenced in writing signed by Thornburg and the Trustee); and (d) shall
      execute and deliver to the Trustee an agreement, in form and substance
      reasonably satisfactory to the Trustee, which contains an assumption by such
      Person of the due and punctual performance and observance of each covenant
      and
      condition to be performed or observed by it as master servicer under this
      Agreement, any custodial agreement from and after the effective date of such
      agreement; (ii) each Rating Agency shall be given prior written notice of the
      identity of the proposed successor to the Master Servicer and each Rating
      Agency’s ratings of the Certificates in effect immediately prior to such
      assignment, sale and delegation will not be downgraded, qualified or withdrawn
      as a result of such assignment, sale and delegation, as evidenced by a letter
      to
      such effect delivered to the Master Servicer and the Trustee; and (iii) the
      Master Servicer assigning and selling the master servicing shall deliver to
      the
      Trustee an Officer’s Certificate and an Independent Opinion of Counsel,
      (delivered at the Master Servicer’s expense) each stating that all conditions
      precedent to such action under this Agreement have been completed and such
      action is permitted by and complies with the terms of this Agreement. No such
      assignment or delegation shall affect any liability of the Master Servicer
      arising prior to the effective date thereof.

     

    
      
        
        

      

      
        89

        
          

        

      

      
        
        

      

    

     

    SECTION
      3.35.   Reporting
      Requirements of the Commission.

     

    To
      the
      extent that, following the Closing Date, the content of Forms 8-K, 10-D, 10-K,
      15 or other Forms required by the Exchange Act and the Rules and Regulations
      of
      the Commission and the time by which such Forms are required to be filed,
      differs from the provisions of this Agreement, the Master Servicer and the
      Securities Administrator hereby agree that each shall reasonably cooperate
      to
      amend the provisions of this Agreement (in accordance with Section 12.01) in
      order to comply with such amended reporting requirements and such amendment
      of
      this Agreement. Notwithstanding the foregoing, neither the Master Servicer
      nor
      the Securities Administrator shall be obligated to enter into any amendment
      pursuant to this Section that adversely affects its obligations or immunities
      under this Agreement.

     

    ARTICLE
      IV

     

    ACCOUNTS

     

     

    SECTION
      4.01.   Servicing
      Accounts.

     

    (a)  The
      Master Servicer shall enforce the obligation of each Servicer to establish
      and
      maintain one or more custodial accounts (the “Servicing
      Accounts”)
      in
      accordance with the applicable Servicing Agreement, with records to be kept
      with
      respect thereto on a Mortgage Loan by Mortgage Loan basis, into which accounts
      shall be deposited within 48 hours (or as of such other time specified in the
      related Servicing Agreement) of receipt all collections of principal and
      interest on any Mortgage Loan and with respect to any REO Property received
      by a
      Servicer, including Principal Prepayments, Insurance Proceeds, Liquidation
      Proceeds and advances made from the Servicer’s own funds (less, in the case of
      each Servicer, the applicable servicing compensation, in whatever form and
      amounts as permitted by the applicable Servicing Agreement) and all other
      amounts to be deposited in each such Servicing Account. The Servicer is hereby
      authorized to make withdrawals from and deposits to the related Servicing
      Account for purposes required or permitted by this Agreement and the applicable
      Servicing Agreement. For the purposes of this Agreement, Servicing Accounts
      shall also include such other accounts as the Servicer maintains for the escrow
      of certain payments, such as taxes and insurance, with respect to certain
      Mortgaged Properties. Each Servicing Agreement sets forth the criteria for
      the
      segregation, maintenance and investment of each related Servicing Account,
      the
      contents of which are acceptable to the parties hereto as of the date hereof
      and
      changes to which shall not be made unless such changes are made in accordance
      with the provisions of Section 12.01 hereof. 

     

    
      
        
        

      

      
        90

        
          

        

      

      
        
        

      

    

    (b)  [Reserved];

     

    (c)  To
      the
      extent provided in the related Servicing Agreement and subject to this Article
      IV, on or before each Servicer Remittance Date, each Servicer shall withdraw
      or
      shall cause to be withdrawn from the related Servicing Accounts and shall
      immediately deposit or cause to be deposited in the Distribution Account amounts
      representing the following collections and payments (other than with respect
      to
      principal of or interest on the Mortgage Loans due on or before the Cut-off
      Date) with respect to each of the Mortgage Loans it is servicing:

     

    (i)  Monthly
      Payments on the Mortgage Loans received or any related portion thereof advanced
      by the Servicers pursuant to the Servicing Agreements which were due on or
      before the related Due Date but net of the amount thereof comprising the
      Servicing Fees;

     

    (ii)  Principal
      Prepayments in full and any Liquidation Proceeds received by the Servicers
      with
      respect to such Mortgage Loans in the related Prepayment Period, with interest
      to the date of prepayment or liquidation, net of the amount thereof comprising
      the Servicing Fees and any Recoveries received in the related Prepayment
      Period;

     

    (iii)  Principal
      Prepayments in part received by the Servicers for such Mortgage Loans in the
      related Prepayment Period; 

     

    (iv)     
      Prepayment
      Penalty Amounts, if any, and only if required under the related Servicing
      Agreement; and

    

    (v)      any
      amount to be used as a delinquency advance or to pay any Interest Shortfalls,
      in
      each case, as required to be paid under the related Servicing Agreement.

     

    (d)  Withdrawals
      may be made from a Servicing Account only to make remittances as provided in
      Section 4.01(c), 4.02 and 4.03; to reimburse the Master Servicer or a Servicer
      for Advances which have been recovered by subsequent collection from the related
      Mortgagor; to remove amounts deposited in error; to remove fees, charges or
      other such amounts deposited on a temporary basis; or to clear and terminate
      the
      account at the termination of this Agreement in accordance with Section 10.01.
      As provided in Sections 4.01(c) and 4.02(b), certain amounts otherwise due
      to
      the Servicers may be retained by them and need not be deposited in the
      Distribution Account.

     

    SECTION
      4.02.   Distribution
      Account. 

     

    (a)  The
      Securities Administrator shall establish and maintain in the name of the
      Trustee, for the benefit of the Trust and the Certificateholders, the
      Distribution Account as a segregated account or accounts, each of which shall
      be
      an Eligible Account. The Distribution Account shall constitute a trust account
      of the Trust segregated on the books of the Securities Administrator and held
      by
      the Securities Administrator in trust in its Corporate Trust Office, and the
      Distribution Account and the funds deposited therein shall not be subject to,
      and shall be protected from, all claims, liens, and encumbrances of any
      creditors or depositors of the Trustee, the Securities Administrator or the
      Master Servicer (whether made directly, or indirectly through a liquidator
      or
      receiver of the Trustee, the Securities Administrator or the Master Servicer).
      The amount at any time credited to the Distribution Account shall be (i) fully
      insured by the FDIC to the maximum coverage provided thereby or (ii) invested
      by
      the Securities Administrator, in Permitted Investments, in accordance with
      Section 4.02(c). All Permitted Investments shall mature or be subject to
      redemption or withdrawal on or before, and shall be held until, the immediately
      succeeding Distribution Date. With respect to the Distribution Account and
      the
      funds deposited therein, the Securities Administrator shall take such action
      as
      may be necessary to ensure that the Trust and the Certificateholders shall
      be
      entitled to the priorities afforded to such a trust account (in addition to
      a
      claim against the estate of the Securities Administrator or the Trustee) as
      provided by 12 U.S.C. § 92a(e), and applicable regulations pursuant thereto, if
      applicable, or any applicable comparable state statute applicable to state
      chartered banking corporations, if applicable. The Securities Administrator,
      Trustee or their affiliates are permitted to receive additional compensation
      that could be deemed to be in the their economic self-interest for (i) serving
      as investment adviser, administrator, servicing agent, custodian or
      sub-custodian with respect to certain of the Permitted Investments, (ii) using
      affiliates to effect transactions in certain Permitted Investments and (iii)
      effecting transactions in certain Permitted Investments. The Master Servicer
      and
      the Securities Administrator will deposit in the Distribution Account as
      identified by the Master Servicer or the Securities Administrator and as
      received by the Master Servicer or the Securities Administrator, the following
      amounts:

     

    
      
        
        

      

      
        91

        
          

        

      

      
        
        

      

    

    (i)  any
      amounts withdrawn from a Servicing Account pursuant to Section
      4.01(c);

     

    (ii)  any
      Advance and any Compensating Interest Payments required to be made by the Master
      Servicer to the extent required but not made by a Servicer; 

     

    (iii)  any
      Insurance Proceeds, Liquidation Proceeds or Recoveries received by or on behalf
      of the Master Servicer or which were not deposited in a Servicing Account;
      

     

    (iv)  the
      Purchase Price with respect to any Mortgage Loans purchased by the Seller under
      this Agreement, any Substitution Adjustments pursuant to Section 2.03 of this
      Agreement, the Purchase Price with respect to any Mortgage Loans purchased
      by
      Thornburg or TMI pursuant to Section 3.25, and all proceeds of any Mortgage
      Loans or property acquired with respect thereto repurchased by the Thornburg
      pursuant to Section 10.01;

     

    (v)  any
      amounts required to be deposited with respect to losses on investments of
      deposits in the Distribution Account; and

     

    (vi)  any
      other
      amounts received by or on behalf of the Master Servicer or the Trustee and
      required to be deposited in the Distribution Account pursuant to this
      Agreement.

     

    (b)  All
      amounts deposited to the Distribution Account shall be held by the Securities
      Administrator in the name of the Trustee in trust for the benefit of the Trust
      and Certificateholders in accordance with the terms and provisions of this
      Agreement. The requirements for crediting the Distribution Account shall be
      exclusive, it being understood and agreed that, without limiting the generality
      of the foregoing, payments in the nature of (i) late payment charges or
      assumption, tax service, statement account or payoff, substitution,
      satisfaction, release and other like fees and charges (but including, in the
      case of Thornburg, all Prepayment Penalty Amounts) and (ii) the items enumerated
      in Subsections 4.03(a)(i), (ii), (iii), (iv), (vi), (vii), (ix) and (x) with
      respect to the Securities Administrator, need not be credited by the Master
      Servicer or the related Servicer to the Distribution Account. In the event
      that
      the Master Servicer shall deposit or cause to be deposited to the Distribution
      Account any amount not required to be credited thereto, the Securities
      Administrator, upon receipt of a written request therefor signed by a Servicing
      Officer of the Master Servicer, shall promptly transfer such amount to the
      Master Servicer, any provision herein to the contrary
      notwithstanding.

     

    
      
        
        

      

      
        92

        
          

        

      

      
        
        

      

    

    (c)  The
      amount
      at
      any time credited to the Distribution Account shall be invested, in the name
      of
      the Trustee, or its nominee, for the benefit of the Certificateholders, in
      Permitted Investments as follows. All Permitted Investments shall be for the
      benefit of Thornburg, in its capacity as Servicer, except
      that the investment income with respect to the investment of funds in the
      Distribution Account made on the Business Day prior to each Distribution Date
      shall be for the benefit of the Master Servicer. All Permitted Investments
      made
      for the benefit of Thornburg shall be made at the written direction of Thornburg
      to the Master Servicer
      (or, if
      no such written direction is received, in investments of the type specified
      in
      clause (vi) of
      the
      definition of Permitted Investments), shall mature or be subject to redemption
      or withdrawal on or before, and shall be held until, the Business Day prior
      to
      the next succeeding Distribution Date. Any and all investment earnings from
      such
      Permitted Investments shall be paid to Thornburg, and the risk of loss of moneys
      resulting from such investments shall be borne by and be the risk of Thornburg.
      Thornburg shall deposit the amount of any such loss in the Distribution Account
      within two Business Days of receipt of notification of such loss but not later
      than the next succeeding Distribution Date.

     

    All
      Permitted Investments made for the benefit of the Master Servicer shall be
      in
      such Permitted Investments as shall be selected by the Master Servicer and
      shall
      mature (and be subject to withdrawal and be held until) the
      next
      succeeding Distribution Date. Any and all investment earnings from such
      Permitted Investments shall be paid to the Master Servicer and the risk of
      loss
      on such Permitted Investments shall be borne by and be the risk of the Master
      Servicer. The Master Servicer shall deposit the amount of any such loss in
      the
      Distribution Account no later than the next succeeding Distribution
      Date.

     

    SECTION
      4.03.   Permitted
      Withdrawals and Transfers from the Distribution Account.

     

    (a)  The
      Master Servicer will, from time to time on demand of a Servicer, the Securities
      Administrator, or for its own account as set forth below, make or cause to
      be
      made such withdrawals or transfers from the Distribution Account, in the case
      of
      a demand by a Servicer, as the applicable Servicer has designated for such
      transfer or withdrawal pursuant to the applicable Servicing Agreement, or in
      the
      case of a demand by the Securities Administrator as the Securities Administrator
      has demanded pursuant hereto, or as the Master Servicer has determined to be
      appropriate in accordance herewith, for the following purposes:

     

    (i)  to
      reimburse the Master Servicer or any Servicer for any Advance of its own funds
      or of such Servicer’s own funds, the right of the Master Servicer or a Servicer
      to reimbursement pursuant to this subclause (i) being limited to amounts
      received on a particular Mortgage Loan (including, for this purpose, the
      Purchase Price therefor, Insurance Proceeds and Liquidation Proceeds) which
      represent late payments or recoveries of the principal of or interest on such
      Mortgage Loan respecting which such Advance was made;

     

    
      
        
        

      

      
        93

        
          

        

      

      
        
        

      

    

    (ii)  to
      reimburse the Master Servicer or any Servicer from Insurance Proceeds or
      Liquidation Proceeds relating to a particular Mortgage Loan for amounts expended
      by the Master Servicer or such Servicer in good faith in connection with the
      restoration of the related Mortgaged Property which was damaged by an Uninsured
      Cause or in connection with the liquidation of such Mortgage Loan;

     

    (iii)  to
      reimburse the Master Servicer or any Servicer from Insurance Proceeds relating
      to a particular Mortgage Loan for insured expenses incurred with respect to
      such
      Mortgage Loan and to reimburse the Master Servicer or such Servicer from
      Liquidation Proceeds from a particular Mortgage Loan for Liquidation Expenses
      incurred with respect to such Mortgage Loan; 

     

    (iv)  to
      pay
      the Master Servicer or any Servicer, as appropriate, from Liquidation Proceeds
      or Insurance Proceeds received in connection with the liquidation of any
      Mortgage Loan, the amount which it or such Servicer would have been entitled
      to
      receive under subclause (viii) of this Subsection 4.03(a) as servicing
      compensation on account of each defaulted scheduled payment on such Mortgage
      Loan if paid in a timely manner by the related Mortgagor;

     

    (v)  to
      pay
      the Master Servicer or any Servicer from the Purchase Price for any Mortgage
      Loan, the amount which it or such Servicer would have been entitled to receive
      under subclause (viii) of this Subsection (a) as servicing
      compensation;

     

    (vi)  to
      reimburse the Master Servicer or any Servicer for servicing related advances
      of
      funds, the right to reimbursement pursuant to this subclause being limited
      to
      amounts received on the related Mortgage Loan (including, for this purpose,
      the
      Purchase Price therefor, Insurance Proceeds and Liquidation Proceeds) which
      represent late recoveries of the payments for which such servicing advances
      were
      made;

     

    (vii)  to
      reimburse the Master Servicer or any Servicer for any Advance or advance, after
      a Realized Loss has been allocated with respect to the related Mortgage Loan
      if
      the Advance or advance has not been reimbursed pursuant to clauses (i) and
      (vi);

     

    (viii)  to
      pay
      the Master Servicer its monthly Master Servicing Fee and any investment income
      and other additional servicing compensation payable pursuant to Section
      3.14;

     

    (ix)  to
      reimburse the Master Servicer or the Securities Administrator for any expenses
      recoverable by the Master Servicer or the Securities Administrator pursuant
      to
      Sections 3.03 and 3.31;

     

    (x)  to
      pay
      Thornburg, as a Servicer, any Prepayment Penalty Amounts and any earnings
      payable pursuant to Section 4.02(c), and to reimburse or pay any Servicer any
      such amounts as are due thereto under the applicable Servicing Agreement and
      have not been retained by or paid to the Servicer, to the extent provided in
      the
      related Servicing Agreement;

     

    (xi)  to
      reimburse the Trustee, the Delaware Trustee and the Securities Administrator
      for
      expenses, costs and liabilities incurred by or reimbursable to it from funds
      of
      the Trust pursuant to Sections 3.30, 3.31 or 8.05 (including those related
      to
      the Custodian, to the extent not paid by Thornburg), and to reimburse the
      Trustee for any fees, costs and expenses costs incurred by or reimbursable
      to it
      pursuant to Section 2.03(a), 7.01(b), 8.02, 8.05 or 8.07, to the extent not
      otherwise reimbursed to it;

     

    
      
        
        

      

      
        94

        
          

        

      

      
        
        

      

    

    (xii)  to
      make
      distributions of Retained Interest to the Retained Interest Holder on each
      Distribution Date;

     

    (xiii)  to
      pay to
      Thornburg (in its capacity as a Servicer) all investment earnings on amounts
      on
      deposit in the Distribution Account to which it is entitled under Section
      4.02(c);

     

    (xiv)  to
      remove
      amounts deposited in error; and 

     

    (xv)  to
      clear
      and terminate the Distribution Account pursuant to Section 10.01. 

     

    (b)  In
      addition, on or before the Business Day immediately preceding each Distribution
      Date, the Master Servicer shall deposit in the Distribution Account (or remit
      to
      the Securities Administrator for deposit therein) any Advances or Compensating
      Interest Payments, to the extent required but not made by the related Servicer
      and required to be made by the Master Servicer with respect to the Mortgage
      Loans.

     

    (c)  The
      Securities Administrator or the Master Servicer shall keep and maintain separate
      accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of
      accounting for any payments or reimbursements from the Distribution Account
      pursuant to subclauses (i) through (vii), inclusive, (ix) and (x) or with
      respect to any such amounts which would have been covered by such subclauses
      had
      the amounts not been retained by the Master Servicer without being deposited
      in
      the Distribution Account under Section 4.02(b).

     

    (d)  In
      order
      to comply with its duties under the USA PATRIOT Act of 2001, the Securities
      Administrator shall obtain and verify certain information and documentation
      from
      the other parties hereto, including, but not limited to, each such party's
      name,
      address and other identifying information.

     

    (e)  On
      each
      Distribution Date, the Securities Administrator shall distribute the aggregate
      Available Funds to the Holders of the Certificates in accordance with Section
      5.01.

     

     

    SECTION
      4.04.   [Reserved].

     

    
      
        
        

      

      
        95

        
          

        

      

      
        
        

      

    

     

    SECTION
      4.05.   [Reserved].

     

     

    ARTICLE
      V

     

    FLOW
      OF FUNDS

     

    SECTION
      5.01.   Distributions.

     

    (a)  On
      each
      Distribution Date and after making any withdrawals from the Distribution Account
      pursuant to Section 4.03(a), the Securities Administrator shall withdraw funds
      on deposit in the Distribution Account to the extent of Available Funds for
      all
      Loan Groups for such Distribution Date and, based on the Distribution Date
      Statement, make the following disbursements and transfers in the following
      order
      of priority:

     

    (i)  the
      Available Funds for Loan Group 1 shall be distributed on each Distribution
      Date
      in the following order of priority: 

     

    
      	(A)  
              	to the Holders of the Class A-R, Class A-1 and Class
              A-X
              Certificates, the related Interest Distributable Amounts for that date,
              pro
              rata
              (based on the Interest Distributable Amounts to which each such Class
              is
              entitled; provided,
              however,
              that for the purpose of distributions to the Class A-X Certificates,
              only
              the portion of the Class Certificate Notional Balance derived from
              the
              Group 1 Mortgage Loans will be used to calculate distributions to the
              Class A-X Certificates from Available Funds for Loan Group
              1);

    

    
      	 	 

    

    
      	(B)  	
              on
                the Distribution Date in January 2016 and each Distribution Date
                thereafter for deposit in the Final Maturity Reserve Account, the
                Final
                Maturity Reserve Amount for Loan Group 1;
                and

            

    

    

    
      	(C)  	
              from
                the Principal Distribution Amount for Loan Group 1 for such Distribution
                Date, an amount equal to the Senior Principal Distribution Amount
                for Loan
                Group 1 for that Distribution Date, as
                follows:

            

    

     

    first,
      to the
      Holder of Class A-R Certificate, until the Class Certificate Principal Balance
      of such Class is reduced to zero; and

     

    second,
      to the
      Holders of the Class A-1 Certificates, until the Class Certificate Principal
      Balance of such Class is reduced to zero;

    

    (ii)  the
      Available Funds for Loan Group 2 shall be distributed on each Distributable
      Date
      in the following order of priority:

     

    
      
        
        

      

      
        96

        
          

        

      

      
        
        

      

    

     

    
       

      
        	(A)  
                	
                to
                  the Holders of the Class A-2 and Class A-X Certificates, the related
                  Interest Distributable Amounts for that date, pro
                  rata
                  (based on the Interest Distributable Amounts to which each such
                  Class is
                  entitled; provided,
                  however,
                  that for the purpose of distributions to the Class A-X Certificates,
                  only
                  the portion of the Class Certificate Notional Balance derived from
                  the
                  Group 2 Mortgage Loans will be used to calculate distributions
                  to the
                  Class A-X Certificates from Available Funds for Loan Group
                  2);

              

      

      
        	 	 

      

      
        	(B)  	
                
                  on
                    the Distribution Date in January 2016 and each Distribution Date
                    thereafter for deposit in the Final Maturity Reserve Account,
                    the Final
                    Maturity Reserve Amount for Loan Group 2;
                    and

                

              

      

      

      
        	(C)  	
                
                  from
                    the Principal Distribution Amount for Loan Group 2 for such Distribution
                    Date, an amount equal to the Senior Principal Distribution Amount
                    for Loan
                    Group 2 for that Distribution Date, to the Holders of the Class
                    A-2
                    Certificates until the Class Certificate Principal Balance of
                    such Class
                    is reduced to zero;

                

              

      

       

    

    (iii)  the
      Available Funds for Loan Group 3 shall be distributed on each Distribution
      Date
      in the following order of priority:

     

    
      	(A)  	
              to
                the Holders of the Class A-3 and Class A-X Certificates, the related
                Interest Distributable Amounts for that date, pro
                rata
                (based on the Interest Distributable Amounts to which each such Class
                is
                entitled; provided,
                however,
                that for the purpose of distributions to the Class A-X Certificates,
                only
                the portion of the Class Certificate Notional Balance derived from
                the
                Group 3 Mortgage Loans will be used to calculate distributions to
                the
                Class A-X Certificates from Available Funds for Loan Group 3);
                and

            

    

     

    
      	(B)  	
              from
                the Principal Distribution Amount for Loan Group 3 for such Distribution
                Date, an amount equal to the Senior Principal Distribution Amount
                for Loan
                Group 3 for that Distribution Date, to the Holders of the Class A-3
                Certificates until the Class Certificate Principal Balance of such
                Class
                is reduced to zero;

            

    

     

    (iv)  Notwithstanding
      subsections (i) through (iii) above, to the extent of the Required Reserve
      Fund
      Deposit for each applicable Distribution Date, the Interest Distributable Amount
      that would otherwise be payable to the Class A-X Certificates will be deposited
      in the Available Funds Cap Reserve Fund to the extent of the Required Reserve
      Fund Deposit and will not be distributed to the Class A-X
      Certificates;

     

    (v)  the
      Available Funds for each Loan Group remaining after giving effect to the
      distributions specified in subsections (i) through (iv) above will be
      distributed to the Certificateholders in the following order of
      priority:

     

    
      
        
        

      

      
        97

        
          

        

      

      
        
        

      

    

     

    
      	(A)  	
              to
                the Holders of the Class B-1 Certificates, the related Interest
                Distributable Amount for that date;

            

    

     

    
      	 	
              (B)  
                

            	
              to
                the Holders of the Class B-1 Certificates, an amount allocable to
                principal equal to its Pro Rata Share for such Distribution Date
                until the
                Class Certificate Principal Balance of such Class is reduced to
                zero;

            

    

    

    
      	 	
              (C)  
                

            	
              to
                the Holders of the Class B-2 Certificates, the related Interest
                Distributable Amount for that date;

            

    

    

    
      	 	
              (D)  
                

            	
              to
                the Holders of the Class B-2 Certificates, an amount allocable to
                principal equal to its Pro Rata Share for such Distribution Date
                until the
                Class Certificate Principal Balance of such Class is reduced to
                zero;

            

    

    

    
      	 	
              (E)  
                

            	
              to
                the Holders of the Class B-3 Certificates, the related Interest
                Distributable Amount for that date;

            

    

    

    
      	 	
              (F)  
                

            	
              to
                the Holders of the Class B-3 Certificates, an amount allocable to
                principal equal to its Pro Rata Share for such Distribution Date
                until the
                Class Certificate Principal Balance of such Class is reduced to
                zero;

            

    

    

    
      	(G)  	
              to
                the Holders of the Class B-4 Certificates, the related Interest
                Distributable Amount for that date;

            

    

    

    
      	(H)  	
              to
                the Holders of the Class B-4 Certificates, an amount allocable to
                principal equal to its Pro Rata Share for such Distribution Date
                until the
                Class Certificate Principal Balance of such Class is reduced to
                zero;

            

    

    

    
      	(I)  	
              to
                the Holders of the Class B-5 Certificates, the related Interest
                Distributable Amount for that date;

            

    

    

    
      	(J)  	
              to
                the Holders of the Class B-5 Certificates, an amount allocable to
                principal equal to its Pro Rata Share for such Distribution Date
                until the
                Class Certificate Principal Balance of such Class is reduced to
                zero;

            

    

    

    
      	(K)  	
              to
                the Holders of the Class B-6 Certificates, the related Interest
                Distributable Amount for that date;

            

    

    

    
      	(L)  	
              to
                the Holders of the Class B-6 Certificates, an amount allocable to
                principal equal to its Pro Rata Share for such Distribution Date
                until the
                Class Certificate Principal Balance of such Class is reduced to zero;
                and

            

    

    

    
      
        
        

      

      
        98

        
          

        

      

      
        
        

      

    

    
      	(M)  	
              to
                the Holder of the Class A-R Certificate, any Available Funds then
                remaining.

            

    

     

    (b)  Amounts
      to be paid to the Holders of a Class of Certificates shall be payable with
      respect to all Certificates of that Class, pro
      rata,
      based
      on the Certificate Principal Balance or Certificate Notional Balance, as
      applicable, of each Certificate of that Class.

     

    (c)  [Reserved].

     

    (d)  On
      each
      Distribution Date, the Interest Distributable Amounts for the Classes of Senior
      Certificates and Subordinate Certificates on such Distribution Date shall be
      reduced proportionately by Net Interest Shortfalls based on (A) in the case
      of
      the Senior Certificates, the Interest Distributable Amount otherwise
      distributable thereon and (B) in the case of the Subordinate Certificates,
      interest accrued at the related Subordinate Certificate Pass-Through Rate on
      the
      related Apportioned Principal Balance of each such Class,
      in each
      case before taking into account any reduction in those amounts due to such
      Net
      Interest Shortfalls; provided,
      however,
      that on
      any Distribution Date after the Senior Termination Date for a Loan Group, Net
      Interest Shortfalls for that Loan Group will be allocated to the Classes of
      Subordinate Certificates based on the amount of interest each such Class of
      Subordinate Certificates would otherwise be entitled to receive on such
      Distribution Date. 

     

    (e)  Notwithstanding
      the priority and allocation set forth in Section 5.01(a)(v) above, if with
      respect to any Class of Subordinate Certificates on any Distribution Date the
      sum of the related Class Subordination Percentages of such Class and of all
      other Classes of Subordinate Certificates which have a higher numerical Class
      designation than such Class (the “Applicable
      Credit Support Percentage”)
      is
      less than the Original Applicable Credit Support Percentage for such Class,
      no
      distribution of Principal Prepayments will be made to any such Classes (the
      “Restricted
      Classes”)
      and
      the amount of such Principal Prepayment otherwise distributable to the
      Restricted Classes shall be distributed to any Classes of Subordinate
      Certificates having lower numerical Class designations than such Class,
pro
      rata,
      based
      on the Class Certificate Principal Balances of the respective Classes
      immediately prior to such Distribution Date and shall be distributed in the
      sequential order provided in Section 5.01(a)(v) above.

     

    (f)  (i)
      Notwithstanding the priority and allocation set forth in Section 5.01(a)(i)
      through (iii) above, on each Distribution Date prior to the Senior Credit
      Support Depletion Date but after the date on which the aggregate Class
      Certificate Principal Balance of any Class of the Senior Certificates (other
      than the Class A-X Certificates) has been reduced to zero, 100% of the Principal
      Prepayments on the Mortgage Loans in the Loan Group related to such retired
      Class of Senior Certificates otherwise distributable on each Class of
      Subordinate Certificates pursuant to Section 5.01(a)(v), in reverse order of
      priority, shall be distributed as principal to the Senior Certificates (other
      than the Class A-X Certificates) remaining outstanding pursuant to Section
      5.01(a) until the Class Certificate Principal Balances thereof have been reduced
      to zero, provided that on such Distribution Date either clause (i) or (ii)
      in
      the definition of the Two Times Test has not been met. On each Distribution
      Date
      on which two Classes of Senior Certificates (other than the Class A-X
      Certificates) remain outstanding, any amounts distributable pursuant to Section
      5.01(f)(i) will be distributed in proportion to the aggregate Class Certificate
      Principal Balances of such remaining Classes of Senior Certificates (other
      than
      the Class A-X Certificates) immediately prior to such Distribution
      Date.

     

    
      
        
        

      

      
        99

        
          

        

      

      
        
        

      

    

    (ii) (A) On
      any
      Distribution Date on which any Class of Senior Certificates (other than the
      Class A-X Certificates) constitutes an Undercollateralized Group, all amounts
      otherwise distributable as Available Funds on the Subordinate Certificates,
      in
      reverse order of priority (or, following the Senior Credit Support Depletion
      Date, such other amounts described in the immediately following sentence),
      will
      be distributed as principal to the Senior Certificates (other than the Class
      A-X
      Certificates) of such Undercollateralized Group pursuant to Section 5.01(a)
      first,
      up to
      the sum of the Accrued Interest Amount and the Principal Deficiency Amount
      for
      the related Undercollateralized Group (such distribution, an “Undercollateralization
      Distribution”)
      and
second,
      to pay
      to the Subordinate Certificates and the Class A-R Certificate in the same order
      and priority as provided in Section 5.01(a)(v). In the event that any Class
      of
      Senior Certificates (other than the Class A-X Certificates) constitutes an
      Undercollateralized Group on any Distribution Date following the Senior Credit
      Support Depletion Date, Undercollateralization Distributions will be made from
      any Available Funds for a Loan Group not related to an Undercollateralized
      Group
      remaining after all required amounts have been distributed to the related Class
      of Senior Certificates (other than the Class A-X Certificates).
      Undercollateralization Distributions will be applied first
      to pay
      accrued but unpaid interest, if any, and second
      to pay
      principal in the same priority and allocation provided in Section
      5.01(a).

    

    (B) If
      on any
      Distribution Date two Classes of Senior Certificates (other than the Class
      A-X
      Certificates) are Undercollateralized Groups, the distribution described in
      paragraph (ii)(A) above will be made, in the case of Accrued Interest Amounts,
      pro
      rata
      based
      upon such Accrued Interest Amounts, and, in the case of Principal Deficiency
      Amounts, in proportion to the amount by which the aggregate Class Certificate
      Principal Balance of each Class of Senior Certificates (other than the Class
      A-X
      Certificates), after giving effect to distributions pursuant to Section 5.01(a)
      on such Distribution Date, exceeds the Loan Group Balance of the related Loan
      Group for such Distribution Date.

     

    (g)  Distributions
      on Physical Certificates.
      The
      Securities Administrator shall make distributions in respect of a Distribution
      Date to each Certificateholder of record on the related Record Date (other
      than
      as provided in Section 10.01 hereof respecting the final distribution), in
      the
      case of Certificateholders of the Physical Certificates, by check or money
      order
      mailed to such Certificateholder at the address appearing in the Certificate
      Register, or by wire transfer. Distributions among Certificateholders of a
      Class
      shall be made in proportion to the Percentage Interests evidenced by the
      Certificates of that Class held by such Certificateholders.

     

    (h)  Distributions
      on Book-Entry Certificates.
      Each
      distribution with respect to a Book-Entry Certificate shall be paid to the
      Depository, which shall credit the amount of such distribution to the accounts
      of its Depository Participants in accordance with its normal procedures. Each
      Depository Participant shall be responsible for disbursing such distribution
      to
      the Certificate Owners that it represents and to each indirect participating
      brokerage firm (a “brokerage firm” or “indirect participating firm”) for which
      it acts as agent. Each brokerage firm shall be responsible for disbursing funds
      to the Certificate Owners that it represents. All such credits and disbursements
      with respect to a Book-Entry Certificate are to be made by the Depository and
      the Depository Participants in accordance with the provisions of the
      Certificates. None of the Trustee, the Depositor or the Seller shall have any
      responsibility therefor.

     

    
      
        
        

      

      
        100

        
          

        

      

      
        
        

      

    

    (i) Distributions
      from Available Funds Cap Reserve Fund.
      On each
      Distribution Date from amounts available in the Available Funds Cap Reserve
      Fund
      after giving effect to payments made on such date pursuant to Section 5.09
      from
      the Yield Maintenance Amount Account, the Securities Administrator shall
      withdraw from the Available Funds Cap Reserve Fund an amount for distribution
      to
      the Class A-1, Class A-2 and Class A-3 Certificates equal to the lesser of
      (1) the amount of the remaining aggregate Available Funds Cap Shortfalls
      for each such Class on such date and (2) the amounts available therefor on
      deposit in the Available Funds Cap Reserve Fund as provided in Section 5.08,
      and
      shall distribute such amounts to the Holders of the Class A-1, Class A-2 and
      Class A-3 Certificates, pro
      rata
      based on
      the amount of any such remaining Available Funds Cap Shortfalls for each such
      Class and such date.

     

    (j)
      Distributions
      from Final Maturity Reserve Account.
      On the
      earlier of the Distribution Date in January 2036 and the termination of the
      Trust, the Securities Administrator shall distribute the funds on deposit in
      the
      Final Maturity Reserve Account in the following order of priority:

     

    (i)
      to
      the Class A-1 and Class A-2 Certificates, concurrently, in proportion to their
      respective Class Certificate Principal Balances, after giving effect to
      principal distributions on such Distribution Date pursuant to Section 5.01(a)(i)
      and (ii) above, in reduction of their respective Class Certificate Principal
      Balances, until the Class Certificate Principal Balance of each such Class
      has
      been reduced to zero;

     

    (ii)
      to
      the
      Class B-1, Class B-2, Class B-3, Class B-4, Class B-5 and Class B-6
      Certificates, in that order, after giving effect to principal distributions
      on
      such Distribution Date pursuant to Section 5.01(a)(v) above, in reduction of
      their respective Class Certificate Principal Balances, until the Class
      Certificate Principal Balance of each such class has been reduced to
      zero;

     

    (iii)
      to
      the
      Class A-1, Class A-2, Class B-1, Class B-2, Class B-3, Class B-4, Class B-5
      and
      Class B-6 Certificates, any Interest Distributable Amounts for each such Class
      remaining unpaid on such Distribution Date, in the same priorities as set forth
      in Sections 5.01(a)(i), (ii) and (v);

     

    (iv)
      to
      the
      Class A-1 and Class A-2 Certificates, concurrently, in proportion to their
      respective Class Certificate Principal Balances, any Available Funds Cap
      Shortfall Amounts remaining for each such Class on such Distribution Date;
      and

     

    (v)
      to
      the extent of any funds remaining in the Final Maturity Reserve Account after
      payment pursuant to clauses (i) through (iv) above, to the Class I
      Certificates.

     

     

    
      
        
        

      

      
        101

        
          

        

      

      
        
        

      

    

    SECTION
      5.02.   [Reserved]. 

     

    SECTION
      5.03.   Allocation
      of Realized Losses.

     

    (a)  On
      or
      prior to each Determination Date, the Securities Administrator shall aggregate
      the loan-level information provided by the Master Servicer with respect to
      the
      total amount of Realized Losses, if any, with respect to the Mortgage Loans
      in
      each Loan Group for the related Distribution Date and include such information
      in the Distribution Date Statement.

     

    (b)  Realized
      Losses with respect to each Loan Group shall be allocated on any Distribution
      Date as follows:

     

    first,
      to the
      Subordinate Certificates in reverse order of their respective numerical Class
      designations (beginning with the Class of Subordinate Certificates with the
      highest numerical Class designation) until the Class Certificate Principal
      Balance of each such Class is reduced to zero; and

     

    second, 

     

    (A)  with
      respect to Loan Group 1, to the Class A-1 and Class A-R Certificates,
pro
      rata,
      until
      the Class Certificate Principal Balance of each such Class is reduced to zero;
      

     

    (B)  with
      respect to Loan Group 2, to the Class A-2 Certificates, until the Class
      Certificate Principal Balance of such Class is reduced to zero; and

     

    (C)  with
      respect to Loan Group 3, to the Class A-3 Certificates, until the Class
      Certificate Principal Balance of such Class is reduced to zero.

     

    (c)  The
      Class
      Certificate Principal Balance of the Class of Subordinate Certificates then
      outstanding with the highest numerical Class designation shall be reduced on
      each Distribution Date by the amount, if any, by which the aggregate of the
      Class Certificate Principal Balances of all outstanding Classes of Certificates
      (after giving effect to the distribution of principal and the allocation of
      Realized Losses on such Distribution Date) exceeds the aggregate of the Stated
      Principal Balances of all the Mortgage Loans for the following Distribution
      Date.

     

    (d)  Any
      Realized Loss allocated to a Class of Certificates or any reduction in the
      Class
      Certificate Principal Balance of a Class of Certificates pursuant to Section
      5.03(b) or (c) shall be allocated among the Certificates of such Class,
pro
      rata,
      in
      proportion to their respective Certificate Principal Balances.

     

    (e)  Any
      allocation of Realized Losses to a Certificate or any reduction in the
      Certificate Principal Balance of a Certificate pursuant to Section 5.03(b)
      or
      (c) shall be accomplished by reducing the Certificate Principal Balance thereof
      immediately following the distributions made on the related Distribution Date
      in
      accordance with the definition of “Certificate Principal Balance.”

     

    
      
        
        

      

      
        102

        
          

        

      

      
        
        

      

    

    SECTION
      5.04.   Statements. 

