Document:

EXECUTION

    
 

    STRUCTURED
      ASSET SECURITIES CORPORATION, as Depositor,

     

    WELLS
      FARGO BANK, N.A., as 

    Master
      Servicer and Securities Administrator

     

    CLAYTON
      FIXED INCOME SERVICES INC., as Credit Risk Manager,

     

    and
      

     

    U.S.
      BANK
      NATIONAL ASSOCIATION, as Trustee

     

    ___________________________

     

    TRUST
      AGREEMENT

     

    Dated
      as
      of October 1, 2006

    ___________________________

     

    STRUCTURED
      ASSET SECURITIES CORPORATION MORTGAGE LOAN TRUST

    MORTGAGE
      PASS-THROUGH CERTIFICATES

    SERIES
      2006-BC3

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    TABLE
      OF
      CONTENTS

    

      
        	 	 	
                Page

              
	 	 	 
	
                ARTICLE
                  I DEFINITIONS

              
	 	 	 
	
                Section
                  1.01.

              	
                Definitions.

              	
                15

              
	
                Section
                  1.02.

              	
                Calculations
                  Respecting Mortgage Loans.

              	
                61

              
	
                Section
                  1.03.

              	
                Calculations
                  Respecting Accrued Interest.

              	
                61

              
	 	 	 
	
                ARTICLE
                  II DECLARATION OF TRUST; ISSUANCE OF CERTIFICATES

              
	 	 	 
	
                Section
                  2.01.

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

              	
                61

              
	
                Section
                  2.02.

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

              	
                65

              
	
                Section
                  2.03.

              	
                Representations
                  and Warranties of the Depositor.

              	
                67

              
	
                Section
                  2.04.

              	
                Discovery
                  of Breach.

              	
                69

              
	
                Section
                  2.05.

              	
                Repurchase,
                  Purchase or Substitution of Mortgage Loans.

              	
                69

              
	
                Section
                  2.06.

              	
                Grant
                  Clause.

              	
                71

              
	 	 	 
	
                ARTICLE
                  III THE CERTIFICATES

              
	 	 	 
	
                Section
                  3.01.

              	
                The
                  Certificates.

              	
                72

              
	
                Section
                  3.02.

              	
                Registration.

              	
                73

              
	
                Section
                  3.03.

              	
                Transfer
                  and Exchange of Certificates.

              	
                74

              
	
                Section
                  3.04.

              	
                Cancellation
                  of Certificates.

              	
                80

              
	
                Section
                  3.05.

              	
                Replacement
                  of Certificates.

              	
                80

              
	
                Section
                  3.06.

              	
                Persons
                  Deemed Owners.

              	
                81

              
	
                Section
                  3.07.

              	
                Temporary
                  Certificates.

              	
                81

              
	
                Section
                  3.08.

              	
                Appointment
                  of Paying Agent.

              	
                81

              
	
                Section
                  3.09.

              	
                Book-Entry
                  Certificates.

              	
                82

              
	 	 	 
	
                ARTICLE
                  IV ADMINISTRATION OF THE TRUST FUND

              
	 	 	 
	
                Section
                  4.01.

              	
                Certificate
                  Account.

              	
                84

              
	
                Section
                  4.02.

              	
                Application
                  of Funds in the Certificate Account.

              	
                86

              
	
                Section
                  4.03.

              	
                Reports
                  to Certificateholders.

              	
                88

              
	 	 	 
	
                ARTICLE
                  V DISTRIBUTIONS TO HOLDERS OF CERTIFICATES

              
	 	 	 
	
                Section
                  5.01.

              	
                Distributions
                  Generally.

              	
                93

              
	
                Section
                  5.02.

              	
                Distributions
                  from the Certificate Account.

              	
                93

              
	
                Section
                  5.03.

              	
                Allocation
                  of Losses.

              	
                108

              
	
                Section
                  5.04.

              	
                Advances
                  by Master Servicer and Servicers .

              	
                109

              
	
                Section
                  5.05.

              	
                Compensating
                  Interest Payments.

              	
                109

              
	
                Section
                  5.06.

              	
                Basis
                  Risk Reserve Fund.

              	
                109

              
	
                Section
                  5.07.

              	
                Supplemental
                  Interest Trust.

              	
                110

              
	
                Section
                  5.08.

              	
                Rights
                  of Swap Counterparty.

              	
                111

              
	
                Section
                  5.09.

              	
                Termination
                  Receipts.

              	
                112

              
	
                Section
                  5.10.

              	
                Final
                  Maturity Reserve Trust.

              	
                113

              

      

       

      
        
          
          

        

        
          i

          
            

          

        

        
          
          

        

      

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

              
	 
	
                Section
                  6.01.

              	
                Duties
                  of Trustee and Securities Administrator.

              	
                114

              
	
                Section
                  6.02.

              	
                Certain
                  Matters Affecting the Trustee and the Securities
                  Administrator.

              	
                117

              
	
                Section
                  6.03.

              	
                Trustee
                  and Securities Administrator Not Liable for Certificates.

              	
                119

              
	
                Section
                  6.04.

              	
                Trustee
                  and the Securities Administrator May Own Certificates.

              	
                119

              
	
                Section
                  6.05.

              	
                Eligibility
                  Requirements for Trustee and Securities Administrator.

              	
                119

              
	
                Section
                  6.06.

              	
                Resignation
                  and Removal of Trustee and the Securities Administrator.

              	
                120

              
	
                Section
                  6.07.

              	
                Successor
                  Trustee and Successor Securities Administrator.

              	
                121

              
	
                Section
                  6.08.

              	
                Merger
                  or Consolidation of Trustee or the Securities
                  Administrator.

              	
                122

              
	
                Section
                  6.09.

              	
                Appointment
                  of Co-Trustee, Separate Trustee or Custodian.

              	
                122

              
	
                Section
                  6.10.

              	
                Authenticating
                  Agents.

              	
                124

              
	
                Section
                  6.11.

              	
                Indemnification
                  of Trustee and Securities Administrator.

              	
                125

              
	
                Section
                  6.12.

              	
                Fees
                  and Expenses of Securities Administrator, Trustee and
                  Custodians.

              	
                126

              
	
                Section
                  6.13.

              	
                Collection
                  of Monies.

              	
                126

              
	
                Section
                  6.14.

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

              	
                127

              
	
                Section
                  6.15.

              	
                Additional
                  Remedies of Trustee Upon Event of Default.

              	
                131

              
	
                Section
                  6.16.

              	
                Waiver
                  of Defaults.

              	
                131

              
	
                Section
                  6.17.

              	
                Notification
                  to Holders.

              	
                132

              
	
                Section
                  6.18.

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

              	
                132

              
	
                Section
                  6.19.

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

              	
                132

              
	
                Section
                  6.20.

              	
                Preparation
                  of Tax Returns and Other Reports.

              	
                133

              
	
                Section
                  6.21.

              	
                Reporting
                  Requirements of the Commission

              	
                140

              
	
                Section
                  6.22.

              	
                No
                  Merger.

              	
                140

              
	
                Section
                  6.23.

              	
                Indemnification
                  by the Securities Administrator.

              	
                140

              
	 	 	 
	
                ARTICLE
                  VII PURCHASE OF MORTGAGE LOANS AND TERMINATION OF THE TRUST
                  FUND

              
	 	 	 
	
                Section
                  7.01.

              	
                Purchase
                  of Mortgage Loans; Termination of Trust Fund Upon Purchase or Liquidation
                  of All Mortgage Loans; Purchase of Lower Tier REMIC 1 Uncertificated
                  Regular Interests.

              	
                141

              
	
                Section
                  7.02.

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

              	
                143

              
	
                Section
                  7.03.

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

              	
                144

              
	
                Section
                  7.04.

              	
                Optional
                  Repurchase Right.

              	
                145

              
	 	 	 
	
                ARTICLE
                  VIII RIGHTS OF CERTIFICATEHOLDERS

              
	 	 	 
	
                Section
                  8.01.

              	
                Limitation
                  on Rights of Holders.

              	
                146

              
	
                Section
                  8.02.

              	
                Access
                  to List of Holders.

              	
                147

              
	
                Section
                  8.03.

              	
                Acts
                  of Holders of Certificates.

              	
                147

              

      

       

      
        
          
          

        

        
          ii

          
            

          

        

        
          
          

        

      

      
        	
                ARTICLE
                  IX ADMINISTRATION AND SERVICING OF MORTGAGE LOANS; CREDIT RISK
                  MANAGER

              
	 	 	 
	
                Section
                  9.01.

              	
                Duties
                  of the Master Servicer.

              	
                148

              
	
                Section
                  9.02.

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

              	
                149

              
	
                Section
                  9.03.

              	
                Master
                  Servicer’s Financial Statements and Related Information.

              	
                149

              
	
                Section
                  9.04.

              	
                Power
                  to Act; Procedures.

              	
                150

              
	
                Section
                  9.05.

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

              	
                152

              
	
                Section
                  9.06.

              	
                Collection
                  of Taxes, Assessments and Similar Items.

              	
                153

              
	
                Section
                  9.07.

              	
                Termination
                  of Servicing Agreements; Successor Servicers.

              	
                153

              
	
                Section
                  9.08.

              	
                Master
                  Servicer Liable for Enforcement.

              	
                154

              
	
                Section
                  9.09.

              	
                No
                  Contractual Relationship Between Any Servicer and Trustee or
                  Depositor.

              	
                154

              
	
                Section
                  9.10.

              	
                Assumption
                  of Servicing Agreement by Securities Administrator.

              	
                155

              
	
                Section
                  9.11.

              	
                Due-on-Sale
                  Clauses; Assumption Agreements.

              	
                155

              
	
                Section
                  9.12.

              	
                Release
                  of Mortgage Files.

              	
                155

              
	
                Section
                  9.13.

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

              	
                156

              
	
                Section
                  9.14.

              	
                Representations
                  and Warranties of the Master Servicer.

              	
                158

              
	
                Section
                  9.15.

              	
                Opinion.

              	
                160

              
	
                Section
                  9.16.

              	
                Standard
                  Hazard and Flood Insurance Policies.

              	
                160

              
	
                Section
                  9.17.

              	
                Presentment
                  of Claims and Collection of Proceeds.

              	
                161

              
	
                Section
                  9.18.

              	
                Reserved.

              	
                161

              
	
                Section
                  9.19.

              	
                Trustee
                  To Retain Possession of Certain Documents.

              	
                161

              
	
                Section
                  9.20.

              	
                [Reserved]

              	
                161

              
	
                Section
                  9.21.

              	
                Compensation
                  to the Master Servicer.

              	
                161

              
	
                Section
                  9.22.

              	
                REO
                  Property.

              	
                161

              
	
                Section
                  9.23.

              	
                Notices
                  to the Depositor and the Securities Administrator

              	
                162

              
	
                Section
                  9.24.

              	
                Reports
                  to the Trustee.

              	
                163

              
	
                Section
                  9.25.

              	
                Assessment
                  of Compliance and Attestation Reports..

              	
                163

              
	
                Section
                  9.26.

              	
                Annual
                  Statement of Compliance with Applicable Servicing Criteria
                  .

              	
                165

              
	
                Section
                  9.27.

              	
                Merger
                  or Consolidation.

              	
                165

              
	
                Section
                  9.28.

              	
                Resignation
                  of Master Servicer.

              	
                166

              
	
                Section
                  9.29.

              	
                Assignment
                  or Delegation of Duties by the Master Servicer.

              	
                166

              
	
                Section
                  9.30.

              	
                Limitation
                  on Liability of the Master Servicer and Others.

              	
                167

              
	
                Section
                  9.31.

              	
                Indemnification;
                  Third-Party Claims.

              	
                168

              
	
                Section
                  9.32.

              	
                Special
                  Servicing of Delinquent Mortgage Loans.

              	
                168

              
	
                Section
                  9.33.

              	
                Alternative
                  Index.

              	
                168

              
	
                Section
                  9.34.

              	
                Duties
                  of the Credit Risk Manager.

              	
                169

              
	
                Section
                  9.35.

              	
                Limitation
                  Upon Liability of the Credit Risk Manager.

              	
                170

              
	
                Section
                  9.36.

              	
                Indemnification
                  by the Credit Risk Manager.

              	
                171

              
	
                Section
                  9.37.

              	
                Removal
                  of Credit Risk Manager.

              	
                171

              

      

       

      
        
          
          

        

        
          iii

          
            

          

        

        
          
          

        

      

      
        	
                ARTICLE
                  X REMIC ADMINISTRATION

              
	
                Section
                  10.01.

              	
                REMIC
                  Administration.

              	
                171

              
	
                Section
                  10.02.

              	
                Prohibited
                  Transactions and Activities.

              	
                174

              
	
                Section
                  10.03.

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

              	
                175

              
	
                Section
                  10.04.

              	
                REO
                  Property.

              	
                175

              
	 	 	 
	
                ARTICLE
                  XI MISCELLANEOUS PROVISIONS

              
	 	 	 
	
                Section
                  11.01.

              	
                Binding
                  Nature of Agreement; Assignment.

              	
                176

              
	
                Section
                  11.02.

              	
                Entire
                  Agreement.

              	
                176

              
	
                Section
                  11.03.

              	
                Amendment.

              	
                176

              
	
                Section
                  11.04.

              	
                Voting
                  Rights.

              	
                178

              
	
                Section
                  11.05.

              	
                Provision
                  of Information.

              	
                179

              
	
                Section
                  11.06.

              	
                Governing
                  Law.

              	
                179

              
	
                Section
                  11.07.

              	
                Notices.

              	
                179

              
	
                Section
                  11.08.

              	
                Severability
                  of Provisions.

              	
                180

              
	
                Section
                  11.09.

              	
                Indulgences;
                  No Waivers.

              	
                180

              
	
                Section
                  11.10.

              	
                Headings
                  Not To Affect Interpretation.

              	
                180

              
	
                Section
                  11.11.

              	
                Benefits
                  of Agreement.

              	
                180

              
	
                Section
                  11.12.

              	
                Special
                  Notices to the Rating Agencies and any NIMS Insurer.

              	
                181

              
	
                Section
                  11.13.

              	
                Conflicts.

              	
                182

              
	
                Section
                  11.14.

              	
                Counterparts.

              	
                182

              
	
                Section
                  11.15.

              	
                Transfer
                  of Servicing.

              	
                182

              

      

    

     

    
      
        
        

      

      
        iv

        
          

        

      

      
        
        

      

    

    
      ATTACHMENTS

       

      
        	
                Exhibit
                  A

              	
                Forms
                  of Certificates

              
	
                Exhibit
                  B-1

              	
                Form
                  of Initial Certification

              
	
                Exhibit
                  B-2

              	
                Form
                  of Interim Certification

              
	
                Exhibit
                  B-3

              	
                Form
                  of Final Certification

              
	
                Exhibit
                  B-4

              	
                Form
                  of Endorsement

              
	
                Exhibit
                  C

              	
                Request
                  for Release of Documents and Receipt

              
	
                Exhibit
                  D-l

              	
                Form
                  of Residual Certificate Transfer Affidavit (Transferee)

              
	
                Exhibit
                  D-2

              	
                Form
                  of Residual Certificate Transfer Affidavit (Transferor)

              
	
                Exhibit
                  E

              	
                List
                  of Servicing Agreements

              
	
                Exhibit
                  F

              	
                Form
                  of Rule 144A Transfer Certificate

              
	
                Exhibit
                  G

              	
                Form
                  of Purchaser’s Letter for Institutional Accredited Investors
                  

              
	
                Exhibit
                  H

              	
                Form
                  of ERISA Transfer Affidavit

              
	
                Exhibit
                  I

              	
                Monthly
                  Remittance Advice

              
	
                Exhibit
                  J

              	
                Monthly
                  Electronic Data Transmission

              
	
                Exhibit
                  K

              	
                List
                  of Custodial Agreements

              
	
                Exhibit
                  L

              	
                List
                  of Credit Risk Management Agreements 

              
	
                Exhibit
                  M-1

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

              
	
                Exhibit
                  M-2

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

              
	
                Exhibit
                  N

              	
                Interest
                  Rate Cap Agreement

              
	
                Exhibit
                  O

              	
                Swap
                  Agreement

              
	
                Exhibit
                  P-1

              	
                Additional
                  Form 10-D Disclosure

              
	
                Exhibit
                  P-2

              	
                Additional
                  Form 10-K Disclosure 

              
	
                Exhibit
                  P-3

              	
                Additional
                  Form 8-K Disclosure

              
	
                Exhibit
                  P-4

              	
                Additional
                  Disclosure Notification

              
	
                Exhibit
                  Q-1

              	
                Form
                  of Back-Up Sarbanes-Oxley Certification

              
	
                Exhibit
                  Q-2

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

              
	
                Exhibit
                  R-1

              	
                Form
                  of Watchlist Report

              
	
                Exhibit
                  R-2

              	
                Form
                  of Loss Severity Report

              
	
                Exhibit
                  R-3

              	
                Reserved

              
	
                Exhibit
                  R-4

              	
                Form
                  of Prepayment Premiums Report

              
	
                Exhibit
                  R-5

              	
                Form
                  of Analytics Report

              
	
                Exhibit
                  S

              	
                Form
                  of Certification Regarding Servicing Criteria to be Addressed in
                  Report on
                  Assessment of Compliance

              
	
                Exhibit
                  T

              	
                [Reserved]

              
	
                Exhibit
                  U

              	
                Form
                  of Certification to be Provided by the Credit Risk
                  Manager

              
	
                Exhibit
                  V

              	
                Transaction
                  Parties

              
	
                Schedule
                  A

              	
                Mortgage
                  Loan Schedule (by Mortgage Pool)

              
	
                Schedule
                  B

              	
                Projected
                  Aggregate Scheduled Principal Balance of Forty-Year Mortgage
                  Loans

              

      

    

     

    
      
        
        

      

      
        v

        
          

        

      

      
        
        

      

    

    
      This
        TRUST AGREEMENT, dated as of October 1, 2006 (the “Agreement”), is by and among
        STRUCTURED ASSET SECURITIES CORPORATION, a Delaware corporation, as depositor
        (the “Depositor”), U.S. BANK NATIONAL ASSOCIATION, as trustee (the “Trustee”),
        WELLS FARGO BANK, N.A., a national banking association, as master servicer
        (in
        such capacity, the “Master Servicer”) and as securities administrator (in such
        capacity, the “Securities Administrator”), and CLAYTON FIXED INCOME SERVICES
        INC. (formerly known as The Murrayhill Company), a Colorado corporation,
        as
        credit risk manager (the “Credit Risk Manager”).

       

      PRELIMINARY
        STATEMENT

      

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

       

      As
        provided herein, an election shall be made that the Trust Fund (exclusive
        of (i)
        the Swap Agreement, (ii) the Swap Account, (iii) the right to receive and
        the
        obligation to pay Basis Risk Shortfalls and Unpaid Basis Risk Shortfalls,
        (iv)
        the Basis Risk Reserve Fund, (v) the Supplemental Interest Trust, (vi) the
        Interest Rate Cap Agreement, (vii) the Interest Rate Cap Account, (viii)
        any
        PPTL Premium, (ix) any FPD Premium, (x) the Final Maturity Reserve Trust,
        (xi)
        the Final Maturity Reserve Account and (xii) the obligation to pay Class
        I
        Shortfalls (collectively, the “Excluded Trust Assets”)) be treated for federal
        income tax purposes as comprising four real estate mortgage investment conduits
        under Section 860D of the Code (each a “REMIC” or, in the alternative “REMIC 1,”
“REMIC 2,” “REMIC 3,” and “REMIC 4” (REMIC 4 also being referred to as the
“Upper Tier REMIC”)). Any inconsistencies or ambiguities in this Agreement or in
        the administration of this Agreement shall be resolved in a manner that
        preserves the validity of such REMIC elections.

       

      Each
        Certificate, other than the Class R and Class LT-R Certificates, represents
        ownership of a regular interest in the Upper Tier REMIC for purposes of the
        REMIC Provisions. In addition, each Certificate, other than the Class R,
        Class
        LT-R, Class X and Class P Certificates, represents (i) the right to receive
        payments with respect to any Basis Risk Shortfalls and Unpaid Basis Risk
        Shortfalls and (ii) the obligation to pay Class I Shortfalls. The Class LT-R
        Certificate represents ownership of the sole Class of residual interest in
        REMIC
        1. The Class R Certificate represents ownership of the sole Class of residual
        interest in each of REMIC 2, REMIC 3, and the Upper Tier REMIC for purposes
        of
        the REMIC Provisions.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      The
        Upper
        Tier REMIC shall hold as its assets the uncertificated Lower Tier Interests
        in
        REMIC 3, other than the Class LT3-R interest, and each such Lower Tier Interest
        is hereby designated as a regular interest in REMIC 3 for purposes of the
        REMIC
        Provisions. REMIC 3 shall hold as its assets the uncertificated Lower Tier
        Interests in REMIC 2, other than the Class LT2-R interest, and each such
        Lower
        Tier Interest is hereby designated as a regular interest in REMIC 2. REMIC
        2
        shall hold as its assets the uncertificated Lower Tier Interests in REMIC
        1, and
        each such Lower Tier Interest is hereby designated as a regular interest
        in
        REMIC 1. REMIC 1 shall hold as its assets the property of the Trust Fund
        other
        than the Lower Tier Interests in REMIC 1, REMIC 2, and REMIC 3 and the Excluded
        Trust Assets.

       

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

       

      REMIC
        1:  

       

      REMIC
        1
        shall issue one uncertificated interest in respect of each Mortgage Loan
        held by
        the Trust Fund on the Closing Date, each of which is hereby designated as
        a
        regular interest in REMIC 1 (the “REMIC 1 Regular Interests”). REMIC 1 shall
        also issue the Class LT-R Certificate, which shall represent the sole class
        of
        residual interest in REMIC 1. Each REMIC 1 Regular Interest shall have an
        initial principal balance equal to the Scheduled Principal Balance of the
        Mortgage Loan to which it relates and shall bear interest at a per annum
        rate
        equal to the Net Mortgage Rate of such Mortgage Loan. In the event a Qualified
        Substitute Mortgage Loan is substituted for such Mortgage Loan (the “Original
        Mortgage Loan”), no amount of interest payable on such Qualified Substitute
        Mortgage Loan shall be distributed on such REMIC 1 Regular Interest at a
        rate in
        excess of the Net Mortgage Rate of the Original Mortgage Loan.

       

      On
        each
        Distribution Date, the Securities Administrator shall first pay or charge
        as an
        expense of REMIC 1 all expenses of the Trust Fund for such Distribution Date,
        other than any expenses in respect of the Swap Agreement.

       

      On
        each
        Distribution Date the Securities Administrator shall distribute the aggregate
        Interest Remittance Amount (net of expenses described in the preceding
        paragraph) with respect to each of the Lower Tier Interests in REMIC 1 based
        on
        the above-described interest rates.

       

      On
        each
        Distribution Date, the Securities Administrator shall distribute the aggregate
        Principal Remittance Amount among the Lower Tier Interests in REMIC 1 in
        accordance with the amount of the Principal Remittance Amount attributable
        to
        the Mortgage Loan corresponding to each such Lower Tier Interest in REMIC
        1. All
        losses on the Mortgage Loans shall be allocated among the Lower Tier Interests
        in REMIC 1 in the same manner that principal distributions are
        allocated.

       

      On
        each
        Distribution Date, the Securities Administrator shall distribute the Prepayment
        Premiums collected during the preceding Prepayment Period, in the case of
        Principal Prepayments in full, or during the related Collection Period, in
        the
        case of Principal Prepayments in part, to the Lower Tier Interest in REMIC
        1
        corresponding to the Mortgage Loan with respect to which such amounts were
        received.

       

      
        
          
          

        

        
          2

          
            

          

        

        
          
          

        

      

      REMIC
        2:   

       

      The
        following table sets forth the designations, principal balances and interest
        rates for each interest in REMIC 2, each of which (other than the Class LT2-R
        Lower Tier Interest) is hereby designated as a regular interest in REMIC
        2 (the
“REMIC 2 Regular Interests”):

      

        
          	
                  Class
                    Designation

                	 	 	
                  Initial
                    Principal Balance

                	 	
                  Interest
                    Rate

                
	
                  LT2-A

                	 	
                  $

                	
                  70,416,968.17

                	 	
                  (1)

                
	
                  LT2-F1

                	 	
                  $

                	
                  19,110,500.00

                	 	
                  (2)

                
	
                  LT2-V1

                	 	
                  $

                	
                  19,110,500.00

                	 	
                  (3)

                
	
                  LT2-F2

                	 	
                  $

                	
                  18,543,000.00

                	 	
                  (2)

                
	
                  LT2-V2

                	 	
                  $

                	
                  18,543,000.00

                	 	
                  (3)

                
	
                  LT2-F3

                	 	
                  $

                	
                  17,992,000.00

                	 	
                  (2)

                
	
                  LT2-V3

                	 	
                  $

                	
                  17,992,000.00

                	 	
                  (3)

                
	
                  LT2-F4

                	 	
                  $

                	
                  17,458,000.00

                	 	
                  (2)

                
	
                  LT2-V4

                	 	
                  $

                	
                  17,458,000.00

                	 	
                  (3)

                
	
                  LT2-F5

                	 	
                  $

                	
                  16,939,000.00

                	 	
                  (2)

                
	
                  LT2-V5

                	 	
                  $

                	
                  16,939,000.00

                	 	
                  (3)

                
	
                  LT2-F6

                	 	
                  $

                	
                  16,435,500.00

                	 	
                  (2)

                
	
                  LT2-V6

                	 	
                  $

                	
                  16,435,500.00

                	 	
                  (3)

                
	
                  LT2-F7

                	 	
                  $

                	
                  15,947,000.00

                	 	
                  (2)

                
	
                  LT2-V7

                	 	
                  $

                	
                  15,947,000.00

                	 	
                  (3)

                
	
                  LT2-F8

                	 	
                  $

                	
                  15,471,500.00

                	 	
                  (2)

                
	
                  LT2-V8

                	 	
                  $

                	
                  15,471,500.00

                	 	
                  (3)

                
	
                  LT2-F9

                	 	
                  $

                	
                  15,012,500.00

                	 	
                  (2)

                
	
                  LT2-V9

                	 	
                  $

                	
                  15,012,500.00

                	 	
                  (3)

                
	
                  LT2-F10

                	 	
                  $

                	
                  14,565,500.00

                	 	
                  (2)

                
	
                  LT2-V10

                	 	
                  $

                	
                  14,565,500.00

                	 	
                  (3)

                
	
                  LT2-F11

                	 	
                  $

                	
                  14,133,000.00

                	 	
                  (2)

                
	
                  LT2-V11

                	 	
                  $

                	
                  14,133,000.00

                	 	
                  (3)

                
	
                  LT2-F12

                	 	
                  $

                	
                  13,712,000.00

                	 	
                  (2)

                
	
                  LT2-V12

                	 	
                  $

                	
                  13,712,000.00

                	 	
                  (3)

                
	
                  LT2-F13

                	 	
                  $

                	
                  15,634,000.00

                	 	
                  (2)

                
	
                  LT2-V13

                	 	
                  $

                	
                  15,634,000.00

                	 	
                  (3)

                
	
                  LT2-F14

                	 	
                  $

                	
                  17,179,000.00

                	 	
                  (2)

                
	
                  LT2-V14

                	 	
                  $

                	
                  17,179,000.00

                	 	
                  (3)

                
	
                  LT2-F15

                	 	
                  $

                	
                  16,975,500.00

                	 	
                  (2)

                
	
                  LT2-V15

                	 	
                  $

                	
                  16,975,500.00

                	 	
                  (3)

                
	
                  LT2-F16

                	 	
                  $

                	
                  16,742,000.00

                	 	
                  (2)

                
	
                  LT2-V16

                	 	
                  $

                	
                  16,742,000.00

                	 	
                  (3)

                
	
                  LT2-F17

                	 	
                  $

                	
                  16,480,000.00

                	 	
                  (2)

                
	
                  LT2-V17

                	 	
                  $

                	
                  16,480,000.00

                	 	
                  (3)

                
	
                  LT2-F18

                	 	
                  $

                	
                  16,193,500.00

                	 	
                  (2)

                

        

         

        
          
            
            

          

          
            3

            
              

            

          

          
            
            

          

        

        
          	
                  Class
                    Designation

                	 	 	
                  Initial
                    Principal Balance

                	 	
                  Interest
                    Rate

                

        

        
          	
                  LT2-V18

                	 	
                  $

                	
                  16,193,500.00

                	 	
                  (3)

                
	
                  LT2-F19

                	 	
                  $

                	
                  15,881,000.00

                	 	
                  (2)

                
	
                  LT2-V19

                	 	
                  $

                	
                  15,881,000.00

                	 	
                  (3)

                
	
                  LT2-F20

                	 	
                  $

                	
                  15,546,500.00

                	 	
                  (2)

                
	
                  LT2-V20

                	 	
                  $

                	
                  15,546,500.00

                	 	
                  (3)

                
	
                  LT2-F21

                	 	
                  $

                	
                  15,190,000.00

                	 	
                  (2)

                
	
                  LT2-V21

                	 	
                  $

                	
                  15,190,000.00

                	 	
                  (3)

                
	
                  LT2-F22

                	 	
                  $

                	
                  14,815,000.00

                	 	
                  (2)

                
	
                  LT2-V22

                	 	
                  $

                	
                  14,815,000.00

                	 	
                  (3)

                
	
                  LT2-F23

                	 	
                  $

                	
                  51,052,500.00

                	 	
                  (2)

                
	
                  LT2-V23

                	 	
                  $

                	
                  51,052,500.00

                	 	
                  (3)

                
	
                  LT2-F24

                	 	
                  $

                	
                  27,438,000.00

                	 	
                  (2)

                
	
                  LT2-V24

                	 	
                  $

                	
                  27,438,000.00

                	 	
                  (3)

                
	
                  LT2-F25

                	 	
                  $

                	
                  23,982,500.00

                	 	
                  (2)

                
	
                  LT2-V25

                	 	
                  $

                	
                  23,982,500.00

                	 	
                  (3)

                
	
                  LT2-F26

                	 	
                  $

                	
                  18,232,500.00

                	 	
                  (2)

                
	
                  LT2-V26

                	 	
                  $

                	
                  18,232,500.00

                	 	
                  (3)

                
	
                  LT2-F27

                	 	
                  $

                	
                  14,215,500.00

                	 	
                  (2)

                
	
                  LT2-V27

                	 	
                  $

                	
                  14,215,500.00

                	 	
                  (3)

                
	
                  LT2-F28

                	 	
                  $

                	
                  11,286,000.00

                	 	
                  (2)

                
	
                  LT2-V28

                	 	
                  $

                	
                  11,286,000.00

                	 	
                  (3)

                
	
                  LT2-F29

                	 	
                  $

                	
                  9,078,500.00

                	 	
                  (2)

                
	
                  LT2-V29

                	 	
                  $

                	
                  9,078,500.00

                	 	
                  (3)

                
	
                  LT2-F30

                	 	
                  $

                	
                  7,369,000.00

                	 	
                  (2)

                
	
                  LT2-V30

                	 	
                  $

                	
                  7,369,000.00

                	 	
                  (3)

                
	
                  LT2-F31

                	 	
                  $

                	
                  6,015,000.00

                	 	
                  (2)

                
	
                  LT2-V31

                	 	
                  $

                	
                  6,015,000.00

                	 	
                  (3)

                
	
                  LT2-F32

                	 	
                  $

                	
                  4,921,500.00

                	 	
                  (2)

                
	
                  LT2-V32

                	 	
                  $

                	
                  4,921,500.00

                	 	
                  (3)

                
	
                  LT2-F33

                	 	
                  $

                	
                  4,679,500.00

                	 	
                  (2)

                
	
                  LT2-V33

                	 	
                  $

                	
                  4,679,500.00

                	 	
                  (3)

                
	
                  LT2-F34

                	 	
                  $

                	
                  4,448,500.00

                	 	
                  (2)

                
	
                  LT2-V34

                	 	
                  $

                	
                  4,448,500.00

                	 	
                  (3)

                
	
                  LT2-F35

                	 	
                  $

                	
                  4,230,500.00

                	 	
                  (2)

                
	
                  LT2-V35

                	 	
                  $

                	
                  4,230,500.00

                	 	
                  (3)

                
	
                  LT2-F36

                	 	
                  $

                	
                  4,023,000.00

                	 	
                  (2)

                
	
                  LT2-V36

                	 	
                  $

                	
                  4,023,000.00

                	 	
                  (3)

                
	
                  LT2-F37

                	 	
                  $

                	
                  3,826,000.00

                	 	
                  (2)

                
	
                  LT2-V37

                	 	
                  $

                	
                  3,826,000.00

                	 	
                  (3)

                
	
                  LT2-F38

                	 	
                  $

                	
                  3,638,000.00

                	 	
                  (2)

                
	
                  LT2-V38

                	 	
                  $

                	
                  3,638,000.00

                	 	
                  (3)

                
	
                  LT2-F39

                	 	
                  $

                	
                  3,460,500.00

                	 	
                  (2)

                
	
                  LT2-V39

                	 	
                  $

                	
                  3,460,500.00

                	 	
                  (3)

                
	
                  LT2-F40

                	 	
                  $

                	
                  3,290,000.00

                	 	
                  (2)

                

        

         

        
          
            
            

          

          
            4

            
              

            

          

          
            
            

          

        

        
          	
                  Class
                    Designation

                	 	 	
                  Initial
                    Principal Balance

                	 	
                  Interest
                    Rate

                

        

        
          	
                  LT2-V40

                	 	
                  $

                	
                  3,290,000.00

                	 	
                  (3)

                
	
                  LT2-F41

                	 	
                  $

                	
                  3,129,000.00

                	 	
                  (2)

                
	
                  LT2-V41

                	 	
                  $

                	
                  3,129,000.00

                	 	
                  (3)

                
	
                  LT2-F42

                	 	
                  $

                	
                  2,976,500.00

                	 	
                  (2)

                
	
                  LT2-V42

                	 	
                  $

                	
                  2,976,500.00

                	 	
                  (3)

                
	
                  LT2-F43

                	 	
                  $

                	
                  2,828,500.00

                	 	
                  (2)

                
	
                  LT2-V43

                	 	
                  $

                	
                  2,828,500.00

                	 	
                  (3)

                
	
                  LT2-F44

                	 	
                  $

                	
                  2,691,500.00

                	 	
                  (2)

                
	
                  LT2-V44

                	 	
                  $

                	
                  2,691,500.00

                	 	
                  (3)

                
	
                  LT2-F45

                	 	
                  $

                	
                  2,559,000.00

                	 	
                  (2)

                
	
                  LT2-V45

                	 	
                  $

                	
                  2,559,000.00

                	 	
                  (3)

                
	
                  LT2-F46

                	 	
                  $

                	
                  2,433,500.00

                	 	
                  (2)

                
	
                  LT2-V46

                	 	
                  $

                	
                  2,433,500.00

                	 	
                  (3)

                
	
                  LT2-F47

                	 	
                  $

                	
                  2,314,500.00

                	 	
                  (2)

                
	
                  LT2-V47

                	 	
                  $

                	
                  2,314,500.00

                	 	
                  (3)

                
	
                  LT2-F48

                	 	
                  $

                	
                  2,200,500.00

                	 	
                  (2)

                
	
                  LT2-V48

                	 	
                  $

                	
                  2,200,500.00

                	 	
                  (3)

                
	
                  LT2-F49

                	 	
                  $

                	
                  2,093,500.00

                	 	
                  (2)

                
	
                  LT2-V49

                	 	
                  $

                	
                  2,093,500.00

                	 	
                  (3)

                
	
                  LT2-F50

                	 	
                  $

                	
                  1,989,500.00

                	 	
                  (2)

                
	
                  LT2-V50

                	 	
                  $

                	
                  1,989,500.00

                	 	
                  (3)

                
	
                  LT2-F51

                	 	
                  $

                	
                  1,892,500.00

                	 	
                  (2)

                
	
                  LT2-V51

                	 	
                  $

                	
                  1,892,500.00

                	 	
                  (3)

                
	
                  LT2-F52

                	 	
                  $

                	
                  1,800,000.00

                	 	
                  (2)

                
	
                  LT2-V52

                	 	
                  $

                	
                  1,800,000.00

                	 	
                  (3)

                
	
                  LT2-F53

                	 	
                  $

                	
                  1,711,000.00

                	 	
                  (2)

                
	
                  LT2-V53

                	 	
                  $

                	
                  1,711,000.00

                	 	
                  (3)

                
	
                  LT2-F54

                	 	
                  $

                	
                  1,628,000.00

                	 	
                  (2)

                
	
                  LT2-V54

                	 	
                  $

                	
                  1,628,000.00

                	 	
                  (3)

                
	
                  LT2-F55

                	 	
                  $

                	
                  1,547,000.00

                	 	
                  (2)

                
	
                  LT2-V55

                	 	
                  $

                	
                  1,547,000.00

                	 	
                  (3)

                
	
                  LT2-F56

                	 	
                  $

                	
                  1,472,500.00

                	 	
                  (2)

                
	
                  LT2-V56

                	 	
                  $

                	
                  1,472,500.00

                	 	
                  (3)

                
	
                  LT2-F57

                	 	
                  $

                	
                  1,400,500.00

                	 	
                  (2)

                
	
                  LT2-V57

                	 	
                  $

                	
                  1,400,500.00

                	 	
                  (3)

                
	
                  LT2-F58

                	 	
                  $

                	
                  1,335,500.00

                	 	
                  (2)

                
	
                  LT2-V58

                	 	
                  $

                	
                  1,335,500.00

                	 	
                  (3)

                
	
                  LT2-F59

                	 	
                  $

                	
                  25,723,000.00

                	 	
                  (2)

                
	
                  LT2-V59

                	 	
                  $

                	
                  25,723,000.00

                	 	
                  (3)

                
	
                  LT2-R

                	 	 	
                  (4)

                	 	
                  (4)

                

        

         

      

      
        	 	
                (1)

              	
                For
                  any Distribution Date (and the related Accrual Period) the interest
                  rate
                  for the Class LT2-A Interest shall be the Net WAC Rate.
                  

              

      

       

      
        
          
          

        

        
          5

          
            

          

        

        
          
          

        

      

      
        	 	
                (2)

              	
                For
                  any Distribution Date (and the related Accrual Period) the interest
                  rate
                  for each of these Lower Tier Interests shall be the lesser of (i)
                  the
                  REMIC Swap Rate for such Distribution Date, and (ii) the product
                  of (a)
                  the Net WAC Rate and (b) 2. 

              

      

       

      
        	 	
                (3)

              	
                For
                  any Distribution Date (and the related Accrual Period) the interest
                  rate
                  for each of these Lower Tier Interests shall be the excess, if
                  any, of (i)
                  the product of (a) the Net WAC Rate and (b) 2, over (ii) the REMIC
                  Swap
                  Rate for such Distribution Date.

              

      

       

      
        	 	
                (4)

              	
                The
                  Class LT2-R interest shall not have a principal amount and shall
                  not bear
                  interest. The Class LT2-R interest is hereby designated as the
                  sole class
                  of residual interest in REMIC 2.

              

      

       

      On
        each
        Distribution Date, the Securities Administrator shall distribute the aggregate
        Interest Remittance Amount for the two Mortgage Pools (net of the expenses
        paid
        by REMIC 1) with respect to each of the Lower Tier Interests in REMIC 2 based
        on
        the above-described interest rates.

       

      On
        each
        Distribution Date, the Securities Administrator shall distribute the aggregate
        Principal Remittance Amount with respect to the two Mortgage Pools with respect
        to the Lower Tier Interests in REMIC 2, first to the Class LT2-A Interest
        until
        its principal balance is reduced to zero, and then sequentially, to the other
        Lower Tier Interests in REMIC 2 in ascending order of their numerical class
        designation, and, with respect to each pair of classes having the same numerical
        designation, in equal amounts to each such class, until the principal balance
        of
        each such class is reduced to zero. All losses on the Mortgage Loans shall
        be
        allocated among the Lower Tier Interests in REMIC 2 in the same manner that
        principal distributions are allocated.

       

      On
        each
        Distribution Date, the Securities Administrator shall distribute the Prepayment
        Premiums collected during the preceding Prepayment Period to the Class LT2-F59
        Lower Tier Interest.

       

      REMIC
        3:   

       

      The
        following table sets forth the designations, principal balances and interest
        rates for each interest in REMIC 3, each of which (other than the Class LT3-R
        interest) is hereby designated as a regular interest in REMIC 3 (the “REMIC 3
        Regular Interests”):

       

      
        	
                REMIC
                  3

                Lower
                  Tier 

                Class
                  Designation

              	 	
                REMIC
                  3

                Lower
                  Tier

                Interest
                  Rate

              	 	
                Initial
                  Class 

                Principal
                  Amount

              	 	
                Corresponding
                  Class of Certificate(s)

              
	
                Class
                  LT3-A1

              	 	
                (1)

              	 	
                (3)

              	 	
                A1

              
	
                Class
                  LT3-A2

              	 	
                (1)

              	 	
                (3)

              	 	
                A2

              
	
                Class
                  LT3-A3

              	 	
                (1)

              	 	
                (3)

              	 	
                A3

              
	
                Class
                  LT3-A4

              	 	
                (1)

              	 	
                (3)

              	 	
                A4

              
	
                Class
                  LT3-M1

              	 	
                (1)

              	 	
                (3)

              	 	
                M1

              
	
                Class
                  LT3-M2

              	 	
                (1)

              	 	
                (3)

              	 	
                M2

              
	
                Class
                  LT3-M3

              	 	
                (1)

              	 	
                (3)

              	 	
                M3

              
	
                Class
                  LT3-M4

              	 	
                (1)

              	 	
                (3)

              	 	
                M4

              
	
                Class
                  LT3-M5

              	 	
                (1)

              	 	
                (3)

              	 	
                M5

              
	
                Class
                  LT3-M6

              	 	
                (1)

              	 	
                (3)

              	 	
                M6

              
	
                Class
                  LT3-M7

              	 	
                (1)

              	 	
                (3)

              	 	
                M7

              

      

       

      
        
          
          

        

        
          6

          
            

          

        

        
          
          

          	
                  REMIC
                    3

                  Lower
                    Tier 

                  Class
                    Designation

                	 	
                  REMIC
                    3

                  Lower
                    Tier

                  Interest
                    Rate

                	 	
                  Initial
                    Class 

                  Principal
                    Amount

                	 	
                  Corresponding
                    Class of
                    Certificate(s)

                

        

      

      
        	
                Class
                  LT3-M8

              	 	
                (1)

              	 	
                (3)

              	 	
                M8

              
	
                Class
                  LT3-M9

              	 	
                (1)

              	 	
                (3)

              	 	
                M9

              
	
                Class
                  LT3-B1

              	 	
                (1)

              	 	
                (3)

              	 	
                B1

              
	
                Class
                  LT3-B2

              	 	
                (1)

              	 	
                (3)

              	 	
                B2

              
	
                Class
                  LT3-Q

              	 	
                (1)

              	 	
                (4)

              	 	
                N/A

              
	
                Class
                  LT3-IO

              	 	
                (2)

              	 	
                (2)

              	 	
                N/A

              
	
                Class
                  LT3-R

              	 	
                (5)

              	 	
                (5)

              	 	
                R

              
	
                Class
                  LT3-Reserve-IO

              	 	
                (6)

              	 	
                (6)

              	 	
                N/A

              

      

      ___________________________

      
        	 	
                (1)

              	
                For
                  any Distribution Date (and the related Accrual Period) the interest
                  rate
                  for each of these Lower Tier Interests in REMIC 3 is a per annum
                  rate
                  equal to the weighted average of the interest rates on the Lower
                  Tier
                  Interests in REMIC 2 for such Distribution Date, provided,
                  however, that
                  (i) for any Distribution Date on which the Class LT3-IO Interest
                  is
                  entitled to a portion of the interest accruals on a Lower Tier
                  Interest in
                  REMIC 2 having an “F” in its class designation, as described in footnote
                  two below, such weighted average shall be computed by first subjecting
                  the
                  rate on such Lower Tier Interest in REMIC 2 to a cap equal to Swap
                  LIBOR
                  for such Distribution Date and (ii) such weighted average shall
                  be reduced
                  by a per annum rate equal to a fraction (x) the numerator of which
                  is
                  equal to the product of (a) the Final Maturity Reserve Amount and
                  (b) a
                  fraction, the numerator of which is 360 and the denominator of
                  which is
                  the actual number of days in the related Accrual Period and (y)
                  the
                  denominator of which is the aggregate Scheduled Principal Balance
                  on the
                  first day of the related Collection Period of the Mortgage Loans
                  (not
                  including for this purpose any such Mortgage Loans for which prepayments
                  in full have been received and distributed in the month prior to
                  that
                  Distribution Date).

              

      

       

      
        	 	
                (2)

              	
                The
                  Class LT3-IO is an interest only class that does not have a principal
                  balance. For only those Distribution Dates listed in the first
                  column in
                  the table below, the Class LT3-IO shall be entitled to interest
                  accrued on
                  the Lower Tier Interest in REMIC 2 listed in the second column
                  in the
                  table below at a per annum rate equal to the excess, if any, of
                  (i) the
                  interest rate for such Lower Tier Interest in REMIC 2 for such
                  Distribution Date over (ii) Swap LIBOR for such Distribution
                  Date.

              

      

       

      
        	
                Distribution
                  Dates

              	 	
                REMIC
                  

                2
                  Class Designation

              
	
                2

              	 	
                Class
                  LT2-F1

              
	
                2-3

              	 	
                Class
                  LT2-F2

              
	
                2-4

              	 	
                Class
                  LT2-F3

              
	
                2-5

              	 	
                Class
                  LT2-F4

              
	
                2-6

              	 	
                Class
                  LT2-F5

              
	
                2-7

              	 	
                Class
                  LT2-F6

              
	
                2-8

              	 	
                Class
                  LT2-F7

              
	
                2-9

              	 	
                Class
                  LT2-F8

              
	
                2-10

              	 	
                Class
                  LT2-F9

              
	
                2-11

              	 	
                Class
                  LT2-F10

              
	
                2-12

              	 	
                Class
                  LT2-F11

              
	
                2-13

              	 	
                Class
                  LT2-F12

              
	
                2-14

              	 	
                Class
                  LT2-F13

              
	
                2-15

              	 	
                Class
                  LT2-F14

              
	
                2-16

              	 	
                Class
                  LT2-F15

              
	
                2-17

              	 	
                Class
                  LT2-F16

              
	
                2-18

              	 	
                Class
                  LT2-F17

              
	
                2-19

              	 	
                Class
                  LT2-F18

              
	
                2-20

              	 	
                Class
                  LT2-F19

              
	
                2-21

              	 	
                Class
                  LT2-F20

              
	
                2-22

              	 	
                Class
                  LT2-F21

              
	
                2-23

              	 	
                Class
                  LT2-F22

              
	
                2-24

              	 	
                Class
                  LT2-F23

              
	
                2-25

              	 	
                Class
                  LT2-F24

              

      

       

      
        
          
          

        

        
          7

          
            

          

        

        
          
          

        

      

      
        	
                2-26

              	 	
                Class
                  LT2-F25

              
	
                2-27

              	 	
                Class
                  LT2-F26

              
	
                2-28

              	 	
                Class
                  LT2-F27

              
	
                2-29

              	 	
                Class
                  LT2-F28

              
	
                2-30

              	 	
                Class
                  LT2-F29

              
	
                2-31

              	 	
                Class
                  LT2-F30

              
	
                2-32

              	 	
                Class
                  LT2-F31

              
	
                2-33

              	 	
                Class
                  LT2-F32

              
	
                2-34

              	 	
                Class
                  LT2-F33

              
	
                2-35

              	 	
                Class
                  LT2-F34

              
	
                2-36

              	 	
                Class
                  LT2-F35

              
	
                2-37

              	 	
                Class
                  LT2-F36

              
	
                2-38

              	 	
                Class
                  LT2-F37

              
	
                2-39

              	 	
                Class
                  LT2-F38

              
	
                2-40

              	 	
                Class
                  LT2-F39

              
	
                2-41

              	 	
                Class
                  LT2-F40

              
	
                2-42

              	 	
                Class
                  LT2-F41

              
	
                2-43

              	 	
                Class
                  LT2-F42

              
	
                2-44

              	 	
                Class
                  LT2-F43

              
	
                2-45

              	 	
                Class
                  LT2-F44

              
	
                2-46

              	 	
                Class
                  LT2-F45

              
	
                2-47

              	 	
                Class
                  LT2-F46

              
	
                2-48

              	 	
                Class
                  LT2-F47

              
	
                2-49

              	 	
                Class
                  LT2-F48

              
	
                2-50

              	 	
                Class
                  LT2-F49

              
	
                2-51

              	 	
                Class
                  LT2-F50

              
	
                2-52

              	 	
                Class
                  LT2-F51

              
	
                2-53

              	 	
                Class
                  LT2-F52

              
	
                2-54

              	 	
                Class
                  LT2-F53

              
	
                2-55

              	 	
                Class
                  LT2-F54

              
	
                2-56

              	 	
                Class
                  LT2-F55

              
	
                2-57

              	 	
                Class
                  LT2-F56

              
	
                2-58

              	 	
                Class
                  LT2-F57

              
	
                2-59

              	 	
                Class
                  LT2-F58

              
	
                2-60

              	 	
                Class
                  LT2-F59

              

      

      ___________________________

      
        	 	
                (3)

              	
                This
                  interest shall have an initial class principal amount equal to
                  one-half of
                  the initial Class Principal Amount of its Corresponding Class of
                  Certificates.

              

      

       

      
        	 	
                (4)

              	
                This
                  interest shall have an initial class principal amount equal to
                  the excess
                  of (i) the Aggregate Pool Balance as of the Cut-off Date, over
                  (ii) the
                  aggregate initial class principal amount of each other regular
                  interest in
                  REMIC 3.

              

      

       

      
        	 	
                (5)

              	
                The
                  Class LT3-R interest is the sole class of residual interests in
                  REMIC 3.
                  It does not have an interest rate or a principal
                  balance.

              

      

       

      
        	 	
                (6)

              	
                The
                  Class LT3-Reserve-IO is an interest only class and does not have
                  a
                  principal balance. For each Distribution Date, this Lower Tier
                  Interest
                  shall be entitled to distributions equal to the Final Maturity
                  Reserve
                  Amount. 

              

      

       

      On
        each
        Distribution Date, interest shall be distributed on the Lower Tier Interests
        in
        REMIC 3 based on the above-described interest rates,
        provided,
        however,
        that
        interest that accrues on the Class LT3-Q Interest shall be deferred in an
        amount
        equal to one-half of the increase, if any, in the Overcollateralization Amount
        for such Distribution Date. Any interest so deferred shall itself bear interest
        at the interest rate for the Class LT3-Q Interest. An amount equal to the
        interest so deferred shall be distributed as additional principal on the
        other
        Lower Tier Interests in REMIC 3 having a principal balance in the manner
        described under priority (a) below.

       

      
        
          
          

        

        
          8

          
            

          

        

        
          
          

        

      

      On
        each
        Distribution Date principal shall be distributed, and Realized Losses shall
        be
        allocated, among the Lower Tier Interests in REMIC 3 in the following order
        of
        priority:

       

      (a)
        First, to the Class LT3-A1, Class LT3-A2, Class LT3-A3, Class LT3-A4,
        Class LT3-M1, Class LT3-M2, Class LT3-M3, Class LT3-M4, Class LT3-M5, Class
        LT3-M6, Class LT3-M7, Class LT3-M8, Class LT3-M9, Class LT3-B1 and Class
        LT3-B2
        Interests until the principal balance of each such Lower Tier Interest equals
        one-half of the Class Principal Amount of the Corresponding Class of
        Certificates immediately after such Distribution Date; and

       

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

       

      On
        each
        Distribution Date, the Securities Administrator shall be deemed to have
        distributed the Prepayment Premiums passed through with respect to the Class
        LT2-F59 Lower Tier Interest in REMIC 2 on such Distribution Date to the Class
        LT3-Q Interest. 

       

      
        
          
          

        

        
          9

          
            

          

        

        
          
          

        

      

      The
        Certificates:

       

      The
        following table sets forth (or describes) the Class designation, Certificate
        Interest Rate, initial Class Principal Amount and minimum denomination for
        each
        Class of Certificates comprising interests in the Trust Fund created hereunder.
        

       

      
        	
                Class

                Designation

              	
                Certificate

                Interest
                  Rate

              	
                Initial

                Class
                  Principal Amount

              	
                Minimum

                Denomination

              
	
                Class
                  A1

              	
                (1)

              	
                $393,008,000.00

              	
                $
                  25,000

              
	
                Class
                  A2

              	
                (2)

              	
                $389,952,000.00

              	
                $
                  25,000

              
	
                Class
                  A3

              	
                (3)

              	
                $213,927,000.00

              	
                $
                  25,000

              
	
                Class
                  A4

              	
                (4)

              	
                $
                  67,157,000.00

              	
                $
                  25,000

              
	
                Class
                  M1

              	
                (5)

              	
                $
                  51,487,000.00

              	
                $100,000

              
	
                Class
                  M2

              	
                (6)

              	
                $
                  40,265,000.00

              	
                $100,000

              
	
                Class
                  M3

              	
                (7)

              	
                $
                  25,743,000.00

              	
                $100,000

              
	
                Class
                  M4

              	
                (8)

              	
                $
                  23,103,000.00

              	
                $100,000

              
	
                Class
                  M5

              	
                (9)

              	
                $
                  21,122,000.00

              	
                $100,000

              
	
                Class
                  M6

              	
                (10)

              	
                $
                  15,842,000.00

              	
                $100,000

              
	
                Class
                  M7

              	
                (11)

              	
                $
                  14,522,000.00

              	
                $100,000

              
	
                Class
                  M8

              	
                (12)

              	
                $
                  9,241,000.00

              	
                $100,000

              
	
                Class
                  M9

              	
                (13)

              	
                $
                  14,522,000.00

              	
                $100,000

              
	
                Class
                  B1

              	
                (14)

              	
                $
                  12,541,000.00

              	
                $100,000

              
	
                Class
                  B2

              	
                (15)

              	
                $
                  11,881,000.00

              	
                $100,000

              
	
                Class
                  X

              	
                (16)

              	
                (16)

              	
                10%

              
	
                Class
                  R

              	
                (17)

              	
                (17)

              	
                100%

              
	
                Class
                  P

              	
                (18)

              	
                $
                  100.00

              	
                10%

              
	
                Class
                  LT-R

              	
                (19)

              	
                (19)

              	
                100%

              

      

       

        
          

        

      

      
        	
                (1)

              	
                The
                  Certificate Interest Rate with respect to any Distribution Date
                  (and the
                  related Accrual Period) for the Class A1 Certificates is the per
                  annum
                  rate equal to the lesser of (i) LIBOR plus 0.160% and (ii) with
                  respect to
                  any Distribution Date on which the Class Principal Amounts of the
                  Group 2
                  Senior Certificates are outstanding, the Pool 1 Net Funds Cap for
                  such
                  Distribution Date or, after the Distribution Date on which the
                  Class
                  Principal Amounts of the Group 2 Senior Certificates have been
                  reduced to
                  zero, the Subordinate Net Funds Cap for such Distribution
                  Date;
                  provided,
                  that if the Mortgage Loans and related property are not purchased
                  pursuant
                  to Section 7.01(b) on the Initial Optional Termination Date, then
                  with
                  respect to each subsequent Distribution Date the per annum rate
                  calculated
                  pursuant to clause (i) above with respect to the Class A1 Certificates
                  will be LIBOR plus 0.320%. For purposes of the REMIC Provisions,
                  each
                  reference to a Net Funds Cap in clause (ii) of the preceding sentence
                  shall be deemed to be a reference to the REMIC 3 Net Funds Cap;
                  therefore,
                  on any Distribution Date on which the Certificate Interest Rate
                  for the
                  Class A1 Certificates exceeds the REMIC 3 Net Funds Cap, interest
                  accruals
                  based on such excess shall be treated as having been paid from
                  the Basis
                  Risk Reserve Fund or the Supplemental Interest Trust, as applicable;
                  on
                  any Distribution Date on which the Certificate Interest Rate on
                  the Class
                  A1 Certificates is based on a Net Funds Cap, the amount of interest
                  that
                  would have accrued on the Class A1 Certificates if the REMIC 3
                  Net Funds
                  Cap were substituted for the Net Funds Cap shall be treated as
                  having been
                  paid by the Class A1 Certificateholders to the Supplemental Interest
                  Trust, all pursuant to and as further provided in Section 10.01(n)
                  hereof.

              

      

       

      
        
          
          

        

        
          10

          
            

          

        

        
          
          

        

      

      
        	
                (2)

              	
                The
                  Certificate Interest Rate with respect to any Distribution Date
                  (and the
                  related Accrual Period) for the Class A2 Certificates is the per
                  annum
                  rate equal to the lesser of (i) LIBOR plus 0.050% and (ii) with
                  respect to
                  any Distribution Date on which the Class Principal Amount of the
                  Group 1
                  Senior Certificates is outstanding, the Pool 2 Net Funds Cap for
                  such
                  Distribution Date or, after the Distribution Date on which the
                  Class
                  Principal Amounts of the Group 1 Senior Certificates have been
                  reduced to
                  zero, the Subordinate Net Funds Cap for such Distribution
                  Date;
                  provided,
                  that if the Mortgage Loans and related property are not purchased
                  pursuant
                  to Section 7.01(b) on the Initial Optional Termination Date, then
                  with
                  respect to each subsequent Distribution Date the per annum rate
                  calculated
                  pursuant to clause (i) above with respect to the Class A2 Certificates
                  will be LIBOR plus 0.100%. For purposes of the REMIC Provisions,
                  each
                  reference to a Net Funds Cap in clause (ii) of the preceding sentence
                  shall be deemed to be a reference to the REMIC 3 Net Funds Cap;
                  therefore,
                  on any Distribution Date on which the Certificate Interest Rate
                  for the
                  Class A2 Certificates exceeds the REMIC 3 Net Funds Cap, interest
                  accruals
                  based on such excess shall be treated as having been paid from
                  the Basis
                  Risk Reserve Fund or the Supplemental Interest Trust, as applicable;
                  on
                  any Distribution Date on which the Certificate Interest Rate on
                  the Class
                  A2 Certificates is based on a Net Funds Cap, the amount of interest
                  that
                  would have accrued on the Class A2 Certificates if the REMIC 3
                  Net Funds
                  Cap were substituted for the Net Funds Cap shall be treated as
                  having been
                  paid by the Class A2 Certificateholders to the Supplemental Interest
                  Trust, all pursuant to and as further provided in Section 10.01(n)
                  hereof.

                 

              

      

      
        	
                (3)

              	
                The
                  Certificate Interest Rate with respect to any Distribution Date
                  (and the
                  related Accrual Period) for the Class A3 Certificates is the per
                  annum
                  rate equal to the lesser of (i) LIBOR plus 0.160% and (ii) with
                  respect to
                  any Distribution Date on which the Class Principal Amount of the
                  Group 1
                  Senior Certificates is outstanding, the Pool 2 Net Funds Cap for
                  such
                  Distribution Date or, after the Distribution Date on which the
                  Class
                  Principal Amounts of the Group 1 Senior Certificates have been
                  reduced to
                  zero, the Subordinate Net Funds Cap for such Distribution
                  Date;
                  provided,
                  that if the Mortgage Loans and related property are not purchased
                  pursuant
                  to Section 7.01(b) on the Initial Optional Termination Date, then
                  with
                  respect to each subsequent Distribution Date the per annum rate
                  calculated
                  pursuant to clause (i) above with respect to the Class A3 Certificates
                  will be LIBOR plus 0.320%. For purposes of the REMIC Provisions,
                  each
                  reference to a Net Funds Cap in clause (ii) of the preceding sentence
                  shall be deemed to be a reference to the REMIC 3 Net Funds Cap;
                  therefore,
                  on any Distribution Date on which the Certificate Interest Rate
                  for the
                  Class A3 Certificates exceeds the REMIC 3 Net Funds Cap, interest
                  accruals
                  based on such excess shall be treated as having been paid from
                  the Basis
                  Risk Reserve Fund or the Supplemental Interest Trust, as applicable;
                  on
                  any Distribution Date on which the Certificate Interest Rate on
                  the Class
                  A3 Certificates is based on a Net Funds Cap, the amount of interest
                  that
                  would have accrued on the Class A3 Certificates if the REMIC 3
                  Net Funds
                  Cap were substituted for the Net Funds Cap shall be treated as
                  having been
                  paid by the Class A3 Certificateholders to the Supplemental Interest
                  Trust, all pursuant to and as further provided in Section 10.01(n)
                  hereof.

                 

              

      

      
        	
                (4)

              	
                The
                  Certificate Interest Rate with respect to any Distribution Date
                  (and the
                  related Accrual Period) for the Class A4 Certificates is the per
                  annum
                  rate equal to the lesser of (i) LIBOR plus 0.240% and (ii) with
                  respect to
                  any Distribution Date on which the Class Principal Amount of the
                  Group 1
                  Senior Certificates is outstanding, the Pool 2 Net Funds Cap for
                  such
                  Distribution Date or, after the Distribution Date on which the
                  Class
                  Principal Amount of the Group 1 Senior Certificates has been reduced
                  to
                  zero, the Subordinate Net Funds Cap for such Distribution
                  Date;
                  provided,
                  that if the Mortgage Loans and related property are not purchased
                  pursuant
                  to Section 7.01(b) on the Initial Optional Termination Date, then
                  with
                  respect to each subsequent Distribution Date the per annum rate
                  calculated
                  pursuant to clause (i) above with respect to the Class A4 Certificates
                  will be LIBOR plus 0.480%. For purposes of the REMIC Provisions,
                  each
                  reference to a Net Funds Cap in clause (ii) of the preceding sentence
                  shall be deemed to be a reference to the REMIC 3 Net Funds Cap;
                  therefore,
                  on any Distribution Date on which the Certificate Interest Rate
                  for the
                  Class A4 Certificates exceeds the REMIC 3 Net Funds Cap, interest
                  accruals
                  based on such excess shall be treated as having been paid from
                  the Basis
                  Risk Reserve Fund or the Supplemental Interest Trust, as applicable;
                  on
                  any Distribution Date on which the Certificate Interest Rate on
                  the Class
                  A4 Certificates is based on a Net Funds Cap, the amount of interest
                  that
                  would have accrued on the Class A4 Certificates if the REMIC 3
                  Net Funds
                  Cap were substituted for the Net Funds Cap shall be treated as
                  having been
                  paid by the Class A4 Certificateholders to the Supplemental Interest
                  Trust, all pursuant to and as further provided in Section 10.01(n)
                  hereof.

              

      

       

      
        
          
          

        

        
          11

          
            

          

        

        
          
          

        

      

      
        	
                (5)

              	
                The
                  Certificate Interest Rate with respect to any Distribution Date
                  (and the
                  related Accrual Period) for the Class M1 Certificates is the per
                  annum
                  rate equal to the lesser of (i) LIBOR plus 0.250% and (ii) the
                  Subordinate
                  Net Funds Cap for such Distribution Date; provided,
                  that
                  if the Mortgage Loans and related property are not purchased pursuant
                  to
                  Section 7.01(b) on the Initial Optional Termination Date, then
                  with
                  respect to each subsequent Distribution Date the per annum rate
                  calculated
                  pursuant to clause (i) above with respect to the Class M1 Certificates
                  will be LIBOR plus 0.375%. For purposes of the REMIC Provisions,
                  the
                  reference to “Subordinate Net Funds Cap” in clause (ii) of the preceding
                  sentence shall be deemed to be a reference to the REMIC 3 Net Funds
                  Cap;
                  therefore, on any Distribution Date on which the Certificate Interest
                  Rate
                  for the Class M1 Certificates exceeds the REMIC 3 Net Funds Cap,
                  interest
                  accruals based on such excess shall be treated as having been paid
                  from
                  the Basis Risk Reserve Fund or the Supplemental Interest Trust,
                  as
                  applicable; on any Distribution Date on which the Certificate Interest
                  Rate on the Class M1 Certificates is based on the Subordinate Net
                  Funds
                  Cap, the amount of interest that would have accrued on the Class
                  M1
                  Certificates if the REMIC 3 Net Funds Cap were substituted for
                  the
                  Subordinate Net Funds Cap shall be treated as having been paid
                  by the
                  Class M1 Certificateholders to the Supplemental Interest Trust,
                  all
                  pursuant to and as further provided in Section 10.01(n) hereof.
                  

                 

              

      

      
        	
                (6)

              	
                The
                  Certificate Interest Rate with respect to any Distribution Date
                  (and the
                  related Accrual Period) for the Class M2 Certificates is the per
                  annum
                  rate equal to the lesser of (i) LIBOR plus 0.310% and (ii) the
                  Subordinate
                  Net Funds Cap for such Distribution Date; provided,
                  that
                  if the Mortgage Loans and related property are not purchased pursuant
                  to
                  Section 7.01(b) on the Initial Optional Termination Date, then
                  with
                  respect to each subsequent Distribution Date the per annum rate
                  calculated
                  pursuant to clause (i) above with respect to the Class M2 Certificates
                  will be LIBOR plus 0.465%. For purposes of the REMIC Provisions,
                  the
                  reference to “Subordinate Net Funds Cap” in clause (ii) of the preceding
                  sentence shall be deemed to be a reference to the REMIC 3 Net Funds
                  Cap;
                  therefore, on any Distribution Date on which the Certificate Interest
                  Rate
                  for the Class M2 Certificates exceeds the REMIC 3 Net Funds Cap,
                  interest
                  accruals based on such excess shall be treated as having been paid
                  from
                  the Basis Risk Reserve Fund or the Supplemental Interest Trust,
                  as
                  applicable; on any Distribution Date on which the Certificate Interest
                  Rate on the Class M2 Certificates is based on the Subordinate Net
                  Funds
                  Cap, the amount of interest that would have accrued on the Class
                  M2
                  Certificates if the REMIC 3 Net Funds Cap were substituted for
                  the
                  Subordinate Net Funds Cap shall be treated as having been paid
                  by the
                  Class M2 Certificateholders to the Supplemental Interest Trust,
                  all
                  pursuant to and as further provided in Section 10.01(n)
                  hereof.

                 

              

      

      
        	
                (7)

              	
                The
                  Certificate Interest Rate with respect to any Distribution Date
                  (and the
                  related Accrual Period) for the Class M3 Certificates is the per
                  annum
                  rate equal to the lesser of (i) LIBOR plus 0.350% and (ii) the
                  Subordinate
                  Net Funds Cap for such Distribution Date; provided,
                  that
                  if the Mortgage Loans and related property are not purchased pursuant
                  to
                  Section 7.01(b) on the Initial Optional Termination Date, then
                  with
                  respect to each subsequent Distribution Date the per annum rate
                  calculated
                  pursuant to clause (i) above with respect to the Class M3 Certificates
                  will be LIBOR plus 0.525%. For purposes of the REMIC Provisions,
                  the
                  reference to “Subordinate Net Funds Cap” in clause (ii) of the preceding
                  sentence shall be deemed to be a reference to the REMIC 3 Net Funds
                  Cap;
                  therefore, on any Distribution Date on which the Certificate Interest
                  Rate
                  for the Class M3 Certificates exceeds the REMIC 3 Net Funds Cap,
                  interest
                  accruals based on such excess shall be treated as having been paid
                  from
                  the Basis Risk Reserve Fund or the Supplemental Interest Trust,
                  as
                  applicable; on any Distribution Date on which the Certificate Interest
                  Rate on the Class M3 Certificates is based on the Subordinate Net
                  Funds
                  Cap, the amount of interest that would have accrued on the Class
                  M3
                  Certificates if the REMIC 3 Net Funds Cap were substituted for
                  the
                  Subordinate Net Funds Cap shall be treated as having been paid
                  by the
                  Class M3 Certificateholders to the Supplemental Interest Trust,
                  all
                  pursuant to and as further provided in Section 10.01(n)
                  hereof.

                 

              

      

      
        	
                (8)

              	
                The
                  Certificate Interest Rate with respect to any Distribution Date
                  (and the
                  related Accrual Period) for the Class M4 Certificates is the per
                  annum
                  rate equal to the lesser of (i) LIBOR plus 0.380% and (ii) the
                  Subordinate
                  Net Funds Cap for such Distribution Date; provided,
                  that
                  if the Mortgage Loans and related property are not purchased pursuant
                  to
                  Section 7.01(b) on the Initial Optional Termination Date, then
                  with
                  respect to each subsequent Distribution Date the per annum rate
                  calculated
                  pursuant to clause (i) above with respect to the Class M4 Certificates
                  will be LIBOR plus 0.570%. For purposes of the REMIC Provisions,
                  the
                  reference to “Subordinate Net Funds Cap” in clause (ii) of the preceding
                  sentence shall be deemed to be a reference to the REMIC 3 Net Funds
                  Cap;
                  therefore, on any Distribution Date on which the Certificate Interest
                  Rate
                  for the Class M4 Certificates exceeds the REMIC 3 Net Funds Cap,
                  interest
                  accruals based on such excess shall be treated as having been paid
                  from
                  the Basis Risk Reserve Fund or the Supplemental Interest Trust,
                  as
                  applicable; on any Distribution Date on which the Certificate Interest
                  Rate on the Class M4 Certificates is based on the Subordinate Net
                  Funds
                  Cap, the amount of interest that would have accrued on the Class
                  M4
                  Certificates if the REMIC 3 Net Funds Cap were substituted for
                  the
                  Subordinate Net Funds Cap shall be treated as having been paid
                  by the
                  Class M4 Certificateholders to the Supplemental Interest Trust,
                  all
                  pursuant to and as further provided in Section 10.01(n) hereof.
                  

                 

              

      

       

      
        
          
          

        

        
          12

          
            

          

        

        
          
          

        

      

      
        	
                (9)

              	
                The
                  Certificate Interest Rate with respect to any Distribution Date
                  (and the
                  related Accrual Period) for the Class M5 Certificates is the per
                  annum
                  rate equal to the lesser of (i) LIBOR plus 0.430% and (ii) the
                  Subordinate
                  Net Funds Cap for such Distribution Date; provided,
                  that
                  if the Mortgage Loans and related property are not purchased pursuant
                  to
                  Section 7.01(b) on the Initial Optional Termination Date, then
                  with
                  respect to each subsequent Distribution Date the per annum rate
                  calculated
                  pursuant to clause (i) above with respect to the Class M5 Certificates
                  will be LIBOR plus 0.645%. For purposes of the REMIC Provisions,
                  the
                  reference to “Subordinate Net Funds Cap” in clause (ii) of the preceding
                  sentence shall be deemed to be a reference to the REMIC 3 Net Funds
                  Cap;
                  therefore, on any Distribution Date on which the Certificate Interest
                  Rate
                  for the Class M5 Certificates exceeds the REMIC 3 Net Funds Cap,
                  interest
                  accruals based on such excess shall be treated as having been paid
                  from
                  the Basis Risk Reserve Fund or the Supplemental Interest Trust,
                  as
                  applicable; on any Distribution Date on which the Certificate Interest
                  Rate on the Class M5 Certificates is based on the Subordinate Net
                  Funds
                  Cap, the amount of interest that would have accrued on the Class
                  M5
                  Certificates if the REMIC 3 Net Funds Cap were substituted for
                  the
                  Subordinate Net Funds Cap shall be treated as having been paid
                  by the
                  Class M5 Certificateholders to the Supplemental Interest Trust,
                  all
                  pursuant to and as further provided in Section 10.01(n) hereof.
                  

                 

              

      

      
        	
                (10)

              	
                The
                  Certificate Interest Rate with respect to any Distribution Date
                  (and the
                  related Accrual Period) for the Class M6 Certificates is the per
                  annum
                  rate equal to the lesser of (i) LIBOR plus 0.460% and (ii) the
                  Subordinate
                  Net Funds Cap for such Distribution Date; provided,
                  that
                  if the Mortgage Loans and related property are not purchased pursuant
                  to
                  Section 7.01(b) on the Initial Optional Termination Date, then
                  with
                  respect to each subsequent Distribution Date the per annum rate
                  calculated
                  pursuant to clause (i) above with respect to the Class M6 Certificates
                  will be LIBOR plus 0.690%. For purposes of the REMIC Provisions,
                  the
                  reference to “Subordinate Net Funds Cap” in clause (ii) of the preceding
                  sentence shall be deemed to be a reference to the REMIC 3 Net Funds
                  Cap;
                  therefore, on any Distribution Date on which the Certificate Interest
                  Rate
                  for the Class M6 Certificates exceeds the REMIC 3 Net Funds Cap,
                  interest
                  accruals based on such excess shall be treated as having been paid
                  from
                  the Basis Risk Reserve Fund or the Supplemental Interest Trust,
                  as
                  applicable; on any Distribution Date on which the Certificate Interest
                  Rate on the Class M6 Certificates is based on the Subordinate Net
                  Funds
                  Cap, the amount of interest that would have accrued on the Class
                  M6
                  Certificates if the REMIC 3 Net Funds Cap were substituted for
                  the
                  Subordinate Net Funds Cap shall be treated as having been paid
                  by the
                  Class M6 Certificateholders to the Supplemental Interest Trust,
                  all
                  pursuant to and as further provided in Section 10.01(n) hereof.
                  

                 

              

      

      
        	
                (11)

              	
                The
                  Certificate Interest Rate with respect to any Distribution Date
                  (and the
                  related Accrual Period) for the Class M7 Certificates is the per
                  annum
                  rate equal to the lesser of (i) LIBOR plus 0.800% and (ii) the
                  Subordinate
                  Net Funds Cap for such Distribution Date; provided,
                  that
                  if the Mortgage Loans and related property are not purchased pursuant
                  to
                  Section 7.01(b) on the Initial Optional Termination Date, then
                  with
                  respect to each subsequent Distribution Date the per annum rate
                  calculated
                  pursuant to clause (i) above with respect to the Class M7 Certificates
                  will be LIBOR plus 1.200%. For purposes of the REMIC Provisions,
                  the
                  reference to “Subordinate Net Funds Cap” in clause (ii) of the preceding
                  sentence shall be deemed to be a reference to the REMIC 3 Net Funds
                  Cap;
                  therefore, on any Distribution Date on which the Certificate Interest
                  Rate
                  for the Class M7 Certificates exceeds the REMIC 3 Net Funds Cap,
                  interest
                  accruals based on such excess shall be treated as having been paid
                  from
                  the Basis Risk Reserve Fund or the Supplemental Interest Trust,
                  as
                  applicable; on any Distribution Date on which the Certificate Interest
                  Rate on the Class M7 Certificates is based on the Subordinate Net
                  Funds
                  Cap, the amount of interest that would have accrued on the Class
                  M7
                  Certificates if the REMIC 3 Net Funds Cap were substituted for
                  the
                  Subordinate Net Funds Cap shall be treated as having been paid
                  by the
                  Class M7 Certificateholders to the Supplemental Interest Trust,
                  all
                  pursuant to and as further provided in Section 10.01(n) hereof.
                  

              

      

       

      
        
          
          

        

        
          13

          
            

          

        

        
          
          

        

      

      
        	
                (12)

              	
                The
                  Certificate Interest Rate with respect to any Distribution Date
                  (and the
                  related Accrual Period) for the Class M8 Certificates is the per
                  annum
                  rate equal to the lesser of (i) LIBOR plus 1.150% and (ii) the
                  Subordinate
                  Net Funds Cap for such Distribution Date; provided,
                  that
                  if the Mortgage Loans and related property are not purchased pursuant
                  to
                  Section 7.01(b) on the Initial Optional Termination Date, then
                  with
                  respect to each subsequent Distribution Date the per annum rate
                  calculated
                  pursuant to clause (i) above with respect to the Class M8 Certificates
                  will be LIBOR plus 1.725%. For purposes of the REMIC Provisions,
                  the
                  reference to “Subordinate Net Funds Cap” in clause (ii) of the preceding
                  sentence shall be deemed to be a reference to the REMIC 3 Net Funds
                  Cap;
                  therefore, on any Distribution Date on which the Certificate Interest
                  Rate
                  for the Class M8 Certificates exceeds the REMIC 3 Net Funds Cap,
                  interest
                  accruals based on such excess shall be treated as having been paid
                  from
                  the Basis Risk Reserve Fund or the Supplemental Interest Trust,
                  as
                  applicable; on any Distribution Date on which the Certificate Interest
                  Rate on the Class M8 Certificates is based on the Subordinate Net
                  Funds
                  Cap, the amount of interest that would have accrued on the Class
                  M8
                  Certificates if the REMIC 3 Net Funds Cap were substituted for
                  the
                  Subordinate Net Funds Cap shall be treated as having been paid
                  by the
                  Class M8 Certificateholders to the Supplemental Interest Trust,
                  all
                  pursuant to and as further provided in Section 10.01(n)
                  hereof.

                 

              

      

      
        	
                (13)

              	
                The
                  Certificate Interest Rate with respect to any Distribution Date
                  (and the
                  related Accrual Period) for the Class M9 Certificates is the per
                  annum
                  rate equal to the lesser of (i) LIBOR plus 2.150% and (ii) the
                  Subordinate
                  Net Funds Cap for such Distribution Date; provided,
                  that
                  if the Mortgage Loans and related property are not purchased pursuant
                  to
                  Section 7.01(b) on the Initial Optional Termination Date, then
                  with
                  respect to each subsequent Distribution Date the per annum rate
                  calculated
                  pursuant to clause (i) above with respect to the Class M9 Certificates
                  will be LIBOR plus 3.225%. For purposes of the REMIC Provisions,
                  the
                  reference to “Subordinate Net Funds Cap” in clause (ii) of the preceding
                  sentence shall be deemed to be a reference to the REMIC 3 Net Funds
                  Cap;
                  therefore, on any Distribution Date on which the Certificate Interest
                  Rate
                  for the Class M9 Certificates exceeds the REMIC 3 Net Funds Cap,
                  interest
                  accruals based on such excess shall be treated as having been paid
                  from
                  the Basis Risk Reserve Fund or the Supplemental Interest Trust,
                  as
                  applicable; on any Distribution Date on which the Certificate Interest
                  Rate on the Class M9 Certificates is based on the Subordinate Net
                  Funds
                  Cap, the amount of interest that would have accrued on the Class
                  M9
                  Certificates if the REMIC 3 Net Funds Cap were substituted for
                  the
                  Subordinate Net Funds Cap shall be treated as having been paid
                  by the
                  Class M9 Certificateholders to the Supplemental Interest Trust,
                  all
                  pursuant to and as further provided in Section 10.01(n)
                  hereof.

                 

              

      

      
        	
                (14)

              	
                The
                  Certificate Interest Rate with respect to any Distribution Date
                  (and the
                  related Accrual Period) for the Class B1 Certificates is the per
                  annum
                  rate equal to the lesser of (i) LIBOR plus 2.500% and (ii) the
                  Subordinate
                  Net Funds Cap for such Distribution Date; provided,
                  that if the Mortgage Loans and related property are not purchased
                  pursuant
                  to Section 7.01(b) on the Initial Optional Termination Date, then
                  with
                  respect to each subsequent Distribution Date the per annum rate
                  calculated
                  pursuant to clause (i) above with respect to the Class B1 Certificates
                  will be LIBOR plus 3.750%. For purposes of the REMIC Provisions,
                  the
                  reference to “Subordinate Net Funds Cap” in clause (ii) of the preceding
                  sentence shall be deemed to be a reference to the REMIC 3 Net Funds
                  Cap;
                  therefore, on any Distribution Date on which the Certificate Interest
                  Rate
                  for the Class B1 Certificates exceeds the REMIC 3 Net Funds Cap,
                  interest
                  accruals based on such excess shall be treated as having been paid
                  from
                  the Basis Risk Reserve Fund or the Supplemental Interest Trust,
                  as
                  applicable; on any Distribution Date on which the Certificate Interest
                  Rate on the Class B1 Certificates is based on the Subordinate Net
                  Funds
                  Cap, the amount of interest that would have accrued on the Class
                  B1
                  Certificates if the REMIC 3 Net Funds Cap were substituted for
                  the
                  Subordinate Net Funds Cap shall be treated as having been paid
                  by the
                  Class B1 Certificateholders to the Supplemental Interest Trust,
                  all
                  pursuant to and as further provided in Section 10.01(n)
                  hereof.

                 

              

      

      
        	
                (15)

              	
                The
                  Certificate Interest Rate with respect to any Distribution Date
                  (and the
                  related Accrual Period) for the Class B2 Certificates is the per
                  annum
                  rate equal to the lesser of (i) LIBOR plus 2.500% and (ii) the
                  Subordinate
                  Net Funds Cap for such Distribution Date; provided,
                  that if the Mortgage Loans and related property are not purchased
                  pursuant
                  to Section 7.01(b) on the Initial Optional Termination Date, then
                  with
                  respect to each subsequent Distribution Date the per annum rate
                  calculated
                  pursuant to clause (i) above with respect to the Class B2 Certificates
                  will be LIBOR plus 3.750%. For purposes of the REMIC Provisions,
                  the
                  reference to “Subordinate Net Funds Cap” in clause (ii) of the preceding
                  sentence shall be deemed to be a reference to the REMIC 3 Net Funds
                  Cap;
                  therefore, on any Distribution Date on which the Certificate Interest
                  Rate
                  for the Class B2 Certificates exceeds the REMIC 3 Net Funds Cap,
                  interest
                  accruals based on such excess shall be treated as having been paid
                  from
                  the Basis Risk Reserve Fund or the Supplemental Interest Trust,
                  as
                  applicable; on any Distribution Date on which the Certificate Interest
                  Rate on the Class B2 Certificates is based on the Subordinate Net
                  Funds
                  Cap, the amount of interest that would have accrued on the Class
                  B2
                  Certificates if the REMIC 3 Net Funds Cap were substituted for
                  the
                  Subordinate Net Funds Cap shall be treated as having been paid
                  by the
                  Class B2 Certificateholders to the Supplemental Interest Trust,
                  all
                  pursuant to and as further provided in Section 10.01(n)
                  hereof.

              

      

       

      
        
          
          

        

        
          14

          
            

          

        

        
          
          

        

      

      
        	
                (16)

              	
                For
                  purposes of the REMIC Provisions, Class X shall have an initial
                  principal
                  balance of $15,841,968.17 and the right to receive distributions
                  of such
                  amount represents a regular interest in the Upper Tier REMIC. The
                  Class X
                  Certificate shall also comprise three notional components, each
                  of which
                  represents a regular interest in the Upper Tier REMIC. The first
                  such
                  component has a notional balance that will at all times equal the
                  aggregate of the Class Principal Amounts of the Lower Tier Interests
                  in
                  REMIC 3, and, for each Distribution Date (and the related Accrual
                  Period)
                  this notional component shall bear interest at a per annum rate
                  equal to
                  the excess, if any, of (i) (a) the weighted average of the interest
                  rates
                  on the Lower Tier Interests in REMIC 3 (other than any interest-only
                  regular interests) minus (b) the Credit Risk Manager’s Fee Rate, over (ii)
                  the Adjusted Lower Tier WAC. The second notional component represents
                  the
                  right to receive all distributions in respect of the Class LT3-IO
                  Interest
                  in REMIC 3 (the “Class LT4-I” interest). The third notional component
                  represents the right to receive all distributions in respect of
                  the Class
                  LT3-Reserve-IO Interest. In addition, for purposes of the REMIC
                  Provisions, the Class X Certificate shall represent beneficial
                  ownership
                  of (i) the Basis Risk Reserve Fund; (ii) the Supplemental Interest
                  Trust,
                  including the Swap Agreement, the Swap Account, the Interest Rate
                  Cap
                  Agreement and the Interest Rate Cap Account, (iii) any PPTL Premiums,
                  (iv)
                  any FPD Premiums, (v) the Final Maturity Reserve Trust and (vi)
                  an
                  interest in the notional principal contracts described in Section
                  10.01(n)
                  hereof. 

                 

              

      

      
        	
                (17)

              	
                The
                  Class R Certificate will be issued without a Class Principal Amount
                  and
                  will not bear interest at a stated rate. The Class R Certificate
                  represents ownership of the residual interest in the Upper Tier
                  REMIC, as
                  well as ownership of the Class LT2-R Interest and Class LT3-R Interest.
                  The Class R Certificate will be issued as a single Certificate
                  evidencing
                  the entire Percentage Interest in such Class.

                 

              

      

      
        	
                (18)

              	
                The
                  Class P Certificates shall not bear interest at a stated rate.
                  Prepayment
                  Premiums paid with respect to the Mortgage Loans shall be paid
                  to the
                  Holders of the Class P Certificates as provided in Section 5.02(i).
                  For
                  purposes of the REMIC Provisions, Class P shall represent a regular
                  interest in the Upper Tier REMIC.

                 

              

      

      
        	
                (19)

              	
                The
                  Class LT-R Certificate will be issued without a Class Principal
                  Amount and
                  will not bear interest at a stated rate. The Class LT-R Certificate
                  represents ownership of the residual interest in REMIC 1. The Class
                  LT-R
                  Certificate will be issued as a single Certificate evidencing the
                  entire
                  Percentage Interest in such Class.

                 

              

      

      As
        of the
        Cut-off Date, the Mortgage Loans had an aggregate Scheduled Principal Balance
        of
        $1,320,154,968.17. 

       

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

       

      ARTICLE
        I

       

      DEFINITIONS

      

        Section
          1.01. Definitions.
          

         

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

         

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

         

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

         

        
          
            
            

          

          
            15

            
              

            

          

          
            
            

          

        

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

         

        Accrual
          Period:
          With
          respect to each Class of LIBOR Certificates and any Distribution Date,
          the
          period beginning on the Distribution Date in the calendar month immediately
          preceding the month in which the related Distribution Date occurs (or,
          in the
          case of the first Distribution Date, beginning on October 25, 2006) and
          ending
          on the day immediately preceding the related Distribution Date, as calculated
          in
          accordance with Section 1.03.

         

        Act:
          As
          defined in Section 3.03(c).

         

        Additional
          Collateral:
          None.

         

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

         

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

         

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

         

        Additional
          Termination Event:
          As
          defined in the Swap Agreement.

         

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

         

        Adjusted
          Lower Tier WAC:
          For any
          Distribution Date (and the related Accrual Period), an amount equal to
          (i) two,
          multiplied by (ii) the weighted average of the interest rates for such
          Distribution Date for the Class LT3-A1, Class LT3-A2, Class LT3-A3, Class
          LT3-A4, Class LT3-M1, Class LT3-M2, Class LT3-M3, Class LT3-M4, Class LT3-M5,
          Class LT3-M6, Class LT3-M7, Class LT3-M8, Class LT3-M9, Class LT3-B1, Class
          LT3-B2 and Class LT3-Q Interests, weighted in proportion to their Class
          Principal Amounts as of the beginning of the related Accrual Period and
          computed
          by subjecting the rate on the Class LT3-Q Interest to a cap of 0.00%, and
          by
          subjecting the rate on each of the Class LT3-A1, Class LT3-A2, Class LT3-A3,
          Class LT3-A4, Class LT3-M1, Class LT3-M2, Class LT3-M3, Class LT3-M4, Class
          LT3-M5, Class LT3-M6, Class LT3-M7, Class LT3-M8, Class LT3-M9, Class LT3-B1
          and
          Class LT3-B2 Interests to a cap that corresponds to the Certificate Interest
          Rate (determined by substituting the REMIC 3 Net Funds Cap for the applicable
          Net Funds Cap) for the Corresponding Class of Certificates; provided,
          however,
          that
          for each Class of LIBOR Certificates, the Certificate Interest Rate shall
          be
          multiplied by an amount equal to (a) the actual number of days in the Accrual
          Period, divided by (b) 30.

         

        
          
            
            

          

          
            16

            
              

            

          

          
            
            

          

        

        Advance:
          With
          respect to a Mortgage Loan other than a Simple Interest Mortgage Loan,
          an
          advance of the aggregate of payments (other than Balloon Payments) of principal
          and interest (net of the applicable Servicing Fee) on one or more Mortgage
          Loans
          that were due on a Due Date in the related Collection Period and not received
          as
          of the close of business on the related Determination Date, required to
          be made
          by or on behalf of the Master Servicer and any Servicer (or by the Trustee
          as
          successor to the Master Servicer) pursuant to Section 5.04, but only to
          the
          extent that such amount is expected, in the reasonable judgment of the
          Master
          Servicer or Servicer (or by the Trustee as successor to the Master Servicer),
          to
          be recoverable from collections or recoveries in respect of such Mortgage
          Loans.
          With respect to a Simple Interest Mortgage Loan, an advance of an amount
          equal
          to the interest accrual on such Simple Interest Mortgage Loan through the
          related Due Date but not received as of the close of business on the related
          Distribution Date (net of applicable Servicing Fee) required to be made
          by or on
          behalf of the Master Servicer or any Servicer (or by the Trustee as successor
          to
          the Master Servicer) pursuant to Section 5.04, but only to the extent that
          such
          amount is expected, in the reasonable judgment of the Master Servicer or
          Servicer (or by the Trustee as successor to the Master Servicer), to be
          recoverable from collections or recoveries in respect of such Simple Interest
          Mortgage Loans.

         

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

         

        Affected
          Party:
          As
          defined in the Swap Agreement.

         

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

         

        Aggregate
          Expense Rate:
          With
          respect to any Mortgage Loan, the related Servicing Fee Rate.

         

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

         

        Aggregate
          Pool Balance:
          As of
          any date of determination, the aggregate of the Pool Balances of Pool 1
          and Pool
          2 on such date.

         

        
          
            
            

          

          
            17

            
              

            

          

          
            
            

          

        

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

         

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

         

        Anniversary
          Year:
          The
          one-year period beginning on the Closing Date and ending on the first
          anniversary thereof, and each subsequent one-year period beginning on the
          day
          after the end of the preceding Anniversary Year and ending on next succeeding
          anniversary of the Closing Date.

         

        Applied
          Loss Amount:
          With
          respect to any Distribution Date, the amount, if any, by which (x) the
          aggregate
          Certificate Principal Amount of the LIBOR Certificates after giving effect
          to
          distributions of principal on such Distribution Date, but before giving
          effect
          to any application of the Applied Loss Amount with respect to such date,
          exceeds
          (y) the Aggregate Pool Balance for such Distribution Date.

         

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

         

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

         

        Aurora:
          Aurora
          Loan Services LLC.

         

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

         

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

         

        B1
          Principal Distribution Amount:
          With
          respect to any Distribution Date on or after the Stepdown Date and as long
          as a
          Trigger Event is not in effect with respect to such Distribution Date,
          the
          amount, if any, by which (x) the sum of (i) the aggregate of the Class
          Principal
          Amounts of the Senior Certificates and the Class M1, Class M2, Class M3,
          Class
          M4, Class M5, Class M6, Class M7, Class M8 and Class M9 Certificates, in
          each
          case after giving effect to distributions on such Distribution Date and
          (ii) the
          Class Principal Amount of the Class B1 Certificates immediately prior to
          such
          Distribution Date exceeds (y) the B1 Target Amount.

         

        B1
          Target Amount:
          With
          respect to any Distribution Date, an amount equal to the lesser of (a)
          the
          product of (i) 95.80% and (ii) the Aggregate Pool Balance for such Distribution
          Date determined as of the last day of the related Collection Period and
          (b) the
          amount, if any, by which (i) the Aggregate Pool Balance for such Distribution
          Date determined as of the last day of the related Collection Period exceeds
          (ii)
          the Overcollateralization Floor.

         

        
          
            
            

          

          
            18

            
              

            

          

          
            
            

          

        

        B2
          Principal Distribution Amount:
          With
          respect to any Distribution Date on or after the Stepdown Date and as long
          as a
          Trigger Event is not in effect with respect to such Distribution Date,
          the
          amount, if any, by which (x) the sum of (i) the aggregate of the Class
          Principal
          Amounts of the Senior Certificates and the Class M1, Class M2, Class M3,
          Class
          M4, Class M5, Class M6, Class M7, Class M8, Class M9 and Class B1 Certificates,
          in each case after giving effect to distributions on such Distribution
          Date and
          (ii) the Class Principal Amount of the Class B2 Certificates immediately
          prior
          to such Distribution Date exceeds (y) the B2 Target Amount.

         

        B2
          Target Amount:
          With
          respect to any Distribution Date, an amount equal to the lesser of (a)
          the
          product of (i) 97.60% and (ii) the Aggregate Pool Balance for such Distribution
          Date determined as of the last day of the related Collection Period and
          (b) the
          amount, if any, by which (i) the Aggregate Pool Balance for such Distribution
          Date determined as of the last day of the related Collection Period exceeds
          (ii)
          the Overcollateralization Floor.

         

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

         

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

         

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

         

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

         

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

         

        Basis
          Risk Payment:
          With
          respect to any Distribution Date, the sum of (i) any Basis Risk Shortfall
          for
          such Distribution Date, (ii) any Unpaid Basis Risk Shortfall from previous
          Distribution Dates and (iii) any Required Reserve Fund Deposit for such
          Distribution Date. The amount of the Basis Risk Payment for any Distribution
          Date cannot exceed the amount of Monthly Excess Cashflow otherwise available
          for
          distribution pursuant to Section 5.02(f)(iv) of this Agreement. 

         

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

         

        Basis
          Risk Shortfall:
          With
          respect to any Distribution Date and any Class of LIBOR Certificates, the
          amount
          by which the amount of interest calculated at the Certificate Interest
          Rate
          applicable to such Class for such date, determined without regard to the
          Pool 1
          Net Funds Cap, Pool 2 Net Funds Cap or Subordinate Net Funds Cap, as applicable,
          for such date but subject to a cap equal to the applicable Maximum Interest
          Rate, exceeds the amount of interest calculated at the Pool 1 Net Funds
          Cap,
          Pool 2 Net Funds Cap or Subordinate Net Funds Cap, as applicable.

         

        
          
            
            

          

          
            19

            
              

            

          

          
            
            

          

        

        Benefit
          Plan Opinion:
          An
          Opinion of Counsel satisfactory to the Depositor and the Securities
          Administrator to the effect that any proposed transfer of Certificates
          will not
          (i) cause the assets of the Trust Fund to be regarded as plan assets for
          purposes of the Plan Asset Regulations or (ii) give rise to any fiduciary
          duty
          on the part of the Depositor or the Trustee, respectively.

         

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

         

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

         

        Cap
          Counterparty:
          The
          counterparty to the Supplemental Interest Trust under the Interest Rate
          Cap
          Agreement, and any successor in interest or assigns. Initially, the Cap
          Counterparty shall be ABN AMRO Bank, N.V.

         

        Cap
          Replacement Receipts:
          As
          defined in Section 5.09(b).

         

        Cap
          Replacement Receipts Account:
          As
          defined in Section 5.09(b).

         

        Cap
          Termination Payment:
          Upon
          the designation of an “Early Termination Date” as defined in the Interest Rate
          Cap Agreement, the payment required to be made by the Cap Counterparty
          to the
          Supplemental Interest Trust pursuant to the terms of the Interest Rate
          Cap
          Agreement, and any unpaid amounts due on previous Interest Rate Cap Payment
          Dates and accrued interest thereon as provided in the Interest Rate Cap
          Agreement, as calculated by the Cap Counterparty and furnished to the Securities
          Administrator.

         

        Cap
          Termination Receipts:
          As
          defined in Section 5.09(b).

         

        Cap
          Termination Receipts Account:
          As
          defined in Section 5.09(b).

         

        Carryforward
          Interest:
          With
          respect to any Class of LIBOR Certificates and any Distribution Date, the
          sum of
          (i) the amount, if any, by which (x) the sum of (A) Current Interest for
          such
          Class for the immediately preceding Distribution Date and (B) any unpaid
          Carryforward Interest for such Class from previous Distribution Dates exceeds
          (y) the amount distributed in respect of interest on such Class on such
          immediately preceding Distribution Date, and (ii) interest on such amount
          for
          the related Accrual Period at the applicable Certificate Interest
          Rate.

         

        
          
            
            

          

          
            20

            
              

            

          

          
            
            

          

        

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

         

        Certificate
          Account:
          The
          account maintained by the Securities Administrator in accordance with the
          provisions of Section 4.01.

         

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

         

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

         

        Certificate
          Principal Amount:
          With
          respect to any LIBOR Certificate, the initial Certificate Principal Amount
          thereof on the Closing Date, less the amount of all principal distributions
          previously distributed with respect to such Certificate and, in the case
          of the
          Subordinate Certificates, any Applied Loss Amount previously allocated
          to such
          Certificate; provided,
          however,
          that on
          each Distribution Date on which a Subsequent Recovery is distributed, the
          Certificate Principal Amount of any Class of Subordinate Certificates whose
          Certificate Principal Amount has previously been reduced by application
          of
          Applied Loss Amounts will be increased, in order of seniority, by an amount
          (to
          be applied pro
          rata
          to all
          Certificates of such Class) equal to the lesser of (1) any Deferred Amount
          for
          each such Class immediately prior to such Distribution Date and (2) the
          total
          amount of any Subsequent Recovery distributed on such Distribution Date
          to
          Certificateholders, after application for this purpose to any more senior
          Classes of Certificates. The Class X, Class R and Class LT-R Certificates
          are
          issued without Certificate Principal Amounts. The Class P Certificates
          are
          issued with an initial Class P Principal Amount of $100.

        

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

         

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

         

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

         

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

         

        Civil
          Relief Act:
          The
          Servicemembers Civil Relief Act, as amended, or any similar state or local
          statute.

         

        
          
            
            

          

          
            21

            
              

            

          

          
            
            

          

        

        Class:
          All
          Certificates, in the case of REMIC 4, all interests bearing the same class
          designation, and, in the case of REMIC 1, REMIC 2 and REMIC 3, all Lower
          Tier
          Interests, bearing the same class designation.

         

        Class
          B Certificates:
          Collectively, the Class B1 and Class B2 Certificates.

         

        Class
          I Shortfalls:
          As
          defined in Section 10.01(n) hereof. For purposes of clarity, the Class
          I
          Shortfall for any Distribution Date shall equal the amount payable to the
          Swap
          Counterparty on such Distribution Date in excess of the amount payable
          on the
          Class LT4-I interest in the Upper Tier REMIC on such Distribution Date,
          all as
          further provided in Section 10.01(n) hereof.

         

        Class
          LT-R Certificate:
          Each
          Class LT-R Certificate executed by the Securities Administrator and
          authenticated and delivered by the Certificate Registrar, substantially
          in the
          form annexed hereto as Exhibit A and evidencing the ownership of the residual
          interest in REMIC 1.

         

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

         

        Class
          Notional Amount:
          Not
          applicable. 

         

        Class
          P Principal Amount:
          As of
          the Closing Date, $100.

         

        Class
          Principal Amount:
          With
          respect to any Class of LIBOR Certificates and any date of determination,
          the
          aggregate of the Certificate Principal Amounts of all Certificates of such
          Class
          on such date. With respect to the Class X, Class P, Class LT-R and Class
          R
          Certificates, zero. With respect to any Lower Tier Interest, the initial
          Class
          Principal Amount as shown or described in the table set forth in the Preliminary
          Statement to this Agreement for the issuing REMIC, as reduced by principal
          distributed with respect to such Lower Tier Interest and Realized Losses
          allocated to such Lower Tier Interest. 

         

        Class
          R Certificate:
          Each
          Class R Certificate executed by the Securities Administrator, and authenticated
          and delivered by the Certificate Registrar, substantially in the form annexed
          hereto as Exhibit A and evidencing the ownership of the Class LT2-R Interest,
          Class LT3-R Interest and the residual interest in the Upper Tier
          REMIC.

         

        Class
          X Distributable Amount:
          With
          respect to any Distribution Date, the amount of interest that has accrued
          on the
          Class X Notional Balance, as described in the Preliminary Statement, but
          that
          has not been distributed prior to such date. In addition, such amount shall
          include the initial Overcollateralization Amount of $15,841,968.17 (less
          $100 of
          such amount allocated to the Class P Certificates) to the extent such amount
          has
          not been distributed on an earlier Distribution Date as part of the Aggregate
          Overcollateralization Release Amount.

         

        Class
          X Notional Balance:
          With
          respect to any Distribution Date (and the related Accrual Period) the aggregate
          principal balance of the regular interests in REMIC 3 as specified in the
          Preliminary Statement hereto.

         

        
          
            
            

          

          
            22

            
              

            

          

          
            
            

          

        

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

         

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

         

        Clearstream:
          Clearstream Banking Luxembourg, and any successor thereto.

         

        Closing
          Date:
          October
          30, 2006.

         

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

         

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

         

        Commission:
          The
          United States Securities and Exchange Commission.

         

        Compensating
          Interest Payment:
          With
          respect to any Distribution Date, an amount equal to the aggregate amount
          of any
          Prepayment Interest Shortfalls required to be paid by the Servicers with
          respect
          to such Distribution Date. The Master Servicer (solely in its capacity
          as master
          servicer) shall not be responsible for making any Compensating Interest
          Payment.

         

        Controlling
          Person:
          With
          respect to any Person, any other Person who “controls” such Person within the
          meaning of the Securities Act.

         

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

         

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

         

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

         

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

         

        
          
            
            

          

          
            23

            
              

            

          

          
            
            

          

        

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

         

        Cooperative
          Shares:
          Shares
          issued by a Cooperative Corporation.

         

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

         

        Corporate
          Trust Office:
          With
          respect to the Securities Administrator, the principal corporate trust
          office of
          the Securities Administrator at which, at any particular time, its corporate
          trust business shall be administered, which office at the date hereof is
          located
          at (a) for purposes of presentment and surrender of the Certificates, Sixth
          Street and Marquette Avenue, Minneapolis, Minnesota 55479, Attention: Client
          Service Manager - SASCO 2006-BC3 and (b) for all other purposes, 9062 Old
          Annapolis Road, Columbia, Maryland 21045, Attention: Client Service Manager
          -
          SASCO 2006-BC3. With respect to the Trustee, the corporate trust office
          of the
          Trustee at which, at any particular time, its corporate trust business
          shall be
          administered, which office at the date hereof is located at One Federal
          Street,
          Third Floor, Boston, Massachusetts 02110, Attn: Structured Finance Services:
          SASCO 2006-BC3. 

         

        Corresponding
          Class:
          The
          Class of Certificates that corresponds to a Class of interests in REMIC
          3 or
          REMIC 4, as provided in the Preliminary Statement.

         

        Countrywide
          Servicing:
          Countrywide Home Loans Servicing LP. 

         

        Credit
          Risk Management Agreement:
          Each
          credit risk management agreement dated as of the Closing Date, entered
          into by a
          Servicer or the Master Servicer and the Credit Risk Manager, identified
          on
          Exhibit L attached hereto.

         

        Credit
          Risk Manager:
          Clayton
          Fixed Income Services Inc., formerly known as The Murrayhill Company, a
          Colorado
          corporation, and its successors and assigns. 

         

        Credit
          Risk Manager’s Fee:
          With
          respect to any Distribution Date and each Mortgage Loan, an amount equal
          to the
          product of (a) one twelfth, (b) the Credit Risk Manager’s Fee Rate and (c) the
          Scheduled Principal Balance of such Mortgage Loan as of the first day of
          the
          related Collection Period.

         

        Credit
          Risk Manager’s Fee Rate:
          0.009%
          per annum.

         

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

         

        
          
            
            

          

          
            24

            
              

            

          

          
            
            

          

        

        
          	
                  Distribution
                    Date

                	 	
                  Loss
                    Percentage

                
	
                  November
                    2008 to October 2009

                   

                	 	
                  1.25%
                    for the first month, plus
                    an
                    additional 1/12th
                    of
                    1.50% for each month thereafter

                   

                
	
                  November
                    2009 to October 2010

                   

                	 	
                  2.75%
                    for the first month, plus
                    an
                    additional 1/12th
                    of
                    1.65% for each month thereafter

                   

                
	
                  November
                    2010 to October 2011

                   

                	 	
                  4.40%
                    for the first month, plus
                    an
                    additional 1/12th
                    of
                    1.25% for each month thereafter

                   

                
	
                  November
                    2011 to October 2012

                   

                	 	
                  5.65%
                    for the first month, plus
                    an
                    additional 1/12th
                    of
                    0.75% for each month thereafter

                   

                
	
                  November
                    2012 and thereafter

                   

                	 	
                  6.40%

                   

                

        

         

        Current
          Interest:
          With
          respect to any Class of LIBOR Certificates and any Distribution Date, the
          aggregate amount of interest accrued at the applicable Certificate Interest
          Rate
          during the related Accrual Period on the Class Principal Amount of such
          Class
          immediately prior to such Distribution Date.

         

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

         

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

         

        Custodial
          Compensation:
          The
          transactional fees or charges (exclusive of the custodian acceptance fee
          and
          annual administration fee) and reimbursement of out-of-pocket expenses
          paid to
          or allowed Deutsche Bank National Trust Company and Wells Fargo Bank, N.A.,
          in
          their respective capacities as a Custodian, pursuant to the applicable
          Custodial
          Agreement or any applicable side letter.

         

        Custodian:
          Each
          custodian appointed by the Trustee pursuant to a Custodial Agreement, and
          any
          successor thereto. The initial Custodians are Deutsche Bank National Trust
          Company, LaSalle Bank National Association, U.S. Bank National Association
          and
          Wells Fargo Bank, N.A.

         

        Cut-off
          Date:
          October
          1, 2006.

         

        Cut-off
          Date Balance:
          The
          Aggregate Pool Balance as of the Cut-off Date.

         

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

         

        Defaulting
          Party:
          As
          defined in the Swap Agreement.

         

        
          
            
            

          

          
            25

            
              

            

          

          
            
            

          

        

        Deferred
          Amount:
          With
          respect to any Distribution Date and each Class of the Subordinate Certificates,
          the amount by which (x) the aggregate of Applied Loss Amounts previously
          applied
          in reduction of the Class Principal Amount thereof exceeds (y) the sum
          of (1)
          the aggregate of amounts previously reimbursed in respect thereof and (2)
          the
          amount by which the Class Principal Amount of such Class has been increased
          due
          to any Subsequent Recovery.

         

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

         

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

         

        Delinquency
          Default Mortgage Loan:
          Any
          Mortgage Loan originated by BNC Mortgage, Inc. which was 29 days or more
          Delinquent as of the Cut-off Date which is not current in payment on or
          before
          October 30, 2006.

         

        Delinquency
          Event:
          Any
          Distribution Date on which the Rolling Three Month Delinquency Rate as
          of the
          last day of the immediately preceding calendar month equals or exceeds
          41.00% of
          the Senior Enhancement Percentage for such Distribution Date. 

         

        Delinquency
          Rate:
          With
          respect to any calendar month, the fraction, expressed as a percentage,
          the
          numerator of which is the aggregate outstanding principal balance of (i)
          all
          Mortgage Loans 60 days Delinquent or more (including all Mortgage Loans
          60 days
          Delinquent for which the related Mortgagor has filed for bankruptcy after
          the
          Closing Date) and (ii) each Mortgage Loan in foreclosure and all REO Properties
          as of the close of business on the last day of such month, and the denominator
          of which is the Aggregate Pool Balance as of the close of business on the
          last
          day of such month.

         

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

         

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

         

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

         

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

         

        
          
            
            

          

          
            26

            
              

            

          

          
            
            

          

        

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

         

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

         

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

         

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

         

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

         

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

         

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

         

        
          
            
            

          

          
            27

            
              

            

          

          
            
            

          

        

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

         

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

         

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

         

        (vi) a
          Qualified GIC;

         

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

         

        (viii) any
          other
          demand, money market, common trust fund or time deposit or obligation,
          or
          interest-bearing or other security or investment (including those managed
          or
          advised by the Securities Administrator or any Affiliate thereof), (A)
          rated in
          the highest rating category by each Rating Agency rating such investment
          or (B)
          that would not adversely affect the then current rating assigned by each
          Rating
          Agency of any of the Certificates or the NIM Securities and has a short
          term
          rating of at least “A-1” or its equivalent by each Rating Agency. Such
          investments in this subsection (viii) may include money market mutual funds
          or
          common trust funds, including any fund for which U.S. Bank National Association
          (the “Bank”) in its capacity other than as Trustee, the Trustee, the Master
          Servicer, any NIMS Insurer, the Securities Administrator or an affiliate
          thereof
          serves as an investment advisor, administrator, shareholder servicing agent,
          and/or custodian or subcustodian, notwithstanding that (x) the Bank, the
          Trustee, the Master Servicer, any NIMS Insurer, the Securities Administrator
          or
          any affiliate thereof charges and collects fees and expenses from such
          funds for
          services rendered, (y) the Bank, the Trustee, the Master Servicer, any
          NIMS
          Insurer, the Securities Administrator or any affiliate thereof charges
          and
          collects fees and expenses for services rendered pursuant to this Agreement,
          and
          (z) services performed for such funds and pursuant to this Agreement may
          converge at any time. The Bank or an affiliate thereof is authorized to
          charge
          and collect from the Trustee or the Securities Administrator such fees
          as are
          collected from all investors in such funds for services rendered to such
          funds
          (but not to exceed investment earnings thereon);

         

        
          
            
            

          

          
            28

            
              

            

          

          
            
            

          

        

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

         

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

         

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

         

        ERISA-Restricted
          Certificate:
          Any
          Class B1, Class B2, Class P, Class X, Class R or Class LT-R Certificate,
          and any
          Offered Certificate which does not have a rating of BBB- or above or Baa3
          or
          above. 

         

        ERISA-Restricted
          Trust Certificate:
          Any
          Senior Certificate or Class M Certificate.

         

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

         

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

         

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

         

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

         

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

         

        Exchange
          Act Signing Party:
          With
          respect to any document to be filed in accordance with the Exchange Act
          other
          than any Form 8-K (other than the initial Form 8-K), Form 10-D, Form 10-K
          or
          Sarbanes-Oxley Certification, the Depositor, and with respect to any Form
          8-K
          (other than the initial Form 8-K), Form 10-D, Form 10-K or Sarbanes-Oxley
          Certification, the Master Servicer, or as otherwise determined by mutual
          agreement between such parties.

         

        Excluded
          Trust Assets:
          As
          described in the Preliminary Statement. 

         

        
          
            
            

          

          
            29

            
              

            

          

          
            
            

          

        

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

         

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

         

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

         

        Final
          Maturity Reserve Account:
          The
          account created pursuant to Section 5.10 of this Agreement.

         

        Final
          Maturity Reserve Amount:
          For
          each Mortgage Pool and each Distribution Date on and after the Distribution
          Date
          in November 2016 up to and including the earlier of the Final Scheduled
          Distribution Date or the termination of the Trust Fund, if the aggregate
          Scheduled Principal Balance of the Mortgage Loans with forty-year original
          terms
          to maturity is greater than the amount set forth in Schedule B hereto,
          the
          lesser of (A) the product of (x) the Final Maturity Reserve Rate, (y) the
          aggregate Scheduled Principal Balance on the first day of the related Collection
          Period of the Mortgage Loans with forty-year original terms to maturity
          in such
          Mortgage Pool (not including for this purpose any such Mortgage Loans in
          the
          related Mortgage Pool for which Principal Prepayments in full have been
          received
          and distributed in the month prior to such Distribution Date) and (z) a
          fraction, the numerator of which is the actual number of days in the related
          Accrual Period and the denominator of which is 360 and (B) the product
          of (a)
          the Final Maturity Reserve Shortfall for such Distribution Date and (b)
          a
          fraction, the numerator of which is the Pool Balance for the related Mortgage
          Pool on the first day of the related Collection Period (not including for
          this
          purpose any such Mortgage Loans in the related Mortgage Pool for which
          Principal
          Prepayments in full have been received and distributed in the month prior
          to
          such Distribution Date) and the denominator of which is the Aggregate Pool
          Balance on the first day of the related Collection Period (not including
          for
          this purpose any such Mortgage Loans for which Principal Prepayments in
          full
          have been received and distributed in the month prior to that Distribution
          Date). For (a) each Mortgage Pool and each Distribution Date prior to the
          Distribution Date in November 2016 or (b) each Distribution Date on and
          after the Distribution Date in November 2016 for which the aggregate Scheduled
          Principal Balance of the forty-year Mortgage Loans does not exceed the
          aggregate
          Scheduled Principal Balance in Schedule C hereto, zero. 

         

        Final
          Maturity Reserve Rate:
          An
          annual rate of 0.80%.

         

        Final
          Maturity Reserve Shortfall:
          For
          each Distribution Date, the lesser of (A) the excess of (i) the aggregate
          Scheduled Principal Balance of the Mortgage Loans with forty-year original
          terms
          to maturity on the first day of the related Collection Period (not including
          for
          this purpose any such Mortgage Loans for which Principal Prepayments in
          full
          have been received and distributed in the month prior to that Distribution
          Date)
          over (ii) the amounts on deposit in the Final Maturity Reserve Account
          or (B)
          the excess of (x) the aggregate Certificate Principal Amount of the Offered
          Certificates after giving effect to distributions on such Distribution
          Date over
          (z) the amounts on deposit in the Final Maturity Reserve Account.

         

        
          
            
            

          

          
            30

            
              

            

          

          
            
            

          

        

        Final
          Maturity Reserve Trust:
          The
          corpus of a trust created pursuant to Section 5.10 of this Agreement and
          designated as the “Final Maturity Reserve Trust” consisting of the Final
          Maturity Reserve Account, but which is not an asset of any REMIC.

         

        Final
          Scheduled Distribution Date:
          With
          respect to each Class of Certificates, the Distribution Date occurring
          in
          October 2036.

         

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

         

        First
          Payment Default Administration Agreement:
          The
          first payment default administration agreement dated October 30, 2006,
          among the
          Depositor, the Seller, the Mortgage Loan Administrator, the Securities
          Administrator and the Trustee for the monitoring of the First Payment Default
          Mortgage Loans by the Mortgage Loan Administrator.

         

        First
          Payment Default Mortgage Loan:
          Any
          Mortgage Loan originated by Countrywide Home Loans, Inc. and Fieldstone
          Mortgage
          Company, Inc. which do not make first payments due to the Seller within
          the time
          frame required under the related PPTLS or any Mortgage Loan specified in
          Section
          1.04(e) of the Mortgage Loan Sale and Assignment Agreement in respect of
          which
          the related Mortgagor does not make the first payment due to the Seller
          within
          the time frame required under such section. 

         

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

         

        Fixed
          Rate Mortgage Loan:
          Any
          Mortgage Loan as to which the related Mortgage Note provides for a fixed
          rate of
          interest throughout the term of such Note.

         

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

         

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

         

        FPD
          Premium:
          With
          respect to any First Payment Default Mortgage Loan or Delinquency Default
          Mortgage Loan purchased by the Seller, the excess, if any of the FPD Purchase
          Price over the Purchase Price for such Mortgage Loan.

         

        FPD
          Purchase Price:
          With
          respect to any First Payment Default Mortgage Loan or Delinquency Default
          Mortgage Loan, an amount equal to the sum of (a) 101.50% of the unpaid
          principal
          balance of such Mortgage Loan and (b) accrued interest thereon at the applicable
          Mortgage Rate from the date as to interest was last paid to (but not including)
          the Due Date in the Collection Period immediately preceding the related
          Distribution Date. 

         

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

         

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

         

        
          
            
            

          

          
            31

            
              

            

          

          
            
            

          

        

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

         

        Group:
          The
          Group 1 Senior Certificates or the Group 2 Senior Certificates, as the
          context
          requires.

         

        Group
          1 Senior Certificates:
          The
          Class A1 Certificates.

         

        Group
          2 Senior Certificates:
          Collectively, the Class A2, Class A3 and Class A4 Certificates.

         

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

         

        HomEq:
          HomEq
          Servicing Corporation.

         

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

         

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

         

        Index:
          The
          index specified in the related Mortgage Note for calculation of the Mortgage
          Rate thereof.

         

        Initial
          LIBOR Rate:
          5.32%.

         

        
          
            
            

          

          
            32

            
              

            

          

          
            
            

          

        

        Initial
          Optional Termination Date:
          The
          first Distribution Date following the date on which the Aggregate Pool
          Balance
          is less than 10.00% of the Cut-off Date Balance.

         

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

         

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

         

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

         

        Interest
          Rate Cap Agreement:
          The
          interest rate cap agreement dated October 30, 2006 entered into by the
          Supplemental Interest Trust, which agreement provides for the monthly payment
          specified therein to the Securities Administrator (for the benefit of the
          Certificateholders) commencing with the Distribution Date in October 2007
          and
          ending on the Distribution Date in October 2011, by the Cap Counterparty,
          but
          subject to the conditions set forth therein together with any schedules,
          confirmations or other agreements relating thereto, attached hereto as
          Exhibit
          N. 

         

        Interest
          Rate Cap Amount:
          With
          respect to each Distribution Date, the amount of any Interest Rate Cap
          Payment
          deposited into the Interest Rate Cap Account, and any investment earnings
          thereon.

         

        Interest
          Rate Cap Payment:
          With
          respect to each Distribution Date, any payment required to be made by the
          Cap
          Counterparty to the Supplemental Interest Trust pursuant to the terms of
          the
          Interest Rate Cap Agreement.

         

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

         

        Interest
          Remittance Amount:
          With
          respect to each Mortgage Pool and any Distribution Date, an amount equal
          to (a)
          the sum of (1) all interest collected (other than Payaheads and Prepayment
          Premiums) or advanced in respect of Scheduled Payments on the Mortgage
          Loans in
          such Mortgage Pool during the related Collection Period by the applicable
          Servicers, the Master Servicer or the Trustee (solely in its capacity as
          successor master servicer), minus
          (x) the
          Servicing Fee with respect to such Mortgage Loans in such Mortgage Pool
          and (y)
          previously unreimbursed Advances due to the Servicers, the Master Servicer
          or
          the Trustee (solely in its capacity as successor master servicer) to the
          extent
          allocable to interest and the allocable portion of previously unreimbursed
          Servicing Advances with respect to such Mortgage Loans, (2) any amounts
          actually
          paid by the Servicers with respect to Prepayment Interest Shortfalls and
          any
          Compensating Interest Payments with respect to such Mortgage Loans and
          the
          related Prepayment Period, (3) the portion of any Purchase Price (or PPTL
          Purchase Price (excluding any PPTL Premium) or FPD Purchase Price (excluding
          any
          FPD Premium) payable with respect to a First Payment Default Mortgage Loan
          or
          Delinquency Default Mortgage Loan) or Substitution Amount paid with respect
          to
          such Mortgage Loans during the related Prepayment Period allocable to interest
          and (4) all Net Liquidation Proceeds, Insurance Proceeds, any Subseqent
          Recoveries and any other recoveries collected with respect to such Mortgage
          Loans during the related Prepayment Period, to the extent allocable to
          interest,
          for each Mortgage Pool, as
          reduced by (b)
          the
          product of (i) the applicable Pool Percentage for such Distribution Date
          and
          (ii) any other costs, expenses or liabilities reimbursable to the Trustee,
          the Master Servicer, the Securities Administrator, each Custodian and each
          Servicer to the extent provided in this Agreement, each Servicing Agreement
          and
          each Custodial Agreement; provided,
          however,
          that in
          the case of the Trustee, such reimbursable amounts to the Trustee payable
          from
          the Interest Remittance Amount and Principal Remittance Amount may not
          exceed
          $200,000 during any Anniversary Year. In the event that the Trustee incurs
          reimbursable amounts in excess of $200,000, it may seek reimbursement for
          such
          amounts in subsequent Anniversary Years, but in no event shall more than
          $200,000 be reimbursed to the Trustee per Anniversary Year. Notwithstanding
          the
          foregoing, costs and expenses incurred by the Trustee pursuant to Section
          6.14(a) in connection with any transfer of servicing shall be excluded
          from the
          $200,000 per Anniversary Year limit on reimbursable amounts. For the avoidance
          of doubt, (i) the Interest Remittance Amount available on each Swap Payment
          Date
          for distributions to the Swap Account shall be equal to the Interest Remittance
          Amount on the related Distribution Date and (ii) the Interest Remittance
          Amount
          for each Distribution Date shall be calculated without regard to any
          distributions to the Swap Account on the related Swap Payment Date.

         

        
          
            
            

          

          
            33

            
              

            

          

          
            
            

          

        

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

         

        JPMorgan:
          JPMorgan Chase Bank, National Association.

         

        Latest
          Possible Maturity Date:
          The
          Distribution Date occurring in October 2041. 

         

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

         

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

         

        (b) If
          on
          such a LIBOR Determination Date, the BBA’s Interest Settlement Rate does not
          appear on the Telerate Page 3750 as of 11:00 a.m. (London time), or if
          the
          Telerate Page 3750 is not available on such date, the Securities Administrator
          will obtain such rate first
          from
          Reuters’ “page LIBOR 01,” or if such page is not available, then from
          Bloomberg’s page “BBAM.” If any such rate is not published for such LIBOR
          Determination Date, LIBOR for such date will be the most recently published
          Interest Settlement Rate. In the event that the BBA no longer sets an Interest
          Settlement Rate, the Securities Administrator will designate an alternative
          index that has performed, or that the Securities Administrator expects
          to
          perform, in a manner substantially similar to the BBA’s Interest Settlement
          Rate. The Securities Administrator will select a particular index as the
          alternative index only if it receives an Opinion of Counsel (a copy of
          which
          shall be furnished to the Trustee and any NIMS Insurer), which opinion
          shall be
          an expense reimbursed from the Certificate Account pursuant to Section
          4.02,
          that the selection of such index will not cause any of the REMICs to lose
          their
          classification as REMICs for federal income tax purposes.

         

        
          
            
            

          

          
            34

            
              

            

          

          
            
            

          

        

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

         

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

         

        LIBOR
          Certificate:
          Any
          Class A1, Class A2, Class A3, Class A4, Class M1, Class M2, Class M3, Class
          M4,
          Class M5, Class M6, Class M7, Class M8, Class M9, Class B1 or Class B2
          Certificate.

         

        LIBOR
          Determination Date:
          The
          second LIBOR Business Day immediately preceding the commencement of each
          Accrual
          Period for any LIBOR Certificate.

         

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

         

        Liquidation
          Expenses:
          Expenses that are incurred by the Master Servicer or a Servicer in connection
          with the liquidation of any defaulted Mortgage Loan, if any, including,
          without
          limitation, foreclosure and rehabilitation expenses, legal expenses and
          unreimbursed amounts, if any, expended pursuant to Sections 9.06, 9.16
          or
          9.22.

         

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

         

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

         

        Lower
          Tier Interest:
          As
          described in the Preliminary Statement.

         

        Lower
          Tier REMIC 1 Uncertificated Regular Interests:
          Lower
          Tier Interests of REMIC 1 constituting regular interests held in uncertificated
          form pursuant to a Section 7.01(c) Purchase Event.

         

        
          
            
            

          

          
            35

            
              

            

          

          
            
            

          

        

        LTURI-holder:
          The
          holder of Lower Tier REMIC 1 Uncertificated Regular Interests, which upon
          the
          occurrence of a Section 7.01(c) Purchase Event shall be the Master Servicer
          or
          its designee, and including any trustee in its capacity as trustee of any
          privately placed securitization.

         

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

         

        M3
          Target Amount:
          With
          respect to any Distribution Date, an amount equal to the lesser of (a)
          the
          product of (i) 79.00% and (ii) the Aggregate Pool Balance for such Distribution
          Date determined as of the last day of the related Collection Period and
          (b) the
          amount, if any, by which (i) the Aggregate Pool Balance for such Distribution
          Date determined as of the last day of the related Collection Period exceeds
          (ii)
          the Overcollateralization Floor.

         

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

         

        M4
          Target Amount:
          With
          respect to any Distribution Date, an amount equal to the lesser of (a)
          the
          product of (i) 82.50% and (ii) the Aggregate Pool Balance for such Distribution
          Date determined as of the last day of the related Collection Period and
          (b) the
          amount, if any, by which (i) the Aggregate Pool Balance for such Distribution
          Date determined as of the last day of the related Collection Period exceeds
          (ii)
          the Overcollateralization Floor.

         

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

         

        M5
          Target Amount:
          With
          respect to any Distribution Date, an amount equal to the lesser of (a)
          the
          product of (i) 85.70% and (ii) the Aggregate Pool Balance for such Distribution
          Date determined as of the last day of the related Collection Period and
          (b) the
          amount, if any, by which (i) the Aggregate Pool Balance for such Distribution
          Date determined as of the last day of the related Collection Period exceeds
          (ii)
          the Overcollateralization Floor.

         

        
          
            
            

          

          
            36

            
              

            

          

          
            
            

          

        

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

         

        M6
          Target Amount:
          With
          respect to any Distribution Date, an amount equal to the lesser of (a)
          the
          product of (i) 88.10% and (ii) the Aggregate Pool Balance for such Distribution
          Date determined as of the last day of the related Collection Period and
          (b) the
          amount, if any, by which (i) the Aggregate Pool Balance for such Distribution
          Date determined as of the last day of the related Collection Period exceeds
          (ii)
          the Overcollateralization Floor.

         

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

         

        M7
          Target Amount:
          With
          respect to any Distribution Date, an amount equal to the lesser of (a)
          the
          product of (i) 90.30% and (ii) the Aggregate Pool Balance for such Distribution
          Date determined as of the last day of the related Collection Period and
          (b) the
          amount, if any, by which (i) the Aggregate Pool Balance for such Distribution
          Date determined as of the last day of the related Collection Period exceeds
          (ii)
          the Overcollateralization Floor.

         

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

         

        M8
          Target Amount:
          With
          respect to any Distribution Date, an amount equal to the lesser of (a)
          the
          product of (i) 91.70% and (ii) the Aggregate Pool Balance for such Distribution
          Date determined as of the last day of the related Collection Period and
          (b) the
          amount, if any, by which (i) the Aggregate Pool Balance for such Distribution
          Date determined as of the last day of the related Collection Period exceeds
          (ii)
          the Overcollateralization Floor.

         

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

         

        
          
            
            

          

          
            37

            
              

            

          

          
            
            

          

        

        M9
          Target Amount:
          With
          respect to any Distribution Date, an amount equal to the lesser of (a)
          the
          product of (i) 93.90% and (ii) the Aggregate Pool Balance for such Distribution
          Date determined as of the last day of the related Collection Period and
          (b) the
          amount, if any, by which (i) the Aggregate Pool Balance for such Distribution
          Date determined as of the last day of the related Collection Period exceeds
          (ii)
          the Overcollateralization Floor.

         

        Master
          Servicer:
          Wells
          Fargo Bank, N.A., or any successor in interest, or if any successor master
          servicer shall be appointed as herein provided, then such successor master
          servicer.

         

        Master
          Servicing Fee:
          As to
          any Distribution Date, any investment earnings from amounts on deposit
          in the
          Certificate Account for the four-day period from and including four Business
          Days immediately preceding the related Distribution Date to and including
          the
          related Distribution Date minus any Trustee Fee and Custodial Compensation
          for
          such Distribution Date.

         

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

         

        Maximum
          Interest Rate:
          The
          Pool 1 Maximum Interest Rate, the Pool 2 Maximum Interest Rate or the
          Subordinate Maximum Interest Rate, as applicable.

         

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

         

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

         

        Monthly
          Excess Cashflow:
          For
          each Distribution Date, the aggregate of any remaining Interest Remittance
          Amount pursuant to Section 5.02(d)(v) for
          such
          date, any Principal Distribution Amount remaining after distribution pursuant
          to
          Section 5.02(e)(ii)(C) or 5.02 (e)(iii)(M) for such date, and any Aggregate
          Overcollateralization Release Amount for such date.

         

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

         

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

         

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

         

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

         

        
          
            
            

          

          
            38

            
              

            

          

          
            
            

          

        

        Mortgage
          Loan Administrator:
          Aurora
          Loan Services LLC, or any successor in interest.

         

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

         

        Mortgage
          Loan Schedule:
          The
          schedule attached hereto as Schedule A, which shall identify each Mortgage
          Loan,
          as such schedule may be amended from time to time to reflect the addition
          of
          Mortgage Loans to, or the deletion of Mortgage Loans from, the Trust Fund.
          Such
          schedule shall set forth, among other things, the following information
          with
          respect to each Mortgage Loan: (i) the Mortgage Loan identifying number;
          (ii)
          the city, state and zip code of the Mortgaged Property; (iii) the original
          principal amount of the Mortgage Loan; (iv) the Mortgage Rate at origination;
          (v) the monthly payment of principal and interest at origination;
          (vi) Mortgage Pool in which such Mortgage Loan is included; (vii) the
          applicable Servicer servicing such Mortgage Loan and the applicable Servicing
          Fee Rate; (viii) the applicable Custodian with respect to the Mortgage
          File
          related to such Mortgage Loan; (ix) whether such Mortgage Loan is subject
          to a
          Prepayment Premium for voluntary prepayments by the Mortgagor, the term
          during
          which such Prepayment Premiums are imposed and the methods of calculation
          of the
          Prepayment Premium; and (x) whether such Mortgage Loan is a Simple Interest
          Mortgage Loan. The Depositor shall be responsible for providing the Trustee,
          the
          applicable Custodian and the Master Servicer with all amendments to the
          Mortgage
          Loan Schedule.

         

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

         

        Mortgage
          Pool:
          Any of
          Pool 1 or Pool 2.

         

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

         

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

         

        Mortgagor:
          The
          obligor on a Mortgage Note.

         

        
          
            
            

          

          
            39

            
              

            

          

          
            
            

          

        

        Net
          Excess Spread:
          With
          respect to any Distribution Date, (A) the fraction, expressed as a percentage,
          the numerator of which is equal to the product of (i) the amount, if any,
          by
          which (a) the aggregate of the Interest Remittance Amounts for each Mortgage
          Pool for such Distribution Date (as reduced by the aggregate Credit Risk
          Manager’s Fee and the Final Maturity Reserve Amount) exceeds (b) the Current
          Interest payable with respect to the Certificates for such date and (ii)
          twelve,
          and the denominator of which is the Aggregate Pool Balance for such Distribution
          Date, multiplied
          by (B) a
          fraction, the numerator of which is thirty and the denominator of which
          is the
          greater of thirty and the actual number of days in the immediately preceding
          calendar month minus
          (C)
          the
          product, expressed as a percentage, of (i) the amount of any Net Swap Payment
          owed to the Swap Counterparty for such Distribution Date divided by the
          Aggregate Pool Balance as of the beginning of the related Collection Period
          and
          (ii) a fraction, the numerator of which is 360 and the denominator of which
          is
          the actual number of days in the Accrual Period related to such Distribution
          Date, plus
          (D)
          the
          product, expressed as a percentage, of (i) the sum of (a) the amount of
          any Net
          Swap Payment and (b) any Interest Rate Cap Payment received by the Supplemental
          Interest Trust for such Distribution Date divided by the Aggregate Pool
          Balance
          as of the beginning of the related Collection Period and (ii) a fraction,
          the
          numerator of which is 360 and the denominator of which is the actual number
          of
          days in the Accrual Period related to such Distribution Date. 

         

        Net
          Funds Cap:
          The
          Pool 1 Net Funds Cap, the Pool 2 Net Funds Cap or the Subordinate Net Funds
          Cap,
          as the context requires.

         

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

         

        Net
          Mortgage Rate:
          With
          respect to any Mortgage Loan, the Mortgage Rate thereof reduced by the
          Aggregate
          Expense Rate for such Mortgage Loan.

         

        Net
          Prepayment Interest Shortfall:
          With
          respect to any Distribution Date, the excess, if any, of any Prepayment
          Interest
          Shortfalls with respect to the Mortgage Loans for such date over any amounts
          paid with respect to such shortfalls by the Servicers pursuant to the Servicing
          Agreements.

         

        Net
          Simple Interest Excess:
          With
          respect to any Distribution Date, the excess, if any, of (a) the amount
          of the
          payments received by the Servicers and the Master Servicer in the related
          Collection Period allocable to interest in respect of Simple Interest Mortgage
          Loans, calculated in accordance with the Simple Interest Method, net of
          the
          related Servicing Fees, over (b) 30 days’ interest at the weighted average (by
          principal balance) of the Net Mortgage Rates of the Simple Interest Mortgage
          Loans as of the first day of the related Collection Period, as determined
          by the
          related Servicer, on the aggregate principal balance of such Simple Interest
          Mortgage Loans for such Distribution Date, carried to six decimal places,
          rounded down, and calculated on the basis of a 360-day year consisting
          of twelve
          30-day months. For this purpose, the amount of interest received in respect
          of
          the Simple Interest Mortgage Loans in any month shall be deemed (i) to
          include
          any Advances of interest made by the related Servicer, the Master Servicer
          or
          the Trustee (solely in its capacity as successor master servicer) in such
          month
          in respect of such Simple Interest Mortgage Loans and (ii) to be reduced
          by any
          amounts paid to the related Servicer, the Master Servicer or the Trustee
          (solely
          in its capacity as successor master servicer) in such month in reimbursement
          of
          Advances previously made by the Servicer, the Master Servicer or the Trustee
          (solely in its capacity as successor master servicer) in respect of such
          Simple
          Interest Mortgage Loans.

         

        
          
            
            

          

          
            40

            
              

            

          

          
            
            

          

        

        Net
          Simple Interest Shortfall:
          With
          respect to any Distribution Date, the excess, if any, of (a) 30 days’ interest
          at the weighted average (by principal balance) of the Net Mortgage Rates
          of the
          Simple Interest Mortgage Loans as of the first day of the related Collection
          Period, as determined by the related Servicer, on the aggregate principal
          balance of such Simple Interest Mortgage Loans for such Distribution Date,
          carried to six decimal places, rounded down, and calculated on the basis
          of a
          360-day year consisting of twelve 30-day months, over (b) the amount of
          the
          payments received by the related Servicer or the Master Servicer in the
          related
          Collection Period allocable to interest in respect of such Simple Interest
          Mortgage Loans, calculated in accordance with the Simple Interest Method,
          net of
          the related Servicing Fees.

         

        Net
          Swap Payment:
          With
          respect to each Swap Payment Date, the sum of (i) net payment required
          to be
          made pursuant to the terms of the Swap Agreement, which net payment shall
          not
          take into account any Swap Termination Payment, and (ii) any unpaid amounts
          due
          on previous Swap Payment Dates and accrued interest thereon as provided
          in the
          Swap Agreement, as calculated by the Swap Counterparty and furnished to
          the
          Securities Administrator.

         

        Net
          WAC Rate:
          With
          respect to any Distribution Date (and the related Accrual Period), a per
          annum
          rate equal to the weighted average of the Net Mortgage Rates of the Mortgage
          Loans as of the first day of the related Collection Period (not including
          for
          this purpose Mortgage Loans for which prepayments in full have been received
          and
          distributed in the month prior to that Distribution Date).

         

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

         

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

         

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

         

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

         

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

         

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

         

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

         

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

         

        Notional
          Amount:
          Not
          applicable. 

         

        Notional
          Certificate:
          Not
          applicable.

         

        Offered
          Certificates:
          The
          Class A1, Class A2, Class A3, Class A4, Class M1, Class M2, Class M3, Class
          M4,
          Class M5, Class M6, Class M7, Class M8 and Class M9 Certificates.

         

        
          
            
            

          

          
            41

            
              

            

          

          
            
            

          

        

        Offering
          Document:
          Each of
          the Prospectus and the Private Placement Memorandum.

         

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

         

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

         

        Option
          One:
          Option
          One Mortgage Corporation.

         

        Original
          Mortgage Loan:
          As
          described in the Preliminary Statement. 

         

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

         

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

         

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

         

        Overcollateralization
          Floor:
          An
          amount equal to $6,600,774.84 (approximately 0.50% of the Cut-off Date
          Balance).

         

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

         

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

         

        PCAOB:
          The
          Public Company Accounting Oversight Board.

         

        
          
            
            

          

          
            42

            
              

            

          

          
            
            

          

        

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

         

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

         

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

         

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

         

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

         

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

         

        Pool
          1
          Maximum Interest Rate:
          For the
          Group 1 Senior Certificates, for each Distribution Date on or before the
          Distribution Date on which the aggregate Class Principal Amount of the
          Group 2
          Senior Certificates have been reduced to zero, an annual rate equal to
          (a) the
          product, expressed as a percentage, of (1) the amount, if any, by which
          the
          weighted average of the excess of the maximum “lifetime” Mortgage Rates, as
          specified in the related Mortgage Notes for the Pool 1 Mortgage Loans exceeds
          the applicable weighted average Aggregate Expense Rate and (2) a fraction,
          the
          numerator of which is 30 and the denominator of which is the actual number
          of
          days in the Accrual Period related to such Distribution Date; plus
          (b) the
          product, expressed as a percentage, of (1) the sum of (x) the amount of
          any Net
          Swap Payment owed by the Swap Counterparty on the related Swap Payment
          Date
          allocable to Pool 1 (based on the applicable Pool Percentage) and (y) any
          Interest Rate Cap Amount owed by the Cap Counterparty on the related Interest
          Rate Cap Payment Date allocable to Pool 1 (based on the applicable Pool
          Percentage) divided by the Pool Balance for Pool 1 as of the beginning
          of the
          related Collection Period and (2) a fraction, the numerator of which is
          360 and
          the denominator of which is the actual number of days in the Accrual Period
          related to such Distribution Date; minus
          (c) the
          product, expressed as a percentage, of (1) the sum of (x) the amount of
          any Net
          Swap Payment owed to the Swap Counterparty for such Distribution Date allocable
          to Pool 1 (based on the applicable Pool Percentage) and (y) any Final Maturity
          Reserve Amount for Pool 1 for such Distribution Date divided by the Pool
          Balance
          for Pool 1 as of the beginning of the related Collection Period and (2)
          a
          fraction, the numerator of which is 360 and the denominator of which is
          the
          actual number of days in the Accrual Period related to such Distribution
          Date.

         

        
          
            
            

          

          
            43

            
              

            

          

          
            
            

          

        

        Pool
          1
          Net Funds Cap:
          With
          respect to any Distribution Date and the Group 1 Senior Certificates, a
          per
          annum rate equal to (a) a fraction, expressed as a percentage, the numerator
          of
          which is the product of (1) the excess, if any, of (i) the Pool 1 Optimal
          Interest Remittance Amount for such date over (ii) the sum of (x) any Net
          Swap
          Payment or Swap Termination Payment (not due to a Swap Counterparty Trigger
          Event) owed to the Swap Counterparty on the related Swap Payment Date allocable
          to Pool 1 (based on the applicable Pool Percentage) and (y) any Final Maturity
          Reserve Amount for Pool 1 for such Distribution Date and (2) 12, and the
          denominator of which is the Pool Balance for Pool 1 as of the first day
          of the
          related Collection Period (excluding for this purpose any Mortgage Loans
          in Pool
          1 for which any Principal Prepayments in full have been deposited into
          the
          Certificate Account and distributed therefrom in accordance with Section
          5.02
          during the month prior to such Distribution Date), multiplied by (b) a
          fraction,
          the numerator of which is 30 and the denominator of which is the actual
          number
          of days in the Accrual Period related to such Distribution Date.

         

        Pool
          1
          Optimal Interest Remittance Amount:
          With
          respect to each Distribution Date, an amount equal to the product of (a)
          the
          quotient of (i) the weighted average of the Net Mortgage Rates of the Mortgage
          Loans in Pool 1 as of the first day of the related Collection Period, and
          (ii)
          12 and (b) the Pool Balance for Pool 1 as of the first day of the related
          Collection Period (excluding for purposes of clauses (a)(i) and (b) any
          Mortgage
          Loans in Pool 1 for which any Principal Prepayments in full have been deposited
          into the Certificate Account and distributed therefrom in accordance with
          Section 5.02 during the month prior to such Distribution Date).

         

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

         

        Pool
          2
          Maximum Interest Rate:
          For the
          Group 2 Senior Certificates, and for each Distribution Date on or before
          the
          Distribution Date on which the aggregate Class Principal Amounts of the
          Group 1
          Senior Certificates have been reduced to zero, an annual rate equal to
          (a) the
          product, expressed as a percentage, of (1) the amount, if any, by which
          the
          weighted average of the excess of the maximum “lifetime” Mortgage Rates, as
          specified in the related Mortgage Notes for the Pool 2 Mortgage Loans exceeds
          the applicable weighted average Aggregate Expense Rate and (2) a fraction,
          the
          numerator of which is 30 and the denominator of which is the actual number
          of
          days in the Accrual Period related to such Distribution Date; plus
          (b) the
          product, expressed as a percentage, of (1) the sum of (x) the amount of
          any Net
          Swap Payment owed by the Swap Counterparty on the related Swap Payment
          Date
          allocable to Pool 2 (based on the applicable Pool Percentage) and (y) any
          Interest Rate Cap Amount owed by the Cap Counterparty on the related Interest
          Rate Cap Payment Date allocable to Pool 2 (based on the applicable Pool
          Percentage) divided by the Pool Balance for Pool 2 as of the beginning
          of the
          related Collection Period and (2) a fraction, the numerator of which is
          360 and
          the denominator of which is the actual number of days in the Accrual Period
          related to such Distribution Date; minus
          (c) the
          product, expressed as a percentage, of (1) the sum of (x) the amount of
          any Net
          Swap Payment owed to the Swap Counterparty for such Distribution Date allocable
          to Pool 2 (based on the applicable Pool Percentage) and (y) any Final Maturity
          Reserve Amount for Pool 2 for such Distribution Date divided by the Pool
          Balance
          for Pool 2 as of the beginning of the related Collection Period and (2)
          a
          fraction, the numerator of which is 360 and the denominator of which is
          the
          actual number of days in the Accrual Period related to such Distribution
          Date.

         

        
          
            
            

          

          
            44

            
              

            

          

          
            
            

          

        

        Pool
          2
          Net Funds Cap:
          With
          respect to any Distribution Date and the Group 2 Senior Certificates, a
          per
          annum rate equal to (a) a fraction, expressed as a percentage, the numerator
          of
          which is the product of (1) the excess, if any, of (i) the Pool 2 Optimal
          Interest Remittance Amount for such date over (ii) the sum of any Net Swap
          Payment or Swap Termination Payment (not due to a Swap Counterparty Trigger
          Event) owed to the Swap Counterparty on the related Swap Payment Date allocable
          to Pool 2 (based on the applicable Pool Percentage) and (y) any Final Maturity
          Reserve Amount for Pool 2 for such Distribution Date and (2) 12, and the
          denominator of which is the Pool Balance for Pool 2 as of the first day
          of the
          related Collection Period (excluding for this purpose any Mortgage Loans
          in Pool
          2 for which any Principal Prepayments in full have been deposited into
          the
          Certificate Account and distributed therefrom in accordance with Section
          5.02
          during the month prior to such Distribution Date), multiplied by (b) a
          fraction,
          the numerator of which is 30 and the denominator of which is the actual
          number
          of days in the Accrual Period related to such Distribution Date.

         

        Pool
          2
          Optimal Interest Remittance Amount:
          With
          respect to each Distribution Date, an amount equal to the product of (a)
          the
          quotient of (i) the weighted average of the Net Mortgage Rates of the Mortgage
          Loans in Pool 2 as of the first day of the related Collection Period, and
          (ii)
          12 and (b) the Pool Balance for Pool 2 as of the first day of the related
          Collection Period (excluding for purposes of clauses (a)(i) and (b) any
          Mortgage
          Loans in Pool 2 for which any Principal Prepayments in full have been deposited
          into the Certificate Account and distributed therefrom in accordance with
          Section 5.02 during the month prior to such Distribution Date).

         

        Pool
          Balance:
          With
          respect to each Mortgage Pool, the aggregate of the Scheduled Principal
          Balances
          of all Mortgage Loans in such Mortgage Pool at the date of
          determination.

         

        Pool
          Percentage:
          With
          respect to each Mortgage Pool and any Distribution Date, the fraction,
          expressed
          as a percentage, the numerator of which is the Pool Balance for such Mortgage
          Pool for such date and the denominator of which is the Aggregate Pool Balance
          for such date.

         

        Pool
          Subordinate Amount:
          As to
          each Mortgage Pool and any Distribution Date, the excess of the Pool Balance
          for
          such Mortgage Pool as of the first day of the immediately preceding Collection
          Period over (i) the Class Principal Amount of the Group 1 Senior Certificates
          (in the case of Pool 1) or (ii) the Class Principal Amount of the Group
          2 Senior
          Certificates (in the case of Pool 2) immediately prior to the related
          Distribution Date.

         

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

         

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

         

        PPTLS:
          As to
          any First Payment Default Mortgage Loan, (i)
          the
          Purchase Price and Terms Letter between Lehman Brothers Bank, FSB and
          Countrywide Home Loans, Inc. dated as of February 22, 2006, (ii) the Purchase
          Price and Terms Letter between Lehman Brothers Bank, FSB and Countrywide
          Home
          Loans, Inc. dated as of July 19, 2006, and (iii) the Purchase Price and
          Terms
          Letter between Lehman Brothers Bank, FSB and Fieldstone Mortgage Company
          dated
          as of April 6, 2006. 

         

        
          
            
            

          

          
            45

            
              

            

          

          
            
            

          

        

        Prepayment
          Interest Shortfall:
          With
          respect to any full or partial Principal Prepayment of a Mortgage Loan,
          the
          excess, if any, of (i) one full month’s interest at the applicable Mortgage Rate
          (as reduced by the Servicing Fee, as applicable, in the case of Principal
          Prepayments in full) on the outstanding principal balance of such Mortgage
          Loan
          immediately prior to such prepayment over (ii) the amount of interest actually
          received with respect to such Mortgage Loan in connection with such Principal
          Prepayment.

         

        Prepayment
          Period:
          With
          respect to any Distribution Date and any Principal Prepayment in full in
          respect
          of any Mortgage Loan serviced by Aurora, the period from the seventeenth
          (17th)
          day of
          the preceding calendar month through the sixteenth (16th)
          day of
          the calendar month in which the Distribution Date occurs (except in the
          case of
          the November 2006 Distribution Date, for which the related Prepayment Period
          will be the period from October 1, 2006 through November 16, 2006); with
          respect
          to any Distribution Date and any Principal Prepayment in part in respect
          of any
          Mortgage Loan serviced by Aurora, the calendar month immediately preceding
          the
          month in which such Distribution Date occurs; with respect to any Distribution
          Date and any Principal Prepayment in respect of any Mortgage Loan serviced
          by
          Countrywide Servicing, whether in part or in full, (including any Principal
          Prepayment due to liquidation of a Mortgage Loan), the period from and
          including
          the sixteenth (16th) day of the preceding calendar month through and including
          the fifteenth (15th) day of the calendar month in which such Distribution
          Date
          occurs (except in the case of the November 2006 Distribution Date, for
          which
          such Prepayment Period shall be the period from October 1, 2006 through
          and
          including November 15,
          2006;
          with respect to any Distribution Date and any Principal Prepayment in full
          in
          respect of any Mortgage Loan serviced by HomEq, the period from the sixteenth
          (16th)
          day of
          the preceding calendar month through the fifteenth (15th)
          day of
          the calendar month in which the Distribution Date occurs (except in the
          case of
          the November 2006 Distribution Date, for which the related Prepayment Period
          will be the period from October 1, 2006 through November 15, 2006); with
          respect
          to any Distribution Date and any Principal Prepayment in part in respect
          of any
          Mortgage Loan serviced by HomEq, the calendar month immediately preceding
          the
          month in which such Distribution Date occurs; with respect to any Distribution
          Date and any Principal Prepayment in respect of any Mortgage Loan serviced
          by
          Option One, whether in part or in full, (including any Principal Prepayment
          due
          to liquidation of a Mortgage Loan), the calendar month immediately preceding
          the
          month in which such Distribution Date occurs; with respect to any Distribution
          Date and any Principal Prepayment in full in respect of any Mortgage Loan
          serviced by JPMorgan (including any Principal Prepayment due to liquidation
          of a
          Mortgage Loan), the period from and including the fifteenth (15th) day
          of the
          preceding calendar month through and including the fourteenth (14th) day
          of the
          calendar month in which such Distribution Date occurs (except in the case
          of the
          November 2006 Distribution Date, for which such Prepayment Period shall
          be the
          period from October 1, 2006 through and including November 14, 2006, with
          respect to any Distribution Date and any Principal Prepayment in part in
          respect
          of any Mortgage Loan serviced by JPMorgan, the calendar month immediately
          preceding the month in which such Distribution Date occurs; with respect
          to any
          Distribution Date and any Principal Prepayment in full in respect of any
          Mortgage Loan serviced by Wells
          Fargo, the period from the fourteenth (14th) day of the preceding calendar
          month
          through the thirteenth (13th) day of the calendar month in which the
          Distribution Date occurs (except in the case of the November 2006 Distribution
          Date, for which the related Prepayment Period will be the period from October
          1,
          2006 through November 13,
          2006,
          and in the case of the Distribution Date relating to the transfer of servicing
          from Option One to Wells Fargo, for which the related Prepayment Period
          shall be
          the period beginning the first day of the preceding calendar month through
          the
          thirteenth (13th) day of the calendar month in which the Distribution Date
          occurs); and with respect to any Distribution Date and any Principal Prepayment
          in part in respect of any Mortgage Loan serviced by Wells Fargo, the calendar
          month immediately preceding the month in which such Distribution Date occurs.
          

         

        
          
            
            

          

          
            46

            
              

            

          

          
            
            

          

        

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

         

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

         

        Principal
          Distribution Amount:
          With
          respect to each Mortgage Pool and any Distribution Date, an amount equal
          to the
          Principal Remittance Amount for such Mortgage Pool for such date minus
          the
          Aggregate Overcollateralization Release Amount, if any, allocable to such
          Mortgage Pool, for such Distribution Date (based on the applicable Pool
          Percentage).

         

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

         

        Principal
          Remittance Amount:
          With
          respect to each Mortgage Pool and any Distribution Date, (a) the sum of
          (i) all
          principal collected (other than Payaheads) or advanced in respect of Scheduled
          Payments on the Mortgage Loans in such Mortgage Pool during the related
          Collection Period whether by the applicable Servicers, the Master Servicer
          or
          the Securities Administrator (less unreimbursed Advances due to the Master
          Servicer, any Servicer or the Securities Administrator with respect to
          the
          related Mortgage Loans, to the extent allocable to principal), (ii) all
          Principal Prepayments in full or in part received during the related Prepayment
          Period on the Mortgage Loans in such Mortgage Pool, (iii) the outstanding
          principal balance of each Mortgage Loan in such Mortgage Pool that was
          purchased
          from the Trust Fund by the Seller or the Transferor during the related
          Prepayment Period or the NIMS Insurer (in the case of certain Mortgage
          Loans 90
          days or more delinquent) from such Mortgage Pool, (iv) the portion of the
          Purchase Price (or the PPTL Purchase Price (excluding any PPTL Premium)
          or FPD
          Purchase Price (excluding any FPD Premium) payable with respect to a First
          Payment Default Mortgage Loan or Delinquency Default Mortgage Loan) or
          Substitution Amount paid with respect to any Deleted Mortgage Loan in such
          Mortgage Pool during the related Prepayment Period allocable to principal
          and
          (v) all Net Liquidation Proceeds, Insurance Proceeds, any Subsequent Recovery
          and other recoveries collected with respect to the Mortgage Loans in such
          Mortgage Pool during the related Prepayment Period, to the extent allocable
          to
          principal, as reduced by (b) to the extent not reimbursed from amounts
          otherwise
          allocable to interest, the related Pool Percentage for such date of any
          other
          costs, expenses or liabilities reimbursable to the Trustee, the Master
          Servicer,
          the Securities Administrator, each Custodian and each Servicer to the extent
          provided in this Agreement, each Servicing Agreement and each Custodial
          Agreement and, with respect to the Trustee, to the extent the Interest
          Remittance Amount is less than amounts reimbursable to the Trustee pursuant
          to
          Section 4.02, the product of (x) the applicable Pool Percentage for such
          Distribution Date and (y) any amounts reimbursable during the related
          Anniversary Year to the Trustee therefrom and not reimbursed from the Interest
          Remittance Amount, or otherwise; provided,
          however,
          that
          such reimbursable amounts from the Interest Remittance Amount and Principal
          Remittance Amount may not exceed $200,000 in the aggregate during any
          Anniversary Year. In the event that the Trustee incurs reimbursable amounts
          in
          excess of $200,000, it may seek reimbursement for such amounts in subsequent
          Anniversary Years, but in no event shall more than $200,000 be reimbursed
          to the
          Trustee per Anniversary Year. Notwithstanding the foregoing, costs and
          expenses
          incurred by the Trustee pursuant to Section 6.14(a) in connection with
          any
          transfer of servicing shall be excluded from the $200,000 per Anniversary
          Year
          limit on reimbursable amounts. For the avoidance of doubt, (i) the Principal
          Remittance Amount available on each Swap Payment Date for distributions
          to the
          Swap Account shall be equal to the Principal Remittance Amount on the related
          Distribution Date and (ii) the Principal Remittance Amount for each Distribution
          Date shall be calculated without regard to any distributions to the Swap
          Account
          on the related Swap Payment Date.

         

        
          
            
            

          

          
            47

            
              

            

          

          
            
            

          

        

        Private
          Placement Memorandum:
          The
          private placement memorandum dated October 26, 2006, relating to the Class
          B1
          and Class B2 Certificates.

         

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

         

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

         

        Prospectus:
          The
          prospectus supplement dated October 26, 2006, together with the accompanying
          prospectus dated September 13, 2006, relating to the Offered Certificates.
          

         

        Purchase
          Price:
          With
          respect to the purchase of a Mortgage Loan or related REO Property pursuant
          to
          this Agreement, an amount equal to the sum of (a) 100% of the unpaid principal
          balance of such Mortgage Loan; (b) accrued interest thereon at the applicable
          Mortgage Rate, from the date as to which interest was last paid to (but
          not
          including) the Due Date in the Collection Period immediately preceding
          the
          related Distribution Date; (c) the amount of any costs and damages incurred
          by
          the Trust Fund as a result of any violation of any applicable federal,
          state or
          local predatory- or abusive-lending law arising from or in connection with
          the
          origination of such Mortgage Loan; and (d) any unreimbursed Servicing Advances
          with respect to such Mortgage Loan. The Master Servicer, each Servicer,
          each
          Custodian (or the Trustee or the Securities Administrator, if applicable)
          shall
          be reimbursed from the Purchase Price for any Mortgage Loan or related
          REO
          Property for any Advances made or other amounts advanced with respect to
          such
          Mortgage Loan that are reimbursable to the Master Servicer or such Servicer
          under this Agreement or the related Servicing Agreement (or to the Trustee
          or
          the Securities Administrator, if applicable), together with any accrued
          and
          unpaid compensation due to the Master Servicer, the Securities Administrator,
          any Servicer, any Custodian or the Trustee hereunder or thereunder.

         

        
          
            
            

          

          
            48

            
              

            

          

          
            
            

          

        

        QIB:
          As
          defined in Section 3.03(c).

         

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

         

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

         

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

         

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

         

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

         

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

         

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

         

        
          
            
            

          

          
            49

            
              

            

          

          
            
            

          

        

        Qualifying
          Substitute Mortgage Loan:
          In the
          case of a Mortgage Loan substituted for a Deleted Mortgage Loan pursuant
          to the
          terms of this Agreement, a Mortgage Loan that, on the date of such substitution,
          (i) has an outstanding Scheduled Principal Balance (or in the case of a
          substitution of more than one mortgage loan for a Deleted Mortgage Loan,
          an
          aggregate Scheduled Principal Balance), after application of all Scheduled
          Payments due during or prior to the month of substitution, not in excess
          of, and
          not more than 5% less than, the outstanding Scheduled Principal Balance
          of the
          Deleted Mortgage Loan as of the Due Date in the calendar month during which
          the
          substitution occurs, (ii) has a Mortgage Rate not less than the Mortgage
          Rate on
          the Deleted Mortgage Loan, (iii) if applicable, has a maximum Mortgage
          Rate not
          less than the maximum Mortgage Rate on the Deleted Mortgage Loan, (iv)
          if
          applicable, has a minimum Mortgage Rate not less than the minimum Mortgage
          Rate
          of the Deleted Mortgage Loan, (v) if applicable, has a gross margin equal
          to or
          greater than the gross margin of the Deleted Mortgage Loan, (vi) is not
          a
          Cooperative Loan unless the related Deleted Mortgage Loan was a Cooperative
          Loan, (vii) if applicable, has a next adjustment date not later than the
          next
          adjustment date on the Deleted Mortgage Loan, (viii) has the same Due Date
          as
          the Deleted Mortgage Loan, (ix) has a remaining stated term to maturity
          not
          longer than 18 months and not more than 18 months shorter than the remaining
          stated term to maturity of the related Deleted Mortgage Loan; provided,
          that
          in
          no case should such substitute Mortgage Loan have a maturity date later
          than the
          Final Scheduled Distribution Date; (x) is current as of the date of
          substitution, (xi) has a Loan-to-Value Ratio as of the date of substitution
          equal to or lower than the Loan-to-Value Ratio of the Deleted Mortgage
          Loan as
          of such date, (xii) has been underwritten by the Transferor in accordance
          with
          the same underwriting criteria and guidelines as the Deleted Mortgage Loan,
          (xiii) has a risk grading determined by the Seller at least equal to the
          risk
          grading assigned on the Deleted Mortgage Loan, (xiv) is secured by the same
          property type as the Deleted Mortgage Loan, (xv) conforms to each representation
          and warranty applicable to the Deleted Mortgage Loan made in the related
          Mortgage Loan Sale Agreement, (xvi) has the same or higher lien position
          as the
          Deleted Mortgage Loan, (xvii) contains provisions covering the payment
          of
          Prepayment Premium by the Mortgagor for early prepayment of the Mortgage
          Loan at
          least as favorable as the Deleted Mortgage Loan and (xviii) for any Mortgage
          Loan to be substituted into Pool 1, has an original Scheduled Principal
          Balance
          within the maximum dollar amount limitations prescribed by Fannie Mae for
          conforming one-to-four family residential mortgaged properties. In the
          event
          that one or more mortgage loans are substituted for one or more Deleted
          Mortgage
          Loans, the amounts described in clause (i) hereof shall be determined on
          the
          basis of aggregate Scheduled Principal Balances, the Mortgage Rates described
          in
          clause (ii) hereof shall be determined on the basis of weighted average
          Mortgage
          Rates, the risk gradings described in clause (xiii) hereof shall be satisfied
          as
          to each such mortgage loan, the terms described in clause (ix) hereof shall
          be
          determined on the basis of weighted average remaining term to maturity;
          provided,
          that
          the
          stated maturity date of any Qualifying Substitute Mortgage Loan shall not
          be
          later than the Final Scheduled Distribution Date, the Loan-to-Value Ratios
          described in clause (xi) hereof shall be satisfied as to each such mortgage
          loan
          and, except to the extent otherwise provided in this sentence, the
          representations and warranties described in clause (xv) hereof must be
          satisfied
          as to each Qualifying Substitute Mortgage Loan or in the aggregate, as
          the case
          may be.