     

    (a)  Two
      Business Days prior to the Auction Distribution Date, the Securities
      Administrator shall make available to the Auction Administrator, and
      concurrently with each distribution to Certificateholders, the Securities
      Administrator shall make available to each Certificateholder, the Seller, the
      Master Servicer, the Trustee, the Yield Maintenance Counterparty and the Rating
      Agencies, a statement based, as applicable, on loan-level information provided
      to it by the Master Servicer and the Servicers (the “Distribution
      Date Statement”)
      as to
      the distributions to be made or made, as applicable, on such Distribution Date.
      Information in the Distribution Date Statement relating to or based on amounts
      available in the Yield Maintenance Account shall be based on information
      provided by the Yield Maintenance Counterparty regarding any Yield Maintenance
      Amounts required to be paid by the Yield Maintenance Counterparty for the
      related Distribution Date pursuant to the Yield Maintenance Agreements. The
      Distribution Date Statement shall include the following:

     

    (i)  the
      amount of the distribution made on such Distribution Date to the Holders of
      each
      Class of Certificates allocable to principal;

     

    (ii)  the
      amount of the distribution made on such Distribution Date to the Holders of
      each
      Class of Certificates allocable to interest, including any Required Reserve
      Fund
      Deposits;

     

    (iii)  the
      Senior Percentage, Senior Prepayment Percentage, Subordinate Percentage and
      Subordinate Prepayment Percentage with respect to each Loan Group for the
      following Distribution Date;

     

    (iv)  the
      aggregate amount of servicing compensation received by each Servicer during
      the
      related Due Period;

     

    (v)  the
      aggregate amount of Advances for the related Due Period and the amount of
      unreimbursed Advances;

     

    (vi)  the
      Available Funds Cap for each Class of Senior Certificates (other than the Class
      A-X Certificates) on such Distribution Date;

     

    (vii)  the
      Loan
      Group Balance and related Net WAC for each Loan Group at the Close of Business
      at the end of the related Due Period;

     

    (viii)  the
      aggregate Principal Balance of the One-Year CMT Indexed Mortgage Loans at the
      Close of Business at the end of the related Due Period;

     

    (ix)  the
      aggregate Principal Balance of the Six-Month LIBOR Indexed, One-Month LIBOR
      Indexed and One-Year LIBOR Indexed Mortgage Loans at the Close of Business
      at
      the end of the related Due Period;

     

    (x)  the
      amount of the Master Servicer Fees paid to or retained by the Master
      Servicer;

     

    
      
        
        

      

      
        103

        
          

        

      

      
        
        

      

    

    (xi)  the
      aggregate amount of Servicer Fees paid to or retained by the
      Servicers;

     

    (xii)  the
      amount of fees, expenses or indemnification amounts paid by the Trust with
      an
      identification of the general purpose of such amounts and the party receiving
      such amounts;

     

    (xiii)  for
      each
      Loan Group, the number, weighted average remaining term to maturity, weighted
      average life and weighted average Loan Rate of the related Mortgage Loans as
      of
      the related Due Date;

     

    (xiv)  the
      number and aggregate unpaid principal balance of Mortgage Loans, in the
      aggregate and for each Loan Group, (a) 30 to 59 days Delinquent, (b) 60 to
      89 days Delinquent, (c) 90 or more days Delinquent, (d) as to which foreclosure
      proceedings have been commenced and (e) in bankruptcy, in each case as of the
      close of business on the last day of the preceding calendar month;

     

    (xv)  the
      rolling six-month delinquency rate for that Distribution Date;

     

    (xvi)  the
      total
      number and cumulative principal balance of all REO Properties in each Loan
      Group
      as of the Close of Business of the last day of the preceding Due
      Period;

     

    (xvii)  the
      aggregate amount of Principal Prepayments and Prepayment Penalty Amounts with
      respect to each Loan Group made during the related Prepayment
      Period;

     

    (xviii)  the
      aggregate amount of Realized Losses for each Loan Group and Recoveries incurred
      during the related Due Period and the cumulative amount of Realized Losses
      and
      Recoveries as of such Distribution Date;

     

    (xix)  the
      cumulative amount of Realized Losses for each Loan Group;

     

    (xx)  the
      Realized Losses and Recoveries, if any, allocated to each Class of Certificates
      on the related Distribution Date;

     

    (xxi)  the
      Class
      Certificate Principal Balance of each Class of Certificates and the Apportioned
      Principal Balances of the Subordinate Certificates after giving effect to any
      distributions made thereon, on such Distribution Date;

     

    (xxii)  the
      Interest Distributable Amount in respect of each Class of Certificates, for
      such
      Distribution Date and the respective portions thereof, if any, remaining unpaid
      following the distributions made in respect of such Certificates on such
      Distribution Date;

     

    (xxiii)  the
      aggregate amount of any Net Interest Shortfalls and the Unpaid Interest
      Shortfall Amount for such Distribution Date;

     

    (xxiv)  the
      Available Funds with respect to each Loan Group;

     

    
      
        
        

      

      
        104

        
          

        

      

      
        
        

      

    

    (xxv)  the
      Pass-Through Rate for each Class of Certificates for such Distribution Date
      and,
      through the Auction Distribution Date, the level of LIBOR used to determine
      the
      applicable Pass-Through Rate; 

     

    (xxvi)  the
      aggregate Principal Balance of Mortgage Loans purchased hereunder by the Seller
      or TMI during the related Due Period, and indicating the relevant section of
      the
      related Servicing Agreement, or the Section of this Agreement, as applicable,
      requiring or allowing the purchase of each such Mortgage Loan; 

     

    (xxvii)  the
      amount of any Principal Deficiency Amounts or Accrued Interest Amounts paid
      to
      an Undercollateralized Group or amounts paid pursuant to Section
      5.01(f)(i);

     

    (xxviii)  (A)
      the
      amounts paid to each Class of Senior Certificates (other than the Class A-X
      Certificate) from Yield Maintenance Amounts received from the Yield Maintenance
      Counterparty for such period in reduction of any Available Funds Cap Shortfalls,
      expressed as a per annum rate and as a dollar amount, (B) the amounts paid
      to
      the Class A-X Certificates from the excess Yield Maintenance Amounts expressed
      as a per annum rate and as a dollar amount and (C) the notional balances on
      each
      Yield Maintenance Agreement for such Distribution Date; 

     

    (xxix)  the
      amount of any Unpaid Available Funds Cap Shortfall (if applicable) and the
      related accrued interest thereon, with respect to the Class A-1, Class A-2
      and
      Class A-3 Certificates following the distributions and allocations made in
      respect of such Certificates on such Distribution Date;

     

    (xxx)  the
      amount of any Final Maturity Reserve Amount deposited in the Final Maturity
      Reserve Account, and, on the earlier of the Distribution Date in January 2036
      and the termination of the Trust, the amount distributed from the Final Maturity
      Reserve Account to each Class of Certificates;

     

    (xxxi)  on
      the
      Auction Distribution Date, the Par Price (as defined in the Auction
      Administration Agreement) for each Class of Auction Certificates as reported
      to
      the Master Servicer by the Securities Administrator; and

     

    (xxxii)  the
      total
      number of Mortgage Loans in the aggregate and the aggregate Stated Principal
      Balance in the aggregate and separately for each of the Three-Year, Five-Year,
      Seven-Year and Ten-Year Hybrid Mortgage Loans, in each case at the close of
      business at the end of the related Due Period.

     

    The
      Securities Administrator will make the Distribution Date Statement (and, at
      its
      option, any additional files containing the same information in an alternative
      format) available each month to Certificateholders and the other parties to
      this
      Agreement 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 (301) 815-6600. Parties that are unable
      to use the above distribution option 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
      reports are distributed in order to make such distribution more convenient
      and/or more accessible to the parties, and the Securities Administrator shall
      provide timely and adequate notification to all parties regarding any such
      change.

     

    
      
        
        

      

      
        105

        
          

        

      

      
        
        

      

    

    In
      the
      case of information furnished pursuant to subclauses (i) and (ii) above, the
      amounts shall be expressed in a separate section of the report as a dollar
      amount for each Class for each $1,000 original dollar amount as of the Cut-Off
      Date.

     

    (b)  Within
      a
      reasonable period of time after the end of each calendar year, the Securities
      Administrator shall, upon written request, furnish to each Person who at any
      time during the calendar year was a Certificateholder of a Regular Certificate,
      if requested in writing by such Person, such information as is reasonably
      necessary to provide to such Person a statement containing the information
      set
      forth in subclauses (i), (ii) and (iv) above, aggregated for such calendar
      year
      or applicable portion thereof during which such Person was a Certificateholder
      and such other customary information which a Certificateholder reasonably
      requests to prepare its tax returns. Such obligation of the Securities
      Administrator shall be deemed to have been satisfied to the extent that
      substantially comparable information shall be prepared and furnished by the
      Securities Administrator to Certificateholders pursuant to any requirements
      of
      the Code as are in force from time to time.

     

    (c)  On
      each
      Distribution Date, the Securities Administrator shall supply an electronic
      tape
      to Bloomberg Financial Markets, Inc. in a format acceptable to Bloomberg
      Financial Markets, Inc. on a monthly basis, and shall supply an electronic
      tape
      to Loan Performance and Intex Solutions in a format acceptable to Loan
      Performance and Intex Solutions on a monthly basis.

     

    SECTION
      5.05.   Remittance
      Reports; Advances. 

     

    (a)  No
      later
      than the second Business Day following each Determination Date, the Master
      Servicer shall deliver to the Securities Administrator by telecopy or electronic
      mail (or by such other means as the Master Servicer and the Securities
      Administrator may agree from time to time) the Remittance Report with respect
      to
      the related Distribution Date. Not later than the Close of Business New York
      time three Business Days prior to the related Distribution Date, the Master
      Servicer shall deliver or cause to be delivered to the Securities Administrator
      in addition to the information provided on the Remittance Report, such other
      loan-level information reasonably available to it with respect to the Mortgage
      Loans as the Securities Administrator may reasonably require to perform the
      calculations necessary to make the distributions contemplated by Section
      5.01. 

     

    (b)  If
      the
      Monthly Payment on a Mortgage Loan that was due on a related Due Date and is
      delinquent, other than as a result of application of the Relief Act, and for
      which the related Servicer was required to make an advance pursuant to the
      related Servicing Agreement exceeds the amount deposited in the Distribution
      Account which will be used for an advance with respect to such Mortgage Loan,
      the Master Servicer will deposit in the Distribution Account not later than
      the
      Business Day immediately preceding the related Distribution Date an amount
      equal
      to such deficiency, net of the Servicing Fee and the Master Servicing Fee,
      for
      such Mortgage Loan except to the extent the Master Servicer determines any
      such
      Advance to be Nonrecoverable from Liquidation Proceeds, Insurance Proceeds
      or
      future payments on the Mortgage Loan for which such Advance was made. Subject
      to
      the foregoing, the Master Servicer shall continue to make such Advances through
      the date that the related Servicer is required to do so under its Servicing
      Agreement. If applicable, on the Business Day immediately preceding the related
      Distribution Date, the Master Servicer shall present an Officer’s Certificate to
      the Securities Administrator and the Trustee (i) stating that the Master
      Servicer elects not to make a Advance in a stated amount and (ii) detailing
      the
      reason it deems the advance to be Nonrecoverable.

     

    
      
        
        

      

      
        106

        
          

        

      

      
        
        

      

    

     

    SECTION
      5.06.   Compensating
      Interest Payments.

     

    The
      amount of the Master Servicing Fee payable to the Master Servicer in respect
      of
      any Distribution Date shall be reduced (but not below zero) by the amount of
      any
      Compensating Interest Payment for such Distribution Date, but only to the extent
      that Interest Shortfalls relating to such Distribution Date are required to
      be
      paid but are not actually paid by the related Servicers on the applicable
      Servicer Remittance Date. Such amount shall not be treated as an Advance and
      shall not be reimbursable to the Master Servicer.

     

    SECTION
      5.07.   [Reserved].

     

    SECTION
      5.08.   Available
      Funds Cap Reserve Fund. 

     

    (a)
      On
      the Closing Date, the Securities Administrator shall establish and maintain
      an
      account, for the benefit of the holders of the Class A-1, Class A-2 and Class
      A-3 Certificates, to be known as the Available Funds Cap Reserve Fund. The
      Available Funds Cap 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 Available
      Funds Cap Reserve Fund shall not be an asset of any REMIC established hereby.
      

     

    (b)
      On
      each Distribution Date, Monthly Interest Distributable Amounts that would
      otherwise be distributable with respect to the Class A-X Certificates shall
      instead be deposited in the Available Funds Cap Reserve Fund to the extent
      of
      the Required Reserve Fund Deposit.

     

    (c)
      On
      any Distribution Date for which an Available Funds Cap Shortfall exists with
      respect to the Class A-1, Class A-2 or Class A-3 Certificates after giving
      effect to payments made pursuant to Section 5.09 from the Yield Maintenance
      Account, the Securities Administrator shall withdraw from the Available Funds
      Cap Reserve Fund, the amount on deposit therein required to be distributed
      on
      such Distribution Date pursuant to Section 5.01(a)(iv).

     

    (d)
      Funds
      in the Available Funds Cap Reserve Fund shall be invested in Permitted
      Investments. Any earnings on amounts in the Available Funds Cap Reserve Fund
      shall be for the benefit of the Class A-X Certificateholders. The Class A-X
      Certificates shall evidence ownership of the Available Funds Cap Reserve Fund
      for federal income tax purposes and the Class A-X Certificateholders shall
      direct the Securities Administrator, in writing, as to investment of amounts
      on
      deposit therein. The Class A-X Certificateholders shall be liable for any losses
      incurred on such investments. In the absence of written instructions from a
      majority of the Class A-X Certificateholders as to investment of funds on
      deposit in the Available Funds Cap Reserve Fund, such funds shall be invested
      in
      money market funds as described in clause (vi) of the definition of Permitted
      Investments in Article I. For all Federal income tax purposes, amounts
      transferred by the Upper Tier REMIC to the Available Funds Cap Reserve Fund
      shall be treated as amounts distributed by the Upper Tier REMIC to the Class
      A-X
      Certificateholders.

     

    
      
        
        

      

      
        107

        
          

        

      

      
        
        

      

    

    (e)
      Upon
      termination of the Trust Fund, any amounts remaining in the Available Funds
      Cap
      Reserve Fund shall be distributed to the Class A-X
      Certificateholders.

     

    SECTION
      5.09.   Yield
      Maintenance Account.

     

    (a)  The
      Securities Administrator is hereby directed by the Depositor to execute and
      deliver the Yield Maintenance Agreements on behalf of the Trust, for the benefit
      of the Class A-1, Class A-2 and Class A-3 Certificateholders, in the forms
      presented to it by the Depositor and shall have no responsibility for the
      contents, adequacy or sufficiency of the Yield Maintenance Agreements,
      including, without limitation, the representations and warranties contained
      therein. Each Holder of a Certificate is deemed, by acceptance of such
      Certificate, to authorize the Securities Administrator to execute and deliver
      the Yield Maintenance Agreements.

     

    (b)  The
      Securities Administrator shall establish and maintain an account, for the
      benefit of the Class A-1, Class A-2 and Class A-3 Certificateholders, as a
      segregated non-interest bearing trust account which shall be an Eligible Account
      (the “Yield
      Maintenance Account”).
      Pursuant to each Yield Maintenance Agreement, the Yield Maintenance Counterparty
      shall have provided the Securities Administrator, the Trustee and the Master
      Servicer with notice of the Yield Maintenance Amount, if any, to be paid by
      the
      Yield Maintenance Counterparty to the Securities Administrator for the account
      of the Trust pursuant to such Yield Maintenance Agreement for each Distribution
      Date. Any Yield Maintenance Amounts received by the Securities Administrator
      pursuant to the Yield Maintenance Agreements in connection with each such
      Distribution Date shall be deposited into the Yield Maintenance Account. On
      each
      Distribution Date, the Securities Administrator on behalf of the Trust shall
      distribute amounts on deposit in the Yield Maintenance Account in the following
      order of priority:

     

    first, concurrently,
      

     

    
      	a)  	
              to
                the Holders of the Class A-1 Certificates, from amounts received
                from the
                Yield Maintenance Agreement relating to the Class A-1 Certificates,
                an
                amount up to any Available Funds Cap Shortfalls with respect to such
                Class
                for such Distribution Date;

            

    

     

    
      	b)  	
              to
                the Holders of the Class A-2 Certificates, from amounts received
                from the
                Yield Maintenance Agreement relating to the Class A-2 Certificates,
                an
                amount up to any Available Funds Cap Shortfalls with respect to such
                Class
                for such Distribution Date; and

            

    

     

    
      
        
        

      

      
        108

        
          

        

      

      
        
        

      

    

    
      	c)  	
              to
                the Holders of the Class A-3 Certificates, from amounts received
                from the
                Yield Maintenance Agreement relating to the Class A-3 Certificates,
                an
                amount up to any Available Funds Cap Shortfalls with respect to such
                Class
                for such Distribution Date; and

            

    

     

    second,
      to
      the
      Holders of the Class A-X Certificates. 

     

    (c)  Upon
      termination of all of the Yield Maintenance Agreements and payment of all
      amounts owed by the Yield Maintenance Counterparty thereunder, following
      application by the Securities Administrator of funds in the Yield Maintenance
      Account on the next succeeding Distribution Date to pay amounts owed pursuant
      to
      this Section and Section 5.01, the Securities Administrator shall terminate
      the
      Yield Maintenance Account.

     

    SECTION
      5.10.   Recoveries.

     

    (a)  The
      Class
      Certificate Principal Balance of any Class of Certificates to which a Realized
      Loss has been allocated (including any such Class for which the related Class
      Certificate Principal Balance has been reduced to zero) will be increased up
      to
      the amount of Recoveries for such Distribution Date as follows:

     

    (i)  first,
      to
      increase the Class Certificate Principal Balance of each such Class of Senior
      Certificates of the related Loan Group, up to the amount of Realized Losses
      previously allocated to reduce the Class Certificate Principal Balance for
      each
      such Class, and

     

    (ii)  second,
      to increase the Class Certificate Principal Balance of each such Class of
      Subordinate Certificates, in order of seniority, up to the amount of Realized
      Losses previously allocated to reduce the Class Certificate Principal Balance
      for each such Class.

     

    (b)  Any
      increase to the Class Certificate Principal Balance of a Class of Certificates
      shall increase the Certificate Principal Balance of each Certificate of the
      related Class pro
      rata
      in
      accordance with the applicable Percentage Interest.

     

    SECTION
      5.11.   The
      Final Maturity Reserve Trust. 

     

    (a)
      The
      Final Maturity Reserve Trust is hereby established as a separate trust, the
      corpus of which shall be held by the Securities Administrator, in trust, for
      the
      benefit of the holders of the Certificates (other than the Class A-3 and Class
      A-X Certificates). The Securities Administrator shall establish an account
      (the
“Final Maturity Reserve Account”). The Final Maturity Reserve Account shall be
      an Eligible Account, and funds on deposit therein shall be held separate and
      apart from, and shall not be commingled with, any other moneys, including,
      without limitation, other moneys of the Securities Administrator held pursuant
      to this Agreement.

     

    
      
        
        

      

      
        109

        
          

        

      

      
        
        

      

    

    (b)
      The
      Securities Administrator shall deposit into the Final Maturity Reserve Trust
      any
      Final Maturity Reserve Amounts pursuant to Sections 5.01(a)(i)(B) and
      5.01(a)(ii)(B). The Securities Administrator shall distribute the funds in
      the
      Final Maturity Reserve Account pursuant to Section 5.01(j).

     

    (c)
      Funds
      in the Final Maturity Reserve Account shall be invested in Permitted
      Investments. Any earnings on such amounts shall be distributed pursuant to
      Section 5.01(j). The Class I Certificates shall evidence ownership of the Final
      Maturity Reserve Trust for federal income tax purposes and the Holder thereof
      shall direct the Securities Administrator, in writing, as to investment of
      amounts on deposit therein. The Class I Certificateholders shall be liable
      for
      any losses incurred on such investments. In the absence of written instructions
      from the Class I Certificateholders as to investment of funds on deposit in
      the
      Final Maturity Reserve Account, such funds shall be invested in the Wells Fargo
      Advantage Prime Investment Money Market Fund or comparable investment
      vehicle.

     

    (d)
      Upon
      termination of the Trust, any amounts remaining in the Final Maturity Reserve
      Account shall be distributed pursuant to the priorities in Section
      5.01(j).

     

    (e)
      It is
      the intention of the parties hereto that, for federal and state income and
      state
      and local franchise tax purposes, the Final Maturity Reserve Trust be
      disregarded as an entity separate from the holder of the Class I Certificates
      unless and until the date when either (a) there is more than one Class I
      Certificateholder or (b) any Class of Certificates in addition to the Class
      I
      Certificates is recharacterized as an equity interest in the Final Maturity
      Reserve Trust for federal income tax purposes. Neither the Securities
      Administrator nor the Trustee shall be responsible for any entity level tax
      reporting for the Final Maturity Reserve Trust. 

     

    (f)
      For
      federal income tax purposes, any Certificateholder that receives a principal
      payment from the Final Maturity Reserve Trust shall be treated as selling a
      portion of its Certificate to the Class I Certificateholder and as having
      received the amount of the principal payment from the Class I Certificateholder
      as the proceeds of the sale. The portion of the Certificate that is treated
      as
      having been sold shall equal the amount of the corresponding reduction in the
      Class Certificate Principal Balance of such Certificate. Principal payments
      received from the Final Maturity Reserve Trust shall not be treated as
      distributions from any REMIC created hereby. All principal distributions from
      the Final Maturity Reserve Trust shall be accounted for hereunder in accordance
      with this Section 5.11(f).

     

    ARTICLE
      VI

     

    THE
      CERTIFICATES

     

    SECTION
      6.01.   The
      Certificates.

     

    The
      Certificates shall be substantially in the form annexed hereto as Exhibit A
      through E. Each of the Certificates shall, on original issue, be executed by
      the
      Securities Administrator, and authenticated and delivered by the Securities
      Administrator upon the written order of the Depositor concurrently with the
      sale
      and assignment to the Trustee of the Trust Fund. Each Class of the Regular
      Certificates (other than the Class I Certificates) shall be initially evidenced
      by one or more Certificates representing a Percentage Interest with a minimum
      dollar denomination of $25,000 and integral dollar multiples of $1 in excess
      thereof, in the case of the Class A-1, Class A-2, Class A-3, Class B-1, Class
      B-2 and Class B-3 Certificates (provided,
      that,
      such Certificates must be purchased in minimum total investments of at least
      $100,000), and $100,000 and integral dollar multiples of $1,000 in excess
      thereof, in the case of the Class A-X, Class B-4, Class B-5 and Class B-6
      Certificates, except that one Certificate of each such Class of Certificates
      may
      be in a different denomination so that the sum of the denominations of all
      outstanding Certificates of such Class shall equal the Class Certificate
      Principal Balance or Class Certificate Notional Balance of such Class on the
      Closing Date. Each of the Class A-R and Class I Certificates is issuable only
      in
      a Percentage Interest of 100%.

     

    
      
        
        

      

      
        110

        
          

        

      

      
        
        

      

    

    The
      Certificates shall be executed on behalf of the Trust by manual or facsimile
      signature on behalf of the Trustee by a Responsible Officer or the Securities
      Administrator. Certificates bearing the manual or facsimile signatures of
      individuals who were, at the time when such signatures were affixed, authorized
      to sign on behalf of the Trustee or Securities Administrator shall bind the
      Trust, notwithstanding that such individuals or any of them have ceased to
      be so
      authorized prior to the authentication and delivery of such Certificates or
      did
      not hold such offices at the date of such Certificate. No Certificate shall
      be
      entitled to any benefit under this Agreement or be valid for any purpose, unless
      such Certificate shall have been manually authenticated by the Trustee or
      Securities Administrator substantially in the form provided for herein, and
      such
      authentication 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.
      Subject to Section 6.02(c), the Senior Certificates (other than the Residual
      Certificate) and the Class B-1, Class B-2, Class B-3, Class B-4, Class B-5
      and
      Class B-6 Certificates shall be Book-Entry Certificates. The Residual
      Certificate and the Class I Certificate shall each be a Physical
      Certificate.

     

    The
      Private Certificates shall be offered and sold in reliance on the exemption
      from
      registration under Rule 144A of the Securities Act and, other than the Class
      I
      Certificate, shall be issued initially in the form of one or more permanent
      global Certificates in definitive, fully registered form with the applicable
      legends set forth in Exhibit A (each, a “Restricted
      Global Security”),
      which
      shall be deposited on behalf of the subscribers for such Certificates
      represented thereby with the Securities Administrator, as custodian for 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
      and DTC or its nominee, as the case may be, as hereinafter
      provided.

     

    SECTION
      6.02.   Registration
      of Transfer and Exchange of Certificates. 

     

    (a)  The
      Certificate Registrar shall cause to be kept at the Corporate Trust Office
      a
      Certificate Register in which, subject to such reasonable regulations as it
      may
      prescribe, the Certificate Registrar shall provide for the registration of
      Certificates and of transfers and exchanges of Certificates as herein provided.
      The Securities Administrator shall initially serve as Certificate Registrar
      for
      the purpose of registering Certificates and transfers and exchanges of
      Certificates as herein provided.

     

    
      
        
        

      

      
        111

        
          

        

      

      
        
        

      

    

    Upon
      surrender for registration of transfer of any Certificate at any office or
      agency of the Certificate Registrar maintained for such purpose pursuant to
      the
      foregoing paragraph (or, so long as the Securities Administrator serves as
      Certificate Registrar, the office of the Certificate Registrar located at Sixth
      Street and Marquette Avenue, Minneapolis, Minnesota 55479, or such other office
      or agency that the Certificate Registrar shall designate), the Securities
      Administrator on behalf of the Trust shall execute, authenticate and deliver,
      in
      the name of the designated transferee or transferees, one or more new
      Certificates of the same aggregate Percentage Interest.

     

    At
      the
      option of the Certificateholders, Certificates may be exchanged for other
      Certificates in authorized denominations and the same aggregate Percentage
      Interests, upon surrender of the Certificates to be exchanged at any such office
      or agency. Whenever any Certificates are so surrendered for exchange, the
      Securities Administrator shall execute on behalf of the Trust and authenticate
      and deliver the Certificates which the Certificateholder making the exchange
      is
      entitled to receive. Every Certificate presented or surrendered for registration
      of transfer or exchange shall (if so required by the Securities Administrator
      or
      the Certificate Registrar) be duly endorsed by, or be accompanied by a written
      instrument of transfer satisfactory to the Securities Administrator and the
      Certificate Registrar duly executed by, the Holder thereof or his attorney
      duly
      authorized in writing.

     

    (b)  Except
      as
      provided in paragraph (c) or (d) below, the Book-Entry Certificates shall at
      all
      times remain registered in the name of the Depository or its nominee and at
      all
      times: (i) registration of such Certificates may not be transferred by the
      Securities Administrator or the Certificate Registrar except to another
      Depository; (ii) the Depository shall maintain book-entry records with respect
      to the Certificate Owners and with respect to ownership and transfers of such
      Certificates; (iii) ownership and transfers of registration of such Certificates
      on the books of the Depository shall be governed by applicable rules established
      by the Depository; (iv) the Depository may collect its usual and customary
      fees,
      charges and expenses from its Depository Participants; (v) the Trustee, the
      Securities Administrator and the Certificate Registrar shall for all purposes
      deal with the Depository as representative of the Certificate Owners of the
      Certificates for purposes of exercising the rights of Holders under this
      Agreement, and requests and directions for and votes of such representative
      shall not be deemed to be inconsistent if they are made with respect to
      different Certificate Owners; (vi) the Trustee, the Securities Administrator
      and
      the Certificate Registrar may rely and shall be fully protected in relying
      upon
      information furnished by the Depository with respect to its Depository
      Participants and furnished by the Depository Participants with respect to
      indirect participating firms and Persons shown on the books of such indirect
      participating firms as direct or indirect Certificate Owners; and (vii) the
      direct participants of the Depository shall have no rights under this Agreement
      under or with respect to any of the Certificates held on their behalf by the
      Depository, and the Depository may be treated by the Securities Administrator,
      the Certificate Registrar and their respective agents, employees, officers
      and
      directors as the absolute owner of the Certificates for all purposes
      whatsoever.

     

    All
      transfers by Certificate Owners of Book-Entry Certificates shall be made in
      accordance with the procedures established by the Depository Participant or
      brokerage firm representing such Certificate Owners. Each Depository Participant
      shall only transfer Book-Entry Certificates of Certificate Owners that it
      represents or of brokerage firms for which it acts as agent in accordance with
      the Depository’s normal procedures. The parties hereto are hereby authorized to
      execute a Letter of Representations with the Depository or take such other
      action as may be necessary or desirable to register a Book-Entry Certificate
      to
      the Depository. In the event of any conflict between the terms of any such
      Letter of Representation and this Agreement, the terms of this Agreement shall
      control.

     

    
      
        
        

      

      
        112

        
          

        

      

      
        
        

      

    

    (c)  If
      (i)(x)
      the Depository or the Depositor advises the Trustee or the Securities
      Administrator in writing that the Depository is no longer willing or able to
      discharge properly its responsibilities as Depository and (y) the Trustee,
      the
      Securities Administrator or the Depositor is unable to locate a qualified
      successor or (ii) after the occurrence and continuation of an Event of Default,
      Holders of Book-Entry Certificates having not less than 51% of the aggregate
      Certificate Principal Balance of the Certificates advise the Trustee, the
      Securities Administrator and the Depository in writing through the Depository
      Participants that the continuation of a book-entry system with respect to
      Certificates through the Depository (or its successor) is no longer in the
      best
      interests of the Holders, then the Trustee or the Securities Administrator
      shall
      request that the Depository notify all Holders of the occurrence of any such
      event and of the availability of definitive, fully registered Certificates
      to
      Holders requesting the same. Upon surrender to the Certificate Registrar of
      the
      Book-Entry Certificates by the Depository, accompanied by registration
      instructions from the Depository for registration, the Securities Administrator
      shall, at the Seller’s expense, execute on behalf of the Trust and authenticate
      definitive, fully registered certificates (the “Definitive
      Certificates”).
      None
      of the Depositor, the Securities Administrator or the Trustee shall be liable
      for any delay in delivery of such instructions and may conclusively rely on,
      and
      shall be protected in relying on, such instructions. Upon the issuance of
      Definitive Certificates, the Trustee, the Securities Administrator, the
      Certificate Registrar, any Paying Agent and the Depositor shall recognize the
      Holders of the Definitive Certificates as Certificateholders
      hereunder.

     

    (d)  No
      transfer, sale, pledge or other disposition of any Private Certificate shall
      be
      made unless such disposition is exempt from the registration requirements of
      the
      Securities Act, and any applicable state securities laws or is made in
      accordance with the Securities Act and laws. Any Private Certificates sold
      to an
“accredited investor” under Rule 501(a)(1), (2), (3) or (7) under the Securities
      Act shall be issued only in the form of one or more Definitive Certificates
      and
      the records of the Securities Administrator and DTC or its nominee shall be
      adjusted to reflect the transfer of such Definitive Certificates. In the event
      of any transfer of any Private Certificate in the form of a Definitive
      Certificate, the transferee shall certify (i) (A) such transfer is made to
      a
      Qualified Institutional Buyer in reliance upon Rule 144A (as evidenced by the
      investment letter delivered to the Securities Administrator, in substantially
      the form attached hereto as Exhibit J-2) under the Securities Act, or (B) such
      transfer is made to an “accredited investor” under Rule 501(c)(1), (2), (3) or
      (7) under the Securities Act (as evidenced by an investment letter delivered
      to
      the Securities Administrator, in substantially the form attached hereto as
      Exhibit J-1, and, if so required by the Securities Administrator, a written
      Opinion of Counsel (which may be in-house counsel) acceptable to and in form
      and
      substance reasonably satisfactory to the Securities Administrator is delivered
      to the Securities Administrator that such transfer may be made pursuant to
      an
      exemption, describing the applicable exemption and the basis therefor, from
      the
      Securities Act or is being made pursuant to the Securities Act, which Opinion
      of
      Counsel shall not be an expense of the Trustee, the Securities Administrator
      or
      the Depositor or (ii) the Securities Administrator shall require the transferor
      to execute a transferor certificate and the transferee to execute an investment
      letter acceptable to and in form and substance reasonably satisfactory to the
      Depositor and the Securities Administrator certifying to the Depositor and
      the
      Securities Administrator the facts surrounding such transfer, which investment
      letter shall not be an expense of the Trustee, the Securities Administrator
      or
      the Depositor. Each Holder of a Private Certificate desiring to effect such
      transfer shall, and does hereby agree to, indemnify the Trustee, the Securities
      Administrator, the Seller and the Depositor against any liability that may
      result if the transfer is not so exempt or is not made in accordance with such
      federal and state laws. Notwithstanding the foregoing, any transfer made to
      Thornburg or to another Affiliate of Thornburg will not require any investment
      letter or Opinion of Counsel specified above.

     

    
      
        
        

      

      
        113

        
          

        

      

      
        
        

      

    

    In
      the
      case of a Private Certificate that is a Book-Entry Certificate, for purposes
      of
      the preceding paragraph, the representations set forth in the investment letter
      in clause (i) shall be deemed to have been made to the Securities Administrator
      by the transferee’s acceptance of such Private Certificate that is also a
      Book-Entry Certificate (or the acceptance by a Certificate Owner of the
      beneficial interest in such Certificate).

     

    Except
      for any transfer made to Thornburg or to another Affiliate of Thornburg, no
      transfer of an ERISA Restricted Certificate in the form of a Definitive
      Certificate shall be made unless the Securities Administrator shall have
      received either (i) a representation from the transferee of such Certificate,
      acceptable to and in form and substance satisfactory to the Securities
      Administrator (such requirement is satisfied only by the Securities
      Administrator’s receipt of a representation letter from the transferee
      substantially in the form of Exhibit I hereto), to the effect that such
      transferee is not an employee benefit plan subject to Section 406 of ERISA
      or a
      plan or arrangement subject to Section 4975 of the Code, nor a person acting
      on
      behalf of any such plan or arrangement nor using the assets of any such plan
      or
      arrangement to effect such transfer or (ii) if the purchaser is an insurance
      company, a representation that the purchaser is an insurance company which
      is
      purchasing such Certificates with funds contained in an “insurance company
      general account” (as such term is defined in Section V(e) of Prohibited
      Transaction Class Exemption 95-60 (“PTCE
      95-60”)
      and
      that the purchase and holding of such Certificates are covered under Sections
      I
      and III of PTCE 95-60 or (iii) an Opinion of Counsel satisfactory to the
      Securities Administrator, which Opinion of Counsel shall not be an expense
      of
      any of the Trustee, the Securities Administrator or the Trust, addressed to
      the
      Securities Administrator, to the effect that the purchase and holding of such
      ERISA-Restricted Certificate that is also a Physical Certificate will not result
      in a non-exempt prohibited transaction under Section 406 of ERISA or Section
      4975 of the Code and will not subject the Trustee, the Master Servicer, any
      Servicer, the Securities Administrator or the Depositor to any obligation in
      addition to those expressly undertaken in this Agreement or to any liability.
      Notwithstanding anything else to the contrary herein, any purported transfer
      of
      an ERISA-Restricted Certificate that is also a Physical Certificate to an
      employee benefit plan subject to ERISA or Section 4975 of the Code without
      the
      delivery to the Securities Administrator of an Opinion of Counsel satisfactory
      to the Securities Administrator as described above shall be void and of no
      effect.

     

    In
      the
      case of an ERISA-Restricted Certificate that is a Book-Entry Certificate, for
      purposes of clauses (i) or (ii) of the first sentence of the preceding
      paragraph, such representations shall be deemed to have been made to the
      Securities Administrator by the transferee’s acceptance of such ERISA-Restricted
      Certificate that is also a Book-Entry Certificate (or the acceptance by a
      Certificate Owner of the beneficial interest in such Certificate).

     

    
      
        
        

      

      
        114

        
          

        

      

      
        
        

      

    

    No
      transfer of an ERISA-Restricted Auction Certificate prior to the Auction Call
      on
      the Auction Distribution Date in January 2009 or an ERISA-Restricted Final
      Maturity Reserve Certificate prior to the later of the termination of the Trust
      or the termination of the Final Maturity Reserve Trust in the form of a
      Definitive Certificate shall be made unless the Securities Administrator shall
      have received either (i) a representation from the transferee of such
      Certificate, acceptable to and in form and substance satisfactory to the
      Securities Administrator and the Depositor (such requirement is satisfied only
      by the Securities Administrator’s receipt of a representation letter from the
      transferee substantially in the form of Exhibit I hereto), to the effect that
      such transferee is not acquiring such Certificate for, on behalf of, or with
      the
      assets of, an employee benefit plan or other retirement arrangement subject
      to
      Section 406 of ERISA or Section 4975 of the Code, or (ii) the acquisition and
      holding of such Certificate are eligible for exemptive relief available under
      Prohibited Transaction Class Exemptions (“PTCE”)
      84-14,
      90-1, 91-38, 95-60 or 96-23 or some other applicable exemption.

     

    In
      the
      case of an ERISA-Restricted Auction Certificate or an ERISA-Restricted Final
      Maturity Reserve Certificate that is a Book-Entry Certificate, for purposes
      of
      the first sentence of the preceding paragraph, such representations shall be
      deemed to have been made to the Securities Administrator by the transferee’s
      acceptance of such Certificates that are also Book-Entry Certificates (or the
      acceptance by a Certificate Owner of the beneficial interest in such
      Certificates).

     

    To
      the
      extent permitted under applicable law (including, but not limited to, ERISA),
      none of the Trustee, the Securities Administrator nor the Certificate Registrar
      shall have any liability to any Person for any registration of transfer of
      any
      ERISA-Restricted Certificate, ERISA-Restricted Auction Certificate or
      ERISA-Restricted Final Maturity Reserve Certificate that is in fact not
      permitted by this Section 6.02(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 or the Certificate Registrar in
      accordance with the foregoing requirements. In addition, none of the Trustee,
      the Securities Administrator nor the Certificate Registrar shall be required
      to
      monitor, determine or inquire as to compliance with the transfer restrictions
      with respect to any such Certificate in the form of a Book-Entry Certificate,
      and neither the Securities Administrator nor the Certificate Registrar shall
      have any liability for transfers of Book-Entry Certificates or any interests
      therein made in violation of the restrictions on transfer described in the
      Prospectus Supplement and this Agreement.

     

    Upon
      notice by the Auction Administrator to the Securities Administrator that the
      Holder of any Auction Certificate not held in book-entry form has failed to
      surrender such Certificate for registration of transfer on the Auction
      Distribution Date, the Securities Administrator shall, upon request by the
      Auction Administrator, deem such Certificate cancelled and issue, authenticate
      and deliver, in the name of the transferee designated by the Auction
      Administrator, a new Certificate in a denomination of like Class Certificate
      Principal Balance.

     

    
      
        
        

      

      
        115

        
          

        

      

      
        
        

      

    

    (e)  Each
      Person who has or who acquires any Ownership Interest in the Class A-R
      Certificate shall be deemed by the acceptance or acquisition of such Ownership
      Interest to have agreed to be bound by the following provisions and to have
      irrevocably appointed the Depositor or its designee as its attorney-in-fact
      to
      negotiate the terms of any mandatory sale under clause (v) below and to execute
      all instruments of transfer and to do all other things necessary in connection
      with any such sale, and the rights of each Person acquiring any Ownership
      Interest in a Residual Certificate are expressly subject to the following
      provisions:

     

    (i)  Each
      Person holding or acquiring any Ownership Interest in a Class A-R Certificate
      shall be a Permitted Transferee who acquires such Ownership Interest in a Class
      A-R Certificate for its own account and not in the capacity as trustee, nominee
      or agent for another Person and shall promptly notify the Securities
      Administrator of any change or impending change in its status as such a
      Permitted Transferee.

     

    (ii)  No
      Ownership Interest in the Class A-R Certificate may be registered on the Closing
      Date and no Ownership Interest in a Residual Certificate may thereafter be
      transferred, and the Securities Administrator shall not register the Transfer
      of
      a Residual Certificate unless, in addition to the certificates required to
      be
      delivered under subsection (d) above, the Securities Administrator shall have
      been furnished with an affidavit (“Transfer
      Affidavit”)
      of the
      initial owner of the Class A-R Certificate or proposed transferee of a Residual
      Certificate in the form attached hereto as Exhibit L.

     

    (iii)  In
      connection with any proposed transfer of any Ownership Interest in a Residual
      Certificate, the Securities Administrator shall as a condition to registration
      of the transfer, require delivery to it of a Transferor Certificate in the
      form
      of Exhibit K hereto from the proposed transferor to the effect that the
      transferor (a) has no knowledge the proposed Transferee is not a Permitted
      Transferee acquiring an Ownership Interest in such Class A-R Certificate for
      its
      own account and not in a capacity as trustee, nominee, or agent for another
      Person, and (b) has not undertaken the proposed transfer in whole or in part
      to
      impede the assessment or collection of tax.

     

    (iv)  Any
      attempted or purported Transfer of any Ownership Interest in a Residual
      Certificate in violation of the provisions of this Section shall be absolutely
      null and void and shall vest no rights in the purported transferee. If any
      purported transferee shall, in violation of the provisions of this Section,
      become a Holder of such Residual Certificate, then the prior Holder of such
      Residual Certificate that is a Permitted Transferee shall, upon discovery that
      the registration of Transfer of such Residual Certificate was not in fact
      permitted by this Section, be restored to all rights as Holder thereof
      retroactive to the date of registration of transfer of such Residual
      Certificate. None of the Trustee, the Securities Administrator or the
      Certificate Registrar shall have any liability to any Person for any
      registration of Transfer of a Residual Certificate that is in fact not permitted
      by this Section or for making any distributions due on a Residual Certificate
      to
      the Holder thereof or taking any other action with respect to such Holder under
      the provisions of this Agreement so long as, with respect to the Securities
      Administrator, it has received the documents specified in clause (iii). The
      Securities Administrator shall be entitled to recover from any Holder of such
      Residual Certificate that was in fact not a Permitted Transferee at the time
      such distributions were made all distributions made on such Residual
      Certificate. Any such distributions so recovered by the Securities Administrator
      shall be distributed and delivered by the Securities Administrator to the last
      Holder of such Residual Certificate that is a Permitted Transferee.

     

    
      
        
        

      

      
        116

        
          

        

      

      
        
        

      

    

    (v)  If
      any
      Person other than a Permitted Transferee acquires any Ownership Interest in
      a
      Residual Certificate in violation of the restrictions in this Section, then
      the
      Securities Administrator shall have the right but not the obligation, without
      notice to the Holder of such Residual Certificate or any other Person having
      an
      Ownership Interest therein, to notify the Depositor to arrange for the sale
      of
      such Residual Certificate. The proceeds of such sale, net of commissions (which
      may include commissions payable to the Depositor or its affiliates in connection
      with such sale), expenses and taxes due, if any, will be remitted by the
      Securities Administrator to the previous Holder of such Residual Certificate
      that is a Permitted Transferee, except that in the event that the Securities
      Administrator determines that the Holder of such Residual Certificate may be
      liable for any amount due under this Section or any other provisions of this
      Agreement, the Securities Administrator may withhold a corresponding amount
      from
      such remittance as security for such claim. The terms and conditions of any
      sale
      under this clause (v) shall be determined in the sole discretion of the
      Securities Administrator and it shall not be liable to any Person having an
      Ownership Interest in such Residual Certificate as a result of its exercise
      of
      such discretion.

     

    (vi)  If
      any
      Person other than a Permitted Transferee acquires any Ownership Interest in
      a
      Residual Certificate in violation of the restrictions in this Section, then
      the
      Securities Administrator upon receipt of reasonable compensation will provide
      to
      the Internal Revenue Service, and to the persons specified in Sections
      860E(e)(3) and (6) of the Code, information needed to compute the tax imposed
      under Section 860E(e)(5) of the Code on transfers of residual interests to
      disqualified organizations.

     

    The
      foregoing provisions of this Section shall cease to apply to transfers occurring
      on or after the date on which there shall have been delivered to the Trustee,
      the Securities Administrator and the Servicer, in form and substance
      satisfactory to the Trustee and the Securities Administrator, (i) written
      notification from each Rating Agency that the removal of the restrictions on
      Transfer set forth in this Section will not cause such Rating Agency to
      downgrade its ratings of the Certificates and (ii) an Opinion of Counsel to
      the
      effect that such removal will not cause either REMIC created hereunder to fail
      to qualify as a REMIC.