         

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

         

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

         

        
          
            
            

          

          
            50

            
              

            

          

          
            
            

          

        

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

         

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

         

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

         

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

         

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

         

        Related
          Senior Principal Distribution Amount:
          For
          each Mortgage Pool and any Distribution Date on or after the Stepdown Date
          and
          for as long as a Trigger Event is not in effect, an amount equal to the
          lesser
          of (x) the Class Principal Amount of the Group 1 Senior Certificates (with
          respect to Pool 1) or the sum of the Class Principal Amounts of the Group
          2
          Senior Certificates (with respect to Pool 2) immediately prior to such
          date and
          (y) the product of (a) the Senior Principal Distribution Amount and (b)
          the
          related Senior Proportionate Percentage, in each case for such
          date.

         

        Related
          Senior Priority:
          With
          respect to each of Group 1 Senior Certificates and Group 2 Senior Certificates,
          the priority of distribution on the Senior Certificates relating to such
          Groups
          as described in 5.02(e)(i)(A)(3) and 5.02(e)(i)(B)(3),
          respectively.

         

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

         

        
          
            
            

          

          
            51

            
              

            

          

          
            
            

          

        

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

         

        REMIC:
          Each
          pool of assets in the Trust Fund designated as a REMIC pursuant to the
          Preliminary Statement.

         

        REMIC
          1:
          As
          described in the Preliminary Statement.

         

        REMIC
          2:
          As
          described in the Preliminary Statement.

         

        REMIC
          3:
          As
          described in the Preliminary Statement.

         

        REMIC
          3 Net Funds Cap:
          For any
          Distribution Date (and the related Accrual Period) and any Class of
          Certificates, an amount equal to (i) the weighted average of the interest
          rates
          on the Lower Tier Interests in REMIC 3 (other than an interest-only regular
          interest), weighted in proportion to their Class Principal Amounts as of
          the
          beginning of the related Accrual Period, multiplied by (ii) an amount equal
          to
          (a) 30, divided by (b) the actual number of days in the Accrual
          Period.

         

        REMIC
          4:
          As
          described in the Preliminary Statement.

         

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

         

        REMIC
          Swap Rate:
          For
          each Distribution Date (and the related Accrual Period), a per annum rate
          equal
          to the product of: (i) the “Rate of Payment (%)” under the Swap Agreement for
          such Distribution Date, as set forth in Annex C-1 to the Prospectus, (ii)
          2, and
          (iii) the quotient of (a) the actual number of days in the related Accrual
          Period divided by (b) 30.

         

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

         

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

         

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

         

        Required
          Reserve Fund Deposit:
          With
          respect to any Distribution Date on which the Net Excess Spread is less
          than
          0.25%, the amount, if any by which (a) the product of 1.00% and the Aggregate
          Pool Balance for such date exceeds (b) the amount on deposit in the Basis
          Risk
          Reserve Fund immediately prior to such date. With respect to any Distribution
          Date on which the Net Excess Spread is equal to or greater than 0.25%,
          the
          amount, if any, by which (i) $1,000 exceeds the amount on deposit in the
          Basis
          Risk Reserve Fund immediately prior to such date; provided,
          however,
          that on
          any Distribution Date on which the Class Principal Amount of each Class
          of
          Offered Certificates, the Class B1 Certificates and the Class B2 Certificates
          has been reduced to zero, the Required Reserve Fund Deposit shall be
          zero.

         

        
          
            
            

          

          
            52

            
              

            

          

          
            
            

          

        

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

         

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

         

        Restricted
          Certificate:
          Any
          Class B1, Class B2, Class P, Class X, Class R or Class LT-R
          Certificate.

         

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

         

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

         

        Rules:
          As
          defined in Section 6.20(c).

         

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

         

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

         

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

         

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

         

        
          
            
            

          

          
            53

            
              

            

          

          
            
            

          

        

        Scheduled
          Principal Balance:
          With
          respect to (i) any Mortgage Loan (other than a Simple Interest Mortgage
          Loan) as
          of any Distribution Date, the principal balance of such Mortgage Loan at
          the
          close of business on the Cut-off Date after giving effect to principal
          payments
          due on or before the Cut-off Date, whether or not received, less an amount
          equal
          to principal payments due after the Cut-off Date, and on or before the
          Due Date
          in the related Collection Period, whether or not received from the Mortgagor
          or
          advanced by any Servicer or the Master Servicer, and all amounts allocable
          to
          unscheduled principal payments (including Principal Prepayments, Liquidation
          Proceeds, Insurance Proceeds and condemnation proceeds, in each case to
          the
          extent identified and applied prior to or during the related Prepayment
          Period)
          and (ii) any REO Property as of any Distribution Date, the Scheduled Principal
          Balance of the related Mortgage Loan on the Due Date immediately preceding
          the
          date of acquisition of such REO Property by or on behalf of the Trustee
          (reduced
          by any amount applied as a reduction of principal on the Mortgage Loan).
          With
          respect to any Mortgage Loan as of the Cut-off Date, the principal balance
          of
          such Mortgage Loan as specified in the Mortgage Loan Schedule. The Scheduled
          Principal Balance of any Liquidated Mortgage Loan shall be zero. In the
          case of
          a Simple Interest Mortgage Loan, references herein to such Mortgage Loan’s
          Scheduled Principal Balance shall mean its actual unpaid principal balance.
          The
          actual unpaid principal balance of a Simple Interest Mortgage Loan with
          respect
          to any Distribution Date shall be determined by subtracting from such Mortgage
          Loan’s unpaid principal balance as of the end of the preceding Collection Period
          the amount of the borrower’s fixed monthly payment for the related Collection
          Period that is not allocated to the payment of interest applying the Simple
          Interest Method.

         

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

         

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

         

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

         

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

         

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

         

        Seller
          Remittance Amount:
          With
          respect to each Servicer, the meaning assigned to such term in the related
          Servicing Agreement.

         

        Senior
          Certificate:
          Any
          Class A1, Class A2, Class A3 or Class A4 Certificate. 

         

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

         

        
          
            
            

          

          
            54

            
              

            

          

          
            
            

          

        

        Senior
          Principal Distribution Amount:
          With
          respect to any Distribution Date on or after the Stepdown Date and as long
          as a
          Trigger Event is not in effect with respect to such Distribution Date,
          the
          lesser of (x) the aggregate Principal Distribution Amount for both Mortgage
          Pools and (y) the amount, if any by which (A) the aggregate Class Principal
          Amount of the Senior Certificates immediately prior to such Distribution
          Date
          exceeds (B) the Senior Target Amount.

         

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

         

        Senior
          Target Amount:
          With
          respect to any Distribution Date, an amount equal to the lesser of (a)
          the
          product of (i) 61.20% and (ii) the Aggregate Pool Balance for such Distribution
          Date determined as of the last day of the related Collection Period and
          (b) the
          amount, if any, by which (i) the Aggregate Pool Balance for such Distribution
          Date determined as of the last day of the Collection Period exceeds (ii)
          the
          Overcollateralization Floor.

         

        Servicer
          Remittance Date:
          The day
          in each calendar month on which each Servicer (other than Countrywide Servicing)
          is required to remit payments to the Certificate Account, as specified
          in the
          related Servicing Agreement, which is the 18th
          day of
          each calendar month (or, if such 18th
          day is
          not a Business Day, the next succeeding Business Day). With respect to
          Countrywide Servicing, the 24th
          day of
          each calendar month (or, if such 24th
          day is
          not a Business Day, the preceding Business Day).

         

        Servicers:
          As of
          the Closing Date, each of Aurora, Countrywide Servicing, HomEq, JPMorgan,
          Option
          One or Wells Fargo, or any of their respective successors in
          interest.

         

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

         

        Servicing
          Advances:
          All
          customary, reasonable and necessary “out of pocket” costs and expenses other
          than Advances (including reasonable attorneys’ fees and disbursements) incurred
          in the performance by a Servicer of its servicing obligations, including,
          but
          not limited to, the cost of (a) the preservation, inspection, restoration
          and
          protection of the Mortgaged Property, (b) any enforcement or administrative
          or
          judicial proceedings, including foreclosures, (c) the management and liquidation
          of the Mortgaged Property if the Mortgaged Property is acquired in satisfaction
          of the Mortgage, (d) taxes, assessments, water rates, sewer rents and other
          charges which are or may become a lien upon the Mortgaged Property, and
          fire and
          hazard insurance coverage and (e) any losses sustained by a Servicer with
          respect to the liquidation of the Mortgaged Property.

         

        
          
            
            

          

          
            55

            
              

            

          

          
            
            

          

        

        Servicing
          Agreement:
          Each
          servicing agreement, subservicing agreement or reconstituted servicing
          agreement
          identified on Exhibit E hereto, dated as of October 1, 2006, among the
          Seller,
          the Master Servicer and one of the above-named Servicers, and any other
          servicing agreement entered into between a successor servicer and the Seller
          pursuant to the terms of this Agreement. 

         

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

         

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

         

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

         

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

         

        Simple
          Interest Method:
          With
          respect to a Simple Interest Mortgage Loan, the method of allocating a
          payment
          to principal and interest, pursuant to which the portion of such payment
          that is
          allocated to interest is equal to the product of the applicable rate of
          interest
          multiplied by the unpaid principal balance multiplied by the period of
          time
          elapsed since the preceding payment of interest was made and divided by
          either
          360 or 365, as specified in the related Mortgage Note and the remainder
          of such
          payment is allocated to principal.

         

        Simple
          Interest Mortgage Loan:
          Any
          Mortgage Loan specified as a “DSI Loan” in the Mortgage Loan Schedule attached
          hereto as Schedule A. As of the Closing Date, there are no Simple Interest
          Mortgage Loans included in the Trust Fund.

         

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

         

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

         

        Stepdown
          Date:
          The
          earlier of (i) the first Distribution Date following the Distribution Date
          on
          which the Class Principal Amounts of the Senior Certificates have each
          been
          reduced to zero or (ii) the later to occur of (x) the Distribution Date
          in
          November 2009 and (y) the first Distribution Date on which the Senior
          Enhancement Percentage (calculated for this purpose after giving effect
          to
          payments or other recoveries in respect of the Mortgage Loans during the
          related
          Collection Period but before giving effect to distributions on the Certificates
          on such Distribution Date) is greater than or equal to 38.80%. 

         

        
          
            
            

          

          
            56

            
              

            

          

          
            
            

          

        

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

         

        Subordinate
          Certificate:
          Any
          Class M Certificate or Class B Certificate.

         

        Subordinate
          Maximum Interest Rate:
          For (i)
          the Subordinate Certificates; (ii) the Group 1 Senior Certificates, with
          respect
          to each Distribution Date after the Distribution Date on which the aggregate
          Class Principal Amount of the Group 2 Senior Certificates has been reduced
          to
          zero and (iii) the Group 2 Senior Certificates, with respect to each
          Distribution Date after the Distribution Date on which the Class Principal
          Amount of the Group 1 Senior Certificates has been reduced to zero, the
          weighted
          average of the Pool 1 Maximum Interest Rate and the Pool 2 Maximum Interest
          Rate
          for such Distribution Date, weighted on the basis of (i) in the case of
          any
          Distribution Date on or before the date on which the aggregate Class Principal
          Amounts of the Senior Certificates relating to any Mortgage Pool have been
          reduced to zero, the Pool Subordinate Amount and (ii) for any Distribution
          Date
          thereafter, such weighting shall be on the basis of the Pool Balance of
          each
          Mortgage Pool. 

         

        Subordinate
          Net Funds Cap:
          With
          respect to any Distribution Date, an amount equal to the weighted average
          of the
          Pool 1 Net Funds Cap and the Pool 2 Net Funds Cap, weighted on the basis
          of the
          Pool Subordinate Amount for each Mortgage Pool; provided,
          however,
          that on
          any Distribution Date after which the aggregate Class Principal Amount
          of the
          Senior Certificates relating to any Mortgage Pool have been reduced to
          zero,
          such weighting shall be on the basis of the Pool Balance of each Mortgage
          Pool.

         

        Subordinate
          Priority:
          To the
          Class M1, Class M2, Class M3, Class M4, Class M5, Class M6, Class M7, Class
          M8,
          Class M9, Class B1 and Class B2 Certificates, sequentially, in that
          order.

         

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

         

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

         

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

         

        
          
            
            

          

          
            57

            
              

            

          

          
            
            

          

        

        Supplemental
          Interest Trust:
          The
          corpus of a trust created pursuant to Section 5.07 of this Agreement and
          designated as the “Supplemental Interest Trust,” consisting of the Swap
          Agreement, the Swap Account, the Interest Rate Cap Agreement, the Interest
          Rate
          Cap Account, the right to receive the Class X Distributable Amount as provided
          in Section 5.02(f)(vi), the Class LT4-I interest in REMIC 4 and the right
          to
          receive Class I Shortfalls.

         

        Swap
          Account:
          The
          account created pursuant to Section 5.07(a) of this Agreement.

         

        Swap
          Agreement:
          The
          interest rate swap agreement entered into by the Supplemental Interest
          Trust,
          which agreement provides for, among other things, a Net Swap Payment to
          be paid
          pursuant to the conditions provided therein, together with any schedules,
          confirmations or other agreements relating thereto, attached hereto as
          Exhibit
          O.

         

        Swap
          Amount:
          With
          respect to each Distribution Date and the related Swap Payment Date, the
          sum of
          any Net Swap Payment and any Swap Termination Payment deposited into the
          Swap
          Account, and any investment earnings thereon.

         

        Swap
          Counterparty:
          The
          counterparty to the Supplemental Interest Trust under the Swap Agreement,
          and
          any successor in interest or assigns. Initially, the Swap Counterparty
          shall be
          ABN AMRO Bank, N.V.

         

        Swap
          Counterparty Trigger Event:
          A Swap
          Counterparty Trigger Event shall have occurred if any of a Swap Default
          with
          respect to which the Swap Counterparty is a Defaulting Party, a Termination
          Event with respect to which the Swap Counterparty is the sole Affected
          Party or
          an Additional Termination Event with respect to which the Swap Counterparty
          is
          the sole Affected Party has occurred.

         

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

         

        Swap
          LIBOR:
          With
          respect to any Distribution Date and the related Swap Payment Date (and
          the
          Accrual Period relating to such Distribution Date), the product of (i)
          the
          Floating Rate Option (as defined in the Swap Agreement) for the related
          Swap
          Payment Date, (ii) two, and (iii) the quotient of (a) the actual number
          of days
          in the Accrual Period for the LIBOR Certificates and (b) 30, as calculated
          by
          the Swap Counterparty and furnished to the Securities
          Administrator.

         

        Swap
          Payment Date:
          For so
          long as the Swap Agreement is in effect or any amounts remain unpaid thereunder,
          the Business Day immediately preceding each Distribution Date.

         

        Swap
          Replacement Receipts:
          As
          defined in Section 5.09(a).

         

        Swap
          Replacement Receipts Account:
          As
          defined in Section 5.09(a).

         

        Swap
          Termination Payment:
          Upon
          the designation of an “Early Termination Date” as defined in the Swap Agreement,
          the payment required to be made by the Supplemental Interest Trust to the
          Swap
          Counterparty, or by the Swap Counterparty to the Supplemental Interest
          Trust, as
          applicable, pursuant to the terms of the Swap Agreement, and any unpaid
          amounts
          due on previous Swap Payment Dates and accrued interest thereon as provided
          in
          the Swap Agreement, as calculated by the Swap Counterparty and furnished
          to the
          Securities Administrator.

         

        
          
            
            

          

          
            58

            
              

            

          

          
            
            

          

        

        Swap
          Termination Receipts:
          As
          defined in Section 5.09(a).

         

        Swap
          Termination Receipts Account:
          As
          defined in Section 5.09(a).

         

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

         

        Targeted
          Overcollateralization Amount:
          For any
          Distribution Date prior to the Stepdown Date, an amount equal to $15,841,968.17
          (or approximately 1.20% of the Cut-off Date Balance). For any Distribution
          Date
          on or after the Stepdown Date and provided a Trigger Event is not in effect,
          an
          amount equal to the greater of (i) the lesser of (a) $15,841,968.17 (or
          approximately 1.20% of the Cut-off Date Balance) and (b) 2.40% of the Aggregate
          Pool Balance after giving effect to distributions on such Distribution
          Date and
          (ii) the Overcollateralization Floor. With respect to any Distribution
          Date on
          or after the Stepdown Date and provided a Trigger Event is in effect, an
          amount
          equal to the Targeted Overcollateralization Amount for the immediately
          preceding
          Distribution Date.

         

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

         

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

         

        Termination
          Event:
          As
          defined in the Swap Agreement.

         

        Termination
          Price:
          As
          defined in Section 7.01.

         

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

         

        Total
          Distribution Amount:
          With
          respect to any Distribution Date, the sum of (i) the aggregate of the Interest
          Remittance Amounts for such date; (ii) the aggregate of the Principal Remittance
          Amounts for such date; and (iii) all Prepayment Premiums collected during
          the
          related Prepayment Period.

         

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

         

        Transferor:
          Each
          seller of Mortgage Loans to the Seller pursuant to the Transfer
          Agreements.

         

        Trigger
          Event:
          A
          Trigger Event shall have occurred with respect to any Distribution Date
          if
          either a Delinquency Event or a Cumulative Loss Trigger Event is in effect
          for
          such Distribution Date.

         

        
          
            
            

          

          
            59

            
              

            

          

          
            
            

          

        

        Trust
          Fund:
          The
          corpus of the trust created pursuant to this Agreement, consisting of the
          Mortgage Loans, the assignment of the Depositor’s rights under the Transfer
          Agreements, the Mortgage Loan Sale Agreement and each Servicing Agreement,
          such
          amounts as shall from time to time be held in the Certificate Account,
          any
          Custodial Account and any Escrow Account, the Swap Termination Receipts
          Account,
          the Swap Replacement Receipts Account, the Cap Termination Receipts Account,
          the
          Cap Replacement Receipts Account, the Basis Risk Reserve Fund, the Final
          Maturity Reserve Account, any REO Property and the other items referred
          to in,
          and conveyed to the Trustee under, Section 2.01(a). 

         

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

         

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

         

        Trustee
          Fee:
          A fixed
          annual fee of $3,500 which is paid by the Master Servicer from the Master
          Servicing Fee.

         

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

         

        Underwriter:
          Lehman
          Brothers Inc. 

         

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

         

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

         

        Upper
          Tier REMIC:
          REMIC
          4.

         

        Voting
          Interests:
          The
          portion of the voting rights of all the Certificates that is allocated
          to any
          Certificate for purposes of the voting provisions of this Agreement. At
          all
          times during the term of this Agreement, 97.00% of all Voting Interests
          shall be
          allocated to the LIBOR Certificates. Voting Interests shall be allocated
          among
          the Classes of LIBOR Certificates (and among the Certificates within each
          such
          Class) in proportion to their Class Principal Amounts (or Certificate Principal
          Amounts). At all times during the term of this Agreement, 1% of all Voting
          Interests shall be allocated to each of the Class P, Class R and Class
          X
          Certificates while they remain outstanding. Voting Interests shall be allocated
          among the other Classes of Certificates (and among the Certificates within
          each
          such Class) in proportion to their Class Principal Amounts (or Certificate
          Principal Amounts) or Percentage Interests. In the case of the purchase
          by the
          Master Servicer of the Lower Tier REMIC 1 Uncertificated Regular Interests
          pursuant to a Section 7.01(c) Purchase Event, the LTURI-holder shall be
          allocated 100% of the Voting Interests and upon such purchase any provision
          in
          this Agreement which requires a vote by, a direction or notice given by,
          an
          action taken by, a request in writing by or the consent of, any percentage
          of
          the Holders of the Certificates or any Class of Certificates may be exercised
          by
          the LTURI-holder.

         

        
          
            
            

          

          
            60

            
              

            

          

          
            
            

          

        

        Wells
          Fargo:
          Wells
          Fargo Bank, N.A.

         

        Section
          1.02. Calculations
          Respecting Mortgage Loans. 

         

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

         

        Section
          1.03. Calculations
          Respecting Accrued Interest. 

         

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

         

        ARTICLE
          II

         

        DECLARATION
          OF TRUST;

        ISSUANCE
          OF CERTIFICATES

         

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

         

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

         

        
          
            
            

          

          
            61

            
              

            

          

          
            
            

          

        

        Concurrently
          with the execution of this Agreement, the Swap Agreement and the Interest
          Rate
          Cap Agreement shall be delivered to the Securities Administrator. In connection
          therewith, the Depositor hereby directs the Securities Administrator (solely
          in
          its capacity as such) and the Securities Administrator is hereby authorized
          to
          execute and deliver the Swap Agreement and the Interest Rate Cap Agreement
          (each
          on behalf of the Supplemental Interest Trust) for the benefit of, the
          Certificateholders. The Seller, the Master Servicer, the Trustee, the Depositor,
          the Servicers and the Certificateholders (by their acceptance of such
          Certificates) acknowledge and agree that the Securities Administrator is
          executing and delivering the Swap Agreement and the Interest Rate Cap Agreement
          solely in its capacity as Securities Administrator of the Supplemental
          Interest
          Trust and the Trust Fund, and not in its individual capacity. The Securities
          Administrator shall have no duty or responsibility to enter into any other
          swap
          agreement upon the expiration or termination of the Swap Agreement or the
          Interest Rate Cap Agreement.

         

        Concurrently
          with the execution and delivery of this Agreement, the Depositor does hereby
          assign to the Trustee all of its rights and interest under the Mortgage
          Loan
          Sale Agreement, including all rights of the Seller under each Servicing
          Agreement and the Transfer Agreement (including the rights to enforce the
          related Transferor’s obligation to repurchase First Payment Default Mortgage
          Loans pursuant to the related PPTLS), but only to the extent assigned under
          the
          Mortgage Loan Sale Agreement. The Trustee (solely in its capacity as trustee
          hereunder) hereby accepts such assignment, and shall be entitled to exercise
          all
          the rights of the Depositor under the Mortgage Loan Sale Agreement as if,
          for
          such purpose, it were the Depositor. 

         

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

         

        The
          foregoing sale, transfer, assignment, set-over, deposit and conveyance
          does not
          and is not intended to result in the creation or assumption by the Trustee
          of
          any obligation of the Depositor, the Seller or any other Person in connection
          with the Mortgage Loans. 

         

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

         

        
          
            
            

          

          
            62

            
              

            

          

          
            
            

          

        

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

         

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

         

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

         

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

         

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

         

        (v) with
          respect to each Non-MERS Mortgage Loan other than a Cooperative Loan, an
          original Assignment of Mortgage, in form and substance acceptable for recording.
          The Mortgage shall be assigned either (A) in blank, without recourse or
          (B) to
“U.S. Bank National Association, as Trustee of the Structured Asset Securities
          Corporation Mortgage Loan Trust, 2006-BC3,” without recourse;

         

        
          
            
            

          

          
            63

            
              

            

          

          
            
            

          

        

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

         

        (vii) with
          respect to any Mortgage Loan other than a Cooperative Loan, the original
          mortgagee title insurance policy (or, in lieu thereof, a commitment to
          issue
          such title insurance policy with an original or certified copy of such
          title
          insurance policy to follow as soon after the Closing Date as reasonably
          practicable) or attorney’s opinion of title and abstract of title; 

         

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

         

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

         

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

         

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

         

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

         

        
          
            
            

          

          
            64

            
              

            

          

          
            
            

          

        

        (ii) With
          respect to each MERS Mortgage Loan, the Master Servicer shall direct the
          applicable Servicer, at the expense of the Depositor, to take such actions
          as
          are necessary to cause the Trustee to be clearly identified as the owner
          of each
          such Mortgage Loan on the records of MERS for purposes of the system of
          recording transfers of beneficial ownership of mortgages maintained by
          MERS.
          With respect to each Cooperative Loan, the Master Servicer, at the expense
          of
          the Depositor and with the cooperation of the applicable Servicer, shall
          direct
          such Servicer to take such actions as are necessary under applicable law
          in
          order to perfect the interest of the Trustee in the related Mortgaged
          Property.

         

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

         

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

         

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

         

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

         

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

         

        
          
            
            

          

          
            65

            
              

            

          

          
            
            

          

        

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

         

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

         

        
          
            
            

          

          
            66

            
              

            

          

          
            
            

          

        

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

         

        (f) Each
          of
          the parties hereto acknowledges that the Custodian shall perform the applicable
          review of the Mortgage Loans and respective certifications thereof as provided
          in this Section 2.02 and the Custodial Agreement. The Trustee is hereby
          authorized and directed by the Depositor to appoint the Custodian and to
          execute
          and deliver the Custodial Agreement and to execute and deliver Transaction
          Addendum SASCO 2006-BC3 to the Master Consulting Agreement with the Credit
          Risk
          Manager.

         

        (g) Upon
          execution of this Agreement, the Depositor hereby delivers to the Trustee
          and
          the Trustee acknowledges a receipt of the Mortgage Loan Sale Agreement
          and each
          Servicing Agreement. The Depositor hereby directs the Trustee, solely in
          its
          capacity as Trustee hereunder, to execute and deliver, concurrently with
          the
          execution and delivery of this Agreement and each Servicing Agreement to
          which
          the Trustee is a party.

         

        Section
          2.03. Representations
          and Warranties of the Depositor. 

         

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

         

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

         

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

         

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

         

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

         

        
          
            
            

          

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

         

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

         

        (b) The
          representations and warranties of the Transferor with respect to the related
          Mortgage Loans in the Transfer Agreement, which have been assigned to the
          Trustee hereunder, were made as of the date specified in the Transfer Agreement
          (or underlying agreement, if such Transfer Agreement is in the form of
          an
          assignment of a prior agreement). To the extent that any fact, condition
          or
          event with respect to a Mortgage Loan constitutes a breach of both (i) a
          representation or warranty of the Transferor under the Transfer Agreement
          and
          (ii) a representation or warranty of the Seller under the Mortgage Loan
          Sale
          Agreement, the only right or remedy of the Trustee, any Certificateholder
          or any
          NIMS Insurer hereunder shall be their rights to enforce the obligations
          of the
          Transferor under any applicable representation or warranty made by it.
          The
          Trustee acknowledges that, except as otherwise provided in the Mortgage
          Loan
          Sale Agreement, the Seller shall not have any obligation or liability with
          respect to any breach of a representation or warranty made by it with respect
          to
          the Mortgage Loans sold by it if the fact, condition or event constituting
          such
          breach also constitutes a breach of a representation or warranty made by
          the
          Transferor in the Transfer Agreement, without regard to whether such Transferor
          fulfills its contractual obligations in respect of such representation
          or
          warranty. The Trustee further acknowledges that the Depositor shall have
          no
          obligation or liability with respect to any breach of any representation
          or
          warranty with respect to the Mortgage Loans (except as set forth in Section
          2.03(a)(vi)) under any circumstances. 

         

        
          
            
            

          

          
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        Section
          2.04. Discovery
          of Breach. 

         

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

         

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

         

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

         

        
          
            
            

          

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

         

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

         

        
          
            
            

          

          
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        Section
          2.06. Grant
          Clause. 

         

        (a) It
          is
          intended that the conveyance of the Depositor’s right, title and interest in and
          to property constituting the Trust Fund pursuant to this Agreement shall
          constitute, and shall be construed as, a sale of such property and not
          a grant
          of a security interest to secure a loan. However, if such conveyance is
          deemed
          to be in respect of a loan, it is intended that: (1) the rights and obligations
          of the parties shall be established pursuant to the terms of this Agreement;
          (2)
          the Depositor hereby grants to the Trustee for the benefit of the Holders
          of the
          Certificates a first priority security interest to secure repayment of
          an
          obligation in an amount equal to the aggregate Class Principal Amount of
          the
          Certificates (or the aggregate principal balance of the Lower Tier REMIC
          1
          Uncertificated Regular Interests, if applicable) in all of the Depositor’s
          right, title and interest in, to and under, whether now owned or hereafter
          acquired, the Trust Fund, the Supplemental Interest Trust, the Final Maturity
          Reserve Trust and all proceeds of any and all property constituting the
          Trust
          Fund, the Supplemental Interest Trust and the Final Maturity Reserve Trust
          to
          secure payment of the Certificates or Lower Tier REMIC 1 Uncertificated
          Regular
          Interests, as applicable (such security interest being, to the extent of
          the
          assets that constitute the Supplemental Interest Trust, pari
          passu
          with the
          security interest as provided in clause (4) below); (3) this Agreement
          shall
          constitute a security agreement under applicable law; and (4) the Swap
          Counterparty shall be deemed, during the term of such agreement and while
          such
          agreement is the property of the Trustee, to have a security interest in
          all of
          the assets that constitute the Supplemental Interest Trust, but only to
          the
          extent of such Swap Counterparty’s right to payment under the Swap Agreement
          (such security interest being pari
          passu
          with the
          security interest as provided in clause (2) above). If such conveyance
          is deemed
          to be in respect of a loan and the trust created by this Agreement terminates
          prior to the satisfaction of the claims of any Person holding any Certificate
          or
          Lower Tier REMIC 1 Uncertificated Regular Interests, as applicable, the
          security
          interest created hereby shall continue in full force and effect and the
          Trustee
          shall be deemed to be the collateral agent for the benefit of such Person,
          and
          all proceeds shall be distributed as herein provided.

         

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

         

        
          
            
            

          

          
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        ARTICLE
          III

         

        THE
          CERTIFICATES

         

        Section
          3.01. The
          Certificates. 

         

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

         

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

         

        
          
            
            

          

          
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        (c) The
          Class
          B1 and Class B2 Certificates offered and sold in reliance on the exemption
          from
          registration under Rule 144A under the Securities Act shall be issued initially
          in the form of one or more permanent global Certificates in definitive,
          fully
          registered form without interest coupons with the applicable legends set
          forth
          in Exhibit A added to the forms of such Certificates (each, a “Restricted Global
          Security”), which shall be deposited on behalf of the subscribers for such
          Certificates represented thereby with the Securities Administrator, as
          custodian
          for The Depository Trust Company (“DTC”) and registered in the name of a nominee
          of DTC, duly executed and authenticated by the Securities Administrator
          as
          hereinafter provided. The aggregate principal amounts of the Restricted
          Global
          Securities may from time to time be increased or decreased by adjustments
          made
          on the records of the Securities Administrator or DTC or its nominee, as
          the
          case may be, as hereinafter provided.

         

        (d) The
          Class
          B1 and Class B2 Certificates sold in offshore transactions in reliance
          on
          Regulation S shall be issued initially in the form of one or more permanent
          global Certificates in definitive, fully registered form without interest
          coupons with the applicable legends set forth in Exhibit A hereto added
          to the
          forms of such Certificates (each, a “Regulation S Global Security”), which shall
          be deposited on behalf of the subscribers for such Certificates represented
          thereby with the Securities Administrator, as custodian for DTC and registered
          in the name of a nominee of DTC, duly executed and authenticated by the
          Securities Administrator as hereinafter provided. The aggregate principal
          amounts of the Regulation S Global Securities may from time to time be
          increased
          or decreased by adjustments made on the records of the Securities Administrator
          or DTC or its nominee, as the case may be, as hereinafter provided.

         

        (e) The
          Class
          B1 and Class B2 Certificates sold to an “accredited investor” under Rule
          501(a)(1), (2), (3) or (7) under the Securities Act shall be issued initially
          in
          the form of one or more Definitive Certificates.

         

        Section
          3.02. Registration.
          

         

        The
          Securities Administrator is hereby appointed, and hereby accepts its appointment
          as, Certificate Registrar in respect of the Certificates (and, after a
          Section
          7.01(c) Purchase Event, the Lower Tier REMIC 1 Uncertificated Regular Interests)
          and shall maintain books for the registration and for the transfer of
          Certificates (and, after a Section 7.01(c) Purchase Event, the Lower Tier
          REMIC
          1 Uncertificated Regular Interests) (the “Certificate Register”). The Securities
          Administrator may appoint a bank or trust company to act as Certificate
          Registrar. A registration book shall be maintained for the Certificates
          (and
          Lower Tier REMIC 1 Uncertificated Regular Interests, as the case may be)
          collectively. The Certificate Registrar may resign or be discharged or
          removed
          and a new successor may be appointed in accordance with the procedures
          and
          requirements set forth in Sections 6.06 and 6.07 hereof with respect to
          the
          resignation, discharge or removal of the Securities Administrator and the
          appointment of a successor Securities Administrator. The Certificate Registrar
          may appoint, by a written instrument delivered to the Holders, any NIMS
          Insurer
          and the Master Servicer, any bank or trust company to act as co-registrar
          under
          such conditions as the Certificate Registrar may prescribe; provided,
          however,
          that the
          Certificate Registrar shall not be relieved of any of its duties or
          responsibilities hereunder by reason of such appointment. 

         

        
          
            
            

          

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

         

        Section
          3.03. Transfer
          and Exchange of Certificates. 

         

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

         

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

         

        
          
            
            

          

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

         

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

         

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

         

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

         

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

         

        
          
            
            

          

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

         

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

         

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

         

        
          
            
            

          

          
            76

            
              

            

          

          
            
            

          

        

        To
          the
          extent permitted under applicable law (including, but not limited to, ERISA),
          the Securities Administrator shall be under no liability to any Person
          for any
          registration of transfer of any ERISA-Restricted Trust Certificate that
          is in
          fact not permitted by this Section 3.03(d)(ii) or for making any payments
          due on
          such Certificate to the Holder thereof or taking any other action with
          respect
          to such Holder under the provisions of this Agreement so long as the transfer
          was registered by the Securities Administrator in accordance with the foregoing
          requirements.

         

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

         

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

         

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

         

        
          
            
            

          

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

         

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

         

        (h) Notwithstanding
          any provision to the contrary herein, so long as a Global Security representing
          any Class B1 or Class B2 Certificate remains outstanding and is held by
          or on
          behalf of DTC, transfers of a Global Security representing any such
          Certificates, in whole or in part, shall only be made in accordance with
          Section
          3.01 and this Section 3.03(h).

         

        (A) Subject
          to clauses (B) and (C) of this Section 3.03(h), transfers of a Global Security
          representing any Class B1 or Class B2 Certificate shall be limited to transfers
          of such Global Security, in whole or in part, to nominees of DTC or to
          a
          successor of DTC or such successor’s nominee.

         

        
          
            
            

          

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

         

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

         

        
          
            
            

          

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

         

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

         

        Section
          3.04. Cancellation
          of Certificates. 

         

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

         

        Section
          3.05. Replacement
          of Certificates. 

         

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

         

        
          
            
            

          

          
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        Section
          3.06. Persons
          Deemed Owners. 

         

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

         

        Section
          3.07. Temporary
          Certificates. 

         

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

         

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

         

        Section
          3.08. Appointment
          of Paying Agent. 

         

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

         

        
          
            
            

          

          
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        (b) Any
          Paying Agent (other than the Securities Administrator) shall comply with
          its
          reporting obligations under Regulation AB with respect to the Trust Fund
          in form
          and substance similar to those of the Securities Administrator pursuant
          to
          Section 6.20, and the related assessment of compliance shall cover, at
          a
          minimum, the elements of the servicing criteria applicable to the Paying
          Agent
          indicated in Exhibit S attached hereto. The Paying Agent shall give prior
          written notice to the Sponsor, the Master Servicer and the Depositor of
          the
          appointment of any Subcontractor by it and a written description (in form
          and
          substance satisfactory to the Sponsor and the Depositor) of the role and
          function of each Subcontractor utilized by the Paying Agent, as applicable,
          specifying (A) the identity of each such Subcontractor and (B) which elements
          of
          the servicing criteria set forth under Item 1122(d) of Regulation AB will
          be
          addressed in assessments of compliance provided by each such Subcontractor.
          In
          addition, the Paying Agent shall notify the Sponsor, the Master Servicer
          and the
          Depositor within five (5) calendar days of knowledge thereof (i) of any
          legal
          proceedings pending against the Paying Agent of the type described in Item
          1117
          (§ 229.1117) of Regulation AB, (ii) any merger, consolidation or sale of
          substantially all of the assets of the Paying Agent and (iii) if the Paying
          Agent shall become (but only to the extent not previously disclosed) at
          any time
          an affiliate of any of the parties listed on Exhibit V hereto or any of
          their
          affiliates.

         

        (c) Any
          Paying Agent agrees to indemnify the Depositor, the Trustee, the Securities
          Administrator and the Master Servicer, and each of their respective directors,
          officers, employees and agents and the Trust Fund and hold each of them
          harmless
          from and against any losses, damages, penalties, fines, forfeitures, legal
          fees
          and expenses and related costs, judgments, and any other costs, fees and
          expenses that any of them may sustain arising out of or based upon the
          failure
          by such Paying Agent to deliver any information, report or certification
          when
          and as required under Section 6.20 and Section 9.25(a). This indemnification
          shall survive the termination of this Agreement or the termination of such
          Paying Agent hereunder.

         

        Section
          3.09. Book-Entry
          Certificates. 

         

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

         

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

         

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

         

        
          
            
            

          

          
            82

            
              

            

          

          
            
            

          

        

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

         

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

         

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

         

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

         

        
          
            
            

          

          
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        ARTICLE
          IV

         

        ADMINISTRATION
          OF THE TRUST FUND

         

        Section
          4.01. Certificate
          Account. 

         

        (a) On
          the
          Closing Date, the Securities Administrator shall open and shall thereafter
          maintain a segregated account held in trust (the “Certificate Account”),
          entitled “Certificate Account, Wells Fargo Bank, N.A., as Securities
          Administrator, in trust for the benefit of the Holders of Structured Asset
          Securities Corporation Mortgage Loan Trust Mortgage Pass-Through Certificates,
          Series 2006-BC3.” The Certificate Account shall relate solely to the
          Certificates and to the Lower Tier REMIC 1 Uncertificated Regular Interests
          issued by the Trust Fund hereunder, and funds in such Certificate Account
          shall
          not be commingled with any other monies.

         

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

         

        (c) The
          Securities Administrator shall give to the Trustee prior written notice
          of the
          name and address of the depository institution at which the Certificate
          Account
          is maintained and the account number of such Certificate Account. The Securities
          Administrator shall take such actions as are necessary to cause the depository
          institution holding the Certificate Account to hold such account in the
          name of
          the Securities Administrator under this Agreement. 

         

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

         

        (i) all
          payments on account of principal, including Principal Prepayments, any
          Subsequent Recovery and any Scheduled Payment attributable to principal
          received
          after its related Due Date, on the Mortgage Loans;

         

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

         

        
          
            
            

          

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

         

        (iv) all
          Insurance Proceeds;

         

        (v) all
          Advances made by the Master Servicer (or the Trustee as successor master
          servicer) or any Servicer pursuant to Section 5.04 or the applicable Servicing
          Agreement; 

         

        (vi) any
          Seller Remittance Amounts remitted by a Servicer;

         

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

         

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

         

        The
          Master Servicer shall also deposit from its own funds into the Certificate
          Account (to the extent not already received from the related Servicer),
          without
          right of reimbursement, except from Net Simple Interest Excess, an amount
          equal
          to any Net Simple Interest Shortfall (to the extent not offset by Net Simple
          Interest Excess) for the related Collection Period.

         

        
          
            
            

          

          
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        (e) Funds
          in
          the Certificate Account for the period from each Servicer Remittance Date
          to and
          including four Business Days immediately preceding the related Distribution
          Date
          shall be invested in Eligible Investments selected by and at the written
          direction of LBH, which shall mature not later than one Business Day prior
          to
          the Distribution Date and any such Eligible Investment shall not be sold
          or
          disposed of prior to its maturity. In the absence of written instructions
          from
          LBH regarding the investment of any such funds on deposit in the Certificate
          Account, such funds shall be invested in the Wells Fargo Advantage Prime
          Money
          Market Fund. All such Eligible Investments shall be made in the name of
          the
          Master Servicer in trust for the benefit of the Trustee and Holders of
          the
          Structured Asset Securities Corporation Mortgage Loan Trust Mortgage
          Pass-Through Certificates, Series 2006-BC3. Funds in the Certificate Account
          for
          the period from four Business Days immediately preceding the related
          Distribution Date through and including the related Distribution Date (the
          “Master Servicer Investment Period”) may be invested in Eligible Investments
          selected by the Master Servicer (which shall mature not later than such
          applicable Distribution Date). All income and gain realized from any Eligible
          Investment (i) during the Master Servicer Investment Period shall be
          compensation (1) to the Trustee, in payment of its Trustee Fee, to the
          extent
          not paid in accordance with Section 6.12, (2) to Deutsche Bank National
          Trust
          Company and Wells Fargo Bank, N.A., in their respective capacities as
          Custodians, in payment of their Custodial Compensation, to the extent not
          paid
          when due in accordance with Section 6.12 and (3) to the Master Servicer
          and
          Securities Administrator, any income and gain remaining and (ii) other
          than
          during the Master Servicer Investment Period shall be shall be for the
          benefit
          of LBH, in either case subject to its withdrawal or order from time to
          time, and
          shall not be part of the Trust Fund. The amount of any losses incurred
          in
          respect of any such investments during the Master Servicer Investment Period
          shall be deposited in such Certificate Account by the Master Servicer out
          of its
          own funds, without any right of reimbursement therefor, immediately as
          realized.
          The amount of any losses incurred in respect of any such investments for
          any
          period other than during the Master Servicer Investment Period shall be
          deposited in such Certificate Account by LBH out of its own funds, without
          any
          right of reimbursement therefor, immediately as realized. The foregoing
          requirements for deposit in the Certificate Account are exclusive, it being
          understood and agreed that, without limiting the generality of the foregoing,
          (i) payments of interest on funds in the Certificate Account need not be
          deposited by the Master Servicer in the Certificate Account and may be
          retained
          by the Master Servicer or remitted directly to LBH, as applicable, and
          (ii)
          payments in the nature of late payment charges, assumption fees and other
          incidental fees and charges relating to the Mortgage Loans (other than
          Prepayment Premiums) need not be deposited by the Master Servicer in the
          Certificate Account and may be retained by the Master Servicer or the applicable
          Servicer as additional servicing compensation. If the Master Servicer deposits
          in the Certificate Account any amount not required to be deposited therein,
          it
          may at any time withdraw such amount from such Certificate Account.

         

        Section
          4.02. Application
          of Funds in the Certificate Account. 

         

        The
          Master Servicer (or if applicable, the Securities Administrator), may,
          from time
          to time, make, or cause to be made, withdrawals from the Certificate Account
          for
          the following purposes:

         

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

         

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

         

        
          
            
            

          

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

         

        (iv) to
          the
          extent of any previous Advances made by the Master Servicer with respect
          to
          Simple Interest Mortgage Loans, to pay itself an amount equal to Net Simple
          Interest Excess for the related Collection Period to the extent not offset
          by
          Net Simple Interest Shortfalls;

         

        (v) to
          reimburse itself or any Servicer for expenses incurred by and recoverable
          by or
          reimbursable to it or any Servicer pursuant to this Agreement, including,
          without limitation, Sections 9.04, 9.05(b), 9.07(a), 9.30 or 11.15;

         

        (vi) to
          pay to
          the Seller any Seller Remittance Amount;

         

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

         

        (viii) to
          make
          payment to the Trustee pursuant to any provision of this Agreement or to
          reimburse the Trustee for any fees or expenses reimbursable to it pursuant
          to
          Section 6.12; provided, however, that any amounts in excess of the annual
          cap
          described in clause (b) of the definition of “Interest Remittance Amount” and
          clause (b) of the definition of “Principal Remittance Amount” in any Anniversary
          Year, other than costs and expenses incurred by the Trustee pursuant to
          Section
          6.14, in connection with any transfer of servicing, shall not be withdrawn
          from
          the Certificate Account and paid to the Trustee and the Trustee’s reimbursement
          for such excess amounts shall be made pursuant to Section 5.02;

         

        
          
            
            

          

          
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        (ix) subject
          to Section 5.01, to pay to itself the Master Servicing Fee;

         

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

         

        (xi) to
          make
          payments out of the Master Servicing Fee (A) to the Trustee to pay the
          Trustee
          Fee, if due and (B) to Deutsche Bank National Trust Company and Wells Fargo
          Bank, N.A., in their respective capacities as Custodians, to pay the Custodial
          Compensation, if due; 

         

        (xii) to
          make
          distributions to Certificateholders pursuant to Article V;

         

        (xiii) to
          make
          payment to itself, the Securities Administrator, the Trustee, Deutsche
          Bank
          National Trust Company and Wells Fargo Bank, N.A., in their respective
          capacities as Custodians, and others pursuant to any provision of this
          Agreement;

         

        (xiv) to
          withdraw funds deposited in error in the Certificate Account;

         

        (xv) to
          clear
          and terminate the Certificate Account pursuant to Section 7.02; and

         

        (xvi) to
          pay to
          the Seller any income and gain realized on the Certificate Account from
          any
          Eligible Investment other than during the Master Servicer Investment Period
          in
          accordance with Section 4.01(e) hereto;

         

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

         

        Section
          4.03. Reports
          to Certificateholders. 

         

        (a) On
          each
          Distribution Date, the Securities Administrator shall have prepared (based
          solely on information provided by the Swap Counterparty or the Servicer
          to the
          Master Servicer or the Securities Administrator) and shall make available
          to the
          Trustee, any NIMS Insurer, the Swap Counterparty, the Credit Risk Manager,
          the
          Mortgage Loan Administrator, the Seller and each Certificateholder a report
          (the
“Distribution Date Statement”) setting forth the following information (on the
          basis of Mortgage Loan level information obtained from the Master
          Servicer):

         

        
          
            
            

          

          
            88

            
              

            

          

          
            
            

          

        

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

         

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

         

        (iii) the
          amount, if any, of any distribution to the Holders of the Class P Certificate,
          the Class X Certificates, the Class LT-R Certificates, and the Residual
          Certificate;

         

        (iv) (A) the
          aggregate amount of any Advances required to be made as of the end of the
          month
          immediately preceding the month in which the Distribution Date occurs by
          or on
          behalf of the Servicers (or the Master Servicer) with respect to such
          Distribution Date, (B) the aggregate amount of such Advances actually made,
          and (C) the amount, if any, by which (A) above exceeds (B)
          above;

         

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

         

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

         

        (vii) the
          amount of any Prepayment Premiums distributed to the Class P Certificates;
          

         

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

         

        (ix) the
          amount of the Servicing Fees and Credit Risk Manager’s Fees paid during the
          Collection Period to which such distribution relates;

         

        (x) by
          Mortgage Pool and in the aggregate, the number and aggregate Scheduled
          Principal
          Balance of Mortgage Loans, as reported to the Securities Administrator
          by the
          Master Servicer, (a) remaining outstanding, (b) Delinquent 30 to 59 days
          on a
          contractual basis, (c) Delinquent 60 to 89 days on a contractual basis,
          (d)
          Delinquent 90 or more days on a contractual basis, (e) as to which foreclosure
          proceedings have been commenced, all as of the close of business on the
          last
          Business Day of the calendar month immediately preceding the month in which
          such
          Distribution Date occurs, (f) in bankruptcy and (g) that are REO Properties
          (the
          information in this item (x) to be calculated utilizing the OTS delinquency
          method);

         

        
          
            
            

          

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

         

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

         

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

         

        (xiv) the
          Certificate Interest Rate applicable to such Distribution Date with respect
          to
          each Class of Certificates;

         

        (xv) with
          respect to each Mortgage Pool, the Interest Remittance Amount and the Principal
          Remittance Amount applicable to such Distribution Date;

         

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

         

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

         

        (xviii) the
          level
          of LIBOR for such Distribution Date; 

         

        (xix) the
          amount of any payments made by the Cap Counterparty to the Supplemental
          Interest
          Trust made pursuant to Section 5.07(d); 

         

        (xx) the
          amount of any Net Swap Payment to the Supplemental Interest Trust made
          pursuant
          to Section 5.07, any Net Swap Payment to the Swap Counterparty made pursuant
          to
          Section 5.07, any Swap Termination Payment to the Supplemental Interest
          Trust
          made pursuant to Sections 5.07 and any Swap Termination Payment to the
          Swap
          Counterparty made pursuant to Section 5.07; 

         

        (xxi) the
          amount of any PPTL Premiums and FPD Premiums, if any, for such Distribution
          Date; and 

         

        (xxii) the
          amount of any deposit in the Final Maturity Reserve Account, and, on the
          earlier
          of the Distribution Date in November 2036 and the termination of the Trust
          Fund,
          the amount distributed from the Final Maturity Reserve Account. 

         

        
          
            
            

          

          
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        In
          addition to the information listed above, such Distribution Date Statement
          shall
          also include such other information as is required by Item 1121 (§ 229.1121) of
          Regulation AB and as provided to the Securities Administrator pursuant
          to this
          Agreement.

         

        In
          the
          case of information furnished pursuant to subclauses (i), (ii) and (vi)
          above,
          the amounts shall also (except in the case of the report delivered to the
          holder
          of the Class X Certificates) be expressed as a dollar amount per $1,000
          of
          original principal amount of Certificates.

         

        On
          any
          Distribution Date after the occurrence of a Section 7.01(c) Purchase Event,
          the
          information required by subclauses (i), (iii), (iv), (v), (vii), (viii),
          (ix),
          (x), (xi), (xii), (xv), (xvii), (xviii), (xx) and (xxi) shall be made available
          to the Trustee, the NIMS Insurer, the Swap Counterparty, the Credit Risk
          Manager, the Seller, the holder of the Class LT-R Certificate and the
          LTURI-holder with regard to the Lower Tier REMIC 1 Uncertificated Regular
          Interests in lieu of the Certificates.

         

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

         

        The
          foregoing information and reports shall be prepared and determined by the
          Securities Administrator based solely on Mortgage Loan data provided to
          the
          Securities Administrator by the Master Servicer (in a format attached hereto
          as
          Exhibit J) no later than 2:00 p.m. Eastern Time four Business Days prior
          to the
          Distribution Date, and on the information provided to the Securities
          Administrator by the Swap Counterparty and the Cap Counterparty. In preparing
          or
          furnishing the foregoing information to the Trustee, Certificateholders
          and any
          NIMS Insurer, the Securities Administrator shall be entitled to rely
          conclusively on the accuracy and completeness of the information or data
          (i)
          regarding the Mortgage Loans and the related REO Property, that has been
          provided to the Securities Administrator by the Master Servicer and each
          Servicer, (ii) regarding the Swap Agreement, that has been provided to
          the
          Securities Administrator by the Swap Counterparty and (iii) regarding the
          Interest Rate Cap Agreement, that has been provided to the Securities
          Administrator by the Cap Counterparty, and the Securities Administrator
          shall
          not be obligated to verify, recompute, reconcile or recalculate any such
          information or data. The Securities Administrator shall be entitled to
          conclusively rely on the Mortgage Loan data provided by the Master Servicer
          and
          shall have no liability for any errors or omissions in such Mortgage Loan
          data.
          The information and reports described in the first paragraph of this Section
          4.03(a) shall be made available to the Trustee by the Securities Administrator
          no later than 12:00 p.m. Eastern Time two Business Days prior to the
          Distribution Date. Concurrently with the distribution by the Master Servicer
          of
          the Mortgage Loan data to the Securities Administrator, the Master Servicer
          shall also make available a copy of such Mortgage Loan data to the Credit
          Risk
          Manager no later than 2:00 p.m. Eastern Time four Business Days prior to
          the
          Distribution Date.

         

        
          
            
            

          

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

         

        (c) Upon
          request of a Certificateholder and prior to a Section 7.01(c) Purchase
          Event,
          the Securities Administrator shall have prepared and the Securities
          Administrator shall make available to any NIMS Insurer and each Person
          who at
          any time during the calendar year was a Certificateholder of record, and
          make
          available to Certificate Owners (identified as such by the Clearing Agency)
          in
          accordance with applicable regulations, a report summarizing the items
          provided
          to any NIMS Insurer and the Certificateholders pursuant to Sections 4.03(a)(i)
          and 4.03(a)(ii) on an annual basis as may be required to enable any NIMS
          Insurer
          and such Holders to prepare their federal income tax returns; provided,
          however,
          that
          this Section 4.03(c) shall not be applicable where relevant reports or
          summaries
          are required elsewhere in this Agreement. Such information shall also include
          the amount of original issue discount accrued on each Class of Certificates
          and
          information regarding the expenses of the Trust Fund. The Securities
          Administrator shall be deemed to have satisfied this requirement if it
          forwards
          such information in any other format permitted by the Code. 

         

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

         

        (e) The
          Master Servicer shall provide to the Depositor or to any party designated
          by the
          Depositor, as promptly as practicable upon the Depositor's request, any
          and all
          loan-level information that the Depositor may request in any format reasonably
          requested by the Depositor. 

         

        
          
            
            

          

          
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        ARTICLE
          V

         

        DISTRIBUTIONS
          TO HOLDERS OF CERTIFICATES

         

        Section
          5.01. Distributions
          Generally. 

         

        (a) Subject
          to Section 7.01 respecting the final distribution on the Certificates or
          Lower
          Tier REMIC 1 Uncertificated Regular Interests, on each Distribution Date
          the
          Securities Administrator shall make distributions based on the Distribution
          Date
          Statement for such Distribution Date prepared by it pursuant to Section
          4.03(a).
          Such distributions shall be made by wire transfer in immediately available
          funds
          to an account specified in writing to the Securities Administrator at least
          five
          (5) Business Days prior to the first Distribution Date to such Certificateholder
          and at the expense of such Certificateholder.

         

        (b) The
          final
          distribution in respect of any Certificate shall be made only upon presentation
          and surrender of such Certificate at the Corporate Trust Office of the
          Securities Administrator; provided,
          however,
          that
          the foregoing provisions shall not apply to any Class of Certificates as
          long as
          such Certificate remains a Book-Entry Certificate in which case all payments
          made shall be made through the Clearing Agency and its Clearing Agency
          Participants. Notwithstanding such final payment of principal of any of
          the
          Certificates, each Residual Certificate will remain outstanding until the
          termination of each REMIC and the payment in full of all other amounts
          due with
          respect to the Residual Certificates and at such time such final payment
          in
          retirement of any Residual Certificate will be made only upon presentation
          and
          surrender of such Certificate at the Corporate Trust Office of the Securities
          Administrator. If any payment required to be made on the Certificates or
          Lower
          Tier REMIC 1 Uncertificated Regular Interests is to be made on a day that
          is not
          a Business Day, then such payment will be made on the next succeeding Business
          Day. 

         

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

         

        (d) The
          Securities Administrator shall make payments to Certificateholders and
          to the
          Swap Counterparty and any other person pursuant to this Article V and make
          deposits to the Supplemental Interest Trust and the Final Maturity Reserve
          Trust
          based on the Distribution Date Statement prepared by it in accordance with
          Section 4.03(a). 

         

        Section
          5.02. Distributions
          from the Certificate Account. 

         

        (a) On
          each
          Distribution Date on or prior to a Section 7.01(c) Purchase Event or a
          Trust
          Fund Termination Event, the Securities Administrator shall withdraw from
          the
          Certificate Account the Total Distribution Amount (to the extent such amount
          is
          on deposit in the Certificate Account), and amounts that are available
          for
          payment to the Swap Counterparty, and shall allocate such amount to the
          interests issued in respect of each REMIC created pursuant to this Agreement
          and
          shall distribute such amount as specified in subparagraphs (b) through
          (i) of
          this Section; provided,
          that
          amounts that are available for payment to the Swap Counterparty shall be
          paid on
          the related Swap Payment Date. On each Distribution Date after a Section
          7.01(c)
          Purchase Event but on or prior to a Trust Fund Termination Event, the Securities
          Administrator (or the Paying Agent on behalf of the Securities Administrator)
          shall withdraw from the Certificate Account the Total Distribution Amount
          (to
          the extent such amount is on deposit in the Certificate Account), and amounts
          that are available for payment to the Swap Counterparty, and shall allocate
          such
          amount to the interests issued in respect of REMIC 1 created pursuant to
          this
          Agreement and shall distribute such amount as specified in subparagraphs
          (j) and
          (l) of this Section; provided,
          that
          amounts that are available for payment to the Swap Counterparty shall be
          paid on
          the related Swap Payment Date.

         

        
          
            
            

          

          
            93

            
              

            

          

          
            
            

          

        

        (b) On
          each
          Distribution Date (or, with respect to clauses (i) and (ii) below, on the
          related Swap Payment Date), the Securities Administrator shall distribute
          the
          Interest Remittance Amount for Pool 1 for such date in the following order
          of
          priority:

         

        (i) for
          deposit into the Swap Account, an amount equal to the lesser of (x) the
          product
          of (A) the amount of any Net Swap Payment or Swap Termination Payment (not
          due
          to a Swap Counterparty Trigger Event) owed to the Swap Counterparty on
          the
          related Swap Payment Date and (B) the Pool Percentage for Pool 1 for such
          Distribution Date and (y) the Interest Remittance Amount for Pool 1 for
          such
          Distribution Date;

         

        (ii) for
          deposit into the Swap Account, the amount of any Net Swap Payment or Swap
          Termination Payment (not due to a Swap Counterparty Trigger Event) owed
          to the
          Swap Counterparty on the related Swap Payment Date (after giving effect
          to
          distributions made pursuant to clause (i) above and subsection 5.02(c)(i)
          below)
          for such Distribution Date; 

         

        (iii) on
          the
          Distribution Date in November 2016 and each Distribution Date
          thereafter:

         

        (A) for
          deposit into the Final Maturity Reserve Account, the Final Maturity Reserve
          Amount for Pool 1;

         

        (B) for
          deposit into the Final Maturity Reserve Account, the Final Maturity Reserve
          Amount for Pool 2 to the extent not paid from subsection 5.02(c)(iii) below
          for
          such Distribution Date;

         

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

         

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

         

        (c) On
          each
          Distribution Date (or with respect to clauses (i) and (ii) below on the
          related
          Swap Payment Date), the Securities Administrator shall distribute the Interest
          Remittance Amount for Pool 2 for such date in the following order of priority:

         

        
          
            
            

          

          
            94

            
              

            

          

          
            
            

          

        

        (i) for
          deposit into the Swap Account, an amount equal to the lesser of (x) the
          product
          of (A) the amount of any Net Swap Payment or Swap Termination Payment (not
          due
          to a Swap Counterparty Trigger Event) owed to the Swap Counterparty on
          the
          related Swap Payment Date and (B) the Pool Percentage for Pool 2 for such
          Distribution Date and (y) the Interest Remittance Amount for Pool 2 for
          such
          Distribution Date;

         

        (ii) for
          deposit into the Swap Account, the amount of any Net Swap Payment or Swap
          Termination Payment (not due to a Swap Counterparty Trigger Event) owed
          to the
          Swap Counterparty on the related Swap Payment Date (after giving effect
          to
          distributions made pursuant to clause (i) above and subsection 5.02(b)(i)
          above)
          for such Distribution Date; 

         

        (iii) on
          the
          Distribution Date in November 2016 and each Distribution Date
          thereafter:

         

        (A) for
          deposit into the Final Maturity Reserve Account, the Final Maturity Reserve
          Amount for Pool 2;

         

        (B) for
          deposit into the Final Maturity Reserve Account, the Final Maturity Reserve
          Amount for Pool 1 to the extent not paid from subsection 5.02(b)(iii) above
          for
          such Distribution Date;

         

        (iv) concurrently,
          to each Class of the Group 2 Certificates, Current Interest and any Carryforward
          Interest for each such Class and such Distribution Date; provided,
          however,
          that any
          shortfall in Current Interest and Carryforward Interest shall be allocated
          among
          such Classes in proportion to the amount of Current Interest and Carryforward
          Interest that would otherwise be distributable thereon; and

         

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

         

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

         

        (i) concurrently,
          to each Class of Senior Certificates, Current Interest and any Carryforward
          Interest (taking into account distributions pursuant to subsections 5.02(b)(iv)
          and 5.02(c)(iv)) above for each such Class and such Distribution Date;
          provided,
          however, that any shortfall in Current Interest and Carryforward Interest
          shall
          be allocated among such Classes in proportion to the amount of Current
          Interest
          and Carryforward Interest that would otherwise be distributable
          thereon;

         

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

         

        (iii) to
          the
          Credit Risk Manager, the Credit Risk Manager’s Fee;

         

        
          
            
            

          

          
            95

            
              

            

          

          
            
            

          

        

        (iv) to
          the
          Trustee, any amounts reimbursable pursuant to Section 4.02 and not previously
          reimbursed to the Trustee; and

         

        (v) for
          application as part of Monthly Excess Cashflow for such Distribution Date,
          as
          provided in subsection (f) of this Section, any Interest Remittance Amount
          remaining undistributed for such Distribution Date.

         

        (e) On
          each
          Distribution Date or related Swap Payment Date, as applicable, the Securities
          Administrator shall distribute the Principal Distribution Amount with respect
          to
          each Mortgage Pool for such date as follows:

         

        (i) On
          each
          Distribution Date (or, with respect to clauses (A)(1), (A)(2), (B)(1) and
          (B)(2)
          below, on the related Swap Payment Date) (a) prior to the Stepdown Date
          or (b)
          with respect to which a Trigger Event is in effect, until the aggregate
          Certificate Principal Amount of the LIBOR Certificates equals the Target
          Amount
          for such Distribution Date, the Securities Administrator shall make the
          following distributions, concurrently: 

         

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

         

        (1) for
          deposit into the Swap Account, an amount equal to the lesser of (x) the
          product
          of (A) the amount of any Net Swap Payment or Swap Termination Payment (not
          due
          to a Swap Counterparty Trigger Event) owed to the Swap Counterparty on
          the
          related Swap Payment Date (to the extent not paid previously or from the
          Interest Remittance Amount for such Distribution Date) and (B) the Pool
          Percentage for Pool 1 for such Distribution Date and (y) the Principal
          Remittance Amount for Pool 1 for such Distribution Date;

         

        (2) for
          deposit into the Swap Account, the amount of any Net Swap Payment or Swap
          Termination Payment (not due to a Swap Counterparty Trigger Event) owed
          to the
          Swap Counterparty on the related Swap Payment Date (after giving effect
          to
          distributions made pursuant to subsections 5.02(e)(i)(A)(1) above and
          5.02(e)(i)(B)(1) below, and to the extent not paid previously or from the
          Interest Remittance Amount for such Distribution Date);

         

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

         

        (4) for
          application pursuant to subsection 5.02(e)(ii) below, any such Principal
          Distribution Amount for Pool 1 remaining undistributed for such Distribution
          Date.

         

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

         

        
          
            
            

          

          
            96

            
              

            

          

          
            
            

          

        

        (1) for
          deposit into the Swap Account, an amount equal to the lesser of (x) the
          product
          of (A) the amount of any Net Swap Payment or Swap Termination Payment (not
          due
          to a Swap Counterparty Trigger Event) owed to the Swap Counterparty on
          the
          related Swap Payment Date (to the extent not paid previously or from the
          Interest Remittance Amount for such Distribution Date) and (B) the Pool
          Percentage for Pool 2 for such Distribution Date and (y) the Principal
          Remittance Amount for Pool 2 for such Distribution Date;

         

        (2) for
          deposit into the Swap Account, the amount of any Net Swap Payment or Swap
          Termination Payment (not due to a Swap Counterparty Trigger Event) owed
          to the
          Swap Counterparty on the related Swap Payment Date (after giving effect
          to
          distributions made pursuant to subsections 5.02(e)(i)(A)(1) above and
          5.02(e)(i)(B)(1) above, and to the extent not paid previously or from the
          Interest Remittance Amount for such Distribution Date);

         

        (3) sequentially,
          to the Class A2, Class A3 and Class A4 Certificates, in that order, until
          the
          Class Principal Amount of each such class has been reduced to zero;
          and

         

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

         

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

         

        
          	 	
                  (A)

                	
                  concurrently,
                    in proportion to the aggregate Class Principal Amounts of the
                    Group 1 and
                    Group 2 Certificates, after giving effect to principal distributions
                    on
                    such Distribution Date pursuant to subsections 5.02(e)(i)(A)(3)
                    and
                    5.02(e)(i)(B)(3) above, to the Group 1 and Group 2 Certificates,
                    in each
                    case in accordance with the Related Senior Priority, until the
                    Class
                    Principal Amount of each such class has been reduced to zero;
                    

                

        

         

        
          	 	
                  (B)

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

                

        

         

        
          	 	
                  (C)

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

                

        

         

        
          
            
            

          

          
            97

            
              

            

          

          
            
            

          

        

        Any
          Principal Distribution Amount remaining on any Distribution Date after
          the
          Target Amount is achieved will be applied as part of Monthly Excess Cashflow
          for
          such Distribution Date as provided in subsection (f) of this
          Section.

         

        (iii) On
          each
          Distribution Date (or, with respect to clauses (A) and (B) below, on the
          related
          Swap Payment Date) (a) on or after the Stepdown Date and (b) with respect
          to
          which a Trigger Event is not in effect, the Principal Distribution Amount
          for
          each Mortgage Pool for such date will be distributed in the following order
          of
          priority:

         

        
          	 	
                  (A)

                	
                  for
                    deposit into the Swap Account, an amount equal to the lesser
                    of (x) the
                    product of (1) the amount of any Net Swap Payment or Swap Termination
                    Payment (not due to a Swap Counterparty Trigger Event) owed to
                    the Swap
                    Counterparty on the related Swap Payment Date (to the extent
                    not paid
                    previously or from the Interest Remittance Amount for such Distribution
                    Date) and (2) the Pool Percentage for the related Mortgage Pool
                    for such
                    Distribution Date and (y) the Principal Remittance Amount for
                    such
                    Mortgage Pool for such Distribution
                    Date;

                

        

         

        
          	 	
                  (B)

                	
                  for
                    deposit into the Swap Account, the amount of any Net Swap Payment
                    or Swap
                    Termination Payment (not due to a Swap Counterparty Trigger Event)
                    owed to
                    the Swap Counterparty on the related Swap Payment Date (after
                    giving
                    effect to distributions made pursuant to subsection 5.02(e)(iii)(A)
                    above,
                    and to the extent not paid previously or from the Interest Remittance
                    Amounts for such Distribution
                    Date);

                

        

         

        
          	 	
                  (C)

                	
                  (1)
                    so long as any of the Subordinate Certificates are outstanding,
                    to the
                    Class A1 Certificates (from amounts generated by Pool 1, except
                    as
                    provided below) and to the Group 2 Senior Certificates in accordance
                    with
                    the Related Senior Priority (from amounts generated by Pool 2,
                    except as
                    provided below) in each case, an amount equal to the lesser of
                    (x) the
                    excess of (a) the Principal Distribution Amount for the related
                    Mortgage
                    Pool for such Distribution Date over (b) the amount paid to the
                    Supplemental Interest Trust for deposit into the Swap Account
                    on the
                    related Swap Payment Date pursuant to clauses (A) and (B) above
                    and (y)
                    the Related Senior Principal Distribution Amount for such Mortgage
                    Pool
                    for such Distribution Date, in each case, until the Class Principal
                    Amount
                    of each such Class has been reduced to zero; provided,
                    however,
                    to the extent that the Principal Distribution Amount for a Mortgage
                    Pool
                    exceeds the Related Senior Principal Distribution Amount for
                    such Mortgage
                    Pool, such excess shall be applied to the Senior Certificates
                    related to
                    the other Mortgage Pool (in accordance with the Related Senior
                    Priority),
                    but in an amount not to exceed the Senior Principal Distribution
                    Amount
                    for such Distribution Date (as reduced by any distributions pursuant
                    to
                    subclauses (x) or (y) of this clause (1) on such Distribution
                    Date); or
                    (2) if none of the Subordinate Certificates are outstanding,
                    to the Group
                    1 and Group 2 Senior Certificates (in each case in accordance
                    with the
                    Related Senior Priority), the excess of (A) the Principal Distribution
                    Amount for the related Mortgage Pool for such Distribution Date
                    over (B)
                    the amount paid to the Supplemental Interest Trust for deposit
                    into the
                    Swap Account for the related Mortgage Pool on the related Swap
                    Payment
                    Date pursuant to clauses (A) and (B) above, in each case until
                    the Class
                    Principal Amount of each such Class has been reduced to
                    zero;

                

        

         

        
          
            
            

          

          
            98

            
              

            

          

          
            
            

          

        

        
          	 	
                  (D)

                	
                  to
                    the Class M1, Class M2 and Class M3 Certificates, sequentially
                    and in that
                    order, an amount equal to the lesser of (x) the excess of (a)
                    the
                    aggregate of the Principal Distribution Amounts for Pool 1 and
                    Pool 2 for
                    such Distribution Date over (b) the amount paid to the Supplemental
                    Interest Trust for deposit into the Swap Account or distributed
                    to the
                    Senior Certificates on such date pursuant to clauses (A) through
                    (C)
                    above, and (y) the M3 Principal Distribution Amount for such
                    date, until
                    the Class Principal Amount of each such Class has been reduced
                    to
                    zero;

                

        

         

        
          	 	
                  (E)

                	
                  to
                    the Class M4 Certificates, an amount equal to the lesser of (x) the
                    excess of (a) the aggregate of the Principal Distribution Amounts
                    for Pool
                    1 and Pool 2 for such Distribution Date over (b) the amount paid
                    to the
                    Supplemental Interest Trust for deposit into the Swap Account
                    or
                    distributed to the Senior Certificates and the Class M1, Class
                    M2 and
                    Class M3 Certificates on such date pursuant to clauses (A) through
                    (D)
                    above, and (y) the M4 Principal Distribution Amount for such
                    date, until
                    the Class Principal Amount of such Class has been reduced to
                    zero;

                

        

         

        
          	 	
                  (F)

                	
                  to
                    the Class M5 Certificates, an amount equal to the lesser of (x)
                    the excess
                    of (a) the aggregate of the Principal Distribution Amounts for
                    Pool 1 and
                    Pool 2 for such Distribution Date over (b) the amount paid to
                    the
                    Supplemental Interest Trust for deposit into the Swap Account
                    or
                    distributed to the Senior Certificates and the Class M1, Class
                    M2, Class
                    M3 and Class M4 Certificates on such date pursuant to clauses
                    (A) through
                    (E) above, and (y) the M5 Principal Distribution Amount for such
                    date,
                    until the Class Principal Amount of such Class has been reduced
                    to zero;
                    

                

        

         

        
          	 	
                  (G)

                	
                  to
                    the Class M6 Certificates, an amount equal to the lesser of (x)
                    the excess
                    of (a) the aggregate of the Principal Distribution Amounts for
                    Pool 1 and
                    Pool 2 for such Distribution Date over (b) the amount paid to
                    the
                    Supplemental Interest Trust for deposit into the Swap Account
                    or
                    distributed to the Senior Certificates and the Class M1, Class
                    M2, Class
                    M3, Class M4 and Class M5 Certificates on such date pursuant
                    to clauses
                    (A) through (F) above, and (y) the M6 Principal Distribution
                    Amount for
                    such date, until the Class Principal Amount of such Class has
                    been reduced
                    to zero;

                

        

         

        
          
            
            

          

          
            99

            
              

            

          

          
            
            

          

        

        
          	 	
                  (H)

                	
                  to
                    the Class M7 Certificates, an amount equal to the lesser of (x)
                    the excess
                    of (a) the aggregate of the Principal Distribution Amounts for
                    Pool 1 and
                    Pool 2 for such Distribution Date over (b) the amount paid to
                    the
                    Supplemental Interest Trust for deposit into the Swap Account
                    or
                    distributed to the Senior Certificates and the Class M1, Class
                    M2, Class
                    M3, Class M4, Class M5 and Class M6 Certificates on such date
                    pursuant to
                    clauses (A) through (G) above, and (y) the M7 Principal Distribution
                    Amount for such date, until the Class Principal Amount of such
                    Class has
                    been reduced to zero; 

                

        

         

        
          	 	
                  (I)

                	
                  to
                    the Class M8 Certificates, an amount equal to the lesser of (x)
                    the excess
                    of (a) the aggregate of the Principal Distribution Amounts for
                    Pool 1 and
                    Pool 2 for such Distribution Date over (b) the amount paid to
                    the
                    Supplemental Interest Trust for deposit into the Swap Account
                    or
                    distributed to the Senior Certificates and the Class M1, Class
                    M2, Class
                    M3, Class M4, Class M5, Class M6 and Class M7 Certificates on
                    such date
                    pursuant to clauses (A) through (H) above, and (y) the M8 Principal
                    Distribution Amount for such date, until the Class Principal
                    Amount of
                    such Class has been reduced to zero;

                

        

         

        
          	 	
                  (J)

                	
                  to
                    the Class M9 Certificates, an amount equal to the lesser of (x)
                    the excess
                    of (a) the aggregate of the Principal Distribution Amounts for
                    Pool 1 and
                    Pool 2 for such Distribution Date over (b) the amount paid to
                    the
                    Supplemental Interest Trust for deposit into the Swap Account
                    or
                    distributed to the Senior Certificates and the Class M1, Class
                    M2, Class
                    M3, Class M4, Class M5, Class M6, Class M7 and Class M8 Certificates
                    on
                    such date pursuant to clauses (A) through (I) above, and (y)
                    the M9
                    Principal Distribution Amount for such date, until the Class
                    Principal
                    Amount of such Class has been reduced to zero;

                

        

         

        
          	 	
                  (K)

                	
                  to
                    the Class B1 Certificates, an amount equal to the lesser of (x)
                    the excess
                    of (a) the aggregate of the Principal Distribution Amounts for
                    Pool 1 and
                    Pool 2 for such Distribution Date over (b) the amount paid to
                    the
                    Supplemental Interest Trust for deposit into the Swap Account
                    or
                    distributed to the Senior Certificates and the Class M1, Class
                    M2, Class
                    M3, Class M4, Class M5, Class M6, Class M7, Class M8 and Class
                    M9
                    Certificates on such date pursuant to clauses (A) through (J)
                    above, and
                    (y) the B1 Principal Distribution Amount for such date, until
                    the Class
                    Principal Amount of such Class has been reduced to zero;
                    

                

        

         

        
          
            
            

          

          
            100

            
              

            

          

          
            
            

          

        

        
          	 	
                  (L)

                	
                  to
                    the Class B2 Certificates, an amount equal to the lesser of (x)
                    the excess
                    of (a) the aggregate of the Principal Distribution Amounts for
                    Pool 1 and
                    Pool 2 for such Distribution Date over (b) the amount paid to
                    the
                    Supplemental Interest Trust for deposit into the Swap Account
                    or
                    distributed to the Senior Certificates and the Class M1, Class
                    M2, Class
                    M3, Class M4, Class M5, Class M6, Class M7, Class M8, Class M9
                    and Class
                    B1 Certificates on such date pursuant to clauses (A) through
                    (K) above,
                    and (y) the B2 Principal Distribution Amount for such date, until
                    the
                    Class Principal Amount of such Class has been reduced to zero;
                    and

                

        

         

        
          	 	
                  (M)

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

                

        

         

        (f) On
          each
          Distribution Date, the Securities Administrator shall distribute the Monthly
          Excess Cashflow for such date in the following order of priority:

         

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

         

        
          	 	
                  (A)

                	
                  concurrently,
                    to the Group 1 Senior Certificates and Group 2 Senior Certificates,
                    in
                    proportion to the aggregate Class Principal Amount of the Senior
                    Certificates related to each Group, after giving effect to previous
                    principal distributions on such Distribution Date pursuant to
                    subsection
                    5.02(e)(ii)(A) above, to the Group 1 Senior Certificates and
                    Group 2
                    Senior Certificates, in each case in accordance with the Related
                    Senior
                    Priority, in reduction of their respective Class Principal Amounts,
                    until
                    the Class Principal Amount of each such Class has been reduced
                    to zero;
                    and

                

        

         

        
          	 	
                  (B)

                	
                  to
                    each Class of Subordinate Certificates, in accordance with the
                    Subordinate
                    Priority, in reduction of their respective Class Principal Amounts,
                    until
                    the Class Principal Amount of each such Class has been reduced
                    to
                    zero.

                

        

         

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

         

        
          	 	
                  (A)

                	
                  concurrently,
                    to the Group 1 Senior Certificates and Group 2 Senior Certificates,
                    in
                    proportion to the aggregate Class Principal Amount of the Senior
                    Certificates related to each Group, after giving effect to previous
                    principal distributions on such Distribution Date pursuant to
                    subsection
                    5.02(e)(iii)(C) above, to the Group 1 Senior Certificates and
                    Group 2
                    Senior Certificates, in each case in accordance with the Related
                    Senior
                    Priority, in reduction of their respective Class Principal Amounts,
                    until
                    the aggregate Class Principal Amount of each such Class, after
                    giving
                    effect to distributions on such Distribution Date, equals the
                    Senior
                    Target Amount;

                

        

         

        
          
            
            

          

          
            101

            
              

            

          

          
            
            

          

        

        
          	 	
                  (B)

                	
                  to
                    the Class M1, Class M2 and Class M3 Certificates, sequentially
                    and in that
                    order, in reduction of their respective Class Principal Amounts,
                    until the
                    aggregate of the Class Principal Amounts of each such Class and
                    the Senior
                    Certificates, after giving effect to distributions on such Distribution
                    Date, equals the M3 Target Amount;

                

        

         

        
          	 	
                  (C)

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

                

        

         

        
          	 	
                  (D)

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

                

        

         

        
          	 	
                  (E)

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

                

        

         

        
          	 	
                  (F)

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

                

        

         

        
          	 	
                  (G)

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

                

        

         

        
          
            
            

          

          
            102

            
              

            

          

          
            
            

          

        

        
          	 	
                  (H)

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

                

        

         

        
          	 	
                  (I)

                	
                  to
                    the Class B1 Certificates, in reduction of their Class Principal
                    Amount,
                    until the aggregate of the Class Principal Amounts of such Class,
                    the
                    Senior Certificates and the Class M1, Class M2, Class M3, Class
                    M4, Class
                    M5, Class M6, Class M7, Class M8 and Class M9 Certificates, after
                    giving
                    effect to distributions on such Distribution Date, equals the
                    B1 Target
                    Amount; and

                

        

         

        
          	 	
                  (J)

                	
                  to
                    the Class B2 Certificates, in reduction of their Class Principal
                    Amount,
                    until the aggregate of the Class Principal Amounts of such Class,
                    the
                    Senior Certificates and the Class M1, Class M2, Class M3, Class
                    M4, Class
                    M5, Class M6, Class M7, Class M8, Class M9 and Class B1 Certificates,
                    after giving effect to distributions on such Distribution Date,
                    equals the
                    B2 Target Amount;

                

        

         

        (iii) to
          each
          Class of Subordinate Certificates, in accordance with the Subordinate Priority,
          any Deferred Amount for each such Class and such Distribution Date;

         

        (iv) to
          the
          Basis Risk Reserve Fund, an amount equal to the Basis Risk Payment for
          such
          Distribution Date, and then from the Basis Risk Reserve Fund, in the following
          order of priority:

         

        
          	 	
                  (A)

                	
                  concurrently,
                    in proportion to their respective Basis Risk Shortfalls and Unpaid
                    Basis
                    Risk Shortfalls, to each Class of Senior Certificates, any applicable
                    Basis Risk Shortfall and Unpaid Basis Risk Shortfall for each
                    such Class
                    and such Distribution Date;

                

        

         

        
          	 	
                  (B)

                	
                  to
                    each Class of Subordinate Certificates, in accordance with the
                    Subordinate
                    Priority, any applicable Basis Risk Shortfall and Unpaid Basis
                    Risk
                    Shortfall for each such Class and such Distribution Date;
                    and

                

        

         

        
          	 	
                  (C)

                	
                  to
                    the Swap Account, for application pursuant to Section 5.02(f)(vi),
                    any
                    amounts remaining in the Basis Risk Reserve Fund, after taking
                    into
                    account distributions pursuant to clauses (A) and (B) above, in
                    excess of the Required Reserve Fund Deposit for such Distribution
                    Date;

                

        

         

        
          
            
            

          

          
            103

            
              

            

          

          
            
            

          

        

        (v) on
          the
          Distribution Date occurring in November 2011 (or the next succeeding
          Distribution Date on which sufficient funds are available in the Certificate
          Account to make such distributions to the Class P Certificates), $100 to
          the
          Class P Certificates in payment of its Class P Principal Amount; 

         

        (vi) to
          the
          Swap Account, the Class X Distributable Amount (less any Basis Risk Payment
          for
          such Distribution Date) for such Distribution Date, for application pursuant
          to
          Section 5.02(g)(x) and (g)(xi) below; and

         

        (vii) to
          the
          Class LT-R Certificate, any amount remaining on such date after application
          pursuant to clauses (i) through (vi) above to the extent attributable to
          REMIC
          1, and otherwise to the Class R Certificates.