     

    (f)  No
      service charge shall be made for any registration of transfer or exchange of
      Certificates of any Class, 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 transfer or exchange of Certificates.

     

    All
      Certificates surrendered for registration of transfer or exchange shall be
      cancelled by the Certificate Registrar and disposed of pursuant to its standard
      procedures.

     

    SECTION
      6.03.   Mutilated,
      Destroyed, Lost or Stolen Certificates.

     

    If
      (i)
      any mutilated Certificate is surrendered to the Certificate Registrar or the
      Certificate Registrar receives evidence to its satisfaction of the destruction,
      loss or theft of any Certificate and (ii) there is delivered to the Trustee,
      the
      Securities Administrator, the Depositor and the Certificate Registrar such
      security or indemnity as may be required by them to save each of them harmless,
      then, in the absence of notice to the Trustee, the Securities Administrator
      or
      the Certificate Registrar that such Certificate has been acquired by a bona
      fide
      purchaser, the Trustee or the Securities Administrator shall execute on behalf
      of the Trust, 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 Percentage Interest. Upon the issuance of any new Certificate under
      this Section, the Trustee, the Securities Administrator or the Certificate
      Registrar may require the payment of a sum sufficient to cover any tax or other
      governmental charge that may be imposed in relation thereto and any other
      expenses (including the fees and expenses of the Trustee, the Securities
      Administrator and the Certificate Registrar) in connection therewith. Any
      duplicate Certificate issued pursuant to this Section, shall constitute complete
      and indefeasible evidence of ownership in the Trust, as if originally issued,
      whether or not the lost, stolen or destroyed Certificate shall be found at
      any
      time.

     

    
      
        
        

      

      
        117

        
          

        

      

      
        
        

      

    

     

    SECTION
      6.04.   Persons
      Deemed Owners.

     

    The
      Depositor, the Trustee, the Securities Administrator, the Certificate Registrar,
      any Paying Agent and any agent of the Depositor, the Certificate Registrar,
      any
      Paying Agent, the Securities Administrator or the Trustee may treat the Person,
      including a Depository, in whose name any Certificate is registered as the
      owner
      of such Certificate for the purpose of receiving distributions pursuant to
      Section 5.01 hereof and for all other purposes whatsoever, and none of the
      Trust, the Trustee, the Securities Administrator, the Certificate Registrar,
      the
      Paying Agent or any agent of any of them shall be affected by notice to the
      contrary.

     

    SECTION
      6.05.   Appointment
      of Paying Agent.

     

    (a)  The
      Paying Agent shall make distributions to Certificateholders from the
      Distribution Account pursuant to Section 5.01 hereof. The duties of the Paying
      Agent may include the obligation to distribute statements and provide
      information to Certificateholders as required hereunder. The Paying Agent
      hereunder shall at all times be an entity duly incorporated and validly existing
      under the laws of the United States of America or any state thereof, authorized
      under such laws to exercise corporate trust powers and subject to supervision
      or
      examination by federal or state authorities. The Paying Agent shall initially
      be
      the Securities Administrator. The Securities Administrator may appoint a
      successor to act as Paying Agent, which appointment shall be reasonably
      satisfactory to the Depositor.

     

    (b)  The
      Trustee shall cause the Paying Agent (if other than the Trustee or the
      Securities Administrator) to execute and deliver to the Trustee an instrument
      in
      which such Paying Agent shall agree with the Trustee that such Paying Agent
      shall hold all sums, if any, held by it for payment to the Certificateholders
      in
      trust for the benefit of the Certificateholders entitled thereto until such
      sums
      shall be paid to such Certificateholders and shall agree that it shall comply
      with all requirements of the Code regarding the withholding of payments in
      respect of federal income taxes due from Certificate Owners and otherwise comply
      with the provisions of this Agreement applicable to it.

     

    
      
        
        

      

      
        118

        
          

        

      

      
        
        

      

    

    SECTION
      6.06.   Optional
      Purchase of Certificates. 

     

    (a)  All
      but
      not less than all of the Certificates are subject to purchase by TMI, at its
      option, on any Distribution Date on or after the Optional Securities Purchase
      Date from the then Certificateholders thereof; provided,
      however,
      that
      TMI may appoint a designee to purchase the Residual Certificate. The purchase
      price for each Certificate (other than a Class A-X Certificate, the Class I
      Certificate or a Residual Certificate) shall be equal to the sum of (i) the
      Certificate Principal Balance of such Certificate and (ii) any accrued but
      unpaid interest thereon at the applicable Pass-Through Rate with respect thereto
      for such Distribution Date. The purchase price for the Class A-X Certificates
      shall be an amount equal to the sum of (x) any Interest Distributable Amounts
      due (after taking into account payments made on such date from Interest
      Distributable Amounts for each Loan Group and any amount required to be
      deposited in the Available Funds Cap Reserve Fund in respect of the Class A-X
      Certificates) on the Class A-X Certificates and (y) the present value, as of
      the
      date of such termination, of the remaining payments scheduled to be made on
      the
      Class A-X Certificates (such present value to be based on a discount rate that
      will approximate the expected yield to maturity of the Class A-X Certificates).
      The purchase price for the Class I Certificate shall be $1.00. The purchase
      price for the Class A-R Certificate shall be $1.00. In order to exercise the
      Optional Securities Purchase Right, TMI must, no later than the eighth Business
      Day prior to the applicable Distribution Date, deliver to the Securities
      Administrator (with copies to the Rating Agencies and the Master Servicer)
      written notice, in the form of Exhibit O hereto, of its intent to purchase
      the
      Certificates and of the Distribution Date on which it intends to do so and
      the
      Securities Administrator will verify in writing to TMI the cash amount required
      of TMI to effect such purchase no later than the third Business Day prior to
      the
      Distribution Date on which such purchase is scheduled to occur. The Securities
      Administrator shall furnish notice of the exercise of the Optional Securities
      Purchase Right to the applicable Certificateholders in compliance with Section
      6.06(c). On the Distribution Date on which the Optional Securities Purchase
      Right will be exercised, TMI shall deposit the appropriate amount in cash with
      the Securities Administrator. Such amount shall be deposited by the Securities
      Administrator into a separate sub-account of the Distribution Account (the
      “Purchase
      Account”).
      Such
      amounts shall be paid by the Securities Administrator to Holders of the
      applicable Certificates as provided in Section 6.06(d).

     

    (b)  In
      the
      case of an exercise of the Optional Securities Purchase Right, TMI shall be
      solely responsible for the costs and expenses of the Trustee, the Securities
      Administrator and the Master Servicer.

     

    (c)  Notice
      of
      exercise of the Optional Securities Purchase Right under Section 6.06(a) shall
      be given by the Securities Administrator by facsimile or by first-class mail,
      postage prepaid, transmitted or mailed not less than five Business Days prior
      to
      the applicable Distribution Date, to the Holder of the Class A-R Certificate
      as
      of the close of business on the Record Date preceding such Distribution Date
      and
      to each Holder of a Certificate (other than a Residual Certificate) as of a
      date
      not more than one Business Day preceding
      the mailing of such notice, at such Holder's address appearing in the
      Certificate Register.

     

    All
      such
      notices shall state:

     

    
      
        
        

      

      
        119

        
          

        

      

      
        
        

      

    

    (i)  the
      Distribution Date upon which the Certificateholders will receive payment in
      full
      on the applicable Certificates;

     

    (ii)  the
      amount the applicable Certificateholders will be paid, separately stating
      amounts in respect of principal and interest;

     

    (iii)  that
      the
      Record Date otherwise applicable to such Distribution Date is not applicable
      and
      that payments shall be made only upon presentation and surrender of the
      respective Certificates and the place where such Certificates are to be
      surrendered for payment; and

     

    (iv)  that
      interest on the respective Certificates shall cease to accrue for the benefit
      of
      the then Certificateholders on such Distribution Date and no interest shall
      accrue on the price paid for such Certificates.

     

    The
      foregoing notice shall be given by the Securities Administrator in the name
      and
      at the expense of TMI. Failure to give notice of such purchase, or any defect
      therein, to any Holder of any Certificate shall not impair or affect the
      validity of the purchase of any other Certificate.

     

    (d)  The
      Certificates shall, following notice as required by Section 6.06(c), be
      purchased on the applicable Distribution Date by TMI at the price specified
      in
      Section 6.06(a) from funds in the Purchase Account, and (unless TMI shall
      default in the payment of such amount) no interest shall accrue on such amount
      for any period after the date to which accrued interest is calculated for
      purposes of calculating such amount.

     

    (e)  Subsequent
      to the purchase of the Certificates following exercise of the Optional
      Securities Purchase Right, TMI shall be deemed the sole Holder of the Offered
      Certificates (other than the Residual Certificates) and it shall either be
      the
      sole Holder of the Class A-R Certificate or may designate a Person which meets
      the requirements of this Agreement to become the Holder thereof. TMI may
      subsequently transfer some or all of the Certificates acquired by it in
      accordance with the provisions hereof. All Certificates issued to the
      Certificateholders prior to exercise of the Optional Securities Purchase Right
      shall be deemed cancelled (other than those Certificates held by
      TMI).

     

    ARTICLE
      VII

     

    DEFAULT

     

    SECTION
      7.01.   Event
      of Default. 

     

    (a)  If
      any
      one of the following events (each, an “Event
      of Default”)
      shall
      occur and be continuing: 

     

    (i)  the
      failure by the Master Servicer to (A) make any Advance on the Business Day
      immediately preceding the related Distribution Date or (B) to deposit in the
      Distribution Account any deposit required to be made under the terms of this
      Agreement, and in either case such failure continues unremedied for a period
      of
      three Business Days after the date upon which written notice of such failure,
      requiring the same to be remedied, shall have been given to the Master Servicer
      (or, if applicable, such shorter time period as is provided in the penultimate
      sentence of Section 7.01(c)); or

     

    
      
        
        

      

      
        120

        
          

        

      

      
        
        

      

    

    (ii)  the
      failure by the Master Servicer duly to observe or perform, in any material
      respect, any other covenants, obligations or agreements of the Master Servicer
      as set forth in this Agreement, which failure continues unremedied for a period
      of 60 days, in each case after the date (A) on which written notice of such
      failure, requiring the same to be remedied, shall have been given to the Master
      Servicer by the Trustee or to the Master Servicer and the Trustee by Holders
      of
      Certificates evidencing at least 25% of the Voting Rights or (B) on which a
      Servicing Officer of the Master Servicer has actual knowledge of such failure
      (or, in the case of a breach of its obligation beyond any applicable cure period
      to provide an assessment of compliance, an attestation report or a
      Sarbanes-Oxley Certification pursuant to Sections 3.16 and 3.18, respectively);
      or

     

    (iii)  the
      entry
      against the Master Servicer of a decree or order by a court or agency or
      supervisory authority having jurisdiction in the premises for the appointment
      of
      a trustee, conservator, receiver or liquidator in any insolvency,
      conservatorship, receivership, readjustment of debt, marshalling of assets
      and
      liabilities or similar proceedings, or for the winding up or liquidation of
      its
      affairs, and the continuance of any such decree or order unstayed and in effect
      for a period of 60 days; or 

     

    (iv)  the
      Master Servicer shall voluntarily go into liquidation, consent to the
      appointment of a conservator or receiver or liquidator or similar person in
      any
      insolvency, readjustment of debt, marshalling of assets and liabilities or
      similar proceedings of or relating to the Master Servicer or of or relating
      to
      all or substantially all of its property; or a decree or order of a court or
      agency or supervisory authority having jurisdiction in the premises for the
      appointment of a conservator, receiver, liquidator or similar person 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, unbonded or unstayed for a period of 60
      days; or 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;

     

    (b)  then,
      and
      in each and every such case, so long as an Event of Default shall not have
      been
      remedied within the applicable grace period, the Trustee shall, at the written
      direction of the Holders of Certificates evidencing Voting Rights aggregating
      not less than 51%, or at its option may, with the consent of Thornburg (not
      to
      be unreasonably withheld), by notice then given in writing to the Master
      Servicer, terminate all of the rights and obligations of the Master Servicer
      as
      servicer under this Agreement. Any such notice to the Master Servicer shall
      also
      be given to each Rating Agency, the Depositor and the Seller. On or after the
      receipt by the Master Servicer (and by the Trustee if such notice is given
      by
      the Holders) of such written notice, all authority and power of the Master
      Servicer under this Agreement, whether with respect to the Certificates or
      the
      Mortgage Loans or otherwise, shall pass to and be vested in the Trustee and
      the
      Trustee is hereby authorized and empowered to execute and deliver, on behalf
      of
      the 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 of each Mortgage Loan and related
      documents or otherwise. The Master Servicer agrees to cooperate with the Trustee
      in effecting the termination of the responsibilities and rights of the Master
      Servicer hereunder, including, without limitation, the delivery to the Trustee
      of all documents and records requested by it to enable it to assume the Master
      Servicer's functions under this Agreement within ten Business Days subsequent
      to
      such notice and the transfer within one Business Day subsequent to such notice
      to the Trustee for the administration by it of all cash amounts that shall
      at
      the time be held by the Master Servicer and to be deposited by it in the
      Distribution Account, any REO Account or any Servicing Account or that have
      been
      deposited by the Master Servicer in such accounts or thereafter received by
      the
      Master Servicer with respect to the Mortgage Loans or any REO Property received
      by the Master Servicer. All reasonable costs and expenses (including attorneys'
      fees) incurred in connection with transferring the Master Servicer's duties
      and
      the Mortgage Files to the successor Master Servicer and amending this Agreement
      to reflect such succession as Master Servicer pursuant to this Section shall
      be
      paid by the predecessor Master Servicer (or if the predecessor Master Servicer
      is the Trustee, the initial Master Servicer) upon presentation of reasonable
      documentation of such costs and expenses.
      The
      termination of the rights and obligations of the Master Servicer shall not
      affect any liability it may have incurred prior to such termination. To the
      extent that such costs and expenses of the Trustee are not fully and timely
      reimbursed by the predecessor Master Servicer, the Trustee shall be entitled
      to
      reimbursement of such costs and expenses from the Distribution
      Account.

     

    
      
        
        

      

      
        121

        
          

        

      

      
        
        

      

    

    (c)  The
      Securities Administrator shall not later than the close of business on the
      Business Day immediately preceding the related Distribution Date notify the
      Trustee in writing of the Master Servicer’s failure to make any Advance required
      to be made under this Agreement on such date and the amount of such Advance.
      By
      no later than 10:00 A.M. (Chicago time) on the relevant Distribution Date,
      the
      Securities Administrator shall notify the Trustee of the continuance of such
      failure or that the Master Servicer has made the Advance, as the case may be.
      Notwithstanding the terms of the Event of Default described in clause (i)(A)
      of
      Section 7.01(a), the Trustee, upon receipt of written notice on the Distribution
      Date from the Securities Administrator of the continuance of the failure of
      the
      Master Servicer to make an Advance, shall, by notice in writing to the Master
      Servicer, which may be delivered by telecopy, immediately suspend all of the
      rights and obligations of the Master Servicer thereafter arising under this
      Agreement, but without prejudice to any rights it may have as a
      Certificateholder or to reimbursement of outstanding Advances or other amounts
      for which the Master Servicer was entitled to reimbursement as of the date
      of
      suspension, and the Trustee, subject to the cure provided for in this paragraph,
      if available, shall act as provided in Section 7.02 to carry out the duties
      of
      the Master Servicer, including the obligation to make any Advance the nonpayment
      of which is described in clause (i)(A) of Section 7.01(a). Any such action
      taken
      by the Trustee must be prior to the distribution on the relevant Distribution
      Date, and shall have all of the rights incidental thereto. If the Master
      Servicer shall within two Business Days following such suspension remit to
      the
      Trustee the amount of any Advance the nonpayment of which by the Master Servicer
      is described in clause (i)(A) of Section 7.01(a), together with all other
      amounts necessary to reimburse the Trustee for actual, necessary and reasonable
      costs incurred by the Trustee because of action taken pursuant to this
      subsection (including interest on any Advance or other amounts paid by the
      Trustee (from and including the respective dates thereof) at a per annum rate
      equal to the prime rate for U.S. money center commercial banks as published
      in
      the Wall Street Journal), then the Trustee, subject to the last two sentences
      of
      this paragraph, shall permit the Master Servicer to resume its rights and
      obligations as Master Servicer hereunder. If
      the
      Master Servicer shall fail to remit such amounts to the Trustee within such
      two
      Business Days after the Distribution Date, then an Event of Default shall occur
      and such notice of suspension shall be deemed to be a notice of termination
      without any further action on the part of the Trustee. The Master Servicer
      agrees that if it fails to make a required Advance by 10:00 A.M. (Chicago time)
      on the related Distribution Date on more than two occasions in any 12 month
      period, the Trustee shall be under no obligation to permit the Master Servicer
      to resume its rights and obligations as Master Servicer hereunder, and
      notwithstanding the cure period provided in Section 7.01(a)(i)(A), an Event
      of
      Default shall be deemed to have occurred on the relevant Distribution Date.
      

     

    
      
        
        

      

      
        122

        
          

        

      

      
        
        

      

    

     

    SECTION
      7.02.   Trustee
      to Act.

     

    (a)  From
      and
      after the date the Master Servicer (and the Trustee, if notice is sent by the
      Holders) receives a notice of termination pursuant to Section 7.01, the Trustee
      shall be the successor in all respects to the Master Servicer in its capacity
      as
      servicer under this Agreement and the transactions set forth or provided for
      herein and shall be subject to all the responsibilities, duties and liabilities
      relating thereto placed on the Master Servicer by the terms and provisions
      hereof arising on and after its succession. As compensation therefor, the
      Trustee shall be entitled to such compensation as the Master Servicer would
      have
      been entitled to hereunder if no such notice of termination had been given.
      Notwithstanding the above, (i) if the Trustee is unwilling to act as successor
      Master Servicer or (ii) if the Trustee is legally unable so to act, the Trustee
      shall appoint or petition a court of competent jurisdiction to appoint, any
      established housing and home finance institution, bank or other mortgage loan
      or
      home equity loan servicer having a net worth of not less than $15,000,000 as
      the
      successor to the Master Servicer hereunder in the assumption of all or any
      part
      of the responsibilities, duties or liabilities of the Master Servicer hereunder;
      provided, that the appointment of any such successor Master Servicer shall
      not
      result in the qualification, reduction or withdrawal of the ratings assigned
      to
      the Certificates by each Rating Agency as evidenced by a letter to such effect
      from each Rating Agency. Pending appointment of a successor to the Master
      Servicer hereunder, unless the Trustee is prohibited by law from so acting,
      the
      Trustee shall act in such capacity as hereinabove provided. In connection with
      such appointment and assumption, the successor shall be entitled to receive
      compensation out of payments on Mortgage Loans in an amount equal to the
      compensation which the Master Servicer would otherwise have received pursuant
      to
      Section 3.18. The appointment of a successor Master Servicer shall not affect
      any liability of the predecessor Master Servicer which may have arisen under
      this Agreement prior to its termination as Master Servicer to pay any deductible
      under an insurance policy pursuant to Section 3.14 or to indemnify the Trustee
      pursuant to Section 8.05), nor shall any successor Master Servicer be liable
      for
      any acts or omissions of the predecessor Master Servicer or for any breach
      by
      such Master Servicer of any of its representations or warranties contained
      herein or in any related document or agreement. The Trustee and such successor
      shall take such action, consistent with this Agreement, as shall be necessary
      to
      effectuate any such succession. In the event that the Trustee shall not succeed
      to the duties of the Master Servicer pursuant to Section 7.02 hereof, Thornburg
      shall have the right, but not the obligation, to be appointed successor master
      servicer hereunder.

     

    
      
        
        

      

      
        123

        
          

        

      

      
        
        

      

    

    (b)  Any
      successor, including the Trustee, to the Master Servicer as Master Servicer
      shall during the term of its service as Master Servicer continue to service
      and
      administer the Mortgage Loans for the benefit of Certificateholders, and
      maintain in force a policy or policies of insurance covering errors and
      omissions in the performance of its obligations as Master Servicer hereunder
      and
      a Fidelity Bond in respect of its officers, employees and agents to the same
      extent as the Master Servicer is so required pursuant to Section
      3.04. 

     

    (c)  Notwithstanding
      anything else herein to the contrary, in no event shall the Trustee be liable
      for any servicing fee or for any differential in the amount of the servicing
      fee
      paid hereunder and the amount necessary to induce any successor Master Servicer
      to act as successor Master Servicer under this Agreement and the transactions
      set forth or provided for herein.

     

    SECTION
      7.03.   Waiver
      of Event of Default.

     

    The
      Majority Certificateholders may, on behalf of all Certificateholders, by notice
      in writing to the Trustee, direct the Trustee to waive any events permitting
      removal of any Master Servicer under this Agreement, provided,
      however,
      that
      the Majority Certificateholders may not waive an event that results in a failure
      to make any required distribution on a Certificate without the consent of the
      Holder of such Certificate. Upon any waiver of an Event of Default, such event
      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 event or impair any right consequent thereto
      except to the extent expressly so waived. Notice of any such waiver shall be
      given by the Trustee to each Rating Agency.

     

    SECTION
      7.04.   Notification
      to Certificateholders.

     

    (a)  Upon
      any
      termination or appointment of a successor to any Master Servicer pursuant to
      this Article VII or Section 3.34, the Certificate Registrar or the Trustee,
      if
      the Master Servicer is also the Certificate Registrar and Securities
      Administrator, shall give prompt written notice thereof to the
      Certificateholders at their respective addresses appearing in the Certificate
      Register and to each Rating Agency.

     

    (b)  No
      later
      than 60 days after the occurrence of any event which constitutes or which,
      with
      notice or a lapse of time or both, would constitute an Event of Default of
      which
      a Responsible Officer of the Trustee becomes aware of the occurrence of such
      an
      event, the Trustee shall transmit by mail to all Certificateholders notice
      of
      such occurrence unless such Event of Default shall have been waived or
      cured.

     

    
      
        
        

      

      
        124

        
          

        

      

      
        
        

      

    

     

    ARTICLE
      VIII

     

    THE
      TRUSTEE
      AND
      THE SECURITIES ADMINISTRATOR

     

    SECTION
      8.01.   Duties
      of Trustee and Securities Administrator.

     

    The
      Trustee, prior to the occurrence of an Event of Default and after the curing
      or
      waiver of all Events of Default which may have occurred, and the Securities
      Administrator each undertake to perform such duties and only such duties as
      are
      specifically set forth in this Agreement. If an Event of Default has occurred
      (which has not been cured or waived) of which a Responsible Officer has actual
      knowledge, the Trustee shall exercise such of the rights and powers vested
      in it
      by this Agreement, and use the same degree of care and skill in their exercise,
      as a prudent man would exercise or use under the circumstances in the conduct
      of
      his own affairs, unless the Trustee is acting as successor Master Servicer,
      in
      which case it shall use the same degree of care and skill as the Master Servicer
      hereunder with respect to the exercise of the rights and powers of the Master
      Servicer hereunder.

     

    The
      Trustee and the Securities Administrator, upon receipt of all resolutions,
      certificates, statements, opinions, reports, documents, orders or other
      instruments furnished to the Trustee and the Securities Administrator, which
      are
      specifically required to be furnished pursuant to any provision of this
      Agreement, shall examine them to determine whether they conform to the
      requirements of this Agreement; provided,
      however,
      that
      neither the Trustee nor the Securities Administrator will be responsible for
      the
      accuracy or content of any such resolutions, certificates, statements, opinions,
      reports, documents or other instruments. If any such instrument is found not
      to
      conform to the requirements of this Agreement in a material manner the Trustee
      and the Securities Administrator shall take such action as it deems appropriate
      to have the instrument corrected.

     

    On
      each
      Distribution Date, the Securities Administrator shall make monthly distributions
      to the Available Funds Cap Reserve Fund, commencing in January 2016 to the
      Final
      Maturity Reserve Account and the Yield Maintenance Account to the
      Certificateholders from funds in the Distribution Account, in each case as
      provided in Sections 5.01, 5.08, 5.09 and 10.01 herein based on the report
      of
      the Securities Administrator.

     

    No
      provision of this Agreement shall be construed to relieve the Trustee or the
      Securities Administrator from liability for its own negligent action, its own
      negligent failure to act or its own willful misconduct; provided,
      however,
      that:

     

    (i)  prior
      to
      the occurrence of an Event of Default, and after the curing of all such Events
      of Default which may have occurred, the duties and obligations of the Trustee
      and the Securities Administrator shall be determined solely by the express
      provisions of this Agreement, neither the Trustee nor the Securities
      Administrator shall be liable except for the performance of such of its duties
      and obligations as are specifically set forth in this Agreement, no implied
      covenants or obligations shall be read into this Agreement against the Trustee
      or the Securities Administrator and, in the absence of bad faith on the part
      of
      the Trustee or the Securities Administrator, respectively, the Trustee or the
      Securities Administrator 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 Trustee or the Securities
      Administrator, respectively, and conforming to the requirements of this
      Agreement;

     

    
      
        
        

      

      
        125

        
          

        

      

      
        
        

      

    

    (ii)  neither
      the Trustee nor the Securities Administrator shall be liable for an error of
      judgment made in good faith by a Responsible Officer of the Trustee or an
      officer of the Securities Administrator, respectively, unless it shall be proved
      that the Trustee or the Securities Administrator, respectively, was negligent
      in
      ascertaining or investigating the facts related thereto;

     

    (iii)  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 consent or at the direction of Holders of Certificates
      as
      provided herein relating to the time, method and place of conducting any remedy
      pursuant to this Agreement, or exercising or omitting to exercise any trust
      or
      power conferred upon the Trustee or the Securities Administrator, respectively,
      under this Agreement; and

     

    (iv)  the
      Trustee shall not be charged with knowledge of any Event of Default or a
      Document Transfer Event or any other event or matter that may require it to
      take
      action or omit to take action hereunder unless a Responsible Officer of the
      Trustee at the Corporate Trust Office obtains actual knowledge of such failure
      or the Trustee receives written notice of such Event of Default.

     

    Neither
      the Trustee nor the Securities Administrator shall be required to expend or
      risk
      its own funds or otherwise incur financial or other liability in the performance
      of any of its duties hereunder, or in the exercise of any of its rights or
      powers, if there is reasonable ground for believing that the repayment of such
      funds or indemnity satisfactory to it against such risk or liability is not
      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, except during such time, if any, as the
      Trustee shall be the successor to, and be vested with the rights, duties, powers
      and privileges of, the Master Servicer in accordance with the terms of this
      Agreement.

     

    SECTION
      8.02.   Certain
      Matters Affecting the Trustee and the Securities Administrator.

     

    Except
      as
      otherwise provided in Section 8.01 hereof:

     

    (i)  the
      Trustee and the Securities Administrator may request and conclusively rely
      upon,
      and shall be fully protected in acting or refraining from acting upon, any
      resolution, Officers’ Certificate, certificate of auditors or any other
      certificate, statement, instrument, opinion, report, notice, request, consent,
      order, appraisal, bond or other paper or document reasonably believed by it
      to
      be genuine and to have been signed or presented by the proper party or parties,
      and the manner of obtaining consents and of evidencing the authorization of
      the
      execution thereof by Certificateholders shall be subject to such reasonable
      regulations as the Trustee and the Securities Administrator may
      prescribe;

     

    
      
        
        

      

      
        126

        
          

        

      

      
        
        

      

    

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

     

    (iii)  neither
      the Trustee nor the Securities Administrator shall be under any obligation
      to
      exercise any of the rights or powers vested in it by this Agreement, or to
      institute, conduct or defend any litigation hereunder or in relation hereto,
      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, respectively, reasonable
      security or indemnity satisfactory to it against the costs, expenses and
      liabilities which may be incurred therein or thereby; the right of the Trustee
      to perform any discretionary act enumerated in this Agreement shall not be
      construed as a duty, and the Trustee shall not be answerable for other than
      its
      negligence or willful misconduct in the performance of any such
      act;

     

    (iv)  neither
      the Trustee nor the Securities Administrator shall be personally liable for
      any
      action taken, suffered or omitted by it in good faith and believed by it to
      be
      authorized or within the discretion or rights or powers conferred upon it by
      this Agreement;

     

    (v)  prior
      to
      the occurrence of an Event of Default and after the curing or waiver of all
      Events of Default which may have occurred, the Trustee shall not be bound to
      make any investigation into the facts or matters stated in any resolution,
      certificate, statement, instrument, opinion, report, notice, request, consent,
      order, approval, bond or other paper or documents, unless requested in writing
      to do so by the Majority Certificateholder; provided,
      however,
      that if
      the payment within a reasonable time to the Trustee of the costs, expenses
      or
      liabilities likely to be incurred by it in the making of such investigation
      is,
      in the opinion of the Trustee, not reasonably assured to the Trustee by the
      security afforded to it by the terms of this Agreement, the Trustee may require
      reasonable indemnity against such cost, expense or liability as a condition
      to
      such proceeding. If the Master Servicer fails to reimburse the Trustee in
      respect of the reasonable expense of every such examination relating to the
      Master Servicer, the Trustee shall be reimbursed by the Trust Fund;

     

    (vi)  the
      Trustee shall not be accountable, shall have no liability and makes no
      representation as to any acts or omissions hereunder of the Delaware Trustee,
      the Securities Administrator or the Master Servicer until such time as the
      Trustee may be required to act as the Master Servicer pursuant to Section 7.02
      hereof and thereupon only for the acts or omissions of the Trustee as a
      successor Master Servicer; 

     

    (vii)  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, nominees, attorneys or a custodian, and shall not be responsible for
      any
      willful misconduct or negligence on the part of any agent, nominee, attorney
      or
      custodian appointed by the Trustee or the Securities Administrator in good
      faith; and

     

    (viii)  the
      right
      of the Trustee or 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.

     

    
      
        
        

      

      
        127

        
          

        

      

      
        
        

      

    

     

    
      	SECTION
              8.03.   	
              Trustee
                and the Securities Administrator Not Liable for Certificates, Mortgage
                Loans or Additional Collateral.

            

    

     

    The
      recitals contained herein and in the Certificates (other than the authentication
      of the Trustee or Securities Administrator on the Certificates) shall be taken
      as the statements of the Depositor or the Seller, and the neither Trustee nor
      the Securities Administrator assumes responsibility for the correctness of
      the
      same. Neither the Trustee nor the Securities Administrator makes representations
      or warranties as to the validity or sufficiency of this Agreement or of the
      Certificates (other than the signature and authentication of the Securities
      Administrator on the Certificates) or of any Mortgage Loan or related document
      or of MERS or the MERS System. The Trustee shall not be accountable for the
      use
      or application by the Master Servicer, or for the use or application of any
      funds paid to the Master Servicer in respect of related Mortgage Loans or
      deposited in or withdrawn from the Distribution Account by the Master Servicer
      or the Securities Administrator. Neither the Trustee nor the Securities
      Administrator shall at any time have any responsibility or liability for or
      with
      respect to the legality, validity and enforceability of any Mortgage or any
      Mortgage Loan, or the perfection and priority of any Mortgage or the maintenance
      of any such perfection and priority, or for or with respect to the sufficiency
      of the Trust or its ability to generate the payments to be distributed to
      Certificateholders under this Agreement, including, without limitation: the
      existence, condition and ownership of any Mortgaged Property; the existence
      and
      enforceability of any hazard insurance thereon (other than if the Trustee shall
      assume the duties of the Master Servicer pursuant to Section 7.02 hereof);
      the
      validity of the assignment of any Mortgage Loan to the Trustee or of any
      intervening assignment; the completeness of any Mortgage Loan; the performance
      or enforcement of any Mortgage Loan (other than if the Trustee shall assume
      the
      duties of the Master Servicer pursuant to Section 7.02 hereof); the compliance
      by the Depositor or the Seller with any warranty or representation made under
      this Agreement or in any related document or the accuracy of any such warranty
      or representation prior to the Trustee’s receipt of notice or other discovery of
      any non-compliance therewith or any breach thereof; any investment of monies
      by
      or at the direction of the Master Servicer or in the case of the Trustee the
      Securities Administrator or any loss resulting therefrom, it being understood
      that the Trustee shall remain responsible for any Trust property that it may
      hold in its individual capacity and the Securities Administrator shall remain
      responsible for any Trust property that it may hold in its individual capacity;
      the acts or omissions of the Master Servicer (other than as to the Securities
      Administrator, if it is also the Master Servicer, and as to the Trustee, if
      the
      Trustee shall assume the duties of the Master Servicer pursuant to Section
      7.02
      hereof, and then only for the acts or omissions of the Trustee as the successor
      Master Servicer), or any acts or omissions of any Servicer or any Mortgagor;
      any
      action of the Master Servicer (other than as to the Securities Administrator,
      if
      it is also the Master Servicer, and as to the Trustee, if the Trustee shall
      assume the duties of the Master Servicer pursuant to Section 7.02 hereof),
      or in
      the case of the Trustee the Securities Administrator or any Servicer taken
      in
      the name of the Trustee; the failure of the Master Servicer or any Servicer
      to
      act or perform any duties required of it as agent or on behalf of the Trustee
      or
      the Trust hereunder; or any action by the Trustee taken at the instruction
      of
      the Master Servicer (other than if the Trustee shall assume the duties of the
      Master Servicer pursuant to Section 7.02 hereof, and then only for the actions
      of the Trustee as the successor Master Servicer); provided,
      however,
      that
      the foregoing shall not relieve the Trustee of its obligation to perform its
      duties under this Agreement, including, without limitation, the Trustee’s duty
      to review the Mortgage Files, if so required pursuant to Section 2.01 of this
      Agreement.

     

    
      
        
        

      

      
        128

        
          

        

      

      
        
        

      

    

     

    
      	SECTION
              8.04.   	
              Trustee,
                Custodian, Delaware Trustee, Master Servicer and Securities Administrator
                May Own Certificates.

            

    

     

    The
      Trustee, the Custodian, the Delaware Trustee, the Master Servicer and the
      Securities Administrator in their respective individual capacities, or in any
      capacity other than as Trustee, Custodian, Delaware Trustee, Master Servicer
      or
      Securities Administrator hereunder, may become the owner or pledgee of any
      Certificates with the same rights they would have if they were not Trustee,
      Custodian, Delaware Trustee, Master Servicer or Securities Administrator, as
      applicable, and may otherwise deal with the parties hereto.

     

    
      	SECTION
              8.05.   	
              Trustee’s,
                Delaware Trustee’s and Securities Administrator’s Fees and
                Expenses.

            

    

     

    The
      Trustee shall be compensated by the Master Servicer for its services hereunder
      on behalf of the Trust in accordance with the fee letter between the Master
      Servicer and the Trustee. The Delaware Trustee shall be compensated by the
      Seller for its services hereunder. The Securities Administrator shall be
      compensated by the Master Servicer for its services hereunder from a portion
      of
      the Master Servicing Fee. In addition, the Trustee (as Trustee and in its
      individual corporate capacity), the Delaware Trustee and the Securities
      Administrator will be entitled to recover from the Distribution Account pursuant
      to Section 4.05(a) all reasonable out-of-pocket expenses, disbursements and
      advances and the expenses of the Trustee (including for such purpose, any fees
      and expenses relating to its capacity as Custodian hereunder to the extent
      not
      paid by Thornburg), the Delaware Trustee, and the Securities Administrator,
      respectively, including without limitation, in connection with any Event of
      Default, any breach of this Agreement or any claim or legal action (including
      any pending or threatened claim or legal action) incurred or made by the
      Delaware Trustee, the Trustee or the Securities Administrator, respectively,
      in
      the performance of its duties or the administration of the trusts hereunder
      or
      under the Yield Maintenance Agreements or the Auction Swap Agreement (including
      the reasonable compensation, expenses and disbursements of its counsel) except
      any such expense, disbursement or advance as may arise from its negligence
      (or
      in the case of the Delaware Trustee, gross negligence) or intentional misconduct
      or which is specifically designated herein as the responsibility of the
      Depositor, the Seller, the Master Servicer, the Certificateholders, the Delaware
      Trustee or the Trust hereunder or thereunder. If funds in the Distribution
      Account are insufficient therefor, the Trustee, the Delaware Trustee, the
      Custodian and the Securities Administrator shall recover such expenses from
      future collections on the Mortgage Loans or as otherwise agreed by the
      Certificateholders. Such compensation and reimbursement obligation shall not
      be
      limited by any provision of law in regard to the compensation of a trustee
      of an
      express trust.

     

    
      
        
        

      

      
        129

        
          

        

      

      
        
        

      

    

     

    SECTION
      8.06.   Eligibility
      Requirements for Trustee and Securities Administrator.

     

    The
      Trustee and Securities Administrator hereunder shall at all times be an entity
      duly organized and validly existing under the laws of the United States of
      America or any state thereof, authorized under such laws to exercise corporate
      trust powers, each having a combined capital and surplus of at least $50,000,000
      and (except with respect to the initial Trustee) a minimum long-term debt rating
      in the third highest rating category by each Rating Agency and in each Rating
      Agency’s two highest short-term rating categories, and subject to supervision or
      examination by federal or state authority. If such entity 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 8.06, the combined capital and surplus of such entity shall be deemed
      to
      be its combined capital and surplus as set forth in its most recent report
      of
      condition so published. The principal office of the Trustee (other than the
      initial Trustee) shall be in a state with respect to which an Opinion of Counsel
      has been delivered to such Trustee at the time such Trustee is appointed Trustee
      to the effect that the Trust will not be a taxable entity under the laws of
      such
      state. In case at any time the Trustee or the Securities Administrator shall
      cease to be eligible in accordance with the provisions of this Section 8.06,
      the
      Trustee or the Securities Administrator, as applicable shall resign immediately
      in the manner and with the effect specified in Section 8.07 hereof.

     

    SECTION
      8.07.   Resignation
      or Removal of Trustee and Securities Administrator.

     

    The
      Trustee and Securities Administrator may at any time resign and be discharged
      from the trusts hereby created by giving written notice thereof to the
      Depositor, the Seller, the Master Servicer and each Rating Agency. Upon
      receiving such notice of resignation of the Trustee, the Seller shall promptly
      appoint a successor Trustee that meets the requirements in Section 8.06 or,
      in
      the case of notice of resignation of the Securities Administrator, the Trustee
      shall promptly appoint a successor Securities Administrator that meets the
      requirements in Section 8.06, in each case, by written instrument, in duplicate,
      one copy of which instrument shall be delivered to each of the resigning Trustee
      or Securities Administrator, as applicable, and one copy to the successor
      Trustee or successor Securities Administrator, as applicable. If no successor
      Trustee or successor Securities Administrator, as applicable, shall have been
      so
      appointed and having accepted appointment within 30 days after the giving of
      such notice of resignation, the resigning Trustee or Securities Administrator
      may petition any court of competent jurisdiction for the appointment of a
      successor Trustee or Securities Administrator, as applicable.

     

    If
      at any
      time the Trustee or the Securities Administrator shall cease to be eligible
      in
      accordance with the provisions of Section 8.06 hereof or if at any time the
      Trustee or the Securities Administrator shall be legally unable to act, or
      shall
      be adjudged a bankrupt or insolvent, or a receiver of the Trustee or the
      Securities Administrator, as applicable, or of its property shall be appointed,
      or any public officer shall take charge or control of the Trustee or the
      Securities Administrator, as applicable, or of its property or affairs for
      the
      purpose of rehabilitation, conservation or liquidation, or if the Trustee (in
      its capacity as Custodian) or the Securities Administrator fails to provide
      an
      assessment of compliance or an attestation report required under Section 3.16
      within 15 calendar days of March 1 of each calendar year in which Exchange
      Act
      reports are required then the Seller may remove the Trustee or the Trustee
      may
      remove the Securities Administrator, as applicable. If the Seller or the Trustee
      removes the Trustee or the Securities Administrator, respectively under the
      authority of the immediately preceding sentence, the Seller or the Trustee
      shall
      promptly appoint a successor Trustee or successor Securities Administrator
      that
      meets the requirements of Section 8.06, as applicable, by written instrument,
      in
      triplicate, one copy of which instrument shall be delivered to the Trustee
      or
      the Securities Administrator, as applicable, so removed, one copy to the
      successor Trustee or successor Securities Administrator, as applicable, and
      one
      copy to the Master Servicer.

     

    
      
        
        

      

      
        130

        
          

        

      

      
        
        

      

    

    The
      Majority Certificateholders may at any time remove the Trustee or the Securities
      Administrator by written instrument or instruments delivered to the Seller
      and
      the Trustee; the Seller shall thereupon use its best efforts to appoint a
      successor Trustee or successor Securities Administrator, as applicable, in
      accordance with this Section. 

     

    Any
      resignation or removal of the Trustee or the Securities Administrator and
      appointment of a successor Trustee or a successor Securities Administrator,
      pursuant to any of the provisions of this Section 8.07 shall not become
      effective until acceptance of appointment by the successor Trustee or a
      successor Securities Administrator, as applicable, as provided in Section 8.08
      hereof. If the Trustee or the Securities Administrator is removed pursuant
      to
      this Section 8.07, it shall be reimbursed any outstanding and unpaid fees and
      expenses, and if removed under the authority of the immediately preceding
      paragraph, the Trustee or the Securities Administrator shall also be reimbursed
      any outstanding and unpaid costs and expenses.

     

    Notwithstanding
      anything to the contrary contained herein, in the event that the Master Servicer
      resigns or is removed as Master Servicer hereunder, the Securities Administrator
      shall have the right to resign immediately as Securities Administrator by giving
      written notice to the Seller and the Trustee, with a copy to each Rating
      Agency.

     

    SECTION
      8.08.   Successor
      Trustee and Successor Securities Administrator.

     

    Any
      successor Trustee or successor Securities Administrator appointed as provided
      in
      Section 8.07 hereof shall execute, acknowledge and deliver to the Depositor,
      the
      Seller and the Master Servicer and to its predecessor Trustee or Securities
      Administrator an instrument accepting such appointment hereunder, and thereupon
      the resignation or removal of the predecessor Trustee or Securities
      Administrator shall become effective, and such successor Trustee or successor
      Securities Administrator, without any further act, deed or conveyance, shall
      become fully vested with all the rights, powers, duties and obligations of
      its
      predecessor hereunder (including, without limitation, with respect to such
      a
      successor Securities Administrator, its rights, powers, duties and obligations
      as Auction Administrator under the Auction Administration Agreement), with
      like
      effect as if originally named as Trustee or Securities Administrator. The
      Depositor, the Seller, the Master Servicer and the predecessor Trustee or
      Securities Administrator shall execute and deliver such instruments and do
      such
      other things as may reasonably be required for fully and certainly vesting
      and
      confirming in the successor Trustee or Securities Administrator, as applicable,
      all such rights, powers, duties and obligations.

     

    No
      successor Trustee or Securities Administrator shall accept appointment as
      provided in this Section 8.08 unless at the time of such acceptance such
      successor Trustee or Securities Administrator shall be eligible under the
      provisions of Section 8.06 hereof and the appointment of such successor Trustee
      or Securities Administrator shall not result in a downgrading of the Senior
      Certificates by either Rating Agency, as evidenced by a letter from each Rating
      Agency.

     

    
      
        
        

      

      
        131

        
          

        

      

      
        
        

      

    

    Upon
      acceptance of appointment by a successor Trustee or Securities Administrator
      as
      provided in this Section 8.08, the successor Trustee or Securities Administrator
      shall mail notice of the appointment of a successor Trustee or Securities
      Administrator hereunder to all Holders of Certificates at their addresses as
      shown in the Certificate Register and to each Rating Agency.

     

    SECTION
      8.09.   Merger
      or Consolidation of Trustee or Securities Administrator.

     

    Any
      entity into which the Trustee or the Securities Administrator may be merged
      or
      converted or with which it may be consolidated, or any entity resulting from
      any
      merger, conversion or consolidation to which the Trustee or the Securities
      Administrator shall be a party, or any entity succeeding to the corporate trust
      business of the Trustee or the Securities Administrator, shall be the successor
      of the Trustee or the Securities Administrator, as applicable, hereunder,
      provided such entity shall be eligible under the provisions of Section 8.06
      and
      8.08 hereof, 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.

     

    SECTION
      8.10.   Appointment
      of Co-Trustee or Separate Trustee.

     

    Notwithstanding
      any other provisions of this Agreement, and in addition to the appointment
      of
      the Delaware Trustee pursuant to Section 1A.03 hereof, at any time, for the
      purpose of meeting any legal requirements of any jurisdiction in which any
      part
      of the Trust or any Mortgaged Property may at the time be located, the Depositor
      and the Trustee acting jointly shall have the power, and the Trustee shall,
      and
      shall instruct the Depositor to, execute and deliver all instruments to appoint
      one or more Persons, approved by the Trustee to act as co-trustee or
      co-trustees, jointly with the Trustee, or separate trustee or separate trustees,
      of all or any part of the Trust, and to vest in such Person or Persons, in
      such
      capacity and for the benefit of the Certificateholders, such title to the Trust,
      or any part thereof, and, subject to the other provisions of this Section 8.10,
      such powers, duties, obligations, rights and trusts as the Master Servicer
      and
      the Trustee may consider necessary or desirable. No co-trustee or separate
      trustee hereunder shall be required to meet the terms of eligibility as a
      successor trustee under Section 8.06 hereof, and no notice to Certificateholders
      of the appointment of any co-trustee or separate trustee shall be required
      under
      Section 8.08 hereof.

     

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

     

    (i)  all
      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 or co-trustee jointly (it being understood that such
      separate trustee or co-trustee is not authorized to act separately without
      the
      Trustee joining in such act), except to the extent that under any law of any
      jurisdiction in which any particular act or acts are to be performed (whether
      as
      Trustee hereunder or as successor to the Master Servicer hereunder), 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 or any portion thereof in any such jurisdiction) shall be exercised
      and performed singly by such separate trustee or co-trustee, but solely at
      the
      direction of the Trustee;

     

    
      
        
        

      

      
        132

        
          

        

      

      
        
        

      

    

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

     

    (iii)  the
      Depositor and the Trustee, acting jointly may at any time accept the resignation
      of or remove any separate trustee or co-trustee.

     

    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
      or
      co-trustee shall refer to this Agreement and the conditions of this Article
      VIII. 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 thereof given to
      the
      Depositor.

     

    Any
      separate trustee or co-trustee 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 or co-trustee 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.

     

    SECTION
      8.11.   Limitation
      of Liability.

     

    The
      Certificates are executed by the Securities Administrator, not in its individual
      capacity but solely as Securities Administrator on behalf of the Trust, in
      the
      exercise of the powers and authority conferred and vested in it by this
      Agreement. Each of the undertakings and agreements made on the part of the
      Securities Administrator in the Certificates is made and intended not as a
      personal undertaking or agreement by the Trustee but is made and intended for
      the purpose of binding only the Trust.

     

    SECTION
      8.12.   Trustee
      May Enforce Claims Without Possession of Certificates.

     

    (a)  All
      rights of action and claims under this Agreement or the Certificates may be
      prosecuted and enforced by the Trustee without the possession of any of the
      Certificates or the production thereof in any proceeding relating thereto,
      and
      such proceeding instituted by the Trustee shall be brought in its own name
      or in
      its capacity as Trustee for the benefit of all Holders of such Certificates,
      subject to the provisions of this Agreement. Any recovery of judgment shall,
      after provision for the payment of the reasonable compensation, expenses,
      disbursement and advances of the Trustee (for the avoidance of doubt, in its
      individual capacity and as Trustee on behalf of the Trust), its agents and
      counsel, be for the ratable benefit or the Certificateholders in respect of
      which such judgment has been recovered.

     

    
      
        
        

      

      
        133

        
          

        

      

      
        
        

      

    

    (b)  The
      Trustee shall afford the Seller, the Depositor and each Certificateholder upon
      reasonable notice during normal business hours at its Corporate Trust Office
      or
      other office designated by the Trustee, access to all records maintained by
      the
      Trustee in respect of its duties hereunder and access to officers of the Trustee
      responsible for performing such duties. Upon request, the Trustee shall furnish
      the Depositor and any requesting Certificateholder with its most recent audited
      financial statements. The Trustee shall cooperate fully with the Seller, the
      Depositor and such Certificateholder and shall, subject to the first sentence
      of
      this Section 8.12(b), make available to the Seller, the Depositor and such
      Certificateholder for review and copying such books, documents or records as
      may
      be requested with respect to the Trustee’s duties hereunder. The Seller, the
      Depositor and the Certificateholders shall not have any responsibility or
      liability for any action or failure to act by the Trustee and are not obligated
      to supervise the performance of the Trustee under this Agreement or
      otherwise.

     

    (c)  The
      Securities Administrator shall afford the Seller, the Depositor, the Trustee
      and
      each Certificateholder upon reasonable notice during normal business hours
      at
      its offices at 9062 Old Annapolis Road, Columbia, Maryland 21045 or other office
      designated by the Securities Administrator, access to all records maintained
      by
      the Securities Administrator in respect of its duties hereunder and access
      to
      officers of the Securities Administrator responsible for performing such duties.
      Upon request, the Securities Administrator shall furnish the Depositor and
      any
      requesting Certificateholder with its most recent audited financial statements.
      The Securities Administrator shall cooperate fully with the Seller, the
      Depositor, the Trustee and such Certificateholder and shall, subject to the
      first sentence of this Section 8.12(c), make available to the Seller, the
      Depositor and such Certificateholder for review and copying such books,
      documents or records as may be requested with respect to the Securities
      Administrator’s duties hereunder. The Seller, the Depositor, the Trustee and the
      Certificateholders shall not have any responsibility or liability for any action
      or failure to act by the Securities Administrator and are not obligated to
      supervise the performance of the Securities Administrator under this Agreement
      or otherwise.

     

    SECTION
      8.13.   Suits
      for Enforcement.

     

    In
      case
      an Event of Default or a default by the Depositor hereunder shall occur and
      be
      continuing, the Trustee may proceed to protect and enforce its rights and the
      rights of the Certificateholders under this Agreement, as the case may be,
      by a
      suit, action or proceeding in equity or at law or otherwise, whether for the
      specific performance of any covenant or agreement contained in this Agreement
      or
      in aid of the execution of any power granted in this Agreement or for the
      enforcement of any other legal, equitable or other remedy, as the Trustee,
      being
      advised by counsel, and subject to the foregoing, shall deem most effectual
      to
      protect and enforce any of the rights of the Trustee and the
      Certificateholders.

     

    
      
        
        

      

      
        134

        
          

        

      

      
        
        

      

    

     

    SECTION
      8.14.   Waiver
      of Bond Requirement.

     

    The
      Trustee shall be relieved of, and each Certificateholder hereby waives, any
      requirement of any jurisdiction in which the Trust, or any part thereof, may
      be
      located that the Trustee post a bond or other surety with any court, agency
      or
      body whatsoever.

     

    SECTION
      8.15.   Waiver
      of Inventory, Accounting and Appraisal Requirement.

     

    The
      Trustee shall be relieved of, and each Certificateholder hereby waives, any
      requirement of any jurisdiction in which the Trust, or any part thereof, may
      be
      located that the Trustee file any inventory, accounting or appraisal of the
      Trust with any court, agency or body at any time or in any manner
      whatsoever.

     

    SECTION
      8.16.   Appointment
      of Custodians.

     

    The
      Trustee may appoint one or more custodians to hold all or a portion of the
      related Mortgage Files as agent for the Trustee, by entering into a custodial
      agreement. The custodian may at any time be terminated and a substitute
      custodian appointed therefor by the Trustee. Subject to this Article VIII,
      the
      Trustee agrees to comply with the terms of each custodial agreement and to
      enforce the terms and provisions thereof against the custodian for the benefit
      of the Certificateholders having an interest in any Mortgage File held by such
      custodian. Each custodian shall be a depository institution or trust company
      subject to supervision by federal or state authority, shall have combined
      capital and surplus of at least $15,000,000 and shall be qualified to do
      business in the jurisdiction in which it holds any Mortgage File. The Seller
      shall pay from its own funds, without any right to reimbursement, the fees,
      costs and expenses of each custodian (including the costs of custodian’s
      counsel).

     

    SECTION
      8.17.   Auction
      Administration Agreement; Auction Swap Agreement.

     

    (a)  Concurrently
      with the execution and delivery hereof, at the direction of the Depositor,
      the
      Securities Administrator, acting solely as an agent (the “Auction
      Administrator”)
      for
      the Holders of the Auction Certificates and not on behalf of the Trust, shall
      execute and deliver the Auction Administration Agreement and the Auction Swap
      Agreement in the forms presented by the Auction Swap Counterparty provided
      that
      the provisions of Section 1A.05 remain applicable to each Certificateholder.
      The
      Securities Administrator shall have no duty to review or otherwise determine
      the
      adequacy of the Auction Administration Agreement or the Auction Swap
      Agreement.

     

    (b)  Each
      Holder of an Auction Certificate is deemed, by acceptance of such Certificate,
      (i) to authorize the Securities Administrator to execute and deliver the Auction
      Administration Agreement and the Auction Swap Agreement as their agent and
      (ii)
      to acknowledge and accept and agree to be bound by the provisions of the Auction
      Administration Agreement and the Auction Swap Agreement. The Securities
      Administrator, as Auction Administrator, agrees not to consent to any amendments
      to the Auction Administration Agreement or Auction Swap Agreement without the
      consent of 100% of the Auction Certificates.

     

    
      
        
        

      

      
        135

        
          

        

      

      
        
        

      

    

     

    ARTICLE
      IX

     

    REMIC
      ADMINISTRATION

     

    SECTION
      9.01.   REMIC
      Administration.

     

    (a)  As
      set
      forth in the Preliminary Statement to this Agreement, three REMIC elections
      shall be made by the Trust. The Trustee shall sign and the Securities
      Administrator shall file such elections on Form 1066 or other appropriate
      federal tax or information return for the taxable year ending on the last day
      of
      the calendar year in which the Certificates are issued. The regular interests
      in
      each REMIC created hereunder and the related residual interest shall be as
      designated in the Preliminary Statement. Following the Closing Date, the
      Securities Administrator shall apply to the Internal Revenue Service for an
      employer identification number for each REMIC created hereunder by means of
      a
      Form SS-4 or other acceptable method and shall file a Form 8811 with the
      Internal Revenue Service.

     

    (b)  The
      Closing Date is hereby designated as the “Startup Day” of each REMIC created
      hereunder within the meaning of section 860G(a)(9) of the Code.

     

    (c)  Except
      as
      provided in subsection (d) of this Section 9.01, the Securities Administrator
      shall pay any and all tax related expenses (not including taxes) of each REMIC
      created hereunder, including but not limited to any professional fees or
      expenses related to audits or any administrative or judicial proceedings with
      respect to any 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 the Securities Administrator’s duties as tax return
      preparer).

     

    (d)  The
      Securities Administrator shall prepare and file, and the Trustee shall sign
      all
      of the federal and state tax and information returns of each REMIC created
      hereunder (collectively, the “Tax
      Returns”)
      as the
      direct representative. The expenses of preparing and filing such Tax Returns
      shall be borne by the Securities Administrator. Notwithstanding the foregoing,
      the Securities Administrator shall have no obligation to prepare, file or
      otherwise deal with partnership tax information or returns. In the event that
      partnership tax information or returns are required by the Internal Revenue
      Service, the Seller, at its own cost and expense, will prepare and file all
      necessary returns.
      The
      Internal Revenue Service has issued OID regulations under Sections 1271 to
      1275
      of the Code generally addressing the treatment of debt instruments issued with
      original issue discount. Under those regulations, debt issued to one Person
      generally is aggregated in determining if there is OID. Because certain Classes
      of Regular Certificates are expected to be issued to one Person (which intends
      to continue to hold the Regular Certificates indefinitely and, in any case,
      for
      at least 30 days), the Securities Administrator, on behalf of the Trust, intends
      to determine the existence and amount of any OID as if those Classes of Regular
      Certificates were one debt instrument. 

     

    (e)  The
      Securities Administrator shall perform on behalf of each REMIC created hereunder
      all reporting and other tax compliance duties that are the responsibility of
      each 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 the Class A-R Certificate
      to any disqualified organization and (ii) to the Certificateholders such
      information or reports as are required by the Code or REMIC
      Provisions.
      The
      Securities Administrator, however, shall have no information or other tax
      reporting obligations with respect to the Final Maturity Reserve
      Trust.

     

    
      
        
        

      

      
        136

        
          

        

      

      
        
        

      

    

    (f)  Each
      of
      the Trustee and the Securities Administrator (to the extent that the affairs
      of
      the REMICs are within such Person’s control and the scope of its specific
      responsibilities under the Agreement) and the Holders of Certificates shall
      take
      any action or cause any REMIC created hereunder to take any action necessary
      to
      create or maintain the status of the REMIC created hereunder as a REMIC under
      the REMIC Provisions and shall assist each other as necessary to create or
      maintain such status. None of the Trustee, the Securities Administrator or
      the
      Holder of a Residual Certificate shall take any action, cause any REMIC created
      hereunder to take any action or fail to take (or fail to cause to be taken)
      any
      action that, under the REMIC Provisions, if taken or not taken, as the case
      may
      be, could result in an Adverse REMIC Event unless the Trustee and the Securities
      Administrator have received an Opinion of Counsel (at the expense of the party
      seeking to take such action) to the effect that the contemplated action will
      not
      result in an Adverse REMIC Event. In addition, prior to taking any action with
      respect to any REMIC created hereunder or the assets therein, or causing any
      such REMIC to take any action which is not expressly permitted under the terms
      of this Agreement, any Holder of the Class A-R Certificate will consult with
      the
      Securities Administrator or its designees, in writing, with respect to whether
      such action could cause an Adverse REMIC Event to occur with respect to any
      such
      REMIC, and no such Person shall take any such action or cause any REMIC created
      hereunder to take any such action as to which the Securities Administrator
      has
      advised it in writing that an Adverse REMIC Event could occur. 

     

    (g)  Each
      Holder of the Class A-R Certificate shall pay when due any and all taxes imposed
      on any REMIC created hereunder by federal or state governmental authorities.
      To
      the extent that such Trust taxes are not paid by the Class A-R
      Certificateholder, the Securities Administrator shall pay any remaining REMIC
      taxes out of current or future amounts otherwise distributable to the Holder
      of
      the Class A-R Certificate or, if no such amounts are available, out of other
      amounts held in the Distribution Account, and shall reduce amounts otherwise
      payable to holders of regular interests in such REMIC, as the case may
      be.

     

    (h)  The
      Securities Administrator shall, for federal income tax purposes, maintain books
      and records with respect to each REMIC created hereunder on a calendar year
      and
      on an accrual basis.

     

    (i)  No
      additional contributions of assets shall be made to any REMIC created hereunder,
      except as expressly provided in this Agreement with respect to eligible
      substitute mortgage loans.

     

    
      
        
        

      

      
        137

        
          

        

      

      
        
        

      

    

    (j)  Neither
      the Trustee nor the Securities Administrator shall enter into any arrangement
      by
      which any REMIC created hereunder will receive a fee or other compensation
      for
      services.

     

    (k)  The
      Securities Administrator shall treat each of the Available Funds Cap Reserve
      Fund and the Final Maturity Reserve Trust as an outside reserve fund within
      the
      meaning of Treasury Regulation Section 1.860G-2(h) owned by the holders of
      the
      Class A-X Certificates and Class I Certificates, respectively, and not assets
      of
      any REMIC. The Securities Administrator shall treat the rights of the Class
      A-1,
      Class A-2 and Class A-3 Certificateholders to receive distributions from the
      Available Funds Cap Reserve Fund as payments under a cap contract written by
      the
      Class A-X Certificateholders in favor of the Class A-1, Class A-2 and Class
      A-3
      Certificateholders. Thus, the Class A-1, Class A-2 and Class A-3 Certificates
      shall be treated as representing not only ownership of regular interests in
      a
      REMIC, but also ownership of an interest in an interest rate cap contract.
      For
      purposes of determining the issue prices of the Certificates, the interest
      rate
      cap contract shall be assumed to have a zero value unless and until required
      otherwise by an applicable taxing authority. The Class I Certificateholder
      shall
      be treated as the owner of the Final Maturity Reserve Trust and any payments
      made from the Final Maturity Reserve Trust to beneficial owners of Certificates
      (other than the Class I Certificates) shall be treated for federal income tax
      purposes as payments made by the Class I Certificateholder in exchange for
      an
      interest in the Certificates then owned by such beneficial owners.

     

    (l)  For
      federal income tax purposes, each Certificate Owner of Auction Certificate
      shall
      be treated as a party to the Auction Swap Agreement which shall represent
      contractual rights and obligations that are separate from the regular interest
      related to such Auction Certificate. For purposes of determining the issue
      prices of the Auction Certificates, it shall be assumed that such separate
      rights and obligations have a zero value unless and until required otherwise
      by
      the applicable taxing authority.

     

    SECTION
      9.02.   Prohibited
      Transactions and Activities.

     

    Neither
      the Depositor nor the Trustee shall sell, dispose of, or substitute for any
      of
      the Mortgage Loans, except in a disposition pursuant to (i) the foreclosure
      of a
      Mortgage Loan, (ii) the bankruptcy of the Trust Fund, (iii) the termination
      of the REMICs created hereunder pursuant to Article X of this Agreement, (iv)
      a
      substitution pursuant to Article II hereof or (v) a repurchase of Mortgage
      Loans
      as contemplated hereunder, nor acquire any assets for any REMIC created
      hereunder, nor sell or dispose of any investments in the Distribution Account
      for gain, nor accept any contributions to any REMIC created hereunder 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 result in an
      Adverse REMIC Event. 

     

    
      
        
        

      

      
        138

        
          

        

      

      
        
        

      

    

     

    ARTICLE
      X

     

    TERMINATION

     

     

    SECTION
      10.01.   Termination.

     

    (a)  The
      respective obligations and responsibilities of the Seller, the Depositor, the
      Master Servicer, the Securities Administrator, the Delaware Trustee and the
      Trustee created hereby (other than the obligation of the Securities
      Administrator to make certain payments to Certificateholders after the final
      Distribution Date and the obligation of the Master Servicer to send certain
      notices as hereinafter set forth) shall terminate upon notice to the Trustee
      and
      the Securities Administrator upon the earliest of (i) the Distribution Date
      on which the Class Certificate Principal Balance of each Class of Certificates
      has been reduced to zero, (ii) the final payment or other liquidation of
      the last Mortgage Loan, (iii) the optional purchase of the Mortgage Loans
      as described in the following paragraph and (iv) the Latest Possible
      Maturity Date. 

     

    Thornburg
      (solely in its capacity as a Servicer of the Mortgage Loans) may, at its option,
      terminate this Agreement on any Distribution Date on which the aggregate of
      the
      Stated Principal Balances of the Mortgage Loans as of the end of the immediately
      preceding Due Period is equal to or less than 10% of the Cut-Off Date Aggregate
      Principal Balance, by purchasing, on such Distribution Date, all of the
      outstanding Mortgage Loans and REO Properties at a price equal to the sum of
      (i)
      the outstanding Stated Principal Balances of the Mortgage Loans (other than
      in
      respect of REO Properties), (ii) the lesser of (x) the appraised value of any
      REO Property as determined by the higher of two appraisals completed by two
      independent appraisers selected by the Depositor at the expense of the Depositor
      less the good faith estimate of the Master Servicer or the related Servicer,
      as
      applicable, of Liquidation Expenses to be incurred in connection with its
      disposal and (y) the Principal Balance of each Mortgage Loan related to any
      REO
      Property and (iii) in all cases, accrued and unpaid interest thereon at the
      applicable Loan Rate through the end of the Due Period preceding the final
      Distribution Date, plus unreimbursed Servicing Advances and Advances and any
      unpaid Master Servicing Fees and Servicing Fees allocable to such Mortgage
      Loans
      and REO Properties, plus all amounts, if any, then due and owing to the Trustee,
      the Master Servicer and the Securities Administrator (the “Termination
      Price”).

     

    In
      addition, Wells Fargo Bank, N.A. (solely in its capacity as the Master Servicer)
      may, at its option, terminate this Agreement on any Distribution Date on which
      the aggregate of the Stated Principal Balances of the Mortgage Loans as of
      the
      end of the immediately preceding Due Period is equal to or less than 5% of
      the
      Cut-Off Date Aggregate Principal Balance, by purchasing, on such Distribution
      Date, all of the outstanding Mortgage Loans and REO Properties at a price equal
      to Termination Price; provided,
      that
      the
      right of Wells Fargo Bank, N.A. to repurchase all the Mortgage Loans shall
      be
      exercisable only if Thornburg has not elected to exercise its optional
      termination right on or before such date.

     

    (b)  Notice
      of
      any termination pursuant to the second or third paragraphs of Section 10.01(a),
      specifying the Distribution Date (which shall be a date that would otherwise
      be
      a Distribution Date) upon which the Certificateholders may surrender their
      Certificates to the Securities Administrator for payment of the final
      distribution and cancellation, shall be given promptly by the Securities
      Administrator upon the Securities Administrator receiving notice of such date
      from the Master Servicer by letter to the Certificateholders mailed not earlier
      than the 10th day and not later than the 19th day of the month of such
      final distribution specifying (1) the Distribution Date upon which final
      distributions on the Certificates will be made upon presentation and surrender
      of such Certificates at the office or agency of the Securities Administrator
      therein designated, (2) the amount of any such final distribution and
      (3) that the Record Date otherwise applicable to such Distribution Date is
      not applicable, distributions being made only upon presentation and surrender
      of
      the Certificates at the office or agency of the Securities Administrator therein
      specified.

     

    
      
        
        

      

      
        139

        
          

        

      

      
        
        

      

    

    (c)  Upon
      presentation and surrender of the Certificates, the Securities Administrator
      shall cause to be distributed to the Holders of the Certificates on the
      Distribution Date for such final distribution, in proportion to the Percentage
      Interests of their respective Class and to the extent that funds are available
      for such purpose, an amount equal to the amount required to be distributed
      to
      such Holders in accordance with the provisions of Section 4.01 hereof for
      such Distribution Date.

     

    (d)  In
      the
      event that all Certificateholders shall not surrender their Certificates for
      final payment and cancellation on or before such final Distribution Date, the
      Securities Administrator shall promptly following such date cause all funds
      in
      the Distribution Account not distributed in final distribution to
      Certificateholders to be withdrawn therefrom and credited to the remaining
      Certificateholders by depositing such funds in a separate account for the
      benefit of such Certificateholders, and the Securities Administrator shall
      give
      a second written notice to the remaining Certificateholders to surrender their
      Certificates for cancellation and receive the final distribution with respect
      thereto. If within nine months after the second notice all the Certificates
      shall not have been surrendered for cancellation, the Master Servicer shall
      be
      entitled to all unclaimed funds and other assets which remain subject hereto,
      and the Securities Administrator upon transfer of such funds shall be discharged
      of any responsibility for such funds, and the Certificateholders shall look
      to
      the Master Servicer for payment.

     

    SECTION
      10.02.   Additional
      Termination Requirements.

     

    (a)  In
      the
      event the purchase option provided in Section 10.01 is exercised, the Trust
      shall be terminated in accordance with the following additional
      requirements:

     

    (i)  The
      Trustee at the direction of the Securities Administrator shall sell any
      remaining assets of the Trust Fund to Thornburg or its designee or Wells Fargo
      Bank, N.A. or its designee, as the case may be, for cash and, within 90 days
      of
      such sale, shall distribute to (or credit to the account of) the
      Certificateholders the proceeds of such sale together with any cash on hand
      (less amounts retained to meet claims) in complete liquidation of the Trust
      Fund, and each REMIC created hereunder; and

     

    (ii)  The
      Securities Administrator shall attach a statement to the final federal income
      tax return for each REMIC created hereunder stating that pursuant to Treasury
      Regulation §1.860F-1, the first day of the 90 day liquidation period for such
      REMIC was the date on which the Trustee sold the assets of the Trust Fund and
      shall satisfy all requirements of a qualified liquidation under Section 860F
      of
      the Code and any regulations thereunder as evidenced by an Opinion of Counsel
      delivered to the Trustee and the Securities Administrator obtained at the
      expense of the Seller.

     

    
      
        
        

      

      
        140

        
          

        

      

      
        
        

      

    

    (b)  By
      their
      acceptance of Certificates, the Holders thereof hereby agree to appoint the
      Trustee and the Securities Administration as their attorneys in fact to
      undertake the foregoing steps.

     

    (c)  The
      Securities Administrator shall provide written notice to the Delaware Trustee
      that the Trust Fund has been terminated in accordance with Article
      X.

     

    ARTICLE
      XI

     

    DISPOSITION
      OF TRUST ASSETS

     

    SECTION
      11.01.   Disposition
      of Trust Assets.

     

    Neither
      the Trust, nor this Agreement, may be terminated or voided, or any disposition
      of the assets of the Trust effected, other than in accordance with the terms
      hereof, except to the extent that Holders representing no less than the entire
      beneficial ownership interest of the Certificates have so assented.

     

    
      
        
        

      

      
        141

        
          

        

      

      
        
        

      

    

     

    ARTICLE
      XII

     

    MISCELLANEOUS
      PROVISIONS

     

    SECTION
      12.01.   Amendment.

     

    This
      Agreement may be amended from time to time by Seller, the Depositor, the Master
      Servicer, the Securities Administrator, the Delaware Trustee and the Trustee,
      and without the consent of the Certificateholders, (i) to cure any
      ambiguity, (ii) to correct or supplement any provisions herein which may be
      defective or inconsistent with any other provisions herein, (iii) to make
      any other provisions with respect to matters or questions arising under this
      Agreement, which shall not be inconsistent with the provisions of this
      Agreement, or (iv) to conform the terms hereof to the description thereof
      provided in the Prospectus; provided,
      however,
      that
      any such action listed in clause (i) through (iii) above shall be
      deemed not to adversely affect in any material respect the interests of any
      Certificateholder, if evidenced by (i) written notice to the Depositor, the
      Seller, the Master Servicer, the Securities Administrator, the Delaware Trustee
      and the Trustee from each Rating Agency that such action will not result in
      the
      reduction or withdrawal of the rating of any outstanding Class of Certificates
      with respect to which it is a Rating Agency or (ii) an Opinion of Counsel
      stating that such amendment shall not adversely affect in any material respect
      the interests of any Certificateholder, is permitted by the Agreement and all
      the conditions precedent, if any have been complied with, delivered to the
      Master Servicer, the Securities Administrator and the Trustee.

     

    In
      addition, this Agreement may be amended from time to time by Seller, the
      Depositor, the Master Servicer, the Securities Administrator, the Delaware
      Trustee and the Trustee and with the consent of the Majority Certificateholders
      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 of Certificates; provided,
      however,
      that no
      such amendment or waiver shall (x) reduce in any manner the amount of, or
      delay the timing of, payments on the Certificates that are required to be made
      on any Certificate without the consent of the Holder of such Certificate,
      (y) adversely affect in any material respect the interests of the Holders
      of any Class of Certificates in a manner other than as described in clause
      (x)
      above, without the consent of the Holders of Certificates of such Class
      evidencing at least a 66% Percentage Interest in such Class, or (z) reduce
      the percentage of Voting Rights required by clause (y) above without the
      consent of the Holders of all Certificates of such Class then outstanding.
      Upon
      approval of an amendment, a copy of such amendment shall be sent to each Rating
      Agency.

     

    Notwithstanding
      any provision of this Agreement to the contrary, the Trustee shall not consent
      to any amendment to this Agreement unless it shall have first received an
      Opinion of Counsel, delivered by and at the expense of the Person seeking such
      Amendment (unless such Person is the Trustee, in which case the Trustee shall
      be
      entitled to be reimbursed for such expenses by the Trust pursuant to Section
      8.05 hereof), to the effect that such amendment will not result in the
      imposition of a tax on any REMIC created hereunder pursuant to the REMIC
      Provisions or cause any REMIC created hereunder to fail to qualify as a REMIC
      at
      any time that any Certificates are outstanding and that the amendment is being
      made in accordance with the terms hereof, such amendment is permitted by this
      Agreement and all conditions precedent, if any, have been complied
      with.

     

    
      
        
        

      

      
        142

        
          

        

      

      
        
        

      

    

    Promptly
      after the execution of any such amendment the Trustee shall furnish, at the
      expense of the Person that requested the amendment if such Person is the Seller
      (but in no event at the expense of the Trustee or the Securities Administrator),
      otherwise at the expense of the Trust, a copy of such amendment and the Opinion
      of Counsel referred to in the immediately preceding paragraph to the Master
      Servicer and each Rating Agency.

     

    It
      shall
      not be necessary for the consent of Certificateholders under this
      Section 12.01 to approve the particular form of any proposed amendment;
      instead 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 Certificateholders shall be subject
      to
      such reasonable regulations as the Securities Administrator may
      prescribe.

     

    The
      Trustee and Securities Administrator may, but shall not be obligated to, enter
      into any amendment pursuant to this 12.01 Section that affects its rights,
      duties and immunities under this Agreement or otherwise.

     

    SECTION
      12.02.   Recordation
      of Agreement; Counterparts.

     

    To
      the
      extent permitted by applicable law, this Agreement is subject to recordation
      in
      all appropriate public offices for real property records in all the counties
      or
      other comparable jurisdictions in which any or all of the Mortgaged Properties
      are situated, and in any other appropriate public recording office or elsewhere,
      such recordation to be effected by the Trustee at the expense of the Trust,
      but
      only upon direction of Certificateholders accompanied by an Opinion of Counsel
      to the effect that such recordation materially and beneficially affects the
      interests of the Certificateholders.

     

    For
      the
      purpose of facilitating the recordation of this Agreement as herein provided
      and
      for other purposes, this Agreement may be executed simultaneously in any number
      of counterparts, each of which counterparts shall be deemed to be an original,
      and such counterparts shall together constitute but one and the same
      instrument.

     

    SECTION
      12.03.   Limitation
      on Rights of Certificateholders.

     

    The
      death
      or incapacity of any Certificateholder shall not (i) operate to terminate
      this Agreement or the Trust, (ii) entitle such Certificateholder’s legal
      representatives or heirs to claim an accounting or to take any action or
      proceeding in any court for a partition or winding up of the Trust or
      (iii) otherwise affect the rights, obligations and liabilities of the
      parties hereto or any of them.

     

    Except
      as
      expressly provided for herein, no Certificateholder shall have any right to
      vote
      or in any manner otherwise control the operation and management of the Trust,
      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.

     

    
      
        
        

      

      
        143

        
          

        

      

      
        
        

      

    

    No
      Certificateholder shall have any right by virtue 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 default and of the continuance
      thereof, as hereinbefore provided, and unless also the Holders of Certificates
      entitled to at least 25% of the Voting Rights 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 costs, expenses and liabilities to
      be
      incurred therein or thereby, and the Trustee for 15 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. It is understood and intended,
      and 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 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, which priority or preference is not otherwise provided
      for herein, or to enforce any right under this Agreement, except in the manner
      herein provided and for the equal, ratable and common benefit of all
      Certificateholders. For the protection and enforcement of the provisions of
      this
      Section 12.03, each and every Certificateholder and the Trustee shall be
      entitled to such relief as can be given either at law or in equity.

     

    SECTION
      12.04.   Governing
      Law; Jurisdiction.

     

    This
      Agreement shall be construed in accordance with the laws of the State of
      Delaware, and the obligations, rights and remedies of the parties hereunder
      shall be determined in accordance with such laws. 

     

    SECTION
      12.05.   Notices.

     

    All
      directions, demands and notices hereunder shall be in writing and shall be
      deemed to have been duly given if personally delivered at or mailed by first
      class mail, postage prepaid, or by express delivery service, to (a) in the
      case of the Seller, to Thornburg Mortgage Home Loans, Inc., 150 Washington
      Avenue, Suite 302, Santa Fe, New Mexico 87501, Attention: Deborah Burns
      (telecopy number (505) 954-5300), or such other address or telecopy number
      as may hereafter be furnished to the Depositor, the Master Servicer, the
      Securities Administrator, and the Trustee in writing by the Seller, (b) in
      the
      case of the Trustee, to the Corporate Trust Office or such other address or
      telecopy number as may hereafter be furnished to the Depositor, the Master
      Servicer, the Securities Administrator, and the Seller in writing by the
      Trustee, (c) in the case of the Depositor, to Greenwich Capital
      Acceptance, Inc., 600 Steamboat Road, Greenwich, Connecticut 06830,
      Attention: Legal (telecopy number (203) 618-2132), or such other address or
      telecopy number as may be furnished to the Seller, the Master Servicer, the
      Securities Administrator, and the Trustee in writing by the Depositor, (d)
      in
      the case of the Delaware Trustee, Rodney Square North, 1100 North Market Street,
      Wilmington, Delaware 19890; and (e) in the case of the Master Servicer or
      Securities Administrator, for certificate transfer purposes, at its Corporate
      Trust Office and for all other purposes at P.O. Box 98, Columbia, Maryland
      21046, or for overnight delivery, at 9062 Old Annapolis Road, Columbia, Maryland
      21045 (Attention: Thornburg 2006-1), Facsimile no.: (410) 715-2380, or such
      other address or telecopy number as may be furnished to the Depositor, the
      Seller, the Securities Administrator, and the Trustee in writing by the Master
      Servicer. Any notice required or permitted to be mailed to a Certificateholder
      shall be given by first class mail, postage prepaid, at the address of such
      Holder as shown in the Certificate Register. Notice of any Event of Default
      shall be given by telecopy and by certified mail. Any notice so mailed within
      the time prescribed in this Agreement shall be conclusively presumed to have
      duly been given when mailed, whether or not the Certificateholder receives
      such
      notice. A copy of any notice required to be telecopied hereunder shall also
      be
      mailed to the appropriate party in the manner set forth above.

     

    
      
        
        

      

      
        144

        
          

        

      

      
        
        

      

    

     

    SECTION
      12.06.   Severability
      of Provisions.

     

    If
      any
      one or more of the covenants, agreements, provisions or terms of this Agreement
      shall for any reason whatsoever be 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
      12.07.   Article
      and Section References.

     

    All
      article and section references used in this Agreement, unless otherwise
      provided, are to articles and sections in this Agreement.

     

    SECTION
      12.08.   Notice
      to the Rating Agencies.

     

    (a) The
      Securities Administrator shall be obligated to use its best reasonable efforts
      promptly to provide notice to the Rating Agencies with respect to each of the
      following of which a Responsible Officer of the Securities Administrator has
      actual knowledge:

     

    (i)  any
      material change or amendment to this Agreement;

     

    (ii)  the
      occurrence of any Event of Default that has not been cured or
      waived;

     

    (iii)  the
      resignation or termination of the Master Servicer, the Securities Administrator
      or the Trustee;

     

    (iv)  the
      final
      payment to Holders of the Certificates of any Class; and

     

    (v)  any
      change in the location of any Account.

     

    (b)  In
      addition, the Securities Administrator shall promptly furnish to the Rating
      Agencies copies of each Statement to Certificateholders described in Section
      5.04 hereof; if the Trustee is acting as a successor Master Servicer pursuant
      to
      Section 7.02 hereof, the Trustee shall notify the Rating Agencies of any event
      that would result in the inability of the Trustee to make Advances
      and
      the
      Master Servicer shall promptly furnish to each Rating Agency copies of the
      following:

     

    
      
        
        

      

      
        145

        
          

        

      

      
        
        

      

    

    (i)  each
      annual statement as to compliance described in Section 3.17 hereof;

     

    (ii)  each
      annual assessment of compliance and attestation report described in Section
      3.16
      hereof; and

     

    (iii)  each
      notice delivered pursuant to Section 5.05(b) hereof which relates to the fact
      that the Master Servicer has not made an Advance.

     

    (c)  All
      notices to the Rating Agencies provided for in this Agreement shall be in
      writing and sent by first class mail, telecopy or overnight courier, as
      follows:

     

    If
      to
      Moody’s, to:

    

    Moody’s
      Investors Service, Inc.

    99
      Church
      Street 

    New
      York,
      New York 10007

    Attention:
      Residential Mortgages

    

    If
      to
      S&P, to:

    

    Standard
      & Poor’s Ratings Services,

    a
      division of The McGraw-Hill Companies, Inc.

    55
      Water
      Street

    New
      York,
      New York 10041

    Facsimile
      number: (212) 438-2661

     

    SECTION
      12.09.   Further
      Assurances.

     

    Notwithstanding
      any other provision of this Agreement, neither the Regular Certificateholders
      nor the Trustee shall have any obligation to consent to any amendment or
      modification of this Agreement unless they have been provided reasonable
      security or indemnity against their out-of-pocket expenses (including reasonable
      attorneys’ fees) to be incurred in connection therewith.

     

    SECTION
      12.10.   Benefits
      of Agreement.

     

    Nothing
      in this Agreement or in the Certificates, expressed or implied, shall give
      to
      any Person, other than the Certificateholders and the parties hereto and their
      successors hereunder, any benefit or any legal or equitable right, remedy or
      claim under this Agreement.

     

    
      
        
        

      

      
        146

        
          

        

      

      
        
        

      

    

     

    SECTION
      12.11.   Acts
      of Certificateholders.

     

    (a)  Any
      request, demand, authorization, direction, notice, consent, waiver or other
      action provided by this Agreement to be given or taken by the Certificateholders
      may be embodied in and evidenced by one or more instruments of substantially
      similar tenor signed by such Certificateholders in person or by agent duly
      appointed in writing, and such action shall become effective when such
      instrument or instruments are delivered to the Trustee and the Seller. Such
      instrument or instruments (and the action embodied therein and evidenced
      thereby) are herein sometimes referred to as the “act” of the Certificateholders
      signing such instrument or instruments. Proof of execution of any such
      instrument or of a writing appointing any such agent shall be sufficient for
      any
      purpose of this Agreement and conclusive in favor of the Trustee and the Trust,
      if made in the manner provided in this Section 12.11.

     

    (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
      a notary public or other officer authorized by law to take acknowledgments
      of
      deeds, certifying that the individual signing such instrument or writing
      acknowledged to him the execution thereof. Whenever such execution is by a
      signer acting in a capacity other than his or her individual capacity, such
      certificate or affidavit shall also constitute sufficient proof of his
      authority.

     

    (c)  Any
      request, demand, authorization, direction, notice, consent, waiver or other
      action by any Certificateholder shall bind every future Holder of such
      Certificate and the Holder of every Certificate issued upon the registration
      of
      transfer thereof or in exchange therefor or in lieu thereof, in respect of
      anything done, omitted or suffered to be done by the Trustee or the Trust in
      reliance thereon, whether or not notation of such action is made upon such
      Certificate.

     

    SECTION
      12.12.   Successors
      and Assigns.

     

    The
      provisions of this Agreement shall be binding upon and inure to the benefit
      of
      the respective successors and assigns of the parties hereto.

     

    
      
        
        

      

      
        147

        
          

        

      

      
        
        

      

    

    SECTION
      12.13.   Derivative
      Transactions.