         

        (g) On
          each
          Distribution Date (or, with respect to clauses (i), (ii), (ix) and (x)
          below, on
          the related Swap Payment Date), the Securities Administrator shall distribute
          the Swap Amount for such date as follows:

         

        (i) to
          the
          Swap Counterparty, any Net Swap Payment owed to the Swap Counterparty pursuant
          to the Swap Agreement for such Swap Payment Date;

         

        (ii) to
          the
          Swap Counterparty, any Swap Termination Payment not due to a Swap Counterparty
          Trigger Event owed to the Swap Counterparty pursuant to the Swap Agreement
          for
          such Swap Payment Date;

         

        (iii) concurrently,
          to the Senior Certificates, Current Interest and any Carryforward Interest
          for
          each such Class and such Distribution Date, to the extent unpaid (any shortfall
          in Current Interest and Carryforward Interest to be allocated among such
          Classes
          in proportion to the amount of Current Interest and Carryforward Interest
          that
          would have otherwise been distributable thereon);

         

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

         

        (v) to
          the
          LIBOR Certificates, any amount necessary to maintain the Targeted
          Overcollateralization Amount as specified in Sections 5.02(f)(i) and (ii)
          above
          for such Distribution Date, for application pursuant to the priorities
          set forth
          in such Sections, after giving effect to distributions pursuant to such
          Sections; provided, however, that the sum of all such amounts distributed
          pursuant to this Section 5.02(g)(v) and all amounts distributed pursuant
          to
          Section 5.02(g)(vi) and Sections 5.02(h)(iii) and (iv) shall not exceed
          the
          aggregate amount of cumulative Realized Losses incurred from the Cut-off
          Date
          through the last day of the related Collection Period less any amounts
          previously distributed pursuant to this Section 5.02(g)(v) and Section
          5.02(g)(vi) together with any amounts previously distributed pursuant to
          Sections 5.02(h)(iii) and (iv);

         

        
          
            
            

          

          
            104

            
              

            

          

          
            
            

          

        

        (vi) to
          the
          Subordinate Certificates, in accordance with the Subordinate Priority,
          any
          Deferred Amount for each such Class and such Distribution Date, to the
          extent
          unpaid; provided, however, that the sum of all such amounts distributed
          pursuant
          to this Section 5.02(g)(vi) and all amounts distributed pursuant to Section
          5.02(g)(v) and Sections 5.02(h)(iii) and (iv) shall not exceed the aggregate
          amount of cumulative Realized Losses incurred from the Cut-off Date through
          the
          last day of the related Collection Period less any amounts previously
          distributed pursuant to this Section 5.02(g)(vi) and Section 5.02(g)(v)
          together
          with any amounts previously distributed pursuant to Sections 5.02(h)(iii)
          and
          (iv);

         

        (vii) to
          the
          Senior Certificates, any Basis Risk Shortfalls and Unpaid Basis Risk Shortfalls
          for each such Class for such Distribution Date, for application pursuant
          to the
          priorities set forth in Section 5.02(f)(iv)(A), to the extent
          unpaid;

         

        (viii) to
          the
          Subordinate Certificates, any Basis Risk Shortfalls and Unpaid Basis Risk
          Shortfalls for each such class and for such Distribution Date, for application
          pursuant to the priorities set forth Section 5.02(f)(iv)(B), to the extent
          unpaid;

         

        (ix) if
          applicable, to the Swap Termination Receipts Account for application to
          the
          purchase of a replacement swap agreement pursuant to Section
          5.09(a);

         

        (x) to
          the
          Swap Counterparty, any Swap Termination Payment due to a Swap Counterparty
          Trigger Event owed to the Swap Counterparty pursuant to the Swap
          Agreement;

         

        (xi) to
          the
          Class X Certificates, any amount deposited into the Swap Account pursuant
          to
          Section 5.02(f)(iv)(C) or Section 5.02(f)(vi) and any remaining Swap Amount;
          and

         

        (xii) on
          the
          first Distribution Date on which the Class Principal Amount of each Class
          of
          Certificates has been reduced to zero, to the Class X Certificates, all
          amounts
          remaining in the Swap Account.

         

        (h) On
          each
          Distribution Date, the Securities Administrator shall distribute the Interest
          Rate Cap Amount for such date after making all distributions under Section
          5.02(g) above as follows:

         

        (i) concurrently,
          to the Senior Certificates, Current Interest and any Carryforward Interest
          for
          each such class for such Distribution Date, to the extent unpaid pursuant
          to
          Section 5.02(g)(iii) above (any shortfall in Current Interest and Carryforward
          Interest to be allocated among such Classes in proportion to the amount
          of
          Current Interest and Carryforward Interest that would have otherwise been
          distributable thereon);

         

        (ii) to
          the
          Subordinate Certificates, in accordance with the Subordinate Priority,
          Current
          Interest and any Carryforward Interest for such class and such Distribution
          Date
          to the extent unpaid;

         

        
          
            
            

          

          
            105

            
              

            

          

          
            
            

          

        

        (iii) to
          the
          LIBOR Certificates, any amount necessary to maintain the Targeted
          Overcollateralization Amount specified in Sections 5.02(f)(i) and (ii)
          above for
          such Distribution Date, for application pursuant to the priorities set
          forth in
          such Sections; provided, however, that the sum of all such amounts distributed
          pursuant to this Section 5.02(h)(iii) and all amounts distributed pursuant
          to
          Section 5.02(h)(iv) and Sections 5.02(g)(v) and (vi) shall not exceed the
          aggregate amount of cumulative Realized Losses incurred from the Cut-off
          Date
          through the last day of the related Collection Period less any amounts
          previously distributed pursuant to this Section 5.02(h)(iii) and Section
          5.02(h)(iv) together with any amounts previously distributed pursuant to
          Sections 5.02(g)(v) and (vi);

         

        (iv) to
          the
          Subordinate Certificates, in accordance with the Subordinate Priority,
          any
          Deferred Amount for each such class and such Distribution Date to the extent
          unpaid; provided, however, that the sum of all such amounts distributed
          pursuant
          to this Section 5.02(h)(iv) and all amounts distributed pursuant to Section
          5.02(h)(iii) and Sections 5.02(g)(v) and (vi) shall not exceed the aggregate
          amount of cumulative Realized Losses incurred from the Cut-off Date through
          the
          last day of the related Collection Period less any amounts previously
          distributed pursuant to this Section 5.02(h)(iv) and Section 5.02(h)(iii)
          together with any amounts previously distributed pursuant to Sections 5.02(g)(v)
          and (vi);

         

        (v) to
          the
          Senior Certificates, any Basis Risk Shortfalls and Unpaid Basis Risk Shortfalls
          for each such class and for such Distribution Date, for application pursuant
          to
          the priorities set forth in Section 5.02(f)(iv)(A), to the extent
          unpaid;

         

        (vi) to
          the
          Subordinate Certificates, any Basis Risk Shortfalls and Unpaid Basis Risk
          Shortfalls for each such class and for such Distribution Date, for application
          pursuant to the priorities set forth in Section 5.02(f)(iv)(B), to the
          extent
          unpaid; 

         

        (vii) to
          the
          Cap Termination Receipts Account for application to the purchase of a
          replacement cap agreement pursuant to Section 5.09(b); and

         

        (viii) to
          the
          Class X Certificates, any remaining Interest Rate Cap Amount.

         

        (i) On
          each
          Distribution Date, an amount equal to the aggregate of all Prepayment Premiums
          collected during the preceding Prepayment Period shall be distributed to
          the
          Class P Certificates.

         

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

         

        (i) to
          the
          Senior Certificates, concurrently, in proportion to their respective Class
          Principal Amounts, after giving effect to principal distributions on such
          Distribution Date, in reduction of their respective Class Principal Amounts,
          until the Class Principal Amount of each such Class has been reduced to
          zero;

         

        
          
            
            

          

          
            106

            
              

            

          

          
            
            

          

        

        (ii) to
          the
          Subordinate Certificates, in accordance with the Subordinate Priority,
          after
          giving effect to principal distributions on such Distribution Date, in
          reduction
          of their respective Class Principal Amounts, until the Class Principal
          Amount of
          each such class has been reduced to zero;

         

        (iii) to
          the
          LIBOR Certificates, any Current Interest and Carryforward Interest for
          each such
          class, to the extent unpaid, in accordance with the priorities set forth
          in
          Sections 5.02(d)(i) and (d)(ii);

         

        (iv) to
          the
          Subordinate Certificates, in accordance with the Subordinate Priority,
          any
          Deferred Amounts for each such class, to the extent unpaid;

         

        (v) to
          the
          LIBOR Certificates, any Basis Risk Shortfalls and Unpaid Basis Risk Shortfalls
          for each such class, to the extent unpaid, in accordance with the priorities
          set
          forth in Sections 5.02(f)(iv)(A) and (f)(iv)(B); and

         

        (vi) to
          the
          Class X Certificates, any remaining amount.

         

        Notwithstanding
          anything to the contrary in this Section 5.02(j), all amounts distributable
          to
          the Group 1 Senior Certificates on account of the Mortgage Loans, shall
          be
          distributable first on account of the Pool 1 Mortgage Loans. 

         

        (k) On
          each
          Distribution Date occurring after a Section 7.01(c) Purchase Event but
          on or
          prior to a Trust Fund Termination Event, the Securities Administrator (or
          the
          Paying Agent on behalf of the Securities Administrator), shall withdraw
          from the
          Certificate Account the Total Distribution Amount (to the extent such amount
          is
          on deposit in the Certificate Account), and shall allocate such amount
          to the
          interests issued in respect of the Lower Tier REMIC 1 Uncertificated Regular
          Interests created pursuant to this Agreement and shall distribute such
          amount
first,
          for
          deposit into the Swap Account, an amount equal to any Net Swap Payment
          or Swap
          Termination Payment owed to the Swap Counterparty on the related Swap Payment
          Date, second,
          to the
          Credit Risk Manager, the Credit Risk Manager’s Fee, third,
          to the
          Trustee, any amounts reimbursable pursuant to Section 4.02 and not previously
          reimbursed to the Trustee and fourth,
          to the
          LTURI-holder, any remaining Total Distribution Amount to the extent payable
          on
          the Lower Tier REMIC I Uncertificated Regular Interests as provided in
          the
          Preliminary Statement, and fifth,
          to the
          Class LT-R Certificates.

         

        (l) On
          each
          Swap Payment Date occurring after a Section 7.01(c) Purchase Event but
          on or
          prior to a Trust Fund Termination Event, the Securities Administrator shall
          distribute the Swap Amount for such date first,
          to the
          Swap Counterparty to pay any Net Swap Payment owed to the Swap Counterparty
          pursuant to the Swap Agreement for such Swap Payment Date; second,
          to the
          Swap Counterparty, to pay any Swap Termination Payment owed to the Swap
          Counterparty pursuant to the Swap Agreement for such Swap Payment Date,
          third,
          if
          applicable, to the Swap Termination Receipts Account, for application to
          the
          purchase of a replacement swap agreement pursuant to Section 5.09(a); and
          fourth,
          any
          remaining amount of Swap Amount, to the LTURI-holder.

         

        (m) On
          each
          Distribution Date occurring after a Section 7.01(c) Purchase Event but
          on or
          prior to a Trust Fund Termination Event, the Securities Administrator shall
          distribute any amounts received from the Cap Counterparty under the Interest
          Rate Cap Agreement for such Distribution Date first,
          to the
          Cap Termination Receipts Account, for application to the purchase of a
          replacement cap agreement pursuant to Section 5.09(b); and second,
          any
          remaining amount from the Cap Counterparty under the Interest Rate Cap
          Agreement, to the LTURI-holder

         

        
          
            
            

          

          
            107

            
              

            

          

          
            
            

          

        

        (n) On
          each
          Distribution Date, an amount equal to the aggregate PPTL Premium and FPD
          Premium
          collected during the preceding Prepayment Period shall be distributed to
          the
          Class X Certificates.

         

        Section
          5.03. Allocation
          of Losses. 

         

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

         

        (i) to
          the
          Class B2 Certificates, until the Class Principal Amount thereof has been
          reduced
          to zero;

         

        (ii) to
          the
          Class B1 Certificates, until the Class Principal Amount thereof has been
          reduced
          to zero;

         

        (iii) to
          the
          Class M9 Certificates, until the Class Principal Amount thereof has been
          reduced
          to zero;

         

        (iv) to
          the
          Class M8 Certificates, until the Class Principal Amount thereof has been
          reduced
          to zero;

         

        (v) to
          the
          Class M7 Certificates, until the Class Principal Amount thereof has been
          reduced
          to zero;

         

        (vi) to
          the
          Class M6 Certificates, until the Class Principal Amount thereof has been
          reduced
          to zero;

         

        (vii) to
          the
          Class M5 Certificates, until the Class Principal Amount thereof has been
          reduced
          to zero;

         

        (viii) to
          the
          Class M4 Certificates, until the Class Principal Amount thereof has been
          reduced
          to zero;

         

        (ix) to
          the
          Class M3 Certificates, until the Class Principal Amount thereof has been
          reduced
          to zero; 

         

        (x) to
          the
          Class M2 Certificates, until the Class Principal Amount thereof has been
          reduced
          to zero; and

         

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

         

        
          
            
            

          

          
            108

            
              

            

          

          
            
            

          

        

        Section
          5.04. Advances
          by Master Servicer and Servicers . 

         

        Subject
          to Section 9.07, Advances shall be made not later than the Business Day
          immediately preceding the related Distribution Date as provided herein.
          If, on
          any Determination Date, any Servicer determines that any Scheduled Payments
          (or
          in the case of Simple Interest Mortgage Loans, the amount of any scheduled
          interest payments) due during the related Collection Period (other than
          Balloon
          Payments) have not been received, such Servicer shall advance such amount
          to the
          extent provided in the applicable Servicing Agreement. If any Servicer
          fails to
          remit Advances required to be made under the applicable Servicing Agreement,
          the
          Master Servicer shall itself make, or shall cause the successor servicer
          to
          make, such Advance not later than the Business Day immediately preceding
          the
          related Distribution Date. If the Master Servicer determines that an Advance
          is
          required, it shall not later than the Business Day immediately preceding
          the
          related Distribution Date deposit in the Certificate Account from its own
          funds
          (or funds advanced by the applicable Servicer) immediately available funds
          in an
          amount equal to such Advance. The Master Servicer and each Servicer shall
          be
          entitled to be reimbursed from the Certificate Account for all Advances
          made by
          it as provided in Section 4.02. Notwithstanding anything to the contrary
          herein,
          in the event the Master Servicer determines in its reasonable judgment
          that an
          Advance is non-recoverable, the Master Servicer shall be under no obligation
          to
          make such Advance.

         

        Section
          5.05. Compensating
          Interest Payments. 

         

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

         

        Section
          5.06. Basis
          Risk Reserve Fund. 

         

        (a) On
          the
          Closing Date, the Securities Administrator shall establish and maintain
          in its
          name, in trust for the benefit of the Certificateholders, a Basis Risk
          Reserve
          Fund, into which Lehman Brothers Holdings Inc. (“LBH”) shall initially deposit
          $1,000. The Basis Risk Reserve Fund shall be an Eligible Account, and funds
          on
          deposit therein shall be held separate and apart from, and shall not be
          commingled with, any other monies, including, without limitation, other
          monies
          of the Securities Administrator held pursuant to this Agreement.

         

        (b) The
          Securities Administrator shall make withdrawals from the Basis Risk Reserve
          Fund
          to make distributions pursuant to Section 5.02(f)(iv) hereof in accordance
          with
          the Distribution Date Reports.

         

        (c) Funds
          in
          the Basis Risk Reserve Fund shall be invested in Eligible Investments.
          The Class
          X Certificates shall evidence ownership of the Basis Risk Reserve Fund
          for
          federal income tax purposes and LBH on behalf of the Holder thereof shall
          direct
          the Securities Administrator, in writing, as to investment of amounts on
          deposit
          therein. LBH shall be liable for any losses incurred on such investments.
          In the
          absence of written instructions from LBH as to investment of funds on deposit
          in
          the Basis Risk Reserve Fund, such funds shall be invested in the Wells
          Fargo
          Advantage Prime Money Market Fund. The Basis Risk Reserve Fund shall be
          terminated after the earlier of (A) a Section 7.01(c) Purchase Event or
          (B) a
          Trust Fund Termination Event and any funds remaining in such fund upon
          such
          termination shall be released to Holders of the Class X
          Certificates.

         

        
          
            
            

          

          
            109

            
              

            

          

          
            
            

          

        

        Section
          5.07. Supplemental
          Interest Trust. 

         

        (a) A
          separate trust is hereby established (the “Supplemental Interest Trust”), the
          corpus of which shall be held, in trust, for the benefit of the
          Certificateholders. The Securities Administrator, on behalf of the Supplemental
          Interest Trust, shall establish an account (the “Swap Account”), into which LBH
          shall initially deposit $1,000. The Swap Account shall be an Eligible Account,
          and funds on deposit therein shall be held separate and apart from, and
          shall
          not be commingled with, any other monies, including, without limitation,
          other
          monies of the Securities Administrator held by the Securities Administrator
          pursuant to this Agreement. 

         

        (b) In
          addition, the Securities Administrator, on behalf of the Supplemental Interest
          Trust, shall establish an account (the “Interest Rate Cap Account”), into which
          LBH shall initially deposit $1,000. The Interest Rate Cap Account shall
          be an
          Eligible Account, and funds on deposit therein shall be held separate and
          apart
          from, and shall not be commingled with, any other monies, including, without
          limitation, other monies of the Securities Administrator held pursuant
          to this
          Agreement.

         

        (c) The
          Securities Administrator shall deposit into the Swap Account any Net Swap
          Payment required pursuant to Sections 5.02(b), (c), (e) and (j), any Swap
          Termination Payment required pursuant to Sections 5.02(b), (c), (e) and
          (j), any
          amounts received from the Swap Counterparty under the Swap Agreement and
          any
          amounts distributed from the Basis Risk Reserve Fund required pursuant
          to
          Sections 5.02(f)(iv)(C) and (f)(vi), and shall distribute from the Swap
          Account
          any Net Swap Payment required pursuant to Section 5.02(g)(i) or Section
          5.02(k)
          or Swap Termination Payment required pursuant to Sections 5.02(g)(ii),
          Section
          5.02(g)(x), or Section 5.02(k), as applicable. 

         

        (d) The
          Securities Administrator shall deposit into the Interest Rate Cap Account
          any
          amounts received from the Cap Counterparty under the Interest Rate Cap
          Agreement.

         

        (e) Funds
          in
          the Swap Account shall be invested in Eligible Investments. Any earnings
          on such
          amounts shall be distributed on each Distribution Date pursuant to Section
          5.02(g) or Section 5.02(k), as applicable. The Class X Certificates shall
          evidence ownership of the Swap Account for federal income tax purposes
          and the
          Holder thereof shall direct the Securities Administrator, in writing, as
          to
          investment of amounts on deposit therein. LBH shall be liable for any losses
          incurred on such investments. In the absence of written instructions from
          the
          Class X Certificateholders as to investment of funds on deposit in the
          Swap
          Account, such funds shall be invested in the Wells Fargo Advantage Prime
          Money
          Market Fund or comparable investment vehicle. Any amounts on deposit in
          the Swap
          Account in excess of the Swap Amount on any Distribution Date shall be
          held for
          distribution pursuant to Section 5.02(g) or Section 5.02(k), as applicable,
          on
          the following Distribution Date.

         

        (f) Funds
          in
          the Interest Rate Cap Account shall be invested in Eligible Investments.
          Any
          earnings on such amounts shall be distributed on each Distribution Date
          pursuant
          to Section 5.02(h) or Section 5.02(l), as applicable. The Class X Certificates
          shall evidence ownership of the Interest Rate Cap Account for federal income
          tax
          purposes and the Holder thereof shall direct the Securities Administrator,
          in
          writing, as to investment of amounts on deposit therein. LBH shall be liable
          for
          any losses incurred on such investments. In the absence of written instructions
          from the Class X Certificateholders as to investment of funds on deposit
          in the
          Interest Rate Cap Account, such funds shall be invested in the Wells Fargo
          Advantage Prime Money Market Fund or comparable investment vehicle. Any
          amounts
          on deposit in the Interest Rate Cap Account in excess of the Interest Rate
          Cap
          Amount on any Distribution Date shall be held for distribution pursuant
          to
          Section 5.02(h) or Section 5.02(l), as applicable, on the following Distribution
          Date.

         

        
          
            
            

          

          
            110

            
              

            

          

          
            
            

          

        

        (g) Upon
          termination of the Trust Fund, any amounts remaining in the Swap Account
          shall
          be distributed pursuant to the priorities set forth in Sections 5.02(g)
          or
          5.02(k), as applicable.

         

        (h) Upon
          termination of the Trust Fund, any amounts remaining in the Interest Rate
          Cap
          Account shall be distributed pursuant to the priorities set forth in Section
          5.02(h) or Section 5.02(l), as applicable.

         

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

         

        (j) To
          the
          extent that the Supplemental Interest Trust is determined to be a separate
          legal
          entity from the Trustee, any obligation of the Trustee or the Securities
          Administrator under the Swap Agreement or the Interest Rate Cap Agreement
          shall
          be deemed to be an obligation of the Supplemental Interest Trust.

         

        Section
          5.08. Rights
          of Swap Counterparty. 

         

        (a) The
          Swap
          Counterparty shall be deemed a third-party beneficiary of this Agreement
          to the
          same extent as if it were a party hereto and shall have the right, upon
          designation of an “Early Termination Date” (as defined in the Swap Agreement),
          to enforce its rights under this Agreement, which rights include but are
          not
          limited to the obligation of the Securities Administrator (A) to deposit
          any Net
          Swap Payment required pursuant to Sections 5.02(b), (c), (e) and (j), and
          any
          Swap Termination Payment required pursuant to Sections 5.02(b), (c), (e)
          and
          (j), into the Swap Account, (B) to deposit any amounts from the Basis Risk
          Reserve Fund required pursuant to Sections 5.02(f)(iv)(C) and Section
          5.02(f)(vi) into the Swap Account, (C) to pay any Net Swap Payment required
          pursuant to Section 5.02(g)(i) or Section 5.02(k), as applicable, or Swap
          Termination Payment required pursuant to Sections 5.02(g)(ii), Section
          5.02(g)(x) or Section 5.02(k), as applicable to the Swap Counterparty and
          (D) to
          establish and maintain the Swap Account, to make such deposits thereto,
          investments therein and distributions therefrom as are required pursuant
          to
          Section 5.07. For the protection and enforcement of the provisions of this
          Section the Swap Counterparty shall be entitled to such relief as can be
          given
          either at law or in equity.

         

        
          
            
            

          

          
            111

            
              

            

          

          
            
            

          

        

        Section
          5.09. Termination
          Receipts. 

         

        (a) In
          the
          event of an “Early Termination Event” as defined under the Swap Agreement, (i)
          any Swap Termination Payment made by the Swap Counterparty to the Swap
          Account
          and paid pursuant to Section 5.02(g)(ix), Section 5.02(j) or Section 5.02(k),
          as
          applicable (“Termination Receipts”) will be deposited in a segregated
          non-interest bearing account which shall be an Eligible Account established
          by
          the Securities Administrator (the “Swap Termination Receipts Account”) and (ii)
          any amounts received from a replacement Swap Counterparty (“Swap Replacement
          Receipts”) will be deposited in a segregated non-interest bearing account which
          shall be an Eligible Account established by the Securities Administrator
          (the
“Swap Replacement Receipts Account”). The Securities Administrator shall invest,
          or cause to be invested, funds held in the Swap Termination Receipts Account
          and
          the Swap Replacement Receipts Account in time deposits of the Securities
          Administrator as permitted by clause (ii) of the definition of Eligible
          Investments or as otherwise directed in writing by a majority of the
          Certificateholders. All such investments must be payable on demand or mature
          on
          a Swap Payment Date, a Distribution Date or such other date as directed
          by the
          Certificateholders. All such Eligible Investments will be made in the name
          of
          the Supplemental Interest Trust or its nominee. All income and gain realized
          from any such investment shall be deposited in the Swap Termination Receipts
          Account or the Swap Replacement Receipts Account, as applicable, and all
          losses,
          if any, shall be borne by the related account. 

         

        Unless
          otherwise permitted by the Rating Agencies as evidenced in a written
          confirmation, the Depositor shall arrange for replacement Swap Agreement(s)
          and
          the Securities Administrator shall promptly, with the assistance and cooperation
          of the Depositor, use amounts on deposit in the Swap Termination Receipts
          Account, if necessary, to enter into replacement Swap Agreement(s) which
          shall
          be executed and delivered by the Securities Administrator on behalf of
          the
          Supplemental Interest Trust upon receipt of written confirmation from each
          Rating Agency that such replacement Swap Agreement(s) will not result in
          the
          reduction or withdrawal of the rating of any outstanding Class of Certificates
          with respect to which it is a Rating Agency. 

         

        Amounts
          on deposit in the Swap Replacement Receipts Account shall be held for the
          benefit of the related Swap Counterparty and paid to such Swap Counterparty
          if
          the Supplemental Interest Trust is required to make a payment to such Swap
          Counterparty following an event of default or termination event with respect
          to
          the Supplemental Interest Trust under the related Swap Agreement. Any amounts
          not so applied shall, following the termination or expiration of such Swap
          Agreement, be paid to the Class X Certificates.

         

        (b) In
          the
          event of an “Early Termination Event” as defined under the Interest Rate Cap
          Agreement, (i) any Cap Termination Payment made by the Cap Counterparty
          to the
          Interest Rate Cap Account and paid pursuant to Section 5.02(h)(vii) (“Cap
          Termination Receipts”) shall be deposited in a segregated non-interest bearing
          account which shall be an Eligible Account established by the Securities
          Administrator (the “Cap Termination Receipts Account”) and (ii) any amounts
          received from a replacement Cap Counterparty (“Cap Replacement Receipts”) will
          be deposited in a segregated non-interest bearing account which shall be
          an
          Eligible Account established by the Securities Administrator (the “Cap
          Replacement Receipts Account”). The Securities Administrator shall invest, or
          cause to be invested, funds held in the Cap Termination Receipts Account
          in time
          deposits of the Securities Administrator as permitted by clause (ii) of
          the
          definition of Eligible Investments or as otherwise directed in writing
          by a
          majority of the Certificateholders. All such investments must be payable
          on
          demand or mature on a Interest Rate Cap Payment Date, a Distribution Date
          or
          such other date as directed by the Certificateholders. All such Eligible
          Investments shall be made in the name of the Supplemental Interest Trust
          or its
          nominee. All income and gain realized from any such investment shall be
          deposited in the Cap Termination Receipts Account and all losses, if any,
          shall
          be borne by such account. 

         

        
          
            
            

          

          
            112

            
              

            

          

          
            
            

          

        

        Unless
          otherwise permitted by the Rating Agencies as evidenced in a written
          confirmation, the Depositor shall arrange for replacement Interest Rate
          Cap
          Agreement(s) and the Securities Administrator shall promptly, with the
          assistance and cooperation of the Depositor, use amounts on deposit in
          the Cap
          Termination Receipts Account, if necessary, to enter into replacement Interest
          Rate Cap Agreement(s) which shall be executed and delivered by the Securities
          Administrator on behalf of the Supplemental Interest Trust upon receipt
          of
          written confirmation from each Rating Agency that such replacement Interest
          Rate
          Cap Agreement(s) will not result in the reduction or withdrawal of the
          rating of
          any outstanding Class of Certificates with respect to which it is a Rating
          Agency. 

         

        Section
          5.10. Final
          Maturity Reserve Trust. 

         

        (a) A
          separate trust is hereby established (the “Final Maturity Reserve Trust”), the
          corpus of which shall be held, in trust, for the Certificateholders. The
          Securities Administrator, on behalf of the Final Maturity Reserve Trust,
          shall
          establish an account (the “Final Maturity Reserve Account”), into which LBH
          shall initially deposit $1,000. The Final Maturity Reserve Account shall
          be an
          Eligible Account, and funds on deposit therein shall be held separate and
          apart
          from, and shall not be commingled with, any other monies, including, without
          limitation, other monies of the Securities Administrator held pursuant
          to this
          Agreement.

         

        (b) The
          Securities Administrator shall deposit into the Final Maturity Reserve
          Trust any
          Final Maturity Reserve Amount pursuant to Sections 5.02(b)(iii) and
          5.02(c)(iii). The Securities Administrator shall distribute the funds in
          the
          Final Maturity Reserve Account pursuant to Section 5.02(j).

         

        (c) Funds
          in
          the Final Maturity Reserve Account shall be invested in Eligible Investments.
          Any earnings on such amounts shall be distributed pursuant to Section 5.02(j).
          The Class X Certificates shall evidence ownership of the Final Maturity
          Reserve
          Trust for federal income tax purposes and LBH on behalf of the Holder thereof
          shall direct the Securities Administrator, in writing, as to investment
          of
          amounts on deposit therein. LBH shall be liable for any losses incurred
          on such
          investments. In the absence of written instructions from the Class X
          Certificateholders as to investment of funds on deposit in the Final Maturity
          Reserve Account, such funds shall be invested in the Wells Fargo Advantage
          Prime
          Money Market Fund or a comparable investment vehicle. 

         

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

         

        
          
            
            

          

          
            113

            
              

            

          

          
            
            

          

        

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

         

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

         

        ARTICLE
          VI

         

        CONCERNING
          THE TRUSTEE AND THE SECURITIES ADMINISTRATOR; EVENTS OF DEFAULT

         

        Section
          6.01. Duties
          of Trustee and Securities Administrator. 

         

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

         

        (b) Each
          of
          the Trustee and the Securities Administrator, upon receipt of all resolutions,
          certificates, statements, opinions, reports, documents, orders or other
          instruments furnished to the Trustee or the Securities Administrator which
          are
          specifically required to be furnished pursuant to any provision of this
          Agreement, shall examine them to determine whether they are on their face
          in the
          form required by this Agreement; provided,
          however,
          that
          neither the Trustee nor the Securities Administrator shall be responsible
          for
          the accuracy or content of any such resolution, certificate, statement,
          opinion,
          report, document, order or other instrument furnished by the Master Servicer,
          any Servicer, the Swap Counterparty, the Cap Counterparty or the Credit
          Risk
          Manager to the Trustee or the Securities Administrator pursuant to this
          Agreement, and shall not be required to recalculate or verify any numerical
          information furnished to the Trustee or the Securities Administrator pursuant
          to
          this Agreement. Subject to the immediately preceding sentence, if any such
          resolution, certificate, statement, opinion, report, document, order or
          other
          instrument is found not to conform on its face to the form required by
          this
          Agreement in a material manner the Trustee or Securities Administrator,
          as
          applicable, shall notify the Person providing such resolutions, certificates,
          statements, opinions, reports or other documents of the non-conformity,
          and if
          the instrument is not corrected to the Trustee’s or Securities Administrator’s,
          as applicable, satisfaction, the Trustee or Securities Administrator, as
          applicable, will provide notice thereof to the Certificateholders and any
          NIMS
          Insurer and will, at the expense of the Trust Fund, which expense shall
          be
          reasonable given the scope and nature of the required action, take such
          further
          action as directed by the Certificateholders and any NIMS Insurer.

         

        
          
            
            

          

          
            114

            
              

            

          

          
            
            

          

        

        (c) Neither
          the Trustee nor the Securities Administrator shall have any liability arising
          out of or in connection with this Agreement, except for its negligence
          or
          willful misconduct. No provision of this Agreement shall be construed to
          relieve
          the Trustee or the Securities Administrator from liability for its own
          negligent
          action, its own negligent failure to act or its own willful misconduct;
          provided,
          however,
          that:

         

        (i) Neither
          the Trustee nor the Securities Administrator shall be liable with respect
          to any
          action taken, suffered or omitted to be taken by it in good faith in accordance
          with the direction of the Holders as provided in Section 6.18
          hereof;

         

        (ii) For
          all
          purposes under this Agreement, the Trustee shall not be deemed to have
          notice of
          any Event of Default unless a Responsible Officer of the Trustee has actual
          knowledge thereof or unless written notice of any event which is in fact
          such a
          default is received by the Trustee at the address provided in Section 11.07,
          and
          such notice references the Holders of the Certificates and this
          Agreement;

         

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

         

        (iv) No
          provision of this Agreement shall require the Trustee or the Securities
          Administrator to expend or risk its own funds or otherwise incur any financial
          liability in the performance of any of its duties hereunder, or in the
          exercise
          of any of its rights or powers, if it shall have reasonable grounds for
          believing that repayment of such funds or adequate indemnity against such
          risk
          or liability is not reasonably assured to it; and none of the provisions
          contained in this Agreement shall in any event require the Trustee or the
          Securities Administrator to perform, or be responsible for the manner of
          performance of, any of the obligations of the Master Servicer under this
          Agreement;

         

        (v) Neither
          the Trustee nor the Securities Administrator shall be responsible for any
          act or
          omission of the Master Servicer, any Servicer, the Credit Risk Manager,
          the
          Depositor, the Seller or the Custodian and neither the Securities Administrator
          nor the Trustee shall be responsible for any act or omission of the
          other.

         

        
          
            
            

          

          
            115

            
              

            

          

          
            
            

          

        

        (d) The
          Trustee shall have no duty hereunder with respect to any complaint, claim,
          demand, notice or other document it may receive or which may be alleged
          to have
          been delivered to or served upon it by the parties as a consequence of
          the
          assignment of any Mortgage Loan hereunder; provided,
          however,
          that the
          Trustee shall promptly remit to the Master Servicer upon receipt any such
          complaint, claim, demand, notice or other document (i) which is delivered
          to the
          address of the Trustee provided in Section 11.07 and makes reference to
          this
          series of Certificate or this Agreement, (ii) of which a Responsible Officer
          has
          actual knowledge, and (iii) which contains information sufficient to permit
          the
          Trustee to make a determination that the real property to which such document
          relates is a Mortgaged Property.

         

        (e) Neither
          the Trustee nor the Securities Administrator shall be personally liable
          with
          respect to any action taken, suffered or omitted to be taken by it in good
          faith
          in accordance with the direction of any NIMS Insurer or the Certificateholders
          of any Class holding Certificates which evidence, as to such Class, Percentage
          Interests aggregating not less than 25% as to the time, method and place
          of
          conducting any proceeding for any remedy available to the Trustee or the
          Securities Administrator or exercising any trust or power conferred upon
          the
          Trustee or the Securities Administrator, as applicable, under this
          Agreement.

         

        (f) Neither
          the Trustee nor the Securities Administrator shall be required to perform
          services under this Agreement, or to expend or risk its own funds or otherwise
          incur financial liability for the performance of any of its duties hereunder
          or
          the exercise of any of its rights or powers if there is reasonable ground
          for
          believing that the timely payment of its fees and expenses or the repayment
          of
          such funds or adequate indemnity against such risk or liability is not
          reasonably assured to it, and none of the provisions contained in this
          Agreement
          shall in any event require the Trustee or the Securities Administrator,
          as
          applicable, to perform, or be responsible for the manner of performance
          of, any
          of the obligations of the Master Servicer or any Servicer under this Agreement
          or any Servicing Agreement except during such time, if any, as the Trustee
          shall
          be the successor to, and be vested with the rights, duties, powers and
          privileges of, the Master Servicer in accordance with the terms of this
          Agreement.

         

        (g) [Reserved.]

         

        (h) The
          Trustee shall not and, except as otherwise provided herein, the Securities
          Administrator shall not have any duty (A) to see to any recording, filing,
          or
          depositing of this Agreement or any agreement referred to herein or any
          financing statement or continuation statement evidencing a security interest,
          or
          to see to the maintenance of any such recording or filing or depositing
          or to
          any rerecording, refiling or redepositing of any thereof, (B) to see to
          any
          insurance or claim under any Insurance Policy, and (C) to see to the payment
          or
          discharge of any tax, assessment, or other governmental charge or any lien
          or
          encumbrance of any kind owing with respect to, assessed or levied against,
          any
          part of the Trust Fund, the Final Maturity Reserve Trust or the Supplemental
          Interest Trust other than from funds available in the Certificate Account.
          Except as otherwise provided herein, neither the Trustee nor the Securities
          Administrator shall have any duty to confirm or verify the contents of any
          reports or certificates of the Master Servicer, any Servicer, the Swap
          Counterparty, the Cap Counterparty or the Credit Risk Manager delivered
          to the
          Trustee or the Securities Administrator pursuant to this Agreement believed
          by
          the Trustee or the Securities Administrator, as applicable, to be genuine
          and to
          have been signed or presented by the proper party or parties.

         

        
          
            
            

          

          
            116

            
              

            

          

          
            
            

          

        

        (i) Neither
          the Securities Administrator nor the Trustee shall be liable in its individual
          capacity for an error of judgment made in good faith by a Responsible Officer
          or
          other officers of the Trustee or the Securities Administrator, as applicable,
          unless it shall be proved that the Trustee or the Securities Administrator,
          as
          applicable, was negligent in ascertaining the pertinent facts.

         

        (j) Notwithstanding
          anything in this Agreement to the contrary, none of the Securities
          Administrator, any Paying Agent or the Trustee shall be liable for special,
          indirect or consequential losses or damages of any kind whatsoever (including,
          but not limited to, lost profits), even if the Securities Administrator,
          the
          Paying Agent or the Trustee, as applicable, has been advised of the likelihood
          of such loss or damage and regardless of the form of action, provided,
          however,
          that
          this Subsection 6.01(j) shall not apply in connection with any failure
          by the
          Securities Administrator to comply with the provisions of Subsections 6.01(l)
          hereof and Subsections 9.25(a) and (b) hereof.

         

        (k) Neither
          the Securities Administrator nor the Trustee shall be responsible for the
          acts
          or omissions of the other, it being understood that this Agreement shall
          not be
          construed to render them agents of one another, or of the Master Servicer
          or any
          Servicer.

         

        (l) The
          Securities Administrator shall give prior written notice to the Sponsor,
          the
          Master Servicer and the Depositor of the appointment of any Subcontractor
          by it
          and a written description (in form and substance satisfactory to the Sponsor
          and
          the Depositor) of the role and function of each Subcontractor utilized
          by the
          Securities Administrator specifying (A) the identity of each such Subcontractor
          and (B) which elements of the servicing criteria set forth under Item 1122(d)
          of
          Regulation AB will be addressed in assessments of compliance provided by
          each
          such Subcontractor.

         

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

         

        Except
          as
          otherwise provided in Section 6.01:

         

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

         

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

         

        
          
            
            

          

          
            117

            
              

            

          

          
            
            

          

        

        (c) Neither
          the Trustee nor the Securities Administrator shall be personally liable
          for any
          action taken, suffered or omitted by it in good faith and reasonably believed
          by
          it to be authorized or within the discretion or rights or powers conferred
          upon
          it by this Agreement;

         

        (d) Unless
          an
          Event of Default shall have occurred and be continuing, neither the Trustee
          nor
          the Securities Administrator shall be bound to make any investigation into
          the
          facts or matters stated in any resolution, certificate, statement, instrument,
          opinion, report, notice, request, consent, order, approval, bond or other
          paper
          or document (provided the same appears regular on its face), unless requested
          in
          writing to do so by any NIMS Insurer or the Holders of at least a majority
          in
          Class Principal Amount (or Percentage Interest) of each Class of Certificates;
          provided,
          however,
          that, if
          the payment within a reasonable time to the Trustee or the Securities
          Administrator, as applicable, of the costs, expenses or liabilities likely
          to be
          incurred by it in the making of such investigation is, in the opinion of
          the
          Trustee or the Securities Administrator, as applicable, not reasonably
          assured
          to the Trustee or the Securities Administrator by the security afforded
          to it by
          the terms of this Agreement, the Trustee or the Securities Administrator,
          as
          applicable, may require reasonable indemnity against such expense or liability
          or payment of such estimated expenses from any NIMS Insurer or the
          Certificateholders, as applicable, as a condition to proceeding. The reasonable
          expense thereof shall be paid by the party requesting such investigation
          and if
          not reimbursed by the requesting party shall be reimbursed to the Trustee
          by the
          Trust Fund;

         

        (e) Each
          of
          the Trustee and the Securities Administrator may execute any of the trusts
          or
          powers hereunder or perform any duties hereunder either directly or by
          or
          through agents, custodians or attorneys, which agents, custodians or attorneys
          shall have any and all of the rights, powers, duties and obligations of
          the
          Trustee and the Securities Administrator conferred on them by such appointment,
          provided that each of the Trustee and the Securities Administrator shall
          continue to be responsible for its duties and obligations hereunder to
          the
          extent provided herein, and provided further that neither the Trustee nor
          the
          Securities Administrator shall be responsible for any misconduct or negligence
          on the part of any such agent or attorney appointed with due care by the
          Trustee
          or the Securities Administrator, as applicable;

         

        (f) Neither
          the Trustee nor the Securities Administrator shall be under any obligation
          to
          exercise any of the trusts or powers vested in it by this Agreement or
          to
          institute, conduct or defend any litigation hereunder or in relation hereto,
          in
          each case at the request, order or direction of any of the Certificateholders
          or
          any NIMS Insurer pursuant to the provisions of this Agreement, unless such
          Certificateholders or any NIMS Insurer shall have offered to the Trustee
          or the
          Securities Administrator, as applicable, reasonable security or indemnity
          against the costs, expenses and liabilities which may be incurred therein
          or
          thereby;

         

        (g) The
          right
          of the Trustee and the Securities Administrator to perform any discretionary
          act
          enumerated in this Agreement shall not be construed as a duty, and neither
          the
          Trustee nor the Securities Administrator shall be answerable for other
          than its
          negligence or willful misconduct in the performance of such act;
          and

         

        (h) Neither
          the Trustee nor the Securities Administrator shall be required to give
          any bond
          or surety in respect of the execution of the Trust Fund, the Final Maturity
          Reserve Trust or the Supplemental Interest Trust created hereby or the
          powers
          granted hereunder.

         

        
          
            
            

          

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

         

        The
          Trustee and the Securities Administrator make no representations as to
          the
          validity or sufficiency of this Agreement, the Swap Agreement, the Interest
          Rate
          Cap Agreement, the Certificates (other than the certificate of authentication
          on
          the Certificates) or the Lower Tier REMIC 1 Uncertificated Regular Interests,
          or
          of any Mortgage Loan, or related document save that the Trustee and the
          Securities Administrator represent that, assuming due execution and delivery
          by
          the other parties hereto, this Agreement has been duly authorized, executed
          and
          delivered by it and constitutes its valid and binding obligation, enforceable
          against it in accordance with its terms except that such enforceability
          may be
          subject to (A) applicable bankruptcy and insolvency laws and other similar
          laws
          affecting the enforcement of the rights of creditors generally, and (B)
          general
          principles of equity regardless of whether such enforcement is considered
          in a
          proceeding in equity or at law. The Trustee and the Securities Administrator
          shall not be accountable for the use or application by the Depositor of
          funds
          paid to the Depositor in consideration of the assignment of the Mortgage
          Loans
          to the Trust Fund by the Depositor or for the use or application of any
          funds
          deposited into the Certificate Account, any Escrow Account or any other
          fund or
          account maintained with respect to the Certificates. The Trustee and the
          Securities Administrator shall not be responsible for the legality or validity
          of this Agreement, the Swap Agreement or the Interest Rate Cap Agreement
          or the
          validity, priority, perfection or sufficiency of the security for the
          Certificates or the Lower Tier REMIC 1 Uncertificated Regular Interests
          issued
          or intended to be issued hereunder. The Trustee shall not, and except as
          otherwise provided herein, the Securities Administrator shall have no
          responsibility for filing any financing or continuation statement in any
          public
          office at any time or to otherwise perfect or maintain the perfection of
          any
          security interest or lien granted to it hereunder or to record this
          Agreement.

         

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

         

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

         

        Section
          6.05. Eligibility
          Requirements for Trustee and Securities Administrator. 

         

        The
          Trustee and the Securities Administrator hereunder shall at all times be
          (i) an
          institution whose accounts are insured by the FDIC, (ii) a corporation
          or
          national banking association, organized and doing business under the laws
          of any
          State or the United States of America, authorized under such laws to exercise
          corporate trust powers, having a combined capital and surplus of not less
          than
          $50,000,000 and subject to supervision or examination by federal or state
          authority and (iii) not an Affiliate of the Master Servicer or any Servicer
          (except in the case of the Securities Administrator). If such corporation
          or
          national banking association publishes reports of condition at least annually,
          pursuant to law or to the requirements of the aforesaid supervising or
          examining
          authority, then, for the purposes of this Section, the combined capital
          and
          surplus of such corporation or national banking association shall be deemed
          to
          be its combined capital and surplus as set forth in its most recent report
          of
          condition so published. In addition, the Securities Administrator (i) may
          not be
          an originator of Mortgage Loans, the Master Servicer, a Servicer, the Depositor
          or an affiliate of the Depositor unless the Securities Administrator is
          in an
          institutional trust department of the Securities Administrator, (ii) must
          be
          authorized to exercise corporate trust powers under the laws of its jurisdiction
          of organization and (iii) must be rated at least “A/F1” by Fitch, if Fitch is a
          Rating Agency that has rated the Securities Administrator, or the equivalent
          rating by S&P or Moody’s. In case at any time the Trustee or the Securities
          Administrator shall cease to be eligible in accordance with provisions
          of this
          Section, the Trustee or the Securities Administrator, as applicable, shall
          resign immediately in the manner and with the effect specified in Section
          6.06.

         

        
          
            
            

          

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

         

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

         

        (b) If
          at any
          time (i) the Trustee shall cease to be eligible in accordance with the
          provisions of Section 6.05 and shall fail to resign after written request
          therefor by the Depositor or any NIMS Insurer, (ii) the Trustee or the
          Securities Administrator shall become incapable of acting, or shall be
          adjudged
          a bankrupt or insolvent, or a receiver of the Trustee or the Securities
          Administrator of its property shall be appointed, or any public officer
          shall
          take charge or control of the Trustee or the Securities Administrator or
          of
          either of their property or affairs for the purpose of rehabilitation,
          conservation or liquidation, (iii) the Securities Administrator shall fail
          to
          observe or perform in any material respect any of the covenants or agreements
          of
          the Securities Administrator contained in this Agreement, including any
          failure
          to provide the information, reports, assessments or attestations required
          pursuant to Subsection 9.25(a) or 9.25(b) hereof, (iv) a tax is imposed
          or
          threatened with respect to the Trust Fund by any state in which the Trustee
          or
          the Trust Fund held by the Trustee is located, (v) the continued use of
          the
          Trustee or Securities Administrator would result in a downgrading of the
          rating
          by any Rating Agency of any Class of Certificates with a rating, (vi) the
          Paying
          Agent shall fail to provide the information required pursuant to Subsection
          3.08(b) hereof or (vii) the Depositor desires to replace the Securities
          Administrator with a successor Securities Administrator, then the Depositor,
          the
          Master Servicer, the Trustee (with regard to clause (iii) only) or any
          NIMS
          Insurer shall remove the Trustee, the Paying Agent or the Securities
          Administrator, as applicable, and the Depositor shall appoint a successor
          trustee or successor securities administrator, as applicable, acceptable
          to any
          NIMS Insurer and the Master Servicer by written instrument, one copy of
          which
          instrument shall be delivered to the Trustee or Securities Administrator
          so
          removed, one copy each to the successor trustee or successor securities
          administrator, as applicable, and one copy to each of the Master Servicer
          and
          any NIMS Insurer.

         

        
          
            
            

          

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

         

        (d) Any
          resignation or removal of the Trustee or the Securities Administrator,
          as
          applicable, and appointment of a successor trustee or successor securities
          administrator pursuant to any of the provisions of this Section shall become
          effective upon acceptance of appointment by the successor trustee or the
          successor securities administrator, as applicable, as provided in Section
          6.07.

         

        Section
          6.07. Successor
          Trustee and Successor Securities Administrator. 

         

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

         

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

         

        
          
            
            

          

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

         

        (d) Upon
          the
          resignation or removal of the Securities Administrator pursuant to this
          Section
          6.06, the Securities Administrator shall deliver the amounts held in its
          possession for the benefit of the Certificateholders to the successor securities
          administrator upon the appointment of the successor securities
          administrator.

         

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

         

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

         

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

         

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

         

        
          
            
            

          

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

         

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

         

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

         

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

         

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

         

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

         

        
          
            
            

          

          
            123

            
              

            

          

          
            
            

          

        

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

         

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

         

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

         

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

         

        Section
          6.10. Authenticating
          Agents. 

         

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

         

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

         

        
          
            
            

          

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

         

        Section
          6.11. Indemnification
          of Trustee and Securities Administrator. 

         

        The
          Trustee and the Securities Administrator and their respective directors,
          officers, employees and agents shall be entitled to indemnification from
          the
          Trust Fund for any loss, liability or expense incurred in connection with
          any
          legal proceeding or incurred without negligence or willful misconduct on
          their
          part, arising out of, or in connection with, the acceptance or administration
          of
          the trusts created hereunder or in connection with the performance of their
          duties hereunder or under the Swap Agreement, the Interest Rate Cap Agreement,
          the Mortgage Loan Sale Agreement, the Transfer Agreement, any Servicing
          Agreement or the Custodial Agreements, including any applicable fees and
          expenses payable pursuant to Section 6.12 and the costs and expenses of
          defending themselves against any claim in connection with the exercise
          or
          performance of any of their powers or duties hereunder, provided
          that:

         

        (i) with
          respect to any such claim, the Trustee or the Securities Administrator,
          as
          applicable, shall have given the Depositor, the Master Servicer, any NIMS
          Insurer and the Holders written notice thereof promptly after a Responsible
          Officer of the Trustee or the Securities Administrator, as applicable,
          shall
          have knowledge thereof provided that the failure to provide such prompt
          written
          notice shall not affect the Trustee’s or Securities Administrator’s right to
          indemnification hereunder;

         

        (ii) while
          maintaining control over its own defense, the Trustee or the Securities
          Administrator, as applicable, shall cooperate and consult fully with the
          Depositor, the Master Servicer and any NIMS Insurer in preparing such defense;
          and

         

        (iii) notwithstanding
          anything to the contrary in this Section 6.11, the Trust Fund shall not
          be
          liable for settlement of any such claim by the Trustee or the Securities
          Administrator, as applicable, entered into without the prior consent of
          the
          Depositor, the Master Servicer and any NIMS Insurer, which consent shall
          not be
          unreasonably withheld.

         

        
          
            
            

          

          
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        The
          Trustee shall be further indemnified by the Seller for and held harmless
          against, any loss, liability or expense arising out of, or in connection
          with,
          the provisions set forth in the fourth paragraph of Section 2.01(a) hereof,
          including, without limitation, all costs, liabilities and expenses (including
          reasonable legal fees and expenses) of investigating and defending itself
          against any claim, action or proceeding, pending or threatened, relating
          to the
          provisions of such paragraph.

         

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

         

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

         

        The
          Trustee shall be entitled, annually, to the Trustee Fee, which shall be
          paid by
          the Securities Administrator on the first Distribution Date of each Anniversary
          Year from the Master Servicing Fee. The Securities Administrator shall
          be
          entitled to the Master Servicing Fee (other than any amounts required to
          be
          deducted in respect of the Trustee Fee and Custodial Compensation as provided
          in
          Section 4.01). Each of Deutsche Bank National Trust Company and Wells Fargo
          Bank, N.A., in their respective capacities as a Custodian, shall be entitled
          to
          the Custodial Compensation provided for in the applicable Custodial Agreement
          which shall be paid by the Securities Administrator as invoiced by each
          such
          Custodian. The Trustee and the Securities Administrator shall be entitled
          to
          reimbursement of all reasonable expenses, disbursements and advances incurred
          or
          made by the Securities Administrator or Trustee, as applicable, in accordance
          with this Agreement (including fees and expenses of its counsel and all
          persons
          not regularly in its employment and any amounts described in Section 10.01
          to
          which such party is entitled as provided therein), except for expenses,
          disbursements and advances that either (i) do not constitute “unanticipated
          expenses” within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii)
          or (ii) arise from its negligence, bad faith or willful misconduct.  If
          either
          the Trustee Fee or any Custodial Compensation is not fully paid from the
          Master
          Servicing Fee, the Trust Fund shall immediately reimburse the Trustee or
          the
          related Custodian, as applicable, upon demand for any shortfall from amounts
          on
          deposit in the Certificate Account; provided
          that,
          to the
          extent required under Section 6 or Section 20 of the related Custodial
          Agreement, the Securities Administrator is hereby authorized to pay such
          compensation or indemnity amounts from amounts on deposit in the Certificate
          Account prior to any distributions to Certificateholders pursuant to Section
          5.02 hereof. LaSalle Bank, N.A. and U.S. Bank, N.A., each in their respective
          capacities as Custodian, shall receive compensation and reimbursement or
          payment
          of its expenses under the related Custodial Agreement as provided therein;
          provided
          that,
          to the
          extent required under Section 6 or Section 20 of the related Custodial
          Agreement, the Securities Administrator is hereby authorized to pay such
          compensation or indemnity amounts from amounts on deposit in the Certificate
          Account prior to any distributions to Certificateholders pursuant to Section
          5.02 hereof. 

         

        Section
          6.13. Collection
          of Monies. 

         

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

         

        
          
            
            

          

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

         

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

         

        (i) Any
          failure by the Master Servicer to furnish to the Securities Administrator
          the
          Mortgage Loan data sufficient to prepare the reports described in Section
          4.03(a) (other than with respect to the information referred to in clauses
          (xix), (xx) and (xxi) of such Section 4.03(a)) which continues unremedied
          for a
          period of two (2) Business Days after the date upon which written notice
          of such
          failure shall have been given to such Master Servicer by the Trustee or
          the
          Securities Administrator or to such Master Servicer, the Securities
          Administrator and the Trustee by the Holders of not less than 25% of the
          Class
          Principal Amount of each Class of Certificates affected thereby; or

         

        (ii) Any
          failure by the Master Servicer to duly perform, within the required time
          period
          and without notice, its obligations to provide any certifications required
          pursuant to Sections 9.25 or 9.26; or

         

        (iii) Except
          with respect to those items listed in clause (ii) above, any failure by
          the
          Servicer to duly perform, within the required time period, without notice
          or
          grace period, its obligations to provide any information, data or materials
          required to be provided hereunder pursuant to Sections 9.23 and 9.29(b),
          including any items required to be included in any Exchange Act report;
          or

         

        (iv) Any
          failure on the part of the Master Servicer duly to observe or perform in
          any
          material respect any other of the covenants or agreements on the part of
          the
          Master Servicer contained in this Agreement which continues unremedied
          for a
          period of 30 days after the date on which written notice of such failure,
          requiring the same to be remedied, shall have been given to the Master
          Servicer
          by the Trustee or the Securities Administrator, or to the Master Servicer,
          the
          Securities Administrator and the Trustee by the Holders of more than 50%
          of the
          Aggregate Voting Interests of the Certificates or by any NIMS Insurer;
          or

         

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

         

        
          
            
            

          

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

         

        (vii) The
          Master Servicer shall admit in writing its inability to pay its debts generally
          as they become due, file a petition to take advantage of any applicable
          insolvency or reorganization statute, make an assignment for the benefit
          of its
          creditors or voluntarily suspend payment of its obligations; or

         

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

         

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

         

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

         

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

         

        (xii) After
          receipt of notice from the Trustee, Securities Administrator or any NIMS
          Insurer, any failure of the Master Servicer to deposit into the Certificate
          Account any payment required to be made for the benefit of Certificateholders
          under the terms of this Agreement, including any Advance, on the Business
          Day
          immediately preceding the related Distribution Date which such failure
          continues
          unremedied for a period of one Business Day after the date upon which notice
          of
          such failure shall have been given to the Master Servicer by the Trustee
          or the
          Securities Administrator.

         

        
          
            
            

          

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

         

        The
          Trustee shall be entitled to be reimbursed from the Master Servicer (or
          by the
          Trust Fund, if the Master Servicer is unable to fulfill its obligations
          hereunder) for all costs associated with the transfer of master servicing
          from
          the predecessor Master Servicer, including, without limitation, any costs
          or
          expenses associated with the complete transfer of all master servicing
          data and
          the completion, correction or manipulation of such servicing data as may
          be
          required by the Trustee to correct any errors or insufficiencies in the
          master
          servicing data or otherwise to enable the Trustee to master service the
          Mortgage
          Loans properly and effectively. If the terminated Master Servicer does
          not pay
          such reimbursement within thirty (30) days of its receipt of an invoice
          therefore, such reimbursement shall be an expense of the Trust and the
          Trustee
          shall be entitled to withdraw such reimbursement from amounts on deposit
          in the
          Certificate Account pursuant to Section 4.02; provided
          that the
          terminated Master Servicer shall reimburse the Trust for any such expense
          incurred by the Trust; and provided,
          further,
          that
          the Trustee shall decide whether and to what extent it is in the best interest
          of the Certificateholders to pursue any remedy against any party obligated
          to
          make such reimbursement.

         

        
          
            
            

          

          
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        Notwithstanding
          the termination of its activities as Master Servicer, each terminated Master
          Servicer shall continue to be entitled to reimbursement to the extent provided
          in Section 4.02 to the extent such reimbursement relates to the period
          prior to
          such Master Servicer’s termination.

         

        If
          any
          Event of Default shall occur, the Trustee, upon a Responsible Officer of
          the
          Trustee becoming aware of the occurrence thereof, shall promptly notify
          the
          Securities Administrator, any NIMS Insurer, the Swap Counterparty, the
          Cap
          Counterparty, and each Rating Agency of the nature and extent of such Event
          of
          Default. 

         

        (b) On
          and
          after the time the Master Servicer receives a notice of termination from
          the
          Trustee pursuant to Section 6.14(a) or the Trustee receives the resignation
          of
          the Master Servicer evidenced by an Opinion of Counsel pursuant to Section
          9.28,
          the Trustee, unless another master servicer shall have been appointed,
          shall be
          the successor in all respects to the Master Servicer in its capacity as
          such
          under this Agreement and the transactions set forth or provided for herein
          and
          shall have all the rights and powers and be subject to all the responsibilities,
          duties and liabilities relating thereto and arising thereafter placed on
          the
          Master Servicer hereunder, including the obligation to make Advances;
provided,
          however,
          that
          any failure to perform such duties or responsibilities caused by the Master
          Servicer’s or the Securities Administrator’s failure to provide information
          required by this Agreement shall not be considered a default by the Trustee
          hereunder. In addition, the Trustee shall have no responsibility for any
          act or
          omission of the Master Servicer prior to the issuance of any notice of
          termination. The Trustee shall have no liability relating to the representations
          and warranties of the Master Servicer set forth in Section 9.14. In the
          Trustee’s capacity as such successor, the Trustee shall have the same
          limitations on liability herein granted to the Master Servicer. As compensation
          therefor, the Trustee shall be entitled to receive all compensation payable
          to
          the Master Servicer under this Agreement, including the Master Servicing
          Fee.

         

        
          
            
            

          

          
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        (c) Notwithstanding
          the above, the Trustee may, if it shall be unwilling to continue to so
          act, or
          shall, if it is unable to so act, petition a court of competent jurisdiction
          to
          appoint, or appoint on its own behalf any established housing and home
          finance
          institution servicer, master servicer, servicing or mortgage servicing
          institution having a net worth of not less than $15,000,000 and meeting
          such
          other standards for a successor master servicer as are set forth in this
          Agreement, as the successor to such Master Servicer in the assumption of
          all of
          the responsibilities, duties or liabilities of the Master Servicer hereunder.
          Any entity designated by the Trustee as a successor master servicer may
          be an
          Affiliate of the Trustee; provided,
          however,
          that,
          unless such Affiliate meets the net worth requirements and other standards
          set
          forth herein for a successor master servicer, the Trustee, in its individual
          capacity shall agree, at the time of such designation, to be and remain
          liable
          to the Trust Fund for such Affiliate’s actions and omissions in performing its
          duties hereunder. In connection with such appointment and assumption, the
          Trustee may make such arrangements for the compensation of such successor
          out of
          payments on Mortgage Loans as it and such successor shall agree; provided,
          however,
          that no
          such compensation shall be in excess of that permitted to the Master Servicer
          hereunder. The Trustee and such successor shall take such actions, consistent
          with this Agreement, as shall be necessary to effectuate any such succession
          and
          may make other arrangements with respect to the servicing to be conducted
          hereunder which are not inconsistent herewith. The Master Servicer shall
          cooperate with the Trustee and any successor master servicer in effecting
          the
          termination of the Master Servicer’s responsibilities and rights hereunder
          including, without limitation, notifying Mortgagors of the assignment of
          the
          master servicing functions and providing the Trustee and successor master
          servicer, as applicable, all documents and records in electronic or other
          form
          reasonably requested by it to enable it to assume the Master Servicer’s
          functions hereunder and the transfer to the Trustee or such successor master
          servicer, as applicable, all amounts which shall at the time be or should
          have
          been deposited by the Master Servicer in the Certificate Account and any
          other
          account or fund maintained with respect to the Certificates or the Lower
          Tier
          REMIC 1 Uncertificated Regular Interests or thereafter be received with
          respect
          to the Mortgage Loans. Neither the Trustee nor any other successor master
          servicer shall be deemed to be in default hereunder by reason of any failure
          to
          make, or any delay in making, any distribution hereunder or any portion
          thereof
          caused by (i) the failure of the Master Servicer to deliver, or any delay
          in
          delivering, cash, documents or records to it, (ii) the failure of the Master
          Servicer to cooperate as required by this Agreement, (iii) the failure
          of the
          Master Servicer to deliver the Mortgage Loan data to the Securities
          Administrator as required by this Agreement or (iv) restrictions imposed
          by any
          regulatory authority having jurisdiction over the Master Servicer. Neither
          the
          Trustee nor any other successor master servicer shall be deemed to be in
          default
          hereunder by reason of any failure to make, or any delay in making, any
          distribution hereunder or any portion thereof caused by the failure of
          the
          Securities Administrator to deliver, or any delay in delivering cash, documents
          or records to it.

         

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

         

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

         

        Section
          6.16. Waiver
          of Defaults. 

         

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

         

        
          
            
            

          

          
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        Section
          6.17. Notification
          to Holders. 

         

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

         

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

         

        Subject
          to the provisions of Section 8.01 hereof, during the continuance of any
          Event of
          Default, Holders of Certificates evidencing not less than 25% of the Class
          Principal Amount (or Percentage Interest) of each Class of Certificates
          affected
          thereby may, with the consent of any NIMS Insurer, direct the time, method
          and
          place of conducting any proceeding for any remedy available to the Trustee,
          or
          exercising any trust or power conferred upon the Trustee, under this Agreement;
          provided,
          however,
          that the
          Trustee shall be under no obligation to pursue any such remedy, or to exercise
          any of the trusts or powers vested in it by this Agreement (including,
          without
          limitation, (i) the conducting or defending of any administrative action
          or
          litigation hereunder or in relation hereto and (ii) the terminating of
          the
          Master Servicer or any successor master servicer from its rights and duties
          as
          master servicer hereunder) at the request, order or direction of any of
          the
          Certificateholders or any NIMS Insurer, unless such Certificateholders
          or any
          NIMS Insurer shall have offered to the Trustee reasonable security or indemnity
          against the cost, expenses and liabilities which may be incurred therein
          or
          thereby; and, provided
          further,
          that
          the Trustee shall have the right to decline to follow any such direction
          if the
          Trustee, in accordance with an Opinion of Counsel acceptable to any NIMS
          Insurer, determines that the action or proceeding so directed may not lawfully
          be taken or if the Trustee in good faith determines that the action or
          proceeding so directed would involve it in personal liability for which
          it is
          not indemnified to its satisfaction or be unjustly prejudicial to the
          non-assenting Certificateholders.

         

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

         

        In
          the
          event that a Responsible Officer of the Trustee or the Securities Administrator
          shall have actual knowledge of any action or inaction of the Master Servicer
          that would become an Event of Default upon the Master Servicer’s failure to
          remedy the same after notice, the Trustee or the Securities Administrator,
          as
          applicable, shall give notice thereof to the Master Servicer, any NIMS
          Insurer,
          the Trustee, the Securities Administrator, the Swap Counterparty and the
          Cap
          Counterparty, as applicable.

         

        
          
            
            

          

          
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        Section
          6.20. Preparation
          of Tax Returns and Other Reports. 

         

        (a) The
          Securities Administrator shall prepare or cause to be prepared on behalf
          of the
          Trust Fund, based upon information calculated in accordance with this Agreement
          pursuant to instructions given by the Depositor, and the Securities
          Administrator shall file federal tax returns, all in accordance with Article
          X
          hereof. If the Securities Administrator determines that a state tax return
          or
          other return is required, then, at its sole expense, the Securities
          Administrator shall prepare and file such state income tax returns and
          such
          other returns as may be required by applicable law relating to the Trust
          Fund,
          and, if required by state law, and shall file any other documents to the
          extent
          required by applicable state tax law (to the extent such documents are
          in the
          Securities Administrator’s possession). The Securities Administrator shall
          forward copies to the Depositor of all such returns and supplemental tax
          information and such other information within the Securities Administrator’s
          control as the Depositor may reasonably request in writing. The Securities
          Administrator shall furnish to each Certificateholder, such forms and such
          information within the control of the Securities Administrator as are required
          by the Code and the REMIC Provisions to be furnished to them (other than
          any
          Form 1099s). The Master Servicer will indemnify the Securities Administrator
          and
          the Trustee for any liability of or assessment against the Securities
          Administrator and the Trustee, as applicable, resulting from any error
          in any of
          such tax or information returns directly resulting from errors in the
          information provided by such Master Servicer.

         

        (b) The
          Securities Administrator shall prepare and file with the Internal Revenue
          Service (“IRS”), on behalf of the Trust Fund and each of the REMICs specified in
          the Preliminary Statement, an application for an employer identification
          number
          on IRS Form SS-4 or by any other acceptable method. The Securities Administrator
          shall also file a Form 8811 as required. The Securities Administrator,
          upon
          receipt from the IRS of the Notice of Taxpayer Identification Number Assigned,
          shall upon request promptly forward a copy of such notice to the Trustee
          and the
          Depositor. The Trustee shall have no obligation to verify the information
          in any
          Form 8811 or Form SS-4 filing.

         

        (c) The
          Depositor shall prepare or cause to be prepared the initial current report
          on
          Form 8-K. Thereafter, the Securities Administrator shall, in accordance
          with
          industry standards and the rules of the Commission as in effect from time
          to
          time (the “Rules”), prepare and file with the Commission via the Electronic Data
          Gathering and Retrieval System (“EDGAR”), the reports listed in subsections (d)
          through (f) of this Section 6.20 in respect of the Trust Fund as and to
          the
          extent required under the Exchange Act.

         

        (d) Reports
          Filed on Form 10-D. 

         

        (i) Within
          15
          days after each Distribution Date (subject to permitted extensions under
          the
          Exchange Act), the Securities Administrator shall prepare and file on behalf
          of
          the Trust Fund any Form 10-D required by the Exchange Act, in form and
          substance
          as required by the Exchange Act. The Securities Administrator shall file
          each
          Form 10-D with a copy of the related Distribution Date Statement and a
          copy of
          each report made available by the Credit Risk Manager pursuant to Section
          9.34
          (provided each such report is made available to the Securities Administrator
          in
          a format compatible with EDGAR filing requirements) attached thereto. Any
          disclosure in addition to the Distribution Date Statement that is required
          to be
          included on Form 10-D (“Additional Form 10-D Disclosure”) shall be determined
          and prepared by and at the direction of the Depositor pursuant to the following
          paragraph and the Securities Administrator will have no duty or liability
          for
          any failure hereunder to determine or prepare any Additional Form 10-D
          Disclosure, except as set forth in the next paragraph.

        

        
          
            
            

          

          
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        (ii) As
          set
          forth on Exhibit P-1 hereto, within five calendar days after the related
          Distribution Date, (A) certain parties to the Structured Asset Securities
          Corporation Mortgage Loan Trust 2006-BC3 transaction shall be required
          to
          provide to the Securities Administrator and the Depositor, to the extent
          known
          by a responsible officer thereof, in EDGAR-compatible form (which may be
          Word or
          Excel documents easily convertible to EDGAR format), or in such other form
          as
          otherwise agreed upon by the Securities Administrator and such party, the
          form
          and substance of any Additional Form 10-D Disclosure, if applicable, and
          include
          with such Additional Form 10-D Disclosure Notification in the form attached
          hereto as Exhibit P-4, and (B) the Depositor will approve, as to form and
          substance, or disapprove, as the case may be, the inclusion of the Additional
          Form 10-D Disclosure on Form 10-D. The Sponsor will be responsible for
          any
          reasonable fees and expenses assessed or incurred by the Securities
          Administrator in connection with including any Additional Form 10-D Disclosure
          on Form 10-D pursuant to this paragraph.

        

        (iii) After
          preparing the Form 10-D, the Securities Administrator shall forward
          electronically a copy of the Form 10-D to the Exchange Act Signing Party
          for
          review and approval. If the Master Servicer is the Exchange Act Signing
          Party
          and the Form 10-D includes Additional Form 10-D Disclosure, then the Form
          10-D
          shall also be electronically distributed to the Depositor for review and
          approval. No later than two Business Days prior to the 15th
          calendar
          day after the related Distribution Date, a duly authorized representative
          of the
          Exchange Act Signing Party shall sign the Form 10-D and return an electronic
          or
          fax copy of such signed Form 10-D (with an original executed hard copy
          to follow
          by overnight mail) to the Securities Administrator. If a Form 10-D cannot
          be
          filed on time or if a previously filed Form 10-D needs to be amended, the
          Securities Administrator will follow the procedures set forth in subsection
          (g)(ii) of this Section 6.20. Promptly (but no later than one Business
          Day)
          after filing with the Commission, the Securities Administrator will make
          available on its internet website a final executed copy of each Form 10-D
          filed
          by the Securities Administrator. Each party to this Agreement acknowledges
          that
          the performance by the Securities Administrator of its duties under this
          Section
          6.20(d) related to the timely preparation and filing of Form 10-D is contingent
          upon such parties strictly observing all applicable deadlines in the performance
          of their duties under this Section 6.20(d). The Securities Administrator
          shall
          have no liability for any loss, expense, damage, claim arising out of or
          with
          respect to any failure to properly prepare and/or timely file such Form
          10-D,
          where such failure results from the Securities Administrator’s inability or
          failure to obtain or receive, on a timely basis, any information from any
          other
          party hereto needed to prepare, arrange for execution or file such Form
          10-D,
          not resulting from its own negligence, bad faith or willful
          misconduct.

        

        
          
            
            

          

          
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        (iv) Form
          10-D
          requires the registrant to indicate (by checking "yes" or "no") that it
“(1) has
          filed all reports required to be filed by Section 13 or 15(d) of the Exchange
          Act during the preceding 12 months (or for such shorter period that the
          registrant was required to file such reports), and (2) has been subject
          to such
          filing requirements for the past 90 days.” The Depositor hereby represents to
          the Securities Administrator that the Depositor has filed all such required
          reports during the preceding 12 months and that it has been subject to
          such
          filing requirement for the past 90 days. The Depositor shall notify the
          Securities Administrator in writing, no later than the fifth calendar day
          after
          the related Distribution Date with respect to the filing of a report on
          Form
          10-D if the answer to the questions should be “no.” The Securities Administrator
          shall be entitled to rely on such representations in preparing, executing
          and/or
          filing any such report.

        

        (e) Reports
          Filed on Form 10-K.

         

        (i) Within
          90
          days after the end of each fiscal year of the Trust Fund or such earlier
          date as
          may be required by the Exchange Act (the “10-K Filing Deadline”) (it being
          understood that the fiscal year for the Trust Fund ends on December
          31st
          of each
          year), commencing in March 2007, the Securities Administrator shall prepare
          and
          file on behalf of the Trust Fund a Form 10-K, in form and substance as
          required
          by the Exchange Act. Each such Form 10-K shall include the following items,
          in
          each case to the extent they have been delivered to the Securities Administrator
          within the applicable time frames set forth in this Agreement and in the
          related
          Servicing Agreements and Custodial Agreements, (A) an annual compliance
          statement for each Servicer, each Additional Servicer and the Master Servicer,
          as described under Section 9.26 hereof and in each Servicing Agreement,
          (B)(I)
          the annual reports on assessment of compliance with servicing criteria
          for each
          Servicer, the Custodian, each Additional Servicer, the Master Servicer,
          the
          Credit Risk Manager, any Servicing Function Participant, the Paying Agent
          and
          the Securities Administrator (each, a “Reporting Servicer”), as described under
          Section 9.25(a) hereof and in each Servicing Agreement and Custodial Agreement,
          and (II) if any Reporting Servicer’s report on assessment of compliance with
          servicing criteria described under Section 9.25(a) hereof or in any Servicing
          Agreement or Custodial Agreement identifies any material instance of
          noncompliance, disclosure identifying such instance of noncompliance, or
          if any
          Reporting Servicer’s report on assessment of compliance with servicing criteria
          described under Section 9.25(a) hereof or in any Servicing Agreement or
          Custodial Agreement is not included as an exhibit to such Form 10-K, disclosure
          that such report is not included and an explanation why such report is
          not
          included, (C)(I) the registered public accounting firm attestation report
          for
          each Reporting Servicer, as described under Section 9.25(b) hereof and
          in each
          Servicing Agreement and Custodial Agreement and (II) if any registered
          public
          accounting firm attestation report described under Section 9.25(b) hereof
          or in
          any Servicing Agreement or Custodial Agreement identifies any material
          instance
          of noncompliance, disclosure identifying such instance of noncompliance,
          or if
          any such registered public accounting firm attestation report is not included
          as
          an exhibit to such Form 10-K, disclosure that such report is not included
          and an
          explanation why such report is not included, and (D) a Sarbanes-Oxley
          Certification. Any disclosure or information in addition to (A) through
          (D)
          above that is required to be included on Form 10-K (“Additional Form 10-K
          Disclosure”) shall be determined and prepared by and at the direction of the
          Depositor pursuant to the following paragraph and the Securities Administrator
          will have no duty or liability for any failure hereunder to determine or
          prepare
          any Additional Form 10-K Disclosure, except as set forth in the next paragraph.
          

        

        
          
            
            

          

          
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        (ii) As
          set
          forth on Exhibit P-2 hereto, no later than March 15 of each year that the
          Trust
          Fund is subject to the Exchange Act reporting requirements, commencing
          in 2007,
          (A) certain parties to the Structured Asset Securities Corporation Mortgage
          Loan
          Trust 2006-BC3 transaction shall be required to provide to the Securities
          Administrator and the Depositor, to the extent known by a responsible officer
          thereof, in EDGAR-compatible form (which may be Word or Excel documents
          easily
          convertible to EDGAR format), or in such other form as otherwise agreed
          upon by
          the Securities Administrator and such party, the form and substance of
          any
          Additional Form 10-K Disclosure, if applicable, and include with such Additional
          Form 10-K Disclosure, an Additional Disclosure Notification in the form
          attached
          hereto as Exhibit P-4, and (B) the Depositor will approve, as to form and
          substance, or disapprove, as the case may be, the inclusion of the Additional
          Form 10-K Disclosure on Form 10-K. The Securities Administrator has no
          duty
          under this Agreement to monitor or enforce the performance by the parties
          listed
          on Exhibit P-2 of their duties under this paragraph or proactively solicit
          or
          procure from such parties any Form 10-K Disclosure Information. The Sponsor
          will
          be responsible for any reasonable fees and expenses assessed or incurred
          by the
          Securities Administrator in connection with including any Additional Form
          10-K
          Disclosure on Form 10-K pursuant to this paragraph. 

        

        (iii) After
          preparing the Form 10-K, the Securities Administrator shall forward
          electronically a copy of the Form 10-K to the Exchange Act Signing Party
          for
          review and approval. If the Master Servicer is the Exchange Act Signing
          Party
          and the Form 10-K includes Additional Form 10-K Disclosure, then the Form
          10-K
          shall also be electronically distributed to the Depositor for review and
          approval. No later than the close of business New York City time on the
          4th
          Business Day prior to the 10-K Filing Deadline, a duly authorized representative
          of the Exchange Act Signing Party shall sign the Form 10-K and return an
          electronic or fax copy of such signed Form 10-K (with an original executed
          hard
          copy to follow by overnight mail) to the Securities Administrator. If a
          Form
          10-K cannot be filed on time or if a previously filed Form 10-K needs to
          be
          amended, the Securities Administrator will follow the procedures set forth
          in
          subsection (g) of this Section 6.20. Promptly (but no later than one Business
          Day) after filing with the Commission, the Securities Administrator will
          make
          available on its internet website a final executed copy of each Form 10-K
          filed
          by the Securities Administrator. The parties to this Agreement acknowledge
          that
          the performance by the Securities Administrator of its duties under this
          Section
          6.20(e) related to the timely preparation and filing of Form 10-K is contingent
          upon such parties (and any Additional Servicer or Servicing Function
          Participant) strictly observing all applicable deadlines in the performance
          of
          their duties under this Section 6.20(e), Section 9.25(a), Section 9.25(b)
          and
          Section 9.26. The Securities Administrator shall have no liability for
          any loss,
          expense, damage, claim arising out of or with respect to any failure to
          properly
          prepare and/or timely file such Form 10-K, where such failure results from
          the
          Securities Administrator’s inability or failure to obtain or receive, on a
          timely basis, any information from any other party hereto needed to prepare,
          arrange for execution or file such Form 10-K, not resulting from its own
          negligence, bad faith or willful misconduct.

        

        
          
            
            

          

          
            136

            
              

            

          

          
            
            

          

        

        (iv) Each
          Form
          10-K shall include the Sarbanes-Oxley Certification. The Securities
          Administrator, the Paying Agent and Master Servicer, shall, and the Securities
          Administrator, the Paying Agent and the Master Servicer (if applicable)
          shall
          cause any Servicing Function Participant engaged by it to, provide to the
          Master
          Servicer who shall sign the Sarbanes-Oxley Certification (the “Certifying
          Person”), by March 15 of each year in which the Trust Fund is subject to the
          reporting requirements of the Exchange Act (each, a “Back-Up Certification”), in
          the form attached hereto as Exhibit Q-1 (or, in the case of (x) the Paying
          Agent, such other form as agreed to between the Paying Agent and the Exchange
          Act Signing Party, and (y) the Securities Administrator, the form attached
          hereto as Exhibit Q-2), upon which the Certifying Person, the entity for
          which
          the Certifying Person acts as an officer, and such entity’s officers, directors
          and Affiliates (collectively with the Certifying Person, “Certification
          Parties”) can reasonably rely. The senior officer of the Exchange Act Signing
          Party shall serve as the Certifying Person on behalf of the Trust Fund.
          In the
          event the Master Servicer, the Securities Administrator, the Paying Agent
          or any
          Servicing Function Participant engaged by such parties is terminated or
          resigns
          pursuant to the terms of this Agreement, such party or Servicing Function
          Participant shall provide a Back-Up Certification to the Certifying Person
          pursuant to this Section 6.20(e)(iv) with respect to the period of time
          it was
          subject to this Agreement.