     

    The
      Trust, the Securities Administrator and the Trustee are authorized, at the
      direction and the expense of the Holders of a majority of the Class A-X
      Certificates (or, if the Class A-X Certificates are no longer outstanding,
      a
      majority of the Voting Rights allocated to the Class of Subordinate Certificates
      outstanding having the highest numerical designation), to enter into such
      derivative transactions for the benefit of any Certificateholders as may be
      deemed desirable by such Holders of the Class A-X Certificates, so long as
      (i)
      as evidenced by one or more Opinions of Counsel addressed to the Trustee or
      the
      Securities Administrator, as applicable (at the expense of such Holders), the
      execution and delivery of such derivative transaction is permitted under this
      Agreement and the inclusion of such derivative in the Trust will not be
      inconsistent with the ERISA provisions contained herein or cause the
      Certificates (other than the Class A-R Certificate) to fail to qualify for
      the
      Underwriter’s Exemption,
      (ii)
      a
      REMIC Opinion (at the expense of such Holders) is delivered to the Trustee
      or
      the Securities Administrator, as applicable, (iii) an Opinion of Counsel
      addressed to the Trustee and the Securities Administrator (at the expense of
      such Holders) that the execution and delivery of such derivative transaction
      and
      documentation as presented to the Trustee the Securities Administrator is
      permitted under this Agreement, and (iv) each Rating Agency shall have confirmed
      in writing that the inclusion of such derivative would not result in a downgrade
      of its then rating of any Class of Certificates.

     

    
      
        
        

      

      
        148

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, the parties hereto have caused their names to be signed hereto
      by their respective officers thereunto duly authorized, all as of the day and
      year first above written.

     

    
      
        	 	
                GREENWICH
                  CAPITAL ACCEPTANCE, INC.,

              
	 	 	
                as
                  Depositor

              
	 	 	 
	 	
                By:
                  

              	/s/
                Shakti Radhakishun
	 	 	
                Name:
                  Shakti Radhakishun

              
	 	 	
                Title:
                  Senior Vice President

              
	 	 	 
	 	 	 
	 	
                THORNBURG
                  MORTGAGE HOME LOANS,

              
	 	 	
                INC.,
                  as
                  Seller

              
	 	 	 
	 	
                By:
                  

              	/s/
                Deborah J. Burns
	 	 	
                Name:
                  Deborah J. Burns

              
	 	 	
                Title:
                  Senior Vice President

              
	 	 	 
	 	 	 
	 	
                WELLS
                  FARGO BANK, N.A.,

              
	 	 	
                as
                  Master Servicer

              
	 	 	 
	 	
                By:
                  

              	/s/
                Amy Doyle
	 	 	
                Name:
                  Amy Doyle

              
	 	 	
                Title:
                  Vice President

              
	 	 	 
	 	 	 
	 	
                WELLS
                  FARGO BANK, N.A.,

              
	 	 	
                as
                  Securities Administrator

              
	 	 	 
	 	
                By:
                  

              	/s/
                Amy Doyle
	 	 	
                Name:
                  Amy Doyle

              
	 	 	
                Title:
                  Vice President

              

      

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      
        	 	
                WILMINGTON
                  TRUST COMPANY,

              
	 	 	
                as
                  Delaware Trustee

              
	 	 	 
	 	
                By: 

              	/s/
                Patricia A. Evans
	 	 	
                Name:
                  Patricia A. Evans

              
	 	 	
                Title:
                  Vice President

              
	 	 	 
	 	 	 
	 	
                LASALLE
                  BANK NATIONAL ASSOCIATION,

              
	 	 	
                as
                  Trustee and Custodian

              
	 	 	 
	 	
                By: 

              	/s/
                Christopher Lewis
	 	 	
                Name:
                  Christopher Lewis

              
	 	 	
                Title:
                  Assistant Vice President

              

      

    

    
      	 	 	 
	 	
              By: 

            	/s/
              Christopher Lewis
	 	 	
              Name:
                Christopher Lewis

            
	 	 	
              Title:
                Assistant Vice President

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Solely
      for the purposes of Sections 3.25 and 6.06,

    accepted
      and agreed to by:

    

    

    THORNBURG
      MORTGAGE, INC.

    

    

    By:
      /s/ Deborah J.
      Burns            

    Name:
      Deborah J. Burns

    Title:
      Senior Vice President

     

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    STATE
      OF
CONNECTICUT
       )

    )
      ss.:

    COUNTY
      OF
FAIRFIELD    
       )

     

    On
      the 26th day of January 2006, before me, a notary public in and
      for said State, personally appeared Shakti Radhakishun known to me to be a
      Senior Vice President of Greenwich Capital Acceptance, Inc., a Delaware
      corporation that executed the within instrument, and also known to me to be
      the
      person who executed it on behalf of said corporation, and acknowledged to me
      that such corporation executed the within instrument.

     

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

     

     

    /s/
      Kimberley J. Donelly       
Notary
      Public

     

    Kimberley
      J. Donelly

    Notary
      Public

    My
      Commission Expires on 6/30/09

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    STATE
      OF
      NEW MEXICO    )

    )
      ss.:

    COUNTY
      OF
      SANTA FE       )

     

    On
      the
      _____ day
      of
      January 2006, before me, a notary public in and for said State, personally
      appeared Deborah J. Burns known to me to be a Senior Vice President of Thornburg
      Mortgage Home Loans, Inc., a Delaware corporation that executed the within
      instrument, and also known to me to be the person who executed it on behalf
      of
      said corporation, and acknowledged to me that such corporation executed the
      within instrument.

     

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

     

    
       

      /s/ Nyira
        Gitana                       
Notary
        Public

    

     

    Official
      Seal

    Nyira
      Gitana

    Notary
      Public

    State
      of
      New Mexico

    My
      Commission Expires: 4/6/06

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    STATE
      OF                   
    )

    )
      ss.:

    COUNTY
      OF               
    )

     

    On
      the
      ______ day of January 2006, before me, a notary public in and for said State,
      personally appeared Christopher Lewis known to me to be
      a Assistant Vice President of Wells Fargo Bank, N.A. that executed the
      within instrument, and also known to me to be the person who executed it on
      behalf of said corporation, and acknowledged to me that such corporation
      executed the within instrument.

     

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

     

    
       

      /s/
        A.
        C.
        Hellyer                       

Notary Public

    

     

    
      “Official
        Seal”

      A.
        C.
        Hellyer

      Notary
        Public State
        of
        Illinois

      My
        Commission Expires 9/21/2009

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    STATE
      OF                   
    )

    )
      ss.:

    COUNTY
      OF               
    )

     

     

    On
      the
      _____ day of January 2006, before me, a notary public in and for said State,
      personally appeared Christopher Lewis known to me to be Assistant Vice
      President of LaSalle Bank National Association, a national banking
      association that executed the within instrument, and also known to me to be
      the
      person who executed it on behalf of said corporation, and acknowledged to me
      that such corporation executed the within instrument.

     

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

    
       

      
         

        /s/
          A.
          C.
          Hellyer                       

Notary Public

      

       

      
        “Official
          Seal”

        A.
          C.
          Hellyer

        Notary
          Public State
          of
          Illinois

        My
          Commission Expires 09/21/2009

      

       

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
      
        STATE
          OF                   
    )

        )
          ss.:

        COUNTY
          OF               
    )

      

    

     

    On
      the
      _______ day of January 2006, before me, a notary public in and for said State,
      personally appeared ________________________________ known to me to be a
      ________________________ of Wilmington Trust Company, and also known to me
      to be
      the person who executed it on behalf of said corporation, and acknowledged
      to me
      that such corporation executed the within instrument.

     

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

    
      
         

        
           

          /s/ Amanda
            E.
            Burger                   

Notary Public

        

         

        
          Amanda
            E.
            Burger

          Notary
            Public - State
            of
            Delaware

          My
            Comm.
            Expires March 7, 2007

        

         

      

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
 

    SCHEDULE
      I

    

    MORTGAGE
      LOAN SCHEDULE

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBIT
      A

     

    FORM
      OF SENIOR CERTIFICATE

     

    CLASS
      A-[
      ] CERTIFICATE

     

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

     

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

     

    [ANY
      TRANSFEREE OF THIS CERTIFICATE ON OR PRIOR TO THE DISTRIBUTION DATE IN JANUARY
      2009 WILL BE DEEMED TO HAVE REPRESENTED BY VIRTUE OF ITS ACQUISITION OR HOLDING
      OF THIS CERTIFICATE (OR INTEREST THEREIN), THAT EITHER (A) SUCH TRANSFEREE
      IS
      NOT ACQUIRING SUCH CERTIFICATE FOR, ON BEHALF OF, OR WITH THE ASSETS OF, AN
      EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT SUBJECT TO THE EMPLOYEE
      RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED, OR SECTION 4975 OF THE
      CODE,
      OR (B) THE ACQUISITION AND HOLDING OF THIS 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 SOME OTHER APPLICABLE
      EXEMPTION. IF THE REPRESENTATIONS IN THIS PARAGRAPH ARE VIOLATED, THEN THE
      LAST
      PRECEDING PERMITTED BENEFICIAL OWNER OF THE CERTIFICATE WILL RETROACTIVELY
      BE
      TREATED AS ITS OWNER.][Applicable
      only to the ERISA-Restricted Auction Certificates]

     

    
      	
              Certificate
                No.:

               

            	
              [     ]

               

            
	
              Cut-Off
                Date:

               

            	
              January
                1, 2006

               

            
	
              First
                Distribution Date:

               

            	
              February
                27, 2006

               

            
	
              Initial
                Certificate Principal

            	 
	
              Balance
                of this Certificate

            	 
	
              (“Denomination”):

               

            	
              $[     ]

               

            

    

     

    
      
        
        

      

      
        A-1

        
          

        

      

      
        
        

      

    

     

    
      	
              Original
                Class Certificate

            	 
	
              Principal
                Balance of this

            	 
	
              Class:

               

            	
              $[    
                ]

               

            
	
              Percentage
                Interest:

               

            	
              [     ]%

               

            
	
              Pass-Through
                Rate:

               

            	
              Variable

               

            
	
              CUSIP:

               

            	
              885220
                __ _

               

            
	
              Class:

               

            	
              A-[
                ]

               

            
	
              Assumed
                Final Distribution Date:

            	
              January
                25, 2036

            

    

    
       

      
        
        

      

      
        A-2

        
          

        

      

      
        
        

      

    

    Thornburg
      Mortgage Securities Trust 2006-1,

    Mortgage
      Loan Pass-Through Certificates, 

    Series
      2006-1

    Class
      A-[
      ]

     

    evidencing
      the Percentage Interest in the distributions allocable to the Certificates
      of
      the above-referenced Class with respect to the Trust consisting primarily of
      hybrid, first lien mortgage loans (the “Mortgage Loans”) purchased from others
      by

     

    GREENWICH
      CAPITAL ACCEPTANCE, INC., as Depositor.

     

    Principal
      in respect of this Certificate is distributable monthly as set forth herein.
      Accordingly, the Certificate Principal Balance of this Certificate at any time
      may be less than the Initial Certificate Principal Balance set forth on the
      face
      hereof, as described herein. This Certificate does not evidence an obligation
      of, or an interest in, and is not guaranteed by the Depositor, the Seller,
      the
      Master Servicer, the Securities Administrator, the Delaware Trustee or the
      Trustee referred to below or any of their respective affiliates.

     

    This
      certifies that CEDE & CO. is the registered owner of the Percentage Interest
      evidenced by this Certificate (obtained by dividing the Denomination of this
      Certificate by the Original Class Certificate Principal Balance) in certain
      monthly distributions with respect to a Trust consisting primarily of the
      Mortgage Loans deposited by Greenwich Capital Acceptance, Inc. (the
“Depositor”). The Trust was created pursuant to (i) the Trust Agreement dated as
      of January 23, 2006 by and among the Depositor, Wilmington Trust Company, as
      Delaware trustee (the “Delaware Trustee”) and LaSalle Bank National Association,
      as trustee (the “Trustee”) and (ii) a Certificate of Trust filed with the
      Secretary of State of the State of Delaware on January 23, 2006. This
      Certificate is issued under and is subject to the terms, provisions and
      conditions of the Pooling and Servicing Agreement dated as of January 1, 2006
      (the “Agreement”) by and among the Depositor, Thornburg Mortgage Home Loans,
      Inc. (“TMHL”), as seller (the “Seller”), Wells Fargo Bank, N.A., as master
      servicer (the “Master Servicer”) and securities administrator (the “Securities
      Administrator”), the Delaware Trustee and the Trustee, to which Agreement the
      Holder of this Certificate by virtue of the acceptance hereof assents and by
      which such Holder is bound. To the extent not defined herein, the capitalized
      terms used herein have the meanings assigned in the Agreement. 

     

    Reference
      is hereby made to the further provisions of this Certificate set forth on the
      reverse hereof, which further provisions shall for all purposes have the same
      effect as if set forth at this place.

     

    This
      Certificate shall not be entitled to any benefit under the Agreement or be
      valid
      for any purpose unless manually authenticated by an authorized signatory of
      the
      Securities Administrator.

     

    
      
        
        

      

      
        A-3

        
          

        

      

      
        
        

      

    

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

     

    Dated:
      January ___, 2006

     

    
      	 	
              THORNBURG
                MORTGAGE SECURITIES TRUST 2006-1

               

              By:
                WELLS
                FARGO BANK, N.A.,

              not
                in its individual capacity,

              but
                solely as Securities Administrator

               

              By
                ______________________________________________________

            

    

    

    

    

     

     

    

    

    This
      is
      one of the Certificates

    referenced
      in the within-mentioned Agreement

     

    

    

    By
      ________________________________________________

    Authorized
      Signatory of

    Wells
      Fargo Bank, N.A.,

    as
      Securities Administrator

    
      
        
        

      

      
        A-4

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      B

     

    FORM
      OF CLASS A-X CERTIFICATE

     

    CLASS
      A-X
      CERTIFICATE

     

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

     

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

     

    THIS
      CERTIFICATE HAS NO PRINCIPAL BALANCE AND IS NOT ENTITLED TO ANY DISTRIBUTIONS
      IN
      RESPECT OF PRINCIPAL.

     

    
      
        	
                Certificate
                  No.:

                 

              	
                [    
                  ]

                 

              
	
                Cut-Off
                  Date:

                 

              	
                January
                  1, 2006

                 

              
	
                First
                  Distribution Date:

                 

              	
                February
                  27, 2006

                 

              
	
                Initial
                  Certificate Notional

              	 
	
                Amount
                  of this Certificate

              	 
	
                (“Denomination”):

                 

              	
                Notional
                  Amount

                 

              
	
                Original
                  Class Certificate

              	 
	
                Notional
                  Amount of this

              	 
	
                Class:

                 

              	
                Notional
                  Amount

                 

              
	
                Percentage
                  Interest:

                 

              	
                100%

                 

              
	
                Pass-Through
                  Rate:

                 

              	
                Variable

                 

              
	
                CUSIP:

                 

              	
                885220
                  [    
                  ]

                 

              
	
                Class:

                 

              	
                A-X

                 

              
	
                Assumed
                  Final Distribution Date:

              	
                January
                  25, 2036

              

      

      
         

        
          
          

        

        
          B-1

          
            

          

        

        
          
          

        

      

Thornburg
      Mortgage Securities Trust 2006-1,

    Mortgage
      Loan Pass-Through Certificates, 

    Series
      2006-1

    Class
      A-X

     

    evidencing
      the Percentage Interest in the distributions allocable to the Certificates
      of
      the above-referenced Class with respect to the Trust consisting primarily of
      hybrid, first lien mortgage loans (the “Mortgage Loans”) purchased from others
      by

     

    GREENWICH
      CAPITAL ACCEPTANCE, INC., as Depositor.

     

    This
      Certificate does not evidence an obligation of, or an interest in, and is not
      guaranteed by the Depositor, the Seller, the Master Servicer, the Securities
      Administrator or the Trustee referred to below or any of their respective
      affiliates.

     

    This
      certifies that CEDE & CO. is the registered owner of the Percentage Interest
      evidenced by this Certificate (obtained by dividing the Denomination of this
      Certificate by the Original Class Certificate Notional Amount) in certain
      monthly distributions with respect to a Trust consisting primarily of the
      Mortgage Loans deposited by Greenwich Capital Acceptance, Inc. (the
“Depositor”). The Trust was created pursuant to (i) the Trust Agreement dated as
      of January 23, 2006 by and among the Depositor, Wilmington Trust Company, as
      Delaware trustee (the “Delaware Trustee”) and LaSalle Bank National Association,
      as trustee (the “Trustee”) and (ii) a Certificate of Trust filed with the
      Secretary of State of the State of Delaware on January 23, 2006. This
      Certificate is issued under and is subject to the terms, provisions and
      conditions of the Pooling and Servicing Agreement dated as of January 1, 2006
      (the “Agreement”) by and among the Depositor, Thornburg Mortgage Home Loans,
      Inc. (“TMHL”), as seller (the “Seller”), Wells Fargo Bank, N.A., as master
      servicer (the “Master Servicer”) and securities administrator (the “Securities
      Administrator”), the Delaware Trustee and the Trustee, to which Agreement the
      Holder of this Certificate by virtue of the acceptance hereof assents and by
      which such Holder is bound. To the extent not defined herein, the capitalized
      terms used herein have the meanings assigned in the Agreement. 

     

    Reference
      is hereby made to the further provisions of this Certificate set forth on the
      reverse hereof, which further provisions shall for all purposes have the same
      effect as if set forth at this place.

     

    This
      Certificate shall not be entitled to any benefit under the Agreement or be
      valid
      for any purpose unless manually authenticated by an authorized signatory of
      the
      Securities Administrator.

     

    
      
        
        

      

      
        B-2

        
          

        

      

      
        
        

      

    

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

     

    Dated:
      January ___, 2006

     

    
      	 	THORNBURG
              MORTGAGE SECURITIES TRUST 2006-1
               

              
                
                  By:
                    WELLS
                    FARGO BANK, N.A.,

                

              

              
                not
                  in its individual capacity,

              

              
                but
                  solely as Securities Administrator

                 

                By
                  ___________________________________________________

              

            

    

     

    This
      is
      one of the Certificates

    referenced
      in the within-mentioned Agreement

     

    

    By
      ________________________________________

    Authorized
      Signatory of 

    Wells
      Fargo Bank, N.A.,

    as
      Securities Administrator

     

    
      
        
        

      

      
        B-3

        
          

        

      

      
        
        

      

    

    EXHIBIT
      C-1

     

    FORM
      OF CLASS A-R CERTIFICATE

     

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

     

    NEITHER
      THIS CERTIFICATE NOR ANY INTEREST HEREIN MAY BE TRANSFERRED UNLESS THE PROPOSED
      TRANSFEREE DELIVERS TO THE SECURITIES ADMINISTRATOR A TRANSFER AFFIDAVIT IN
      ACCORDANCE WITH THE PROVISIONS OF THE AGREEMENT REFERRED TO HEREIN.

     

    NEITHER
      THIS CERTIFICATE NOR ANY INTEREST HEREIN MAY BE TRANSFERRED UNLESS THE
      TRANSFEREE DELIVERS TO THE SECURITIES ADMINISTRATOR EITHER (A) A REPRESENTATION
      LETTER TO THE EFFECT THAT SUCH TRANSFEREE IS NOT AN EMPLOYEE BENEFIT PLAN
      SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED
      (“ERISA”), OR A PLAN OR ARRANGEMENT SUBJECT TO SECTION 4975 OF THE CODE OR A
      PERSON ACTING ON BEHALF OF ANY SUCH PLAN OR ARRANGEMENT OR USING PLAN ASSETS
      OF
      ANY SUCH PLAN OR ARRANGEMENT TO EFFECT THE TRANSFER, OR (B) A REPRESENTATION
      THAT THE PURCHASER IS AN INSURANCE COMPANY PURCHASING THIS CERTIFICATE WITH
      FUNDS CONTAINED IN AN “INSURANCE COMPANY GENERAL ACCOUNT” AS DEFINED IN SECTION
      V(e) OF PROHIBITED TRANSACTION CLASS EXEMPTION 95-60 (“PTCE 95-60”) AND THAT THE
      PURCHASE AND HOLDING OF THIS CERTIFICATE ARE COVERED UNDER SECTIONS I AND III
      OF
      PTCE-95-60, OR (C) AN OPINION OF COUNSEL IN ACCORDANCE WITH THE PROVISIONS
      OF
      THE AGREEMENT REFERRED TO HEREIN. NOTWITHSTANDING ANYTHING ELSE TO THE CONTRARY
      HEREIN, ANY PURPORTED TRANSFER OF THIS CERTIFICATE TO OR ON BEHALF OF AN
      EMPLOYEE BENEFIT PLAN SUBJECT TO ERISA OR TO THE CODE WITHOUT THE OPINION OF
      COUNSEL SATISFACTORY TO THE SECURITIES ADMINISTRATOR AS DESCRIBED ABOVE SHALL
      BE
      VOID AND OF NO EFFECT.

    

    
      
        	
                Certificate
                  No.:

                 

              	
                1

                 

              
	
                Cut-Off
                  Date:

                 

              	
                January
                  1, 2006

                 

              
	
                First
                  Distribution Date:

                 

              	
                February
                  27, 2006

                 

              
	
                Initial
                  Certificate Principal 

              	 
	
                Balance
                  of this Certificate:

                 

              	
                $100

                 

              
	
                Original
                  Class Certificate

                
                  Principal
                    Balance of this

                

              	
                 

              
	
                Class:

                 

              	
                $100

                 

              

      

       

      
        
          
          

        

        
          C-1-1

          
            

          

        

         

        
          
          

        

      

      
        	 	 
	
                Percentage
                  Interest:

              	
                100%

              
	
                Pass-Through
                  Rate:

              	
                Weighted
                  Average

              
	
                CUSIP:

              	
                885220
                  __ _

              
	
                Class:

              	
                A-R

              
	
                Assumed
                  Final Distribution Date:

              	
                January
                  25, 2036

              

      

    

     

    
      
        
        

      

      
        C-1-2

        
          

        

      

      
        
        

      

    

    
Thornburg
      Mortgage Securities Trust 2006-1

    Mortgage
      Loan Pass-Through Certificates, 

    Series
      2006-1

    Class
      A-R

     

    evidencing
      the Percentage Interest in the distributions allocable to the Certificates
      of
      the above-referenced Class with respect to the Trust consisting primarily of
      hybrid, first lien mortgage loans (the “Mortgage Loans”) purchased from others
      by

     

    GREENWICH
      CAPITAL ACCEPTANCE, INC., as Depositor.

     

    This
      Certificate does not evidence an obligation of, or an interest in, and is not
      guaranteed by the Depositor, the Seller, the Master Servicer, the Securities
      Administrator, the Delaware Trustee or the Trustee referred to below or any
      of
      their respective affiliates. Neither this Certificate nor the Mortgage Loans
      are
      guaranteed or insured by any governmental agency or
      instrumentality.

     

    This
      certifies that _________________________ is the registered owner of the
      Percentage Interest evidenced by this Certificate specified above in the
      interest represented by all Certificates of the Class to which this Certificate
      belongs in a Trust consisting primarily of the Mortgage Loans deposited by
      Greenwich Capital Acceptance, Inc. (the “Depositor”). The Trust was created
      pursuant to (i) the Trust Agreement dated as of January 23, 2006 by and among
      the Depositor, Wilmington Trust Company, as Delaware trustee (the “Delaware
      Trustee”) and LaSalle Bank National Association, as trustee (the “Trustee”) and
      (ii) a Certificate of Trust filed with the Secretary of State of the State
      of
      Delaware on January 23, 2006. This Certificate is issued under and is subject
      to
      the terms, provisions and conditions of the Pooling and Servicing Agreement
      dated as of January 1, 2006 (the “Agreement”) by and among the Depositor,
      Thornburg Mortgage Home Loans, Inc. (“TMHL”), as seller (the “Seller”), Wells
      Fargo Bank, N.A., as master servicer (the “Master Servicer”) and securities
      administrator (the “Securities Administrator”), the Delaware Trustee and the
      Trustee, to which Agreement the Holder of this Certificate by virtue of the
      acceptance hereof assents and by which such Holder is bound. To the extent
      not
      defined herein, the capitalized terms used herein have the meanings assigned
      in
      the Agreement.

     

    Any
      distribution of the proceeds of any remaining assets of the Trust will be made
      only upon presentment and surrender of this Certificate at the Corporate Trust
      Office or the office or agency maintained by the Trustee.

     

    No
      transfer of this Certificate shall be made unless the Trustee shall have
      received either (i) a representation letter from the transferee of such
      Certificate, acceptable to and in form and substance satisfactory to the
      Securities Administrator and in substantially the form attached to the
      Agreement, to the effect that such transferee is not an employee benefit or
      other plan or 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”), nor a person acting on
      behalf or investing plan assets of any such plan or arrangement, which
      representation letter shall not be an expense of the Securities Administrator,
      or (ii) if the purchaser is an insurance company, a representation that the
      purchaser is an insurance company which is purchasing such Certificate with
      funds contained in an “insurance company general account” (as such term is
      defined in Section V(e) of Prohibited Transaction Class Exemption 95-60 (“PTCE
      95-60”)) and that the purchase and holding of such Certificate are covered under
      Sections I and III of PTCE 95-60, or (iii) an Opinion of Counsel in accordance
      with the provisions of the Agreement. Notwithstanding anything else to the
      contrary herein, any purported transfer of this Certificate to or on behalf
      of
      an employee benefit plan subject to ERISA or to the Code without the opinion
      of
      counsel satisfactory to the Securities Administrator as described above shall
      be
      void and of no effect.

     

    
      
        
        

      

      
        C-1-3

        
          

        

      

      
        
        

      

    

     

    Each
      Holder of this Certificate will be deemed to have agreed to be bound by the
      restrictions of the Agreement, including but not limited to the restrictions
      that (i) each person holding or acquiring any Ownership Interest in this
      Certificate must be a Permitted Transferee, (ii) no Ownership Interest in this
      Certificate may be transferred without delivery to the Securities Administrator
      of (a) a transfer affidavit of the proposed transferee and (b) a transfer
      certificate of the transferor, each of such documents to be in the form
      described in the Agreement, (iii) each person holding or acquiring any Ownership
      Interest in this Certificate must agree to require a transfer affidavit and
      to
      deliver a transfer certificate to the Securities Administrator as required
      pursuant to the Agreement, (iv) each person holding or acquiring an Ownership
      Interest in this Certificate must agree not to transfer an Ownership Interest
      in
      this Certificate if it has actual knowledge that the proposed transferee is
      not
      a Permitted Transferee and (v) any attempted or purported transfer of any
      Ownership Interest in this Certificate in violation of such restrictions will
      be
      absolutely null and void and will vest no rights in the purported transferee.
      The Securities Administrator will provide the Internal Revenue Service and
      any
      pertinent persons with the information needed to compute the tax imposed under
      the applicable tax laws on transfers of residual interests to disqualified
      organizations, if any person other than a Permitted Transferee acquires an
      Ownership Interest on a Class A-R Certificate in violation of the restrictions
      mentioned above.

     

    Reference
      is hereby made to the further provisions of this Certificate set forth on the
      reverse hereof, which further provisions shall for all purposes have the same
      effect as if set forth at this place.

     

    This
      Certificate shall not be entitled to any benefit under the Agreement or be
      valid
      for any purpose unless manually authenticated by an authorized officer of the
      Securities Administrator.

     

    
      
        
        

      

      
        C-1-4

        
          

        

      

      
        
        

      

    

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

     

    Dated:
      January ___, 2006

    
       

      
        	 	THORNBURG
                MORTGAGE SECURITIES TRUST 2006-1
                 

                
                  
                    By:
                      WELLS
                      FARGO BANK, N.A.,

                  

                

                
                  not
                    in its individual capacity,

                

                
                  but
                    solely as Securities Administrator

                   

                  By
                    ___________________________________________________

                

              

      

       

      This
        is
        the A-R Certificate

      referenced
        in the within-mentioned Agreement

       

      

      By
        ________________________________________

      Authorized
        Signatory of 

      Wells
        Fargo Bank, N.A.,

      as
        Securities Administrator

    

    

    
      
        
        

      

      
        C-1-5

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      C-2

     

    CLASS
      I
      CERTIFICATE

     

    THIS
      CERTIFICATE IS A REMIC REGULAR INTEREST CERTIFICATE. THIS CERTIFICATE DOES
      NOT
      EVIDENCE AN OBLIGATION OF, OR AN INTEREST IN, AND IS NOT GUARANTEED BY, THE
      DEPOSITOR, THE SECURITIES ADMINISTRATOR, THE TRUSTEE, THE DELAWARE TRUSTEE,
      OR
      ANY AFFILIATE OF ANY OF THEM AND IS NOT INSURED OR GUARANTEED BY ANY
      GOVERNMENTAL AGENCY OR PRIVATE INSURER.

     

    PRINCIPAL
      WILL NOT BE DISTRIBUTABLE IN RESPECT OF THIS CERTIFICATE. INTEREST IS CALCULATED
      ON THIS CERTIFICATE BASED ON A NOTIONAL AMOUNT DETERMINED AS DESCRIBED IN THE
      POOLING AND SERVICING AGREEMENT. THE CERTIFICATE NOTIONAL AMOUNT OF THIS
      CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE NOTIONAL AMOUNT
      OF THIS CERTIFICATE AS SET FORTH HEREON.

     

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

     

    THE
      HOLDER OF THIS CERTIFICATE BY ITS ACCEPTANCE HEREOF IS DEEMED TO HAVE
      REPRESENTED AND WARRANTED THAT IT ACQUIRED SUCH CERTIFICATE (I)(A) PURSUANT
      TO A
      REGISTRATION STATEMENT WHICH HAS BEEN DECLARED EFFECTIVE UNDER THE 1933 ACT
      OR
      (B) AS A “QUALIFIED INSTITUTIONAL BUYER” AS DEFINED IN RULE 144A UNDER THE 1933
      ACT THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED
      INSTITUTIONAL BUYER TO WHOM NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE
      IN
      RELIANCE ON RULE 144A, AND THAT (II)(A) SUCH HOLDER IS NOT AN EMPLOYEE BENEFIT
      PLAN SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED
      (“ERISA”), OR A PLAN OR ARRANGEMENT SECTION 4975 OF THE INTERNAL REVENUE CODE OF
      1986, AS AMENDED (THE “CODE”), THE TRUSTEE OF ANY SUCH PLAN OR A PERSON ACTING
      ON BEHALF OF ANY SUCH PLAN NOR A PERSON USING THE ASSETS OF ANY SUCH PLAN,
      (B)
      IF THE CERTIFICATE HAS BEEN THE SUBJECT OF AN ERISA-QUALIFYING UNDERWRITING,
      SUCH HOLDER IS AN INSURANCE COMPANY PURCHASING THIS 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 THAT THE PURCHASE
      AND HOLDING OF THIS CERTIFICATE ARE COVERED UNDER SECTIONS I AND III OF PTCE
      95-60, OR (C) THE PURCHASE OR HOLDING OF SUCH CERTIFICATE BY THE HOLDER WILL
      NOT
      RESULT IN A NON-EXEMPT PROHIBITED TRANSACTION UNDER THE PROVISIONS OF SECTION
      406 OF ERISA OR SECTION 4975 OF THE CODE.

     

    
      
        
        

      

      
        C-2-1

        
          

        

      

      
        
        

      

    

    
      	
              Certificate
                No.:

               

            	
              [     ]

               

            
	
              Cut-Off
                Date:

               

            	
              January
                1, 2006

               

            
	
              First
                Distribution Date:

               

            	
              February
                27, 2006

               

            
	
              Initial
                Certificate Notional

            	 
	
              Balance
                of this Certificate

            	 
	
              (“Denomination”):

               

            	
              $[    
                ]

               

            
	
              Original
                Class Certificate

            	 
	
              Notional
                Balance of this

            	 
	
              Class:

               

            	
              $[
                ]    

               

            
	
              Percentage
                Interest:

               

            	
              100%

               

            
	
              Pass-Through
                Rate:

               

            	
              The
                Pass-Through Rate for the Class I Certificates shall be equal to
                (i) for
                any Distribution Date prior to the Distribution Date in January 2016,
                0.00% per annum and (ii) for any Distribution Date on or after the
                Distribution Date in January 2016, a per annum rate equal to the
                weighted
                average of the Final Maturity Reserve Rates for Loan Group 1 and
                Loan
                Group 2, weighted on the basis of the aggregate Stated Principal
                Balance
                of each Loan Group.

               

            
	
              CUSIP:

               

            	
              885220
                __ _

               

            
	
              Class:

               

            	
              I

               

            

    

     

    
      
        
        

      

      
        C-2-2

        
          

        

      

      
        
        

      

    

     

    Thornburg
      Mortgage Securities Trust 2006-1

    Mortgage
      Loan Pass-Through Certificates, 

    Series
      2006-1

    Class
      I

     

    evidencing
      the Percentage Interest in the distributions allocable to the Certificates
      of
      the above-referenced Class with respect to the Trust consisting primarily of
      hybrid, first lien mortgage loans (the “Mortgage Loans”) purchased from others
      by

     

    GREENWICH
      CAPITAL ACCEPTANCE, INC., as Depositor.

     

    This
      Certificate does not evidence an obligation of, or an interest in, and is not
      guaranteed by the Depositor, the Seller, the Master Servicer, the Securities
      Administrator, the Delaware Trustee or the Trustee referred to below or any
      of
      their respective affiliates. Neither this Certificate nor the Mortgage Loans
      are
      guaranteed or insured by any governmental agency or
      instrumentality.

     

    This
      certifies that THORNBURG MORTGAGE, INC. is the registered owner of the
      Percentage Interest evidenced by this Certificate specified above in the
      interest represented by all Certificates of the Class to which this Certificate
      belongs in a Trust consisting primarily of the Mortgage Loans deposited by
      Greenwich Capital Acceptance, Inc. (the “Depositor”). The Trust was created
      pursuant to (i) the Trust Agreement dated as of January 23, 2006 by and among
      the Depositor, Wilmington Trust Company, as Delaware trustee (the “Delaware
      Trustee”) and LaSalle Bank National Association, as trustee (the “Trustee”) and
      (ii) a Certificate of Trust filed with the Secretary of State of the State
      of
      Delaware on January 23, 2006. This Certificate is issued under and is subject
      to
      the terms, provisions and conditions of the Pooling and Servicing Agreement
      dated as of January 1, 2006 (the “Agreement”) by and among the Depositor,
      Thornburg Mortgage Home Loans, Inc. (“TMHL”), as seller (the “Seller”), Wells
      Fargo Bank, N.A., as master servicer (the “Master Servicer”) and securities
      administrator (the “Securities Administrator”), the Delaware Trustee and the
      Trustee, to which Agreement the Holder of this Certificate by virtue of the
      acceptance hereof assents and by which such Holder is bound. To the extent
      not
      defined herein, the capitalized terms used herein have the meanings assigned
      in
      the Agreement.

     

    
      
        
        

      

      
        C-2-3

        
          

        

      

      
        
        

      

    

     

    No
      transfer of this Certificate shall be made unless such disposition is exempt
      from the registration requirements of the Securities Act of 1933, as amended
      (the “1933 Act”), and any applicable state securities laws or is made in
      accordance with the 1933 Act and such laws. In the event of any transfer, (i)
      (A) such transfer is made in reliance upon Rule 144A or (B) such transfer
      is made to an “accredited investor” under Rule 501(c)(1), (2), (3) or (7) (in
      each case as evidenced by an investment letter delivered to the Securities
      Administrator, in substantially the form attached to the Pooling and Servicing
      Agreement, and, if so required by the Securities Administrator and the
      Depositor, a written Opinion of Counsel (which may be in-house counsel)
      acceptable to and in form and substance reasonably satisfactory to the
      Securities Administrator that such transfer may be made pursuant to an
      exemption, describing the applicable exemption and the basis therefor, from
      the
      1933 Act or is being made pursuant to the 1933 Act, which Opinion of Counsel
      shall not be an expense of the Securities Administrator or the Depositor) or
      (ii) the Securities Administrator shall require the transferor to execute a
      transferor certificate (in substantially the form attached to the Pooling and
      Servicing Agreement) and the transferee to execute an investment letter (in
      substantially the form attached to the Pooling and Servicing Agreement)
      acceptable to and in form and substance reasonably satisfactory to the
      Securities Administrator certifying to the Depositor and the Securities
      Administrator the facts surrounding such transfer, which investment letter
      shall
      not be an expense of the Securities Administrator or the Depositor.

     

    No
      transfer of this Certificate shall be made unless the Securities Administrator
      shall have received either (i) a representation letter from the transferee
      of
      such Certificate, acceptable to the Securities Administrator and in
      substantially the form attached to the Agreement, to the effect that such
      transferee is not an employee benefit or other plan or 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 (the “Code”), nor
      a person acting on behalf of or investing plan assets of any such plan or
      arrangement, which representation letter shall not be an expense of the
      Securities Administrator, or (ii) if the purchaser is an insurance company,
      a
      representation that the purchaser is an insurance company which is purchasing
      such Certificate with funds contained in an “insurance company general account”
(as such term is defined in Section V(e) of Prohibited Transaction Class
      Exemption 95-60 (“PTCE 95-60”)) and that the purchase and holding of such
      Certificate are covered under Sections I and III of PTCE 95-60 or (iii) an
      Opinion of Counsel in accordance with the provisions of the Agreement.
      Notwithstanding anything else to the contrary herein, any purported transfer
      of
      this Certificate to or on behalf of an employee benefit plan subject to ERISA
      or
      to the Code without the opinion of counsel satisfactory to the Securities
      Administrator as described above shall be void and of no effect.

     

    Reference
      is hereby made to the further provisions of this Certificate set forth on the
      reverse hereof, which further provisions shall for all purposes have the same
      effect as if set forth at this place.

     

    This
      Certificate shall not be entitled to any benefit under the Agreement or be
      valid
      for any purpose unless manually authenticated by an authorized officer of the
      Securities Administrator.

     

    
      
        
        

      

      
        C-2-4

        
          

        

      

      
        
        

      

    

     

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

     

    Dated:
      ________________, 2006

    
      
         

        
          	 	THORNBURG
                  MORTGAGE SECURITIES TRUST 2006-1
                   

                  
                    
                      By:
                        WELLS
                        FARGO BANK, N.A.,

                    

                  

                  
                    not
                      in its individual capacity,

                  

                  
                    but
                      solely as Securities Administrator

                     

                    By
                      ___________________________________________________

                  

                

        

         

        This
          is
          the I Certificate

        referenced
          in the within-mentioned Agreement

         

        

        By
          ________________________________________

        Authorized
          Signatory of 

        Wells
          Fargo Bank, N.A.,

        as
          Securities Administrator

      

    

     

    
      
        
        

      

      
        D-1

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      D

     

    FORM
      OF SUBORDINATE CERTIFICATE

     

    CLASS
      B-[
      ] CERTIFICATE

     

    [UNLESS
      THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
      TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUSTEE OR ITS AGENT FOR
      REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED
      IS
      REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED
      BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE &
CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE
      OF
      DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR
      TO
      ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO.,
      HAS AN INTEREST HEREIN.] [Applicable
      to Book-Entry Certificates only; delete for Certificates in physical
      form]

     

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

     

    [THIS
      CERTIFICATE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
      AMENDED, (THE “1933 ACT”) OR ANY STATE SECURITIES LAWS. NEITHER THIS CERTIFICATE
      NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE REOFFERED, SOLD, ASSIGNED,
      TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF
      SUCH
      REGISTRATION, UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO,
      REGISTRATION.] [Applicable
      only to Class B-4, Class B-5 and Class B-6
      Certificates]

     

    [NEITHER
      THIS CERTIFICATE NOR ANY INTEREST HEREIN MAY BE TRANSFERRED (A) (1) UNLESS
      SUCH
      TRANSFER IS MADE IN RELIANCE UPON RULE 144A OF THE SECURITIES ACT OF 1933,
      AS
      AMENDED (THE “1933 ACT”) OR (2) UNLESS SUCH TRANSFER IS MADE IN RELIANCE UPON
      RULE 501 (C)(1), (2), (3) OR (7) OF THE 1933 ACT (IN EACH CASE AS EVIDENCED
      BY
      AN INVESTMENT LETTER DELIVERED TO THE SECURITIES ADMINISTRATOR, IN SUBSTANTIALLY
      THE FORM ATTACHED TO THE POOLING AND SERVICING AGREEMENT AND, IF SO REQUIRED
      BY
      THE SECURITIES ADMINISTRATOR, A WRITTEN OPINION OF COUNSEL (WHICH MAY BE
      IN-HOUSE COUNSEL) ACCEPTABLE TO AND IN FORM AND SUBSTANCE REASONABLY
      SATISFACTORY TO THE SECURITIES ADMINISTRATOR, THAT SUCH TRANSFER MAY BE MADE
      PURSUANT TO AN EXEMPTION, DESCRIBING THE APPLICABLE EXEMPTION AND THE BASIS
      THEREFOR, FROM THE 1933 ACT OR IS BEING MADE PURSUANT TO THE 1933 ACT, WHICH
      OPINION OF COUNSEL SHALL NOT BE AN EXPENSE OF THE SECURITIES ADMINISTRATOR
      OR
      THE DEPOSITOR) OR (B) THE TRANSFEROR SHALL HAVE EXECUTED A TRANSFEROR
      CERTIFICATE (IN SUBSTANTIALLY THE FORM ATTACHED TO THE POOLING AND SERVICING
      AGREEMENT) AND THE TRANSFEREE SHALL HAVE EXECUTED AN INVESTMENT LETTER (IN
      SUBSTANTIALLY THE FORM ATTACHED TO THE POOLING AND SERVICING AGREEMENT)
      ACCEPTABLE TO AND IN FORM AND SUBSTANCE REASONABLY SATISFACTORY TO THE DEPOSITOR
      AND THE SECURITIES ADMINISTRATOR CERTIFYING TO THE DEPOSITOR AND THE SECURITIES
      ADMINISTRATOR THE FACTS SURROUNDING SUCH TRANSFER, WHICH INVESTMENT LETTER
      SHALL
      NOT BE AN EXPENSE OF THE SECURITIES ADMINISTRATOR OR THE DEPOSITOR.]
[Applicable
      to Class B-4, Class B-5 and Class B-6 Certificates that are in physical form
      only; delete for Class B-1, Class B-2 and Class B-3
      Certificates]

     

    
      
        
        

      

      
        D-2

        
          

        

      

      
        
        

      

    

     

    [ANY
      TRANSFEREE OF THIS CERTIFICATE ON OR PRIOR TO THE DISTRIBUTION DATE IN JANUARY
      2009 WILL BE DEEMED TO HAVE REPRESENTED BY VIRTUE OF ITS ACQUISITION OR HOLDING
      OF THIS CERTIFICATE (OR INTEREST THEREIN), THAT EITHER (A) SUCH TRANSFEREE
      IS
      NOT ACQUIRING SUCH CERTIFICATE FOR, ON BEHALF OF, OR WITH THE ASSETS OF, AN
      EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT SUBJECT TO THE EMPLOYEE
      RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED, OR SECTION 4975 OF THE
      CODE,
      OR (B) THE ACQUISITION AND HOLDING OF THIS 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 SOME OTHER APPLICABLE
      EXEMPTION. IF THE REPRESENTATIONS IN THIS PARAGRAPH ARE VIOLATED, THEN THE
      LAST
      PRECEDING PERMITTED BENEFICIAL OWNER OF THE CERTIFICATE WILL RETROACTIVELY
      BE
      TREATED AS ITS OWNER.] [Applicable
      only to the ERISA-Restricted Yield Maintenance
      Certificates]

     

    [NEITHER
      THIS CERTIFICATE NOR ANY INTEREST HEREIN MAY BE TRANSFERRED UNLESS THE
      TRANSFEREE DELIVERS TO THE SECURITIES ADMINISTRATOR EITHER (A) A REPRESENTATION
      LETTER TO THE EFFECT THAT SUCH TRANSFEREE IS NOT AN EMPLOYEE BENEFIT PLAN
      SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED
      (“ERISA”), OR A PLAN OR ARRANGEMENT SUBJECT TO SECTION 4975 OF THE CODE OR A
      PERSON ACTING ON BEHALF OF ANY SUCH PLAN OR ARRANGEMENT OR USING PLAN ASSETS
      OF
      ANY SUCH PLAN OR ARRANGEMENT TO EFFECT THE TRANSFER, OR (B) A REPRESENTATION
      THAT THE PURCHASER IS AN INSURANCE COMPANY PURCHASING THIS 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 THAT THE
      PURCHASE AND HOLDING OF THIS CERTIFICATE ARE COVERED UNDER SECTIONS I AND III
      OF
      PTCE 95-60, OR (C) AN OPINION OF COUNSEL IN ACCORDANCE WITH THE PROVISIONS
      OF
      THE AGREEMENT REFERRED TO HEREIN. NOTWITHSTANDING ANYTHING ELSE TO THE CONTRARY
      HEREIN, ANY PURPORTED TRANSFER OF THIS CERTIFICATE TO OR ON BEHALF OF AN
      EMPLOYEE BENEFIT PLAN SUBJECT TO ERISA OR TO THE CODE WITHOUT THE OPINION OF
      COUNSEL SATISFACTORY TO THE SECURITIES ADMINISTRATOR AS DESCRIBED ABOVE SHALL
      BE
      VOID AND OF NO EFFECT.] [Applicable
      to Class B-4, Class B-5 and Class B-6 Certificates that are in physical form
      only; delete for Class B-1, Class B-2 and Class B-3 Certificates and Class
      B-4,
      Class B-5 and Class B-6 Certificates that are Book-Entry
      Certificates]

     

    
      
        
        

      

      
        D-3

        
          

        

      

      
        
        

      

    

     

    [THE
      HOLDER OF THIS CERTIFICATE BY ITS ACCEPTANCE HEREOF IS DEEMED TO HAVE
      REPRESENTED AND WARRANTED THAT IT ACQUIRED SUCH CERTIFICATE (I)(A) PURSUANT
      TO A
      REGISTRATION STATEMENT WHICH HAS BEEN DECLARED EFFECTIVE UNDER THE 1933 ACT
      OR
      (B) AS A “QUALIFIED INSTITUTIONAL BUYER” AS DEFINED IN RULE 144A UNDER THE 1933
      ACT THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED
      INSTITUTIONAL BUYER TO WHOM NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE
      IN
      RELIANCE ON RULE 144A, AND THAT (II)(A) SUCH HOLDER IS NOT AN EMPLOYEE BENEFIT
      PLAN SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED
      (“ERISA”), OR A PLAN OR ARRANGEMENT SUBJECT TO SECTION 4975 OF THE INTERNAL
      REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), THE TRUSTEE OF ANY SUCH PLAN OR A
      PERSON ACTING ON BEHALF OF ANY SUCH PLAN NOR A PERSON USING THE ASSETS OF ANY
      SUCH PLAN, (B) IF THE CERTIFICATE HAS BEEN THE SUBJECT OF AN ERISA-QUALIFYING
      UNDERWRITING, SUCH HOLDER IS AN INSURANCE COMPANY PURCHASING THIS 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 THAT
      THE PURCHASE AND HOLDING OF THIS CERTIFICATE ARE COVERED UNDER SECTIONS I AND
      III OF PTCE 95-60, OR (C) THE PURCHASE OR HOLDING OF SUCH CERTIFICATE BY THE
      HOLDER WILL NOT RESULT IN A NON-EXEMPT PROHIBITED TRANSACTION UNDER THE
      PROVISIONS OF SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE.] [Applicable
      to Class B-4, Class B-5 and Class B-6 Certificates that are Book-Entry
      Certificates only; delete for Class B-1, Class B-2 and Class B-3 Certificates
      and Class B-4, Class B-5 and Class B-6 Certificates that are in physical
      form]

     

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

     

    

      
        	
                Certificate
                  No.:

                 

              	
                [
                  ]

                 

              
	
                Cut-Off
                  Date:

                 

              	
                January
                  1, 2006

                 

              
	
                First
                  Distribution Date:

                 

              	
                February
                  27, 2006

                 

              
	
                Initial
                  Certificate Principal

              	 
	
                Balance
                  of this Certificate

              	 
	
                (“Denomination”):

                 

              	
                $[
                  ]

                 

              
	
                Original
                  Class Certificate

              	 
	
                Principal
                  Balance of this

              	 
	
                Class:

                 

              	
                $[
                  ]

                 

              
	
                Percentage
                  Interest:

                 

              	
                [
                  ]%

                 

              

      

       

      
        
          
          

        

        
          D-4

          
            

          

        

        
          
          

        

      

       

      
        	
                Pass-Through
                  Rate:

                 

              	
                Weighted
                  Average

                 

              
	
                CUSIP:

                 

              	
                885220
                  __ _

                 

              
	
                Class:

                 

              	
                B-[
                  ]

                 

              
	
                Assumed
                  Final Distribution Date:

              	
                January
                  25, 2036

              

      

      
         

        
          
          

        

        
          D-5

          
            

          

        

        
          
          

        

      

Thornburg
      Mortgage Securities Trust 2006-1,

    Mortgage
      Loan Pass-Through Certificates, 

    Series
      2006-1

    Class
      B-[
      ]

     

    evidencing
      the Percentage Interest in the distributions allocable to the Certificates
      of
      the above-referenced Class with respect to the Trust consisting primarily of
      hybrid, first lien mortgage loans (the “Mortgage Loans”) purchased from others
      by 

     

    GREENWICH
      CAPITAL ACCEPTANCE INC., as Depositor.

     

    Principal
      in respect of this Certificate is distributable monthly as set forth herein.
      Accordingly, the Certificate Principal Balance of this Certificate at any time
      may be less than the Initial Certificate Principal Balance set forth on the
      face
      hereof, as described herein. This Certificate does not evidence an obligation
      of, or an interest in, and is not guaranteed by the Depositor, the Seller,
      the
      Master Servicer, the Securities Administrator, the Delaware Trustee or the
      Trustee referred to below or any of their respective affiliates.

     

    This
      certifies that CEDE & CO. is the registered owner of the Percentage Interest
      evidenced by this Certificate (obtained by dividing the Denomination of this
      Certificate by the Original Class Certificate Principal Balance) in certain
      monthly distributions with respect to a Trust consisting primarily of the
      Mortgage Loans deposited by Greenwich Capital Acceptance, Inc. (the
“Depositor”). The Trust was created pursuant to (i) the Trust Agreement dated as
      of January 23, 2006 by and among the Depositor, Wilmington Trust Company, as
      Delaware trustee (the “Delaware Trustee”) and LaSalle Bank National Association,
      as trustee (the “Trustee”) and (ii) a Certificate of Trust filed with the
      Secretary of State of the State of Delaware on January 23, 2006. This
      Certificate is issued under and is subject to the terms, provisions and
      conditions of the Pooling and Servicing Agreement dated as of January 1, 2006
      (the “Agreement”) by and among the Depositor, Thornburg Mortgage Home Loans,
      Inc. (“TMHL”), as seller (the “Seller”), Wells Fargo Bank, N.A., as master
      servicer (the “Master Servicer”) and securities administrator (the “Securities
      Administrator”), the Delaware Trustee and the Trustee, to which Agreement the
      Holder of this Certificate by virtue of the acceptance hereof assents and by
      which such Holder is bound. To the extent not defined herein, the capitalized
      terms used herein have the meanings assigned in the Agreement.

     

    [No
      transfer of this Certificate shall be made unless such disposition is exempt
      from the registration requirements of the Securities Act of 1933, as amended
      (the “1933 Act”), and any applicable state securities laws or is made in
      accordance with the 1933 Act and such laws. In the event of any transfer, (i)
      (A) such transfer is made in reliance upon Rule 144A or (B) such transfer
      is made to an “accredited investor” under Rule 501(c)(1), (2), (3) or (7) (in
      each case as evidenced by an investment letter delivered to the Securities
      Administrator, in substantially the form attached to the Pooling and Servicing
      Agreement, and, if so required by the Securities Administrator and the
      Depositor, a written Opinion of Counsel (which may be in-house counsel)
      acceptable to and in form and substance reasonably satisfactory to the
      Securities Administrator that such transfer may be made pursuant to an
      exemption, describing the applicable exemption and the basis therefor, from
      the
      1933 Act or is being made pursuant to the 1933 Act, which Opinion of Counsel
      shall not be an expense of the Securities Administrator or the Depositor) or
      (ii) the Securities Administrator shall require the transferor to execute a
      transferor certificate (in substantially the form attached to the Pooling and
      Servicing Agreement) and the transferee to execute an investment letter (in
      substantially the form attached to the Pooling and Servicing Agreement)
      acceptable to and in form and substance reasonably satisfactory to the
      Securities Administrator certifying to the Depositor and the Securities
      Administrator the facts surrounding such transfer, which investment letter
      shall
      not be an expense of the Securities Administrator or the Depositor.]
      [Applicable
      to Certificates in physical form only; delete for Book-Entry
      Certificates]

     

    
      
        
        

      

      
        D-6

        
          

        

      

      
        
        

      

    

     

    [No
      transfer of this Certificate shall be made unless the Securities Administrator
      shall have received either (i) a representation letter from the transferee
      of
      such Certificate, acceptable to the Securities Administrator and in
      substantially the form attached to the Agreement, to the effect that such
      transferee is not an employee benefit or other plan or 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 (the “Code”), nor
      a person acting on behalf of or investing plan assets of any such plan or
      arrangement, which representation letter shall not be an expense of the
      Securities Administrator, or (ii) if the purchaser is an insurance company,
      a
      representation that the purchaser is an insurance company which is purchasing
      such Certificate with funds contained in an “insurance company general account”
(as such term is defined in Section V(e) of Prohibited Transaction Class
      Exemption 95-60 (“PTCE 95-60”)) and that the purchase and holding of such
      Certificate are covered under Sections I and III of PTCE 95-60 or (iii) an
      Opinion of Counsel in accordance with the provisions of the Agreement.
      Notwithstanding anything else to the contrary herein, any purported transfer
      of
      this Certificate to or on behalf of an employee benefit plan subject to ERISA
      or
      to the Code without the opinion of counsel satisfactory to the Securities
      Administrator as described above shall be void and of no effect.] [Applicable
      to Class B-4, Class B-5 and Class B-6 Certificates that are in physical form
      only; delete for Class B-1, Class B-2 and Class B-3 Certificates and Class
      B-4,
      Class B-5 and Class B-6 Certificates that are Book-Entry
      Certificates]

     

    [No
      transfer of this Certificate shall be made unless such disposition is exempt
      from the registration requirements of the Securities Act of 1933, as amended
      (the “1933 Act”), and any applicable state securities laws or is made in
      accordance with the 1933 Act and such laws. In the event of any transfer, the
      transferee will be deemed to represent and warrant that that it acquired such
      certificate (i)(a) pursuant to a registration statement which has been declared
      effective under the 1933 Act or (b) as a “Qualified Institutional Buyer” as
      defined in Rule 144A under the 1933 Act that purchases for its own account
      or
      for the account of a Qualified Institutional Buyer to whom notice is given
      that
      the transfer is being made in reliance on Rule 144A, and that (ii)(a) such
      holder is not an employee benefit plan subject to the Employee Retirement Income
      Security Act of 1974, as amended (“ERISA”), or a plan or arrangement Section
      4975 of the Internal Revenue Code of 1986, as amended (the “Code”), the trustee
      of any such plan or a person acting on behalf of any such plan nor a person
      using the assets of any such plan, (b) if the certificate has been the subject
      of an ERISA-qualifying underwriting, such holder is an insurance company
      purchasing this 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 that the purchase and holding of this certificate
      are covered under Sections i and iii of PTCE 95-60, or (c) the purchase or
      holding of such certificate by the holder will not result in a non-exempt
      Prohibited Transaction under the provisions of Section 406 of ERISA or Section
      4975 of the Code.] [Applicable
      to Class B-4, Class B-5 and Class B-6 Certificates that are Book-Entry
      Certificates only; delete for Class B-1, Class B-2 and Class B-3
      Certificates.]

     

    
      
        
        

      

      
        D-7

        
          

        

      

      
        
        

      

    

     

    
      Reference
        is hereby made to the further provisions of this Certificate set forth on
        the
        reverse hereof, which further provisions shall for all purposes have the
        same
        effect as if set forth at this place.

       

      This
        Certificate shall not be entitled to any benefit under the Agreement or be
        valid
        for any purpose unless manually authenticated by an authorized signatory
        of the
        Securities Administrator.

       

      
        
          
          

        

        
          D-8

          
            

          

        

        
          
          

        

      

    

     

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

     

    Dated:
      January ___, 2006

     

    
      
        
           

          
            	 	THORNBURG
                    MORTGAGE SECURITIES TRUST 2006-1
                     

                    
                      
                        By:
                          WELLS
                          FARGO BANK, N.A.,

                      

                    

                    
                      not
                        in its individual capacity,

                    

                    
                      but
                        solely as Securities Administrator

                       

                      By
                        ___________________________________________________

                    

                  

          

           

          This
            is
            one of the Certificates

          referenced
            in the within-mentioned Agreement

           

          

          By
            ________________________________________

          Authorized
            Signatory of 

          Wells
            Fargo Bank, N.A.,

          as
            Securities Administrator

        

      

       

      
        
          
          

        

        
          D-9

          
            

          

        

        
          
          

        

         

      

    

    EXHIBIT
      E

     

    FORM
      OF REVERSE OF THE CERTIFICATES

     

    THORNBURG
      MORTGAGE SECURITIES TRUST 2006-1

    Mortgage
      Loan Pass-Through Certificates, Series 2006-1

    Reverse
      Certificate

     

    This
      Certificate is one of a duly authorized issue of Certificates designated as
      Thornburg Mortgage Securities Trust 2006-1, Mortgage Loan Pass-Through
      Certificates, Series 2006-1 (herein collectively called the “Certificates”), and
      representing a beneficial ownership interest in the Trust governed by the
      Agreement.

     

    [The
      Certificateholder, by its acceptance of this Certificate, agrees that it will
      look solely to the funds on deposit in the Distribution Account] [For
      all Certificates other than the Class I Certificate]
      [The
      Certificateholder, by its acceptance of this Certificate, agrees that it will
      look solely to the funds on deposit in the Final Maturity Reserve Account]
      [For
      the Class I Certificate only]
      for
      payment hereunder and that the Trustee is not liable to the Certificateholders
      for any amount payable under this Certificate or the Agreement or, except as
      expressly provided in the Agreement, subject to any liability under the
      Agreement.

     

    This
      Certificate does not purport to summarize the Agreement and reference is made
      to
      the Agreement for the interests, rights and limitations of rights, benefits,
      obligations and duties evidenced thereby, and the rights, duties and immunities
      of the Trustee.

     

    Pursuant
      to the terms of the Agreement, a distribution will be made on the 25th
      day of
      each month, or if the 25th
      day is
      not a Business Day, then on the next succeeding Business Day (the “Distribution
      Date”), commencing on the first Distribution Date specified on the face hereof,
      to the Person in whose name this Certificate is registered at the close of
      business on the applicable Record Date in an amount equal to the product of
      the
      Percentage Interest evidenced by this Certificate and the amount required to
      be
      distributed to Holders of Certificates of the Class to which this Certificate
      belongs on such Distribution Date pursuant to the Agreement.

     

    Distributions
      on this Certificate shall be made, (i) in the case of a Physical Certificate,
      by
      check or money order mailed to the address of the person entitled thereto as
      it
      appears on the Certificate Register or, upon the request of a Certificateholder,
      by wire transfer as set forth in the Agreement and (ii) in the case of a
      Book-Entry Certificate, to the Depository, which shall credit the amounts of
      such distributions to the accounts of its Depository Participants in accordance
      with its normal procedures. The final distribution on each Certificate will
      be
      made in like manner, but only upon presentment and surrender of such Certificate
      at the office or agency of the Trustee specified in the notice to
      Certificateholders of such final distribution.

     

    The
      Agreement permits, with certain exceptions therein provided, the amendment
      thereof and the modification of the rights and obligations of the Trustee and
      the rights of the Certificateholders under the Agreement at any time, by the
      Depositor, the Seller, the Master Servicer, the Securities Administrator, the
      Trustee, the Delaware Trustee and Holders of the requisite percentage of the
      Percentage Interests of each Class of Certificates affected by such amendment,
      as specified in the Agreement. Any such consent by the Holder of this
      Certificate shall be conclusive and binding on such Holder and upon all future
      Holders of this Certificate and of any Certificate issued upon the transfer
      hereof or in exchange therefor or in lieu hereof whether or not notation of
      such
      consent is made upon this Certificate. The Agreement also permits the amendment
      thereof, in certain limited circumstances, without the consent of the Holders
      of
      any of the Certificates.

     

    
      
        
        

      

      
        E-1

        
          

        

      

      
        
        

      

    

     

    As
      provided in the Agreement and subject to certain limitations therein set forth,
      the transfer of this Certificate is registrable in the Certificate Register
      of
      the Trustee upon surrender of this Certificate for registration of transfer
      at
      the office or agency maintained by the Trustee accompanied by a written
      instrument of transfer in form satisfactory to the Trustee and the Certificate
      Registrar duly executed by the holder hereof or such holder’s attorney duly
      authorized in writing, and thereupon one or more new Certificates of the same
      Class in authorized denominations and evidencing the same aggregate Percentage
      Interest in the Trust will be issued to the designated transferee or
      transferees.

     

    [Subject
      to the terms of the Agreement, each Class of Book-Entry Certificates will be
      registered as being held by the Depository or its nominee and beneficial
      interests will be held by Certificate Owners through the book-entry facilities
      of the Depository or its nominee in minimum denominations of $25,000, provided,
      that, such certificates must be purchased in minimum total investments of at
      least $100,000, in the case of the Class [ ] Certificates and $100,000, in
      the
      case of the Class [ ] Certificates and, in each case, in integral multiples
      of
      $1 in excess thereof.] [Applicable
      to Book-Entry Certificates only; delete for Certificates in physical
      form.]
      

     

    [Each
      of
      the Class A-R Certificate and the Class I Certificate will be issued as a single
      Certificate and maintained in physical form, representing the entire Percentage
      Interest in that Class.] [Applicable
      to Certificates in physical form.]

     

    [The
      Class A-R Certificate is issuable only in a Percentage Interest of 100%.]
      [Applicable
      to Class A-R Certificates only.]

     

    [The
      Class I Certificate is issuable only in a Percentage Interest of 100%.]
      [Applicable
      to Class I Certificates only.]

     

    The
      Certificates are issuable only as registered Certificates without coupons in
      denominations specified in the Agreement. As provided in the Agreement and
      subject to certain limitations therein set forth, Certificates are exchangeable
      for new Certificates of the same Class in authorized denominations and
      evidencing the same aggregate Percentage Interest, as requested by the Holder
      surrendering the same.

     

    No
      service charge will be made for any such registration of transfer or exchange,
      but the Trustee may require payment of a sum sufficient to cover any tax or
      other governmental charge payable in connection therewith.

     

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

     

    
      
        
        

      

      
        E-2

        
          

        

      

      
        
        

      

    

     

    [Each
      Holder of a Class A-1, Class A-2 or Class A-3 Certificate is deemed, by
      acceptance of such Certificate, (i) to authorize Wells Fargo Bank, N.A. to
      execute and deliver the Auction Administration Agreement, the Auction Swap
      Agreement and the applicable Yield Maintenance Agreement on its behalf and
      (ii)
      to acknowledge and accept and agree to be bound by the provisions of the Auction
      Administration Agreement, the Auction Swap Agreement and the applicable Yield
      Maintenance Agreement.] [Applicable
      to Auction Certificates only; delete for Class A-X, Class A-R and Subordinate
      Certificates.]

     

    On
      any
      Distribution Date on which the aggregate of the Stated Principal Balances of
      the
      Mortgage Loans on such date is less than 20% of the Cut-Off Date Principal
      Balance, Thornburg Mortgage, Inc. will have the option to call the Certificates
      for a purchase price equal to (i) for all Certificates (other than the Class
      A-R
      Certificate and the Class I Certificate) the sum of (1) the aggregate Class
      Certificate Principal Balance and (2) the accrued interest thereon at the
      related Pass-Through Rates, less amounts of interest and principal otherwise
      being paid to such Holders on such Distribution Date, (ii) for the Class A-R
      Certificate, $1.00 and (iii) for the Class I Certificate, $1.00. 

     

    On
      any
      date on which the aggregate of the Stated Principal Balances of the Mortgage
      Loans on such date is equal to or less than 10% of the Cut-Off Date Aggregate
      Principal Balance, Thornburg Mortgage Home Loans, Inc., in its capacity as
      a
      Servicer (hereinafter “TMHL”), may purchase, on the related Distribution Date,
      all of the outstanding Mortgage Loans and REO Properties at a price equal to
      the
      Termination Price. In the event that TMHL does not exercise its right of
      optional termination, on any date on which the aggregate of the Stated Principal
      Balances of the Mortgage Loans on such date is equal to or less than 5% of
      the
      Cut-Off Date Aggregate Principal Balance, Wells Fargo Bank, N.A., in its
      capacity as Master Servicer, may purchase, on the related Distribution Date,
      all
      of the outstanding Mortgage Loans and REO Properties at a price equal to the
      Termination Price. In the event that neither TMHL nor the Master Servicer
      exercises its right of optional termination, the obligations and
      responsibilities created by the Agreement will terminate upon notice to the
      Trustee upon the earliest of (i) the Distribution Date on which the Class
      Certificate Principal Balance of each Class of Certificates has been reduced
      to
      zero, (ii) the final payment or other liquidation of the last Mortgage Loan
      and
      (iii) the Latest Possible Maturity Date.

     

    Capitalized
      terms used herein that are defined in the Agreement shall have the meanings
      ascribed to them in the Agreement, and nothing herein shall be deemed
      inconsistent with that meaning.

     

    
      
        
        

      

      
        E-3

        
          

        

      

      
        
        

      

    

    ASSIGNMENT

     

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

     

    
      

       

      
        

      

    

    (Please
      print or typewrite name and address including postal zip code of
      assignee)

     

    the
      Percentage Interest evidenced by the within Certificate and hereby authorizes
      the transfer of registration of such Percentage Interest to assignee on the
      Certificate Register of the Trust.

     

    I
      (We)
      further direct the Trustee to issue a new Certificate of a like denomination
      and
      Class, to the above named assignee and deliver such Certificate to the following
      address:
      _____________________________________________________________________________.

     

    Dated:
      _____________

     

    
      
        	 	
                                      
                                                         
                  

                Signature by or on behalf of
                  assignor

              

      

    

     

    
      
        
        

      

      
        E-4

        
          

        

      

      
        
        

      

    

     

    DISTRIBUTION
      INSTRUCTIONS

     

    The
      assignee should include the following for purposes of distribution:

     

    Distributions
      shall be made, by wire transfer or otherwise, in immediately available funds
      to__________________________________________________________________________________________________________________________________________________________for
      the account of_______________________________________________________________,
      account
      number ________________________, or, if mailed by check, to
      ___________ ______________________________________________________________________________Applicable
      statements should be mailed to ___________________________________________
      _____________________________________________________________________________.

     

    This
      information is provided by _____________________________________________,
the
      assignee named above, or _____________________________________________________,
      as
      its
      agent. 

     

    
      
        
        

      

      
        E-5

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      F

     

    REQUEST
      FOR RELEASE 

     

    
      	 	
                                             

              Date

            

    

    
    

    [Addressed
      to Trustee

    or,
      if
      applicable, custodian]

     

    In
      connection with the administration of the mortgages held by you as Trustee
      under
      a certain Pooling and Servicing Agreement dated as of January 1, 2006 among
      Greenwich Capital Acceptance, Inc., as Depositor, Thornburg Mortgage Home Loans,
      Inc., as Seller, Wells Fargo Bank, N.A., as Master Servicer and Securities
      Administrator, Wilmington Trust Company, as Delaware Trustee and you, as Trustee
      and Custodian (the “Pooling and Servicing Agreement”), the undersigned [Master
      Servicer] [Servicer] hereby requests a release of the Mortgage File held by
      you
      as Trustee with respect to the following described Mortgage Loan for the reason
      indicated below.

     

    Mortgagor’s
      Name:

     

    Address:

     

    Loan
      No.:

     

    Reason
      for requesting file:

     

    1.  Mortgage
      Loan paid in full. (The [Master Servicer] [Servicer] hereby certifies that
      all
      amounts received in connection with the loan have been or will be credited
      to
      the Collection Account or the Distribution Account (whichever is applicable)
      pursuant to the Pooling and Servicing Agreement.)

     

    2.  The
      Mortgage Loan is being foreclosed.

     

    3.  Mortgage
      Loan substituted. (The [Master Servicer] [Servicer] hereby certifies that a
      Qualified Substitute Mortgage Loan has been assigned and delivered to you along
      with the related Mortgage File pursuant to the Pooling and Servicing
      Agreement.)

     

    4.  Mortgage
      Loan repurchased. (The [Master Servicer] [Servicer] hereby certifies that the
      Purchase Price has been credited to the Collection Account or the Distribution
      Account (whichever is applicable) pursuant to the Pooling and Servicing
      Agreement.)

     

    5.  Other.
      (Describe)

     

    
      
        
        

      

      
        F-1

        
          

        

      

      
        
        

      

    

     

    The
      undersigned acknowledges that the above Mortgage File will be held by the
      undersigned in accordance with the provisions of the Pooling and Servicing
      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 Qualified Substitute Mortgage Loan (in which case the
      Mortgage File will be retained by us without obligation to return to
      you).

     

    Capitalized
      terms used herein shall have the meanings ascribed to them in the Pooling and
      Servicing Agreement.

     

    
      	 	
              _____________________________________

              [Name
                of [Master Servicer] [Servicer]]

               

              By:__________________________________

              Name:

              Title:
                Servicing Officer

            

    

    
    

    
      
        
        

      

      
        F-2

        
          

        

      

      
        
        

      

    

    EXHIBIT
      G-1

     

     

    FORM
      OF RECEIPT OF MORTGAGE NOTE

     

    RECEIPT
      OF MORTGAGE NOTE

     

    Greenwich
      Capital Acceptance, Inc.

    600
      Steamboat Road

    Greenwich,
      Connecticut 06830

     

    
      	 	
              Re:
                

            	
              Thornburg
                Mortgage Securities Trust 2006-1, 

            

    

    Mortgage
      Loan Pass-Through Certificates, Series 2006-1 

     

    Ladies
      and Gentlemen:

     

    Pursuant
      to Section 2.01 of the Pooling and Servicing Agreement, dated as of January
      1,
      2006, among Greenwich Capital Acceptance, Inc., as Depositor, Thornburg Mortgage
      Home Loans, Inc., as Seller, Wells Fargo Bank, N.A., as Master Servicer and
      Securities Administrator, Wilmington Trust Company, as Delaware Trustee and
      LaSalle Bank National Association, as Trustee, we hereby acknowledge the receipt
      of the original Mortgage Note with respect to each Mortgage Loan listed on
      Exhibit 1, with any exceptions thereto listed on Exhibit 2.

     

    
      	 	
              LASALLE
                BANK NATIONAL ASSOCIATION, as Trustee

               

               

              By:                           
                

              Name:

              Title:

            

    

     

    Dated:
      

    
      
        
        

      

      
        G-1-1

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      1

     

    MORTGAGE
      LOAN SCHEDULE

     

    
      
        
        

      

      
        G-1-2

        
          

        

      

      
        
        

      

    

    EXHIBIT
      2

     

    EXCEPTION
      REPORT

     

    
      
        
        

      

      
        G-1-3

        
          

        

      

      
        
        

      

    

    EXHIBIT
      G-2

     

    FORM
      OF INTERIM CERTIFICATION OF TRUSTEE

     

    INTERIM
      CERTIFICATION OF TRUSTEE

     

    [date]

     

    

     

    
      	
              Greenwich
                Capital Acceptance, Inc.

              600
                Steamboat Road

              Greenwich,
                Connecticut 06830

               

            	 
	
              Thornburg
                Mortgage Home Loans, Inc.

              150
                Washington Avenue, Suite 302

              Santa
                Fe, New Mexico 87501

               

            	 
	
              Wells
                Fargo Bank, N.A.

              9062
                Old Annapolis Road

              Columbia,
                Maryland 21045

            	 

    

     

    

      
        	
              	Re:	
                Pooling
                  and Servicing Agreement among Greenwich Capital Acceptance,
                  Inc.,

              

      

      as
        Depositor, Thornburg Mortgage Home Loans, Inc., as Seller, Wells Fargo Bank,
        N.A., as Master Servicer and Securities Administrator, Wilmington Trust Company,
        as Delaware Trustee and LaSalle Bank National Association, as
        Trustee,

      Thornburg
        Mortgage Loan Pass-Through Certificates, Series 2006-1 

       
Ladies
      and Gentlemen:

     

    In
      accordance with Section 2.02 of the above-captioned Pooling and Servicing
      Agreement (the “Pooling and Servicing Agreement”), the undersigned, as 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 attached
      schedule) it has received:

     

    
      
        	 	
                (i)

              	
                all
                  documents required to be delivered to the Trustee pursuant to
                  Section 2.01 of the Pooling and Servicing Agreement are in its
                  possession;

              

      

       

      
        	 	
                (ii)

              	
                such
                  documents have been reviewed by the Trustee and have not been mutilated,
                  damaged or torn and relate to such Mortgage Loan;
                  and

              

      

       

      
        	 	
                (iii)

              	
                based
                  on the Trustee’s examination and only as to the foregoing, the information
                  set forth in the Mortgage Loan Schedule that corresponds to items
                  (i),
                  (ii), (iii), (xiii), (xiv) and (xviii) of the Mortgage Loan Schedule
                  accurately reflects information set forth in the Mortgage
                  File.

              

      

       

      Based
        on
        its review and examination and only as to the foregoing documents, such
        documents appear regular on their face and related to such Mortgage
        Loan.

       

      The
        Trustee has made no independent examination of any documents contained in
        each
        Mortgage File beyond the review specifically required in the Pooling and
        Servicing Agreement. The Trustee makes no representations as to: (i) the
        validity, legality, sufficiency, enforceability or genuineness of any of
        the
        documents contained in each Mortgage File of any of the Mortgage Loans
        identified on the Mortgage Loan Schedule, or (ii) the collectibility,
        insurability, effectiveness or suitability of any such Mortgage
        Loan.

       

      Capitalized
        words and phrases used herein shall have the respective meanings assigned
        to
        them in the Pooling and Servicing Agreement.

       

      
        
          	 	
                  LASALLE
                    BANK NATIONAL ASSOCIATION, as Trustee

                   

                  By:
                    _______________________________

                  Name:
                    _____________________________

                  Title:
                    ______________________________

                

        

      

      
         

      

    

    
      
        
        

      

      
        G-2-1

        
          

        

      

      
        
        

      

    

    EXHIBIT
      G-3

     

    FORM
      OF FINAL CERTIFICATION OF TRUSTEE

     

    FINAL
      CERTIFICATION OF TRUSTEE

     

    [date]

     

    
      	
              Greenwich
                Capital Acceptance, Inc.

              600
                Steamboat Road

              Greenwich,
                Connecticut 06830

               

            	 
	
              Thornburg
                Mortgage Home Loans, Inc.

              150
                Washington Avenue, Suite 302 

              Santa
                Fe, New Mexico 87501

               

            	 
	
              Wells
                Fargo Bank, N.A.

              9062
                Old Annapolis Road

              Columbia,
                Maryland 21045

            	 

    

     

    
      	
            	Re:	
              Pooling
                and Servicing Agreement among Greenwich Capital Acceptance,
                Inc.,

            

    

    as
      Depositor, Thornburg Mortgage Home Loans, Inc., as Seller, Wells Fargo Bank,
      N.A., as Master Servicer and Securities Administrator, Wilmington Trust Company,
      as Delaware Trustee and LaSalle Bank National Association, as Trustee,

    Thornburg
      Mortgage Loan Pass-Through Certificates, Series 2006-1 

     

    Ladies
      and Gentlemen:

     

    In
      accordance with Section 2.02 of the above-captioned Pooling and Servicing
      Agreement (the “Pooling and Servicing Agreement”), the undersigned, as 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 attached
      Document Exception Report) it has received all documents required to be
      delivered to the Trustee pursuant to Section 2.01 of the Pooling and Servicing
      Agreement.

     

    Based
      on
      its review and examination and only as to the foregoing documents, (a) such
      documents appear regular on their face and related to such Mortgage Loan, and
      (b) the information set forth in items (i), (ii), (iii), (xiii), (xiv) and
      (xviii) of the definition of the “Mortgage Loan Schedule” in Section 1.01 of the
      Pooling and Servicing Agreement accurately reflects information set forth in
      the
      Mortgage File.

     

    The
      Trustee has made no independent examination of any documents contained in each
      Mortgage File beyond the review specifically required in the Pooling and
      Servicing Agreement. The Trustee makes no representations as to: (i) the
      validity, legality, sufficiency, enforceability or genuineness of any of the
      documents contained in each Mortgage File of any of the Mortgage Loans
      identified on the Mortgage Loan Schedule, or (ii) the collectibility,
      insurability, effectiveness or suitability of any such Mortgage
      Loan.

     

    
      
        
        

      

      
        G-3-1

        
          

        

      

      
        
        

      

    

     

    Capitalized
      words and phrases used herein shall have the respective meanings assigned to
      them in the Pooling and Servicing Agreement.

     

    
      	 	
              LASALLE
                BANK NATIONAL ASSOCIATION, as Trustee

               

              By:
                __________________________________

              Name:
                ________________________________

              Title:
                _________________________________

            

    

     

    
      
        
        

      

      
        G-3-2

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      H

     

    FORM
      OF LOST NOTE AFFIDAVIT

     

    Personally
      appeared before me the undersigned authority to administer oaths,
      ______________________ who first being duly sworn deposes and says: Deponent
      is
      ______________________ of Thornburg Mortgage Home Loans, Inc. (the “Seller”) and
      who has personal knowledge of the facts set out in this affidavit.

     

    On
      ___________________, _________________________ did execute and deliver a
      promissory note in the principal amount of $__________.

     

    That
      said
      note has been misplaced or lost through causes unknown and is currently lost
      and
      unavailable after diligent search has been made. The Seller’s records show that
      an amount of principal and interest on said note is still presently outstanding,
      due, and unpaid, and such Seller is still owner and holder in due course of
      said
      lost note.

     

    The
      Seller executes this Affidavit for the purpose of inducing LaSalle Bank National
      Association, as trustee on behalf of Thornburg Mortgage Securities Trust 2006-1,
      Mortgage Loan Pass-Through Certificates, Series 2006-1, to accept the transfer
      of the above described loan from the Seller.

     

    The
      Seller agrees to indemnify LaSalle Bank National Association and Greenwich
      Capital Acceptance, Inc. and hold them harmless for any losses incurred by
      such
      parties resulting from the fact that the above described Note has been lost
      or
      misplaced.

     

    

    By: 
      __________________________________

    __________________________________

     

    
      	
              STATE
                OF 

            	
              )

            	 
	 	
              )

            	
              ss:

            
	
              COUNTY
                OF

            	
              )

            	 

    

    

    

    On
      this
      ____ day of ___________ 20__, before me, a Notary Public, in and for said County
      and State, appeared ________________________, who acknowledged the extension
      of
      the foregoing and who, having been duly sworn, states that any representations
      therein contained are true.

     

    Witness
      my hand and Notarial Seal this ____ day of _______ 20__.

     

    _______________________________

    _______________________________

     

    My
      commission expires _______________.

    

    
      
        
        

      

      
        H-1

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      I

     

    FORM
      OF ERISA REPRESENTATION

     

    [date]

    

    Greenwich
      Capital Acceptance, Inc.

    600
      Steamboat Road

     

    Greenwich,
      Connecticut 06830

     

    LaSalle
      Bank National Association

    135
      South
      LaSalle Street

    Chicago,
      Illinois 60603

     

    Re:
      Thornburg Mortgage Securities Trust 2006-1, 

    Mortgage
      Loan Pass-Through Certificates, Series 

    2006-1,
      Class [A-R] [B-4] [B-5] [B-6] [I]    

     

    Ladies
      and Gentlemen:

     

    1. The
      undersigned is the ______________________ of _________________ (the
“Transferee”), a [corporation duly organized] and existing under the laws of
      __________, on behalf of which she makes this affidavit.

     

    2.  The
      Transferee either (x) is not an employee benefit plan subject to Section 406
      or
      Section 407 of the Employee Retirement Income Security Act of 1974, as amended
      (“ERISA”), or a plan or arrangement subject to Section 4975 of the Internal
      Revenue Code of 1986, as amended (the “Code”), the Trustee of any such plan or
      arrangement or a person acting on behalf of any such plan or arrangement or
      using the assets of any such plan or arrangement to effect such transfer; (y)
      is
      an insurance company which is purchasing such Certificates with funds contained
      in an “insurance company general account” (as such term is defined in Section
      V(e) of Prohibited Transaction Class Exemption 95-60 (“PTCE 95-60”) and that the
      purchase and holding of such Certificates are covered under Section I and III
      of
      PTCE 95-60; or (z) shall deliver to the Securities Administrator and the
      Depositor an opinion of counsel (a “Benefit Plan Opinion”) satisfactory to the
      Securities Administrator, and upon which the Securities Administrator and the
      Depositor shall be entitled to rely, to the effect that the purchase or holding
      of such Certificate by the Transferee will not constitute or result in a
      non-exempt prohibited transaction under Section 406 of ERISA or Section 4975
      of
      the Code and will not subject the Trustee, the Master Servicer, any Servicer,
      the Securities Administrator or the Depositor to any obligation in addition
      to
      those undertaken by such entities in the Pooling and Servicing Agreement or
      to
      any liability, which opinion of counsel shall not be an expense of the
      Securities Administrator or the Depositor.

     

    3. The
      Transferee hereby acknowledges that under the terms of the Pooling and Servicing
      Agreement dated as of January 1, 2006 (the “Agreement”) among Greenwich Capital
      Acceptance, Inc., as Depositor, Thornburg Mortgage Home Loans, Inc., as Seller,
      Wells Fargo Bank, N.A., as Master Servicer and Securities Administrator,
      Wilmington Trust Company, as Delaware Trustee and LaSalle Bank National
      Association, as Trustee, no transfer of the ERISA-Restricted Certificates shall
      be permitted to be made to any person unless the Depositor and Securities
      Administrator have received a certificate from such transferee in the form
      hereof.

     

    
      
        
        

      

      
        I-2-1

        
          

        

      

      
        
        

      

    

     

    IN
      WITNESS WHEREOF, the Transferee has executed this certificate.

     

    
      	 	_________________________________
              [Transferee]

               

              By:______________________________

              Name:

              Title:

            

    

    

    
      
        
        

      

      
        I-2-2

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      J-1

     

    FORM
      OF INVESTMENT LETTER [NON-RULE 144A]

     

    [date]

     

    

    Greenwich
      Capital Acceptance, Inc.