        

        (v) Each
          person (including their officers or directors) that signs any Form 10-K
          Certification shall be entitled to indemnification from the Trust Fund
          for any
          liability or expense incurred by it in connection with such certification,
          other
          than any liability or expense attributable to such Person’s own bad faith,
          negligence or willful misconduct. The provisions of this subsection shall
          survive any termination of this Agreement and the resignation or removal
          of such
          Person.

        

        (vi) Form
          10-K
          requires the registrant to indicate (by checking "yes" or "no") that it
“(1) has
          filed all reports required to be filed by Section 13 or 15(d) of the Exchange
          Act during the preceding 12 months (or for such shorter period that the
          registrant was required to file such reports), and (2) has been subject
          to such
          filing requirements for the past 90 days.” The Depositor hereby represents to
          the Securities Administrator that the Depositor has filed all such required
          reports during the preceding 12 months and that it has been subject to
          such
          filing requirement for the past 90 days. The Depositor shall notify the
          Securities Administrator in writing, no later than March 15th
          with
          respect to the filing of a report on Form 10-K, if the answer to the questions
          should be “no.” The Securities Administrator shall be entitled to rely on such
          representations in preparing, executing and/or filing any such
          report.

        

        (f) Reports
          Filed on Form 8-K.

         

        
          
            
            

          

          
            137

            
              

            

          

          
            
            

          

        

        (i) Within
          four Business Days after the occurrence of an event requiring disclosure
          on Form
          8-K (each such event, a “Reportable Event”), and if requested by the Depositor,
          the Securities Administrator shall prepare and file on behalf of the Trust
          Fund
          any Form 8-K, as required by the Exchange Act, provided
          that the
          Depositor shall file the initial Form 8-K in connection with the issuance
          of the
          Certificates. Any disclosure or information related to a Reportable Event
          or
          that is otherwise required to be included on Form 8-K (“Form 8-K Disclosure
          Information”) shall be determined and prepared by and at the direction of the
          Depositor pursuant to the following paragraph and the Securities Administrator
          will have no duty or liability for any failure hereunder to determine or
          prepare
          any Form 8-K Disclosure Information or any Form 8-K, except as set forth
          in the
          next paragraph. 

        

        (ii) As
          set
          forth on Exhibit P-3 hereto, for so long as the Trust Fund is subject to
          the
          Exchange Act reporting requirements, no later than Noon New York City time
          on
          the 2nd Business Day after the occurrence of a Reportable Event (A) certain
          parties to the Structured Asset Securities Corporation Mortgage Loan Trust
          2006-BC3 transaction shall be required to provide to the Securities
          Administrator and the Depositor, to the extent known by a responsible officer
          thereof, in EDGAR-compatible form (which may be Word or Excel documents
          easily
          convertible to EDGAR format), or in such other form as otherwise agreed
          upon by
          the Securities Administrator and such party, the form and substance of
          any Form
          8-K Disclosure Information, if applicable, and include with such Form 8-K
          Disclosure Information, an Additional Disclosure Notification in the form
          attached hereto as Exhibit P-4, and (B) the Depositor will approve, as
          to form
          and substance, or disapprove, as the case may be, the inclusion of the
          Form 8-K
          Disclosure Information. The Securities Administrator has no duty under
          this
          Agreement to monitor or enforce the performance by the parties listed on
          Exhibit
          P-3 of their duties under this paragraph or proactively solicit or procure
          from
          such parties any Form 8-K Disclosure Information. The Sponsor will be
          responsible for any reasonable fees and expenses assessed or incurred by
          the
          Securities Administrator in connection with including any Form 8-K Disclosure
          Information on Form 8-K pursuant to this paragraph. 

        

        (iii) After
          preparing the Form 8-K, the Securities Administrator shall forward
          electronically, no later than Noon New York City time on the 3rd
          Business
          Day after the Reportable Event, a copy of the Form 8-K to the Exchange
          Act
          Signing Party for review and approval. If the Master Servicer is the Exchange
          Act Signing Party, then the Form 8-K shall also be electronically distributed
          to
          the Depositor for review and approval. No later than Noon New York City
          time on
          the 4th
          Business
          Day after the Reportable Event, a senior officer of the Exchange Act Signing
          Party shall sign the Form 8-K and return an electronic or fax copy of such
          signed Form 8-K (with an original executed hard copy to follow by overnight
          mail) to the Securities Administrator. If a Form 8-K cannot be filed on
          time or
          if a previously filed Form 8-K needs to be amended, the Securities Administrator
          will follow the procedures set forth in subsection (g) of this Section
          6.20.
          Promptly (but no later than one Business Day) after filing with the Commission,
          the Securities Administrator will make available on its internet website
          a final
          executed copy of each Form 8-K prepared and filed by it pursuant to this
          Section
          6.20(f). The parties to this Agreement acknowledge that the performance
          by the
          Securities Administrator of its duties under this Section 6.20(f) related
          to the
          timely preparation and filing of Form 8-K is contingent upon such parties
          strictly observing all applicable deadlines in the performance of their
          duties
          under this Section 6.20(f). The Securities Administrator shall have no
          liability
          for any loss, expense, damage, claim arising out of or with respect to
          any
          failure to properly prepare and/or timely file such Form 8-K, where such
          failure
          results from the Securities Administrator’s inability or failure to obtain or
          receive, on a timely basis, any information from any other party hereto
          needed
          to prepare, arrange for execution or file such Form 8-K, not resulting
          from its
          own negligence, bad faith or willful misconduct. 

        

        
          
            
            

          

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

         

        (i) On
          or
          before January 30th
          in of
          the first year in which the Securities Administrator is able to do so under
          applicable law, unless otherwise directed by the Depositor, the Securities
          Administrator shall prepare and file a Form 15 relating to the automatic
          suspension of reporting in respect of the Trust Fund under the Exchange
          Act.

        

        (ii) In
          the
          event that the Securities Administrator becomes aware that it will be unable
          to
          timely file with the Commission all or any required portion of any Form
          8-K,
          10-D or 10-K required to be filed by this Agreement because required disclosure
          information was either not delivered to it or delivered to it after the
          delivery
          deadlines set forth in this Agreement or for any other reason, the Securities
          Administrator will promptly notify the Depositor. In the case of Form 10-D
          and
          10-K, the parties to this Agreement and each Servicer will cooperate to
          prepare
          and file a Form 12b-25 and a 10-D/A and 10-K/A as applicable, pursuant
          to Rule
          12b-25 of the Exchange Act. In the case of Form 8-K, the Securities
          Administrator will, upon receipt of all required Form 8-K Disclosure Information
          and upon the approval and direction of the Depositor, include such disclosure
          information on the next Form 10-D. In the event that any previously filed
          Form
          8-K, 10-D or 10-K needs to be amended with respect to an additional disclosure
          item, the Securities Administrator will notify the Depositor and any applicable
          party and such parties will cooperate to prepare any necessary 8-K/A, 10-D/A
          or
          10-K/A. Any Form 15, Form 12b-25 or any amendment to Form 8-K, 10-D or
          10-K
          shall be signed by a senior officer or a duly authorized representative,
          as
          applicable, of the Exchange Act Signing Party. The parties to this Agreement
          acknowledge that the performance by the Securities Administrator of its
          duties
          under this Section 6.20(g) related to the timely preparation and filing
          of Form
          15, a Form 12b-25 or any amendment to Form 8-K, 10-D or 10-K is contingent
          upon
          each such party performing its duties under this Section. The Securities
          Administrator shall have no liability for any loss, expense, damage, claim
          arising out of or with respect to any failure to properly prepare and/or
          timely
          file any such Form 15, Form 12b-25 or any amendments to Forms 8-K, 10-D
          or 10-K,
          where such failure results from the Securities Administrator’s inability or
          failure to obtain or receive, on a timely basis, any information from any
          other
          party hereto needed to prepare, arrange for execution or file such Form
          15, Form
          12b-25 or any amendments to Forms 8-K, 10-D or 10-K, not resulting from
          its own
          negligence, bad faith or willful misconduct.

        

        (h) Any
          party
          that signs any Exchange Act report that the Securities Administrator is
          required
          to file shall provide to the Securities Administrator prompt notice of
          the
          execution of such Exchange Act report along with the name and contact
          information for the person signing such report and shall promptly deliver
          to the
          Securities Administrator the original executed signature page for such
          report.
          In addition, each of the parties agrees to provide to the Securities
          Administrator such additional information related to such party as the
          Securities Administrator may reasonably request, including evidence of
          the
          authorization of the person signing any certification or statement, financial
          information and reports, and such other information related to such party
          or its
          performance hereunder. 

        

        
          
            
            

          

          
            139

            
              

            

          

          
            
            

          

        

        (i) If
          the
          Depositor and Master Servicer, at any time, mutually agree to change the
          identity of the Exchange Act Signing Party, the Depositor shall provide
          timely
          notice to the Securities Administrator of any such change. Any notice delivered
          pursuant to this Section 6.20 may be by fax or electronic copy notwithstanding
          the notice provisions of Section 11.07.

        

        Section
          6.21. Reporting
          Requirements of the Commission

         

        Each
          of
          the parties hereto acknowledges and agrees that the purpose of Sections
          6.01 and
          6.20 of this Agreement is to facilitate compliance by the Sponsor and the
          Depositor with the provisions of Regulation AB, as such may be amended
          or
          clarified from time to time. Therefore, each of the parties agrees that
          (a) the
          obligations of the parties hereunder shall be interpreted in such a manner
          as to
          accomplish compliance with Regulation AB, (b) the parties’ obligations hereunder
          will be supplemented and modified as necessary to be consistent with any
          such
          amendments, interpretive advice or guidance, convention or consensus among
          active participants in the asset-backed securities markets, advice of counsel,
          or otherwise in respect of the requirements of Regulation AB and (c) the
          parties
          shall comply with reasonable requests made by the Sponsor, the Depositor
          or the
          Securities Administrator for delivery of additional or different information,
          to
          the extent that such information is available or reasonably attainable,
          as the
          Sponsor, the Depositor or the Securities Administrator may determine in
          good
          faith is necessary to comply with the provisions of Regulation AB.

         

        Section
          6.22. No
          Merger. 

         

        The
          Trustee shall not cause or otherwise knowingly permit the assets of the
          Trust
          Fund to be merged or consolidated with any other entity, except as a result
          of a
          final judicial determination.

         

        Section
          6.23. Indemnification
          by the Securities Administrator. 

         

        The
          Securities Administrator agrees to indemnify the Depositor, the Trustee
          and the
          Master Servicer, and each of their respective directors, officers, employees
          and
          agents and the Trust Fund and hold each of them harmless from and against
          any
          losses, damages, penalties, fines, forfeitures, legal fees and expenses
          and
          related costs, judgments, and any other costs, fees and expenses that any
          of
          them may sustain arising out of or based upon the engagement of any
          Subcontractor in violation of Section 6.01(l) or any failure by the Securities
          Administrator to deliver any information, report, certification, accountants’
letter or other material when and as required under this Agreement, including
          any report under Sections 6.20, 9.25(a) or (b).

         

        
          
            
            

          

          
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        ARTICLE
          VII

         

        PURCHASE
          OF MORTGAGE LOANS AND

        TERMINATION
          OF THE TRUST FUND

         

        
          	
                  Section
                    7.01.

                	
                  Purchase
                    of Mortgage Loans; Termination of Trust Fund Upon Purchase or
                    Liquidation
                    of All Mortgage Loans; Purchase of Lower Tier REMIC 1 Uncertificated
                    Regular Interests. 

                

        

         

        (a) The
          respective obligations and responsibilities of the Securities Administrator,
          the
          Trustee and the Master Servicer created hereby (other than the obligation
          of the
          Securities Administrator to make payments to Certificateholders and the
          Swap
          Counterparty as set forth in Section 7.02, the obligation of the Master
          Servicer
          to make a final remittance to the Securities Administrator pursuant to
          Section
          4.01, and the obligations of the Master Servicer to the Securities Administrator
          pursuant to Section 9.10 and to the Securities Administrator and the Trustee
          pursuant to Sections 9.14 and 9.31) shall terminate on the earliest of
          (i) the
          final payment or other liquidation of the last Mortgage Loan remaining
          in the
          Trust Fund and the disposition of all REO Property, (ii) the sale of the
          property held by the Trust Fund in accordance with Section 7.01(b) and
          (iii) the
          Latest Possible Maturity Date (each, a “Trust Fund Termination Event”);
provided,
          however,
          that in
          no event shall the Trust Fund created hereby continue beyond the expiration
          of
          21 years from the death of the last survivor of the descendants of Joseph
          P.
          Kennedy, the late Ambassador of the United States to the Court of St. James’s,
          living on the date hereof. Upon the occurrence of a Trust Fund Termination
          Event, each REMIC shall be terminated in a manner that shall qualify as
          a
“qualified liquidation” under the REMIC Provisions.

         

        (b) On
          any
          Distribution Date occurring on or after the Initial Optional Termination
          Date,
          the Master Servicer or LTURI-holder, as applicable, with the prior written
          consent of any NIMS Insurer and the Seller, which consent shall not be
          unreasonably withheld, has the option to cause the Trust Fund to adopt
          a plan of
          complete liquidation pursuant to Section 7.03(a)(i) hereof to sell all
          of its
          property. Upon exercise of such option, the property of the Trust Fund
          shall be
          sold to the Master Servicer at a price (the “Termination Price”) equal to the
          sum of (i) 100% of the unpaid principal balance of each Mortgage Loan on
          the day
          of such purchase plus interest accrued thereon at the applicable Mortgage
          Rate
          with respect to any Mortgage Loan to the Due Date in the Collection Period
          immediately preceding the related Distribution Date to the date of such
          repurchase, (ii) the fair market value of any REO Property and any other
          property held by any REMIC, such fair market value to be determined by
          an
          independent appraiser or appraisers mutually agreed upon by the Master
          Servicer,
          any NIMS Insurer and the Trustee (reduced, in the case of REO Property,
          by (1)
          reasonably anticipated disposition costs and (2) any amount by which the
          fair
          market value as so reduced exceeds the outstanding principal balance of
          the
          related Mortgage Loan plus interest accrued thereon at the applicable Net
          Mortgage Rate to the date of such purchase), (iii) any unreimbursed Servicing
          Advances and (iv) any Swap Termination Payment payable to the Swap Counterparty
          as a result of a termination pursuant to this Section 7.01; provided,
          however, if
          there
          are any NIM Securities outstanding, the Master Servicer may only exercise
          its
          option after receiving the prior written consent of the holders of such
          NIM
          Securities and, if such consent is given, the Termination Price shall also
          include an amount equal to the sum of (1) any accrued interest on the NIM
          Securities, (2) the unpaid principal balance of any such NIM Securities
          and (3)
          any other reimbursable expenses owed by the issuer of the NIM Securities
          (the
“NIM Redemption Amount”). The Master Servicer, each Servicer, the Trustee, the
          Securities Administrator and the Custodian shall be reimbursed from the
          Termination Price for any Mortgage Loan or related REO Property for any
          Advances
          made or other amounts advanced with respect to the Mortgage Loans that
          are
          reimbursable to any such entity under this Agreement, the applicable Servicing
          Agreement or the Custodial Agreement, together with any accrued and unpaid
          compensation and any other amounts due to the Master Servicer, the Securities
          Administrator or the Trustee hereunder or the Servicers or the Custodian.
          If the
          Master Servicer fails to exercise its right to cause the Trust Fund to
          adopt a
          plan of complete liquidation as described above, then the NIMS Insurer
          may cause
          the Trust Fund to adopt a plan of complete liquidation as described above,
          and
          (i) the Master Servicer shall cause the Trust Fund to adopt a plan of complete
          liquidation as described above, (ii) the NIMS Insurer shall remit the
          Termination Price in immediately available funds to the Master Servicer
          at least
          three Business Days prior to the applicable Distribution Date and, upon
          receipt
          of such funds from the NIMS Insurer, the Master Servicer shall promptly
          deposit
          such funds in the Certificate Account and (iii) upon termination of the
          Trust
          Fund, the Trustee or the Securities Administrator, as applicable, will
          transfer
          the property of the Trust Fund to the NIMS Insurer. The NIMS Insurer shall
          be
          obligated to reimburse the Master Servicer for its reasonable out-of-pocket
          expenses incurred in connection with its termination of the Trust Fund
          and shall
          indemnify and hold harmless the Master Servicer for any losses, liabilities
          or
          expenses resulting from any claims directly resulting from or relating
          to the
          NIMS Insurer’s termination of the Trust Fund, except to the extent such losses,
          liabilities or expenses arise out of or result from the Master Servicer’s
          negligence, bad faith or willful misconduct.

         

        
          
            
            

          

          
            141

            
              

            

          

          
            
            

          

        

        (c) On
          any
          Distribution Date occurring on or after the Initial Optional Termination
          Date
          and provided there are no NIM Securities outstanding, the Master Servicer,
          with
          the prior written consent of the Seller, which consent shall not be unreasonably
          withheld, has the option to purchase all of the Lower Tier REMIC 1
          Uncertificated Regular Interests. Upon exercise of such option, the Lower
          Tier
          REMIC 1 Uncertificated Regular Interests shall be sold to the Master Servicer
          at
          a price (the “Lower Tier REMIC 1 Uncertificated Regular Interests Purchase
          Price”) equal to the sum of (i) 100% of the unpaid principal balance of each
          Mortgage Loan on the day of such purchase plus interest accrued thereon
          at the
          applicable Mortgage Rate with respect to any Mortgage Loan to the Due Date
          in
          the Collection Period immediately preceding the related Distribution Date
          to the
          date of such repurchase and (ii) the fair market value of any REO Property
          and
          any other property held by any REMIC, such fair market value to be determined
          by
          an independent appraiser or appraisers mutually agreed upon by the Master
          Servicer, any NIMS Insurer and the Trustee (reduced, in the case of REO
          Property, by (1) reasonably anticipated disposition costs and (2) any amount
          by
          which the fair market value as so reduced exceeds the outstanding principal
          balance of the related Mortgage Loan plus interest accrued thereon at the
          applicable Net Mortgage Rate to the date of such purchase). If the Master
          Servicer elects to exercise such option, each REMIC created pursuant to
          this
          Agreement (other than REMIC 1) shall be terminated in such a manner so
          that the
          termination of each such REMIC shall qualify as a “qualified liquidation” under
          the REMIC Provisions and the Lower Tier REMIC 1 Uncertificated Regular
          Interests
          and the Class LT-R Certificates will evidence the entire beneficial interest
          in
          the property of the Trust Fund. Following a purchase of the Lower Tier
          REMIC 1
          Uncertificated Regular Interests pursuant to this subsection, the Trust
          Fund
          (and REMIC 1) will remain outstanding and final payment on the Certificates
          (other than the Class LT-R Certificates) will be made in accordance with
          Sections 7.03(a)(iii) and 5.02. The Trust Fund will terminate upon the
          occurrence of a Trust Fund Termination Event, in accordance with Section
          7.01(a).

         

        
          
            
            

          

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

         

        (a) Notice
          of
          any Trust Fund Termination Event and notice of the purchase of the Lower
          Tier
          REMIC 1 Uncertificated Regular Interests, specifying the Distribution Date
          upon
          which the final distribution to the Certificates (other than the Class
          LT-R
          Certificates, in the case of a purchase of the Lower Tier REMIC 1 Uncertificated
          Regular Interests) shall be made, shall be given by the Securities Administrator
          by first class mail to Certificateholders mailed promptly (and in no event
          later
          than five Business Days) (x) after the Securities Administrator has received
          notice from the Master Servicer, the NIMS Insurer or the LTURI-holder,
          as
          applicable, of its election to cause (1) the sale of all of the property
          of the
          Trust Fund pursuant to Section 7.01(b) or (2) the purchase of the Lower
          Tier
          REMIC 1 Uncertificated Regular Interests pursuant to Section 7.01(c), or
          (y)
          upon the final payment or other liquidation of the last Mortgage Loan or
          REO
          Property in the Trust Fund. In the case of a Trust Fund Termination Event,
          the
          Securities Administrator shall also give notice to the Master Servicer,
          the Swap
          Counterparty, the Cap Counterparty and the Certificate Registrar at the
          time
          notice is given to Holders.

         

        In
          the
          case of a Trust Fund Termination Event, such notice shall specify (A) the
          Distribution Date upon which final distribution on the Certificates or
          Lower
          Tier REMIC 1 Uncertificated Regular Interests of all amounts required to
          be
          distributed to Certificateholders pursuant to Section 5.02 will be made
          upon
          presentation and surrender of the Certificates at the Corporate Trust Office,
          and (B) that the Record Date otherwise applicable to such Distribution
          Date is
          not applicable, distribution being made only upon presentation and surrender
          of
          the Certificates at the office or agency of the Securities Administrator
          therein
          specified. Upon any such Trust Fund Termination Event, the duties of the
          Certificate Registrar with respect to the Certificates or Lower Tier REMIC
          1
          Uncertificated Regular Interests shall terminate and the Securities
          Administrator shall terminate the Certificate Account and any other account
          or
          fund maintained with respect to the Certificates or Lower Tier REMIC 1
          Uncertificated Regular Interests, subject to the Securities Administrator’s
          obligation hereunder to hold all amounts payable to Certificateholders
          in trust
          without interest pending such payment. 

        

        In
          the
          case of a purchase of the Lower Tier REMIC 1 Uncertificated Regular Interests,
          such notice shall specify (A) the Distribution Date upon which final
          distribution on the Certificates (other than the Class LT-R Certificates)
          of all
          amounts required to be distributed to Certificateholders pursuant to Section
          5.02 (other than any distributions to the Class LT-R Certificates in respect
          of
          REMIC 1) will be made upon presentation and surrender of the Certificates
          (other
          than the Class LT-R Certificates) at the Corporate Trust Office, and (B)
          that
          the Record Date otherwise applicable to such Distribution Date is not
          applicable, distribution being made only upon presentation and surrender
          of the
          Certificates (other than the Class LT-R Certificates) at the office or
          agency of
          the Securities Administrator therein specified. Upon any such purchase
          of the
          Lower Tier REMIC 1 Uncertificated Regular Interests, the duties of the
          Certificate Registrar with respect to the Certificates other than the Class
          LT-R
          Certificate shall terminate but the Securities Administrator shall not
          terminate
          the Certificate Account and any other account or fund maintained with respect
          to
          the Certificates, subject to the Securities Administrator’s obligation hereunder
          to hold all amounts payable to Certificateholders in trust without interest
          pending such payment. For all Distribution Dates following the Distribution
          Date
          on which the Master Servicer purchases the Lower Tier REMIC 1 Uncertificated
          Regular Interests, all amounts that would be distributed on the Certificates
          (other than the Class LT-R Certificate and exclusive of amounts payable
          from any
          fund held outside of REMIC 1) absent such purchase shall be payable to
          the
          LTURI-holder.

        

        
          
            
            

          

          
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        (b) In
          the
          event that all of the Holders do not surrender their Certificates for
          cancellation within three months after the time specified in the above-mentioned
          written notice, the Securities Administrator shall give a second written
          notice
          to the remaining Certificateholders to surrender their Certificates for
          cancellation and receive the final distribution with respect thereto. If
          within
          one year after the second notice any Certificates shall not have been
          surrendered for cancellation, the Securities Administrator may take appropriate
          steps to contact the remaining Certificateholders concerning surrender
          of such
          Certificates, and the cost thereof shall be paid out of the amounts
          distributable to such Holders. If within two years after the second notice
          any
          Certificates shall not have been surrendered for cancellation, the Securities
          Administrator shall, subject to applicable state law relating to escheatment,
          hold all amounts distributable to such Holders for the benefit of such
          Holders.
          No interest shall accrue on any amount held by the Securities Administrator
          and
          not distributed to a Certificateholder due to such Certificateholder’s failure
          to surrender its Certificate(s) for payment of the final distribution thereon
          in
          accordance with this Section.

         

        (c) Any
          reasonable expenses incurred by the Securities Administrator in connection
          with
          any Trust Fund Termination Event or any purchase of the Lower Tier REMIC
          1
          Uncertificated Regular Interests shall be reimbursed from proceeds received
          from
          such termination or purchase.

         

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

         

        (a) Any
          termination of the Trust Fund pursuant to Section 7.01(a) or any termination
          of
          a REMIC pursuant to Section 7.01(c) shall be effected in accordance with
          the
          following additional requirements, unless the Securities Administrator
          seeks (at
          the request of the party exercising the option to purchase all of the Mortgage
          Loans or Lower Tier REMIC 1 Uncertificated Regular Interests pursuant to
          Section
          7.01(b) or Section 7.01(c), respectively), and subsequently receives, an
          Opinion
          of Counsel (at the expense of such requesting party), addressed to the
          Securities Administrator and any NIMS Insurer to the effect that the failure
          to
          comply with the requirements of this Section 7.03 will not result in an
          Adverse
          REMIC Event:

         

        (i) Within
          89
          days prior to the time of the making of the final payment on the Certificates
          (other than the Class LT-R Certificates, in the case of a purchase of the
          Lower
          Tier REMIC 1 Uncertificated Regular Interests, upon notification by the
          Master
          Servicer, the Securities Administrator, any NIMS Insurer or an Affiliate
          of the
          Seller that it intends to exercise its option to cause the termination
          of the
          Trust Fund or purchase the Lower Tier REMIC 1 Uncertificated Regular Interests,
          the Securities Administrator shall adopt a plan of complete liquidation
          on
          behalf of each REMIC (other than REMIC 1, in the case of a purchase of
          the Lower
          Tier REMIC 1 Uncertificated Regular Interests), meeting the requirements
          of a
          qualified liquidation under the REMIC Provisions;

         

        
          
            
            

          

          
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        (ii) Any
          sale
          of the assets of the Trust Fund or the Lower Tier REMIC 1 Uncertificated
          Regular
          Interests pursuant to Section 7.02 shall be a sale for cash and shall occur
          at
          or after the time of adoption of such a plan of complete liquidation and
          prior
          to the time of making of the final payment on the Certificates (other than
          the
          Class LT-R Certificates, in the case of a purchase of the Lower Tier REMIC
          1
          Uncertificated Regular Interests);

         

        (iii) On
          the
          date specified for final payment of the Certificates (other than the Class
          LT-R
          Certificates, in the case of a purchase of the Lower Tier REMIC 1 Uncertificated
          Regular Interests), the Securities Administrator shall make final distributions
          of principal and interest on such Certificates and shall pay, in the case
          of a
          Trust Fund Termination Event, any Swap Termination Payment owed to the
          Swap
          Counterparty on the related Swap Payment Date (to the extent not paid on
          previous Swap Payment Dates) in accordance with Section 5.02. In the case
          of a
          Trust Fund Termination Event, and, after payment of, or provision for any
          outstanding expenses, the Securities Administrator shall distribute or
          credit,
          or cause to be distributed or credited, to the Holders of the Residual
          Certificates all cash on hand after such final payment (other than cash
          retained
          to meet claims), and the Trust Fund (and each REMIC) shall terminate at
          that
          time; and

         

        (iv) In
          no
          event may the final payment on the Certificates or the final distribution
          or
          credit to the Holders of the Residual Certificates in respect of the residual
          interest in any liquidated REMIC be made after the 89th day from the date
          on
          which the plan of complete liquidation for such REMIC is adopted.

         

        (b) By
          its
          acceptance of a Residual Certificate, each Holder thereof hereby agrees
          to
          accept the plan of complete liquidation prepared by the Depositor and adopted
          by
          the Securities Administrator under this Section and to take such other
          action in
          connection therewith as may be reasonably requested by the Master Servicer
          or
          any Servicer.

         

        (c) In
          connection with the termination of the Trust Fund, or a Section 7.01(c)
          Purchase
          Event, the Securities Administrator may request an Opinion of Counsel addressed
          to the Securities Administrator (at the expense of the Depositor) to the
          effect
          that all the requirements of a qualified liquidation under the REMIC Provisions
          have been met.

         

        Section
          7.04. Optional
          Repurchase Right.

         

        The
          NIMS
          Insurer, if any, may repurchase any Distressed Mortgage Loan for a purchase
          price equal to the outstanding principal balance of such Mortgage Loan,
          plus
          accrued interest thereon to the date of repurchase plus any unreimbursed
          Advances, Servicing Advances or Servicing Fees allocable to such Distressed
          Mortgage Loan. Any such repurchase shall be accomplished by the NIMS Insurer’s
          remittance of the purchase price for the Distressed Mortgage Loan to the
          Master
          Servicer for deposit into the Certificate Account. The NIMS Insurer shall
          not
          use any procedure in selecting Distressed Mortgage Loans to be repurchased
          which
          would be materially adverse to Certificateholders.

         

        
          
            
            

          

          
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        ARTICLE
          VIII

         

        RIGHTS
          OF
          CERTIFICATEHOLDERS

         

        Section
          8.01. Limitation
          on Rights of Holders. 

         

        (a) The
          death
          or incapacity of any Certificateholder shall not operate to terminate this
          Agreement or this Trust Fund, nor entitle such Certificateholder’s legal
          representatives or heirs to claim an accounting or take any action or proceeding
          in any court for a partition or winding up of this Trust Fund, nor otherwise
          affect the rights, obligations and liabilities of the parties hereto or
          any of
          them. Except as otherwise expressly provided herein, no Certificateholder,
          solely by virtue of its status as a Certificateholder, shall have any right
          to
          vote or in any manner otherwise control the Master Servicer or the operation
          and
          management of the Trust Fund, or the obligations of the parties hereto,
          nor
          shall anything herein set forth, or contained in the terms of the Certificates,
          be construed so as to constitute the Certificateholders from time to time
          as
          partners or members of an association, nor shall any Certificateholder
          be under
          any liability to any third person by reason of any action taken by the
          parties
          to this Agreement pursuant to any provision hereof.

         

        (b) No
          Certificateholder, solely by virtue of its status as Certificateholder,
          shall
          have any right by virtue or by availing of any provision of this Agreement
          to
          institute any suit, action or proceeding in equity or at law upon or under
          or
          with respect to this Agreement, unless such Holder previously shall have
          given
          to the Trustee a written notice of an Event of Default and of the continuance
          thereof, as hereinbefore provided, and unless also the Holders of Certificates
          evidencing not less than 25% of the Class Principal Amount (or Percentage
          Interest) of Certificates of each Class affected thereby shall, with the
          prior
          written consent of any NIMS Insurer, have made written request upon the
          Trustee
          to institute such action, suit or proceeding in its own name as Trustee
          hereunder and shall have offered to the Trustee such reasonable indemnity
          as it
          may require against the cost, expenses and liabilities to be incurred therein
          or
          thereby, and the Trustee, for sixty days after its receipt of such notice,
          request and offer of indemnity, shall have neglected or refused to institute
          any
          such action, suit or proceeding and no direction inconsistent with such
          written
          request has been given the Trustee during such sixty-day period by such
          Certificateholders or any NIMS Insurer; it being understood and intended,
          and
          being expressly covenanted by each Certificateholder with every other
          Certificateholder, any NIMS Insurer, the Securities Administrator and the
          Trustee, that no one or more Holders of Certificates shall have any right
          in any
          manner whatever by virtue or by availing of any provision of this Agreement
          to
          affect, disturb or prejudice the rights of the Holders of any other of
          such
          Certificates or the rights of any NIMS Insurer, or to obtain or seek to
          obtain
          priority over or preference to any other such Holder or any NIMS Insurer,
          or to
          enforce any right under this Agreement, except in the manner herein provided
          and
          for the benefit of all Certificateholders. For the protection and enforcement
          of
          the provisions of this Section, each and every Certificateholder, the NIMS
          Insurer and the Trustee shall be entitled to such relief as can be given
          either
          at law or in equity.

         

        
          
            
            

          

          
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        Section
          8.02. Access
          to List of Holders. 

         

        (a) If
          the
          Trustee or the Securities Administrator is not acting as Certificate Registrar,
          the Certificate Registrar will furnish or cause to be furnished to the
          Trustee,
          the Securities Administrator and any NIMS Insurer, within fifteen days
          after
          receipt by the Certificate Registrar of a request by the Trustee or any
          NIMS
          Insurer in writing, a list, in such form as the Trustee may reasonably
          require,
          of the names and addresses of the Certificateholders of each Class as of
          the
          most recent Record Date.

         

        (b) If
          any
          NIMS Insurer or three or more Holders or Certificate Owners (hereinafter
          referred to as “Applicants”) apply in writing to the Securities Administrator,
          and such application states that the Applicants desire to communicate with
          other
          Holders with respect to their rights under this Agreement or under the
          Certificates and is accompanied by a copy of the communication which such
          Applicants propose to transmit, then the Securities Administrator shall,
          within
          five Business Days after the receipt of such application, afford such Applicants
          reasonable access during the normal business hours of the Securities
          Administrator to the most recent list of Certificateholders held by the
          Securities Administrator or shall, as an alternative, send, at the Applicants’
expense, the written communication proffered by the Applicants to all
          Certificateholders at their addresses as they appear in the Certificate
          Register.

         

        (c) Every
          Holder or Certificate Owner, if the Holder is a Clearing Agency, by receiving
          and holding a Certificate, agrees with the Depositor, the Master Servicer,
          the
          Securities Administrator, any NIMS Insurer, the Certificate Registrar and
          the
          Trustee that neither the Depositor, the Master Servicer, the Securities
          Administrator, any NIMS Insurer, the Certificate Registrar nor the Trustee
          shall
          be held accountable by reason of the disclosure of any such information
          as to
          the names and addresses of the Certificateholders hereunder, regardless
          of the
          source from which such information was derived.

         

        Section
          8.03. Acts
          of Holders of Certificates. 

         

        (a) Any
          request, demand, authorization, direction, notice, consent, waiver or other
          action provided by this Agreement to be given or taken by Holders or Certificate
          Owner, if the Holder is a Clearing Agency, may be embodied in and evidenced
          by
          one or more instruments of substantially similar tenor signed by such Holders
          in
          person or by agent duly appointed in writing; and, except as herein otherwise
          expressly provided, such action shall become effective when such instrument
          or
          instruments are delivered to the Trustee and the Securities Administrator
          and,
          where expressly required herein, to the Master Servicer. Such instrument
          or
          instruments (as the action embodies therein and evidenced thereby) are
          herein
          sometimes referred to as an “Act” of the Holders signing such instrument or
          instruments. Proof of execution of any such instrument or of a writing
          appointing any such agents shall be sufficient for any purpose of this
          Agreement
          and conclusive in favor of the Trustee, the Securities Administrator and
          the
          Master Servicer, if made in the manner provided in this Section. Each of
          the
          Trustee, the Securities Administrator and the Master Servicer shall promptly
          notify the others of receipt of any such instrument by it, and shall promptly
          forward a copy of such instrument to the others.

         

        
          
            
            

          

          
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        (b) The
          fact
          and date of the execution by any Person of any such instrument or writing
          may be
          proved by the affidavit of a witness of such execution or by the certificate
          of
          any notary public or other officer authorized by law to take acknowledgments
          or
          deeds, certifying that the individual signing such instrument or writing
          acknowledged to him the execution thereof. Whenever such execution is by
          an
          officer of a corporation or a member of a partnership on behalf of such
          corporation or partnership, such certificate or affidavit shall also constitute
          sufficient proof of his authority. The fact and date of the execution of
          any
          such instrument or writing, or the authority of the individual executing
          the
          same, may also be proved in any other manner which the Trustee or the Securities
          Administrator, as applicable, deems sufficient.

         

        (c) The
          ownership of Certificates or Lower Tier REMIC 1 Uncertificated Regular
          Interests
          (whether or not such Certificates or Lower Tier REMIC 1 Uncertificated
          Regular
          Interests shall be overdue and notwithstanding any notation of ownership
          or
          other writing thereon made by anyone other than the Trustee) shall be proved
          by
          the Certificate Register, and none of the Trustee, the Master Servicer,
          the
          Securities Administrator, the NIMS Insurer, or the Depositor shall be affected
          by any notice to the contrary.

         

        (d) Any
          request, demand, authorization, direction, notice, consent, waiver or other
          action by the Holder of any Certificate or Lower Tier REMIC 1 Uncertificated
          Regular Interest shall bind every future Holder of the same Certificate
          or Lower
          Tier REMIC 1 Uncertificated Regular Interest and the Holder of every Certificate
          or Lower Tier REMIC 1 Uncertificated Regular Interest issued upon the
          registration of transfer thereof or in exchange therefor or in lieu thereof,
          in
          respect of anything done, omitted or suffered to be done by the Trustee,
          the
          Securities Administrator or the Master Servicer in reliance thereon, whether
          or
          not notation of such action is made upon such Certificate or Lower Tier
          REMIC 1
          Uncertificated Regular Interest.

         

        ARTICLE
          IX

         

        ADMINISTRATION
          AND SERVICING OF MORTGAGE LOANS; CREDIT RISK MANAGER

         

        Section
          9.01. Duties
          of the Master Servicer. 

         

        The
          Certificateholders, by their purchase and acceptance of the Certificates
          or
          Lower Tier REMIC 1 Uncertificated Regular Interests, appoint Wells Fargo
          Bank,
          N.A., as Master Servicer. For and on behalf of the Depositor, the Trustee
          and
          the Certificateholders, the Master Servicer shall master service the Mortgage
          Loans in accordance with the provisions of this Agreement and the provisions
          of
          each Servicing Agreement. Notwithstanding anything in this Agreement, any
          Servicing Agreement or any Credit Risk Management Agreement to the contrary,
          the
          Master Servicer shall have no duty or obligation to enforce any Credit
          Risk
          Management Agreement or to supervise, monitor or oversee the activities
          of any
          Servicer under its Credit Risk Management Agreement with respect to any
          action
          taken or not taken by a Servicer at the direction of the Seller or pursuant
          to a
          recommendation of the Credit Risk Manager.

         

        
          
            
            

          

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

         

        (a) The
          Master Servicer, at its expense, shall maintain in effect a Master Servicer
          Fidelity Bond and a Master Servicer Errors and Omissions Insurance Policy,
          affording coverage with respect to all directors, officers, employees and
          other
          Persons acting on such Master Servicer’s behalf, and covering errors and
          omissions in the performance of the Master Servicer’s obligations hereunder. The
          Master Servicer Errors and Omissions Insurance Policy and the Master Servicer
          Fidelity Bond shall be in such form and amount that would be consistent
          with
          coverage customarily maintained by master servicers of mortgage loans similar
          to
          the Mortgage Loans and the Master Servicer shall provide the Trustee and
          any
          NIMS Insurer upon request, with a copy of such policy and fidelity bond.
          The
          Master Servicer shall (i) require each Servicer to maintain an Errors and
          Omissions Insurance Policy and a Servicer Fidelity Bond in accordance with
          the
          provisions of the applicable Servicing Agreement, (ii) cause each Servicer
          to
          provide to the Master Servicer certificates evidencing that such policy
          and bond
          is in effect and to furnish to the Master Servicer any notice of cancellation,
          non-renewal or modification of the policy or bond received by it, as and
          to the
          extent provided in the applicable Servicing Agreement, and (iii) furnish
          copies
          of such policies and of the certificates and notices referred to in clause
          (ii)
          to the Trustee upon request.

         

        (b) The
          Master Servicer shall promptly report to the Trustee and any NIMS Insurer
          any
          material changes that may occur in the Master Servicer Fidelity Bond or
          the
          Master Servicer Errors and Omissions Insurance Policy and shall furnish
          to the
          Trustee and any NIMS Insurer, on request, certificates evidencing that
          such bond
          and insurance policy are in full force and effect. The Master Servicer
          shall
          promptly report to the Trustee and any NIMS Insurer all cases of embezzlement
          or
          fraud, if such events involve funds relating to the Mortgage Loans. The
          total
          losses, regardless of whether claims are filed with the applicable insurer
          or
          surety, shall be disclosed in such reports together with the amount of
          such
          losses covered by insurance. If a bond or insurance claim report is filed
          with
          any of such bonding companies or insurers, the Master Servicer shall promptly
          furnish a copy of such report to the Trustee and any NIMS Insurer. Any
          amounts
          relating to the Mortgage Loans collected by the Master Servicer under any
          such
          bond or policy shall be promptly deposited into the Certificate Account.
          Any
          amounts relating to the Mortgage Loans collected by the applicable Servicer
          under any such bond or policy shall be remitted to the Master Servicer
          to the
          extent provided in the applicable Servicing Agreement.

         

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

         

        For
          each
          year this Agreement is in effect, the Master Servicer shall submit to the
          Trustee, any NIMS Insurer, each Rating Agency and the Depositor a copy
          of its
          annual unaudited financial statements on or prior to March 15 of each year,
          beginning March 15, 2007. Such financial statements shall include a balance
          sheet, income statement, statement of retained earnings, statement of additional
          paid-in capital, statement of changes in financial position and all related
          notes and schedules and shall be in comparative form, certified by a nationally
          recognized firm of Independent Accountants to the effect that such statements
          were examined and prepared in accordance with generally accepted accounting
          principles applied on a basis consistent with that of the preceding
          year.

         

        
          
            
            

          

          
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        Section
          9.04. Power
          to Act; Procedures. 

         

        (a) The
          Master Servicer shall master service the Mortgage Loans and shall have
          full
          power and authority, subject to the REMIC Provisions and the provisions
          of
          Article X hereof, and each Servicer shall have full power and authority
          (to the
          extent provided in the applicable Servicing Agreement) to do any and all
          things
          that it may deem necessary or desirable in connection with the servicing
          and
          administration of the Mortgage Loans, including but not limited to the
          power and
          authority (i) to execute and deliver, on behalf of the Certificateholders
          and
          the Trustee, customary consents or waivers and other instruments and documents,
          (ii) to consent to transfers of any Mortgaged Property and assumptions
          of the
          Mortgage Notes and related Mortgages, (iii) to collect any Insurance Proceeds
          and Liquidation Proceeds, and (iv) to effectuate foreclosure or other conversion
          of the ownership of the Mortgaged Property securing any Mortgage Loan,
          in each
          case, in accordance with the provisions of this Agreement and the applicable
          Servicing Agreement, as applicable; provided that the Master Servicer shall
          not
          take, or knowingly permit any Servicer to take, any action that is inconsistent
          with or prejudices the interests of the Trust Fund or the Certificateholders
          in
          any Mortgage Loan or the rights and interests of the Depositor, the Trustee,
          the
          Certificateholders under this Agreement. The Master Servicer shall represent
          and
          protect the interests of the Trust Fund in the same manner as it protects
          its
          own interests in mortgage loans in its own portfolio in any claim, proceeding
          or
          litigation regarding a Mortgage Loan and shall not make or knowingly permit
          any
          Servicer to make any modification, waiver or amendment of any term of any
          Mortgage Loan that would cause an Adverse REMIC Event. Without limiting
          the
          generality of the foregoing, the Master Servicer in its own name or in
          the name
          of a Servicer, and each Servicer, to the extent such authority is delegated
          to
          such Servicer under the applicable Servicing Agreement, is hereby authorized
          and
          empowered by the Trustee when the Master Servicer or such Servicer, as
          the case
          may be, believes it appropriate in its best judgment and in accordance
          with
          Accepted Servicing Practices and the applicable Servicing Agreement, to
          execute
          and deliver, on behalf of itself and the Certificateholders, the Trustee
          or any
          of them, any and all instruments of satisfaction or cancellation, or of
          partial
          or full release or discharge and all other comparable instruments, with
          respect
          to the Mortgage Loans and with respect to the Mortgaged Properties. The
          Trustee
          shall furnish to the Master Servicer, upon request, with any powers of
          attorney
          empowering the Master Servicer or any Servicer to execute and deliver
          instruments of satisfaction or cancellation, or of partial or full release
          or
          discharge, and to foreclose upon or otherwise liquidate Mortgaged Property,
          and
          to appeal, prosecute or defend in any court action relating to the Mortgage
          Loans or the Mortgaged Property, in accordance with the applicable Servicing
          Agreement and this Agreement, and the Trustee shall execute and deliver
          such
          other documents, as the Master Servicer may request, necessary or appropriate
          to
          enable the Master Servicer to master service the Mortgage Loans and carry
          out
          its duties hereunder and to allow each Servicer to service the Mortgage
          Loans,
          in each case in accordance with Accepted Servicing Practices (and the Trustee
          shall have no liability for misuse of any such powers of attorney by the
          Master
          Servicer or any Servicer). If the Master Servicer or the Trustee has been
          advised that it is likely that the laws of the state in which action is
          to be
          taken prohibit such action if taken in the name of the Trustee or that
          the
          Trustee would be adversely affected under the “doing business” or tax laws of
          such state if such action is taken in its name, then upon request of the
          Trustee
          the Master Servicer shall join with the Trustee in the appointment of a
          co-trustee pursuant to Section 6.09 hereof. In no event shall the Master
          Servicer, without the Trustee’s written consent: (i) initiate any action, suit
          or proceeding solely under the Trustee’s name without indicating the Master
          Servicer in its applicable, representative capacity, so long as the
          jurisdictional and procedural rules will allow for this insertion to occur,
          (ii)
          initiate any action, suit or proceeding not directly relating to the servicing
          of a Mortgage Loan (including but not limited to actions, suits or proceedings
          against Certificateholders, or against the Depositor or the Transferor
          for
          breaches of representations and warranties) solely under the Trustee’s name,
          (iii) engage counsel to represent the Trustee in any action, suit or proceeding
          not directly relating to the servicing of a Mortgage Loan (including but
          not
          limited to actions, suits or proceedings against Certificateholders, or
          against
          the Depositor or the Transferor for breaches of representations and warranties),
          or (iv) prepare, execute or deliver any government filings, forms, permits,
          registrations or other documents or take any action with the intent to
          cause,
          and that actually causes, the Trustee to be registered to do business in
          any
          state. The Master Servicer shall indemnify the Trustee for any and all
          costs,
          liabilities and expenses incurred by the Trustee in connection with the
          negligent or willful misuse of such powers of attorney by the Master Servicer.
          In the performance of its duties hereunder, the Master Servicer shall be
          an
          independent contractor and shall not, except in those instances where it
          is
          taking action in the name of the Trustee on behalf of the Trust Fund, be
          deemed
          to be the agent of the Trustee.

         

        
          
            
            

          

          
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        (b) In
          master
          servicing and administering the Mortgage Loans, the Master Servicer shall
          employ
          procedures and exercise the same care that it customarily employs and exercises
          in master servicing and administering loans for its own account, giving
          due
          consideration to Accepted Servicing Practices where such practices do not
          conflict with this Agreement. Consistent with the foregoing, the Master
          Servicer
          may, and may permit any Servicer to, in its discretion (i) waive any late
          payment charge (but not any Prepayment Premium, except as set forth below)
          and
          (ii) extend the due dates for payments due on a Mortgage Note for a period
          not
          greater than 120 days; provided,
          however,
          that the
          maturity of any Mortgage Loan shall not be extended past the date on which
          the
          final payment is due on the latest maturing Mortgage Loan as of the Cut-off
          Date. In the event of any extension described in clause (ii) above, the
          Master
          Servicer shall make or cause such Servicer (if required by the applicable
          Servicing Agreement) to make Advances on the related Mortgage Loan in accordance
          with the provisions of Section 5.04 on the basis of the amortization schedule
          of
          such Mortgage Loan without modification thereof by reason of such extension.
          Notwithstanding anything to the contrary in this Agreement, the Master
          Servicer
          shall not make or knowingly permit any modification, waiver or amendment
          of any
          material term of any Mortgage Loan, unless: (1) such Mortgage Loan is in
          default
          or default by the related Mortgagor is, in the reasonable judgment of the
          Master
          Servicer or the related Servicer, reasonably foreseeable, (2) in the case
          of a
          waiver of a Prepayment Premium, (a) such Mortgage Loan is in default or
          default
          by the related Mortgagor is, in the reasonable judgment of the Master Servicer
          or the related Servicer, reasonably foreseeable and such waiver would maximize
          recovery of total proceeds taking into account the value of such Prepayment
          Premium and the related Mortgage Loan or (b) if the prepayment is not the
          result
          of a refinance by the Servicer or any of its affiliates and (i) such Mortgage
          Loan is in default or default by the related Mortgagor is, in the reasonable
          judgment of the Master Servicer or the related Servicer, reasonably foreseeable
          and such waiver would maximize recovery of total proceeds taking into account
          the value of such Prepayment Premium and the related Mortgage Loan or (ii)
          the
          collection of the Prepayment Premium would be in violation of applicable
          law or
          (iii) the collection of such Prepayment Premium would be considered “predatory”
pursuant to written guidance published or issued by any applicable federal,
          state or local regulatory authority acting in its official capacity and
          having
          jurisdiction over such matters and (3) the Master Servicer shall have provided
          or caused to be provided to the Trustee an Opinion of Counsel addressed
          to the
          Trustee (which opinion shall, if provided by the Master Servicer, be an
          expense
          reimbursed from the Certificate Account pursuant to Section 4.02(v)) to
          the
          effect that such modification, waiver or amendment would not result in
          an
          Adverse REMIC Event; provided, in no event shall an Opinion of Counsel
          be
          required for the waiver of a Prepayment Premium under clause (2)
          above.

         

        
          
            
            

          

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

         

        (a) Each
          Servicing Agreement requires the applicable Servicer, respectively, to
          service
          the Mortgage Loans in accordance with the provisions thereof. References
          in this
          Agreement to actions taken or to be taken by the Master Servicer include
          actions
          taken or to be taken by a Servicer on behalf of the Master Servicer. Any
          fees
          and other amounts payable to a Servicer shall be deducted from amounts
          remitted
          to the Master Servicer by such Servicer (to the extent permitted by the
          applicable Servicing Agreement) and shall not be an obligation of the Trust
          Fund, the Trustee or the Master Servicer.

         

        (b) The
          Master Servicer shall not be required to (i) take any action with respect
          to the
          servicing of any Mortgage Loan that the related Servicer is not required
          to take
          under the related Servicing Agreement and (ii) cause a Servicer to take
          any
          action or refrain from taking any action if the related Servicing Agreement
          does
          not require such Servicer to take such action or refrain from taking such
          action; in both cases notwithstanding any provision of this Agreement that
          requires the Master Servicer to take such action or cause such Servicer
          to take
          such action.

         

        (c) The
          Master Servicer, for the benefit of the Trustee, any NIMS Insurer and the
          Certificateholders, shall enforce the obligations of each Servicer under
          the
          related Servicing Agreement, and shall, in the event that a Servicer fails
          to
          perform its obligations in accordance therewith, terminate the rights and
          obligations of such Servicer thereunder and either act as servicer of the
          related Mortgage Loans or cause the other parties hereto to enter into
          a
          Servicing Agreement (and such parties hereby agree to execute and deliver
          any
          such successor Servicing Agreement), with a successor Servicer. Such
          enforcement, including, without limitation, the legal prosecution of claims,
          termination of Servicing Agreements and the pursuit of other appropriate
          remedies, shall be in such form and carried out to such an extent and at
          such
          time as the Master Servicer, in its good faith business judgment, would
          require
          were it the owner of the related Mortgage Loans. The Master Servicer shall
          pay
          the costs of such enforcement at its own expense, and shall be reimbursed
          therefor initially (i) from a general recovery resulting from such enforcement
          only to the extent, if any, that such recovery exceeds all amounts due
          in
          respect of the related Mortgage Loans, (ii) from a specific recovery of
          costs,
          expenses or attorneys’ fees against the party against whom such enforcement is
          directed, and then, (iii) to the extent that such amounts are insufficient
          to
          reimburse the Master Servicer for the costs of such enforcement, from the
          Certificate Account.

         

        (d) The
          Master Servicer shall be entitled to conclusively rely on any certifications,
          reports or other information provided by the Servicers under the terms
          of the
          applicable Servicing Agreement, in its preparation of any certifications,
          filings or reports, in accordance with the terms hereof or as may be required
          by
          applicable law or regulation.

         

        
          
            
            

          

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

         

        (a) To
          the
          extent provided in the applicable Servicing Agreement, the Master Servicer
          shall
          cause each Servicer to establish and maintain one or more custodial accounts
          at
          a depository institution (which may be a depository institution with which
          the
          Master Servicer or any Servicer establishes accounts in the ordinary course
          of
          its servicing activities), the accounts of which are insured to the maximum
          extent permitted by the FDIC (each, an “Escrow Account”) and to deposit therein
          any collections of amounts received with respect to amounts due for taxes,
          assessments, water rates, standard hazard insurance policy premiums, Payaheads,
          if applicable, or any comparable items for the account of the Mortgagors.
          Withdrawals from any Escrow Account may be made (to the extent amounts
          have been
          escrowed for such purpose) only in accordance with the applicable Servicing
          Agreement. Each Servicer shall be entitled to all investment income not
          required
          to be paid to Mortgagors on any Escrow Account maintained by such Servicer.
          The
          Master Servicer shall make (or cause to be made) to the extent provided
          in the
          applicable Servicing Agreement advances to the extent necessary in order
          to
          effect timely payment of taxes, water rates, assessments, standard hazard
          insurance policy premiums or comparable items in connection with the related
          Mortgage Loan (to the extent that the Mortgagor is required, but fails,
          to pay
          such items), provided that it or the applicable Servicer has determined
          that the
          funds so advanced are recoverable from escrow payments, reimbursement pursuant
          to Section 4.02 or otherwise.

         

        (b) Costs
          incurred by the Master Servicer or by any Servicer in effecting the timely
          payment of taxes and assessments on the properties subject to the Mortgage
          Loans
          may be added to the amount owing under the related Mortgage Note where
          the terms
          of the Mortgage Note so permit; provided,
          however,
          that the
          addition of any such cost shall not be taken into account for purposes
          of
          calculating the distributions to be made to Certificateholders. Such costs,
          to
          the extent that they are unanticipated, extraordinary costs, and not ordinary
          or
          routine costs shall be recoverable as a Servicing Advance by the Master
          Servicer
          pursuant to Section 4.02.

         

        Section
          9.07. Termination
          of Servicing Agreements; Successor Servicers. 

         

        (a) The
          Master Servicer shall be entitled to terminate the rights and obligations
          of any
          Servicer under the applicable Servicing Agreement in accordance with the
          terms
          and conditions of such Servicing Agreement and without any limitation by
          virtue
          of this Agreement; provided,
          however,
          that in
          the event of termination of any Servicing Agreement by the Master Servicer,
          the
          Master Servicer shall provide for the servicing of the Mortgage Loans by
          a
          successor Servicer to be appointed as provided in the applicable Servicing
          Agreement.

         

        The
          parties acknowledge that notwithstanding the preceding sentence, there
          may be a
          transition period, not to exceed 90 days, in order to effect the transfer
          of
          servicing to a successor Servicer. The Master Servicer shall be entitled
          to be
          reimbursed from each Servicer (or by the Trust Fund, if the Servicer is
          unable
          to fulfill its obligations hereunder) for all costs associated with the
          transfer
          of servicing from the predecessor servicer, including without limitation,
          any
          costs or expenses associated with the complete transfer of all servicing
          data
          and the completion, correction or manipulation of such servicing data,
          as may be
          required by the Master Servicer to correct any errors or insufficiencies
          in the
          servicing data or otherwise to enable the Master Servicer to service the
          Mortgage Loans properly and effectively.

         

        
          
            
            

          

          
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        (b) If
          the
          Master Servicer acts as a successor Servicer, it will not assume liability
          for
          the representations and warranties of a Servicer, if any, that it replaces.
          The
          Master Servicer shall use reasonable efforts to have the successor Servicer
          assume liability for the representations and warranties made by the terminated
          Servicer in the related Servicing Agreement, and in the event of any such
          assumption by the successor Servicer, the Trustee or the Master Servicer,
          as
          applicable, may, in the exercise of its business judgment, release the
          terminated Servicer from liability for such representations and
          warranties.

         

        (c) If
          the
          Master Servicer acts as a successor Servicer, it will have the same obligations
          to make Advances as the Servicer under the related Servicing Agreement
          and to
          reimburse the successor Servicer for unreimbursed Advances if required
          by the
          Servicing Agreement but will have no obligation to make an Advance if it
          determines in its reasonable judgment that such Advance is non-recoverable.
          To
          the extent that the Master Servicer is unable to find a successor Servicer
          that
          is willing to service the Mortgage Loans for the Servicing Fee because
          of the
          obligation of the Servicer to make Advances regardless of whether such
          Advance
          is recoverable, the applicable Servicing Agreement may be amended to provide
          that the successor Servicer shall have no obligation to make an Advance
          if it
          determines in its reasonable judgment that such Advance is non-recoverable
          and
          provides an Officer’s Certificate to such effect to the Master Servicer, the
          Trustee and the NIMS Insurer.

         

        Section
          9.08. Master
          Servicer Liable for Enforcement. 

         

        Notwithstanding
          any Servicing Agreement, the Master Servicer shall remain obligated and
          liable
          to the Trustee, any NIMS Insurer and the Certificateholders in accordance
          with
          the provisions of this Agreement, to the extent of its obligations hereunder,
          without diminution of such obligation or liability by virtue of such Servicing
          Agreements. The Master Servicer shall use commercially reasonable efforts
          to
          ensure that the Mortgage Loans are serviced in accordance with the provisions
          of
          this Agreement and shall use commercially reasonable efforts to enforce
          the
          provisions of each Servicing Agreement for the benefit of the Certificateholders
          and any NIMS Insurer. The Master Servicer shall be entitled to enter into
          any
          agreement with any Servicer for indemnification of the Master Servicer
          and
          nothing contained in this Agreement shall be deemed to limit or modify
          such
          indemnification. Except as expressly set forth herein, the Master Servicer
          shall
          have no liability for the acts or omissions of any Servicer in the performance
          by such Servicer of its obligations under the related Servicing
          Agreement.

         

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

         

        Any
          Servicing Agreement that may be entered into and any other transactions
          or
          services relating to the Mortgage Loans involving any Servicer in its capacity
          as such and not as an originator shall be deemed to be between such Servicer,
          the Seller and the Master Servicer, and the Trustee, any NIMS Insurer and
          the
          Depositor shall not be deemed parties thereto and shall have no obligations,
          duties or liabilities with respect to such Servicer except as set forth
          in
          Section 9.10 hereof, but shall have rights thereunder as third party
          beneficiaries. It is furthermore understood and agreed by the parties hereto
          that the obligations of any Servicer are set forth in their entirety in
          such
          Servicer’s related Servicing Agreement and such Servicer has no obligations
          under and is not otherwise bound by the terms of this Agreement.

         

        
          
            
            

          

          
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        Section
          9.10. Assumption
          of Servicing Agreement by Securities Administrator. 

         

        (a) In
          the
          event the Master Servicer shall for any reason no longer be the Master
          Servicer
          (including by reason of any Event of Default under this Agreement), the
          Trustee
          (or its designee) shall thereupon assume all of the rights and obligations
          of
          such Master Servicer hereunder and under each Servicing Agreement entered
          into
          with respect to the Mortgage Loans. The Trustee, its designee or any successor
          master servicer appointed by the Trustee shall be deemed to have assumed
          all of
          the Master Servicer’s interest herein and therein to the same extent as if such
          Servicing Agreement had been assigned to the assuming party, except that
          the
          Master Servicer shall not thereby be relieved of any liability or obligations
          of
          the Master Servicer under such Servicing Agreement accruing prior to its
          replacement as Master Servicer, and shall be liable to the Trustee and
          any NIMS
          Insurer, and hereby agrees to indemnify and hold harmless the Trustee and
          any
          NIMS Insurer from and against all costs, damages, expenses and liabilities
          (including reasonable attorneys’ fees) incurred by the Trustee or any NIMS
          Insurer as a result of such liability or obligations of the Master Servicer
          and
          in connection with the Trustee’s assumption (but not its performance, except to
          the extent that costs or liability of the Trustee are created or increased
          as a
          result of negligent or wrongful acts or omissions of the Master Servicer
          prior
          to its replacement as Master Servicer) of the Master Servicer’s obligations,
          duties or responsibilities thereunder.

         

        (b) The
          Master Servicer that has been terminated shall, upon request of the Trustee
          but
          at the expense of such Master Servicer, deliver to the assuming party all
          documents and records relating to each Servicing Agreement and the related
          Mortgage Loans and an accounting of amounts collected and held by it and
          otherwise use its best efforts to effect the orderly and efficient transfer
          of
          each Servicing Agreement to the assuming party.

         

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

         

        To
          the
          extent provided in the applicable Servicing Agreement, to the extent Mortgage
          Loans contain enforceable due-on-sale clauses, the Master Servicer shall
          cause
          the related Servicer to enforce such clauses in accordance with the applicable
          Servicing Agreement. If applicable law prohibits the enforcement of a
          due-on-sale clause or such clause is otherwise not enforced in accordance
          with
          the applicable Servicing Agreement, and, as a consequence, a Mortgage Loan
          is
          assumed, the original Mortgagor may be released from liability in accordance
          with the applicable Servicing Agreement.

         

        Section
          9.12. Release
          of Mortgage Files. 

         

        (a) Upon
          (i)
          becoming aware of the payment in full of any Mortgage Loan or (ii) the
          receipt
          by the Master Servicer of a notification that payment in full has been
          or will
          be escrowed in a manner customary for such purposes, the Master Servicer
          will,
          or will cause the related Servicer to, promptly notify the Trustee (or
          the
          Custodian) and the Securities Administrator by a certification (which
          certification shall include a statement to the effect that all amounts
          received
          in connection with such payment that are required to be deposited in the
          Certificate Account have been or will be so deposited) of a Servicing Officer
          and shall request (on the form attached hereto as Exhibit C or on the form
          attached to the related Custodial Agreement) the Trustee or the Custodian,
          to
          deliver to the applicable Servicer the related Mortgage File. Upon receipt
          of
          such certification and request, the Trustee or the Custodian (with the
          consent,
          and at the direction of the Trustee), shall promptly release the related
          Mortgage File to the applicable Servicer and the Trustee shall have no
          further
          responsibility with regard to such Mortgage File. Upon any such payment
          in full,
          the Master Servicer is authorized, and each Servicer, to the extent such
          authority is provided for under the applicable Servicing Agreement, is
          authorized, to give, as agent for the Trustee, as the mortgagee under the
          Mortgage that secured the Mortgage Loan, an instrument of satisfaction
          (or
          assignment of mortgage without recourse) regarding the Mortgaged Property
          subject to the Mortgage, which instrument of satisfaction or assignment,
          as the
          case may be, shall be delivered to the Person or Persons entitled thereto
          against receipt therefor of such payment, it being understood and agreed
          that no
          expenses incurred in connection with such instrument of satisfaction or
          assignment, as the case may be, shall be chargeable to the Certificate
          Account.

         

        
          
            
            

          

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

         

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

         

        (a) The
          Master Servicer shall transmit, or cause the applicable Servicer to transmit,
          to
          the Trustee such documents and instruments coming into the possession of
          the
          Master Servicer or such Servicer from time to time as are required by the
          terms
          hereof or of the applicable Servicing Agreement to be delivered to the
          Trustee
          or the Custodian. Any funds received by the Master Servicer or by a Servicer
          in
          respect of any Mortgage Loan or which otherwise are collected by the Master
          Servicer or a Servicer as Liquidation Proceeds or Insurance Proceeds in
          respect
          of any Mortgage Loan shall be held for the benefit of the Trustee and the
          Certificateholders subject to the Master Servicer’s right to retain or withdraw
          from the Certificate Account the Master Servicing Fee and other amounts
          provided
          in this Agreement and to the right of each Servicer to retain its Servicing
          Fee
          and other amounts as provided in the related Servicing Agreement. The Master
          Servicer shall, and shall (to the extent provided in the applicable Servicing
          Agreement) cause each Servicer to, provide access to information and
          documentation regarding the Mortgage Loans to the Trustee, any NIMS Insurer,
          their respective agents and accountants at any time upon reasonable request
          and
          during normal business hours, and to Certificateholders that are savings
          and
          loan associations, banks or insurance companies, the Office of Thrift
          Supervision, the FDIC and the supervisory agents and examiners of such
          Office
          and Corporation or examiners of any other federal or state banking or insurance
          regulatory authority if so required by applicable regulations of the Office
          of
          Thrift Supervision or other regulatory authority, such access to be afforded
          without charge but only upon reasonable request in writing and during normal
          business hours at the offices of the Master Servicer designated by it.
          In
          fulfilling such a request the Master Servicer shall not be responsible
          for
          determining the sufficiency of such information.

         

        
          
            
            

          

          
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        (b) All
          Mortgage Files and funds collected or held by, or under the control of,
          the
          Master Servicer, or any Servicer, in respect of any Mortgage Loans, whether
          from
          the collection of principal and interest payments or from Liquidation Proceeds
          or Insurance Proceeds, shall be held by the Master Servicer, or by any
          Servicer,
          for and on behalf of the Trustee and the Certificateholders and shall be
          and
          remain the sole and exclusive property of the Trustee; provided,
          however,
          that the
          Master Servicer and each Servicer shall be entitled to setoff against,
          and
          deduct from, any such funds any amounts that are properly due and payable
          to the
          Master Servicer or such Servicer under this Agreement or the applicable
          Servicing Agreement and shall be authorized to remit such funds to the
          Securities Administrator in accordance with this Agreement.

         

        (c) The
          Master Servicer hereby acknowledges that concurrently with the execution
          of this
          Agreement, the Trustee shall own or, to the extent that a court of competent
          jurisdiction shall deem the conveyance of the Mortgage Loans from the Seller
          to
          the Depositor not to constitute a sale, the Trustee shall have a security
          interest in the Mortgage Loans and in all Mortgage Files representing such
          Mortgage Loans and in all funds and investment property now or hereafter
          held
          by, or under the control of, a Servicer or the Master Servicer that are
          collected by any Servicer or the Master Servicer in connection with the
          Mortgage
          Loans, whether as scheduled installments of principal and interest or as
          full or
          partial prepayments of principal or interest or as Liquidation Proceeds
          or
          Insurance Proceeds or otherwise, and in all proceeds of the foregoing and
          proceeds of proceeds (but excluding any fee or other amounts to which a
          Servicer
          is entitled under the applicable Servicing Agreement, or the Master Servicer
          or
          the Depositor is entitled to hereunder); and the Master Servicer agrees
          that so
          long as the Mortgage Loans are assigned to and held by the Trustee or the
          Custodian, all documents or instruments constituting part of the Mortgage
          Files,
          and such funds relating to the Mortgage Loans which come into the possession
          or
          custody of, or which are subject to the control of, the Master Servicer
          or any
          Servicer shall be held by the Master Servicer or such Servicer for and
          on behalf
          of the Trustee as the Trustee’s agent and bailee for purposes of perfecting the
          Trustee’s security interest therein as provided by the applicable Uniform
          Commercial Code or other applicable laws.

         

        (d) The
          Master Servicer agrees that it shall not, and shall not authorize any Servicer
          to, create, incur or subject any Mortgage Loans, or any funds that are
          deposited
          in any Custodial Account, Escrow Account or the Certificate Account, or
          any
          funds that otherwise are or may become due or payable to the Trustee, to
          any
          claim, lien, security interest, judgment, levy, writ of attachment or other
          encumbrance, nor assert by legal action or otherwise any claim or right
          of
          setoff against any Mortgage Loan or any funds collected on, or in connection
          with, a Mortgage Loan.

         

        
          
            
            

          

          
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        Section
          9.14. Representations
          and Warranties of the Master Servicer. 

         

        (a) The
          Master Servicer hereby represents and warrants to the Depositor, any NIMS
          Insurer, the Securities Administrator and the Trustee, for the benefit
          of the
          Certificateholders, as of the Closing Date that:

         

        (i) it
          is
          validly existing and in good standing under the laws of the state of its
          incorporation, and as Master Servicer has full power and authority to transact
          any and all business contemplated by this Agreement and to execute, deliver
          and
          comply with its obligations under the terms of this Agreement, the execution,
          delivery and performance of which have been duly authorized by all necessary
          corporate action on the part of the Master Servicer;

         

        (ii) the
          execution and delivery of this Agreement by the Master Servicer and its
          performance and compliance with the terms of this Agreement will not (A)
          violate
          the Master Servicer’s charter or bylaws, (B) violate any law or regulation or
          any administrative decree or order to which it is subject or (C) constitute
          a
          default (or an event which, with notice or lapse of time, or both, would
          constitute a default) under, or result in the breach of, any material contract,
          agreement or other instrument to which the Master Servicer is a party or
          by
          which it is bound or to which any of its assets are subject, which violation,
          default or breach would materially and adversely affect the Master Servicer’s
          ability to perform its obligations under this Agreement;

         

        (iii) this
          Agreement constitutes, assuming due authorization, execution and delivery
          hereof
          by the other respective parties hereto, a legal, valid and binding obligation
          of
          the Master Servicer, enforceable against it in accordance with the terms
          hereof,
          except as such enforcement may be limited by bankruptcy, insolvency,
          reorganization, moratorium and other laws affecting the enforcement of
          creditors’ rights in general, and by general equity principles (regardless of
          whether such enforcement is considered in a proceeding in equity or at
          law);

         

        (iv) the
          Master Servicer is not in default with respect to any order or decree of
          any
          court or any order or regulation of any federal, state, municipal or
          governmental agency to the extent that any such default would materially
          and
          adversely affect its performance hereunder;

         

        (v) the
          Master Servicer is not a party to or bound by any agreement or instrument
          or
          subject to any charter provision, bylaw or any other corporate restriction
          or
          any judgment, order, writ, injunction, decree, law or regulation that may
          materially and adversely affect its ability as Master Servicer to perform
          its
          obligations under this Agreement or that requires the consent of any third
          person to the execution of this Agreement or the performance by the Master
          Servicer of its obligations under this Agreement; 

         

        (vi) no
          litigation is pending or, to the best of the Master Servicer’s knowledge,
          threatened against the Master Servicer which would prohibit its entering
          into
          this Agreement or performing its obligations under this Agreement;

         

        
          
            
            

          

          
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        (vii) the
          Master Servicer, or an affiliate thereof the primary business of which
          is the
          servicing of conventional residential mortgage loans, is a Fannie Mae-
          or
          Freddie Mac-approved seller/servicer;

         

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

         

        (ix) the
          consummation of the transactions contemplated by this Agreement are in
          the
          ordinary course of business of the Master Servicer;

         

        (x) the
          Master Servicer has obtained an Errors and Omissions Insurance Policy and
          a
          Fidelity Bond in accordance with Section 9.02 each of which is in full
          force and
          effect, and each of which provides at least such coverage as is required
          hereunder; and

         

        (xi) the
          information about the Master Servicer under the heading “The Master Servicer” in
          the Offering Documents relating to the Master Servicer does not include
          an
          untrue statement of a material fact and does not omit to state a material
          fact,
          with respect to the statements made, necessary in order to make the statements
          in light of the circumstances under which they were made not
          misleading.

         

        (b) It
          is
          understood and agreed that the representations and warranties set forth
          in this
          Section 9.14 shall survive the execution and delivery of this Agreement.
          The
          Master Servicer shall indemnify the Depositor, the Trustee and any NIMS
          Insurer
          and hold them harmless against any loss, damages, penalties, fines, forfeitures,
          legal fees and related costs, judgments, and other costs and expenses resulting
          from any claim, demand, defense or assertion based on or grounded upon,
          or
          resulting from, a breach of the Master Servicer’s representations and warranties
          contained in Section 9.14(a). It is understood and agreed that the enforcement
          of the obligation of the Master Servicer set forth in this Section to indemnify
          the Depositor, the Trustee and any NIMS Insurer as provided in this Section
          constitutes the sole remedy (other than as set forth in Section 6.14) of
          the
          Depositor, the Trustee and any NIMS Insurer, respecting a breach of the
          foregoing representations and warranties. Such indemnification shall survive
          any
          termination of the Master Servicer as Master Servicer hereunder, and any
          termination of this Agreement.

         

        Any
          cause
          of action against the Master Servicer relating to or arising out of the
          breach
          of any representations and warranties made in this Section shall accrue
          upon
          discovery of such breach by any of the Depositor, the Master Servicer,
          the
          Trustee or any NIMS Insurer or notice thereof by any one of such parties
          to the
          other parties. 

         

        (c) It
          is
          understood and agreed that the representations and warranties of the Depositor
          set forth in Sections 2.03(a)(i) through (vi) shall survive the execution
          and
          delivery of this Agreement. The Depositor shall indemnify the Master Servicer
          and hold each harmless against any loss, damages, penalties, fines, forfeitures,
          legal fees and related costs, judgments, and other costs and expenses resulting
          from any claim, demand, defense or assertion based on or grounded upon,
          or
          resulting from, a breach of the Depositor’s representations and warranties
          contained in Sections 2.03(a)(i) through (vi) hereof. It is understood
          and
          agreed that the enforcement of the obligation of the Depositor set forth
          in this
          Section to indemnify the Master Servicer as provided in this Section constitutes
          the sole remedy hereunder of the Master Servicer respecting a breach by
          the
          Depositor of the representations and warranties in Sections 2.03(a)(i)
          through
          (vi) hereof.

         

        
          
            
            

          

          
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        (d) Any
          cause
          of action against the Master Servicer relating to or arising out of the
          breach
          of any representations and warranties made in this Section shall accrue
          upon
          discovery of such breach by either the Depositor, the Master Servicer,
          the
          Trustee or any NIMS Insurer or notice thereof by any one of such parties
          to the
          other parties. Notwithstanding anything in this Agreement to the contrary,
          the
          Master Servicer shall not be liable for special, indirect or consequential
          losses or damages of any kind whatsoever (including, but not limited to,
          lost
          profits);
          provided, however,
          that
          this Subsection 9.14(d) shall not apply in connection with any failure
          by the
          Master Servicer to comply with the provisions of Sections 9.25 and 9.26
          hereof.

         

        Section
          9.15. Opinion.
          

         

        On
          or
          before the Closing Date, the Master Servicer shall cause to be delivered
          to the
          Depositor, the Seller, the Trustee and any NIMS Insurer one or more Opinions
          of
          Counsel, dated the Closing Date, in form and substance reasonably satisfactory
          to the Depositor and Lehman Brothers Inc., as to the due authorization,
          execution and delivery of this Agreement by the Master Servicer and the
          enforceability thereof. 

         

        Section
          9.16. Standard
          Hazard and Flood Insurance Policies. 

         

        For
          each
          Mortgage Loan (other than a Cooperative Loan), the Master Servicer shall
          maintain, or cause to be maintained by each Servicer, standard fire and
          casualty
          insurance and, where applicable, flood insurance, all in accordance with
          the
          provisions of this Agreement and the related Servicing Agreement, as applicable.
          It is understood and agreed that such insurance shall be with insurers
          meeting
          the eligibility requirements set forth in the applicable Servicing Agreement
          and
          that no earthquake or other additional insurance is to be required of any
          Mortgagor or to be maintained on property acquired in respect of a defaulted
          loan, other than pursuant to such applicable laws and regulations as shall
          at
          any time be in force and as shall require such additional
          insurance.

         

        Pursuant
          to Section 4.01, any amounts collected by the Master Servicer, or by any
          Servicer, under any insurance policies maintained pursuant to this Section
          9.16
          or any Servicing Agreement (other than amounts to be applied to the restoration
          or repair of the property subject to the related Mortgage or released to
          the
          Mortgagor in accordance with the applicable Servicing Agreement) shall
          be
          deposited into the Certificate Account, subject to withdrawal pursuant
          to
          Section 4.02. Any cost incurred by the Master Servicer or any Servicer
          in
          maintaining any such insurance if the Mortgagor defaults in its obligation
          to do
          so shall be added to the amount owing under the Mortgage Loan where the
          terms of
          the Mortgage Loan so permit; provided,
          however,
          that the
          addition of any such cost shall not be taken into account for purposes
          of
          calculating the distributions to be made to Certificateholders and shall
          be
          recoverable by the Master Servicer or such Servicer pursuant to Section
          4.02.

         

        
          
            
            

          

          
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        Section
          9.17. Presentment
          of Claims and Collection of Proceeds. 

         

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

         

        Section
          9.18. Reserved.
          

         

        Section
          9.19. Trustee
          To Retain Possession of Certain Documents. 

         

        Until
          all
          amounts distributable in respect of the Certificates have been distributed
          in
          full and the Master Servicer otherwise has fulfilled its obligations under
          this
          Agreement, the Trustee (or the Custodian) shall retain possession and custody
          of
          each Mortgage File in accordance with and subject to the terms and conditions
          of
          this Agreement. The Master Servicer shall promptly deliver or cause each
          Servicer to deliver to the Trustee (or the Custodian) such documents or
          instruments that constitute portions of the Mortgage File that come into
          the
          possession of the Master Servicer or any Servicer from time to
          time.

         

        Section
          9.20. [Reserved] 

         

        Section
          9.21. Compensation
          to the Master Servicer. 

         

        The
          Master Servicer shall be entitled to withdraw from the Certificate Account,
          subject to Section 5.05, the Master Servicing Fee to the extent permitted
          by
          Section 4.02. Servicing compensation in the form of assumption fees, if
          any,
          late payment charges, as collected, if any, or otherwise (but not including
          any
          Prepayment Premium) shall be retained by the applicable Servicer (or the
          Master
          Servicer, in the event it is acting as successor servicer for the related
          Mortgage Loans) and shall not be deposited in the Certificate Account.
          The
          Master Servicer shall be required to pay all expenses incurred by it in
          connection with its activities hereunder and shall not be entitled to
          reimbursement therefor except as provided in this Agreement. Pursuant to
          Sections 4.01(e), all income and gain realized from any investment of funds
          in
          the Certificate Account, other than the amount of any Master Servicing
          Fee,
          shall be remitted to LBH on each Distribution Date. The provisions of this
          Section 9.21 are subject to the provisions of Section 6.14.

         

        Section
          9.22. REO
          Property. 

         

        (a) In
          the
          event the Trust Fund acquires ownership of any REO Property in respect
          of any
          Mortgage Loan, the deed or certificate of sale shall be issued to the Trustee,
          or to its nominee, on behalf of the Certificateholders. The Master Servicer
          shall use its reasonable best efforts to sell, or cause the applicable
          Servicer,
          to the extent provided in the applicable Servicing Agreement any REO Property
          as
          expeditiously as possible and in accordance with the provisions of this
          Agreement and the related Servicing Agreement, as applicable, but in all
          events
          within the time period, and subject to the conditions set forth in Article
          X
          hereof. Pursuant to its efforts to sell such REO Property, the Master Servicer
          shall protect and conserve, or cause the applicable Servicer to protect
          and
          conserve, such REO Property in the manner and to such extent required by
          the
          applicable Servicing Agreement, subject to Article X hereof.

         

        
          
            
            

          

          
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        (b) The
          Master Servicer shall deposit or cause to be deposited all funds collected
          and
          received by it, or recovered from any Servicer, in connection with the
          operation
          of any REO Property in the Certificate Account.

         

        (c) The
          Master Servicer and each Servicer, upon the final disposition of any REO
          Property, shall be entitled to reimbursement for any related unreimbursed
          Advances and other unreimbursed advances as well as any unpaid Servicing
          Fees
          from Liquidation Proceeds received in connection with the final disposition
          of
          such REO Property; provided,
          that
          (without
          limitation of any other right of reimbursement that the Master Servicer
          or any
          Servicer shall have hereunder) any such unreimbursed Advances as well as
          any
          unpaid Servicing Fees may be reimbursed or paid, as the case may be, prior
          to
          final disposition, out of any net rental income or other net amounts derived
          from such REO Property.

         

        (d) The
          Liquidation Proceeds from the final disposition of the REO Property, net
          of any
          payment to the Master Servicer and the applicable Servicer as provided
          above,
          shall be deposited in the Certificate Account on or prior to the Determination
          Date in the month following receipt thereof.