    600
      Steamboat Road

     

    Greenwich,
      Connecticut 06830

     

    LaSalle
      Bank National Association

    135
      South
      LaSalle Street

    Chicago,
      Illinois 60603

     

    
      	 	
              Re:
                

            	
              Thornburg
                Mortgage Securities Trust 2006-1, 

            

    

    Mortgage
      Loan Pass-Through Certificates, Series 2006-1  

     

    Ladies
      and Gentlemen:

     

    In
      connection with our acquisition of the above-captioned Certificates, we certify
      that (a) we understand that the Certificates are not being registered under
      the
      Securities Act of 1933, as amended (the “Act”), or any state securities laws and
      are being transferred to us in a transaction that is exempt from the
      registration requirements of the Act and any such laws, (b) we are an
“accredited investor”, as defined in Regulation D under the Act, and have such
      knowledge and experience in financial and business matters that we are capable
      of evaluating the merits and risks of investments in the Certificates, (c)
      we
      have had the opportunity to ask questions of and receive answers from the
      Depositor concerning the purchase of the Certificates and all matters relating
      thereto or any additional information deemed necessary to our decision to
      purchase the Certificates, (d) either: (i) we are not an employee benefit plan
      that is subject to the Employee Retirement Income Security Act of 1974, as
      amended (“ERISA”), or a plan that is subject to Section 4975 of the Internal
      Revenue Code of 1986, as amended (the “Code”), nor are we acting on behalf of
      any such plan; (ii) we are an insurance company which is purchasing such
      Certificates with funds contained in an “insurance company general account” (as
      such term is defined in Section V(e) of Prohibited Transaction Class Exemption
      95-60 (“PTCE 95-60”) and the purchase and holding of such Certificates are
      covered under Section I and III of PTCE 95-60 or (iii) we have presented an
      Opinion of Counsel satisfactory to the Securities Administrator, which Opinion
      of Counsel shall not be an expense of either the Securities Administrator or
      the
      Trust, addressed to the Securities Administrator and the Depositor, to the
      effect that the purchase and holding of such ERISA-Restricted Certificate that
      is a Physical Certificate will not result in a non-exempt prohibited transaction
      under Section 406 of ERISA or Section 4975 of the Code and will not subject
      the
      Trustee, the Master Servicer, any Servicer, the Securities Administrator or
      the
      Depositor to any obligation in addition to those expressly undertaken in this
      Agreement or to any liability or if an ERISA-Restricted Auction Certificate
      acquired prior to the Distribution Date in January 2009 or an ERISA-Restricted
      Final Maturity Reserve Certificate, either (i) we not acquiring such Certificate
      for, on behalf of, or with the assets of, an employee benefit plan or other
      retirement arrangement subject to the Employee Retirement Income Security Act
      of
      1974, as amended, or Section 4975 of the Code, or (ii) the acquisition and
      holding of such 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 some other applicable exemption, (e) we are acquiring the
      Certificates for investment for our own account and not with a view to any
      distribution of such Certificates (but without prejudice to our right at all
      times to sell or otherwise dispose of the Certificates in accordance with clause
      (g) below), (f) we have not offered or sold any Certificates to, or solicited
      offers to buy any Certificates from, any person, or otherwise approached or
      negotiated with any person with respect thereto, or taken any other action
      which
      would result in a violation of Section 5 of the Act, and (g) we will not sell,
      transfer or otherwise dispose of any Certificates unless (1) such sale, transfer
      or other disposition is made pursuant to an effective registration statement
      under the Act or is exempt from such registration requirements, and if
      requested, we will at our expense provide an opinion of counsel to the
      addressees of this Certificate satisfactory to the Securities Administrator
      that
      such sale, transfer or other disposition may be made pursuant to an exemption
      from the Act, (2) the purchaser or transferee of such Certificate has executed
      and delivered to you a certificate to substantially the same effect as this
      certificate, and (3) the purchaser or transferee has otherwise complied with
      any
      conditions for transfer set forth in the Pooling and Servicing
      Agreement.

     

    
      
        
        

      

      
        J-1-1

        
          

        

      

      
        
        

      

    

     

    
      	 	Very
              truly yours,
               

              [NAME
                OF TRANSFEREE]

               

              By:
                            
                              

              Authorized
                Officer

            

    

     

    
      
        
        

      

      
        J-1-2

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      J-2

    

    FORM
      OF RULE 144A INVESTMENT LETTER

     

    [date]

     

    Greenwich
      Capital Acceptance, Inc.

    600
      Steamboat Road

     

    Greenwich,
      Connecticut 06830

     

    LaSalle
      Bank National Association

    135
      South
      LaSalle Street

    Chicago,
      Illinois 60603

     

    
      	 	
              Re:
                

            	
              Thornburg
                Mortgage Securities Trust 2006-1, 

            

    

    Mortgage
      Loan Pass-Through Certificates, Series 2006-1  

     

    Ladies
      and Gentlemen:

     

    In
      connection with our acquisition of the above Certificates we certify that (a)
      we
      understand that the Certificates are not being registered under the Securities
      Act of 1933, as amended (the “Act”), or any state securities laws and are being
      transferred to us in a transaction that is exempt from the registration
      requirements of the Act and any such laws, (b) we have had the opportunity
      to
      ask questions of and receive answers from the Depositor concerning the purchase
      of the Certificates and all matters relating thereto or any additional
      information deemed necessary to our decision to purchase the Certificates,
      (c)
      either: (i) we are not an employee benefit plan that is subject to the Employee
      Retirement Income Security Act of 1974, as amended (“ERISA”), or a plan that is
      subject to Section 4975 of the Internal Revenue Code of 1986, as amended (the
      “Code”), nor are we acting on behalf of any such plan; (ii) we are an insurance
      company which is purchasing such Certificates with funds contained in an
“insurance company general account” (as such term is defined in Section V(e) of
      Prohibited Transaction Class Exemption 95-60 (“PTCE 95-60”) and the purchase and
      holding of such Certificates are covered under Section I and III of PTCE 95-60
      or (iii) we have presented an Opinion of Counsel satisfactory to the Securities
      Administrator, which Opinion of Counsel shall not be an expense of either the
      Securities Administrator or the Trust, addressed to the Securities Administrator
      and the Depositor, to the effect that the purchase and holding of such
      ERISA-Restricted Certificate that is a Physical Certificate will not result
      in a
      non-exempt prohibited transaction under Section 406 of ERISA or Section 4975
      of
      the Code and will not subject the Trustee, the Master Servicer, any Servicer,
      the Securities Administrator or the Depositor to any obligation in addition
      to
      those expressly undertaken in this Agreement or to any liability, or if an
      ERISA-Restricted Auction Certificate acquired prior to the Distribution Date
      in
      January 2009 or an ERISA-Restricted Final Maturity Reserve Certificate, either
      (i) we not acquiring such Certificate for, on behalf of, or with the assets
      of,
      an employee benefit plan or other retirement arrangement subject to the Employee
      Retirement Income Security Act of 1974, as amended, or Section 4975 of the
      Code,
      or (ii) the acquisition and holding of such 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 some other applicable
      exemption; (d) we have not, nor has anyone acting on our behalf offered,
      transferred, pledged, sold or otherwise disposed of the Certificates, any
      interest in the Certificates or any other similar security to, or solicited
      any
      offer to buy or accept a transfer, pledge or other disposition of the
      Certificates, any interest in the Certificates or any other similar security
      from, or otherwise approached or negotiated with respect to the Certificates,
      any interest in the Certificates or any other similar security with, any person
      in any manner, or made any general solicitation by means of general advertising
      or in any other manner, or taken any other action, that would constitute a
      distribution of the Certificates under the Act or that would render the
      disposition of the Certificates a violation of Section 5 of the Act or require
      registration pursuant thereto, nor will act, nor has authorized or will
      authorize any person to act, in such manner with respect to the Certificates,
      (e) we are a “qualified institutional buyer” as that term is defined in Rule
      144A under the Act and have completed either of the forms of certification
      to
      that effect attached hereto as Annex 1 or Annex 2. We are aware that the sale
      to
      us is being made in reliance on Rule 144A. We are acquiring the Certificates
      for
      our own account or for resale pursuant to Rule 144A and further, understand
      that
      such Certificates may be resold, pledged or transferred only (i) to a person
      reasonably believed to be a qualified institutional buyer that purchases for
      its
      own account or for the account of a qualified institutional buyer to whom notice
      is given that the resale, pledge or transfer is being made in reliance on Rule
      144A, or (ii) pursuant to another exemption from registration under the
      Act.

    
      
        
        

      

      
        J-2-1

        
          

        

      

      
        
        

      

    

     

    
      
        	 	Very
                truly yours,
                 

                [NAME
                  OF TRANSFEREE]

                 

                By:
                              
                                

                Authorized
                  Officer

              

      

       

      
        
          
          

        

        
          J-2-2

          
            

          

        

        
          
          

        

      

    

     

    ANNEX
      1 TO EXHIBIT J-2

     

    QUALIFIED
      INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A

     

    [For
      Transferees Other Than Registered Investment Companies]

     

    The
      undersigned (the “Buyer”) hereby certifies as follows to the parties listed in
      the Rule 144A Transferee Certificate to which this certification relates with
      respect to the Certificates described therein:

     

    i. As
      indicated below, the undersigned is the President, Chief Financial Officer,
      Senior Vice President or other executive officer of the Buyer.

     

    ii. In
      connection with purchases by the Buyer, the Buyer is a “qualified institutional
      buyer” as that term is defined in Rule 144A under the Securities Act of 1933, as
      amended (“Rule 144A”) because (i) the Buyer owned and/or invested on a
      discretionary basis $            1 
      in
      securities (except for the excluded securities referred to below) as of the
      end
      of the Buyer’s most recent fiscal year (such amount being calculated in
      accordance with Rule 144A and (ii) the Buyer satisfies the criteria in the
      category marked below.

     

    ___ Corporation,
      etc.
      The
      Buyer is a corporation (other than a bank, savings and loan association or
      similar institution), Massachusetts or similar business trust, partnership,
      or
      charitable organization described in Section 501(c)(3) of the Internal Revenue
      Code of 1986, as amended.

     

    ___ Bank.
      The
      Buyer (a) is a national bank or banking institution organized under the laws
      of
      any State, territory or the District of Columbia, the business of which is
      substantially confined to banking and is supervised by the State or territorial
      banking commission or similar official or is a foreign bank or equivalent
      institution, and (b) has an audited net worth of at least $25,000,000 as
      demonstrated in its latest annual financial statements, a
      copy
      of which is attached hereto.

     

    ___ Savings
      and Loan.
      The
      Buyer (a) is a savings and loan association, building and loan association,
      cooperative bank, homestead association or similar institution, which is
      supervised and examined by a State or Federal authority having supervision
      over
      any such institutions or is a foreign savings and loan association or equivalent
      institution and (b) has an audited net worth of at least $25,000,000 as
      demonstrated in its latest annual financial statements, a
      copy
      of which is attached hereto.

     

    ___ Broker-dealer.
      The
      Buyer is a dealer registered pursuant to Section 15 of the Securities Exchange
      Act of 1934.

     

    
      
        

      

      
        
          
            	
                    1

                  	
                    Buyer
                      must own and/or invest on a discretionary basis at least $100,000,000
                      in
                      securities unless Buyer is a dealer, and, in that case, Buyer
                      must own
                      and/or invest on a discretionary basis at least $10,000,000
                      in
                      securities.

                  

          

           

        

      

    

    
      
        
        

      

      
        J-2-3

        
          

        

      

      
        
        

      

    

     

    ___ Insurance
      Company.
      The
      Buyer is an insurance company whose primary and predominant business activity
      is
      the writing of insurance or the reinsuring of risks underwritten by insurance
      companies and which is subject to supervision by the insurance commissioner
      or a
      similar official or agency of a State, territory or the District of
      Columbia.

     

    ___ State
      or Local Plan.
      The
      Buyer is a plan established and maintained by a State, its political
      subdivisions, or any agency or instrumentality of the State or its political
      subdivisions, for the benefit of its employees.

     

    ___ ERISA
      Plan.
      The
      Buyer is an employee benefit plan within the meaning of Title I of the Employee
      Retirement Income Security Act of 1974.

     

    ___ Investment
      Advisor.
      The
      Buyer is an investment advisor registered under the Investment Advisors Act
      of
      1940.

     

    ___ Small
      Business Investment Company.
      Buyer
      is a small business investment company licensed by the U.S. Small Business
      Administration under Section 301(c) or (d) of the Small Business Investment
      Act
      of 1958.

     

    ___ Business
      Development Company.
      Buyer
      is a business development company as defined in Section 202(a)(22) of the
      Investment Advisors Act of 1940.

     

    iii. The
      term
“securities”
as
      used
      herein does
      not include
      (i)
      securities of issuers that are affiliated with the Buyer, (ii) securities that
      are part of an unsold allotment to or subscription by the Buyer, if the Buyer
      is
      a dealer, (iii) securities issued or guaranteed by the U.S. or any
      instrumentality thereof, (iv) bank deposit notes and certificates of deposit,
      (v) loan participations, (vi) repurchase agreements, (vii) securities owned
      but
      subject to a repurchase agreement and (viii) currency, interest rate and
      commodity swaps.

     

    iv. For
      purposes of determining the aggregate amount of securities owned and/or invested
      on a discretionary basis by the Buyer, the Buyer used the cost of such
      securities to the Buyer and did not include any of the securities referred
      to in
      the preceding paragraph, except (i) where the Buyer reports its securities
      holdings in its financial statements on the basis of their market value, and
      (ii) no current information with respect to the cost of those securities has
      been published. If clause (ii) in the preceding sentence applies, the securities
      may be valued at market. Further, in determining such aggregate amount, the
      Buyer may have included securities owned by subsidiaries of the Buyer, but
      only
      if such subsidiaries are consolidated with the Buyer in its financial statements
      prepared in accordance with generally accepted accounting principles and if
      the
      investments of such subsidiaries are managed under the Buyer’s direction.
      However, such securities were not included if the Buyer is a majority-owned,
      consolidated subsidiary of another enterprise and the Buyer is not itself a
      reporting company under the Securities Exchange Act of 1934, as
      amended.

     

    v. The
      Buyer
      acknowledges that it is familiar with Rule 144A and understands that the seller
      to it and other parties related to the Certificates are relying and will
      continue to rely on the statements made herein because one or more sales to
      the
      Buyer may be in reliance on Rule 144A.

     

    vi. Until
      the
      date of purchase of the Rule 144A Securities, the Buyer will notify each of
      the
      parties to which this certification is made of any changes in the information
      and conclusions herein. Until such notice is given, the Buyer’s purchase of the
      Certificates will constitute a reaffirmation of this certification as of the
      date of such purchase. In addition, if the Buyer is a bank or savings and loan
      is provided above, the Buyer agrees that it will furnish to such parties updated
      annual financial statements promptly after they become available.

     

    
      
        
        

      

      
        J-2-4

        
          

        

      

      
        
        

      

    

     

    
      	 	 

                                                     
                

              Print
                Name of Buyer

               

              By:                                        
                

              Name:

              Title:

               

              Date:                                         

            

    

    
    

    
      
        
        

      

      
        J-2-5

        
          

        

      

      
        
        

      

    

     

    ANNEX
      2 TO EXHIBIT J-2

     

    QUALIFIED
      INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A

     

    [For
      Transferees That are Registered Investment Companies]

     

    The
      undersigned (the “Buyer”) hereby certifies as follows to the parties listed in
      the Rule 144A Transferee Certificate to which this certification relates with
      respect to the Certificates described therein:

     

    1. As
      indicated below, the undersigned is the President, Chief Financial Officer
      or
      Senior Vice President of the Buyer or, if the Buyer is a “qualified
      institutional buyer” as that term is defined in Rule 144A under the Securities
      Act of 1933, as amended (“Rule 144A”) because Buyer is part of a Family of
      Investment Companies (as defined below), is such an officer of the
      Adviser.

     

    2. In
      connection with purchases by Buyer, the Buyer is a “qualified institutional
      buyer” as defined in SEC Rule 144A because (i) the Buyer is an investment
      company registered under the Investment Company Act of 1940, as amended and
      (ii)
      as marked below, the Buyer alone, or the Buyer’s Family of Investment Companies,
      owned at least $100,000,000 in securities (other than the excluded securities
      referred to below) as of the end of the Buyer’s most recent fiscal year. For
      purposes of determining the amount of securities owned by the Buyer or the
      Buyer’s Family of Investment Companies, the cost of such securities was used,
      except (i) where the Buyer or the Buyer’s Family of Investment Companies reports
      its securities holdings in its financial statements on the basis of their market
      value, and (ii) no current information with respect to the cost of those
      securities has been published. If clause (ii) in the preceding sentence applies,
      the securities may be valued at market.

     

    ___ The
      Buyer
      owned $            
      in
      securities (other than the excluded securities referred to below) as of the
      end
      of the Buyer’s most recent fiscal year (such amount being calculated in
      accordance with Rule 144A).

     

    ___ The
      Buyer
      is part of a Family of Investment Companies which owned in the aggregate
      $        
      in
      securities (other than the excluded securities referred to below) as of the
      end
      of the Buyer’s most recent fiscal year (such amount being calculated in
      accordance with Rule 144A).

     

    3. The
      term
“Family
      of Investment Companies”
as
      used
      herein means two or more registered investment companies (or series thereof)
      that have the same investment adviser or investment advisers that are affiliated
      (by virtue of being majority owned subsidiaries of the same parent or because
      one investment adviser is a majority owned subsidiary of the
      other).

     

    4. The
      term
“securities”
as
      used
      herein does not include (i) securities of issuers that are affiliated with
      the
      Buyer or are part of the Buyer’s Family of Investment Companies, (ii) securities
      issued or guaranteed by the U.S. or any instrumentality thereof, (iii) bank
      deposit notes and certificates of deposit, (iv) loan participations, (v)
      repurchase agreements, (vi) securities owned but subject to a repurchase
      agreement and (vii) currency, interest rate and commodity swaps.

     

    
      
        
        

      

      
        J-2-6

        
          

        

      

      
        
        

      

    

     

    5. The
      Buyer
      is familiar with Rule 144A and understands that the parties listed in the Rule
      144A Transferee Certificate to which this certification relates are relying
      and
      will continue to rely on the statements made herein because one or more sales
      to
      the Buyer will be in reliance on Rule 144A. In addition, the Buyer will only
      purchase for the Buyer’s own account.

     

    6. Until
      the
      date of purchase of the Certificates, the undersigned will notify the parties
      listed in the Rule 144A Transferee Certificate to which this certification
      relates of any changes in the information and conclusions herein. Until such
      notice is given, the Buyer’s purchase of the Certificates will constitute a
      reaffirmation of this certification by the undersigned as of the date of such
      purchase.

     

    
      	 	
                  
                                                                    
                 

              Print
                Name of Buyer or Adviser

               

              By:    
                                   
                

              Name:

              Title:

               

              IF
                AN ADVISER:

               

                  
                                                  
                         

              Print
                Name of Buyer

               

              Date:    
                      
                              
                

            

    

    
    

    
      
        
        

      

      
        J-2-7

        
          

        

      

      
        
        

      

    

    EXHIBIT
      K

     

    FORM
      OF TRANSFEROR CERTIFICATE

     

    [date]

     

    Greenwich
      Capital Acceptance, Inc.

    600
      Steamboat Road

     

    Greenwich,
      Connecticut 06830

     

    LaSalle
      Bank National Association

    135
      South
      LaSalle Street

    Chicago,
      Illinois 60603

     

    
      	 	
              Re:
                

            	
              Thornburg
                Mortgage Securities Trust 2006-1,
                Mortgage

            

    

    Loan
      Pass-Through Certificates, Series 2006-1, Class A-R 

     

    Ladies
      and Gentlemen:

     

    In
      connection with our proposed transfer of an Ownership Interest in Class A-R
      Certificates, we hereby certify that (a) we have no knowledge that the proposed
      Transferee is not a Permitted Transferee acquiring an Ownership Interest in
      such
      Class A-R Certificate for its own account and not in a capacity as trustee,
      nominee, or agent for another Person, and (b) we have not undertaken the
      proposed transfer in whole or in part to impede the assessment or collection
      of
      tax.

     

     

    
      	 	
              Very
                truly yours,

               

              [_____________________]

               

              By:
                ______________________________

            

    

    
       

      
        
          
          

        

        
          K-1

          
            

          

        

        
          
          

        

      

    

     

    EXHIBIT
      L

     

    TRANSFER
      AFFIDAVIT FOR CLASS A-R CERTIFICATE

    PURSUANT
      TO SECTION 6.02(e)

     

    THORNBURG
      MORTGAGE SECURITIES TRUST 2006-1,

    MORTGAGE
      LOAN PASS-THROUGH CERTIFICATES, SERIES 2006-1, CLASS A-R 

    

    

    
      	
              STATE
                OF 

            	
              )

            	 
	 	
              )

            	
              ss:

            
	
              COUNTY
                OF

            	
              )

            	 

    

    

    The
      undersigned, being first duly sworn, deposes and says as follows:

     

    
      	
              1.

            	
              The
                undersigned is an officer of ______________________, the proposed
                Transferee of a 100% Ownership Interest in the Class A-R Certificate
                (the
                “Certificate”) issued pursuant to the Pooling and Servicing Agreement,
                (the “Agreement”), dated as of January 1, 2006, relating to the
                above-referenced Certificates, among Greenwich Capital Acceptance,
                Inc.,
                as Depositor, Thornburg Mortgage Home Loans, Inc., as Seller, Wells
                Fargo
                Bank, N.A., as Master Servicer, Wilmington Trust Company, as Delaware
                Trustee and LaSalle Bank National Association, as Trustee. Capitalized
                terms used, but not defined herein, shall have the meanings ascribed
                to
                such terms in the Agreement. The Transferee has authorized the undersigned
                to make this affidavit on behalf of the
                Transferee.

            

    

     

    
      	
              2.

            	
              The
                Transferee is, as of the date hereof, and will be, as of the date
                of the
                Transfer, a Permitted Transferee. The Transferee is acquiring its
                Ownership Interest for its own account and not in a capacity as trustee,
                nominee or agent for another party.

            

    

     

    
      	
              3.

            	
              The
                Transferee has been advised of, and understands that (i) a tax will
                be
                imposed on Transfers of the Certificate to Persons that are not Permitted
                Transferees; (ii) such tax will be imposed on the transferor, or,
                if such
                Transfer is through an agent (which includes a broker, nominee or
                middleman) for a Person that is not a Permitted Transferee, on the
                agent;
                and (iii) the Person otherwise liable for the tax shall be relieved
                of
                liability for the tax if the subsequent Transferee furnished to such
                Person an affidavit that such subsequent Transferee is a Permitted
                Transferee and, at the time of Transfer, such Person does not have
                actual
                knowledge that the affidavit is false. The Transferee has provided
                financial statements or other financial information requested by
                the
                Transferor in connection with the transfer of the Certificate to
                permit
                the Transferor to assess the financial capability of the Transferee
                to pay
                such taxes.

            

    

     

    
      	
              4.

            	
              The
                Transferee has been advised of, and understands that a tax may be
                imposed
                on a “pass-through entity” holding the Certificate if, at any time during
                the taxable year of the pass-through entity, a Disqualified Organization
                is the record holder of an interest in such entity. The Transferee
                understands that such tax will not be imposed for any period with
                respect
                to which the record holder furnishes to the pass-through entity an
                affidavit that such record holder is not a Disqualified Organization
                and
                the pass-through entity does not have actual knowledge that such
                affidavit
                is false. (For this purpose, a “pass-through entity” includes a regulated
                investment company, a real estate investment trust or common trust
                fund, a
                partnership, trust or estate, and certain cooperatives and, except
                as may
                be provided in Treasury Regulations, persons holding interests in
                pass-through entities as a nominee for another
                Person.)

            

    

     

    
      
        
        

      

      
        L-1

        
          

        

      

      
        
        

      

    

     

    
      	
              5.

            	
              The
                Transferee has reviewed the provisions of Section 6.02(e) of the
                Agreement
                and understands the legal consequences of the acquisition of an Ownership
                Interest in the Certificate including, without limitation, the
                restrictions on subsequent Transfers and the provisions regarding
                voiding
                the Transfer and mandatory sales. The Transferee expressly agrees
                to be
                bound by and to abide by the provisions of Section 6.02(e) of the
                Agreement and the restrictions noted on the face of the Certificate.
                The
                Transferee understands and agrees that any breach of any of the
                representations included herein shall render the Transfer to the
                Transferee contemplated hereby null and
                void.

            

    

     

    
      	
              6.

            	
              The
                Transferee agrees to require a Transfer Affidavit from any Person
                to whom
                the Transferee attempts to Transfer its Ownership Interest in the
                Certificate, and the Transferee will not Transfer its Ownership Interest
                or cause any Ownership Interest to be Transferred to any Person that
                the
                Transferee knows is not a Permitted Transferee. In connection with
                any
                such Transfer by the Transferee, the Transferee agrees to deliver
                to the
                Trustee a certificate substantially in the form set forth as Exhibit
                K to
                the Agreement (a “Transferor
                Certificate”).

            

    

     

    
      	
              7.

            	
              The
                Transferee does not have the intention to impede the assessment or
                collection of any tax legally required to be paid with respect to
                the
                Certificate.

            

    

     

    
      	8.	
              The
                Transferee’s taxpayer identification number is             .

            

    

     

    
      	
              9.

            	
              The
                Transferee is aware that the Certificate may be a “noneconomic residual
                interest” within the meaning of the REMIC provisions and that the
                transferor of a noneconomic residual interest will remain liable
                for any
                taxes due with respect to the income on such residual interest, unless
                no
                significant purpose of the transfer was to impede the assessment
                or
                collection of tax.

            

    

     

    
      
        
        

      

      
        L-2

        
          

        

      

      
        
        

      

    

     

    IN
      WITNESS WHEREOF, the Transferee has caused this instrument to be executed on
      its
      behalf, pursuant to authority of its Board of Directors, by its duly authorized
      officer and its corporate seal to be hereunto affixed, duly attested, this
          
      day
      of
                  ,
      20  .

     

    
      	 	
              [NAME
                OF TRANSFEREE]

               

              By:                               

              Name:

              Title:

            

    

    
    

    [Corporate
      Seal]

     

    ATTEST:

     

                         
                 

    [Assistant]
      Secretary

     

    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
      Transferee, and acknowledged that he executed the same as his free act and
      deed
      and the free act and deed of the Transferee.

     

    Subscribed
      and sworn before me this     
      day
      of
        
      ,
      20  .

    

    
      	 	                               
              NOTARY
                PUBLIC

               

              My
                Commission expires the     
                day of                 ,
                20  .

            

    

    

    
      
        
        

      

      
        L-3

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      M

     

    FORM
      OF CERTIFICATE OF TRUST

     

    This
      Certificate of Trust of Thornburg Mortgage Securities Trust 2006-1 (the “Trust”)
      is being duly executed and filed by the undersigned, as trustees, to form a
      statutory trust under the Delaware Statutory Trust Act, 12 Del. C.§§
3801
      et seq.
      (the
“Act”).

     

    1. Name.
      The
      name of the statutory trust formed hereby is Thornburg Mortgage Securities
      Trust
      2006-1.

     

    2. Delaware
      Trustee.
      The
      name and the business address of the trustee of the Trust with a principal
      place
      of business in the State of Delaware and County of New Castle is Wilmington
      Trust Company, Rodney Square North, 1100 North Market Street, Wilmington,
      Delaware 19890.

     

    3. Effective
      Date.
      This
      Certificate of Trust shall be effective upon filing with the Secretary of State
      of the State of Delaware.

     

    IN
      WITNESS WHEREOF, the undersigned, being the only trustees of the Trust, have
      duly executed this Certificate of Trust in accordance with Section 3811(a)(1)
      of
      the Act.

     

    
      	 	Wilmington
              Trust Company,
              as
                Delaware Trustee

               

              By:
                ______________________________

              Name: 

              Title: 

               

              LaSalle
                Bank, N.A., as Trustee

              By:
                ______________________________

              Name: 

              Title: 

            

    

    
    

    
      
        
        

      

      
        M-1

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      N

     

    LIST
      OF SERVICERS AND SERVICING AGREEMENTS

     

    
      	1.  	
              Amended
                and Restated Correspondent Loan Purchase Agreement, dated as of March
                25,
                2002, between Thornburg Mortgage Home Loans, Inc. (“Thornburg”) and First
                Republic Bank (“First Republic”), including the related Transfer Notice,
                dated as of January 31, 2006, from Thornburg to First
                Republic.

            

    

     

    
      	2.  	
              Amended
                and Restated Correspondent Loan Purchase Agreement, dated as of March
                27,
                2002, between Thornburg and Colonial National Mortgage (f/k/a Colonial
                Savings, F.A.) (“Colonial”), including the related Transfer Notice, dated
                as of January 31, 2006, from Thornburg to
                Colonial.

            

    

     

    
      	3.  	
              Servicing
                Agreement, dated as of March 1, 2002, among Thornburg, as seller
                and
                servicer and Wells Fargo Bank, N.A. (“Wells Fargo”), as master servicer,
                as amended by the Second Amendment to Servicing Agreement, dated
                as of
                December 1, 2002, and by the Amendment to Servicing Agreement, dated
                as of
                January 31, 2006, and (b) the Subservicing Acknowledgement Agreement,
                dated as of March 1, 2002, between Thornburg, as servicer, and Cenlar
                FSB,
                as sub-servicer (“Cenlar”), as amended by the Amendment to Subservicing
                Acknowledgement Agreement, dated as of December 1, 2002, and by the
                Amendment to Subservicing Acknowledgement Agreement, dated as of
                January
                1, 2006, including the related Transfer Notice, dated as of January
                31,
                2006, from Thornburg, as seller, to Thornburg, as servicer, and Cenlar,
                as
                sub-servicer.

            

    

     

    
      	4.  	
              Reconstituted
                Servicing Agreement, dated as of January 1, 2006, by and among Thornburg
                and Wells Fargo, as servicer, and acknowledged by Wells Fargo, as
                master
                servicer, and LaSalle Bank National Association (“LaSalle”), as
                trustee,
                relating to the Amended and Restated Seller’s Warranties and Servicing
                Agreement dated as of November 1, 2005, between EMC Mortgage Corporation
                (“EMC”) and Wells Fargo, as amended by the Purchase, Assignment,
                Assumption and Recognition Agreement dated as of January 25, 2006,
                among
                EMC, Wells Fargo and Thornburg.

            

    

     

    
      	5.  	
              Reconstituted
                Servicing Agreement, dated as of January 1, 2006, by and among Thornburg
                and Wells Fargo, as servicer, and acknowledged by Wells Fargo, as
                master
                servicer, and LaSalle, as trustee,
                relating to the Amended and Restated Master Seller’s Warranties and
                Servicing Agreement dated as of December 1, 2005, between Bank of
                America,
                National Association (“BofA”) and Wells Fargo, as amended by the
                Assignment, Assumption and Recognition Agreement dated as of January
                26,
                2006, among BofA, Wells Fargo and
                Thornburg.

            

    

     

    
      	6.  	
              Reconstituted
                Servicing Agreement, dated as of January 1, 2006, by and among Thornburg
                and Countrywide Home Loans, Inc. (“Countrywide”), as servicer, and
                acknowledged by Wells Fargo, as master servicer, and LaSalle, as
                trustee,
                relating to the Mortgage Loan Purchase and Servicing Agreement dated
                as of
                September 1, 2005, between Thornburg and Countrywide, as amended
                by
                Amendment Reg AB dated as of January 4, 2006, by and between Countrywide
                and Thornburg.

            

    

     

    
      
        
        

      

      
        N-1

        
          

        

      

      
        
        

      

    

     

     

    
      	7.  	
              Reconstituted
                Servicing Agreement, dated as of January 1, 2006, by and among Thornburg
                and Countrywide Home Loans Servicing LP (“Countrywide Servicing”), as
                servicer, and acknowledged by Wells Fargo, as master servicer, and
                LaSalle, as trustee,
                relating to Amended and Restated Servicing Agreement dated as of
                December
                1, 2005, between J.P. Morgan Mortgage Acquisition Corp. (“J.P. Morgan
                Acquisition”) and Countrywide Servicing, as amended by the Assignment,
                Assumption and Recognition Agreement dated as of January 30, 2006,
                among
                J.P. Morgan Acquisition, Countrywide Servicing and
                Thornburg.

            

    

     

    
      	8.  	
              Reconstituted
                Servicing Agreement, dated as of January 1, 2006, by and among Thornburg
                and JPMorgan Chase Bank, National Association (“Chase”), as servicer, and
                acknowledged by Wells Fargo, as master servicer, and LaSalle, as
                trustee,
                relating to the Flow Servicing Agreement dated as of September 1,
                2005,
                between Thornburg and Chase, as amended by Amendment Reg AB dated
                as of
                January 1, 2006, by and between Chase and
                Thornburg.

            

    

     

    
      	9.  	
              Reconstituted
                Servicing Agreement, dated as of January 1, 2006, by and among Thornburg
                and PHH Mortgage Corporation (“PHH Mortgage”), as servicer, and
                acknowledged by Wells Fargo, as master servicer, and LaSalle, as
                trustee,
                relating to the Amended and Restated Mortgage Loan Flow Purchase,
                Sale and
                Servicing Agreement dated as of January 1, 2006, between PHH Mortgage,
                Bishops Gate Residential Mortgage Trust (“Bishops Gate”) and J.P. Morgan
                Acquisition, as amended by the Assignment, Assumption and Recognition
                Agreement dated as of January 30, 2006, among PHH Mortgage, Bishops
                Gate,
                J.P. Morgan Acquisition and
                Thornburg.

            

    

     

    
      	10.  	
              Reconstituted
                Servicing Agreement, dated as of January 1, 2006, by and among Thornburg
                and BofA, as servicer, and acknowledged by Wells Fargo, as master
                servicer, and LaSalle, as trustee,
                relating to the Flow Mortgage Loan Sale and Servicing Agreement dated
                as
                of November 1, 2005, between Thornburg and BofA, as amended by Amendment
                Reg AB dated as of January 26, 2006, by and between BofA and
                Thornburg.

            

    

     

    
      
        
        

      

      
        N-2

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      O

    NOTICE
      OF EXERCISE OF OPTIONAL SECURITIES PURCHASE RIGHT

     

    

    Date__________________

    

    [TRUSTEE]

    

    [SECURITIES
      ADMINISTRATOR]

    

    [RATING
      AGENCIES]

    

    [MASTER
      SERVICER]

     

    
      	 	
              Re:

            	
              Thornburg
                Mortgage Securities Trust 2006-1

            

    

    

    Ladies
      and Gentlemen:

    

    Pursuant
      to the terms of the Pooling and Servicing Agreement (the “Agreement”), dated as
      of January 1, 2006, among Greenwich Capital Acceptance, Inc., as depositor,
      Thornburg Mortgage Home Loans, Inc., Wells Fargo Bank, N.A., as master servicer
      and securities administrator, LaSalle Bank National Association, as trustee,
      and
      Wilmington Trust Company, as Delaware trustee, we hereby give notice of our
      exercise of the Optional Securities Purchase Right. We intend to purchase the
      outstanding Certificates on the Distribution Date in ______ 20__. [We appoint
      __________________ as designee to purchase the Class A-R
      Certificates.]

     

    
      	 	
               Very
                truly yours,

               

              THORNBURG
                MORTGAGE, INC.

               

               

              By:
                 ____________________________      
                

              Authorized
                Officer

            

    

    
    

    
      
        
        

      

      
        O-1

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      P

     

    [Reserved]

    
      
        
        

      

      
        P-1

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      Q

     

    SERVICING
      CRITERIA

     

    

    The
      assessment of compliance to be delivered by Wells Fargo Bank, N.A. (“Wells
      Fargo”), in its capacities as Master Servicer and Securities Administrator,
      shall address, at a minimum, the criteria identified below as “Applicable
      Servicing Criteria”:

     

    
      	
              Servicing
                Criteria

            	
              Applicable

              Servicing

              Criteria
                for Wells Fargo

            
	
               

              Reference

            	
               

              Criteria

            	 
	 	
               

              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 mortgage loans are maintained.

            	 
	
              1122(d)(1)(iv)

            	
               

              A
                fidelity bond and errors and omissions policy is in effect on the
                party
                participating in the servicing function throughout the reporting
                period in
                the amount of coverage required by and otherwise in accordance with
                the
                terms of the transaction agreements.

            	
               X

            
	 	
               

              Cash
                Collection and Administration

            	 
	
              1122(d)(2)(i)

            	
               

              Payments
                on mortgage loans are deposited into the appropriate custodial bank
                accounts and related bank clearing accounts no more than two business
                days
                following receipt, or such other number of days specified in the
                transaction agreements.

            	
              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

            
	
              1122(d)(2)(iii)

            	
               

              Advances
                of funds or guarantees regarding collections, cash flows or distributions,
                and any interest or other fees charged for such advances, are made,
                reviewed and approved as specified in the transaction
                agreements.

            	
              X

            
	
              1122(d)(2)(iv)

            	
               

              The
                related accounts for the transaction, such as cash reserve accounts
                or
                accounts established as a form of overcollateralization, are separately
                maintained (e.g., with respect to commingling of cash) as set forth
                in the
                transaction agreements.

            	
              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

            

    

     

    
      
        
        

      

      
        Q-1

        
          

        

      

      
        
        

      

    

    
       

      
        	
                Servicing
                  Criteria

              	
                Applicable

                Servicing

                Criteria
                  for Wells Fargo

              
	
                 

                Reference

              	
                 

                Criteria

              	 

      

    

    
      	
              1122(d)(2)(vi)

            	
               

              Unissued
                checks are safeguarded so as to prevent unauthorized
                access.

            	
              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

            
	 	
               

              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 mortgage loans serviced by the
                Servicer.

            	
              X

            
	
              1122(d)(3)(ii)

            	
               

              Amounts
                due to investors are allocated and remitted in accordance with timeframes,
                distribution priority and other terms set forth in the transaction
                agreements.

            	
              X

            
	
              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

            
	
              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

            
	 	
               

              Pool
                Asset Administration

            	 
	
              1122(d)(4)(i)

            	
               

              Collateral
                or security on mortgage loans is maintained as required by the transaction
                agreements or related mortgage loan documents.

            	
               

            
	
              1122(d)(4)(ii)

            	
               

              Mortgage
                loan 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 mortgage loans, including any payoffs, made in accordance with
                the
                related mortgage loan documents are posted to the Servicer’s obligor
                records maintained no more than two business days after receipt,
                or such
                other number of days specified in the transaction agreements, and
                allocated to principal, interest or other items (e.g., escrow) in
                accordance with the related mortgage loan documents.

            	 

    

     

    
      
        
        

      

      
        Q-2

        
          

        

      

      
        
        

      

    

    
       

      
        	
                Servicing
                  Criteria

              	
                Applicable

                Servicing

                Criteria
                  for Wells Fargo

              
	
                 

                Reference

              	
                 

                Criteria

              	 

      

    

    
      	
              1122(d)(4)(v)

            	
               

              The
                Servicer’s records regarding the mortgage loans agree with the Servicer’s
                records with respect to an obligor’s unpaid principal
                balance.

            	 
	
              1122(d)(4)(vi)

            	
               

              Changes
                with respect to the terms or status of an obligor’s mortgage loans (e.g.,
                loan modifications or re-agings) are made, reviewed and approved
                by
                authorized personnel in accordance with the transaction agreements
                and
                related pool asset documents.

            	 
	
              1122(d)(4)(vii)

            	
               

              Loss
                mitigation or recovery actions (e.g., forbearance plans, modifications
                and
                deeds in lieu of foreclosure, foreclosures and repossessions, as
                applicable) are initiated, conducted and concluded in accordance
                with the
                timeframes or other requirements established by the transaction
                agreements.

            	 
	
              1122(d)(4)(viii)

            	
               

              Records
                documenting collection efforts are maintained during the period a
                mortgage
                loan is delinquent in accordance with the transaction agreements.
                Such
                records are maintained on at least a monthly basis, or such other
                period
                specified in the transaction agreements, and describe the entity’s
                activities in monitoring delinquent mortgage loans including, for
                example,
                phone calls, letters and payment rescheduling plans in cases where
                delinquency is deemed temporary (e.g., illness or
                unemployment).

            	 
	
              1122(d)(4)(ix)

            	
               

              Adjustments
                to interest rates or rates of return for mortgage loans with variable
                rates are computed based on the related mortgage loan
                documents.

            	 
	
              1122(d)(4)(x)

            	
               

              Regarding
                any funds held in trust for an obligor (such as escrow accounts):
                (A) such
                funds are analyzed, in accordance with the obligor’s mortgage loan
                documents, on at least an annual basis, or such other period specified
                in
                the transaction agreements; (B) interest on such funds is paid, or
                credited, to obligors in accordance with applicable mortgage loan
                documents and state laws; and (C) such funds are returned to the
                obligor
                within 30 calendar days of full repayment of the related mortgage
                loans,
                or such other number of days specified in the transaction
                agreements.

            	 
	
              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

            
	 	 	 

    

     

    
      
        
        

      

      
        Q-3

        
          

        

      

      
        
        

      

    

     

    The
      assessment of compliance to be delivered by LaSalle Bank, National Association
      (“LaSalle”), in its capacity as Custodian, shall address, at a minimum, the
      criteria identified below as “Applicable Servicing Criteria”:

     

    
      	
              Servicing
                Criteria

            	
              Applicable

              Servicing

              Criteria
                for LaSalle

            
	
               

              Reference

            	
               

              Criteria

            	 
	 	
               

              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.

            	 
	
              1122(d)(1)(ii)

            	
               

              If
                any material servicing activities are outsourced to third parties,
                policies and procedures are instituted to monitor the third party’s
                performance and compliance with such servicing activities.

            	 
	
              1122(d)(1)(iii)

            	
               

              Any
                requirements in the transaction agreements to maintain a back-up
                servicer
                for the mortgage loans are maintained.

            	 
	
              1122(d)(1)(iv)

            	
               

              A
                fidelity bond and errors and omissions policy is in effect on the
                party
                participating in the servicing function throughout the reporting
                period in
                the amount of coverage required by and otherwise in accordance with
                the
                terms of the transaction agreements.

            	 
	 	
               

              Cash
                Collection and Administration

            	 
	
              1122(d)(2)(i)

            	
               

              Payments
                on mortgage loans are deposited into the appropriate custodial bank
                accounts and related bank clearing accounts no more than two business
                days
                following receipt, or such other number of days specified in the
                transaction agreements.

            	 
	
              1122(d)(2)(ii)

            	
               

              Disbursements
                made via wire transfer on behalf of an obligor or to an investor
                are made
                only by authorized personnel.

            	 
	
              1122(d)(2)(iii)

            	
               

              Advances
                of funds or guarantees regarding collections, cash flows or distributions,
                and any interest or other fees charged for such advances, are made,
                reviewed and approved as specified in the transaction
                agreements.

            	 
	
              1122(d)(2)(iv)

            	
               

              The
                related accounts for the transaction, such as cash reserve accounts
                or
                accounts established as a form of overcollateralization, are separately
                maintained (e.g., with respect to commingling of cash) as set forth
                in the
                transaction agreements.

            	 
	
              1122(d)(2)(v)

            	
               

              Each
                custodial account is maintained at a federally insured depository
                institution as set forth in the transaction agreements. For purposes
                of
                this criterion, “federally insured depository institution” with respect to
                a foreign financial institution means a foreign financial institution
                that
                meets the requirements of Rule 13k-1(b)(1) of the Securities Exchange
                Act.

            	 
	
              1122(d)(2)(vi)

            	
               

              Unissued
                checks are safeguarded so as to prevent unauthorized
                access.

            	 
	
              1122(d)(2)(vii)

            	
               

              Reconciliations
                are prepared on a monthly basis for all asset-backed securities related
                bank accounts, including custodial accounts and related bank clearing
                accounts. These reconciliations are (A) mathematically accurate;
                (B)
                prepared within 30 calendar days after the bank statement cutoff
                date, or
                such other number of days specified in the transaction agreements;
                (C)
                reviewed and approved by someone other than the person who prepared
                the
                reconciliation; and (D) contain explanations for reconciling items.
                These
                reconciling items are resolved within 90 calendar days of their original
                identification, or such other number of days specified in the transaction
                agreements.

            	 

    

     

    
      
        
        

      

      
        Q-4

        
          

        

      

      
        
        

      

    

    
       

      
        	
                Servicing
                  Criteria

              	
                Applicable

                Servicing

                Criteria
                  for Wells Fargo

              
	
                 

                Reference

              	
                 

                Criteria

              	 

      

    

    
      	 	
               

              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 mortgage loans serviced by the
                Servicer.

            	 
	
              1122(d)(3)(ii)

            	
               

              Amounts
                due to investors are allocated and remitted in accordance with timeframes,
                distribution priority and other terms set forth in the transaction
                agreements.

            	 
	
              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.

            	 
	
              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.

            	 
	 	
               

              Pool
                Asset Administration

            	 
	
              1122(d)(4)(i)

            	
               

              Collateral
                or security on mortgage loans is maintained as required by the transaction
                agreements or related mortgage loan documents.

            	
              X

            
	
              1122(d)(4)(ii)

            	
               

              Mortgage
                loan and related documents are safeguarded as required by the transaction
                agreements.

            	
              X

            
	
              1122(d)(4)(iii)

            	
               

              Any
                additions, removals or substitutions to the asset pool are made,
                reviewed
                and approved in accordance with any conditions or requirements in
                the
                transaction agreements.

            	
              X

            
	
              1122(d)(4)(iv)

            	
               

              Payments
                on mortgage loans, including any payoffs, made in accordance with
                the
                related mortgage loan documents are posted to the Servicer’s obligor
                records maintained no more than two business days after receipt,
                or such
                other number of days specified in the transaction agreements, and
                allocated to principal, interest or other items (e.g., escrow) in
                accordance with the related mortgage loan documents.

            	 
	
              1122(d)(4)(v)

            	
               

              The
                Servicer’s records regarding the mortgage loans agree with the Servicer’s
                records with respect to an obligor’s unpaid principal
                balance.

            	 
	
              1122(d)(4)(vi)

            	
               

              Changes
                with respect to the terms or status of an obligor’s mortgage loans (e.g.,
                loan modifications or re-agings) are made, reviewed and approved
                by
                authorized personnel in accordance with the transaction agreements
                and
                related pool asset documents.

            	 
	
              1122(d)(4)(vii)

            	
               

              Loss
                mitigation or recovery actions (e.g., forbearance plans, modifications
                and
                deeds in lieu of foreclosure, foreclosures and repossessions, as
                applicable) are initiated, conducted and concluded in accordance
                with the
                timeframes or other requirements established by the transaction
                agreements.

            	 

    

     

    
      
        
        

      

      
        Q-5

        
          

        

      

      
        
        

      

    

    
       

      
        	
                Servicing
                  Criteria

              	
                Applicable

                Servicing

                Criteria
                  for Wells Fargo

              
	
                 

                Reference

              	
                 

                Criteria

              	 

      

    

    
      	
              1122(d)(4)(viii)

            	
               

              Records
                documenting collection efforts are maintained during the period a
                mortgage
                loan is delinquent in accordance with the transaction agreements.
                Such
                records are maintained on at least a monthly basis, or such other
                period
                specified in the transaction agreements, and describe the entity’s
                activities in monitoring delinquent mortgage loans including, for
                example,
                phone calls, letters and payment rescheduling plans in cases where
                delinquency is deemed temporary (e.g., illness or
                unemployment).

            	 
	
              1122(d)(4)(ix)

            	
               

              Adjustments
                to interest rates or rates of return for mortgage loans with variable
                rates are computed based on the related mortgage loan
                documents.

            	 
	
              1122(d)(4)(x)

            	
               

              Regarding
                any funds held in trust for an obligor (such as escrow accounts):
                (A) such
                funds are analyzed, in accordance with the obligor’s mortgage loan
                documents, on at least an annual basis, or such other period specified
                in
                the transaction agreements; (B) interest on such funds is paid, or
                credited, to obligors in accordance with applicable mortgage loan
                documents and state laws; and (C) such funds are returned to the
                obligor
                within 30 calendar days of full repayment of the related mortgage
                loans,
                or such other number of days specified in the transaction
                agreements.

            	 
	
              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.

            	 
	
              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.

            	 
	 	 	 

    

     

    
      
        
        

      

      
        Q-6

        
          

        

      

      
        
        

      

       

    

    EXHIBIT
      R

     

    ADDITIONAL
      FORM 10-D DISCLOSURE

    

    
      	
              Item
                on Form 10-D

            	
              Party
                Responsible 

            
	
              Item
                1: Distribution and Pool Performance Information

               

              Any
                information required by 1121 which is NOT included on the Monthly
                Statement

            	
              Servicer

              Securities
                Administrator

              Master
                Servicer Depositor

            
	
              Item
                2: Legal Proceedings

               

              per
                Item 1117 of Reg AB

            	
              (i)
                All parties to the PSA (as to themselves), (ii) the Securities
                Administrator and Trustee as to the issuing entity, (iii) the Depositor
                as
                to the sponsor, any 1110(b) originator, any 1100(d)(1)
                party

            
	
              Item
                3: Sale of Securities and Use of Proceeds

            	
              Depositor

            
	
              Item
                4: Defaults Upon Senior Securities

            	
              Securities
                Administrator

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

            	
              Securities
                Administrator

            
	
              Item
                6: Significant Obligors of Pool Assets

            	
              Not
                Applicable

            
	
              Item
                7: Significant Enhancement Provider Information

            	
              Depositor

            
	
              Item
                8: Other Information

            	
              Any
                party responsible for disclosure items on Form 8-K

            
	
              Item
                9: Exhibits

            	
              Securities
                Administrator/Depositor

            
	 	 

    

     

    
      
        
        

      

      
        R-1

        
          

        

      

      
        
        

      

    

    EXHIBIT
      S

     

    ADDITIONAL
      FORM 10-K DISCLOSURE

    
      	
              Item
                on Form 10-K

            	
              Party
                Responsible 

            
	
              Item
                1B: Unresolved Staff Comments

               

            	
              Depositor

            
	
              Item
                9B: Other Information

            	
              Any
                party responsible for disclosure items on Form 8-K

            
	
              Item
                15: Exhibits, Financial Statement Schedules

            	
              Securities
                Administrator

              Depositor

            
	
              Additional
                Item:

               

              Disclosure
                per Item 1117 of Reg AB

            	
              (i)
                All parties to the PSA (as to themselves), (ii) the Securities
                Administrator and Master Servicer as to the issuing entity, (iii)
                the
                Depositor as to the sponsor, any 1110(b) originator, any 1100(d)(1)
                party

            
	
              Additional
                Item:

              Disclosure
                per Item 1119 of Reg AB

            	
              (i)
                All parties to the Pooling and Servicing Agreement as to themselves,
                (ii)
                the Depositor as to the sponsor, originator, significant obligor,
                enhancement or support provider

            
	
              Additional
                Item:

              Disclosure
                per Item 1112(b) of Reg AB

            	
              
                Not
                  Applicable

              

            
	
              Additional
                Item:

              Disclosure
                per Items 1114(b) and 1115(b) of Reg AB

            	
              Depositor

            
	 	 

    

     

    
      
        
        

      

      
        S-1

        
          

        

      

      
        
        

      

    

    EXHIBIT
      T

     

    ADDITIONAL
      FORM 8-K DISCLOSURE

     

    
      	
              Item
                on Form 8-K

            	
              Party
                Responsible 

            
	
              Item
                1.01- Entry into a Material Definitive Agreement

            	
              All
                parties

            
	
              Item
                1.02- Termination of a Material Definitive Agreement

            	
              All
                parties

            
	
              Item
                1.03- Bankruptcy or Receivership

            	
              Depositor

            
	
              Item
                2.04- Triggering Events that Accelerate or Increase a Direct Financial
                Obligation or an Obligation under an Off-Balance Sheet
                Arrangement

            	
              Depositor

            
	
              Item
                3.03- Material Modification to Rights of Security Holders

            	
              Securities
                Administrator

            
	
              Item
                5.03- Amendments of Articles of Incorporation or Bylaws; Change of
                Fiscal
                Year

            	
              Depositor

            
	
              Item
                6.01- ABS Informational and Computational Material

            	
              Depositor

            
	
              Item
                6.02- Change of Servicer or Securities Administrator

            	
              Servicer/Master
                Servicer, Securities Administrator

            
	
              Item
                6.03- Change in Credit Enhancement or External Support

            	
              Depositor

            
	
              Item
                6.04- Failure to Make a Required Distribution

            	
              Securities
                Administrator

            
	
              Item
                6.05- Securities Act Updating Disclosure

            	
              Depositor

            
	
              Item
                7.01- Reg FD Disclosure

            	
              Depositor

            
	
              Item
                8.01

            	
              Depositor

            
	
              Item
                9.01

            	
              Depositor

            
	 	 

    

    
       

      
        
        

      

      
        T-1

        
          

        

      

      
        
        

      

    

    EXHIBIT
      U

     

    Additional
      Disclosure Notification

     

    Wells
      Fargo Bank, N.A. as Securities Administrator 

    Old
      Annapolis Road

    Columbia,
      Maryland 21045

    Fax:
      (410) 715-2380

    E-mail:
      cts.sec.notifications@wellsfargo.com

     

    Attn:
      Corporate Trust Services - THORNBURG MORTGAGE TRUST 2006-1-SEC REPORT
      PROCESSING

     

    RE: 
      Additional Form [ ] Disclosure Required

     

    Ladies
      and Gentlemen:

     

    In
      accordance with Section 3.19(a)(ii) of the Pooling and Servicing Agreement
      dated
      as of January 1, 2006 by and among the Greenwich Capital Assistance, Inc.,
      as
      depositor, Thornburg Mortgage Home Loans, Inc., as seller, Wells Fargo Bank,
      N.A., as master servicer and securities administrator, the Wilmington Trust
      Company, as Delaware trustee and LaSalle Bank, National Association, as trustee,
      the undersigned, as [ ], hereby notifies you that certain events have come
      to
      our attention that [will][may] need to be disclosed on Form [10-D
      ][10-K][8-K].

     

    Description
      of Additional Form [ ] 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:

            

    

     

    
      
        
        

      

      
        U-1

        
          

        

      

      
        
        

      

    

    SCHEDULE
      I

     

    MORTGAGE
      LOAN SCHEDULE

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    SCHEDULE
      II

     

    CONVERTED
      MORTGAGE LOAN SCHEDULE

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    SCHEDULE
      III

     

    MODIFIED
      MORTGAGE LOAN SCHEDULE

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    SCHEDULE
      IV

     

    THREE-YEAR
      HYBRID MORTGAGE LOAN SCHEDULE

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    SCHEDULE
      V

     

    FIVE-YEAR
      HYBRID MORTGAGE LOAN SCHEDULE

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

       

    

    SCHEDULE
      VI

     

    SEVEN-YEAR
      HYBRID MORTGAGE LOAN SCHEDULE

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    SCHEDULE
      VII

     

    TEN-YEAR
      HYBRID MORTGAGE LOAN SCHEDULEEXECUTION

      

       

       

      

       

      GREENWICH
        CAPITAL ACCEPTANCE, INC.,

       

      as
        Purchaser

       

      and

       

      THORNBURG
        MORTGAGE HOME LOANS, INC.,

      

       

      as
        Seller

       

      

       

      MORTGAGE
        LOAN PURCHASE AGREEMENT

       

      Dated
        as
        of January 1, 2006

       

      Hybrid
        Mortgage Loans

       

      Thornburg
        Mortgage Securities Trust 2006-1

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      Table
        of Contents

      Page

      

      
        	
                ARTICLE
                  I. DEFINITIONS AND SCHEDULES

              	
                1

              
	 	 
	
                Section
                  1.01.

              	
                Definitions

              	
                1

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

              	
                2

              
	 	 
	
                Section
                  2.01.

              	
                Sale
                  of Mortgage Loans

              	
                2

              
	
                Section
                  2.02.

              	
                Obligations
                  of the Seller Upon Sale

              	
                2

              
	
                Section
                  2.03.

              	
                Payment
                  of Purchase Price for the Mortgage Loans

              	
                3

              
	 	 	 
	
                ARTICLE
                  III. REPRESENTATIONS AND WARRANTIES; REMEDIES FOR BREACH

              	
                3

              
	 	 
	
                Section
                  3.01

              	
                Seller
                  Representations and Warranties Relating to the Mortgage
                  Loans

              	
                3

              
	
                Section
                  3.02.

              	
                Seller’s
                  Representations and Warranties

              	
                3

              
	
                Section
                  3.03

              	
                Remedies
                  for Breach of Representations and Warranties

              	
                5

              
	 	 	 
	
                ARTICLE
                  IV. SELLER’S COVENANTS

              	
                5

              
	 	 
	
                Section
                  4.01.

              	
                Covenants
                  of the Seller

              	
                5

              
	 	 	 
	
                ARTICLE
                  V. INDEMNIFICATION

              	
                6

              
	 	 
	
                Section
                  5.01.

              	
                Indemnification

              	
                6

              
	 	 	 
	
                ARTICLE
                  VI. TERMINATION

              	
                6

              
	 	 
	
                Section
                  6.01.

              	
                Termination

              	
                6

              
	 	 	 
	
                ARTICLE
                  VII. MISCELLANEOUS PROVISIONS

              	
                6

              
	 	 
	
                Section
                  7.01.

              	
                Amendment

              	
                6

              
	
                Section
                  7.02.

              	
                Governing
                  Law

              	
                6

              
	
                Section
                  7.03.

              	
                Notices

              	
                6

              
	
                Section
                  7.04.

              	
                Severability
                  of Provisions

              	
                7

              
	
                Section
                  7.05.

              	
                Counterparts

              	
                7

              
	
                Section
                  7.06.

              	
                Further
                  Agreements

              	
                7

              
	
                Section
                  7.07.

              	
                Intention
                  of the Parties

              	
                7

              
	
                Section
                  7.08.

              	
                Successors
                  and Assigns: Assignment of Purchase Agreement

              	
                8

              
	
                Section
                  7.09.

              	
                Survival

              	
                8

              

      

      

      
        	
                Schedule
                  I:

              	
                Mortgage
                  Loan Schedule.

              	
                I-1

              
	
                Schedule
                  II:

              	
                List
                  of Servicers and Servicing Agreements

              	
                II-1

              
	
                Schedule
                  III:

                 

              	
                Seller’s
                  Representations and Warranties Relating to Mortgage Loans.

                 

              	
                III-1

                 

              

      

      

       

      
        
          i

        

        
          
          

          
            

          

        

        
          
          

        

      

      THIS
        MORTGAGE LOAN PURCHASE AGREEMENT, dated as of January 1, 2006 (the “Agreement”),
        is
        made and entered into between Thornburg Mortgage Home Loans, Inc. (the
“Seller”)
        and
        Greenwich Capital Acceptance, Inc. (the “Purchaser”).

       

      WITNESSETH

       

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

       

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

       

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

       

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

       

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

       

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

       

      ARTICLE
        I.

       

      DEFINITIONS
        AND SCHEDULES

       

      Section
        1.01.  Definitions. Any
        capitalized term used but not defined herein and below shall have the meaning
        assigned thereto in the Pooling and Servicing Agreement, the related Preliminary
        Prospectus Supplement dated January 25, 2006 (the “Preliminary
        Prospectus Supplement”)
        to the
        Prospectus dated September 26, 2005 (the “Prospectus”),
        the
        related Final Prospectus Supplement dated January 30, 2006 (the “Final
        Prospectus Supplement”)
        to the
        Prospectus or the related Private Placement Memorandum dated January 30,
        2006
        (the “Memorandum”).

       

      

      
        
          
          

        

        
          1

          
            

          

        

        
          
          

        

      

      ARTICLE
        II.

       

      

       

      SALE
        OF
        MORTGAGE LOANS; PAYMENT OF PURCHASE PRICE

       

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

       

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

       

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

       

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

       

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

       

      
        
          
          

        

        
          2

          
            

          

        

        
          
          

        

      

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

       

      The
        parties hereto intend that the transaction set forth herein be a non-recourse
        sale by the Seller to the Purchaser of all of the Seller’s right, title and
        interest in, to and under the Mortgage Loans and other property described
        in
        Section 2.01. Nonetheless, in the event the transaction set forth herein
        is
        deemed not to be a sale, the Seller hereby grants to the Purchaser a security
        interest in all of the Seller’s right, title and interest in, to and under the
        Mortgage Loans and other property described in Section 2.01, whether now
        existing or hereafter created, to secure all of the Seller’s obligations
        hereunder; and this Agreement shall constitute a security agreement under
        applicable law. The Seller and the Purchaser shall, to the extent consistent
        with this Agreement, take such actions as may be necessary to ensure that,
        if
        this Agreement were deemed to create a security interest in the Mortgage
        Loans,
        such security interest would be deemed to be a perfected security interest
        of
        first priority under applicable law and will be maintained as such throughout
        the term of the Pooling and Servicing Agreement.

       

      Section
        2.03.  Payment
        of Purchase Price for the Mortgage Loans. In
        consideration of the sale of the Mortgage Loans from the Seller to the Purchaser
        on the Closing Date, the Purchaser agrees to pay to the Seller on the Closing
        Date by transfer of immediately available funds, an amount equal to
        $1,911,469,449.90 (which amount includes accrued interest) (the “Purchase
        Price”).
        The
        Seller shall pay, and be billed directly for, the amounts set forth in the
        Thornburg Securitization Engagement Letter dated October 18, 2001, including
        all
        reasonable expenses incurred by the Purchaser in connection with the issuance
        of
        the Certificates, including, without limitation, printing fees incurred in
        connection with the Preliminary Prospectus Supplement, the Final Prospectus
        Supplement and the Memorandum relating to the Certificates, fees and expenses
        of
        Purchaser’s counsel, fees of the rating agencies requested to rate the
        Certificates, accountant’s fees and expenses and the fees and expenses of the
        Trustee and other out-of-pocket costs, if any.

       

      ARTICLE
        III.

       

      REPRESENTATIONS
        AND WARRANTIES; REMEDIES FOR BREACH

       

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

       

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

       

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

       

      
        
          
          

        

        
          3

          
            

          

        

        
          
          

        

      

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

      
        
          
          

        

        
          4

          
            

          

        

        
          
          

        

      

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

       

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

       

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

       

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

       

      ARTICLE
        IV.

       

      SELLER’S
        COVENANTS

       

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

       

      
        
          
          

        

        
          5

          
            

          

        

        
          
          

        

      

       

      ARTICLE
        V.

       

      INDEMNIFICATION

       

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

       

      ARTICLE
        VI.

       

      TERMINATION

       

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

       

      ARTICLE
        VII.

       

      MISCELLANEOUS
        PROVISIONS

       

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

       

      Section
        7.02.  Governing
        Law. This
        Agreement shall be governed by and construed in accordance with the laws
        of the
        State of New York, without reference to its conflict of law provisions (other
        than Section 5-1401 of the General Obligations Law), and the obligations,
        rights
        and remedies of the parties hereunder shall be determined in accordance with
        such laws.

       

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

       

      if
        to the
        Seller:

       

      Thornburg
        Mortgage Home Loans, Inc.

      150
        Washington Avenue, Suite 302

      Santa
        Fe,
        New Mexico 87501

      Attention:
        Deborah Burns

      

      
        
          
          

        

        
          6

          
            

          

        

        
          
          

        

      

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

       

      if
        to the
        Purchaser:

       

      Greenwich
        Capital Acceptance, Inc.

      600
        Steamboat Road

      Greenwich,
        Connecticut 06830

      Attention:
        Legal Department

       

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

       

      Section
        7.04.  Severability
        of Provisions. 
        If any
        one or more of the covenants, agreements, provisions or terms of this Agreement
        shall be held invalid for any reason whatsoever, then such covenants,
        agreements, provisions or terms shall be deemed severable from the remaining
        covenants, agreements, provisions or terms of this Agreement and shall in
        no way
        affect the validity of enforceability of the other provisions of this
        Agreement.

       

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

       

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

       

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

       

      Section
        7.07.  Intention
        of the Parties. It
        is the
        intention of the parties that the Purchaser is purchasing, and the Seller
        is
        selling, the Mortgage Loans rather than pledging such Mortgage Loans to secure
        a
        loan by the Purchaser to the Seller. Accordingly, the parties hereto each
        intend
        to treat the transaction as a sale by the Seller, and a purchase by the
        Purchaser, of the Mortgage Loans. The Purchaser will have the right to review
        the Mortgage Loans and the related Mortgage Files to determine the
        characteristics of the Mortgage Loans which will affect the Federal income
        tax
        consequences of owning the Mortgage Loans and the Seller will cooperate with
        all
        reasonable requests made by the Purchaser in the course of such
        review.

       

      
        
          
          

        

        
          7

          
            

          

        

        
          
          

        

      

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

       

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

       

      
        
          
          

        

        
          8

          
            

          

        

        
          
          

        

      

      

       

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

       

      GREENWICH
        CAPITAL ACCEPTANCE, INC.,

       

      as
        Purchaser

       

      By:
        /s/ Shakti Radhakishun  

      Name:
        Shakti Radhakishun

      Title:
        Senior Vice President

       

      THORNBURG
        MORTGAGE HOME LOANS, INC.,

       

      as
        Seller

       

      By:
        /s/ Deborah J. Burns   

      Name:
        Deborah J. Burns

      Title:
        Senior Vice President

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      STATE
        OF CONNECTICUT )

      )ss.:

      COUNTY
        OF FAIRFIELD    )

       

      On
        the 26th day of January, 2006 before me, a Notary Public in and for said
        State, personally appeared Shakti Radhakishun, known to me to be a Senior
        Vice
        President of GREENWICH CAPITAL ACCEPTANCE, INC., the corporation that executed
        the within instrument, and also known to me to be the person who executed
        it on
        behalf of said corporation, and acknowledged to me that such corporation
        executed the within instrument.

       

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

       

      /s/
        Kimberly J. Donnelly

      Notary
        Public

       

      My
        Commission Expires on 6/30/09

       

      Kimberly
        J. Donnelly

      Notary
        Public

      My
        Commission Expires on 6/30/09

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      STATE
        OF NEW MEXICO    )

      )ss.:

      COUNTY
        OF SANTE FE      )

       

      On
        the 30th day of January, 2006 before me, a notary public in and for said
        State, personally appeared Deborah J. Burns, known to me to be a Senior Vice
        President of THORNBURG MORTGAGE HOME LOANS, INC., a Delaware corporation
        that
        executed the within instrument, and also known to me to be the person who
        executed it on behalf of said corporation, and acknowledged to me that such
        corporation executed the within instrument.

       

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

       

      /s/
        Nyira Gitana

      Notary
        Public

      

      My
        Commission Expires   4/8/06

       

      Offical
        Seal

      Nyira
        Gitana

      Notary
        Public

      State
        of New Mexico

      My
        Commission Expires 4/8/06

      

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      SCHEDULE
        I

       

      MORTGAGE
        LOAN SCHEDULE 

       

      [See
        Schedule I of Pooling and Servicing Agreement]

       

      
        
          
          

        

        
          I-1

          
            

          

        

        
          
          

        

      

      SCHEDULE
        II

       

      LIST
        OF
        SERVICING AGREEMENTS

       

      
        	1.  	
                Amended
                  and Restated Correspondent Loan Purchase Agreement, dated as of
                  March 25,
                  2002, between Thornburg Mortgage Home Loans, Inc. (“Thornburg”) and First
                  Republic Bank (“First Republic”), including the related Transfer Notice,
                  dated as of January 31, 2006, from Thornburg to First
                  Republic.

              

      

       

      
        	2.  	
                Amended
                  and Restated Correspondent Loan Purchase Agreement, dated as of
                  March 27,
                  2002, between Thornburg and Colonial National Mortgage (f/k/a Colonial
                  Savings, F.A.) (“Colonial”), including the related Transfer Notice, dated
                  as of January 31, 2006, from Thornburg to
                  Colonial.

              

      

       

      
        	3.  	
                (a)
                  Servicing Agreement, dated as of March 1, 2002, among Thornburg,
                  as seller
                  and servicer and Wells Fargo, as master servicer, as amended by
                  the
                  Amendment to Servicing Agreement, dated as of December 1, 2002,
                  and as
                  amended by the Second Amendment to Servicing Agreement, dated as
                  of
                  January 31, 2006, and (b) the Subservicing Acknowledgement Agreement,
                  dated as of March 1, 2002, between Thornburg, as servicer, and
                  Cenlar FSB,
                  as sub-servicer (“Cenlar”), as amended by the Second Amendment to
                  Subservicing Acknowledgement Agreement, dated as of December 1,
                  2002, and
                  by the Second Amendment to Subservicing Acknowledgement Agreement,
                  dated
                  as of January 1, 2006, including the related Transfer Notice, dated
                  as of
                  January 24, 2006, from Thornburg, as seller, to Thornburg, as servicer,
                  and Cenlar, as sub-servicer.

              

      

       

      
        	4.  	
                Reconstituted
                  Servicing Agreement, dated as of January 1, 2006, by and among
                  Thornburg
                  and Wells Fargo, as servicer, and acknowledged by Wells Fargo,
                  as master
                  servicer, and LaSalle Bank National Association (“LaSalle”), as
                  trustee,
                  relating to the Amended and Restated Seller’s Warranties and Servicing
                  Agreement dated as of November 1, 2005, between EMC Mortgage Corporation
                  (“EMC”) and Wells Fargo, as amended by the Purchase, Assignment,
                  Assumption and Recognition Agreement dated as of January 25, 2006,
                  among
                  EMC, Wells Fargo and Thornburg.

              

      

       

      
        	5.  	
                Reconstituted
                  Servicing Agreement, dated as of January 1, 2006, by and among
                  Thornburg
                  and Wells Fargo, as servicer, and acknowledged by Wells Fargo,
                  as master
                  servicer, and LaSalle, as trustee,
                  relating to the Amended and Restated Master Seller’s Warranties and
                  Servicing Agreement dated as of December 1, 2005, between Bank
                  of America,
                  National Association (“BofA”) and Wells Fargo, as amended by the
                  Assignment, Assumption and Recognition Agreement dated as of January
                  26,
                  2006, among BofA, Wells Fargo and
                  Thornburg.

              

      

       

      
        	6.  	
                Reconstituted
                  Servicing Agreement, dated as of January 1, 2006, by and among
                  Thornburg
                  and Countrywide Home Loans, Inc. (“Countrywide”), as servicer, and
                  acknowledged by Wells Fargo, as master servicer, and LaSalle, as
                  trustee,
                  relating to the Mortgage Loan Purchase and Servicing Agreement
                  dated as of
                  September 1, 2005, between Thornburg and Countrywide, as amended
                  by
                  Amendment Reg AB dated as of January 4, 2006, by and between Countrywide
                  and Thornburg.

              

      

       

      
        
          
          

        

        
          II-1

          
            

          

        

        
          
          

        

      

      
        	7.  	
                Reconstituted
                  Servicing Agreement, dated as of January 1, 2006, by and among
                  Thornburg
                  and Countrywide Home Loans Servicing LP (“Countrywide Servicing”), as
                  servicer, and acknowledged by Wells Fargo, as master servicer,
                  and
                  LaSalle, as trustee,
                  relating to Amended and Restated Servicing Agreement dated as of
                  December
                  1, 2005, between J.P. Morgan Mortgage Acquisition Corp. (“J.P. Morgan
                  Acquisition”) and Countrywide Servicing, as amended by the Assignment,
                  Assumption and Recognition Agreement dated as of January 30, 2006,
                  among
                  J.P. Morgan Acquisition, Countrywide Servicing and
                  Thornburg.

              

      

       

      
        	8.  	
                Reconstituted
                  Servicing Agreement, dated as of January 1, 2006, by and among
                  Thornburg
                  and JPMorgan Chase Bank, National Association (“Chase”), as servicer, and
                  acknowledged by Wells Fargo, as master servicer, and LaSalle, as
                  trustee,
                  relating to the Flow Servicing Agreement dated as of September
                  1, 2005,
                  between Thornburg and Chase, as amended by Amendment Reg AB dated
                  as of
                  January 1, 2006, by and between Chase and
                  Thornburg.

              

      

       

      
        	9.  	
                Reconstituted
                  Servicing Agreement, dated as of January 1, 2006, by and among
                  Thornburg
                  and PHH Mortgage Corporation (“PHH Mortgage”), as servicer, and
                  acknowledged by Wells Fargo, as master servicer, and LaSalle, as
                  trustee,
                  relating to the Amended and Restated Mortgage Loan Flow Purchase,
                  Sale and
                  Servicing Agreement dated as of January 1, 2006, between PHH Mortgage,
                  Bishops Gate Residential Mortgage Trust (“Bishops Gate”) and J.P. Morgan
                  Acquisition, as amended by the Assignment, Assumption and Recognition
                  Agreement dated as of January 30, 2006, among PHH Mortgage, Bishops
                  Gate,
                  J.P. Morgan Acquisition and
                  Thornburg.

              

      

       

      
        	10.  	
                Reconstituted
                  Servicing Agreement, dated as of January 1, 2006, by and among
                  Thornburg
                  and BofA, as servicer, and acknowledged by Wells Fargo, as master
                  servicer, and LaSalle, as trustee,
                  relating to the Flow Mortgage Loan Sale and Servicing Agreement
                  dated as
                  of November 1, 2005, between Thornburg and BofA, as amended by
                  Amendment
                  Reg AB dated as of January 26, 2006, by and between BofA and
                  Thornburg.

              

      

       

      

      
        
          
          

        

        
          II-2

          
            

          

        

        
          
          

        

      

      SCHEDULE
        III

       

      SELLER’S
        REPRESENTATIONS AND 

       

      WARRANTIES
        RELATING TO

       

      MORTGAGE
        LOANS

       

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

       

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

              

      

       

      
        	(ii)  	
                As
                  of the Cut-Off Date approximately 0.12% of the Mortgage Loans (by
                  Stated
                  Principal Balance) were 30 to 59 days delinquent in payment, and
                  none of
                  the Mortgage Loans are 60 or more days delinquent. Other than 24
                  Mortgage
                  Loans (representing approximately 0.67% of the Mortgage Loans),
                  the Seller
                  has not advanced funds to, or induced, solicited or knowingly received
                  any
                  advance of funds from a party other than the owner of the Mortgaged
                  Property subject to the Mortgage, directly or indirectly, for the
                  payment
                  of any amount required by the Mortgage
                  Loan.

              

      

       

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

              

      

       

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

              

      

       

      
        
          
          

        

        
          III-1

          
            

          

        

        
          
          

        

      

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

              

      

       

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

              

      

       

      
        	(vii)  	
                The
                  Mortgage Loan is not a loan (A) subject to 12 CFR Part 226.31,
                  12 CFR Part
                  226.32 or 12 CFR Part 226.34 of Regulation Z, the regulation implementing
                  TILA, which implements the Home Ownership and Equity Protection
                  Act of
                  1994, as amended, or any comparable state law (B) a “High Cost Loan” or
                  “Covered Loan” as applicable, as such terms are defined in the current
                  Standard & Poor’s LEVELS® GLOSSARY classified and/or defined as a
                  “high cost” loan or “predatory,” “high cost,” “threshold” or “covered”
                  lending under any other state, federal or local law. No Mortgage
                  Loan
                  originated on or after October 1, 2002 through March 6, 2003 is
                  governed
                  by the Georgia Fair Lending Act. The Mortgage Loan at the time
                  it was made
                  otherwise complied in all material respects with any and all requirements
                  of any federal, state or local law including, but not limited to,
                  all
                  predatory lending laws, usury, truth in lending, real estate settlement
                  procedures (including the Real Estate Settlement Procedures Act
                  of 1974,
                  as amended), consumer credit protection, equal credit opportunity
                  or
                  disclosure laws applicable to such Mortgage
                  Loan.

              

      

       

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

              

      

       

      
        
          
          

        

        
          III-2

          
            

          

        

        
          
          

        

      

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

              

      

       

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

              

      

       

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

              

      

       

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

              

      

       

      
        	(xiii)  	
                The
                  Seller has acquired its ownership of each Mortgage Loan in good
                  faith
                  without notice of any adverse claim, and as of the Closing Date,
                  the
                  Mortgage Note and the Mortgage are not assigned or pledged, and
                  immediately prior to the sale of the Mortgage Loan to the Purchaser,
                  the
                  Seller was the sole owner thereof and with full right to transfer
                  and sell
                  the Mortgage Loan to the Purchaser free and clear of any encumbrance,
                  equity, lien, pledge, charge, claim or security interest and with
                  full
                  right and authority subject to no interest or participation of,
                  or
                  agreement with, any other party, to sell and assign each Mortgage
                  Loan
                  pursuant to this Agreement.

              

      

       

      
        
          
          

        

        
          III-3

          
            

          

        

        
          
          

        

      

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

              

      

       

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

              

      

       

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

              

      

       

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

              

      

       

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

              

      

       

      
        
          
          

        

        
          III-4

          
            

          

        

        
          
          

        

      

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

              

      

       

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

              

      

       

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

              

      

       

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

              

      

       

      
        
          
          

        

        
          III-5

          
            

          

        

        
          
          

        

      

      
        	(xxiii)  	
                The
                  Mortgage Loan was underwritten generally in accordance with either
                  (A) the
                  Seller’s underwriting standards described in the Preliminary Prospectus
                  Supplement and the Final Prospectus Supplement, (B) in the case
                  of a
                  Mortgage Loan originated by Countrywide Home Loans, Inc., Countrywide
                  Home
                  Loans, Inc.’s underwriting standards described in the Preliminary
                  Prospectus Supplement and the Final Prospectus Supplement, (C)
                  in the case
                  of a Mortgage Loan acquired from a bulk seller, the related bulk
                  seller’s
                  underwriting standards or a third party originator’s underwriting
                  guidelines, (D) in the case of a Mortgage Loan originated by PHH
                  Mortgage
                  Corporation, PHH Mortgage Corporation’s underwriting standards described
                  in the Preliminary Prospectus Supplement and the Final Prospectus
                  Supplement, (E) in the case of a Mortgage Loan originated by Wells
                  Fargo
                  Bank, N.A., Wells Fargo Bank, N.A.’s underwriting standards described in
                  the Preliminary Prospectus Supplement and the Final Prospectus
                  Supplement
                  or (F) in the case of a Mortgage Loan originated by First Republic
                  Bank,
                  the underwriting standards of First Republic
                  Bank.

              

      

       

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

              

      

       

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

              

      

       

      
        	(xxvi)  	
                Other
                  than 24 Mortgage Loans (representing approximately 0.67% of the
                  Mortgage
                  Loans), no Mortgage Loan (A) contains provisions pursuant to which
                  Monthly
                  Payments are paid or partially paid with funds deposited in any
                  separate
                  account established by the Seller, the Mortgagor, or anyone on
                  behalf of
                  the Mortgagor or paid by any source other than the Mortgagor or
                  (B)
                  contains any provision permitting a temporary “buydown” of the related
                  Loan Rate. No Mortgage Loan was a graduated payment mortgage loan
                  as of
                  the date of its origination. No Mortgage Loan has a shared appreciation
                  or
                  other contingent interest feature.

              

      

       

      
        	(xxvii)  	
                No
                  Mortgage Loan had a Loan-To-Value Ratio in excess of 100%. Other
                  than 4
                  Mortgage Loans (representing approximately 0.05% of the Mortgage
                  Loans)
                  the portion of the unpaid principal balance of each Mortgage Loan
                  which is
                  in excess of 80% of the original Loan-to-Value Ratio either (a)
                  has
                  Additional Collateral or (b) is and will be insured as to payment
                  defaults
                  under a Primary Mortgage Insurance Policy issued by a primary mortgage
                  insurer licensed to do business in the state in which the Mortgaged
                  Property is located and acceptable to Fannie Mae or Freddie Mac
                  as of the
                  Closing Date, so as to reduce the Mortgagee’s exposure in accordance with
                  the standards of Fannie Mae or Freddie Mac and applicable law.
                  All
                  provisions of such Primary Mortgage Insurance Policy have been
                  and are
                  being complied with; such policy is valid and in full force and
                  effect and
                  all premiums due thereunder have been paid. Each Mortgage Loan
                  which has
                  an original Loan-to-Value Ratio in excess of 80%, and which is
                  not an
                  Additional Collateral Mortgage Loan and is not covered by a Primary
                  Mortgage Insurance Policy, has paid down such that its current
                  Loan-to-Value Ratio, as of the Cut-Off Date, is less than or equal
                  to 80%.
                  

              

      

       

      
        
          
          

        

        
          III-6

          
            

          

        

        
          
          

        

      

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

              

      

       

      
        	(xxix)  	
                [Reserved].
                  

              

      

       

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

              

      

       

      
        	(xxxi)  	
                No
                  defense against coverage under any Primary Insurance Policy (including,
                  without limitation, any exclusions, denials or defenses which would
                  limit
                  or reduce the availability of the timely payment of the full amount
                  of the
                  loss otherwise due thereunder to the insured) exists arising out
                  of
                  actions, representations, errors, omissions, negligence, or fraud
                  of the
                  Seller, and the Seller is not aware of any fact that could reasonably
                  lead
                  the Seller to believe that any such defense exists arising out
                  of the
                  actions, representations, errors, omissions, negligence or fraud
                  of the
                  related Mortgagor or any party involved in the application for
                  such
                  coverage.

              

      

       

      
        	(xxxii)  	
                Each
                  Assignment is in recordable form, is acceptable for recording under
                  the
                  laws of the jurisdiction in which the Mortgaged Property is
                  located.

              

      

       

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

              

      

       

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

              

      

       

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

              

      

       

      
        
          
          

        

        
          III-7

          
            

          

        

        
          
          

        

      

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

              

      

       

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

              

      

       

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

              

      

       

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

              

      

       

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

              

      

       

      
        	(xli)  	
                With
                  respect to each Cooperative Loan, as of the closing of such Cooperative
                  Loan, the originator of the Cooperative Loan obtained evidence
                  that, if
                  the Cooperative Property is in a federally designated flood area,
                  a flood
                  insurance policy has been obtained in an amount equal to at least
                  that
                  required by applicable law, which insurance the Cooperative Corporation
                  is
                  obligated to maintain at the Cooperative Corporation’s cost and
                  expense.

              

      

       

      
        	(xlii)  	
                With
                  respect to each Cooperative Loan, as of the Closing Date, such
                  Cooperative
                  Loan is secured by shares held by a “tenant-stockholder” of a corporation
                  that qualifies as a “cooperative housing corporation” as such terms are
                  defined in Section 216(b)(1) of the Code and to the best of the
                  Seller’s
                  knowledge, no Cooperative Corporation is subject to proceedings
                  which
                  would, if adversely determined, result in such Cooperative Corporation
                  losing its status as a “cooperative housing corporation” under Section
                  216(b)(1) of the Code.

              

      

       

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

              

      

       

      
        
          
          

        

        
          III-8

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00097-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00097-of-00352.parquet"}]]