         

        Section
          9.23. Notices
          to the Depositor and the Securities Administrator 

         

        (a) The
          Master Servicer shall promptly notify the Securities Administrator, the
          Sponsor
          and the Depositor (i) of any legal proceedings pending against the Master
          Servicer of the type described in Item 1117 (§ 229.1117) of Regulation AB and
          (ii) if the Master Servicer shall become (but only to the extent not previously
          disclosed to the Master Servicer and the Depositor) at any time an affiliate
          of
          any of the parties listed on Exhibit V to this Agreement. On or before
          March
          1st
          of each
          year, the Depositor shall distribute the information in Exhibit V to the
          Master
          Servicer.

         

        (b) Not
          later
          than four Business Days prior to the Distribution Date of each month, the
          Master
          Servicer shall provide to the Securities Administrator, the Sponsor and
          the
          Depositor notice of the occurrence of any material modifications, extensions
          or
          waivers of terms, fees, penalties or payments relating to the Mortgage
          Loans
          during the related Collection Period or that have cumulatively become material
          over time (Item 1121(a)(11) of Regulation AB) along with all information,
          data,
          and materials related thereto as may be required to be included in the
          related
          Distribution Report on Form 10-D. The parties to this Agreement acknowledge
          that
          the performance by the Master Servicer of its duties under this Section
          9.23(b)
          related to the timely preparation and delivery of such information is contingent
          upon each applicable Servicer strictly observing all requirements and deadlines
          in the performance of their duties under their related Servicing Agreements.
          The
          Master Servicer shall have no liability for any loss, expense, damage or
          claim
          arising out of or with respect to any failure to properly prepare and/or
          timely
          deliver all such information where such failure results from the Master
          Servicer’s inability or failure to obtain or receive, on a timely basis, any
          information from any Servicer needed to prepare or deliver such information,
          which failure does not result from the Master Servicer’s own negligence, bad
          faith or willful misconduct.

         

        
          
            
            

          

          
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        Section
          9.24. Reports
          to the Trustee and the Securities Administrator. 

         

        (a) Not
          later
          than 30 days after each Distribution Date, the Master Servicer shall, upon
          request, forward to the Trustee and Securities Administrator a statement,
          deemed
          to have been certified by a Servicing Officer, setting forth the status
          of the
          Certificate Account as of the close of business on the related Distribution
          Date, indicating that all distributions required by this Agreement to be
          made by
          the Master Servicer have been made (or if any required distribution has
          not been
          made by the Master Servicer, specifying the nature and status thereof)
          and
          showing, for the period covered by such statement, the aggregate of deposits
          into and withdrawals from the Certificate Account maintained by the Master
          Servicer. Copies of such statement shall be provided by the Master Servicer,
          upon request, to the Depositor, Attention: Contract Finance, any NIMS Insurer
          and any Certificateholders (or by the Securities Administrator at the Master
          Servicer’s expense if the Master Servicer shall fail to provide such copies to
          the Certificateholders (unless (i) the Master Servicer shall have failed
          to
          provide the Securities Administrator with such statement or (ii) the Securities
          Administrator shall be unaware of the Master Servicer’s failure to provide such
          statement)).

         

        (b) Not
          later
          than the 15th day of each month (or if such date is not a Business Day,
          the
          first Business Day immediately thereafter), the Master Servicer shall deliver
          to
          the Mortgage Loan Administrator and to one additional Person designated
          by the
          Depositor, in a format consistent with other electronic loan level reporting
          supplied by the Master Servicer in connection with similar transactions,
“loan
          level” information with respect to the Mortgage Loans (other than for any
          Mortgage Loans serviced by Countrywide Home Loans Servicing LP) for the
          related
          Collection Period, to the extent that such information has been provided
          to the
          Master Servicer by the Servicers or by the Depositor. Not later than two
          Business Days prior to each Distribution Date, the Master Servicer shall
          deliver
          to the Mortgage Loan Administrator and to one additional Person designated
          by
          the Depositor, in a format consistent with other electronic loan level
          reporting
          supplied by the Master Servicer in connection with similar transactions,
“loan
          level” information with respect to Mortgage Loans serviced by Countrywide Home
          Loans Servicing LP for the related Collection Period, to the extent that
          such
          information has been provided to the Master Servicer by Countrywide Home
          Loans
          Servicing LP or by the Depositor. The Master Servicer’s obligations under this
          Section 9.24(b) shall terminate after providing the loan level information
          due
          on February 15, 2007.

         

        (c) All
          information, reports and statements prepared by the Master Servicer under
          this
          Agreement shall be based on information supplied to the Master Servicer
          by the
          Servicers without independent verification thereof and the Master Servicer
          shall
          be entitled to rely on such information.

         

        
          
            
            

          

          
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        Section
          9.25. Assessment
          of Compliance and Attestation Reports. 

         

        (a) Assessment
          of Compliance

         

        (i) By
          March
          15 of each year, commencing in March 2007, the Master Servicer, the Credit
          Risk
          Manager, the Paying Agent and the Securities Administrator, each at its
          own
          expense, shall furnish, and each such party shall cause any Servicing Function
          Participant engaged by it to furnish, each at its own expense, to the Sponsor,
          the Depositor, the Master Servicer and the Securities Administrator, a
          report on
          an assessment of compliance with the Relevant Servicing Criteria that contains
          (A) a statement by such party of its responsibility for assessing compliance
          with the Relevant Servicing Criteria, (B) a statement that such party used
          the
          Servicing Criteria to assess compliance with the Relevant Servicing Criteria,
          (C) such party’s assessment of compliance with the Relevant Servicing Criteria
          as of and for the fiscal year covered by the Form 10-K required to be filed
          pursuant to Section 6.20(e), including, if there has been any material
          instance
          of noncompliance with the Relevant Servicing Criteria, a discussion of
          each such
          failure and the nature and status thereof, and (D) a statement that a registered
          public accounting firm has issued an attestation report on such party’s
          assessment of compliance with the Relevant Servicing Criteria as of and
          for such
          period. 

        

        (ii) When
          the
          Master Servicer, the Credit Risk Manager, the Paying Agent and the Securities
          Administrator (or any Servicing Function Participant engaged by it) submit
          their
          assessments to the Securities Administrator, such parties will also at
          such time
          include the assessment (and attestation pursuant to subsection (b) of this
          Section 9.25) of each Servicing Function Participant engaged by it and
          shall
          indicate to the Securities Administrator what Relevant Servicing Criteria
          will
          be addressed in any such reports prepared by any such Servicing Function
          Participant.

        

        (iii) Promptly
          after receipt of each report on assessment of compliance, the Securities
          Administrator shall confirm that the assessments, taken as a whole, address
          all
          applicable Servicing Criteria and taken individually address the Relevant
          Servicing Criteria (and disclose the inapplicability of the Servicing Criteria
          not determined to be Relevant Criteria) for each party as set forth on
          Exhibit S
          and on any similar exhibit set forth in each Servicing Agreement in respect
          of
          each Servicer, and the Custodial Agreement in respect of the Custodian,
          and
          shall notify the Depositor of any exceptions.

        

        (b) Attestation
          Reports

         

        (i) By
          March
          15 of each year, commencing in March 2007, the Master Servicer, the Credit
          Risk
          Manager, the Paying Agent and the Securities Administrator, each at its
          own
          expense, shall cause, and each such party shall cause any Servicing Function
          Participant engaged by it to cause, each at its own expense, a registered
          public
          accounting firm (which may also render other services to the Master Servicer,
          the Credit Risk Manager, the Paying Agent and the Securities Administrator,
          as
          the case may be) that is a member of the American Institute of Certified
          Public
          Accountants to furnish a report to the Sponsor, the Depositor, the Master
          Servicer and the Securities Administrator, to the effect that (A) it has
          obtained a representation regarding certain matters from the management
          of such
          party, which includes an assertion that such party has complied with the
          Relevant Servicing Criteria, and (B) on the basis of an examination conducted
          by
          such firm in accordance with standards for attestation engagements issued
          or
          adopted by the PCAOB, it is expressing an opinion as to whether such party’s
          compliance with the Relevant Servicing Criteria was fairly stated in all
          material respects, or it cannot express an overall opinion regarding such
          party’s assessment of compliance with the Relevant Servicing Criteria. In the
          event that an overall opinion cannot be expressed, such registered public
          accounting firm shall state in such report why it was unable to express
          such an
          opinion. Such report must be available for general use and not contain
          restricted use language.

         

        
          
            
            

          

          
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        (ii) Promptly
          after receipt of such report from the Master Servicer, the Credit Risk
          Manager,
          the Paying Agent, the Securities Administrator or any Servicing Function
          Participant engaged by such parties, the Securities Administrator shall
          confirm
          that each assessment submitted pursuant subsection (a) of this Section
          9.25 is
          coupled with an attestation meeting the requirements of this Section and
          notify
          the Depositor of any exceptions.

         

        (c) The
          Paying Agent’s obligation to provide assessments of compliance and attestations
          under this Section 9.25 shall terminate upon the filing of a Form 15 suspension
          notice on behalf of the Trust Fund. Notwithstanding the foregoing after
          the
          occurrence of such event and provided the Depositor is not otherwise provided
          with such reports or copies of such reports, the Paying Agent shall be
          obligated
          to provide a copy of such reports by March 15 of each year to the
          Depositor.

         

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

         

        The
          Master Servicer shall deliver (and the Master Servicer shall cause any
          Additional Servicer engaged by it to deliver) to the Sponsor, the Depositor
          and
          the Securities Administrator on or before March 15 of each year, commencing
          in
          March 2007, an Officer’s Certificate stating, as to the signer thereof, that (A)
          a review of such party’s activities during the preceding calendar year or
          portion thereof and of such party’s performance under this Agreement, or such
          other applicable agreement in the case of an Additional Servicer, has been
          made
          under such officer’s supervision and (B) to the best of such officer’s
          knowledge, based on such review, such party has fulfilled all its obligations
          under this Agreement, or such other applicable agreement in the case of
          an
          Additional Servicer, in all material respects throughout such year or portion
          thereof, or, if there has been a failure to fulfill any such obligation
          in any
          material respect, specifying each such failure known to such officer and
          the
          nature and status thereof. 

         

        Section
          9.27. Merger
          or Consolidation. 

         

        Any
          Person into which the Master Servicer may be merged or consolidated, or
          any
          Person resulting from any merger, conversion, other change in form or
          consolidation to which the Master Servicer shall be a party, or any Person
          succeeding to the business of the Master Servicer, shall be the successor
          to the
          Master Servicer hereunder, without the execution or filing of any paper
          or any
          further act on the part of any of the parties hereto, anything herein to
          the
          contrary notwithstanding; provided,
          however,
          that the
          successor or resulting Person to the Master Servicer shall be a Person
          that
          shall be qualified and approved to service mortgage loans for Fannie Mae
          or
          Freddie Mac and shall have a net worth of not less than
          $15,000,000.

         

        
          
            
            

          

          
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        Section
          9.28. Resignation
          of Master Servicer. 

         

        Except
          as
          otherwise provided in Sections 9.27 and 9.29 hereof, the Master Servicer
          shall
          not resign from the obligations and duties hereby imposed on it unless
          it
          determines that the Master Servicer’s duties hereunder are no longer permissible
          under applicable law or are in material conflict by reason of applicable
          law
          with any other activities carried on by it and cannot be cured. Any such
          determination permitting the resignation of the Master Servicer shall be
          evidenced by an Opinion of Counsel that shall be Independent to such effect
          delivered to the Trustee and any NIMS Insurer. No such resignation shall
          become
          effective until the Trustee shall have assumed, or a successor master servicer
          acceptable to any NIMS Insurer and the Trustee shall have been appointed
          by the
          Trustee and until such successor shall have assumed, the Master Servicer’s
          responsibilities and obligations under this Agreement. Notice of such
          resignation shall be given promptly by the Master Servicer and the Depositor
          to
          the Trustee, the Securities Administrator and any NIMS Insurer.

         

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

         

        (a) Except
          as
          expressly provided herein, the Master Servicer shall not assign or transfer
          any
          of its rights, benefits or privileges hereunder to any other Person, or
          delegate
          to or subcontract with, or authorize or appoint any Subservicer, Subcontractor
          or other Person to perform any of the duties, covenants or obligations
          to be
          performed by the Master Servicer hereunder; provided,
          however,
          that the
          Master Servicer shall have the right without the prior written consent
          of the
          Trustee, any NIMS Insurer or the Depositor to delegate or assign to or
          subcontract with or authorize or appoint an Affiliate of the Master Servicer
          to
          perform and carry out any duties, covenants or obligations to be performed
          and
          carried out by the Master Servicer hereunder. In no case, however, shall
          any
          such delegation, subcontracting or assignment to an Affiliate of the Master
          Servicer relieve the Master Servicer of any liability hereunder. Notice
          of such
          permitted assignment, and the name of any such affiliated Subcontractor
          or
          Subservicer shall be given promptly by the Master Servicer to the Depositor,
          the
          Trustee, the Securities Administrator and any NIMS Insurer. If, pursuant
          to any
          provision hereof, the duties of the Master Servicer are transferred to
          a
          successor master servicer, the entire amount of the Master Servicing Fees
          and
          other compensation payable to the Master Servicer pursuant hereto, including
          amounts payable to or permitted to be retained or withdrawn by the Master
          Servicer pursuant to Section 9.21 hereof, shall thereafter be payable to
          such
          successor master servicer.

         

        (b) Notwithstanding
          the foregoing, for so long as reports are required to be filed with the
          Commission under the Exchange Act with respect to the Trust, the Master
          Servicer
          shall not utilize any Subcontractor for the performance of its duties hereunder
          if such Subcontractor would be “participating in the servicing function” within
          the meaning of Item 1122 of Regulation AB without (a) giving notice to
          the
          Securities Administrator and the Depositor and (b) requiring any such
          Subcontractor to provide to the Master Servicer an attestation report as
          provided for in Section 9.25 and an assessment report as provided in Section
          9.26, which reports the Master Servicer shall include in its attestation
          and
          assessment reports. 

         

        
          
            
            

          

          
            166

            
              

            

          

          
            
            

          

        

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

         

        (a) The
          Master Servicer undertakes to perform such duties and only such duties
          as are
          specifically set forth in this Agreement. 

         

        (b) No
          provision of this Agreement shall be construed to relieve the Master Servicer
          from liability for its own negligent action, its own negligent failure
          to act or
          its own willful misconduct; provided, however, that the duties and obligations
          of the Master Servicer shall be determined solely by the express provisions
          of
          this Agreement, the Master Servicer shall not be liable except for the
          performance of such duties and obligations as are specifically set forth
          in this
          Agreement; no implied covenants or obligations shall be read into this
          Agreement
          against the Master Servicer and, in absence of bad faith on the part of
          the
          Master Servicer, the Master Servicer may conclusively rely, as to the truth
          of
          the statements and the correctness of the opinions expressed therein, upon
          any
          certificates or opinions furnished to the Master Servicer and conforming
          to the
          requirements of this Agreement.

         

        (c) None
          of
          the Master Servicer, the Seller or the Depositor or any of the directors,
          officers, employees or agents of any of them shall be under any liability
          to the
          Trustee or the Certificateholders for any action taken or for refraining
          from
          the taking of any action in good faith pursuant to this Agreement, or for
          errors
          in judgment; provided, however, that this provision shall not protect the
          Master
          Servicer, the Seller or the Depositor or any such person against any liability
          that would otherwise be imposed by reason of willful misfeasance, bad faith
          or
          negligence in its performance of its duties or by reason of reckless disregard
          for its obligations and duties under this Agreement. The Master Servicer
          and any
          director, officer, employee or agent of any of them shall be entitled to
          indemnification by the Trust Fund and will be held harmless against any
          loss,
          liability or expense incurred in connection with any legal action relating
          to
          this Agreement or the Certificates other than any loss, liability or expense
          incurred by reason of willful misfeasance, bad faith or negligence in the
          performance of its duties hereunder or by reason of reckless disregard
          of his or
          its obligations and duties hereunder. The Master Servicer, the Seller and
          the
          Depositor and any director, officer, employee or agent of any of them may
          rely
          in good faith on any document of any kind prima facie properly executed
          and
          submitted by any Person respecting any matters arising hereunder. The Master
          Servicer, the Seller and the Depositor shall be under no obligation to
          appear
          in, prosecute or defend any legal action that is not incidental to its
          duties to
          master service the Mortgage Loans in accordance with this Agreement and
          that in
          its opinion may involve it in any expenses or liability; provided, however,
          that
          the Master Servicer may in its sole discretion undertake any such action
          that it
          may deem necessary or desirable in respect to this Agreement and the rights
          and
          duties of the parties hereto and the interests of the Certificateholders
          hereunder. In such event, the legal expenses and costs of such action and
          any
          liability resulting therefrom shall be expenses, costs and liabilities
          of the
          Trust Fund and the Master Servicer shall be entitled to be reimbursed therefor
          out of the Certificate Account as provided by Section 4.02.

         

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

         

        
          
            
            

          

          
            167

            
              

            

          

          
            
            

          

        

        Section
          9.31. Indemnification;
          Third-Party Claims. 

         

        The
          Master Servicer agrees to indemnify the Depositor, the Sponsor, the Trustee
          and
          any NIMS Insurer and their respective officers, directors, agents and
          affiliates, and hold each of them harmless against any and all claims,
          losses,
          penalties, fines, forfeitures, reasonable legal fees and related costs,
          judgments, and any other costs, liability, fees and expenses that the Depositor,
          the Sponsor, the Trustee or any NIMS Insurer may sustain arising out of
          or based
          upon (a) any material breach by the Master Servicer of any if its obligations
          hereunder, including particularly its obligations to provide any reports
          under
          Section 9.25(a), Section 9.25(b) or Section 9.26 or any information, data
          or
          materials required to be included in any Exchange Act report, (b) any material
          misstatement or omission in any information, data or materials provided
          by the
          Master Servicer, or (c) the negligence, bad faith or willful misconduct
          of the
          Master Servicer in connection with its performance hereunder. The Depositor,
          the
          Sponsor, the Trustee and any NIMS Insurer shall immediately notify the
          Master
          Servicer if a claim is made by a third party with respect to this Agreement
          or
          the Mortgage Loans entitling the Depositor, the Sponsor, the Trustee or
          any NIMS
          Insurer to indemnification hereunder, whereupon the Master Servicer shall
          assume
          the defense of any such claim and pay all expenses in connection therewith,
          including counsel fees, and promptly pay, discharge and satisfy any judgment
          or
          decree which may be entered against it or them in respect of such claim.
          This
          indemnification shall survive the termination of this Agreement or the
          termination of the Master Servicer as a party to this Agreement.

         

        Section
          9.32. Special
          Servicing of Delinquent Mortgage Loans. 

         

        If
          permitted under the terms of the applicable Servicing Agreement, the Seller
          may
          appoint, pursuant to the terms of the applicable Servicing Agreement and
          with
          the written consent of the Depositor, the Master Servicer, the Trustee,
          the
          Securities Administrator and any NIMS Insurer, a special servicer to special
          service any Distressed Mortgage Loans. Any applicable termination fee related
          to
          the termination of the related Servicer and the appointment of any special
          servicer shall be paid by the Seller from its own funds, without right
          of
          reimbursement from the Trust Fund. Any fees paid to any such special servicer
          shall not exceed the Servicing Fee Rate.

         

        Section
          9.33. Alternative
          Index. 

         

        In
          the
          event that the Index for any Mortgage Loan, as specified in the related
          Mortgage
          Note, becomes unavailable for any reason, the Master Servicer shall select
          an
          alternative index, which in all cases shall be an index that constitutes
          a
          qualified rate on a regular interest under the REMIC Provisions, in accordance
          with the terms of such Mortgage Note or, if such Mortgage Note does not
          make
          provision for the selection of an alternative index in such event, the
          Master
          Servicer shall, subject to applicable law, select an alternative index
          based on
          information comparable to that used in connection with the original Index
          and,
          in either case, such alternative index shall thereafter be the Index for
          such
          Mortgage Loan.

         

        
          
            
            

          

          
            168

            
              

            

          

          
            
            

          

        

        Section
          9.34. Duties
          of the Credit Risk Manager. 

         

        (a) The
          Certificateholders, by their purchase and acceptance of the Certificates,
          appoint Clayton Fixed Income Services Inc., formerly known as The Murrayhill
          Company, as Credit Risk Manager. For and on behalf of the Depositor, the
          Credit
          Risk Manager will provide reports and recommendations concerning certain
          delinquent and defaulted Mortgage Loans, and as to the collection of any
          Prepayment Premiums with respect to the Mortgage Loans. Such reports and
          recommendations will be based upon information provided pursuant to Credit
          Risk
          Management Agreements to the Credit Risk Manager by the Servicers. The
          Credit
          Risk Manager shall look solely to the Servicers and/or the Master Servicer
          for
          all information and data (including loss and delinquency information and
          data)
          and loan level information and data relating to the servicing of the Mortgage
          Loans and neither the Securities Administrator nor the Trustee shall have
          any
          obligation to provide any such information to the Credit Risk Manager and
          shall
          not otherwise have any responsibility under the Credit Risk Management
          Agreement.

         

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

         

        (i) Watchlist
          Report:
          A
          listing of individual Mortgage Loans that are of concern to the Credit
          Risk
          Manager. Each Watchlist Report shall contain a listing of Mortgage Loans
          in any
          delinquency status, including current and paid-off loans, and may contain
          the
          comments of the Credit Risk Manager in its sole discretion. The Watchlist
          Report
          shall be presented in substantially the same format attached hereto as
          Exhibit
          R-1;

         

        (ii) Loss
          Severity Report:
          A
          compilation and summary of all losses, indicating the loan loss severity
          for
          each Mortgage Pool. Each Loss Severity Report shall include detail of all
          losses
          reported by a Servicer or the Master Servicer as Realized Losses, except
          those
          for which a Servicer or the Master Servicer has not provided detail adequate
          for
          reporting purposes. The Loss Severity Report shall be presented in substantially
          the same format attached hereto as Exhibit R-2;

         

        (iii) Prepayment
          Premiums Report:
          A
          summary of Prepayment Premiums assessed or waived by each Servicer. The
          Prepayment Premiums Report shall be presented in substantially the same
          format
          attached hereto as Exhibit R-4; and

         

        (iv) Analytics
          Report:
          Analytics Reports shall include statistical and/or graphical portrayals
          of:

         

        
          	 	
                  (A)

                	
                  Delinquency
                    Trend:
                    The delinquency trend, over time, of the Mortgage
                    Loans;

                

        

         

        
          	 	
                  (B)

                	
                  Prepayment
                    Analysis:
                    The constant prepayment rate “CPR” experience of the Mortgage Loans;
                    and

                

        

         

        
          	 	
                  (C)

                	
                  Standard
                    Default Assumption:
                    The Standard Default Assumption experience of the Mortgage
                    Loans.

                

        

         

        
          
            
            

          

          
            169

            
              

            

          

          
            
            

          

        

        The
          Analytics Report shall be presented in substantially the same format attached
          hereto as Exhibit R-5.

         

        The
          Credit Risk Manager shall make such reports and any additional information
          reasonably requested by the Depositor available each month to
          Certificateholders, the Trustee, the Securities Administrator, any NIMS
          Insurer
          and the Rating Agencies via the Credit Risk Manager’s internet website. The
          Credit Risk Manager’s internet website shall initially be located at
https://reports.clayton.com.
          The
          user name for access to the website shall be the Certificateholder’s e-mail
          address and the password shall be “SASCO 2006-BC3.” Neither the Trustee nor the
          Securities Administrator shall have any obligation to review such reports
          or
          otherwise monitor or supervise the activities of the Credit Risk
          Manager.

         

        (c) The
          Credit Risk Manager shall reasonably cooperate with the Depositor and the
          Securities Administrator in connection with the Trust Fund’s satisfying the
          reporting requirements under the 1934 Act with respect to reports prepared
          by
          the Credit Risk Manager.

         

        (d) The
          Credit Risk Manager has not and shall not engage any Subcontractor without
          (a)
          giving notice to the Sponsor, the Securities Administrator, the Master
          Servicer
          and the Depositor and (b) requiring any such Subcontractor to provide to
          the
          Credit Risk Manager an assessment report as provided for in Section 9.25(a)
          above and an attestation report as provided in Section 9.25(b) above, which
          reports the Credit Risk Manager shall include in its assessment and attestation
          reports.

         

        (e) By
          March
          15 of each year (or if such day is not a Business Day, the immediately
          preceding
          Business Day), the Credit Risk Manager shall deliver a signed certification,
          in
          the form attached hereto as Exhibit U (the “Credit Risk Manager Certification”),
          for the benefit of the Depositor, the Sponsor, the Master Servicer and
          the
          Securities Administrator and for the benefit of the Person(s) signing the
          Form
          10-K Certification; provided (i) that the Credit Risk Manager Certification
          shall be so provided by March 15 of such year only to the extent that the
          Depositor delivers a draft (without exhibits) of the applicable Annual
          Report on
          Form 10-K to the Credit Risk Manager by the 5th Business Day in March of
          such
          year and (ii) in the event that the Depositor delivers the draft Form 10-K
          referred to in clause (i) after the 5th Business Day in March of such year,
          the
          Credit Risk Manager shall deliver the Credit Risk Manager Certification
          as soon
          as practicable but no later than five calendar days of delivery to the
          Credit
          Risk Manager of such draft Form 10-K.

         

        (f) In
          the
          event that prior to the filing date of the Form 10-K in March of each year,
          the
          Credit Risk Manager has knowledge or information material to the Credit
          Risk
          Manager Certification, the Credit Risk Manager shall promptly notify the
          Depositor and the Securities Administrator, in writing. 

         

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

         

        
          
            
            

          

          
            170

            
              

            

          

          
            
            

          

        

        Except
          as
          provided pursuant to Section 9.36 of this Agreement, neither the Credit
          Risk
          Manager, nor any of the directors, officers, employees or agents of the
          Credit
          Risk Manager, shall be under any liability to the Trustee, the Securities
          Administrator, the Certificateholders or the Depositor for any action taken
          or
          for refraining from the taking of any action in good faith pursuant to
          this
          Agreement, in reliance upon information provided by Servicers under the
          Credit
          Risk Management Agreements or for errors in judgment; provided, however,
          that
          this provision shall not protect the Credit Risk Manager or any such person
          against liability that would otherwise be imposed by reason of willful
          malfeasance, bad faith or gross negligence in its performance of its duties
          or
          by reason of reckless disregard for its obligations and duties under this
          Agreement or the Credit Risk Management Agreements. The Credit Risk Manager
          and
          any director, officer, employee or agent of the Credit Risk Manager may
          rely in
          good faith on any document of any kind prima facie properly executed and
          submitted by any Person respecting any matters arising hereunder, and may
          rely
          in good faith upon the accuracy of information furnished by the Servicers
          pursuant to the Credit Risk Management Agreements in the performance of
          its
          duties thereunder and hereunder.

         

        Section
          9.36. Indemnification
          by the Credit Risk Manager. 

         

        The
          Credit Risk Manager agrees to indemnify the Depositor, the Master Servicer
          and
          the Securities Administrator, and each of their respective directors, officers,
          employees and agents and the Trust Fund and hold each of them harmless
          from and
          against any losses, damages, penalties, fines, forfeitures, legal fees
          and
          expenses and related costs, judgments, and any other costs, fees and expenses
          that any of them may sustain arising out of or based upon the engagement
          of any
          Subcontractor in violation of Section 9.34(f) or any failure by the Credit
          Risk
          Manager to deliver any information, report, certification, accountants’ letter
          or other material when and as required under this Agreement, including
          any
          report under Sections 9.25(a) or (b).

         

        Section
          9.37. Removal
          of Credit Risk Manager.

         

        The
          Credit Risk Manager may be removed as Credit Risk Manager by Certificateholders
          holding not less than a 66-2/3% Voting Interests in the Trust, in the exercise
          of its or their sole discretion, at any time, without cause, upon ten (10)
          days
          prior written notice. The Certificateholders shall provide such written
          notice
          to the Trustee or the Securities Administrator and upon receipt of such
          notice,
          the Trustee or the Securities Administrator, as applicable, shall provide
          written notice to the Credit Risk Manager of its removal, effective upon
          receipt
          of such notice.

         

        ARTICLE
          X

         

        REMIC
          ADMINISTRATION

         

        Section
          10.01. REMIC
          Administration.

         

        (a) REMIC
          elections as set forth in the Preliminary Statement shall be made on Forms
          1066
          or other appropriate federal tax or information return for the taxable
          year
          ending on the last day of the calendar year in which the Certificates are
          issued. The regular interests and residual interest in each REMIC shall
          be as
          designated in the Preliminary Statement. For purposes of such designations,
          the
          interest rate of any regular interest that is computed by taking into account
          the weighted average of the Net Mortgage Rates of the Mortgage Loans shall
          be
          reduced by the amount of any expense paid by the Trust to the extent that
          (i)
          such expense was not taken into account in computing the Net Mortgage Rate
          of
          any Mortgage Loan, (ii) such expense does not constitute an “unanticipated
          expense” of a REMIC within the meaning of Treasury Regulation Section
          1.860G-1(b)(3)(ii) and (iii) the amount of such expense was not taken into
          account in computing the interest rate of a more junior Class of regular
          interests.

         

        
          
            
            

          

          
            171

            
              

            

          

          
            
            

          

        

        (b) The
          Closing Date is hereby designated as the “Startup Day” of each REMIC within the
          meaning of section 860G(a)(9) of the Code. The latest possible maturity
          date for
          purposes of Treasury Regulation 1.860G-1(a)(4) will be the Latest Possible
          Maturity Date.

         

        (c) The
          Securities Administrator shall represent the Trust Fund in any administrative
          or
          judicial proceeding relating to an examination or audit by any governmental
          taxing authority with respect thereto. The Securities Administrator shall
          pay
          any and all tax related expenses (not including taxes) of each REMIC, including
          but not limited to any professional fees or expenses related to audits
          or any
          administrative or judicial proceedings with respect to such REMIC that
          involve
          the Internal Revenue Service or state tax authorities, but only to the
          extent
          that (i) such expenses are ordinary or routine expenses, including expenses
          of a
          routine audit but not expenses of litigation (except as described in (ii));
          or
          (ii) such expenses or liabilities (including taxes and penalties) are
          attributable to the negligence or willful misconduct of the Securities
          Administrator in fulfilling its duties hereunder (including its duties
          as tax
          return preparer). The Securities Administrator shall be entitled to
          reimbursement of expenses to the extent provided in clause (i) above from
          the
          Certificate Account, provided, however, the Securities Administrator shall
          not
          be entitled to reimbursement for expenses incurred in connection with the
          preparation of tax returns and other reports as required by Section 6.20
          and
          this Section.

         

        (d) The
          Securities Administrator shall prepare, the Trustee shall sign and the
          Securities Administrator shall file, all of each REMIC’s federal and appropriate
          state tax and information returns as such REMIC’s direct representative. The
          expenses of preparing and filing such returns shall be borne by the Securities
          Administrator.

         

        (e) The
          Securities Administrator or its designee shall perform on behalf of each
          REMIC
          all reporting and other tax compliance duties that are the responsibility
          of
          such REMIC under the Code, the REMIC Provisions, or other compliance guidance
          issued by the Internal Revenue Service or any state or local taxing authority.
          Among its other duties, if required by the Code, the REMIC Provisions,
          or other
          such guidance, the Securities Administrator shall provide (i) to the Treasury
          or
          other governmental authority such information as is necessary for the
          application of any tax relating to the transfer of a Residual Certificate
          to any
          disqualified person or organization pursuant to Treasury Regulation
          1.860E-2(a)(5) and any person designated in Section 860E(e)(3) of the Code
          and
          (ii) to the Certificateholders such information as is required by the Code
          or
          REMIC Provisions.

         

        The
          Securities Administrator shall be entitled to receive reasonable compensation
          from the Trust for the performance of its duties under this subsection
          (e);
provided,
          however,
          that
          such compensation shall not exceed $5,000 per year.

         

        
          
            
            

          

          
            172

            
              

            

          

          
            
            

          

        

        (f) The
          Trustee, the Securities Administrator, the Master Servicer and the Holders
          of
          Certificates shall take any action or cause any REMIC to take any action
          necessary to create or maintain the status of any REMIC as a REMIC under
          the
          REMIC Provisions and shall assist each other as necessary to create or
          maintain
          such status. Neither the Trustee, the Securities Administrator, the Master
          Servicer nor the Holder of any Residual Certificate shall knowingly take
          any
          action, cause any REMIC to take any action or fail to take (or fail to
          cause to
          be taken) any action that, under the REMIC Provisions, if taken or not
          taken, as
          the case may be, could result in an Adverse REMIC Event unless the Trustee,
          the
          Securities Administrator, any NIMS Insurer and the Master Servicer have
          received
          an Opinion of Counsel addressed to the Trustee (at the expense of the party
          seeking to take such action) to the effect that the contemplated action
          will not
          result in an Adverse REMIC Event. In addition, prior to taking any action
          with
          respect to any REMIC or the assets therein, or causing any REMIC to take
          any
          action, which is not expressly permitted under the terms of this Agreement,
          any
          Holder of a Residual Certificate will consult with the Trustee, the Securities
          Administrator, the Master Servicer, any NIMS Insurer or their respective
          designees, in writing, with respect to whether such action could cause
          an
          Adverse REMIC Event to occur with respect to any REMIC, and no such Person
          shall
          take any such action or cause any REMIC to take any such action as to which
          the
          Trustee, the Securities Administrator, the Master Servicer or any NIMS
          Insurer
          has advised it in writing that an Adverse REMIC Event could occur.

         

        (g) Each
          Holder of a Residual Certificate shall pay when due any and all taxes imposed
          on
          the related REMIC by federal or state governmental authorities. To the
          extent
          that such taxes are not paid by a Residual Certificateholder, the Securities
          Administrator shall pay any remaining REMIC taxes out of current or future
          amounts otherwise distributable to the Holder of the Residual Certificate
          in any
          such REMIC or, if no such amounts are available, out of other amounts held
          in
          the Certificate Account, and shall reduce amounts otherwise payable to
          holders
          of regular interests in any such REMIC, as the case may be.

         

        (h) The
          Securities Administrator shall, for federal income tax purposes, maintain
          books
          and records with respect to each REMIC on a calendar year and on an accrual
          basis.

         

        (i) No
          additional contributions of assets shall be made to any REMIC, except as
          expressly provided in this Agreement.

         

        (j) Neither
          the Securities Administrator nor the Master Servicer shall enter into any
          arrangement by which any REMIC will receive a fee or other compensation
          for
          services.

         

        (k) On
          or
          before October 15 of each calendar year beginning in 2007, the Securities
          Administrator shall deliver to the Trustee and any NIMS Insurer an Officer’s
          Certificate stating, without regard to any actions taken by any party other
          than
          the Securities Administrator, the Securities Administrator’s compliance with
          provisions of this Section 10.01. 

         

        (l) The
          Securities Administrator shall treat each of the Basis Risk Reserve Fund,
          the
          Final Maturity Reserve Trust and the Supplemental Interest Trust as an
          outside
          reserve fund within the meaning of Treasury Regulation Section 1.860G-2(h)
          that
          is owned by the Holders of the Class X Certificates and that is not an
          asset of
          any REMIC and all amounts deposited into the Basis Risk Reserve Fund, the
          Final
          Maturity Reserve Trust or the Supplemental Interest Trust shall be treated
          as
          amounts distributed to the Class X Certificateholders. 

         

        (m) For
          federal income tax purposes, upon any sale of the property held by the
          Trust
          Fund pursuant to Section 7.01(b), any NIM Redemption Amount paid by the
          Master
          Servicer shall not be treated as a portion of the purchase price paid for
          such
          property but shall instead be treated as an amount paid by the Master Servicer
          to the Holder of the Class X Certificates in exchange for an interest in
          the
          Class X Certificates immediately before the purchase of the property held
          by the
          Trust Fund.

         

        
          
            
            

          

          
            173

            
              

            

          

          
            
            

          

        

        (n) The
          Securities Administrator shall treat the beneficial owners of Certificates
          (other than the Class P, Class X, Class LT-R and Class R Certificates)
          as having
          entered into a notional principal contract with respect to the beneficial
          owners
          of the Class X Certificates. Pursuant to each such notional principal contract,
          all beneficial owners of LIBOR Certificates shall be treated as having
          agreed to
          pay, on each Distribution Date, to the beneficial owners of the Class X
          Certificates an aggregate amount equal to the excess, if any, of (i) the
          amount
          payable on such Distribution Date on the interest in the Upper Tier REMIC
          corresponding to such Class of Certificates over (ii) the amount payable
          on such
          Class of Certificates on such Distribution Date (such excess, a “Class I
          Shortfall”). A Class I Shortfall payable from interest collections shall be
          allocated to each Class of Certificates to the extent that interest accrued
          on
          such Class for the related Accrual Period at the Certificate Interest Rate
          for a
          Class, computed by substituting “REMIC 3 Net Funds Cap” for the applicable “Net
          Funds Cap” in the definition thereof, exceeds the amount of interest accrued for
          the related Accrual Period based on the applicable Net Funds Cap, and a
          Class I
          Shortfall payable from principal collections shall be allocated to the
          most
          subordinate Class of Certificates with an outstanding principal balance
          to the
          extent of such balance. In addition, pursuant to such notional principal
          contract, the beneficial owner of the Class X Certificates shall be treated
          as
          having agreed to pay Basis Risk Shortfalls and Unpaid Basis Risk Shortfalls
          to
          the Owners of the LIBOR Certificates in accordance with the terms of this
          Agreement. Any payments to the Certificates in light of the foregoing shall
          not
          be payments with respect to a “regular interest” in a REMIC within the meaning
          of Code Section 860G(a)(1). However, any payment from the Certificates
          of a
          Class I Shortfall shall be treated for tax purposes as having been received
          by
          the beneficial owners of such Certificates in respect of their Interests
          in the
          Upper Tier REMIC and as having been paid by such beneficial owners to the
          Supplemental Interest Trust pursuant to the notional principal contract.
          Thus,
          each Certificate (other than a Class P, Class R and Class LT-R Certificates)
          shall be treated as representing not only ownership of regular interests
          in the
          Upper Tier REMIC, but also ownership of an interest in (and obligations
          with
          respect to) a notional principal contract. For tax purposes, the notional
          principal contract shall be deemed to have a value in favor of the Certificates
          entitled to receive Basis Risk Shortfalls and Unpaid Basis Risk Shortfalls
          of
          $66,007.75 as of the Closing Date.

         

        (o) Notwithstanding
          the priority and sources of payments set forth in Article V hereof or otherwise,
          the Securities Administrator shall account for all distributions on the
          Certificates as set forth in this Section 10.01. In no event shall any
          payments
          of Basis Risk Shortfalls or Unpaid Basis Risk Shortfalls provided for in
          this
          Section 10.01 be treated as payments with respect to a “regular interest” in a
          REMIC within the meaning of Code Section 860G(a)(1).

         

        Section
          10.02. Prohibited
          Transactions and Activities. 

         

        Neither
          the Depositor, the Master Servicer nor the Trustee shall sell, dispose
          of, or
          substitute for any of the Mortgage Loans, except in a disposition pursuant
          to
          (i) the foreclosure of a Mortgage Loan, (ii) the bankruptcy of the Trust
          Fund,
          (iii) the termination of each REMIC pursuant to Article VII of this Agreement,
          (iv) a substitution pursuant to Article II of this Agreement or (v) a repurchase
          of Mortgage Loans pursuant to Article II of this Agreement, nor acquire
          any
          assets for any REMIC, nor sell or dispose of any investments in the Certificate
          Account for gain, nor accept any contributions to any REMIC after the Closing
          Date, unless the Trustee and any NIMS Insurer has received an Opinion of
          Counsel
          addressed to the Trustee (at the expense of the party causing such sale,
          disposition, or substitution) that such disposition, acquisition, substitution,
          or acceptance will not (a) result in an Adverse REMIC Event, (b) affect
          the
          distribution of interest or principal on the Certificates or (c) result
          in the
          encumbrance of the assets transferred or assigned to the Trust Fund (except
          pursuant to the provisions of this Agreement).

         

        
          
            
            

          

          
            174

            
              

            

          

          
            
            

          

        

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

         

        Upon
          the
          occurrence of an Adverse REMIC Event due to the negligent performance by
          the
          Trustee or the Securities Administrator, as applicable, of its duties and
          obligations set forth herein, the Trustee or the Securities Administrator,
          as
          applicable, shall indemnify any NIMS Insurer, the Holder of the related
          Residual
          Certificate or the Trust Fund, as applicable, against any and all losses,
          claims, damages, liabilities or expenses (“Losses”) resulting solely from such
          negligence; provided,
          however,
          that
          neither the Trustee nor the Securities Administrator shall be liable for
          any
          such Losses attributable to the action or inaction of the Master Servicer,
          the
          Depositor, the Class X Certificateholders, the Holder of such Residual
          Certificate or the Securities Administrator (with regard to the Trustee),
          as
          applicable, nor for any such Losses resulting from misinformation provided
          by
          the Holder of such Residual Certificate on which the Securities Administrator
          has relied. The foregoing shall not be deemed to limit or restrict the
          rights
          and remedies of the Holder of such Residual Certificate now or hereafter
          existing at law or in equity. Notwithstanding the foregoing, however, in
          no
          event shall the Trustee or the Securities Administrator, as applicable,
          have any
          liability (1) for any action or omission that is taken in accordance with
          and in
          compliance with the express terms of, or which is expressly permitted by
          the
          terms of, this Agreement or any Servicing Agreement, (2) for any Losses
          other
          than arising out of a negligent performance by the Trustee or the Securities
          Administrator, as applicable, of its duties and obligations set forth herein,
          and (3) for any special or consequential damages to Certificateholders
          (in
          addition to payment of principal and interest on the Certificates); provided,
          however,
          that
          this sentence shall not apply in connection with any failure by the Securities
          Administrator to comply with the provisions of Subsections 6.01(l) hereof
          and
          Subsections 9.25(a) or (b) hereof. In addition, neither the Trustee nor
          the
          Securities Administrator shall have any liability for the actions or failure
          to
          act of the other.

         

        Section
          10.04. REO
          Property. 

         

        (a) Notwithstanding
          any other provision of this Agreement, the Master Servicer, acting on behalf
          of
          the Trustee hereunder, shall not, except to the extent provided in the
          applicable Servicing Agreement, knowingly permit any Servicer to, rent,
          lease,
          or otherwise earn income on behalf of any REMIC with respect to any REO
          Property
          which might cause an Adverse REMIC Event unless the Master Servicer has
          advised,
          or has caused the applicable Servicer to advise, the Trustee and any NIMS
          Insurer in writing to the effect that, under the REMIC Provisions, such
          action
          would not result in an Adverse REMIC Event.

         

        
          
            
            

          

          
            175

            
              

            

          

          
            
            

          

        

        (b) The
          Master Servicer shall cause the applicable Servicer (to the extent provided
          in
          its Servicing Agreement) to make reasonable efforts to sell any REO Property
          for
          its fair market value. In any event, however, the Master Servicer shall,
          or
          shall cause the applicable Servicer (to the extent provided in its Servicing
          Agreement) to, dispose of any REO Property within three years of its acquisition
          by the Trust Fund unless the Master Servicer has received a grant of extension
          from the Internal Revenue Service to the effect that, under the REMIC
          Provisions, the REMIC may hold REO Property for a longer period without
          causing
          an Adverse REMIC Event. If the Master Servicer has received such an extension,
          then the Master Servicer, acting on the Trustee’s behalf hereunder, shall, or
          shall cause the applicable Servicer to, continue to attempt to sell the
          REO
          Property for its fair market value for such period longer than three years
          as
          such extension permits (the “Extended Period”). If the Master Servicer has not
          received such an extension and the Master Servicer or the applicable Servicer,
          acting on behalf of the Trustee hereunder, is unable to sell the REO Property
          within 33 months after its acquisition by the Trust Fund or if the Master
          Servicer has received such an extension, and the Master Servicer or the
          applicable Servicer is unable to sell the REO Property within the period
          ending
          three months before the close of the Extended Period, the Master Servicer
          shall
          cause the applicable Servicer, before the end of the three year period
          or the
          Extended Period, as applicable, to (i) purchase such REO Property at a
          price
          equal to the REO Property’s fair market value or (ii) auction the REO Property
          to the highest bidder (which may be the applicable Servicer) in an auction
          reasonably designed to produce a fair price prior to the expiration of
          the
          three-year period or the Extended Period, as the case may be.

         

        ARTICLE
          XI

         

        MISCELLANEOUS
          PROVISIONS

         

        Section
          11.01. Binding
          Nature of Agreement; Assignment. 

         

        This
          Agreement shall be binding upon and inure to the benefit of the parties
          hereto
          and their respective successors and permitted assigns.

         

        Section
          11.02. Entire
          Agreement. 

         

        This
          Agreement contains the entire agreement and understanding among the parties
          hereto with respect to the subject matter hereof, and supersedes all prior
          and
          contemporaneous agreements, understandings, inducements and conditions,
          express
          or implied, oral or written, of any nature whatsoever with respect to the
          subject matter hereof. The express terms hereof control and supersede any
          course
          of performance and/or usage of the trade inconsistent with any of the terms
          hereof.

         

        Section
          11.03. Amendment.
          

         

        
          
            
            

          

          
            176

            
              

            

          

          
            
            

          

        

        (a) On
          or
          prior to a Section 7.01(c) Purchase Event, this Agreement may be amended
          from
          time to time by the Depositor, the Master Servicer, the Securities
          Administrator, and the Trustee, with the consent of any NIMS Insurer, but
          without the consent of the Credit Risk Manager or the Swap Counterparty
          (except
          to the extent that the rights or obligations of (1) the Credit Risk Manager
          or
          the Swap Counterparty hereunder or (2) the Swap Counterparty under the
          Swap
          Agreement are affected thereby, and except to the extent the ability of
          the
          Trustee on behalf of the Supplemental Interest Trust and the Trust Fund
          to
          perform fully and timely its obligations under the Swap Agreement is adversely
          affected, in which case prior written consent of the Swap Counterparty
          is
          required) and without notice to or the consent of any of the Holders, (i)
          to
          cure any ambiguity, (ii) to cause the provisions herein to conform to or
          be
          consistent with or in furtherance of the statements made with respect to
          the
          Certificates, the Trust Fund or this Agreement in any Offering Document,
          or to
          correct or supplement any provision herein which may be inconsistent with
          any
          other provisions herein or with the provisions of any Servicing Agreement,
          (iii)
          to make any other provisions with respect to matters or questions arising
          under
          this Agreement or (iv) to add, delete, or amend any provisions to the extent
          necessary or desirable to comply with any requirements imposed by the Code
          and
          the REMIC Provisions as evidenced by an Opinion of Counsel. No such amendment
          effected pursuant to the preceding sentence shall, as evidenced by an Opinion
          of
          Counsel, result in an Adverse REMIC Event, nor shall such amendment effected
          pursuant to clause (iii) of such sentence adversely affect in any material
          respect the interests of any Holder. Prior to entering into any amendment
          without the consent of Holders pursuant to this paragraph, the Trustee,
          the
          Securities Administrator, any NIMS Insurer and the Swap Counterparty shall
          be
          provided with an Opinion of Counsel addressed to the Trustee, the Securities
          Administrator, any NIMS Insurer and the Swap Counterparty (at the expense
          of the
          party requesting such amendment) to the effect that such amendment is permitted
          under this Section. Any such amendment shall be deemed not to adversely
          affect
          in any material respect any Holder, if the Trustee and the Securities
          Administrator receive written confirmation from each Rating Agency that
          such
          amendment will not cause such Rating Agency to reduce the then current
          rating
          assigned to the Certificates.

         

        (b) On
          or
          prior to a Section 7.01(c) Purchase Event, this Agreement may also be amended
          from time to time by the Depositor, the Master Servicer, the Securities
          Administrator and the Trustee, with the consent of any NIMS Insurer, but
          without
          the consent of the Credit Risk Manager or the Swap Counterparty (except
          to the
          extent that the rights or obligations of (1) the Credit Risk Manager or
          the Swap
          Counterparty hereunder or (2) the Swap Counterparty under the Swap Agreement
          are
          affected thereby, or the ability of the Trustee on behalf of the Supplemental
          Interest Trust and the Trust Fund to perform fully and timely its obligations
          under the Swap Agreement is adversely affected, in which case prior written
          consent of the Swap Counterparty is required) and with the consent of the
          Holders of not less than 66-2/3% of the Class Principal Amount (or Percentage
          Interest) of each Class of Certificates affected thereby for the purpose
          of
          adding any provisions to or changing in any manner or eliminating any of
          the
          provisions of this Agreement or of modifying in any manner the rights of
          the
          Holders; provided, however, that no such amendment shall be made unless
          the
          Trustee, the Securities Administrator and any NIMS Insurer receives an
          Opinion
          of Counsel addressed to the Trustee and the NIMS Insurer, at the expense
          of the
          party requesting the change, that such change will not cause an Adverse
          REMIC
          Event; and provided further, that no such amendment may (i) reduce in any
          manner
          the amount of, or delay the timing of, payments received on Mortgage Loans
          which
          are required to be distributed on any Certificate, without the consent
          of the
          Holder of such Certificate or (ii) reduce the aforesaid percentages of
          Class
          Principal Amount (or Percentage Interest) of Certificates of each Class,
          the
          Holders of which are required to consent to any such amendment without
          the
          consent of the Holders of 100% of the Class Principal Amount (or Percentage
          Interest) of each Class of Certificates affected thereby. For purposes
          of this
          paragraph, references to “Holder” or “Holders” shall be deemed to include, in
          the case of any Class of Book-Entry Certificates, the related Certificate
          Owners.

         

        
          
            
            

          

          
            177

            
              

            

          

          
            
            

          

        

        (c) After
          a
          Section 7.01(c) Purchase Event but on or prior to a Trust Fund Termination
          Event, this Agreement may be amended from time to time by the Depositor,
          the
          Master Servicer, the Securities Administrator, the LTURI-holder and the
          Trustee,
          but without the consent of the Credit Risk Manager, the Cap Counterparty
          or the
          Swap Counterparty (except to the extent that the rights or obligations
          of (1)
          the Credit Risk Manager, the Cap Counterparty or the Swap Counterparty
          hereunder
          or (2) the Cap Counterparty or the Swap Counterparty under the Interest
          Rate Cap
          Agreement or the Swap Agreement, respectively, or the ability of the Trustee
          on
          behalf of the Supplemental Interest Trust and the Trust Fund to perform
          fully
          and timely its obligations under the Interest Rate Cap Agreement or the
          Swap
          Agreement, as applicable, is adversely affected, in which case prior written
          consent of the Credit Risk Manager, the Cap Counterparty or the Swap
          Counterparty, as applicable, is required). Prior to entering into any amendment
          without the consent of Holders pursuant to this paragraph, the Trustee,
          the
          Securities Administrator and the Swap Counterparty shall be provided with
          an
          Opinion of Counsel addressed to the Trustee, the Securities Administrator,
          any
          NIMS Insurer and the Swap Counterparty (at the expense of the party requesting
          such amendment) to the effect that such amendment is permitted under this
          Section and will not result in an Adverse REMIC Event.

         

        (d) Promptly
          after the execution of any such amendment, the Securities Administrator
          shall
          furnish written notification of the substance of such amendment to each
          Holder,
          the Depositor, the Swap Counterparty, any NIMS Insurer and to the Rating
          Agencies.

         

        (e) It
          shall
          not be necessary for the consent of Holders under this Section 11.03 to
          approve
          the particular form of any proposed amendment, but it shall be sufficient
          if
          such consent shall approve the substance thereof. The manner of obtaining
          such
          consents and of evidencing the authorization of the execution thereof by
          Holders
          shall be subject to such reasonable regulations as the Securities Administrator
          may prescribe.

         

        (f) Notwithstanding
          anything to the contrary in any Servicing Agreement, the Trustee shall
          not
          consent to any amendment of any Servicing Agreement unless (i) such amendment
          is
          effected pursuant to the standards provided in Section 11.03(a) or 11.03(b)
          with
          respect to amendment of this Agreement and (ii) except for a Permitted
          Servicing
          Amendment, any such amendment pursuant to Section 11.03(a)(iii) shall not
          be
          materially inconsistent with the provisions of such Servicing Agreement.
          

         

        (g) Notwithstanding
          anything to the contrary in this Section 11.03, this Agreement may be amended
          from time to time by the Depositor, the Master Servicer, the Securities
          Administrator and the Trustee to the extent necessary, in the judgment
          of the
          Depositor and its counsel, to comply with the Rules.

         

        Section
          11.04. Voting
          Rights. 

         

        Except
          to
          the extent that the consent of all affected Certificateholders is required
          pursuant to this Agreement, with respect to any provision of this Agreement
          requiring the consent of Certificateholders representing specified percentages
          of aggregate outstanding Certificate Principal Amount (or Percentage Interest),
          Certificates owned by the Depositor, the Master Servicer, the Securities
          Administrator, the Trustee, any Servicer, the Credit Risk Manager or Affiliates
          thereof are not to be counted so long as such Certificates are owned by
          the
          Depositor, the Master Servicer, the Securities Administrator, the Trustee,
          any
          Servicer, the Credit Risk Manager or any Affiliate thereof.

         

        
          
            
            

          

          
            178

            
              

            

          

          
            
            

          

        

        Section
          11.05. Provision
          of Information. 

         

        (a) For
          so
          long as any of the Certificates of any Series or Class are “restricted
          securities” within the meaning of Rule 144(a)(3) under the Act, each of the
          Depositor, the Master Servicer and the Securities Administrator agree to
          cooperate with each other to provide to any Certificateholders, any NIM
          Security
          holder and to any prospective purchaser of Certificates designated by such
          holder, upon the request of such holder or prospective purchaser, any
          information required to be provided to such holder or prospective purchaser
          to
          satisfy the condition set forth in Rule 144A(d)(4) under the Act. Any
          reasonable, out-of-pocket expenses incurred by the Master Servicer or the
          Securities Administrator in providing such information shall be reimbursed
          by
          the Depositor.

         

        (b) The
          Securities Administrator shall provide to any person to whom a Prospectus
          was
          delivered, upon the request of such person specifying the document or documents
          requested, (i) a copy (excluding exhibits) of any report on Form 8-K or
          Form
          10-K filed with the Securities and Exchange Commission pursuant to Section
          6.20(c) and (ii) a copy of any other document incorporated by reference
          in the
          Prospectus. Any reasonable out-of-pocket expenses incurred by the Securities
          Administrator in providing copies of such documents shall be reimbursed
          by the
          Depositor.

         

        (c) On
          each
          Distribution Date, the Securities Administrator shall deliver or cause
          to be
          delivered by first class mail or make available on its website to the Depositor,
          Attention: Contract Finance, a copy of the report delivered to
          Certificateholders pursuant to Section 4.03.

         

        Section
          11.06. Governing
          Law. 

         

        THIS
          AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS
          OF THE
          STATE OF NEW YORK, WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS
          (OTHER
          THAN SECTION 5-1401 OF THE GENERAL OBLIGATIONS LAW), AND THE OBLIGATIONS,
          RIGHTS
          AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE
          WITH
          SUCH LAWS.

         

        Section
          11.07. Notices.
          

         

        All
          demands, notices and communications hereunder shall be in writing and shall
          be
          deemed to have been duly given when received by (a) in the case of the
          Depositor, Structured Asset Securities Corporation, 745 Seventh Avenue,
          7th
          Floor, New York, NY 10019, Attention: Mortgage Finance SASCO 2006-BC3,
          (b) in the case of the Seller, Lehman Brothers Holdings Inc., 745 Seventh
          Avenue, 7th Floor, New York, NY 10019, Attention: Mortgage Finance SASCO
          2006-BC3, (c) in the case of the Credit Risk Manager, Clayton Fixed Income
          Services Inc., 1700 Lincoln Street, Suite 1600, Denver, Colorado 80203,
          Attention: General Counsel, (d) in the case of the Trustee, the One Federal
          Street, 3rd
          Floor,
          Boston, Massachusetts 02110, Attention: Structured Finance - SASCO 2006-BC3,
          (e)
          in the case of the Master Servicer, Wells Fargo Bank, N.A., P.O. Box 98,
          Columbia, Maryland 21046, and for overnight deliveries 9062 Old Annapolis
          Rd.,
          Columbia, Maryland 21045, Attention: SASCO 2006-BC3, telecopy number
          410-715-2380, (f) in the case of the Securities Administrator, Wells Fargo
          Bank,
          N.A., P.O. Box 98, Columbia, Maryland 21046, and for overnight deliveries
          9062
          Old Annapolis Rd., Columbia, Maryland 21045, Attention: SASCO 2006-BC3,
          telecopy
          number 410-715-2380, and (g) in the case of the Cap Counterparty or the
          Swap
          Counterparty, at the address therefore set forth in the Interest Rate Cap
          Agreement and Swap Agreement, respectively, or, as to each party, such
          other
          address as may hereafter be furnished by such party to the other parties
          in
          writing. All demands, notices and communications to a party hereunder shall
          be
          in writing and shall be deemed to have been duly given when delivered to
          such
          party at the relevant address, facsimile number or electronic mail address
          set
          forth above or at such other address, facsimile number or electronic mail
          address as such party may designate from time to time by written notice
          in
          accordance with this Section 11.07.

        

        
          
            
            

          

          
            179

            
              

            

          

          
            
            

          

        

        Section
          11.08. Severability
          of Provisions. 

         

        If
          any
          one or more of the covenants, agreements, provisions or terms of this Agreement
          shall be for any reason whatsoever held invalid, then such covenants,
          agreements, provisions or terms shall be deemed severable from the remaining
          covenants, agreements, provisions or terms of this Agreement and shall
          in no way
          affect the validity or enforceability of the other provisions of this Agreement
          or of the Certificates or the rights of the Holders thereof.

         

        Section
          11.09. Indulgences;
          No Waivers. 

         

        Neither
          the failure nor any delay on the part of a party to exercise any right,
          remedy,
          power or privilege under this Agreement shall operate as a waiver thereof,
          nor
          shall any single or partial exercise of any right, remedy, power or privilege
          preclude any other or further exercise of the same or of any other right,
          remedy, power or privilege, nor shall any waiver of any right, remedy,
          power or
          privilege with respect to any occurrence be construed as a waiver of such
          right,
          remedy, power or privilege with respect to any other occurrence. No waiver
          shall
          be effective unless it is in writing and is signed by the party asserted
          to have
          granted such waiver.

         

        Section
          11.10. Headings
          Not To Affect Interpretation. 

         

        The
          headings contained in this Agreement are for convenience of reference only,
          and
          they shall not be used in the interpretation hereof.

         

        Section
          11.11. Benefits
          of Agreement.

         

        The
          Depositor shall promptly notify the Custodian and the Trustee in writing
          of the
          issuance of any Class of NIMS Securities issued by a NIMS Insurer and the
          identity of such NIMS Insurer. Thereafter, the NIMS Insurer shall be deemed
          a
          third-party beneficiary of this Agreement to the same extent as if it were
          a
          party hereto, and shall be subject to and have the right to enforce the
          provisions of this Agreement so long as the NIMS Securities remaining
          outstanding or the NIMS Insurer is owed amounts in respect of its guarantee
          of
          payment of such NIMS Securities. Nothing in this Agreement or in the
          Certificates, express or implied, shall give to any Person, other than
          the
          parties to this Agreement and their successors hereunder, the Swap Counterparty
          and its successors and assignees under the Swap Agreement, the Holders
          of the
          Certificates and the NIMS Insurer, any benefit or any legal or equitable
          right,
          power, remedy or claim under this Agreement, except to the extent specified
          in
          Sections 5.08 and Section 11.15, as applicable.

         

        
          
            
            

          

          
            180

            
              

            

          

          
            
            

          

        

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

         

        (a) The
          Depositor shall give prompt notice to the Rating Agencies and any NIMS
          Insurer
          of the occurrence of any of the following events of which it has
          notice:

         

        (i) any
          amendment to this Agreement pursuant to Section 11.03;

         

        (ii) any
          Assignment by the Master Servicer of its rights hereunder or delegation
          of its
          duties hereunder;

         

        (iii) the
          occurrence of any Event of Default described in Section 6.14;

         

        (iv) any
          notice of termination given to the Master Servicer pursuant to Section
          6.14 and
          any resignation of the Master Servicer hereunder;

         

        (v) the
          appointment of any successor to any Master Servicer pursuant to Section
          6.14;

         

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

         

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

         

        (b) All
          notices to the Rating Agencies provided for this Section shall be in writing
          and
          sent by first class mail, telecopy or overnight courier, as
          follows:

         

        

        If
          to
          S&P, to:

        

        Standard
          & Poor’s Ratings Services

        55
          Water
          Street

        New
          York,
          New York 10041

        Attention:
          Residential Mortgages

        

        If
          to
          Moody’s, to:

        

        Moody’s
          Investor Service, Inc.

        99
          Church
          Street

        New
          York,
          New York 10007

        Attention:
          Residential Mortgages

         

        
          
            
            

          

          
            181

            
              

            

          

          
            
            

          

        

        If
          to
          Fitch, to:

        

        Fitch,
          Inc.

        One
          State
          Street Plaza

        New
          York,
          New York 10004

        Attention:
          Residential Mortgages

        

        (c) The
          Securities Administrator shall provide or make available to the Rating
          Agencies
          reports prepared pursuant to Section 4.03. In addition, the Securities
          Administrator shall, at the expense of the Trust Fund, make available to
          each
          Rating Agency such information as such Rating Agency may reasonably request
          regarding the Certificates or the Trust Fund, to the extent that such
          information is reasonably available to the Securities
          Administrator.

         

        Section
          11.13. Conflicts.
          

         

        To
          the
          extent that the terms of this Agreement conflict with the terms of any
          Servicing
          Agreement, the related Servicing Agreement shall govern, unless such provisions
          shall adversely affect the Trustee or the Trust Fund.

         

        Section
          11.14. Counterparts.
          

         

        This
          Agreement may be executed in one or more counterparts, each of which shall
          be
          deemed to be an original, and all of which together shall constitute one
          and the
          same instrument.

         

        Section
          11.15. Transfer
          of Servicing. 

         

        The
          Seller agrees that it shall provide written notice to the Master Servicer,
          the
          Securities Administrator, the Swap Counterparty, any NIMS Insurer and the
          Trustee thirty days prior to any proposed transfer or assignment by such
          Seller
          of its rights under any Servicing Agreement or of the servicing thereunder
          or
          delegation of its rights or duties thereunder or any portion thereof to
          any
          other Person other than the initial Servicer under such Servicing Agreement;
          provided that the Seller shall not be required to provide prior notice
          of
          (i) any transfer of servicing that occurs within three months following the
          Closing Date to an entity that is a Servicer on the Closing Date or
          (ii) any assignment of any Servicing rights from one Seller to the other
          Seller. In addition, the ability of the Seller to transfer or assign its
          rights
          and delegate its duties under a Servicing Agreement or to transfer the
          servicing
          thereunder to a successor servicer shall be subject to the following
          conditions:

         

        (i) satisfaction
          of the conditions to such transfer as set forth in the applicable Servicing
          Agreement including, without limitation, receipt of written consent of
          any NIMS
          Insurer and the Master Servicer to such transfer;

         

        (ii) Such
          successor servicer must be qualified to service loans for Fannie Mae or
          Freddie
          Mac, and must be a member in good standing of MERS;

         

        (iii) Such
          successor servicer must satisfy the seller/servicer eligibility standards
          in the
          applicable Servicing Agreement, exclusive of any experience in mortgage
          loan
          origination;

         

        
          
            
            

          

          
            182

            
              

            

          

          
            
            

          

        

        (iv) Such
          successor servicer must execute and deliver to the Trustee and the Master
          Servicer an agreement, in form and substance reasonably satisfactory to
          the
          Trustee and the Master Servicer, that contains an assumption by such successor
          servicer of the due and punctual performance and observance of each covenant
          and
          condition to be performed and observed by the applicable Servicer under
          the
          applicable Servicing Agreement or, in the case of a transfer of servicing
          to a
          party that is already a Servicer pursuant to this Agreement, an agreement
          to add
          the related Mortgage Loans to the Servicing Agreement already in effect
          with
          such Servicer;

         

        (v) If
          the
          successor servicer is not a Servicer of Mortgage Loans at the time of the
          transfer, there must be delivered to the Trustee and the Master Servicer
          a
          letter from each Rating Agency to the effect that such transfer of servicing
          will not result in a qualification, withdrawal or downgrade of the then-current
          rating of any of the Certificates; and

         

        (vi) The
          Seller shall, at its cost and expense, take such steps, or cause the terminated
          Servicer to take such steps, as may be necessary or appropriate to effectuate
          and evidence the transfer of the servicing of the Mortgage Loans to such
          successor servicer, including, but not limited to, the following: (A) to
          the
          extent required by the terms of the Mortgage Loans and by applicable federal
          and
          state laws and regulations, the Seller shall cause the prior Servicer to
          timely
          mail to each obligor under a Mortgage Loan any required notices or disclosures
          describing the transfer of servicing of the Mortgage Loans to the successor
          servicer; (B) prior to the effective date of such transfer of servicing,
          the
          Seller shall cause the prior Servicer to transmit to any related insurer
          notification of such transfer of servicing; (C) on or prior to the effective
          date of such transfer of servicing, the Seller shall cause the prior Servicer
          to
          deliver to the successor servicer all Mortgage Loan Documents and any related
          records or materials; (D) on or prior to the effective date of such transfer
          of
          servicing, the Seller shall cause the prior Servicer to transfer to the
          successor servicer, all funds held by the prior Servicer in respect of
          the
          Mortgage Loans; (E) on or prior to the effective date of such transfer
          of
          servicing, the Seller shall cause the prior Servicer to, after the effective
          date of the transfer of servicing to the successor servicer, continue to
          forward
          to such successor servicer, within one Business Day of receipt, the amount
          of
          any payments or other recoveries received by the prior Servicer, and to
          notify
          the successor servicer of the source and proper application of each such
          payment
          or recovery; and (F) the Seller shall cause the prior Servicer to, after
          the
          effective date of transfer of servicing to the successor servicer, continue
          to
          cooperate with the successor servicer to facilitate such transfer in such
          manner
          and to such extent as the successor servicer may reasonably request.
          Notwithstanding the foregoing, the prior Servicer shall be obligated to
          perform
          the items listed above to the extent provided in the applicable Servicing
          Agreement.

         

        
          
            
            

          

          
            183

            
              

            

          

          
            
            

          

        

        IN
          WITNESS WHEREOF, the parties hereto have caused their names to be signed
          hereto
          by their respective officers hereunto duly authorized as of the day and
          year
          first above written.

         

        STRUCTURED
          ASSET SECURITIES

        CORPORATION,
          as Depositor

         

        By: 
          /s/ Ellen V. Kiernan                    

        Name:
          Ellen V. Kiernan

        Title:  
          Senior Vice President 

         

        U.S.
          BANK
          NATIONAL ASSOCIATION, 

        as
          Trustee

        

        

        By: 
          /s/ James H. Byrnes                    

        Name:
          James H. Byrnes

        Title:  
          Vice President

        

        

        WELLS
          FARGO BANK, N.A., 

        as
          Master
          Servicer and Securities Administrator

        

        

        By: 
          /s/ Michael Pinzon                    
Name:
          Michael Pinzon
Title:  
          Vice President

        

        

        CLAYTON
          FIXED INCOME SERVICES INC.,

        as
          Credit
          Risk Manager

         

        By: 
          /s/ Kevin J. Kanouff                    
Name:
          Kevin J. Kanouff
Title:  
          President and General Counsel

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        Solely
          for purposes of Sections 5.07(c), 6.11 and 11.15, 

        accepted
          and agreed to by:

         

        LEHMAN
          BROTHERS HOLDINGS INC.

         

        By: 
          /s/ Michael C. Hitzmann                

        Name:
          Michael C. Hitzmann

        Title:
          Authorized Signatory

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        EXHIBIT
          A

         

        FORMS
          OF
          CERTIFICATES

        

        
          
            
            

          

          
            A-1

            
              

            

          

          
            
            

          

        

        EXHIBIT
          B-1

         

        FORM
          OF
          INITIAL CERTIFICATION

         

                                        

        Date

         

        U.S.
          Bank
          National Association

        One
          Federal Street

        3rd
          Floor

        Boston,
          Massachusetts 02110

        

        Structured
          Asset Securities Corporation

        745
          Seventh Avenue, 7th Floor

        New
          York,
          New York 10019

         

        [SERVICERS]

         

        
          
            	
                  	Re:	
                    Trust
                      Agreement dated as of October 1, 2006 (the “Trust Agreement”), by and
                      among Structured Asset Securities Corporation, as Depositor,
                      U.S. Bank
                      National Association, as Trustee, Wells Fargo Bank, N.A., as
                      Master
                      Servicer and Securities Administrator, and Clayton Fixed Income
                      Services
                      Inc., as Credit Risk Manager with respect to Structured Asset
                      Securities
                      Corporation Mortgage Loan Trust Mortgage Pass-

                    Through
                      Certificates, Series 2006-BC3    

                  

          

        

         

        Ladies
          and Gentlemen:

         

        In
          accordance with Section 2.02(a) of the Trust Agreement, subject to review
          of the
          contents thereof, the undersigned, as Custodian, hereby certifies that
          it has
          received the documents listed in Section 2.01(b) of the Trust Agreement
          for each
          Mortgage File pertaining to each Mortgage Loan listed on Schedule A, to
          the
          Trust Agreement, subject to any exceptions noted on Schedule I
          hereto.

         

        Capitalized
          words and phrases used herein and not otherwise defined herein shall have
          the
          respective meanings assigned to them in the Trust Agreement. This Certificate
          is
          subject in all respects to the terms of Section 2.02 of the Trust Agreement
          and
          the Trust Agreement sections cross-referenced therein.

         

        [Custodian]

        

        By:_____________________________________

        Name:
          

        Title:

        

        
          
            
            

          

          
            B-1-1

            
              

            

          

          
            
            

          

        

        EXHIBIT
          B-2

         

        FORM
          OF
          INTERIM CERTIFICATION

         

                                       

        Date

        U.S.
          Bank
          National Association

        One
          Federal Street

        3rd
          Floor

        Boston,
          Massachusetts 02110

        

        Structured
          Asset Securities Corporation

        745
          Seventh Avenue, 7th Floor

        New
          York,
          New York 10019

         

        [SERVICERS]

         

        
          	
                	Re:	
                  Trust
                    Agreement dated as of October 1, 2006 (the “Trust Agreement”), by and
                    among Structured Asset Securities Corporation, as Depositor,
                    U.S. Bank
                    National Association, as Trustee, Wells Fargo Bank, N.A., as
                    Master
                    Servicer and Securities Administrator, and Clayton Fixed Income
                    Services
                    Inc., as Credit Risk Manager with respect to Structured Asset
                    Securities
                    Corporation Mortgage Loan Trust Mortgage Pass-

                  Through
                    Certificates, Series 2006-BC3     

                

        

         

        Ladies
          and Gentlemen:

         

        In
          accordance with Section 2.02(b) of the Trust Agreement, the undersigned,
          as
          Custodian, hereby certifies that as to each Mortgage Loan listed in the
          Mortgage
          Loan Schedule (other than any Mortgage Loan paid in full or listed on Schedule
          I
          hereto) it has received the applicable documents listed in Section 2.01(b)
          of
          the Trust Agreement.

         

        The
          undersigned hereby certifies that as to each Mortgage Loan identified on
          the
          Mortgage Loan Schedule, other than any Mortgage Loan listed on Schedule
          I
          hereto, it has reviewed the documents listed in Section 2.01(b) of the
          Trust
          Agreement and has determined that each such document appears regular on
          its face
          and appears to relate to the Mortgage Loan identified in such
          document.

         

        Capitalized
          words and phrases used herein shall have the respective meanings assigned
          to
          them in the Trust Agreement. This Certificate is qualified in all respects
          by
          the terms of said Trust Agreement including, but not limited to, Section
          2.02(b).

         

        [Custodian]

        

        By:_____________________________________

        Name:
          

        Title:

         

        
          
            
            

          

          
            B-2-1

            
              

            

          

          
            
            

          

        

        EXHIBIT
          B-3

         

        FORM
          OF
          FINAL CERTIFICATION

         

                                       

        Date

        U.S.
          Bank
          National Association

        One
          Federal Street

        3rd
          Floor

        Boston,
          Massachusetts 02110

        

        Structured
          Asset Securities Corporation

        745
          Seventh Avenue, 7th Floor

        New
          York,
          New York 10019

         

        [SERVICERS]

         

        
          	
                	Re:	
                  Trust
                    Agreement dated as of October 1, 2006 (the “Trust Agreement”), by and
                    among Structured Asset Securities Corporation, as Depositor,
                    U.S. Bank
                    National Association, as Trustee, Wells Fargo Bank, N.A., as
                    Master
                    Servicer and Securities Administrator, and Clayton Fixed Income
                    Services
                    Inc., as Credit Risk Manager with respect to Structured Asset
                    Securities
                    Corporation Mortgage Loan Trust Mortgage Pass-Through
                    Certificates, Series 2006-BC3     

                

        

         

        Ladies
          and Gentlemen:

         

        In
          accordance with Section 2.02(d) of the Trust Agreement, the undersigned,
          as
          Custodian on behalf of the Trustee, hereby certifies that as to each Mortgage
          Loan listed in the Mortgage Loan Schedule (other than any Mortgage Loan
          paid in
          full or listed on Schedule I hereto) it has received the applicable documents
          listed in Section 2.01(b) of the Trust Agreement.

         

        The
          undersigned hereby certifies that as to each Mortgage Loan identified in
          the
          Mortgage Loan Schedule, other than any Mortgage Loan listed on Schedule
          I
          hereto, it has reviewed the documents listed in Section 2.01(b) of the
          Trust
          Agreement and has determined that each such document appears to be complete
          and,
          based on an examination of such documents, the information set forth in
          items
          (i) through (vi) of the definition of Mortgage Loan Schedule is correct.
          

         

        Capitalized
          words and phrases used herein shall have the respective meanings assigned
          to
          them in the Trust Agreement. This Certificate is qualified in all respects
          by
          the terms of said Trust Agreement.

         

        [Custodian]

        

        By:_____________________________________

        Name:

        Title:
          

         

        
          
            
            

          

          
            B-3-1

            
              

            

          

          
            
            

          

        

        EXHIBIT
          B-4

         

        FORM
          OF
          ENDORSEMENT

         

        Pay
          to
          the order of U.S. Bank National Association, as trustee (the “Trustee”) under
          the Trust Agreement dated as of October 1, 2006 by and among Structured
          Asset
          Securities Corporation, as Depositor, the Trustee, Wells Fargo Bank, N.A.,
          as
          Master Servicer and Securities Administrator, and Clayton Fixed Income
          Services
          Inc., as Credit Risk Manager relating to Structured Asset Securities Corporation
          Mortgage Loan Trust Mortgage Pass-Through Certificates, Series 2006-BC3,
          without
          recourse.

        

        

         

        __________________________________

        [current
          signatory on note]

         

        By:_______________________________

        Name:

        Title:

         

        
          
            
            

          

          
            B-4-1

            
              

            

          

          
            
            

          

        

        EXHIBIT
          C

        

        REQUEST
          FOR RELEASE OF DOCUMENTS AND RECEIPT

         

                                       

        Date

         

        [Addressed
          to Trustee

        or,
          if
          applicable, the Custodian]

         

        In
          connection with the administration of the mortgages held by you as Trustee
          under
          a certain Trust Agreement dated as of October 1, 2006 by and among Structured
          Asset Securities Corporation, as Depositor, you, as Trustee, Wells Fargo
          Bank,
          N.A., as Master Servicer and Securities Administrator, and Clayton Fixed
          Income
          Services Inc., as Credit Risk Manager, (the “Trust Agreement”), the undersigned
          Servicer hereby requests a release of the Mortgage File held by you as
          Trustee
          with respect to the following described Mortgage Loan for the reason indicated
          below.

         

        Mortgagor’s
          Name:

         

        Address:

         

        Loan
          No.:

         

        Reason
          for requesting file:

         

        1. Mortgage
          Loan paid in full. (The Servicer hereby certifies that all amounts received
          in
          connection with the loan have been or will be credited to the Certificate
          Account pursuant to the Trust Agreement.)

         

        2. The
          Mortgage Loan is being foreclosed.

         

        3. Mortgage
          Loan substituted. (The Servicer hereby certifies that a Qualifying Substitute
          Mortgage Loan has been assigned and delivered to you along with the related
          Mortgage File pursuant to the Trust Agreement.)

         

        4. Mortgage
          Loan repurchased. (The Servicer hereby certifies that the Purchase Price
          or PPTL
          Purchase Price (in the case of a First Payment Default Mortgage Loan) has
          been
          credited to the Certificate Account pursuant to the Trust
          Agreement.)

         

        5. Other.
          (Describe)

         

        
          
            
            

          

          
            C-1

            
              

            

          

          
            
            

          

        

        The
          undersigned acknowledges that the above Mortgage File will be held by the
          undersigned in accordance with the provisions of the Trust Agreement and
          will be
          returned to you within ten (10) days of our receipt of the Mortgage File,
          except
          if the Mortgage Loan has been paid in full, or repurchased or substituted
          for a
          Qualifying Substitute Mortgage Loan (in which case the Mortgage File will
          be
          retained by us permanently) and except if the Mortgage Loan is being foreclosed
          (in which case the Mortgage File will be returned when no longer required
          by us
          for such purpose).

         

        Capitalized
          terms used herein shall have the meanings ascribed to them in the Trust
          Agreement.

         

        _____________________________________

        [Name
          of
          Servicer]

         

        By:__________________________________

        Name:

        Title:
          Servicing Officer

         

        
          
            
            

          

          
            C-2

            
              

            

          

          
            
            

          

        

        EXHIBIT
          D-1

         

        FORM
          OF
          RESIDUAL CERTIFICATE TRANSFER AFFIDAVIT (TRANSFEREE)

        

          
            	
                    STATE
                      OF

                  	
                    )

                  
	 	
                    )
                      ss.:

                  
	
                    COUNTY
                      OF

                     

                  	
                    )

                     

                  

          

        

        [NAME
          OF
          OFFICER], _________________ being first duly sworn, deposes and
          says:

         

        
          	 	
                  1.

                	
                  That
                    he [she] is [title of officer] ________________________ of [name
                    of
                    Purchaser] _________________________________________ (the “Purchaser”), a
                    _______________________ [description of type of entity] duly
                    organized and
                    existing under the laws of the [State of __________] [United
                    States], on
                    behalf of which he [she] makes this
                    affidavit.

                

        

         

        
          	 	
                  2.

                	
                  That
                    the Purchaser’s Taxpayer Identification Number is
                               .

                

        

         

        
          	 	
                  3.

                	
                  That
                    the Purchaser is not a “disqualified organization” within the meaning of
                    Section 860E(e)(5) of the Internal Revenue Code of 1986, as amended
                    (the
                    “Code”) and will not be a “disqualified organization” as of [date of
                    transfer], and that the Purchaser is not acquiring a Residual
                    Certificate
                    (as defined in the Agreement) for the account of, or as agent
                    (including a
                    broker, nominee, or other middleman) for, any person or entity
                    from which
                    it has not received an affidavit substantially in the form of
                    this
                    affidavit. For these purposes, a “disqualified organization” means the
                    United States, any state or political subdivision thereof, any
                    foreign
                    government, any international organization, any agency or instrumentality
                    of any of the foregoing (other than an instrumentality if all
                    of its
                    activities are subject to tax and a majority of its board of
                    directors is
                    not selected by such governmental entity), any cooperative organization
                    furnishing electric energy or providing telephone service to
                    persons in
                    rural areas as described in Code Section 1381(a)(2)(C), any “electing
                    large partnership” within the meaning of Section 775 of the Code, or any
                    organization (other than a farmers’ cooperative described in Code Section
                    521) that is exempt from federal income tax unless such organization
                    is
                    subject to the tax on unrelated business income imposed by Code
                    Section
                    511.

                

        

         

        
          	 	
                  4.

                	
                  That
                    the Purchaser either (x) is not, and on __________________ [date
                    of
                    transfer] will not be, an employee benefit plan or other retirement
                    arrangement subject to Section 406 of the Employee Retirement
                    Income
                    Security Act of 1974, as amended (“ERISA”), or Section 4975 of the Code
                    (“Code”), (collectively, a “Plan”) or a person acting on behalf of any
                    such Plan or investing the assets of any such Plan to acquire
                    a Residual
                    Certificate; (y) if the Residual Certificate has been the subject
                    of an
                    ERISA-Qualifying Underwriting, is an insurance company that is
                    purchasing
                    the Residual Certificate with funds contained in an “insurance company
                    general account” as defined in Section V(e) of Prohibited Transaction
                    Class Exemption (“PTCE”) 95-60 and the purchase and holding of the
                    Residual Certificate are covered under Sections I and III of
                    PTCE 95-60;
                    or (z) herewith delivers to the Securities Administrator an opinion
                    of
                    counsel (a “Benefit Plan Opinion”) satisfactory to the Securities
                    Administrator, and upon which the Trustee, the Master Servicer,
                    any
                    Servicer, the Securities Administrator, the Depositor and any
                    NIMS Insurer
                    shall be entitled to rely, to the effect that the purchase or
                    holding of
                    such Residual Certificate by the Investor will not result in
                    any
                    non-exempt prohibited transactions under Title I of ERISA or
                    Section 4975
                    of the Code and will not subject the Trustee, the Depositor,
                    the Master
                    Servicer, any Servicer, the Securities Administrator or any NIMS
                    Insurer
                    to any obligation in addition to those undertaken by such entities
                    in the
                    Trust Agreement, which opinion of counsel shall not be an expense
                    of the
                    Trust Fund or any of the above
                    parties.

                

        

         

        
          
            
            

          

          
            D-1-1

            
              

            

          

          
            
            

          

        

        
          	 	
                  5.

                	
                  That
                    the Purchaser hereby acknowledges that under the terms of the
                    Trust
                    Agreement (the “Agreement”) by and among Structured Asset Securities
                    Corporation, as Depositor, U.S. Bank National Association, as
                    Trustee,
                    Wells Fargo Bank, N.A., as Master Servicer and Securities Administrator,
                    and Clayton Fixed Income Services Inc., as Credit Risk Manager,
                    dated as
                    of October 1, 2006, no transfer of the Residual Certificate shall
                    be
                    permitted to be made to any person unless the Depositor and Securities
                    Administrator have received a certificate from such transferee
                    containing
                    the representations in paragraphs 3 and 4
                    hereof.

                

        

         

        
          	 	
                  6.

                	
                  That
                    the Purchaser does not hold REMIC residual securities as nominee
                    to
                    facilitate the clearance and settlement of such securities through
                    electronic book-entry changes in accounts of participating organizations
                    (such entity, a “Book-Entry
                    Nominee”).

                

        

         

        
          	 	
                  7.

                	
                  That
                    the Purchaser does not have the intention to impede the assessment
                    or
                    collection of any federal, state or local taxes legally required
                    to be
                    paid with respect to such Residual
                    Certificate.

                

        

         

        
          	 	
                  8.

                	
                  That
                    the Purchaser will not transfer a Residual Certificate to any
                    person or
                    entity (i) as to which the Purchaser has actual knowledge that
                    the
                    requirements set forth in paragraph 3, paragraph 6 or paragraph
                    10 hereof
                    are not satisfied or that the Purchaser has reason to believe
                    does not
                    satisfy the requirements set forth in paragraph 7 hereof, and
                    (ii) without
                    obtaining from the prospective Purchaser an affidavit substantially
                    in
                    this form and providing to the Securities Administrator a written
                    statement substantially in the form of Exhibit D-2 to the
                    Agreement.

                

        

         

        
          	 	
                  9.

                	
                  That
                    the Purchaser understands that, as the holder of a Residual Certificate,
                    the Purchaser may incur tax liabilities in excess of any cash
                    flows
                    generated by the interest and that it intends to pay taxes associated
                    with
                    holding such Residual Certificate as they become
                    due.

                

        

         

        
          
            
            

          

          
            D-1-2

            
              

            

          

          
            
            

          

        

        
          	 	
                  10.

                	
                  That
                    the Purchaser (i) is not a Non-U.S. Person or (ii) is a Non-U.S.
                    Person
                    that holds a Residual Certificate in connection with the conduct
                    of a
                    trade or business within the United States and has furnished
                    the
                    transferor and the Securities Administrator with an effective
                    Internal
                    Revenue Service Form W-8ECI (Certificate of Foreign Person’s Claim for
                    Exemption From Withholding on Income Effectively Connected With
                    the
                    Conduct of a Trade or Business in the United States) or successor
                    form at
                    the time and in the manner required by the Code or (iii) is a
                    Non-U.S.
                    Person that has delivered to both the transferor and the Securities
                    Administrator an opinion of a nationally recognized tax counsel
                    to the
                    effect that the transfer of such Residual Certificate to it is
                    in
                    accordance with the requirements of the Code and the regulations
                    promulgated thereunder and that such transfer of a Residual Certificate
                    will not be disregarded for federal income tax purposes. “Non-U.S. Person”
                    means an individual, corporation, partnership or other person
                    other than
                    (i) a citizen or resident of the United States; (ii) a corporation,
                    partnership or other entity created or organized in or under
                    the laws of
                    the United States or any state thereof, including for this purpose,
                    the
                    District of Columbia; (iii) an estate that is subject to U.S.
                    federal
                    income tax regardless of the source of its income; (iv) a trust
                    if a court
                    within the United States is able to exercise primary supervision
                    over the
                    administration of the trust and one or more United States trustees
                    have
                    authority to control all substantial decisions of the trust;
                    and, (v) to
                    the extent provided in Treasury regulations, certain trusts in
                    existence
                    on August 20, 1996 that are treated as United States persons
                    prior to such
                    date and elect to continue to be treated as United States
                    persons.

                

        

         

        
          	 	
                  11.

                	
                  That
                    the Purchaser agrees to such amendments of the Trust Agreement
                    as may be
                    required to further effectuate the restrictions on transfer of
                    any
                    Residual Certificate to such a “disqualified organization,” an agent
                    thereof, a Book-Entry Nominee, or a person that does not satisfy
                    the
                    requirements of paragraph 7 and paragraph 10
                    hereof.

                

        

         

        
          	 	
                  12.

                	
                  That
                    the Purchaser consents to the designation of the Securities Administrator
                    as its agent to act as “tax matters person” of the Trust Fund pursuant to
                    the Trust Agreement.

                

        

         

        
          
            
            

          

          
            D-1-3

            
              

            

          

          
            
            

          

        

        IN
          WITNESS WHEREOF, the Purchaser has caused this instrument to be executed
          on its
          behalf, pursuant to authority of its Board of Directors, by its [title
          of
          officer] this _____ day of __________, 20__.

         

        _________________________________

        [Name
          of
          Purchaser]

         

        By:______________________________

        Name:
          

        Title:
          

         

        Personally
          appeared before me the above-named [name of officer] ________________,
          known or
          proved to me to be the same person who executed the foregoing instrument
          and to
          be the [title of officer] _________________ of the Purchaser, and acknowledged
          to me that he [she] executed the same as his [her] free act and deed and
          the
          free act and deed of the Purchaser.

         

        Subscribed
          and sworn before me this _____ day of __________, 20__.

         

        NOTARY
          PUBLIC

         

        ______________________________

         

        COUNTY
          OF_____________________

         

        STATE
          OF______________________

         

        My
          commission expires the _____ day of __________, 20__.

         

        
          
            
            

          

          
            D-1-4

            
              

            

          

          
            
            

          

        

        EXHIBIT
          D-2

         

        FORM
          OF
          RESIDUAL CERTIFICATE TRANSFER AFFIDAVIT (TRANSFEROR)

         

        ____________________________

        Date

         

        
          	
                	Re:	
                  Structured
                    Asset Securities Corporation Mortgage Loan Trust

                  Mortgage
                    Pass-Through Certificates, Series
                    2006-BC3

                

        

         

        _______________________
          (the “Transferor”) has reviewed the attached affidavit of
          _____________________________ (the “Transferee”), and has no actual knowledge
          that such affidavit is not true and has no reason to believe that the
          information contained in paragraph 7 thereof is not true, and has no reason
          to
          believe that the Transferee has the intention to impede the assessment
          or
          collection of any federal, state or local taxes legally required to be
          paid with
          respect to a Residual Certificate. In addition, the Transferor has conducted
          a
          reasonable investigation at the time of the transfer and found that the
          Transferee had historically paid its debts as they came due and found no
          significant evidence to indicate that the Transferee will not continue
          to pay
          its debts as they become due.

         

        Very
          truly yours,

         

        _______________________________

        Name:

        Title:

         

        
          
            
            

          

          
            D-2-1

            
              

            

          

          
            
            

          

        

        EXHIBIT
          E

         

        LIST
          OF
          SERVICING AGREEMENTS

        

        

        
          	 	
                  1.

                	
                  Securitization
                    Servicing Agreement dated as of October 1, 2006, by and among
                    LBH, as
                    seller, Aurora Loan Services LLC, as servicer, and the Master
                    Servicer,
                    and acknowledged by the Trustee;

                

        

         

        
          	 	
                  2.

                	
                  Reconstituted
                    Servicing Agreement dated as of October 1, 2006, by and between
                    LBH, as
                    seller, Countrywide Home Loans Servicing LP, as servicer, Countrywide
                    Home
                    Loans, Inc., and acknowledged by the Master Servicer and the
                    Trustee;

                

        

         

        
          	 	
                  3.

                	
                  Securitization
                    Servicing Agreement dated as of October 1, 2006, by and among
                    LBH, as
                    seller, HomEq Servicing Corporation, as servicer, and the Master
                    Servicer,
                    and acknowledged by the Trustee;

                

        

         

        
          	 	
                  4.

                	
                  Securitization
                    Servicing Agreement dated as of October 1, 2006, by and among
                    LBH, as
                    seller, JPMorgan Chase Bank, National Association, as servicer,
                    and the
                    Master Servicer, and acknowledged by the
                    Trustee;

                

        

         

        
          	 	
                  5.

                	
                  Securitization
                    Subservicing Agreement dated as of October 1, 2006, by and among
                    LBH, as
                    seller, Option One Mortgage Corporation, as servicer, and the
                    Master
                    Servicer, and acknowledged by the Trustee; 

                

        

         

        
          	 	
                  6.

                	
                  Securitization
                    Subservicing Agreement dated as of October 1, 2006, by and among
                    LBH, as
                    seller, Wells Fargo Bank, N.A., as servicer, and the Master Servicer,
                    and
                    acknowledged by the Trustee.

                

        

         

        
          
            
            

          

          
            E-1

            
              

            

          

          
            
            

          

        

        EXHIBIT
          F

         

        FORM
          OF
          RULE 144A TRANSFER CERTIFICATE

         

        
          	
                	Re:	
                  Structured
                    Asset Securities Corporation Mortgage Loan

                  Mortgage
                    Pass-Through Certificates, Series
                    2006-BC3

                

        

        

        Reference
          is hereby made to the Trust Agreement dated as of October 1, 2006 (the
“Trust
          Agreement”) by and among Structured Asset Securities Corporation, as Depositor,
          U.S. Bank National Association, as Trustee, Wells Fargo Bank, N.A., as
          Master
          Servicer and Securities Administrator, and Clayton Fixed Income Services
          Inc.,
          as Credit Risk Manager. Capitalized terms used but not defined herein shall
          have
          the meanings given to them in the Trust Agreement.

         

        This
          letter relates to $__________ initial Certificate Balance of Class     
          Certificates
          which are held in the form of Definitive Certificates registered in the
          name of
                                
          (the
“Transferor”). The Transferor has requested a transfer of such Definitive
          Certificates for Definitive Certificates of such Class registered in the
          name of
          [insert name of transferee].

         

        In
          connection with such request, and in respect of such Certificates, the
          Transferor hereby certifies that such Certificates are being transferred
          in
          accordance with (i) the transfer restrictions set forth in the Trust Agreement
          and the Certificates and (ii) Rule 144A under the Securities Act to a purchaser
          that the Transferor reasonably believes is a “qualified institutional buyer”
within the meaning of Rule 144A purchasing for its own account or for the
          account of a “qualified institutional buyer,” which purchaser is aware that the
          sale to it is being made in reliance upon Rule 144A, in a transaction meeting
          the requirements of Rule 144A and in accordance with any applicable securities
          laws of any state of the United States or any other applicable
          jurisdiction.

         

        This
          certificate and the statements contained herein are made for your benefit
          and
          the benefit of the Placement Agent and the Depositor.

         

        _____________________________________

        [Name
          of
          Transferor]

         

        By:__________________________________

        Name:

        Title:

         

        Dated:
          ___________, ____

         

        
          
            
            

          

          
            F-1

            
              

            

          

          
            
            

          

        

        EXHIBIT
          G

         

        FORM
          OF
          PURCHASER’S LETTER FOR

        INSTITUTIONAL
          ACCREDITED INVESTORS

         

                                       

        Date

         

        Dear
          Sirs:

         

        In
          connection with our proposed purchase of $______________ principal amount
          of
          Structured Asset Securities Corporation Mortgage Loan Trust Mortgage
          Pass-Through Certificates, Series 2006-BC3, [Class
          B1] [Class
          B2]
          Certificates (the “Privately Offered Certificates”) of the Structured Asset
          Securities Corporation (the “Depositor”), we confirm that:

         

        
          	
                  (1)

                	
                  We
                    understand that the Privately Offered Certificates have not been,
                    and will
                    not be, registered under the Securities Act of 1933, as amended
                    (the
                    “Securities Act”), and may not be sold except as permitted in the
                    following sentence. We agree, on our own behalf and on behalf
                    of any
                    accounts for which we are acting as hereinafter stated, that
                    if we should
                    sell any Privately Offered Certificates within two years of the
                    later of
                    the date of original issuance of the Privately Offered Certificates
                    or the
                    last day on which such Privately Offered Certificates are owned
                    by the
                    Depositor or any affiliate of the Depositor (which includes the
                    Placement
                    Agent) we will do so only (A) to the Depositor, (B) to “qualified
                    institutional buyers” (within the meaning of Rule 144A under the
                    Securities Act) in accordance with Rule 144A under the Securities
                    Act
                    (“QIBs”), (C) pursuant to the exemption from registration provided by
                    Rule
                    144 under the Securities Act, or (D) to an institutional “accredited
                    investor” within the meaning of Rule 501(a)(1), (2), (3) or (7) of
                    Regulation D under the Securities Act that is not a QIB (an “Institutional
                    Accredited Investor”) which, prior to such transfer, delivers to the
                    Securities Administrator under the Trust Agreement dated as of
                    October 1,
                    2006 by and among the Depositor, U.S. Bank National Association,
                    as
                    Trustee (the “Trustee”), Wells Fargo Bank, N.A., as Master Servicer and
                    Securities Administrator, and Clayton Fixed Income Services Inc.,
                    as
                    Credit Risk Manager, a signed letter in the form of this letter;
                    and we
                    further agree, in the capacities stated above, to provide to
                    any person
                    purchasing any of the Privately Offered Certificates from us
                    a notice
                    advising such purchaser that resales of the Privately Offered
                    Certificates
                    are restricted as stated herein.

                

        

         

        
          	
                  (2)

                	
                  We
                    understand that, in connection with any proposed resale of any
                    Privately
                    Offered Certificates to an Institutional Accredited Investor,
                    we will be
                    required to furnish to the Securities Administrator and the Depositor
                    a
                    certification from such transferee in the form hereof to confirm
                    that the
                    proposed sale is being made pursuant to an exemption from, or
                    in a
                    transaction not subject to, the registration requirements of
                    the
                    Securities Act. We further understand that the Privately Offered
                    Certificates purchased by us will bear a legend to the foregoing
                    effect.

                

        

         

        
          
            
            

          

          
            G-1

            
              

            

          

          
            
            

          

        

        
          	
                  (3)

                	
                  We
                    are acquiring the Privately Offered Certificates for investment
                    purposes
                    and not with a view to, or for offer or sale in connection with,
                    any
                    distribution in violation of the Securities Act. We have such
                    knowledge
                    and experience in financial and business matters as to be capable
                    of
                    evaluating the merits and risks of our investment in the Privately
                    Offered
                    Certificates, and we and any account for which we are acting
                    are each able
                    to bear the economic risk of such
                    investment.

                

        

         

        
          	
                  (4)

                	
                  We
                    are an Institutional Accredited Investor and we are acquiring
                    the
                    Privately Offered Certificates purchased by us for our own account
                    or for
                    one or more accounts (each of which is an Institutional Accredited
                    Investor) as to each of which we exercise sole investment
                    discretion.

                

        

         

        (5) We
          have
          received such information as we deem necessary in order to make our investment
          decision.

         

        (6) If
          we are
          acquiring ERISA-Restricted Certificates, we understand that in accordance
          with
          ERISA, the Code and the Exemption, no Plan and no person acting on behalf
          of
          such a Plan may acquire such Certificate except in accordance with Section
          3.03(d) of the Trust Agreement.

         

        Terms
          used in this letter which are not otherwise defined herein have the respective
          meanings assigned thereto in the Trust Agreement.

         

        
          
            
            

          

          
            G-2

            
              

            

          

          
            
            

          

        

        You
          and
          the Depositor are entitled to rely upon this letter and are irrevocably
          authorized to produce this letter or a copy hereof to any interested party
          in
          any administrative or legal proceeding or official inquiry with respect
          to the
          matters covered hereby.

         

        Very
          truly yours,

         

        __________________________________

        [Purchaser]

         

        By:
          ________________________________

        Name:
          

        Title:

         

        
          
            
            

          

          
            G-3

            
              

            

          

          
            
            

          

        

        EXHIBIT
          H

         

        FORM
          OF
          ERISA TRANSFER AFFIDAVIT

        

          
            	
                    STATE
                      OF NEW YORK 

                  	
                    )

                  
	 	
                    )
                      ss.: 

                  
	
                    COUNTY
                      OF NEW YORK 

                     

                  	
                    )

                     

                  

          

        

        The
          undersigned, being first duly sworn, deposes and says as follows:

         

        1. The
          undersigned is the ______________________ of (the “Investor”), a [corporation
          duly organized] and existing under the laws of __________, on behalf of
          which he
          makes this affidavit.

         

        2. In
          the
          case of an ERISA-Restricted Certificate, the Investor either (x) is not,
          and on
          __________________ [date of transfer] will not be, an employee benefit
          plan or
          other retirement arrangement subject to Section 406 of the Employee Retirement
          Income Security Act of 1974, as amended (“ERISA”), or Section 4975 of the
          Internal Revenue Code of 1986, as amended (the “Code”), (collectively, a “Plan”)
          or a person acting on behalf of any such Plan or investing the assets of
          any
          such Plan to acquire a Certificate; (y) if the Certificate has been the
          subject
          of an ERISA-Qualifying Underwriting, is an insurance company that is purchasing
          the Certificate with funds contained in an “insurance company general account”
as defined in Section V(e) of Prohibited Transaction Class Exemption (“PTCE”)
          95-60 and the purchase and holding of the Certificate are covered under
          Sections
          I and III of PTCE 95-60; or (z) herewith delivers to the Securities
          Administrator an opinion of counsel (a “Benefit Plan Opinion”) satisfactory to
          the Securities Administrator, and upon which the Trustee, the Master Servicer,
          any Servicer, the Securities Administrator, the Depositor and any NIMS
          Insurer
          shall be entitled to rely, to the effect that the purchase or holding of
          such
          Certificate by the Investor will not result in any non-exempt prohibited
          transactions under Title I of ERISA or Section 4975 of the Code and will
          not
          subject the Trustee, the Depositor, the Master Servicer, any Servicer,
          the
          Securities Administrator or any NIMS Insurer to any obligation in addition
          to
          those undertaken by such entities in the Trust Agreement, which opinion
          of
          counsel shall not be an expense of the Trust Fund or any of the above
          parties.

         

        3. In
          the
          case of an ERISA-Restricted Trust Certificate, prior to the termination
          of the
          Swap Agreement and the Interest Rate Cap Agreement, either (i) the Investor
          is
          neither a Plan nor a person acting on behalf of any such Plan or using
          the
          assets of any such Plan to effect such transfer or (ii) the acquisition
          and
          holding of the ERISA-Restricted Trust Certificate are eligible for exemptive
          relief under PTCE 84-14, PTCE 90-1, PTCE 91-38, PTCE 95-60 or PTCE
          96-23.

         

        
          
            
            

          

          
            H-1

            
              

            

          

          
            
            

          

        

        4. The
          Investor hereby acknowledges that under the terms of the Trust Agreement
          (the
“Agreement”) by and among Structured Asset Securities Corporation, as Depositor,
          U.S. Bank National Association, as Trustee, Wells Fargo Bank, N.A., as
          Master
          Servicer and Securities Administrator, and Clayton Fixed Income Services
          Inc.,
          as Credit Risk Manager, dated as of October 1, 2006, no transfer of the
          ERISA-Restricted Certificates or the ERISA-Restricted Trust Certificates
          shall
          be permitted to be made to any person unless the Securities Administrator
          have
          received a certificate from such transferee in the form hereof.

         

        
          
            
            

          

          
            H-2

            
              

            

          

          
            
            

          

        

        IN
          WITNESS WHEREOF, the Investor has caused this instrument to be executed
          on its
          behalf, pursuant to proper authority, by its duly authorized officer, duly
          attested, this ____ day of _______________, 20___.

         

        _________________________________

        [Investor]

         

        By:______________________________

        Name:

        Title:

         

        ATTEST:

         

        

         

        _____________________________

        

          
            	
                    STATE
                      OF

                  	
                    )

                  
	 	
                    )
                      ss:

                  
	
                    COUNTY
                      OF

                     

                  	
                    )

                     

                  

          

        

        Personally
          appeared before me the above-named ________________, known or proved to
          me to be
          the same person who executed the foregoing instrument and to be the
          ____________________ of the Investor, and acknowledged that he executed
          the same
          as his free act and deed and the free act and deed of the Investor.

         

        Subscribed
          and sworn before me this _____ day of _________ 20___.

         

        ______________________________

        NOTARY
          PUBLIC

         

        My
          commission expires the

        _____
          day
          of __________, 20___.

         

        
          
            
            

          

          
            H-3

            
              

            

          

          
            
            

          

        

        EXHIBIT
          I

         

        MONTHLY
          REMITTANCE ADVICE

         

        
          
            
            

          

          
            I-1

            
              

            

          

          
            
            

          

        

        EXHIBIT
          J

         

        MONTHLY
          ELECTRONIC DATA TRANSMISSION

         

        
          
            
            

          

          
            J-1

            
              

            

          

          
            
            

          

        

        EXHIBIT
          K

         

        LIST
          OF
          CUSTODIAL AGREEMENTS

         

        
          	 	
                  1.

                	
                  Custodial
                    Agreement dated as of October 1, 2006 between Deutsche Bank National
                    Trust
                    Company, as Custodian, and U.S. Bank National Association, as
                    Trustee.

                

        

        

        
          	 	
                  2.

                	
                  Custodial
                    Agreement dated as of October 1, 2006 between LaSalle Bank National
                    Association, as Custodian, and U.S. Bank National Association,
                    as
                    Trustee.

                

        

        

        
          	 	
                  3.

                	
                  Custodial
                    Agreement dated as of October 1, 2006 between U.S. Bank National
                    Association, as Custodian, and U.S. Bank National Association,
                    as
                    Trustee.

                

        

         

        
          	 	
                  4.

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

                

        

         

        
          
            
            

          

          
            K-1

            
              

            

          

          
            
            

          

        

        EXHIBIT
          L

         

        LIST
          OF
          CREDIT RISK MANAGEMENT AGREEMENTS

         

        
          	 	
                  1)

                	
                  Credit
                    Risk Management Agreement dated October 30, 2006 between Clayton
                    Fixed
                    Income Services Inc., as credit risk manager (the “Credit Risk Manager”)
                    and Aurora Loan Services LLC, as
                    servicer.

                

        

         

        
          	 	
                  2)

                	
                  Credit
                    Risk Management Agreement dated October 30, 2006 between the
                    Credit Risk
                    Manager and Countrywide Home Loans Servicing LP, as
                    servicer.

                

        

         

        
          	 	
                  3)

                	
                  Credit
                    Risk Management Agreement dated October 30, 2006 between the
                    Credit Risk
                    Manager and Option One Mortgage Corporation, as
                    servicer.

                

        

         

        
          	 	
                  4)

                	
                  Credit
                    Risk Management Agreement dated October 30, 2006 between the
                    Credit Risk
                    Manager and JPMorgan Chase Bank, National Association, as
                    servicer.

                

        

         

        
          	 	
                  5)

                	
                  Credit
                    Risk Management Agreement dated October 30, 2006 between the
                    Credit Risk
                    Manager and Wells Fargo Bank, N.A., as
                    servicer.

                

        

         

        
          	 	
                  6)

                	
                  Credit
                    Risk Management Agreement dated October 30, 2006 between the
                    Credit Risk
                    Manager and HomEq Servicing Corporation, as
                    servicer.

                

        

         

        
          
            
            

          

          
            L-1

            
              

            

          

          
            
            

          

        

        EXHIBIT
          M-1

         

        FORM
          OF
          TRANSFER CERTIFICATE

        FOR
          TRANSFER FROM RESTRICTED GLOBAL SECURITY

        TO
          REGULATION S GLOBAL SECURITY

        (Transfers
          pursuant to § 3.03(h)(B)

                              
          of the
          Agreement)                            

         

        
          	
                	Re:	
                  Structured
                    Asset Securities Corporation Mortgage Loan Trust

                  Mortgage
                    Pass-Through Certificates Series
                    2006-BC3

                

        

         

        Reference
          is hereby made to the Trust Agreement (the “Agreement”) by and among Structured
          Asset Securities Corporation, as Depositor, Clayton Fixed Income Services
          Inc.,
          as Credit Risk Manager, U.S. Bank National Association, as Trustee and
          Wells
          Fargo Bank, N.A., as Master Servicer and Securities Administrator, dated
          as of
          October 1, 2006. Capitalized terms used but not defined herein shall have
          the
          meanings given to them in the Agreement.

         

        This
          letter relates to U.S. $                            
          aggregate
          principal amount of Securities which are held in the form of a Restricted
          Global
          Security with DTC in the name of [name of Transferor]                                                       
          (the
“Transferor”) to effect the transfer of the Securities in exchange for an
          equivalent beneficial interest in a Regulation S Global Security.

         

        In
          connection with such request, the Transferor does hereby certify that such
          transfer has been effected in accordance with the transfer restrictions
          set
          forth in the Agreement and the Securities and in accordance with Rule 904
          of
          Regulation S, and that:

         

        a. the
          offer
          of the Securities was not made to a person in the United States; 

         

        b. at
          the
          time the buy order was originated, the transferee was outside the United
          States
          or the Transferor and any person acting on its behalf reasonably believed
          that
          the transferee was outside the United States;

         

        c. no
          directed selling efforts have been made in contravention of the requirements
          of
          Rule 903 or 904 of Regulation S, as applicable;

         

        d. the
          transaction is not part of a plan or scheme to evade the registration
          requirements of the United States Securities Act of 1933, as amended;
          and

         

        
          
            e.
              the
              transferee is not a U.S. person (as defined in Regulation
              S).

          

        

         

        
          
            
            

          

          
            M-1-1

            
              

            

          

          
            
            

          

        

        You
          are
          entitled to rely upon this letter and are irrevocably authorized to produce
          this
          letter or a copy hereof to any interested party in any administrative or
          legal
          proceedings or official inquiry with respect to the matters covered hereby.
          Terms used in this certificate have the meanings set forth in Regulation
          S.

        

        

        

                                                                    
          

        [Name
          of
          Transferor]

        

        

        By:
                                                                  

        Name:

        Title:

         

        Date:             
            ,
                 

        

        
          
            
            

          

          
            M-1-2

            
              

            

          

          
            
            

          

        

        EXHIBIT
          M-2

        

        FORM
          OF
          TRANSFER CERTIFICATE FOR TRANSFER 

        FROM
          REGULATION S GLOBAL SECURITY

        TO
          RESTRICTED GLOBAL SECURITY

        (Transfers
          pursuant to § 3.03(h)(C)

                                  of
          the
          Agreement)                          

         

        
          	
                	Re:	
                  Structured
                    Asset Securities Corporation Mortgage Loan Trust

                  Mortgage
                    Pass-Through Certificates Series
                    2006-BC3

                

        

         

        Reference
          is hereby made to the Trust Agreement (the “Agreement”) by and among Structured
          Asset Securities Corporation, as Depositor, Clayton Fixed Income Services
          Inc.,
          as Credit Risk Manager, U.S. Bank National Association, as Trustee and
          Wells
          Fargo Bank, N.A., as Master Servicer and Securities Administrator, dated
          as of
          October 1, 2006. Capitalized terms used but not defined herein shall have
          the
          meanings given to them in the Agreement.

         

        This
          letter relates to U.S. $                            
          aggregate
          principal amount of Securities which are held in the form of a Regulations
          S
          Global Security in the name of [name of transferor]                                                       
          (the
          “Transferor”) to effect the transfer of the Securities in exchange for an
          equivalent beneficial interest in a Restricted Global Security.

         

        In
          connection with such request, and in respect of such Securities, the Transferor
          does hereby certify that such Securities are being transferred in accordance
          with (i) the transfer restrictions set forth in the Agreement and the Securities
          and (ii) Rule 144A under the United States Securities Act of 1933, as amended,
          to a transferee that the Transferor reasonably believes is purchasing the
          Securities for its own account or an account with respect to which the
          transferee exercises sole investment discretion, the transferee and any
          such
          account is a qualified institutional buyer within the meaning of Rule 144A,
          in a
          transaction meeting the requirements of Rule 144A and in accordance with
          any
          applicable securities laws of any state of the United States or any other
          jurisdiction.

         

                                                                    
          

        [Name
          of
          Transferor]

        

        By:                                                        

        Name:

        Title:

         

        Date:             
            ,
                 

         

        
          
            
            

          

          
            M-2-1

            
              

            

          

          
            
            

          

        

        EXHIBIT
          N

        

        Interest
          Rate Cap Agreement

        

        
          
            
            

          

          
            N-1

            
              

            

          

          
            
            

          

        

        EXHIBIT
          O

        

        SWAP
          AGREEMENT

         

        
          
            
            

          

          
            O-1

            
              

            

          

          
            
            

          

        

        EXHIBIT
          P-1

        

        
          	
                  ADDITIONAL
                    FORM 10-D DISCLOSURE

                
	
                  Item
                    on Form 10-D

                	
                  Party
                    Responsible 

                
	
                  Item
                    1: Distribution and Pool Performance Information

                   

                	 
	
                  Information
                    included in the Distribution Date Statement

                	
                  Servicer(1)

                  Master
                    Servicer

                  Securities
                    Administrator

                
	
                  Any
                    information required by 1121 which is NOT included on the Distribution
                    Date Statement

                	
                  Depositor

                
	
                  Item
                    2: Legal Proceedings

                   

                  Any
                    legal proceeding pending against the following entities or their
                    respective property, that is material to Certificateholders,
                    including any
                    proceedings known to be contemplated by governmental
                    authorities:

                	 
	
                  ▪
                    Issuing Entity (Trust Fund)

                	
                  Trustee,
                    Master Servicer, Securities Administrator and Depositor

                
	
                  ▪
                    Sponsor (Seller)

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

                
	
                  ▪
                    Depositor

                	
                  Depositor

                
	
                  ▪
                    Trustee

                	
                  Trustee

                
	
                  ▪
                    Securities Administrator

                	
                  Securities
                    Administrator

                
	
                  ▪
                    Master Servicer

                	
                  Master
                    Servicer

                
	
                  ▪
                    Custodian

                	
                  Custodian(2)

                
	
                  ▪
                    1110(b) Originator

                	
                  Depositor

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

                	
                  Servicer(1)

                
	
                  ▪
                    Any other party contemplated by 1100(d)(1)

                	
                  Depositor

                
	
                  Item
                    3: Sale of Securities and Use of Proceeds

                  Information
                    from Item 2(a) of Part II of Form 10-Q:

                   

                  With
                    respect to any sale of securities by the sponsor, depositor or
                    issuing
                    entity, that are backed by the same asset pool or are otherwise
                    issued by
                    the issuing entity, whether or not registered, provide the sales
                    and use
                    of proceeds information in Item 701 of Regulation S-K. Pricing
                    information
                    can be omitted if securities were not registered.

                	
                  Depositor

                

        

         

        
          
            
            

          

          
            P-1-1

            
              

            

          

          
            
            

          

        

        
          	
                  ADDITIONAL
                    FORM 10-D DISCLOSURE

                
	
                  Item
                    on Form 10-D

                	
                  Party
                    Responsible 

                

        

        
          	
                  Item
                    4: Defaults Upon Senior Securities

                   

                  Information
                    from Item 3 of Part II of Form 10-Q:

                   

                  Report
                    the occurrence of any Event of Default (after expiration of any
                    grace
                    period and provision of any required notice)

                	
                  Securities
                    Administrator

                  Trustee
                    (with respect to the Trustee, to the extent a Responsible Officer
                    has
                    actual knowledge thereof)

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

                   

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

                	
                  Master
                    Servicer

                  Trustee
                    (with respect to the Trustee, to the extent a Responsible Officer
                    has
                    actual knowledge thereof)

                
	
                  Item
                    6: Significant Obligors of Pool Assets

                   

                  Item
                    1112(b) - Significant
                    Obligor Financial Information*

                	
                  Depositor

                
	
                  *This
                    information need only be reported on the Form 10-D for the distribution
                    period in which updated information is required pursuant to the
                    Item.

                	 
	
                  Item
                    7: Significant Enhancement Provider Information

                   

                  Item
                    1114(b)(2) - Credit Enhancement Provider Financial
                    Information*

                	 
	
                  ▪
                    Determining applicable disclosure threshold

                	
                  Depositor

                
	
                  ▪
                    Requesting required financial information (including any required
                    accountants’ consent to the use thereof) or effecting incorporation by
                    reference

                	
                  Depositor

                
	
                  Item
                    1115(b) - Derivative Counterparty Financial
                    Information*

                	 
	
                  ▪
                    Determining current maximum probable exposure

                	
                  Depositor

                
	
                  ▪
                    Determining current significance percentage

                	
                  Depositor

                
	
                  ▪
                    Requesting required financial information (including any required
                    accountants’ consent to the use thereof) or effecting incorporation by
                    reference

                	
                  Depositor

                
	
                  *This
                    information need only be reported on the Form 10-D for the distribution
                    period in which updated information is required pursuant to the
                    Items.

                	 

        

         

        
          
            
            

          

          
            P-1-2

            
              

            

          

          
            
            

          

        

        
          	
                  ADDITIONAL
                    FORM 10-D DISCLOSURE

                
	
                  Item
                    on Form 10-D

                	
                  Party
                    Responsible 

                

        

        
          	
                  Item
                    8: Other Information

                   

                  Disclose
                    any information required to be reported on Form 8-K during the
                    period
                    covered by the Form 10-D but not reported

                	
                  Any
                    party responsible for the applicable Form 8-K Disclosure
                    item

                
	
                  Item
                    9: Exhibits

                	 
	
                  Monthly
                    Statement to Certificateholders

                	
                  Securities
                    Administrator

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

                	
                  Depositor

                

        

        _______________________

         

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

                

        

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

                

        

         

        
          
            
            

          

          
            P-1-3

            
              

            

          

          
            
            

          

        

        EXHIBIT
          P-2

         

        
          	
                  ADDITIONAL
                    FORM 10-K DISCLOSURE

                
	
                  Item
                    on Form 10-K

                	
                  Party
                    Responsible 

                
	
                  Item
                    1B: Unresolved Staff Comments

                   

                	
                  Depositor

                
	
                  Item
                    9B: Other Information

                  Disclose
                    any information required to be reported on Form 8-K during the
                    fourth
                    quarter covered by the Form 10-K but not reported

                	
                  Any
                    party responsible for disclosure items on Form 8-K

                
	
                  Item
                    15: Exhibits, Financial Statement Schedules

                	
                  Securities
                    Administrator

                  Depositor

                
	
                  Reg
                    AB Item 1112(b): Significant Obligors of Pool
                    Assets

                	 
	
                  Significant
                    Obligor Financial Information*

                	
                  Depositor

                
	
                  *This
                    information need only be reported on the Form 10-D for the distribution
                    period in which updated information is required pursuant to the
                    Item.

                	 
	
                  Reg
                    AB Item 1114(b)(2): Credit Enhancement Provider Financial
                    Information

                	 
	
                  ▪
                    Determining applicable disclosure threshold

                	
                  Depositor

                
	
                  ▪
                    Requesting required financial information (including any required
                    accountants’ consent to the use thereof) or effecting incorporation by
                    reference

                	
                  Depositor

                
	
                  *This
                    information need only be reported on the Form 10-D for the distribution
                    period in which updated information is required pursuant to the
                    Items.

                	 
	
                  Reg
                    AB Item 1115(b): Derivative Counterparty Financial
                    Information

                	 
	
                  ▪
                    Determining current maximum probable exposure

                	
                  Depositor

                
	
                  ▪
                    Determining current significance percentage

                	
                  Depositor

                
	
                  ▪
                    Requesting required financial information (including any required
                    accountants’ consent to the use thereof) or effecting incorporation by
                    reference

                	
                  Depositor

                
	
                  *This
                    information need only be reported on the Form 10-D for the distribution
                    period in which updated information is required pursuant to the
                    Items.

                	 

        

         

        
          
            
            

          

          
            P-2-1

            
              

            

          

          
            
            

          

        

        
          	
                  ADDITIONAL
                    FORM 10-K DISCLOSURE

                
	
                  Item
                    on Form 10-K

                	
                  Party
                    Responsible 

                

        

        
          	
                  Reg
                    AB Item 1117: Legal Proceedings

                   

                  Any
                    legal proceeding pending against the following entities or their
                    respective property, that is material to Certificateholders,
                    including any
                    proceeding known to be contemplated by governmental
                    authorities:

                	 
	
                  ▪
                    Issuing Entity (Trust Fund)

                	
                  Trustee,
                    Master Servicer, Securities Administrator and Depositor

                
	
                  ▪
                    Sponsor (Seller)

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

                
	
                  ▪
                    Depositor

                	
                  Depositor

                
	
                  ▪
                    Trustee

                	
                  Trustee

                
	
                  ▪
                    Securities Administrator

                	
                  Securities
                    Administrator

                
	
                  ▪
                    Master Servicer

                	
                  Master
                    Servicer

                
	
                  ▪
                    Custodian

                	
                  Custodian(1)

                
	
                  ▪
                    1110(b) Originator

                	
                  Depositor

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

                	
                  Servicer(2)

                
	
                  ▪
                    Any other party contemplated by 1100(d)(1)

                	
                  Depositor

                
	
                  Reg
                    AB Item 1119: Affiliations and Relationships

                	 
	
                  Whether
                    (a) the Sponsor (Seller), Depositor or Issuing Entity is an affiliate
                    of
                    the following parties, and (b) to the extent known and material,
                    any of
                    the following parties are affiliated with one another:

                	
                  Depositor
                    as to (a) 

                
	
                  ▪
                    Master Servicer

                	
                  Master
                    Servicer 

                
	
                  ▪
                    Securities Administrator

                	
                  Securities
                    Administrator

                

        

         

        
          
            
            

          

          
            P-2-2

            
              

            

          

          
            
            

          

        

        
          	
                  ADDITIONAL
                    FORM 10-K DISCLOSURE

                
	
                  Item
                    on Form 10-K

                	
                  Party
                    Responsible 

                

        

        
          	
                  ▪
                    Trustee

                	
                  Trustee

                
	
                  ▪
                    Any other 1108(a)(3) servicer

                	
                  Servicer(2)

                
	
                  ▪
                    Any 1110 Originator

                	
                  Depositor

                
	
                  ▪
                    Any 1112(b) Significant Obligor

                	
                  Depositor

                
	
                  ▪
                    Any 1114 Credit Enhancement Provider

                	
                  Depositor

                
	
                  ▪
                    Any 1115 Derivate Counterparty Provider

                	
                  Depositor

                
	
                  ▪
                    Any other 1101(d)(1) material party

                	
                  Depositor

                
	
                  Whether
                    there are any “outside the ordinary course business arrangements” other
                    than would be obtained in an arm’s length transaction between (a) the
                    Sponsor (Seller), Depositor or Issuing Entity on the one hand,
                    and (b) any
                    of the following parties (or their affiliates) on the other hand,
                    that
                    exist currently or within the past two years and that are material
                    to a
                    Certificateholder’s understanding of the Certificates:

                	
                  Depositor
                    as to (a) 

                
	
                  ▪
                    Master Servicer

                	
                  Master
                    Servicer 

                
	
                  ▪
                    Securities Administrator

                	
                  Securities
                    Administrator

                
	
                  ▪
                    Trustee

                	
                  Trustee

                
	
                  ▪
                    Any other 1108(a)(3) servicer

                	
                  Servicer(2)

                
	
                  ▪
                    Any 1110 Originator

                	
                  Depositor

                
	
                  ▪
                    Any 1112(b) Significant Obligor

                	
                  Depositor

                
	
                  ▪
                    Any 1114 Credit Enhancement Provider

                	
                  Depositor

                
	
                  ▪
                    Any 1115 Derivate Counterparty Provider

                	
                  Depositor

                
	
                  ▪
                    Any other 1101(d)(1) material party

                	
                  Depositor

                
	
                  Whether
                    there are any specific relationships involving the transaction
                    or the pool
                    assets between (a) the Sponsor (Seller), Depositor or Issuing
                    Entity on
                    the one hand, and (b) any of the following parties (or their
                    affiliates)
                    on the other hand, that exist currently or within the past two
                    years and
                    that are material:

                	
                  Depositor
                    as to (a) 

                
	
                  ▪
                    Master Servicer

                	
                  Master
                    Servicer 

                
	
                  ▪
                    Securities Administrator

                	
                  Securities
                    Administrator

                
	
                  ▪
                    Trustee

                	
                  Trustee

                
	
                  ▪
                    Any other 1108(a)(3) servicer

                	
                  Servicer(2)

                
	
                  ▪
                    Any 1110 Originator

                	
                  Depositor

                
	
                  ▪
                    Any 1112(b) Significant Obligor

                	
                  Depositor

                
	
                  ▪
                    Any 1114 Credit Enhancement Provider

                	
                  Depositor

                
	
                  ▪
                    Any 1115 Derivate Counterparty Provider

                	
                  Depositor

                
	
                  ▪
                    Any other 1101(d)(1) material party

                	
                  Depositor

                

        

         

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

                

        

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

                

        

        

        
          
            
            

          

          
            P-2-3

            
              

            

          

          
            
            

          

        

        EXHIBIT
          P-3

        

        
          	
                  FORM
                    8-K DISCLOSURE INFORMATION

                
	
                  Item
                    on Form 8-K

                	
                  Party
                    Responsible 

                
	
                  Item
                    1.01- Entry into a Material Definitive Agreement

                   

                  Disclosure
                    is required regarding entry into or amendment of any definitive
                    agreement
                    that is material to the securitization, even if depositor is
                    not a party.
                    

                   

                  Examples:
                    servicing agreement, custodial agreement.

                   

                  Note:
                    disclosure not required as to definitive agreements that are
                    fully
                    disclosed in the prospectus

                	
                  All
                    parties (with respect to any agreement entered into by such
                    party)

                
	
                  Item
                    1.02- Termination of a Material Definitive Agreement

                   

                  Disclosure
                    is required regarding termination of any definitive agreement
                    that is
                    material to the securitization (other than expiration in accordance
                    with
                    its terms), even if depositor is not a party. 

                   

                  Examples:
                    servicing agreement, custodial agreement.

                	
                  All
                    parties (with respect to any agreement entered into by such
                    party)

                
	
                  Item
                    1.03- Bankruptcy or Receivership

                   

                  Disclosure
                    is required regarding the bankruptcy or receivership, with respect
                    to any
                    of the following: 

                	
                  Depositor

                
	
                  ▪
                    Sponsor (Seller)

                	
                  Depositor/Sponsor
                    (Seller)

                
	
                  ▪
                    Depositor

                	
                  Depositor

                
	
                  ▪
                    Master Servicer

                	
                  Master
                    Servicer

                
	
                  ▪
                    Affiliated Servicer

                	
                  Servicer(1)

                
	
                  ▪
                    Other Servicer servicing 20% or more of the pool assets at the
                    time of the
                    report

                	
                  Servicer(1)

                
	
                  ▪
                    Other material servicers

                	
                  Servicer(1)

                
	
                  ▪
                    Trustee

                	
                  Trustee

                
	
                  ▪
                    Securities Administrator

                	
                  Securities
                    Administrator

                
	
                  ▪
                    Significant Obligor

                	
                  Depositor

                
	
                  ▪
                    Credit Enhancer (10% or more)

                	
                  Depositor

                
	
                  ▪
                    Derivative Counterparty

                	
                  Depositor

                
	
                  ▪
                    Custodian

                	
                  Custodian(2)

                

        

         

        
          
            
            

          

          
            P-3-1

            
              

            

          

          
            
            

          

        

        
          	
                  FORM
                    8-K DISCLOSURE INFORMATION

                
	
                  Item
                    on Form 8-K

                	
                  Party
                    Responsible 

                

        

        
          	
                  Item
                    2.04- Triggering Events that Accelerate or Increase a Direct
                    Financial
                    Obligation or an Obligation under an Off-Balance Sheet
                    Arrangement

                   

                  Includes
                    an early amortization, performance trigger or other event, including
                    event
                    of default, that would materially alter the payment priority/distribution
                    of cash flows/amortization schedule.

                   

                  Disclosure
                    will be made of events other than waterfall triggers which are
                    disclosed
                    in the monthly statements to the certificateholders.

                	
                  Depositor

                  Master
                    Servicer

                  Securities
                    Administrator

                
	
                  Item
                    3.03- Material Modification to Rights of Security
                    Holders

                   

                  Disclosure
                    is required of any material modification to documents defining
                    the rights
                    of Certificateholders, including the Trust Agreement.

                	
                  Securities
                    Administrator

                  Trustee
                    (with respect to each, only to the extent it is a party to any
                    such
                    documents)

                  Depositor

                
	
                  Item
                    5.03- Amendments of Articles of Incorporation or Bylaws; Change
                    of Fiscal
                    Year

                  Disclosure
                    is required of any amendment “to the governing documents of the issuing
                    entity”.

                	
                  Depositor

                
	
                  Item
                    6.01- ABS Informational and Computational
                    Material

                	
                  Depositor

                
	
                  Item
                    6.02- Change of Servicer or Securities Administrator

                   

                  Requires
                    disclosure of any removal, replacement, substitution or addition
                    of any
                    master servicer, affiliated servicer, other servicer servicing
                    10% or more
                    of pool assets at time of report, other material servicers or
                    trustee.

                	
                  Master
                    Servicer/Securities Administrator/Depositor/

                  Servicer(1)/Trustee
                    (as to itself)

                
	
                  Reg
                    AB disclosure about any new servicer or master servicer is also
                    required.

                	
                  Servicer(1)/Master
                    Servicer/Depositor

                
	
                  Reg
                    AB disclosure about any new Trustee is also required.

                	
                  Successor
                    trustee

                
	
                  Item
                    6.03- Change in Credit Enhancement or External
                    Support

                  Covers
                    termination of any enhancement in manner other than by its terms,
                    the
                    addition of an enhancement, or a material change in the enhancement
                    provided. Applies to external credit enhancements as well as
                    derivatives.
                    

                	
                  Depositor/Securities
                    Administrator

                

        

         

        
          
            
            

          

          
            P-3-2

            
              

            

          

          
            
            

          

        

        
          	
                  FORM
                    8-K DISCLOSURE INFORMATION

                
	
                  Item
                    on Form 8-K

                	
                  Party
                    Responsible 

                

        

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

                	
                  Depositor

                
	
                  Item
                    6.04- Failure to Make a Required Distribution

                	
                  Securities
                    Administrator

                
	
                  Item
                    6.05- Securities Act Updating Disclosure

                   

                  If
                    any material pool characteristic differs by 5% or more at the
                    time of
                    issuance of the securities from the description in the final
                    prospectus,
                    provide updated Reg AB disclosure about the actual asset
                    pool.

                	
                  Depositor

                
	
                  If
                    there are any new servicers or originators required to be disclosed
                    under
                    Regulation AB as a result of the foregoing, provide the information
                    called
                    for in Items 1108 and 1110 respectively.

                	
                  Depositor

                
	
                  Item
                    7.01- Reg FD Disclosure

                	
                  All
                    parties

                
	
                  Item
                    8.01- Other Events

                   

                  Any
                    event, with respect to which information is not otherwise called
                    for in
                    Form 8-K, that the registrant deems of importance to
                    certificateholders.

                	
                  Depositor

                
	
                  Item
                    9.01- Financial Statements and Exhibits

                	
                  Responsible
                    party for reporting/disclosing the financial statement or
                    exhibit

                

        

         

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

                

        

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

                

        

        

        
          
            
            

          

          
            P-3-3

            
              

            

          

          
            
            

          

        

        EXHIBIT
          P-4

         

        ADDITIONAL
          DISCLOSURE NOTIFICATION

        

        Wells
          Fargo Bank, N.A., as Securities Administrator

        Old
          Annapolis Road

        Columbia,
          Maryland 21045

        Attn:
          Corporate Trust Services - SASCO 2006-BC3 - SEC Report Processing

        

        
          	RE:	
                  **Additional
                    Form [10-D][10-K][8-K] Disclosure**
                    Required

                

        

        

        

        Ladies
          and Gentlemen:

         

        In
          accordance with Section [ ] of the Trust Agreement, dated as of October
          1, 2006,
          by and among Structured Asset Securities Corporation, as Depositor, Clayton
          Fixed Income Services Inc., as Credit Risk Manager, U.S. Bank National
          Association, as Trustee and Wells Fargo Bank, N.A., as Master Servicer
          and
          Securities Administrator, the undersigned, as [ ], hereby notifies you
          that
          certain events have come to our attention that [will] [may] need to be
          disclosed
          on Form [10-D][10-K][8-K].

         

        Description
          of Additional Form [10-D][10-K][8-K] Disclosure:

         

        

         

        

         

        

         

        List
          of any Attachments hereto to be included in the Additional Form
          [10-D][10-K][8-K] Disclosure:

         

        

         

        

         

        

         

        Any
          inquiries related to this notification should be directed to
          [      ], phone number: [     
]; email address: [      ]. 

         

        [NAME
          OF PARTY],

        as
          [role]

         

        By:
          ____________________________

        Name:

        Title:

        

        
          
            
            

          

          
            P-4-1

            
              

            

          

          
            
            

          

        

        

        
          	cc:	
                  Structured
                    Asset Securities Corporation

                

        

        745
          Seventh Avenue, 7th Floor

        New
          York,
          New York 10019

         

        
          
            
            

          

          
            P-4-2

            
              

            

          

          
            
            

          

        

        EXHIBIT
          Q-1

        

        FORM
          OF
          BACK-UP SARBANES-OXLEY CERTIFICATION

        

        [  ]

        [  ]

        [  ]

        

         

        
          	 	
                  Re:

                	
                  SASCO
                    2006-BC3

                

        

         

        [_______],
          the [_______] of [_______] (the “Company”) hereby certifies to the Depositor,
          the Master Servicer and the Securities Administrator, and each of their
          officers, directors and affiliates that:

         

        (1) I
          have
          reviewed [the servicer compliance statement of the Company provided in
          accordance with Item 1123 of Regulation AB (the “Compliance Statement”),] the
          report on assessment of the Company’s compliance with the Servicing Criteria set
          forth in Item 1122(d) of Regulation AB (the “Servicing Criteria”), provided in
          accordance with Rules 13a-18 and 15d-18 under the Securities Exchange Act
          of
          1934, as amended (the “Exchange Act”) and Item 1122 of Regulation AB (the
“Servicing Assessment”), the registered public accounting firm’s attestation
          report provided in accordance with Rules 13a-18 and 15d-18 under the Exchange
          Act and Section 1122(b) of Regulation AB (the “Attestation
          Report”), and all servicing reports, officer’s certificates and other
          information relating to the servicing of the Mortgage Loans by the Company
          during 200[ ] that were delivered by the Company to any of the Depositor,
          the
          Master Servicer and the Securities Administrator pursuant to the Agreement
          (collectively, the “Company Servicing Information”);

         

        (2) Based
          on
          my knowledge, the Company Servicing Information, taken as a whole, does
          not
          contain any untrue statement of a material fact or omit to state a material
          fact
          necessary to make the statements made, in the light of the circumstances
          under
          which such statements were made, not misleading with respect to the period
          of
          time covered by the Company Servicing Information;

         

        (3) Based
          on
          my knowledge, all of the Company Servicing Information required to be provided
          by the Company under the Agreement has been provided to the Depositor,
          the
          Master Servicer and the Securities Administrator;

         

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

         

        
          
            
            

          

          
            Q-1-1

            
              

            

          

          
            
            

          

        

        (5) [The
          Compliance Statement required to be delivered by the Company pursuant to
          the
          Agreement, and] [The] [the] Servicing Assessment and Attestation Report
          required
          to be provided by the Company and [by any Subservicer or Subcontractor]
          pursuant
          to the Agreement, have been provided to the Depositor, the Master Servicer
          and
          the Securities Administrator. Any material instances of noncompliance described
          in such reports have been disclosed to the Depositor, the Master Servicer
          and
          the Securities Administrator. Any material instance of noncompliance with
          the
          Servicing Criteria has been disclosed in such reports.

         

        Capitalized
          terms used but not defined herein have the meanings ascribed to them in
          the
          Trust Agreement, dated as of October 1, 2006 (the “Trust Agreement”) by and
          among Structured Asset Securities Corporation, as Depositor, U.S. Bank
          National
          Association, as Trustee, Wells Fargo Bank, N.A., as Master Servicer and
          Securities Administrator, and Clayton Fixed Income Services Inc., as Credit
          Risk
          Manager. Capitalized terms used but not defined herein shall have the meanings
          given to them in the Trust Agreement.

         

        

         

        [_______]

         

        as
          [_______]

        By:  

        Name:

        Title:

        Date:

        

        
          
            
            

          

          
            Q-1-2

            
              

            

          

          
            
            

          

        

        EXHIBIT
          Q-2

        

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

        

         

        
          	Re:	
                  Structured
                    Asset Investment Loan Trust Mortgage Pass-Through Certificates,
                    Series
                    2006-BC3 (the “Trust”),
                    issued pursuant to the Trust Agreement, dated as of October 1,
                    2006, among
                    Structured Asset Securities Corporation, as Depositor, Wells
                    Fargo Bank,
                    N.A., as Master Servicer and Securities Administrator, Clayton
                    Fixed
                    Income Services Inc., as 

                  Credit
                    Risk Manager, and U.S. Bank National Association, as
                    Trustee

                

        

         

        The
          Securities Administrator hereby certifies to the Depositor and the Master
          Servicer, and their respective officers, directors and affiliates, and
          with the
          knowledge and intent that they will rely upon this certification,
          that:

         

        (1) I
          have
          reviewed the annual report on Form 10-K for the fiscal year [____] (the
“Annual
          Report”), and all reports on Form 10-D required to be filed in respect of period
          covered by the Annual Report (collectively with the Annual Report, the
          “Reports”), of the Trust;

         

        (2) To
          my
          knowledge, (a) the Reports, taken as a whole, do not contain any untrue
          statement of a material fact or omit to state a material fact necessary
          to make
          the statements made, in light of the circumstances under which such statements
          were made, not misleading with respect to the period covered by the Annual
          Report, and (b) the Securities Administrator’s assessment of compliance and
          related attestation report referred to below, taken as a whole, do not
          contain
          any untrue statement of a material fact or omit to state a material fact
          necessary to make the statements made, in light of the circumstances under
          which
          such statements were made, not misleading with respect to the period covered
          by
          such assessment of compliance and attestation report;

         

        (3) To
          my
          knowledge, the distribution information required to be provided by the
          Securities Administrator under the Trust Agreement for inclusion in the
          Reports
          is included in the Reports;

         

        (4) I
          am
          responsible for reviewing the activities performed by the Securities
          Administrator under the Trust Agreement, and based on my knowledge and
          the
          compliance review conducted in preparing the assessment of compliance of
          the
          Securities Administrator required by the Trust Agreement, and except as
          disclosed in the Reports, the Securities Administrator has fulfilled its
          obligations under the Trust Agreement in all material respects; and

         

        (5) The
          report on assessment of compliance with servicing criteria applicable to
          the
          Securities Administrator for asset-backed securities of the Securities
          Administrator and each Subcontractor utilized by the Securities Administrator
          and related attestation report on assessment of compliance with servicing
          criteria applicable to it required to be included in the Annual Report
          in
          accordance with Item 1122 of Regulation AB and Exchange Act Rules 13a-18
          and
          15d-18 has been included as an exhibit to the Annual Report. Any material
          instances of non-compliance are described in such report and have been
          disclosed
          in the Annual Report.

         

        
          
            
            

          

          
            Q-2-1

            
              

            

          

          
            
            

          

        

        In
          giving
          the certifications above, the Securities Administrator has reasonably relied
          on
          information provided to it by the following unaffiliated parties: [names
          of
          servicer(s), master servicer, subservicer(s), depositor, trustee,
          custodian(s)]

         

        

        Date:
          ____________________________

        

        _________________________________

        [Signature]

        [Title]

        

        
          
            
            

          

          
            Q-2-2

            
              

            

          

          
            
            

          

        

        EXHIBIT
          R-1

        

        FORM
          OF
          WATCHLIST REPORT

        

        
          
            
            

          

          
            R-1-1

            
              

            

          

          
            
            

          

        

        EXHIBIT
          R-2

        

        FORM
          OF
          LOSS SEVERITY REPORT

         

        
          
            
            

          

          
            R-2-1

            
              

            

          

          
            
            

          

        

        EXHIBIT
          R-3

        

        RESERVED

         

        
          
            
            

          

          
            R-3-1

            
              

            

          

          
            
            

          

        

        EXHIBIT
          R-4

        

        FORM
          OF
          PREPAYMENT PREMIUMS REPORT

        

        
          
            
            

          

          
            R-4-1

            
              

            

          

          
            
            

          

        

        EXHIBIT
          R-5

        

        FORM
          OF
          ANALYTICS REPORT

        

        
          
            
            

          

          
            R-5-1

            
              

            

          

          
            
            

          

        

        EXHIBIT
          S

        

        SERVICING
          CRITERIA TO BE ADDRESSED IN REPORT ON ASSESSMENT OF COMPLIANCE

        

        To:
          

        

        [_______]

        

        Where
          there are multiple checks for criteria the attesting party will identify
          in
          their management assertion that they are attesting only to the portion
          of the
          distribution chain they are responsible for in the related transaction
          agreements. Capitalized terms used herein but not defined herein shall
          have the
          meanings assigned to them in the Trust Agreement dated as of October 1,
          2006
          (the “Agreement”), by and among Structured Asset Securities Corporation, as
          Depositor, U.S. Bank National Association, as Trustee, Wells Fargo Bank,
          N.A.,
          as Master Servicer and Securities Administrator, and Clayton Fixed Income
          Services Inc., as Credit Risk Manager. 

        

        
          	
                  Reg
                    AB Reference

                	
                  Servicing
                    Criteria

                	
                  Paying
                    Agent

                	
                  Credit
                    Risk Manager

                	
                  Trustee

                	
                  Master
                    Servicer

                	
                  Securities
                    Administrator

                
	 	
                  General Servicing
                     Considerations

                	 	 	 	 	 
	
                  1122(d)(1)(i)

                	
                  Policies
                    and procedures are instituted to monitor any performance or other
                    triggers
                    and events of default in accordance with the transaction
                    agreements.

                	 	 	 	
                  X

                	 
	
                  1122(d)(1)(ii)

                	
                  If
                    any material servicing activities are outsourced to third parties,
                    policies and procedures are instituted to monitor the third party’s
                    performance and compliance with such servicing activities.

                	 	 	 	
                  X

                	 
	
                  1122(d)(1)(iii)

                	
                  Any
                    requirements in the transaction agreements to maintain a back-up
                    servicer
                    for the pool assets are maintained. 

                	
                   

                	 	
                   

                	
                  X

                	 
	
                  1122(d)(1)(iv)

                	
                  A
                    fidelity bond and errors and omissions policy is in effect on
                    the party
                    participating in the servicing function throughout the reporting
                    period in
                    the amount of coverage required by and otherwise in accordance
                    with the
                    terms of the transaction agreements. 

                	 	 	 	
                  X

                	 
	 	
                  Cash Collection and Administration

                	 	 	 	 	 
	
                  1122(d)(2)(i)

                	
                  Payments
                    on pool assets are deposited into the appropriate custodial bank
                    accounts
                    and related bank clearing accounts no more than two business
                    days
                    following receipt, or such other number of days specified in
                    the
                    transaction agreements. 

                	
                  X

                	 	 	
                  X

                	
                  X

                

        

         

        
          
            
            

          

          
            S-1

            
              

            

          

          
            
            

          

        

        
          	
                  Reg
                    AB Reference

                	
                  Servicing
                    Criteria

                	
                  Paying
                    Agent

                	
                  Credit
                    Risk Manager

                	
                  Trustee

                	
                  Master
                    Servicer

                	
                  Securities
                    Administrator

                

        

        
          	
                  1122(d)(2)(ii)

                	
                  Disbursements
                    made via wire transfer on behalf of an obligor or to an investor
                    are made
                    only by authorized personnel. 

                	
                  X

                	 	 	
                  X

                	
                  X

                
	
                  1122(d)(2)(iii)

                	
                  Advances
                    of funds or guarantees regarding collections, cash flows or distributions,
                    and any interest or other fees charged for such advances, are
                    made,
                    reviewed and approved as specified in the transaction agreements.
                    

                	 	 	 	
                  X

                	 
	
                  1122(d)(2)(iv)

                	
                  The
                    related accounts for the transaction, such as cash reserve accounts
                    or
                    accounts established as a form of over collateralization, are
                    separately
                    maintained (e.g., with respect to commingling of cash) as set
                    forth in the
                    transaction agreements. 

                	
                  X

                	 	 	
                  X

                	
                  X

                
	
                  1122(d)(2)(v)

                	
                  Each
                    custodial account is maintained at a federally insured depository
                    institution as set forth in the transaction agreements. For purposes
                    of
                    this criterion, “federally insured depository institution” with respect to
                    a foreign financial institution means a foreign financial institution
                    that
                    meets the requirements of Rule 13k-1(b)(1) of the Securities
                    Exchange Act.
                    

                	 	 	 	
                  X

                	
                  X

                
	
                  1122(d)(2)(vi)

                	
                  Unissued
                    checks are safeguarded so as to prevent unauthorized access.
                    

                	
                  X

                	 	 	
                  X

                	
                  X

                
	
                  1122(d)(2)(vii)
                    

                	
                  Reconciliations
                    are prepared on a monthly basis for all asset-backed securities
                    related
                    bank accounts, including custodial accounts and related bank
                    clearing
                    accounts. These reconciliations are (A) mathematically accurate;
                    (B)
                    prepared within 30 calendar days after the bank statement cutoff
                    date, or
                    such other number of days specified in the transaction agreements;
                    (C)
                    reviewed and approved by someone other than the person who prepared
                    the
                    reconciliation; and (D) contain explanations for reconciling
                    items. These
                    reconciling items are resolved within 90 calendar days of their
                    original
                    identification, or such other number of days specified in the
                    transaction
                    agreements. 

                	
                  X

                	 	 	
                  X

                	 

        

         

        
          
            
            

          

          
            S-2

            
              

            

          

          
            
            

          

          
            	
                    Reg
                      AB Reference

                  	
                    Servicing
                      Criteria

                  	
                    Paying
                      Agent

                  	
                    Credit
                      Risk Manager

                  	
                    Trustee

                  	
                    Master
                      Servicer

                  	
                    Securities
                      Administrator

                  

          

        

        
          	 	
                  Investor
                    Remittances and Reporting

                	 	 	 	 	 
	
                  1122(d)(3)(i)

                	
                  Reports
                    to investors, including those to be filed with the Commission,
                    are
                    maintained in accordance with the transaction agreements and
                    applicable
                    Commission requirements. Specifically, such reports (A) are prepared
                    in
                    accordance with timeframes and other terms set forth in the transaction
                    agreements; (B) provide information calculated in accordance
                    with the
                    terms specified in the transaction agreements; (C) are filed
                    with the
                    Commission as required by its rules and regulations; and (D)
                    agree with
                    investors’ or the trustee’s records as to the total unpaid principal
                    balance and number of pool assets serviced by the Servicer.
                    

                	 	
                  X

                	 	
                  X

                	
                  X

                
	
                  1122(d)(3)(ii)

                	
                  Amounts
                    due to investors are allocated and remitted in accordance with
                    timeframes,
                    distribution priority and other terms set forth in the transaction
                    agreements. 

                	 	 	 	
                  X

                	
                  X

                
	
                  1122(d)(3)(iii)

                	
                  Disbursements
                    made to an investor are posted within two business days to the
                    Servicer’s
                    investor records, or such other number of days specified in the
                    transaction agreements. 

                	
                  X

                	 	 	
                   X

                	 
	
                  1122(d)(3)(iv)

                	
                  Amounts
                    remitted to investors per the investor reports agree with cancelled
                    checks, or other form of payment, or custodial bank statements.
                    

                	
                  X

                	 	 	
                  X

                	 
	 	
                  Pool
                    Asset Administration

                	 	 	 	 	 
	
                  1122(d)(4)(i)
                    

                	
                  Collateral
                    or security on pool assets is maintained as required by the transaction
                    agreements or related pool asset documents. 

                	
                   

                	 	 	 	 
	
                  1122(d)(4)(ii)

                	
                  Pool
                    assets and related documents are safeguarded as required by the
                    transaction agreements 

                	
                   

                	 	 	 	 
	
                  1122(d)(4)(iii)

                	
                  Any
                    additions, removals or substitutions to the asset pool are made,
                    reviewed
                    and approved in accordance with any conditions or requirements
                    in the
                    transaction agreements. 

                	
                   

                	 	 	 	 
	
                  1122(d)(4)(iv)

                	
                  Payments
                    on pool assets, including any payoffs, made in accordance with
                    the related
                    pool asset documents are posted to the Servicer’s obligor records
                    maintained no more than two business days after receipt, or such
                    other
                    number of days specified in the transaction agreements, and allocated
                    to
                    principal, interest or other items (e.g., escrow) in accordance
                    with the
                    related pool asset documents. 

                	 	 	 	 	 

        

         

        
          
            
            

          

          
            S-3

            
              

            

          

          
            
            

          

        

        
          	
                  Reg
                    AB Reference

                	
                  Servicing
                    Criteria

                	
                  Paying
                    Agent

                	
                  Credit
                    Risk Manager

                	
                  Trustee

                	
                  Master
                    Servicer

                	
                  Securities
                    Administrator

                

        

        
          	
                  1122(d)(4)(v)

                	
                  The
                    Servicer’s records regarding the pool assets agree with the Servicer’s
                    records with respect to an obligor’s unpaid principal balance.
                    

                	 	 	 	 	 
	
                  1122(d)(4)(vi)

                	
                  Changes
                    with respect to the terms or status of an obligor's pool assets
                    (e.g.,
                    loan modifications or re-agings) are made, reviewed and approved
                    by
                    authorized personnel in accordance with the transaction agreements
                    and
                    related pool asset documents. 

                	 	 	 	
                  X

                	 
	
                  1122(d)(4)(vii)

                	
                  Loss
                    mitigation or recovery actions (e.g., forbearance plans, modifications
                    and
                    deeds in lieu of foreclosure, foreclosures and repossessions,
                    as
                    applicable) are initiated, conducted and concluded in accordance
                    with the
                    timeframes or other requirements established by the transaction
                    agreements. 

                	 	 	 	
                  X

                	 
	
                  1122(d)(4)(viii)

                	
                  Records
                    documenting collection efforts are maintained during the period
                    a pool
                    asset is delinquent in accordance with the transaction agreements. Such
                    records are maintained on at least a monthly basis, or such other
                    period
                    specified in the transaction agreements, and describe the entity’s
                    activities in monitoring delinquent pool assets including, for
                    example,
                    phone calls, letters and payment rescheduling plans in cases
                    where
                    delinquency is deemed temporary (e.g., illness or unemployment).
                    

                	 	 	 	 	 
	
                  1122(d)(4)(ix)

                	
                  Adjustments
                    to interest rates or rates of return for pool assets with variable
                    rates
                    are computed based on the related pool asset documents. 

                	 	 	 	 	 
	
                  1122(d)(4)(x)

                	
                  Regarding
                    any funds held in trust for an obligor (such as escrow accounts):
                    (A) such
                    funds are analyzed, in accordance with the obligor’s pool asset documents,
                    on at least an annual basis, or such other period specified in
                    the
                    transaction agreements; (B) interest on such funds is paid, or
                    credited,
                    to obligors in accordance with applicable pool asset documents
                    and state
                    laws; and (C) such funds are returned to the obligor within 30
                    calendar
                    days of full repayment of the related pool assets, or such other
                    number of
                    days specified in the transaction agreements. 

                	 	 	 	 	 

        

         

        
          
            
            

          

          
            S-4

            
              

            

          

          
            
            

          

        

        
          	
                  Reg
                    AB Reference

                	
                  Servicing
                    Criteria

                	
                  Paying
                    Agent

                	
                  Credit
                    Risk Manager

                	
                  Trustee

                	
                  Master
                    Servicer

                	
                  Securities
                    Administrator

                

        

        
          	
                  1122(d)(4)(xi)

                	
                  Payments
                    made on behalf of an obligor (such as tax or insurance payments)
                    are made
                    on or before the related penalty or expiration dates, as indicated
                    on the
                    appropriate bills or notices for such payments, provided that
                    such support
                    has been received by the servicer at least 30 calendar days prior
                    to these
                    dates, or such other number of days specified in the transaction
                    agreements. 

                	 	 	 	
                   

                	 
	
                  1122(d)(4)(xii)

                	
                  Any
                    late payment penalties in connection with any payment to be made
                    on behalf
                    of an obligor are paid from the Servicer’s funds and not charged to the
                    obligor, unless the late payment was due to the obligor’s error or
                    omission. 

                	 	 	 	
                   

                	 
	
                  1122(d)(4)(xiii)

                	
                  Disbursements
                    made on behalf of an obligor are posted within two business days
                    to the
                    obligor’s records maintained by the servicer, or such other number of
                    days
                    specified in the transaction agreements. 

                	 	 	 	
                   

                	 
	
                  1122(d)(4)(xiv)
                    

                	
                  Delinquencies,
                    charge-offs and uncollectible accounts are recognized and recorded
                    in
                    accordance with the transaction agreements. 

                	 	 	 	
                  X

                	 
	
                  1122(d)(4)(xv)

                	
                  Any
                    external enhancement or other support, identified in Item 1114(a)(1)
                    through (3) or Item 1115 of Regulation AB, is maintained as set
                    forth in
                    the transaction agreements. 

                	 	 	 	
                  X

                	 

        

        

        
          
            
            

          

          
            S-5

            
              

            

          

          
            
            

          

        

        EXHIBIT
          T

        

        [RESERVED]

        

        
          
            
            

          

          
            T-1

            
              

            

          

          
            
            

          

        

        EXHIBIT
          U

        

        FORM
          OF
          CERTIFICATION

        TO
          BE
          PROVIDED BY THE CREDIT RISK MANAGER

        

         

        FORM
          OF CERTIFICATION

         

        Re:
          Structured Asset Securities Corporation Mortgage Loan Trust Mortgage
          Pass-Through Certificates Series 2006-BC3 issued pursuant to the Trust
          Agreement
          dated as of October 1, 2006, among Structured Asset Securities Corporation,
          as
          Depositor (the “Depositor”), Clayton Fixed Income Services Inc., as Credit Risk
          Manager, Wells Fargo Bank, N.A., as Master Servicer (the “Master Servicer”) and
          Securities Administrator (the “Securities Administrator”) and U.S. Bank National
          Association, as Trustee (the “Trustee”). 

         

        CLAYTON
          FIXED INCOME SERVICES INC. (the “Credit Risk Manager”) certifies to the
          Depositor, the Sponsor, the Master Servicer, the Securities Administrator,
          and
          [10-K Signatory Entity] its officers, directors and affiliates, and with
          the
          knowledge and intent that they will rely upon this certification,
          that:

         

        
          	 	
                  1.

                	
                  Based
                    on the knowledge of the Credit Risk Manager, taken as a whole,
                    the
                    information in the reports provided during the calendar year
                    immediately
                    preceding the date of this certificate (the “Relevant Year”) by the Credit
                    Risk Manager pursuant to the Master Consulting Agreement dated
                    as of
                    January 28, 2004 (the
                    “Master Consulting Agreement”), by and between the Credit Risk Manager and
                    Lehman Brothers Holdings Inc. and pursuant to Transaction Addendum
                    SASCO
                    2006-BC3 (the “Transaction Addendum SASCO 2006-BC3”), does not contain any
                    untrue statement of a material fact or omit to state a material
                    fact
                    necessary to make the statements made, in light of the circumstances
                    under
                    which such statements were made, not misleading as of the date
                    that each
                    of such reports was provided; and

                

        

         

        
          	 	
                  2.

                	
                  The
                    Credit Risk Manager has fulfilled its obligations under the Master
                    Consulting Agreement and Transaction Addendum SASCO 2006-BC3
                    throughout
                    the Relevant Year.

                

        

         

         

        CLAYTON
          FIXED INCOME SERVICES INC.

         

         

        By:____________________________________

         

         

        Name:_________________________________

         

        Title:
          _________________________________

         

        
          
            
            

          

          
            U-1

            
              

            

          

          
            
            

          

        

        EXHIBIT
          V

        

        TRANSACTION
          PARTIES

        

        Sponsor
          and Seller: Lehman Brothers Holdings Inc.

        

        Depositor:
          Structured Asset Securities Corporation

        

        Trustee:
          U.S. Bank National Association

        

        Securities
          Administrator: Wells Fargo Bank, N.A.

        

        Master
          Servicer: Wells Fargo Bank, N.A.

        

        Credit
          Risk Manager: Clayton Fixed Income Services Inc.

        

        Swap
          Counterparty: ABN AMRO Bank, N.V.

        

        Cap
          Counterparty: ABN AMRO Bank, N.V.

        

        Servicer(s):
          Aurora Loan Services LLC, Countrywide Home Loans Servicing LP, HomEq Servicing
          Corporation, JPMorgan Chase Bank, National Association, Option One Mortgage
          Corporation and Wells Fargo Bank, N.A.

        

        Originator(s):
          BNC Mortgage, Inc., Countrywide Home Loans, Inc., Fieldstone Mortgage Company
          and Lehman Brothers Bank, FSB.

        

        Custodian(s):
          Deutsche Bank National Trust Company, LaSalle Bank National Association,
          U.S.
          Bank National Association and Wells Fargo Bank, N.A.

        

        
          
            
            

          

          
            V-1

            
              

            

          

          
            
            

          

        

        SCHEDULE
          A

         

        MORTGAGE
          LOAN SCHEDULE

         

        [To
          be
          retained in a separate closing binder entitled “SASCO 2006-BC3 Mortgage Loan
          Schedules” at McKee Nelson LLP] 

        

        
          
            
            

          

          
            Schedule
              A-1

            
              

            

          

          
            
            

          

        

        SCHEDULE
          B

         

        PROJECTED
          AGGREGATE SCHEDULED PRINCIPAL BALANCE OF FORTY-YEAR MORTGAGE LOANS

        

        
          	
                  Distribution
                    Date occuring in:

                	 	
                  Aggregate
                    Scheduled Principal Balance of the Mortgage Loans Having Forty-Year
                    Original 

                  Terms
                    to Maturity ($)

                
	
                  November
                    2016

                	 	
                  24,680,734.93

                
	
                  December
                    2016

                	 	
                  24,336,240.24

                
	
                  January
                    2017

                	 	
                  23,996,454.64

                
	
                  February
                    2017

                	 	
                  23,661,314.30

                
	
                  March
                    2017

                	 	
                  23,330,756.26

                
	
                  April
                    2017

                	 	
                  23,004,718.40

                
	
                  May
                    2017

                	 	
                  22,683,139.45

                
	
                  June
                    2017

                	 	
                  22,365,958.96

                
	
                  July
                    2017

                	 	
                  22,053,117.31

                
	
                  August
                    2017

                	 	
                  21,744,555.66

                
	
                  September
                    2017

                	 	
                  21,440,216.00

                
	
                  October
                    2017

                	 	
                  21,140,041.06

                
	
                  November
                    2017

                	 	
                  20,843,974.38

                
	
                  December
                    2017

                	 	
                  20,551,960.25

                
	
                  January
                    2018

                	 	
                  20,263,943.70

                
	
                  February
                    2018

                	 	
                  19,979,870.52

                
	
                  March
                    2018

                	 	
                  19,699,687.23

                
	
                  April
                    2018

                	 	
                  19,423,341.06

                
	
                  May
                    2018

                	 	
                  19,150,779.97

                
	
                  June
                    2018

                	 	
                  18,881,952.60

                
	
                  July
                    2018

                	 	
                  18,616,808.32

                
	
                  August
                    2018

                	 	
                  18,355,297.14

                
	
                  September
                    2018

                	 	
                  18,097,369.77

                
	
                  October
                    2018

                	 	
                  17,842,977.59

                
	
                  November
                    2018

                	 	
                  17,592,072.63

                
	
                  December
                    2018

                	 	
                  17,344,607.56

                
	
                  January
                    2019

                	 	
                  17,100,535.70

                
	
                  February
                    2019

                	 	
                  16,859,810.99

                
	
                  March
                    2019

                	 	
                  16,622,388.02

                
	
                  April
                    2019

                	 	
                  16,388,221.96

                
	
                  May
                    2019

                	 	
                  16,157,268.60

                
	
                  June
                    2019

                	 	
                  15,929,484.32

                
	
                  July
                    2019

                	 	
                  15,704,826.11

                
	
                  August
                    2019

                	 	
                  15,483,251.52

                
	
                  September
                    2019

                	 	
                  15,264,718.67

                
	
                  October
                    2019

                	 	
                  15,049,186.28

                
	
                  November
                    2019

                	 	
                  14,836,613.58

                
	
                  December
                    2019

                	 	
                  14,626,960.40

                
	
                  January
                    2020

                	 	
                  14,420,187.07

                
	
                  February
                    2020

                	 	
                  14,216,254.48

                
	
                  March
                    2020

                	 	
                  14,015,124.04

                
	
                  April
                    2020

                	 	
                  13,816,757.69

                
	
                  May
                    2020

                	 	
                  13,621,117.88

                
	
                  June
                    2020

                	 	
                  13,428,167.56

                
	
                  July
                    2020

                	 	
                  13,237,870.19

                

        

         

        
          
            
            

          

          
            Schedule
              B-1

            
              

            

          

          
            
            

          

        

        
          	
                  Distribution
                    Date occuring in:

                	 	
                  Aggregate
                    Scheduled Principal Balance of the Mortgage Loans Having Forty-Year
                    Original 

                  Terms
                    to Maturity ($)

                

        

        
          	
                  August
                    2020

                	 	
                  13,050,189.73

                
	
                  September
                    2020

                	 	
                  12,865,090.60

                
	
                  October
                    2020

                	 	
                  12,682,537.74

                
	
                  November
                    2020

                	 	
                  12,502,496.53

                
	
                  December
                    2020

                	 	
                  12,324,932.84

                
	
                  January
                    2021

                	 	
                  12,149,812.99

                
	
                  February
                    2021

                	 	
                  11,977,103.76

                
	
                  March
                    2021

                	 	
                  11,806,772.37

                
	
                  April
                    2021

                	 	
                  11,638,786.50

                
	
                  May
                    2021

                	 	
                  11,473,114.26

                
	
                  June
                    2021

                	 	
                  11,309,724.18

                
	
                  July
                    2021

                	 	
                  11,148,585.23

                
	
                  August
                    2021

                	 	
                  10,989,666.79

                
	
                  September
                    2021

                	 	
                  10,832,938.66

                
	
                  October
                    2021

                	 	
                  10,678,371.06

                
	
                  November
                    2021

                	 	
                  10,525,934.58

                
	
                  December
                    2021

                	 	
                  10,375,600.23

                
	
                  January
                    2022

                	 	
                  10,227,339.43

                
	
                  February
                    2022

                	 	
                  10,081,123.94

                
	
                  March
                    2022

                	 	
                  9,936,925.94

                
	
                  April
                    2022

                	 	
                  9,794,717.98

                
	
                  May
                    2022

                	 	
                  9,654,472.97

                
	
                  June
                    2022

                	 	
                  9,516,164.19

                
	
                  July
                    2022

                	 	
                  9,379,765.29

                
	
                  August
                    2022

                	 	
                  9,245,250.26

                
	
                  September
                    2022

                	 	
                  9,112,593.47

                
	
                  October
                    2022

                	 	
                  8,981,769.60

                
	
                  November
                    2022

                	 	
                  8,852,753.70

                
	
                  December
                    2022

                	 	
                  8,725,521.15

                
	
                  January
                    2023

                	 	
                  8,600,047.66

                
	
                  February
                    2023

                	 	
                  8,476,309.28

                
	
                  March
                    2023

                	 	
                  8,354,282.36

                
	
                  April
                    2023

                	 	
                  8,233,943.59

                
	
                  May
                    2023

                	 	
                  8,115,269.98

                
	
                  June
                    2023

                	 	
                  7,998,238.83

                
	
                  July
                    2023

                	 	
                  7,882,827.77

                
	
                  August
                    2023

                	 	
                  7,769,014.72

                
	
                  September
                    2023

                	 	
                  7,656,777.89

                
	
                  October
                    2023

                	 	
                  7,546,095.81

                
	
                  November
                    2023

                	 	
                  7,436,947.28

                
	
                  December
                    2023

                	 	
                  7,329,311.39

                
	
                  January
                    2024

                	 	
                  7,223,167.52

                
	
                  February
                    2024

                	 	
                  7,118,495.33

                
	
                  March
                    2024

                	 	
                  7,015,274.75

                
	
                  April
                    2024

                	 	
                  6,913,485.98

                
	
                  May
                    2024

                	 	
                  6,813,109.48

                
	
                  June
                    2024

                	 	
                  6,714,126.01

                
	
                  July
                    2024

                	 	
                  6,616,516.55

                
	
                  August
                    2024

                	 	
                  6,520,262.36

                
	
                  September
                    2024

                	 	
                  6,425,344.94

                
	
                  October
                    2024

                	 	
                  6,331,746.05

                
	
                  November
                    2024

                	 	
                  6,239,447.71

                

        

         

        
          
            
            

          

          
            Schedule
              B-1

            
              

            

          

          
            
            

          

        

        
          	
                  Distribution
                    Date occuring in:

                	 	
                  Aggregate
                    Scheduled Principal Balance of the Mortgage Loans Having Forty-Year
                    Original 

                  Terms
                    to Maturity ($)

                

        

        
          	
                  December
                    2024

                	 	
                  6,148,432.15

                
	
                  January
                    2025

                	 	
                  6,058,681.87

                
	
                  February
                    2025

                	 	
                  5,970,179.59

                
	
                  March
                    2025

                	 	
                  5,882,908.27

                
	
                  April
                    2025

                	 	
                  5,796,851.12

                
	
                  May
                    2025

                	 	
                  5,711,991.53

                
	
                  June
                    2025

                	 	
                  5,628,313.17

                
	
                  July
                    2025

                	 	
                  5,545,799.89

                
	
                  August
                    2025

                	 	
                  5,464,435.78

                
	
                  September
                    2025

                	 	
                  5,384,205.14

                
	
                  October
                    2025

                	 	
                  5,305,092.48

                
	
                  November
                    2025

                	 	
                  5,227,082.53

                
	
                  December
                    2025

                	 	
                  5,150,160.20

                
	
                  January
                    2026

                	 	
                  5,074,310.65

                
	
                  February
                    2026

                	 	
                  4,999,519.20

                
	
                  March
                    2026

                	 	
                  4,925,771.38

                
	
                  April
                    2026

                	 	
                  4,853,052.93

                
	
                  May
                    2026

                	 	
                  4,781,349.78

                
	
                  June
                    2026

                	 	
                  4,710,648.03

                
	
                  July
                    2026

                	 	
                  4,640,933.99

                
	
                  August
                    2026

                	 	
                  4,572,194.14

                
	
                  September
                    2026

                	 	
                  4,504,415.16

                
	
                  October
                    2026

                	 	
                  4,437,583.91

                
	
                  November
                    2026

                	 	
                  4,371,687.41

                
	
                  December
                    2026

                	 	
                  4,306,712.86

                
	
                  January
                    2027

                	 	
                  4,242,647.66

                
	
                  February
                    2027

                	 	
                  4,179,479.34

                
	
                  March
                    2027

                	 	
                  4,117,195.64

                
	
                  April
                    2027

                	 	
                  4,055,784.44

                
	
                  May
                    2027

                	 	
                  3,995,233.78

                
	
                  June
                    2027

                	 	
                  3,935,531.89

                
	
                  July
                    2027

                	 	
                  3,876,667.13

                
	
                  August
                    2027

                	 	
                  3,818,628.04

                
	
                  September
                    2027

                	 	
                  3,761,403.30

                
	
                  October
                    2027

                	 	
                  3,704,981.75

                
	
                  November
                    2027

                	 	
                  3,649,352.39

                
	
                  December
                    2027

                	 	
                  3,594,504.35

                
	
                  January
                    2028

                	 	
                  3,540,426.93

                
	
                  February
                    2028

                	 	
                  3,487,109.56

                
	
                  March
                    2028

                	 	
                  3,434,541.81

                
	
                  April
                    2028

                	 	
                  3,382,713.40

                
	
                  May
                    2028

                	 	
                  3,331,614.20

                
	
                  June
                    2028

                	 	
                  3,281,234.19

                
	
                  July
                    2028

                	 	
                  3,231,563.51

                
	
                  August
                    2028

                	 	
                  3,182,592.43

                
	
                  September
                    2028

                	 	
                  3,134,311.34

                
	
                  October
                    2028

                	 	
                  3,086,710.78

                
	
                  November
                    2028

                	 	
                  3,039,781.39

                
	
                  December
                    2028

                	 	
                  2,993,513.96

                
	
                  January
                    2029

                	 	
                  2,947,899.41

                
	
                  February
                    2029

                	 	
                  2,902,928.76

                
	
                  March
                    2029

                	 	
                  2,858,593.17

                

        

         

        
          
            
            

          

          
            Schedule
              B-1

            
              

            

          

          
            
            

          

        

        
          	
                  Distribution
                    Date occuring in:

                	 	
                  Aggregate
                    Scheduled Principal Balance of the Mortgage Loans Having Forty-Year
                    Original 

                  Terms
                    to Maturity ($)

                

        

        
          	
                  April
                    2029

                	 	
                  2,814,883.91

                
	
                  May
                    2029

                	 	
                  2,771,792.38

                
	
                  June
                    2029

                	 	
                  2,729,310.08

                
	
                  July
                    2029

                	 	
                  2,687,428.65

                
	
                  August
                    2029

                	 	
                  2,646,139.81

                
	
                  September
                    2029

                	 	
                  2,605,435.43

                
	
                  October
                    2029

                	 	
                  2,565,307.46

                
	
                  November
                    2029

                	 	
                  2,525,747.98

                
	
                  December
                    2029

                	 	
                  2,486,749.17

                
	
                  January
                    2030

                	 	
                  2,448,303.30

                
	
                  February
                    2030

                	 	
                  2,410,402.78

                
	
                  March
                    2030

                	 	
                  2,373,040.09

                
	
                  April
                    2030

                	 	
                  2,336,207.84

                
	
                  May
                    2030

                	 	
                  2,299,898.71

                
	
                  June
                    2030

                	 	
                  2,264,105.50

                
	
                  July
                    2030

                	 	
                  2,228,821.12

                
	
                  August
                    2030

                	 	
                  2,194,038.54

                
	
                  September
                    2030

                	 	
                  2,159,750.85

                
	
                  October
                    2030

                	 	
                  2,125,951.25

                
	
                  November
                    2030

                	 	
                  2,092,632.98

                
	
                  December
                    2030

                	 	
                  2,059,789.43

                
	
                  January
                    2031

                	 	
                  2,027,414.05

                
	
                  February
                    2031

                	 	
                  1,995,500.38

                
	
                  March
                    2031

                	 	
                  1,964,042.04

                
	
                  April
                    2031

                	 	
                  1,933,032.77

                
	
                  May
                    2031

                	 	
                  1,902,466.36

                
	
                  June
                    2031

                	 	
                  1,872,336.71

                
	
                  July
                    2031

                	 	
                  1,842,637.77

                
	
                  August
                    2031

                	 	
                  1,813,363.61

                
	
                  September
                    2031

                	 	
                  1,784,508.37

                
	
                  October
                    2031

                	 	
                  1,756,066.24

                
	
                  November
                    2031

                	 	
                  1,728,031.54

                
	
                  December
                    2031

                	 	
                  1,700,398.62

                
	
                  January
                    2032

                	 	
                  1,673,161.94

                
	
                  February
                    2032

                	 	
                  1,646,316.02

                
	
                  March
                    2032

                	 	
                  1,619,855.45

                
	
                  April
                    2032

                	 	
                  1,593,774.91

                
	
                  May
                    2032

                	 	
                  1,568,069.15

                
	
                  June
                    2032

                	 	
                  1,542,732.97

                
	
                  July
                    2032

                	 	
                  1,517,761.26

                
	
                  August
                    2032

                	 	
                  1,493,148.99

                
	
                  September
                    2032

                	 	
                  1,468,891.16

                
	
                  October
                    2032

                	 	
                  1,444,982.89

                
	
                  November
                    2032

                	 	
                  1,421,419.31

                
	
                  December
                    2032

                	 	
                  1,398,195.67

                
	
                  January
                    2033

                	 	
                  1,375,307.25

                
	
                  February
                    2033

                	 	
                  1,352,749.41

                
	
                  March
                    2033

                	 	
                  1,330,517.55

                
	
                  April
                    2033

                	 	
                  1,308,607.18

                
	
                  May
                    2033

                	 	
                  1,287,013.81

                
	
                  June
                    2033

                	 	
                  1,265,733.07

                
	
                  July
                    2033

                	 	
                  1,244,760.61

                

        

         

        
          
            
            

          

          
            Schedule
              B-1

            
              

            

          

          
            
            

          

        

        
          	
                  Distribution
                    Date occuring in:

                	 	
                  Aggregate
                    Scheduled Principal Balance of the Mortgage Loans Having Forty-Year
                    Original 

                  Terms
                    to Maturity ($)

                

        

        
          	
                  August
                    2033

                	 	
                  1,224,092.15

                
	
                  September
                    2033

                	 	
                  1,203,723.48

                
	
                  October
                    2033

                	 	
                  1,183,650.43

                
	
                  November
                    2033

                	 	
                  1,163,868.89

                
	
                  December
                    2033

                	 	
                  1,144,374.83

                
	
                  January
                    2034

                	 	
                  1,125,164.24

                
	
                  February
                    2034

                	 	
                  1,106,233.18

                
	
                  March
                    2034

                	 	
                  1,087,577.77

                
	
                  April
                    2034

                	 	
                  1,069,194.18

                
	
                  May
                    2034

                	 	
                  1,051,078.63

                
	
                  June
                    2034

                	 	
                  1,033,227.39

                
	
                  July
                    2034

                	 	
                  1,015,636.77

                
	
                  August
                    2034

                	 	
                  998,303.16

                
	
                  September
                    2034

                	 	
                  981,222.98

                
	
                  October
                    2034

                	 	
                  964,392.69

                
	
                  November
                    2034

                	 	
                  947,808.82

                
	
                  December
                    2034

                	 	
                  931,467.93

                
	
                  January
                    2035

                	 	
                  915,366.64

                
	
                  February
                    2035

                	 	
                  899,501.60

                
	
                  March
                    2035

                	 	
                  883,869.53

                
	
                  April
                    2035

                	 	
                  868,467.17

                
	
                  May
                    2035

                	 	
                  853,291.32

                
	
                  June
                    2035

                	 	
                  838,338.82

                
	
                  July
                    2035

                	 	
                  823,606.55

                
	
                  August
                    2035

                	 	
                  809,091.43

                
	
                  September
                    2035

                	 	
                  794,790.44

                
	
                  October
                    2035

                	 	
                  780,700.58

                
	
                  November
                    2035

                	 	
                  766,818.90

                
	
                  December
                    2035

                	 	
                  753,142.48

                
	
                  January
                    2036

                	 	
                  739,668.47

                
	
                  February
                    2036

                	 	
                  726,394.03

                
	
                  March
                    2036

                	 	
                  713,316.37

                
	
                  April
                    2036

                	 	
                  700,432.72

                
	
                  May
                    2036

                	 	
                  687,740.39

                
	
                  June
                    2036

                	 	
                  675,236.68

                
	
                  July
                    2036

                	 	
                  662,918.96

                
	
                  August
                    2036

                	 	
                  650,784.61

                
	
                  September
                    2036

                	 	
                  638,831.08

                
	
                  October
                    2036

                	 	
                  627,055.81

                

        

        

        
          
            
            

          

          
            Schedule
              B-1Exhibit 4.1

EXECUTION COPY

MORTGAGE ASSET SECURITIZATION TRANSACTIONS, INC.,

Depositor

UBS REAL ESTATE SECURITIES INC.,

Transferor

WELLS FARGO BANK, N.A.,

Master Servicer, Trust Administrator and Custodian

U.S. BANK NATIONAL ASSOCIATION,

Trustee

POOLING AND SERVICING AGREEMENT

Dated as of October 1, 2006

MASTR ASSET SECURITIZATION TRUST 2006-3

MORTGAGE PASS-THROUGH CERTIFICATES, Series 2006-3

TABLE OF CONTENTS

ARTICLE I DEFINITIONS

3

Section 1.01

Definitions.

3

Section 1.02

Certain Calculations.

46

Section 1.03

Calculation of Applicable Fractions.

46

ARTICLE II CONVEYANCE OF MORTGAGE LOANS; REPRESENTATIONS AND

WARRANTIES

47

Section 2.01

Conveyance of Mortgage Loans.

47

Section 2.02

Acceptance by Trustee of the Mortgage Loans.

51

Section 2.03

Remedies for Breaches of Representations and Warranties.

53

Section 2.04

Representations and Warranties of the Depositor as to the Mortgage Loans.

55

Section 2.05

[Reserved].

55

Section 2.06

Execution and Delivery of Certificates.

55

Section 2.07

REMIC Matters.

56

Section 2.08

Covenants of the Master Servicer.

56

Section 2.09

Representations and Warranties of the Master Servicer.

56

Section 2.10

Representations and Warranties of the Custodian.

58

ARTICLE III ADMINISTRATION AND MASTER SERVICING OF MORTGAGE LOANS

59

Section 3.01

Master Servicing of Mortgage Loans.

59

Section 3.02

Monitoring of Servicers.

60

Section 3.03

[Reserved].

61

Section 3.04

Rights of the Depositor and the Trustee in Respect of the Master Servicer.

61

Section 3.05

Trustee to Act as Master Servicer.

62

Section 3.06

Protected Accounts.

63

Section 3.07

Collection of Mortgage Loan Payments; Collection Account; Distribution Account.

63

Section 3.08

Collection of Taxes, Assessments and Similar Items; Escrow Accounts.

66

Section 3.09

Access to Certain Documentation and Information Regarding the Mortgage Loans.

66

Section 3.10

Permitted Withdrawals from the Collection Account and Distribution Account.

67

Section 3.11

Maintenance of Hazard Insurance; Maintenance of Primary Insurance Policies.

69

Section 3.12

Presentment of Claims and Collection of Proceeds.

69

Section 3.13

Maintenance of the Primary Insurance Policies.

70

Section 3.14

Realization upon Defaulted Mortgage Loans.

70

Section 3.15

REO Property.

70

Section 3.16

Due-on-Sale Clauses; Assumption Agreements.

72

Section 3.17

Trustee to Cooperate; Release of Mortgage Files.

72

Section 3.18

Documents, Records and Funds in Possession of Master Servicer and Custodian to Be

Held for the Trustee.

73

Section 3.19

Master Servicing Compensation.

73

Section 3.20

Access to Certain Documentation.

74

Section 3.21

Annual Statement as to Compliance.

74

Section 3.22

Report on Assessment of Compliance and Attestation.

75

Section 3.23

Errors and Omissions Insurance; Fidelity Bonds.

78

Section 3.24

Master Servicer to Remit Prepayment Penalties to the Transferor.

78

ARTICLE IV DISTRIBUTIONS AND SERVICING ADVANCES

79

Section 4.01

Advances.

79

Section 4.02

Priorities of Distribution.

79

Section 4.03

Allocation of Realized Losses.

87

Section 4.04

Distribution Date Statements to Certificateholders.

89

ARTICLE V THE CERTIFICATES

93

Section 5.01

The Certificates.

93

Section 5.02

Certificate Register; Registration of Transfer and Exchange of Certificates.

93

Section 5.03

Mutilated, Destroyed, Lost or Stolen Certificates.

98

Section 5.04

Persons Deemed Owners.

99

Section 5.05

Access to List of Certificateholders’ Names and Addresses.

99

Section 5.06

Maintenance of Office or Agency.

99

Section 5.07

Deposit of Uncertificated REMIC Interests.

99

ARTICLE VI THE DEPOSITOR, THE MASTER SERVICER AND THE CUSTODIAN

100

Section 6.01

Respective Liabilities of the Depositor, the Master Servicer and the Custodian.

100

Section 6.02

Merger or Consolidation of the Depositor, the Master Servicer and the Custodian.

100

Section 6.03

Limitation on Liability of the Depositor, the Transferor, the Master Servicer, the

Custodian and Others.

100

Section 6.04

Limitation on Resignation of Master Servicer.

101

Section 6.05

Sale and Assignment of Master Servicing Rights.

102

Section 6.06

Fees of the Custodian.

102

ARTICLE VII DEFAULT

102

Section 7.01

Events of Default.

102

Section 7.02

Trustee to Act; Appointment of Successor.

104

Section 7.03

Notification to Certificateholders.

106

ARTICLE VIII CONCERNING THE TRUSTEE

106

Section 8.01

Duties of Trustee.

106

Section 8.02

Certain Matters Affecting the Trustee.

107

Section 8.03

Trustee Not Liable for Certificates or Mortgage Loans.

109

Section 8.04

Trustee May Own Certificates.

109

Section 8.05

Trustee’s Fees and Expenses.

110

Section 8.06

Eligibility Requirements for Trustee.

110

Section 8.07

Resignation and Removal of Trustee.

111

Section 8.08

Successor Trustee.

111

Section 8.09

Merger or Consolidation of Trustee.

112

Section 8.10

Appointment of Co-Trustee or Separate Trustee.

112

ARTICLE IX CONCERNING THE TRUST ADMINISTRATOR AND THE MASTER SERVICER

114

Section 9.01

Duties of Trust Administrator.

114

Section 9.02

Certain Matters Affecting the Trust Administrator.

115

Section 9.03

Trust Administrator Not Liable for Certificates or Mortgage Loans.

116

Section 9.04

Trust Administrator May Own Certificates.

117

Section 9.05

Trust Administrator’s Fees and Expenses.

117

Section 9.06

Eligibility Requirements for Trust Administrator.

118

Section 9.07

Resignation and Removal of Trust Administrator.

118

Section 9.08

Successor Trust Administrator.

120

Section 9.09

Merger or Consolidation of Trust Administrator.

120

Section 9.10

[Reserved].

121

Section 9.11

Tax Matters.

121

Section 9.12

Periodic Filings.

124

ARTICLE X TERMINATION

132

Section 10.01

Termination upon Liquidation or Purchase of All Mortgage Loans.

132

Section 10.02

Final Distribution on the Certificates.

133

Section 10.03

Additional Termination Requirements.

134

ARTICLE XI MISCELLANEOUS PROVISIONS

135

Section 11.01

Amendment.

135

Section 11.02

Recordation of Agreement; Counterparts.

137

Section 11.03

Governing Law.

137

Section 11.04

Intention of Parties.

138

Section 11.05

Notices.

138

Section 11.06

Severability of Provisions.

139

Section 11.07

Assignment.

139

Section 11.08

Limitation on Rights of Certificateholders.

140

Section 11.09

Inspection and Audit Rights.

140

Section 11.10

Certificates Nonassessable and Fully Paid.

141

Section 11.11

Compliance With Regulation AB.

141

SCHEDULES

Schedule I

Mortgage Loan Schedule

Schedule II

Representations and Warranties as to the Mortgage Loans

Schedule III

Class P Prepayment Charges Mortgage Loan Schedule

Schedule IV

Scheduled Balance Table – PACs

EXHIBITS

Exhibit A:

Form of Class PO Certificate

Exhibit B

Form of Class A-X Certificate

Exhibit C-1:

Form of Class A-R Certificate

Exhibit C-2:

Form of Class P Certificate

Exhibit D:

Form of Class B Certificate

Exhibit E:

[Reserved]

Exhibit F:

Form of Reverse of Certificates

Exhibit G:

Form of Initial Certification of Custodian

Exhibit H:

Form of Final Certification of Custodian

Exhibit I:

Transfer Affidavit

Exhibit J:

Form of Transferor Certificate

Exhibit K:

Form of Investment Letter (Non Rule 144A)

Exhibit L:

Form of Rule 144A Letter

Exhibit M:

Form of Request for Release

Exhibit N:

Form of Sarbanes-Oxley Certification 

Exhibit O:

[Reserved]

Exhibit P:

[Reserved]

Exhibit Q:

Form of Assessment of Compliance

Exhibit R:

[Reserved]

Exhibit S:

Additional Disclosure Notification

Exhibit T:

Additional Form 10-D Disclosure

Exhibit U:

Additional Form 10-K Disclosure 

Exhibit V:

Form 8-K Disclosure Information

Exhibit W:

[Reserved]

Exhibit X:

Assessments of Compliance and Attestation Reports Servicing Criteria

THIS POOLING AND SERVICING AGREEMENT, dated as of October 1, 2006, among MORTGAGE ASSET SECURITIZATION TRANSACTIONS, INC., a Delaware corporation, as depositor (the “Depositor”), UBS REAL ESTATE SECURITIES INC., a Delaware corporation, as transferor (the “Transferor”), WELLS FARGO BANK, N.A., a national banking association (“Wells Fargo”), as master servicer (in such capacity, the “Master Servicer”), as trust administrator (in such capacity, the “Trust Administrator”) and as custodian (in such capacity, the “Custodian”) and U.S. BANK NATIONAL ASSOCIATION, a national banking association, as trustee (in such capacity, the “Trustee”).

In consideration of the mutual agreements herein contained, the parties hereto agree as follows:

PRELIMINARY STATEMENT

The Depositor is the owner of the Trust Fund that is hereby conveyed to the Trustee in return for the Certificates. The Trust Fund is being conveyed to the Trustee to create a trust for the benefit of the Certificateholders.  The Trust Fund for federal income tax purposes shall consist of three REMICs (the “Subsidiary REMIC”, the “Middle REMIC” and the “Master REMIC”).  The “latest possible maturity date” for federal income tax purposes of all interests created hereby shall be the Latest Possible Maturity Date.

The Subsidiary REMIC shall consist of all of the assets constituting the Trust Fund corresponding to Collateral Group 1, Collateral Group 2 and Collateral Group 3 (exclusive of the Class P Prepayment Charges) and shall be evidenced by the uncertificated interests set forth below that shall be designated as REMIC regular interests (the “Subsidiary REMIC Regular Interests”).  In addition, the Subsidiary REMIC shall issue the Class A-LR Certificate and shall designate such interest as its sole class of residual interest.

The Middle REMIC shall hold as its assets the uncertificated REMIC regular interests issued by the Subsidiary REMIC.  The Middle REMIC shall issue the Class R-2 interest and shall designate such interest as its sole class of residual interest.  In addition, the Middle REMIC shall issue the uncertificated REMIC regular interests set forth below for the Middle REMIC (the “Middle REMIC Regular Interests”).

The Master REMIC shall consist of the Middle REMIC Regular Interests and shall be evidenced by the Classes of Certificates set forth below for the Master REMIC (which, except for the Exchangeable Certificates and the Class P, Class A-LR and Class A-UR Certificates, shall represent the “regular interests” in the Master REMIC) and the Class R-3 Interest as the single “residual interest” in the Master REMIC.   The Class A-UR Certificate shall not be considered a Certificate issued by the Master REMIC, but instead shall represent beneficial ownership of the Class R-2 and Class R-3 interests.

Subsidiary REMIC:

The Subsidiary REMIC Regular Interests, each of which is hereby designated as a REMIC regular interest for federal income tax purposes, shall have the following principal balances, pass-through rates and corresponding Collateral Groups in the manner set forth in the following table:

	REMIC

Interests

	Initial

Balance

	

Pass-

Through Rate

	

Corresponding Collateral Group 

	LT1-1

	(1)

	6.000%

	1

	LT2-1

	(1)

	6.000%

	1

	LT3-1

	(1)

	6.000%

	1

	LT1-2

	(1)

	7.000%

	2

	LT2-2

	(1)

	7.000%

	2

	LT3-2

	(1)

	7.000%

	2

	LT1-3

	(1)

	6.000%

	3

	LT2-3

	(1)

	6.000%

	3

	LT3-3

	(1)

	6.000%

	3

	LT-15-A-X

	(2)

	(3)

	3

	LT-30-A-X

	(2)

	(4)

	2

	LT-15-PO

	(5)

	0.000%

	3

	LT-30-PO

	(6)

	0.000%

	1

____________________

(1)

Each LT1 Interest shall have a principal balance initially equal to 0.9% of the Group Subordinate Amount of its corresponding Collateral Group or Groups.  Each LT2 Interest shall have a principal balance initially equal to 0.1% of the Group Subordinate Amount of its corresponding Collateral Group.   The initial principal balance of each LT3 Interest shall equal the excess of the Group Balance of its corresponding Collateral Group or Groups over the sum of (i) the initial principal balances of the LT1 and LT2 Interests corresponding to such Collateral Group or Groups, (ii) the portion of the LT-15-PO or LT 30-PO Interest attributable to the Discount Loans in the Collateral Group or Groups corresponding to such LT3 Interest, and (iii) in the case of Collateral Group 3 the principal balance of the Class A-LR Certificate.

(2)

This Subsidiary REMIC interest shall not have any principal balance.

(3)

The LT-15-A-X Interest shall be entitled to receive all interest accrued at the related Stripped Interest Rate on each Non-Discount Mortgage Loan in Collateral Group 3.

(4)

The LT-30-A-X Interest shall be entitled to receive all interest accrued at the related Stripped Interest Rate on each Non-Discount Mortgage Loan in Collateral Group 2.

(5)

The LT-15-PO Interest shall have an initial principal balance equal to the initial principal balance of the Class 15-PO Certificate.

(6)

The LT-30-PO Interest shall have an initial principal balance equal to the initial principal balance of the Class 30-PO Certificate.

Unless a Cross-over Situation (as defined below) exists, principal and Realized Losses arising with respect to each Collateral Group shall be allocated first to cause the LT1 and LT2 interests corresponding to such Collateral Group or Groups to equal 0.9% and 0.1% of the Group Subordinate Amount of such Collateral Group or Groups as of such Distribution Date and all excess principal and Realized Losses shall be allocated to the LT3 interest corresponding to such Collateral Group or Groups.  A LT1, LT2 or LT3 interest that is allocated principal on any Distribution Date shall receive such principal, and have its principal balance reduced by the amount of such principal, on such Distribution Date.  Similarly, a LT1, LT2 or LT3 interest that is allocated a Realized Loss on any Distribution Date shall have its principal balance reduced by the amount of such Realized Loss on such Distribution Date.

A “Cross-over Situation” exists if on any Distribution Date (after taking into account distributions of principal and allocations of Realized Losses on such Distribution Date) the LT1 and LT2 interests corresponding to any Collateral Group or Groups are in the aggregate less than 1% of the Group Subordinate Amount of the Collateral Group or Groups to which they correspond.  In the event that a Cross-Over Situation exists on any Distribution Date, and the weighted average rate of the outstanding LT1 and LT2 interests related to a Class of Subordinate Certificates is less than the Pass-Through Rate for such class of Subordinate Certificates, a Principal Relocation Payment (as defined below) shall be made proportionately to such outstanding LT1 interests prior to any other distributions of principal from each such Collateral Group or Groups.  In the event that a Cross-Over Situation exists on any Distribution Date, and the weighted average rate of the outstanding LT1 and LT2 interests related to a Class of Subordinate Certificates is greater than the Pass-Through Rate for such class of Subordinate Certificates, a Principal Relocation Payment shall be made proportionately to such outstanding LT2 interests prior to any other distributions of principal from each such Collateral Group.  A “Principal Relocation Payment” is a distribution of principal that causes the Calculation Rate (as defined below) on the outstanding LT1 and LT2 interests related to a Class of Subordinate Certificates to equal the Pass-Through Rate for such class of Subordinate Certificates.  The “Calculation Rate” shall equal the product of (i) 10 and (ii) the weighted average rate of the outstanding Class LT1 and Class LT2 interests related to a Class of Subordinate Certificates, treating each Class LT1 interest as capped at zero or reduced by a fixed percentage of 100% of the interest accruing on such class.  Principal Relocation Payments shall be made from principal received on the Mortgage Loans from the related Collateral Group or Groups and shall also consist of a proportionate allocation of Realized Losses from the Mortgage Loans of the related Collateral Group or Groups.  For purposes of making Principal Relocation Payments, to the extent that the principal received during the Collection Period from the related Collateral Group and Realized Losses are insufficient to make the necessary reduction of principal, then interest shall accrue on the LT3 interest related to a Collateral Group or Groups (and be added to their principal balances) that are not receiving a Principal Relocation Payment to allow the necessary Principal Relocation Payment to be made.

If a Cross-Over Situation exists, the outstanding aggregate principal balance of the related LT1 and LT2 interests shall not be reduced below one percent of the aggregate Group Balance of the related Collateral Group or Groups as of the end of any Collection Period in excess of the Senior Certificates related to such Collateral Group as of the related Distribution Date (after taking into account distributions of principal and allocations of Realized Losses on such Distribution Date).  To the extent this limitation prevents the distribution of principal to the LT1 and LT2 interests of a Collateral Group and the related LT3 interest has already been reduced to zero, such excess principal from the other Collateral Group or Collateral Groups shall be paid proportionately to the LT3 interests of the Collateral Group or Groups whose aggregate LT1 and LT2 interests are less than one percent of the Group Subordinate Amount.  Any such shortfall as a result of the Collateral Group or Groups receiving the extra payment having a Ratio-strip Rate (as defined below) lower than the weighted average Ratio-strip Rate of the Collateral Group from which the payment was relocated shall be treated as a Realized Loss and if excess arises as a result of the Collateral Group receiving the extra payment having a Ratio-strip Rate higher than the Collateral Group from which the payment was relocated it shall reimburse the Middle REMIC for prior Realized Losses.  The “Ratio-strip Rate” for each Collateral Group shall be equal to 6.000% for Collateral Group 1, 7.000% for Collateral Group 2 and 6.000% for Collateral Group 3.

The Class LT-15-PO Interest shall be entitled to receive the PO Principal Distribution Amount for Collateral Group 3 and the Class LT-30-PO Interest shall be entitled to receive the PO Principal Distribution Amount for Collateral Group 1.

Middle REMIC:

The Middle REMIC Regular Interests, each of which is hereby designated as a REMIC regular interest for federal income tax purposes, shall have the following principal balances and pass-through rates in the manner set forth in the following table:

	Middle REMIC

 Interests

	Initial

Balance

	Pass- 

Through Rate

	Corresponding Class in the Master REMIC 

	MT-1-A-1

	(3)

	6.000%

	1-A-1

	MT-1-A-2

	(3)

	6.000%

	1-A-2

	MT-1-A-3

	(3)

	6.000%

	1-A-3

	MT-1-A-4

	(3)

	6.000%

	1-A-4

	MT-1-A-5

	(3)

	6.000%

	1-A-5

	MT-1-A-6

	(3)

	6.000%

	1-A-6

	MT-1-A-7

	(3)

	6.000%

	1-A-7

	MT-1-A-8

	(3)

	6.000%

	1-A-8

	MT-2-A-1

	(3)

	7.000%

	2-A-1, 2-A-2, 2-A-3

	MT-3-A-1

	(3)

	6.000%

	3-A-1

	MT-15-PO

	(3)

	0.000%

	15-PO

	MT-30-PO

	(3)

	0.000%

	30-PO

	MT-15-A-X

	(1)

	(1)

	15-A-X

	MT-30-A-X

	(4)

	(4)

	30-A-X

	MT-A-UR

	(3)

	6.000%

	A-UR

	MT-B-1

	(3)

	(2)

	B-1

	MT-B-2

	(3)

	(2)

	B-2

	MT-B-3

	(3)

	(2)

	B-3

	MT-B-4

	(3)

	(2)

	B-4

	MT-B-5

	(3)

	(2)

	B-5

	MT-B-6

	(3)

	(2)

	B-6

_______________

(1)

The Class MT-15-A-X shall not have a principal balance.  The Class MT-15-A-X shall be entitled to the excess interest on the Non-Discount Mortgage Loans in Collateral Group 3, which excess corresponds to 100% of the distributions on the LT-15-A-X interest issued by the Subsidiary REMIC.

(2)

The Calculation Rate, which rate equals the product of (i) 10 and (ii) the weighted average rate of the outstanding Class LT1 and Class LT2 interests corresponding to each Collateral Group, treating each such Class LT1 interest as capped at zero or reduced by a fixed percentage of 100% of the interest accruing on such Class.  The Calculation Rate is designed to always equal the Pass-Through Rate of each class of the Subordinate Certificates.

(3)

The initial principal balance of each of these Middle REMIC Regular Interests shall equal the initial Class Principal Balance of its Corresponding Class of Certificates.

(4)

The Class MT-30-A-X shall not have a principal balance.  The Class MT-30-A-X shall be entitled to the excess interest on the Non-Discount Mortgage Loans in Collateral Group 2, which excess corresponds to 100% of the distributions on the LT-30-A-X interest issued by the Subsidiary REMIC.

Each Middle REMIC Regular Interest shall receive principal distributions and allocations of Realized Losses equal to those for its corresponding class in the Master REMIC.

Master REMIC:

The following table sets forth characteristics of the Certificates, together with the minimum denominations and integral multiples in excess thereof in which such Classes shall be issuable (except that one Certificate of each Class of Certificates may be issued in a different amount):

	

Class

	Initial Certificate Principal Balance or Notional Amount

	Initial Pass-Through Rate

	Minimum Denomination

	Integral Multiples

in Excess of Minimum

	Class 1-A-1 (1)

	$72,016,000

	6.000%

	$25,000

	$1

	Class 1-A-2 (1)

	$19,421,000

	6.000%

	$25,000

	$1

	Class 1-A-3 (1)

	$16,197,000

	6.000%

	$25,000

	$1

	Class 1-A-4 (1)

	$8,935,000

	6.000%

	$25,000

	$1

	Class 1-A-5 (1)

	$69,553,547 

	(2)

	$25,000

	$1

	Class 1-A-6 (1)

	$6,906,027

	(3)

	$25,000

	$1

	Class 1-A-7 (1)

	$13,380,426

	(4)

	$25,000

	$1

	Class 1-A-8 (1)

	$51,602,000

	6.000%

	$25,000

	$1

	Class 2-A-1 (1)

	$125,650,000

	(6)

	$25,000

	$1

	Class 2-A-2 (1)

	(7)

	(8)

	$100,000

	$1

	Class 2-A-3 (1)

	(9)

	(10)

	$100,000

	$1

	Class 3-A-1

	$41,688,000

	6.000%

	$25,000

	$1

	Class A-LR

	$50

	6.000%

	100%

	$1

	Class A-UR

	$50

	6.000%

	100%

	$1

	Class 15-PO

	$465,001

	(12)

	$25,000

	$1

	Class 30-PO

	$1,054,410

	(12)

	$25,000

	$1

	Class 15-A-X

	(13)

	6.000%

	$100,000

	$1

	Class 30-A-X

	(14)

	7.000%

	$100,000

	$1

	Class B-1

	$6,161,000

	(15)

	$25,000

	$1

	Class B-2

	$2,640,000

	(15)

	$25,000

	$1

	Class B-3

	$880,000

	(15)

	$25,000

	$1

	Class B-4

	$1,980,000

	(15)

	$25,000

	$1

	Class B-5

	$660,000

	(15)

	$25,000

	$1

	Class B-6

	$881,541

	(15)

	$25,000

	$1

	Class P 

	(16)

	N/A

	N/A

	N/A

___________

(1)

Each of these Classes shall be issued in uncertificated form and shall constitute an Uncertificated REMIC Interest.

(2)

For any Distribution Date on which LIBOR is equal to or less than 7.000%, interest will accrue on the Class 1-A-5 Certificates at a per annum rate equal to LIBOR plus 2.000%, subject to a maximum rate of 7.750% per annum and a minimum rate of 2.000% per annum.  For any Distribution Date on which LIBOR is greater than 7.000%, interest will accrue on the Class 1-A-5 Certificates at a per annum rate equal to 0.000%.  The per annum Pass-Through Rate on the Class 1-A-5 Certificates for the first Interest Accrual Period is 7.330%.

(3)

For any Distribution Date on which LIBOR is equal to or less than 7.000%, interest will accrue on the Class 1-A-6 Certificates at a per annum rate equal to the sum of (x) the product of (a) -10.0714270303 and (b) LIBOR plus (y) 57.9107065031%, subject to a maximum rate of 57.9107065031% per annum and a minimum rate of 0.000% per annum.  For any Distribution Date on which LIBOR is greater than 7.000%, interest will accrue on the Class 1-A-6 Certificates at a per annum rate equal to 0.000%.  The per annum Pass-Through Rate on the Class 1-A-6 Certificates for the first Interest Accrual Period is 4.230%.

(4)

For any Distribution Date on which LIBOR is equal to or less than 7.000%, interest will accrue on the Class 1-A-7 Certificates at a per annum rate equal to 0.000%.   For any Distribution Date on which LIBOR is greater than 7.000%, interest will accrue on the Class 1-A-7 Certificates at a per annum rate equal to 40.2857128764%.  The per annum Pass-Through Rate on the Class 1-A-7 Certificates for the first Interest Accrual Period is 0.000%.

(5)

For any Distribution Date on which LIBOR is equal to or less than 7.000%, interest will accrue on the Class 1-A-11 Certificates at a per annum rate equal to the sum of (x) the product of (a) -3.4285711258 and (b) LIBOR plus (y) 19.7142843404%, subject to a maximum rate of 19.7142843404 % per annum and a minimum rate of 0.000% per annum.  For any Distribution Date on which LIBOR is greater than 7.000%, interest will accrue on the Class 1-A-11 Certificates at a per annum rate equal to 26.5714267546%.  The per annum Pass-Through Rate on the Class 1-A-11 Certificates for the first Interest Accrual Period is expected to be 1.440%.

(6)

Interest will accrue on the Class 2-A-1 Certificates at a per annum rate equal to (i) LIBOR plus (ii) 0.450%, subject to a maximum rate of 7.000% per annum and a minimum rate of 0.450% per annum.  The per annum Pass-Through Rate on the Class 2-A-1 Certificates for the first Interest Accrual Period is 5.780%.

(7)

The Class 2-A-2 Certificates are Interest Only Certificates, will not be entitled to distributions in respect of principal and will bear interest on the related Notional Amount (initially $125,650,000).

(8)

Interest will accrue on the Class 2-A-2 Certificates at a per annum rate equal to (i) 6.500% minus (ii) LIBOR, subject to a maximum rate of 6.500% per annum and a minimum rate of 0.000% per annum.  The per annum Pass-Through Rate on the Class 2-A-2 Certificates for the first Interest Accrual Period is 1.170%.

(9)

The Class 2-A-3 Certificates are Interest Only Certificates, will not be entitled to distributions in respect of principal and will bear interest on the related Notional Amount (initially $125,650,000).

(10)

Interest will accrue on the Class 2-A-3 Certificates at a per annum rate equal to (i) 6.550% minus (ii) LIBOR, subject to a maximum rate of 0.050% per annum and a minimum rate of 0.000% per annum.  The per annum Pass-Through Rate on the Class 2-A-3 Certificates for the first Interest Accrual Period is 0.050%.

(11)

Interest will accrue on the Class 2-A-5 Certificates at a per annum rate equal to (i) LIBOR plus (ii) 0.500%, subject to a maximum rate of 7.000% per annum and a minimum rate of 0.500% per annum.  The per annum Pass-Through Rate on the Class 2-A-5 Certificates for the first Interest Accrual Period is 5.830%.

(12)

The Class 15-PO and Class 30-PO Certificates are Principal Only Certificates and will not be entitled to distributions in respect of interest.

(13)

The Class 15-A-X Certificates are Interest Only Certificates, will not be entitled to distributions in respect of principal and will bear interest on the related Notional Amount (initially $1,750,985).

(14)

The Class 30-A-X Certificates are Interest Only Certificates, will not be entitled to distributions in respect of principal and will bear interest on the related Notional Amount (initially $254,669).

(15)

Interest will accrue on the Class B-1, Class B-2, Class B-3, Class B-4, Class B-5 and Class B-6 Certificates at a per annum rate equal to the weighted average of (i) 6.000% for the Loans, or portions thereof, contributing to Collateral Group 1, (ii) 7.000% for the Loans, or portions thereof, contributing to Collateral Group 2 and (iii) 6.000% for the Loans in Collateral Group 3, weighted on the basis of the portion of the aggregate principal balance of the Class B-1, Class B-2, Class B-3, Class B-4, Class B-5 and Class B-6 Certificates attributable to each such Collateral Group.  The per annum Pass-Through Rate on the Class B-1, Class B-2, Class B-3, Class B-4, Class B-5 and Class B-6 Certificates for the first Interest Accrual Period is 6.305%.

(16)

The Class P Certificates do not have an aggregate principal balance and shall not be entitled to distributions in respect of principal or interest.  The Class P Certificates shall be entitled to Class P Prepayment Charges collected.  The Class P Certificates do not represent an interest in any REMIC created hereby.

The foregoing REMIC structure is intended to cause all of the cash from the Mortgage Loans (exclusive of the Class P Prepayment Charges) to flow through to the Master REMIC as cash flow on a REMIC regular interest, without creating any shortfall—actual or potential (other than for credit losses) to any REMIC regular interest.  To the extent that the structure is believed to diverge from such intention the party identifying any ambiguity or drafting error shall notify each of the parties hereto, and shall, in accordance with Section 10.01 of this Agreement, attempt to resolve any ambiguities or correct any drafting errors to accomplish such intention.

Set forth below are designations of Classes of Certificates to the categories used herein:

Book-Entry Certificates

All Classes of Offered Certificates other than the Physical Certificates.

Class PO Certificates

The Class 15-PO and Class 30-PO Certificates.

Delay Certificates

The Certificates, other than the No-Delay Certificates.

ERISA-Restricted Classes

The Residual Certificates and the Private Certificates, and any Certificates that do not satisfy the applicable ratings requirement under the Underwriter’s Exemption.

Exchangeable Certificates

The Class 1-A-9, Class 1-A-10, Class 1-A-11, Class 2-A-4 and Class 2-A-5 Certificates.

Exchangeable REMIC Certificates

The Class 1-A-1, Class 1-A-2, Class 1-A-3, Class 1-A-4, Class 1-A-5, Class 1-A-6, Class 1-A-7, Class 1-A-8, Class 2-A-1, Class 2-A-2 and Class 2-A-3 Certificates.

Floating Rate Certificates

The Class 2-A-1 Certificates.

Group 1 Certificates

The Class 1-A-1, Class 1-A-2, Class 1-A-3, Class 1-A-4, Class 1-A-5, Class 1-A-6, Class 1-A-7 and Class 1-A-8 Certificates.

Group 2 Certificates

The Class 2-A-1, Class 2-A-2 and Class 2-A-3 Certificates.

Group 3 Certificates

The Class 3-A-1 Certificates.

Interest Only Certificates

The Class 15-A-X and Class 30-A-X Certificates.

Inverse Floating Rate Certificates

The Class 2-A-2 and Class 2-A-3 Certificates.

LIBOR Certificates

The Floating Rate Certificates, Inverse Floating Rate Certificates and Toggle Certificates.

Lockout Certificates

The Class 1-A-8 Certificates.

No-Delay Certificates

The Class 1-A-5, Class 1-A-6, Class 1-A-7, Class 1-A-11, Class 2-A-1, Class 2-A-2, Class 2-A-3 and Class 2-A-5 Certificates.

Offered Certificates

All Classes of Certificates other than the Private Certificates.

PACs

The Class 1-A-1, Class 1-A-2, Class 1-A-3 and Class 1-A-4 Certificates.

Physical Certificates

The Private Certificates and the Residual Certificates.

Principal Only Certificates

The Class 15-PO and Class 30-PO Certificates.

Private Certificates

The Class B-4, Class B-5 and Class B-6,  and Class P Certificates.

Rating Agencies

S&P and Fitch.

Regular Certificates

All Classes of Certificates, other than the Residual Certificates and the Class P Certificates.

Residual Certificates

The Class A-LR and Class A-UR Certificates.

Senior Certificates

The Group 1, Group 2, Group 3 and Interest Only and Principal Only Certificates.

Subordinate Certificates

The Class B-1, Class B-2, Class B-3, Class B-4, Class B-5 and Class B-6 Certificates.

Toggle Certificates

The Class 1-A-5, Class 1-A-6 and Class 1-A-7.

Defined terms and provisions herein relating to statistical rating agencies not designated above as Rating Agencies shall be of no force or effect.

ARTICLE I

DEFINITIONS

Section 1.01

Definitions.

Whenever used in this Agreement, the following words and phrases, unless the context otherwise requires, shall have the following meanings:

10-K Filing Deadline:  As defined in Section 9.12.

Accountant’s Attestation:  As defined in Section 3.22(b)(i).

Accrued Certificate Interest:  With respect to any Distribution Date and any interest bearing Class of Certificates, the sum of (i) one month’s interest accrued during the related Interest Accrual Period at the Pass-Through Rate for such Class on the related Certificate Principal Balance or Notional Amount, as applicable, subject to reduction as provided in Section 4.02(b) plus (ii) any Class Unpaid Interest Amounts for such Class.

Additional Form 10-D Disclosure:  As defined in Section 9.12.

Additional Form 10-K Disclosure:  As defined in Section 9.12.

Additional Servicer:  Each Affiliate of any Servicer that services any of the Mortgage Loans and each person that is not an Affiliate of any such Servicer that services 10% or more of the Mortgage Loans.

Adjustment Amount:  With respect to the Special Hazard Loss Coverage Amount and, with respect to each anniversary of October 1, 2006, the amount, if any, by which the Special Hazard Loss Coverage Amount (without giving effect to the deduction of the Adjustment Amount for such anniversary) exceeds the greatest of (x) the product of 1% and the outstanding principal balance of all the Mortgage Loans on the Distribution Date immediately preceding such anniversary, (y) the outstanding principal balance of Mortgage Loans secured by Mortgaged Properties in the highest California zip code concentration on the Distribution Date immediately preceding such anniversary, and (z) twice the outstanding principal balance of the Mortgage Loan which has the largest outstanding principal balance on the Distribution Date immediately preceding such anniversary.

Advance:  An advance of principal or interest required to be made by the applicable Servicer pursuant to the related Servicing Agreement or required to be made by the Master Servicer with respect to any Distribution Date pursuant to Section 4.01.

Affiliate:  When used with reference to a specified Person, another Person that (i) directly or indirectly controls or is controlled by or is under common control with the specified Person, (ii) is an officer of, partner in or trustee of, or serves in a similar capacity with respect to, the specified Person or of which the specified Person is an officer, partner or trustee, or with respect to which the specified Person serves in a similar capacity, or (iii) directly or indirectly is the beneficial owner of 10% or more of any class of equity securities of the specified Person or of which the specified Person is directly or indirectly the owner of 10% or more of any class of equity securities.

Aggregate Pool Principal Balance:  As to any Distribution Date, the aggregate of the Scheduled Principal Balances of the Mortgage Loans which were Outstanding Mortgage Loans on the Due Date in the month preceding the month of such Distribution Date.

Aggregate Subordinate Optimal Principal Amount:  For any Distribution Date, the sum of the Subordinate Optimal Principal Amounts for each Collateral Group.

Aggregate Subordinate Percentage:  With respect to the Subordinate Certificates and as of any Distribution Date, the aggregate Certificate Principal Balance for the Subordinate Certificates divided by the Aggregate Pool Principal Balance (net of the PO Percentage of the Scheduled Principal Balance of each Discount Mortgage Loan).

Agreement:  This Pooling and Servicing Agreement and all amendments or supplements hereto.

Allocable Share:  For any Distribution Date and with respect to each Class of Subordinate Certificates, the portion of the Aggregate Subordinate Optimal Principal Amount allocable to such Class, equal to the product of the Aggregate Subordinate Optimal Principal Amount on such Distribution Date and a fraction, the numerator of which is the related Certificate Principal Balance thereof and the denominator of which is the aggregate of the Certificate Principal Balances of the Subordinate Certificates.

Amount Available for Group 1 Principal:  As to any Distribution Date, Group 1 Available Funds for such Distribution Date reduced by the aggregate amount distributable on such Distribution Date in respect of interest on the Group 1 Certificates pursuant to Section 4.02(a)(i) priority first sub-clause (A).

Amount Available for Group 2 Principal:  As to any Distribution Date, Group 2 Available Funds for such Distribution Date reduced by the aggregate amount distributable on such Distribution Date in respect of interest on the Group 2 Certificates and Class 30-A-X Certificates pursuant to Section 4.02(a)(i) priority first sub-clause (B).

Amount Available for Group 3 Principal:  As to any Distribution Date, Group 3 Available Funds for such Distribution Date reduced by the aggregate amount distributable on such Distribution Date in respect of interest on the Group 3 Certificates and Class 15-A-X Certificates pursuant to Section 4.02(a)(i) priority first sub-clause (C).

Amount Available for PO Recoveries: With respect to Collateral Group 1 and Collateral Group 3 and any Distribution Date, the aggregate of the PO Percentage of Recoveries on each Discount Mortgage Loan in such Collateral Group for such Distribution Date (and with respect to Collateral Group 1, further multiplied by the Applicable Fraction of each such Discount Mortgage Loan).

Amount Held for Future Distribution:  As to any related Distribution Date and any Mortgage Loan or Collateral Group, the aggregate amount held in the Collection Account at the close of business on the related Servicer Remittance Date with respect to such Mortgage Loan or Collateral Group on account of (i) Principal Prepayments received after the related Prepayment Period, Liquidation Proceeds and Insurance Proceeds received in the month of such Distribution Date (and with respect to any Mortgage Loan in Collateral Group 1 or Collateral Group 2, further multiplied by the related Applicable Fraction) and (ii) all Scheduled Payments due after the related Due Date (and with respect to any Mortgage Loan in Collateral Group 1 or Collateral Group 2, further multiplied by the related Applicable Fraction).

Annual Statement of Compliance:  As defined in Section 3.21(a).

Applicable Fraction:  With respect to each Pool 1 Mortgage Loan and either of Collateral Group 1 or Collateral Group 2, the fraction set forth in Section 1.03, or such fraction multiplied by the Principal Balance of such Mortgage Loan, as the context requires.

Apportioned Subordinate Principal Distribution Amount:  For any Distribution Date and the Subordinate Certificates, the product of (i) the Subordinate Principal Distribution Amount for the Subordinate Certificates net of any portion thereof applied to pay any PO Deferred Amount and (ii) the Apportionment Fraction.

Apportionment Fraction:  With respect to the Subordinate Certificates and for any Distribution Date, in the event that the Certificate Principal Balances of the Senior Certificates of any Certificate Group have been reduced to zero, a fraction, the numerator of which is equal to the Subordinate Optimal Principal Amount of the Collateral Group related to such Certificate Group, and the denominator of which is equal to the Aggregate Subordinate Optimal Principal Amount.

Appraised Value:  With respect to any Mortgage Loan, the Appraised Value of the related Mortgaged Property shall be:  (i) with respect to a Mortgage Loan other than a Refinancing Mortgage Loan, the lesser of (a) the value of the Mortgaged Property based upon the appraisal made at the time of the origination of such Mortgage Loan and (b) the sales price of the Mortgaged Property at the time of the origination of such Mortgage Loan; and (ii) with respect to a Refinancing Mortgage Loan, the value of the Mortgaged Property based upon the appraisal made at the time of the origination of such Refinancing Mortgage Loan as modified by an updated appraisal.

Assessment of Compliance:  As defined in Section 3.22(a)(i).

Assignment:  An individual assignment of a Mortgage, notice of transfer or equivalent instrument in recordable form, sufficient under the laws of the jurisdiction wherein the related Mortgaged Property is located to reflect of record the sale or transfer of the Mortgage Loan.

Assignment Agreements:  The following Assignment, Assumption and Recognition Agreements, each dated as of October 27, 2006, whereby certain Servicing Agreements solely with respect to the related Mortgage Loans were assigned to the Depositor for the benefit of the Certificateholders:  

(a)

The Assignment, Assumption and Recognition Agreement among Chevy Chase, as company, the Transferor and the Depositor;

(b)

The Assignment, Assumption and Recognition Agreement among Downey, as company, the Transferor and the Depositor;

(c)

The Assignment, Assumption and Recognition Agreement among GMACM, as company, the Transferor and the Depositor;

(d)

The Assignment, Assumption and Recognition Agreement among National City, as company, the Transferor and the Depositor; and

(e)

The Assignment, Assumption and Recognition Agreement among SunTrust, as company, the Transferor and the Depositor.

Assignment of Proprietary Lease:  With respect to a Cooperative Loan, the assignment or mortgage of the related Proprietary Lease from the Mortgagor to the originator of the Cooperative Loan.

Back-Up Certification:  As defined in Section 9.12.

Bankruptcy Code:  The United States Bankruptcy Reform Act of 1978, as amended.

Bankruptcy Coverage Termination Date:  With respect to any Collateral Group, the point in time at which the Bankruptcy Loss Coverage Amount is reduced to zero.

Bankruptcy Loss:  With respect to any Mortgage Loan, a Deficient Valuation or Debt Service Reduction as reported by the applicable Servicer to the Master Servicer; provided, however, that a Bankruptcy Loss shall not be deemed a Bankruptcy Loss hereunder so long as the Master Servicer has notified the Trustee in writing that either the Master Servicer or the applicable Servicer is diligently pursuing any remedies that may exist in connection with the related Mortgage Loan and either (A) the related Mortgage Loan is not in default with regard to payments due thereunder or (B) delinquent payments of principal and interest under the related Mortgage Loan and any related escrow payments in respect of such Mortgage Loan are being advanced on a current basis by either the Master Servicer or the applicable Servicer, in either case without giving effect to any Debt Service Reduction or Deficient Valuation.

Bankruptcy Loss Coverage Amount:  With respect to any Distribution Date, the Bankruptcy Loss Coverage Amount shall equal the related Initial Bankruptcy Coverage Amount as reduced by (i) the aggregate amount of Bankruptcy Losses relating to the Mortgage Loans since October 1, 2006 and (ii) any permissible reductions in the Bankruptcy Loss Coverage Amount as evidenced by a letter of each Rating Agency to the Trust Administrator to the effect that any such reduction or modification will not adversely affect the then current ratings assigned to the Senior Certificates rated by it.

Book-Entry Certificates:  As specified in the Preliminary Statement.

Business Day:  Any day other than (i) a Saturday or a Sunday or (ii) a day on which banking institutions in the City of New York, New York, Minnesota, Maryland, or any city in which the Corporate Trust Office of the Trustee or Trust Administrator is located are authorized or obligated by law or executive order to be closed.

Cenlar:  Cenlar, FSB, and its successors and assigns, in its capacity as Servicer of the Cenlar Serviced Mortgage Loans.

Cenlar Serviced Mortgage Loans:  The Mortgage Loans for which Cenlar is listed as “Servicer” on the Mortgage Loan Schedule.

Cenlar Servicing Agreement:  Solely with respect to the Cenlar Serviced Mortgage Loans, the Servicing Agreement, dated as of January 1, 2006 by and among the Master Servicer, UBS Real Estate Securities Inc., as seller, and Cenlar, as servicer, as the same may be amended from time to time.

Certificate:  Any one of the Certificates executed by the Trust Administrator on behalf of the Issuing Entity and authenticated by the Trust Administrator in substantially the forms attached hereto as Exhibits A through F.

Certificate Group:  Any of the Group 1, Group 2 and Group 3 Certificates, as applicable.

Certificate Owner:  With respect to a Book-Entry Certificate, the Person who is the beneficial owner of such Book-Entry Certificate.

Certificate Principal Balance:  With respect to any Certificate (other than the Interest Only Certificates and Class P Certificates) at any date, the maximum dollar amount of principal to which the Holder thereof is then entitled hereunder, such amount being equal to the Denomination thereof minus the sum of (i) all distributions of principal previously made with respect thereto and (ii) all Realized Losses allocated thereto and, in the case of any Subordinate Certificates, all other reductions in Certificate Principal Balance previously allocated thereto pursuant to Section 4.03; provided, however, that pursuant to Section 4.03(d), the 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 related 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.

Certificate Register:  The register maintained pursuant to Section 5.02 hereof.

Certificateholder or Holder:  The person in whose name a Certificate is registered in the Certificate Register, except that, solely for the purpose of giving any consent pursuant to this Agreement, any Certificate registered in the name of the Master Servicer or the Depositor or any affiliate of the Master Servicer or the Depositor, as applicable, shall be deemed not to be Outstanding and the Percentage Interest evidenced thereby shall not be taken into account in determining whether the requisite amount of Percentage Interests necessary to effect such consent has been obtained; provided, however, that if any such Person (including the Master Servicer or the Depositor) owns 100% of the Percentage Interests evidenced by a Class of Certificates, such Certificates shall be deemed to be Outstanding for purposes of any provision hereof that requires the consent of the Holders of Certificates of a particular Class as a condition to the taking of any action hereunder.  The Trust Administrator is entitled to rely conclusively on a certification of the Master Servicer or the Depositor or any affiliate of the Master Servicer or the Depositor, as applicable, in determining which Certificates are registered in the name of an affiliate of the Master Servicer or the Depositor.

Certification Parties:  As defined in Section 9.12.

Certifying Person:  As defined in Section 9.12.

Chevy Chase:  Chevy Chase Bank, F.S.B., and its successors and assigns, in its capacity as Servicer of the Chevy Chase Serviced Mortgage Loans.

Chevy Chase Serviced Mortgage Loans:  The Mortgage Loans for which Chevy Chase is listed as “Servicer” on the Mortgage Loan Schedule.

Chevy Chase Servicing Agreement:  Solely with respect to the Chevy Chase Serviced Mortgage Loans, the Amended and Restated Master Loan Purchase and Servicing Agreement, dated as of July 1, 2005, as amended and restated to and including July 1, 2006, by and among the Master Servicer, UBS Real Estate Securities Inc., as seller, and Chevy Chase, as servicer, as the same may be amended from time to time.

Class:  All Certificates bearing the same class designation as set forth in the Preliminary Statement.

Class Interest Shortfall:  As to any Distribution Date and any interest-bearing Class of Certificates, the amount by which the amount described in clause (i) of the definition of “Accrued Certificate Interest” for such Class exceeds the amount of interest actually distributed on such Class on such Distribution Date pursuant to such clause (i).

Class P Certificates:  All Certificates bearing the class designation of “Class P.”

Class P Prepayment Charges:  Any prepayment premium, penalty or charge to which the Issuing Entity is entitled with respect to Mortgage Loans identified on Schedule III attached hereto.

Class PO Certificates:  As specified in the Preliminary Statement.

Class Principal Balance:  With respect to any Class of Certificates (other than a Class of Interest Only Certificates and the Class P Certificates) and as to any date of determination, the aggregate of the Certificate Principal Balances of all Certificates of such Class as of such date.

Class Prepayment Distribution Trigger:  This trigger is satisfied with respect to any Class of Subordinate Certificates and any Distribution Date, if either (i) the fraction, the numerator of which is the aggregate Certificate Principal Balance of such Class and each Class of Subordinate Certificates subordinate thereto, immediately prior to such Distribution Date, and the denominator of which is the Aggregate Pool Principal Balance with respect to that Distribution Date, equals or exceeds such percentage calculated as of the Closing Date or (ii) such Class of Subordinate Certificates is the only Class of Subordinate Certificates then outstanding.

Class Unpaid Interest Amounts:  As to any Distribution Date and any interest-bearing Class of Certificates, the amount by which the aggregate Class Interest Shortfalls for such Class on prior Distribution Dates exceeds the amount distributed on such Class on prior Distribution Dates pursuant to clause (ii) of the definition of “Accrued Certificate Interest” for such Class.

Clean-up Call Mortgage Loan Price:  With respect to each Mortgage Loan (not including REO Properties) to be purchased pursuant to Section 10.01(a), the greater of (x) the Par Call Price for such Mortgage Loan and (y) the Fair Market Value Call Price for such Mortgage Loan.

Clean-up Call REO Property Price:  With respect to each REO Property to be purchased pursuant to Section 10.01(a), the lesser of (x) the appraised value of such REO Property as determined by the higher of two appraisals completed by two independent appraisers selected by the Master Servicer at the expense of the Master Servicer and (y) the unpaid principal balance of each Mortgage Loan related to such REO Property plus accrued and unpaid interest thereon at the applicable Net Mortgage Rate.

Closing Date:  October 27, 2006.

Code:  The Internal Revenue Code of 1986, including any successor or amendatory provisions.

Collateral Group:  Any of Collateral Group 1, Collateral Group 2 or Collateral Group 3, as applicable.

Collateral Group 1:  For purposes of allocating principal collections, Advances of principal and otherwise as specified herein, a group consisting of (a) the aggregate Scheduled Principal Balance of each of the Pool 1 Mortgage Loans in Subgroup A and (b) the aggregate of the Applicable Fraction for Collateral Group 1 of the Scheduled Principal Balance of each of the Mortgage Loans in Subgroup B having Net Mortgage Rates greater than 6.000% and less than 7.000%, as of the Cut-off Date.

Collateral Group 2:  For purposes of allocating principal collections, Advances of principal and otherwise as specified herein, a group consisting of (a) the aggregate of the Applicable Fraction for Collateral Group 2 of the Scheduled Principal Balance of each of the Pool 1 Mortgage Loans in Subgroup B having Net Mortgage Rates greater than 6.000% and less than 7.0000%, as of the Cut-off Date and (b) the aggregate Scheduled Principal Balance of each of the Pool 1 Mortgage Loans in Subgroup C.

Collateral Group 3: The Pool 2 Mortgage Loans, collectively.

Collection Account:  The separate Eligible Account or Accounts created and maintained by the Master Servicer pursuant to Section 3.07 with a depository institution in the name of the Master Servicer for the benefit of the Trustee on behalf of Certificateholders and designated “Wells Fargo Bank, N.A., for the benefit of U.S. Bank National Association, in trust for the registered Holders of MASTR Asset Securitization Trust 2006-3, Mortgage Pass-Through Certificates Series 2006-3”.  The Collection Account may be deemed to be a sub-account of the Distribution Account.

Commission:  The U.S. Securities and Exchange Commission.

Compensating Interest:  With respect to any Distribution Date and any Servicer, the amount required to be paid by such Servicer under the related Servicing Agreement in connection with Prepayment Interest Shortfalls that occur on Mortgage Loans serviced by such Servicer for the related Distribution Date.  If a Servicer fails to make its required payment of Compensating Interest on any Distribution Date, the Master Servicer will be required to make such payment of Compensating Interest to the same extent that such Servicer was required to make such payment of Compensating Interest.

Cooperative Corporation: With respect to any Cooperative Loan, the cooperative apartment corporation that holds legal title to the related Cooperative Property and grants occupancy rights to units therein to stockholders through Proprietary Leases or similar arrangements.

Cooperative Lien Search:  A search for (a) federal tax liens, mechanics’ liens, lis pendens, judgments of record or otherwise against (i) the Cooperative Corporation and (ii) the seller of the Cooperative Unit, (b) filings of Financing Statements and (c) the deed of the Cooperative Property into the Cooperative Corporation.

Cooperative Loan:  A Mortgage Loan that is secured by a first lien on and a perfected security interest in Cooperative Shares and the related Proprietary Lease granting exclusive rights to occupy the related Cooperative Unit in the building owned by the related Cooperative Corporation.

Cooperative Property:  With respect to any Cooperative Loan, all real property and improvements thereto and rights therein and thereto owned by a Cooperative Corporation including without limitation the land, separate dwelling units and all common elements.

Cooperative Shares:  With respect to any Cooperative Loan, the shares of stock issued by a Cooperative Corporation and allocated to a Cooperative Unit and represented by stock certificates.

Cooperative Unit:  With respect to any Cooperative Loan, a specific unit in a Cooperative Property.

Corporate Trust Office:  With respect to the Trustee, the designated office of the Trustee at which at any particular time its corporate trust business with respect to this Agreement shall be administered, which office at the date of the execution of this Agreement is located at EP-MN-WS3D, 60 Livingston Avenue, St. Paul, Minnesota 55107, Attention: Structured Finance—MASTR Asset Securitization Trust 2006-3, which is the address to which appropriate notices to and correspondence with the Trustee should be directed.

With respect to the Trust Administrator, the designated office of the Trust Administrator at which at any particular time its corporate trust business with respect to this Agreement shall be administered, which office at the date of the execution of this Agreement is located for certificate transfer purposes at Sixth Street and Marquette Avenue, Minneapolis, Minnesota 55479, Attention: Corporate Trust Services—MASTR 2006-3, and for all other purposes at 9062 Old Annapolis Road, Columbia, Maryland 21045, Attention: Corporate Trust Services—MASTR 2006-3.

Covered Loan:  A Mortgage Loan categorized as Covered pursuant to Appendix E of Standard & Poor’s Glossary.

Cross-Over Date:  The Distribution Date on which the aggregate Certificate Principal Balance of the Subordinate Certificates has been reduced to zero.

Custodian:  Wells Fargo, and any successor thereto appointed hereunder.

Cut-off Date:  October 1, 2006.

Cut-off Date Pool Balance:  $440,071,053.

Cut-off Date Principal Balance:  As to any Mortgage Loan, the Scheduled Principal Balance thereof as of the close of business on the Cut-off Date.

Debt Service Reduction:  With respect to any Mortgage Loan, a reduction by a court of competent jurisdiction in a proceeding under the Bankruptcy Code in the Scheduled Payment for such Mortgage Loan which became final and non-appealable, except such a reduction resulting from a Deficient Valuation or any reduction that results in a permanent forgiveness of principal.

Deficient Valuation:  With respect to any Mortgage Loan, a valuation by a court of competent jurisdiction of the Mortgaged Property in an amount less than the then outstanding indebtedness under the Mortgage Loan, or any reduction in the amount of principal to be paid in connection with any Scheduled Payment that results in a permanent forgiveness of principal, which valuation or reduction results from an order of such court which is final and non-appealable in a proceeding under the Bankruptcy Code.

Definitive Certificates:  Any Certificate evidenced by a Physical Certificate and any Certificate issued in lieu of a Book-Entry Certificate pursuant to Section 5.02(e).

Delay Certificates:  The Certificates, other than the No-Delay Certificates.

Deleted Mortgage Loan:  Any Mortgage Loan that is required to be repurchased pursuant to Section 2.02 or 2.03.

Denomination:  With respect to each Certificate, the amount set forth on the face thereof as the “Initial Certificate Principal Balance of this Certificate” or the “Initial Notional Amount of this Certificate” or, if neither of the foregoing, the Percentage Interest appearing on the face thereof.

Depositor:  Mortgage Asset Securitization Transactions, Inc., a Delaware corporation, or its successor in interest.

Depository:  The initial Depository shall be The Depository Trust Company, the nominee of which is CEDE & Co., as the registered Holder of the Book-Entry Certificates.  The Depository shall at all times be a “clearing corporation” as defined in Section 8-102(a)(5) 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:  The date on which a Servicer is required to determine the amount it is required to advance pursuant to the applicable Servicing Agreement.

Discount Mortgage Loan:  With regard to Collateral Group 1 and Collateral Group 3, any Mortgage Loan with a Net Mortgage Rate that is less than the applicable Required Coupon as of the Cut-off Date.  There are no Discount Mortgage Loans in Collateral Group 2.

Distribution Account:  The separate Eligible Account created and maintained by the Trust Administrator pursuant to Section 3.07 in the name of the Trust Administrator for the benefit of the Certificateholders and designated “Wells Fargo Bank, N.A., in trust for registered Holders of MASTR Asset Securitization Trust 2006-3, Mortgage Pass-Through Certificates, Series 2006-3.”  Funds in the Distribution Account shall be held in trust for the Certificateholders for the uses and purposes set forth in this Agreement.

Distribution Account Deposit Date:  As to any Distribution Date, one Business Day prior to such Distribution Date.

Distribution Date:  The 25th day of each calendar month after the initial issuance of the Certificates, or if such 25th day is not a Business Day, the next succeeding Business Day, commencing in November 2006.

Distribution Date Statement:  The statement delivered to the Certificateholders pursuant to Section 4.04.

Downey:  Downey Savings and Loan Association, F.A., and its successors and assigns, in its capacity as Servicer of the Downey Serviced Mortgage Loans.

Downey Mortgage Loans:  The Mortgage Loans for which Downey is listed as “Servicer” on the Mortgage Loan Schedule.

Downey Servicing Agreement:  Solely with respect to the Downey Mortgage Loans, the Master Loan Purchase and Servicing Agreement, dated as of August 1, 2002 by and between the Transferor, as purchaser, and Downey, as seller and as servicer, and as the same may be amended from time to time, and any assignments and conveyances related to the Downey Mortgage Loans.

Due Date:  With respect to any Distribution Date, the first day of the month in which the related 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 debt obligations of such holding company) have the highest short term ratings of each Rating Agency at the time any amounts are held on deposit therein, or (ii) an account or accounts in a depository institution or trust company in which such accounts are insured by the FDIC (to the limits established by the FDIC) and the uninsured deposits in which accounts are otherwise secured such that, as evidenced by an Opinion of Counsel delivered to the Trust Administrator and to each Rating Agency, the Certificateholders have a claim with respect to the funds in such account or a perfected first priority security interest against any collateral (which shall be limited to Permitted Investments) securing such funds that is superior to claims of any other depositors or creditors of the depository institution or trust company in which such account is maintained, or (iii) a non-interest bearing segregated trust account or accounts maintained with (a) the trust department of a federal or state chartered depository institution or (b) a trust company, acting in its fiduciary capacity or (iv) any other account acceptable to each Rating Agency, as stated by each such Rating Agency in writing.  Eligible Accounts may bear interest, and may include, if otherwise qualified under this definition, accounts maintained with the Trust Administrator.

Eligible Substitute Mortgage Loan:  With respect to a Mortgage Loan substituted by the Transferor for a Deleted Mortgage Loan, a Mortgage Loan which must, on the date of such substitution, (i) have a Scheduled Principal Balance, after deduction of the principal portion of the Scheduled Payment due in the month of substitution (or, in the case of a substitution of more than one mortgage loan for a Deleted Mortgage Loan, an aggregate principal balance), not in excess of, and not more than 10% less than the Scheduled Principal Balance of the Deleted Mortgage Loan; (ii) be accruing interest at a rate no lower than and not more than 1% per annum higher than that of the Deleted Mortgage Loan; (iii) have a Loan-to-Value Ratio no higher than that of the Deleted Mortgage Loan; (iv) have a remaining term to maturity no greater than (and not more than one year less than that of) the Deleted Mortgage Loan; (v) comply with each representation and warranty set forth in Section 2.04 hereof; (vi) be the same credit grade category as the Deleted Mortgage Loan; (vii) have the same prepayment penalty term; and (viii) not be a Cooperative Loan unless the Deleted Mortgage Loan was a Cooperative Loan.  Any Mortgage Loan substituted for a Discount Mortgage Loan shall for all purposes of this Agreement be treated as having the same interest rate as the Mortgage Loan it replaced, except that any excess interest shall be paid to the Class 15-A-X Certificates.

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

ERISA Qualifying Underwriting:  A best efforts or firm commitment underwriting or private placement that meets the requirements (without regard to the ratings requirements) of an Underwriter’s Exemption.

ERISA-Restricted Certificate:  As specified in the Preliminary Statement.

Escrow Account:  The Eligible Account or Accounts established and maintained pursuant to Section 3.08 hereof.

Excess Loss:  With respect to any Mortgage Loan, the amount of any (i) Fraud Loss realized after the Fraud Loss Coverage Termination Date, (ii) Special Hazard Loss realized after the Special Hazard Coverage Termination Date or (iii) Deficient Valuation realized after the Bankruptcy Coverage Termination Date.

Excess Proceeds:  With respect to any Liquidated Loan, the amount, if any, by which the sum of any Liquidation Proceeds of such Mortgage Loan received in the calendar month in which such Mortgage Loan became a Liquidated Loan, exceeds (i) the Scheduled Principal Balance of such Liquidated Loan as of the Due Date in the month in which such Mortgage Loan became a Liquidated Loan plus (ii) accrued interest at the Mortgage Rate from the Due Date as to which interest was last paid or advanced (and not reimbursed) to Certificateholders up to the Due Date applicable to the Distribution Date immediately following the calendar month during which such liquidation occurred.

Exchange Act:  The Securities Exchange Act of 1934, as amended from time to time, and the rules and regulations promulgated thereunder.

Exchangeable Certificates:  The Class 1-A-9, Class 1-A-10, Class 1-A-11, Class 2-A-4 and Class 2-A-5 Certificates issued or issuable pursuant to the Trust Agreement in exchange for and in accordance with the Trust Agreement for the Exchangeable REMIC Certificates.

Exchangeable REMIC Certificates:  The Class 1-A-1, Class 1-A-2, Class 1-A-3, Class 1-A-4, Class 1-A-5, Class 1-A-6, Class 1-A-7, Class 1-A-8, Class 2-A-1, Class 2-A-2 and Class 2-A-3 Certificates.

Fair Market Value Call Price:  With respect to each Mortgage Loan (not including REO Properties) to be purchased pursuant to Section 10.01(a) hereof, the fair market value of such Mortgage Loan (to be determined pursuant to a bid procedure set forth in Section 10.01(b) hereof) plus accrued and unpaid interest thereon at the applicable Net Mortgage Rate.

Fair Market Value Excess:  With respect to each Mortgage Loan to be purchased pursuant to Section 10.01(a) hereof, the excess, if any, of the Fair Market Value Call Price for such Mortgage Loan, over the Par Call Price for such Mortgage Loan. Any Fair Market Value Excess will not become part of the Group 1 Available Funds, Group 2 Available Funds or Group 3 Available Funds, but shall instead be distributed directly to the Holders of the Class A-LR Certificates pursuant to Section 4.02(h) hereof.

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

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

Final Certification:  The certification required to be delivered by the Custodian not later than 90 days after the Closing Date to the Depositor, the Trustee and the Transferor in the form annexed hereto as Exhibit H pursuant to Section 2.02 of this Agreement.

Final Scheduled Distribution Date:  With respect to the Group 3, Class 15-PO and Class 15-A-X Certificates, the Distribution Date in October 2021.  With respect to the Certificates, other than the Group 3, Class 15-PO and Class 15-A-X Certificates, the Distribution Date in October 2036.

Financing Statement:  A financing statement in the form of a UCC-1 or UCC-3, as applicable, filed pursuant to the Uniform Commercial Code to perfect a security interest in the Cooperative Shares and Pledge Instruments.

Fitch:  Fitch, Inc., or any successor thereto.  If Fitch is designated as a Rating Agency in the Preliminary Statement, for purposes of Section 11.05(b), the address for notices to Fitch shall be One State Street Plaza, New York, NY 10004, Attention:  MBS Monitoring MASTR Asset Securitization Trust 2006-3, or such other address as Fitch may hereafter furnish to each party to this Agreement.

Form 8-K Disclosure Information:  As defined in Section 9.12.

Fraud Loan:  A Liquidated Loan as to which a Fraud Loss has occurred.

Fraud Loss Coverage Amount:  As of the Closing Date, $4,400,710 subject to reduction from time to time by the aggregate amount of Fraud Losses that would have been previously allocated to the Subordinate Certificates in the absence of the Loss Allocation Limitation since the Cut-off Date.  In addition, such Fraud Loss Coverage Amount will be reduced as follows:  (a) on November 1, 2008, to an amount equal to $2,200,355 less the aggregate amount of Fraud Losses that would have been previously allocated to the Subordinate Certificates in the absence of the Loss Allocation Limitation since the Cut-off Date and (c) after the earlier to occur of the Cross-Over Date and November 1, 2011, to zero.

Fraud Loss Coverage Termination Date:  The point in time at which the Fraud Loss Coverage Amount is reduced to zero.

Fraud Losses:  Realized Losses on Mortgage Loans as to which a loss is sustained by reason of a default arising from fraud, dishonesty or misrepresentation in connection with the related Mortgage Loan, including a loss by reason of the denial of coverage under any related Primary Insurance Policy because of such fraud, dishonesty or misrepresentation as reported by the applicable Servicer to the Master Servicer.

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

GMACM:  GMAC Mortgage, LLC a Delaware limited liability company formerly known as GMAC Mortgage Corporation, and its successors and assigns, in its capacity as Servicer of the GMACM Serviced Mortgage Loans.

GMACM Mortgage Loans:  The Mortgage Loans for which GMACM is listed as “Servicer” on the Mortgage Loan Schedule.

GMACM Servicing Agreement:  Solely with respect to the GMACM Mortgage Loans, the Servicing Agreement, dated as of November 1, 2001, between the Transferor and GMACM, as the same may be amended from time to time, and any assignments and conveyances related to the GMACM Mortgage Loans.

Grantor Trust:  That portion of the Issuing Entity, exclusive of any REMIC, that holds the rights of the Class P Certificateholders to receive Class P Prepayment Charges.

Group 1 Available Funds:  As to any Distribution Date, the sum of (a) the aggregate amount held in the Collection Account at the close of business on the related Servicer Remittance Date and, without duplication, on deposit in the Distribution Account at the close of business of the related Distribution Account Deposit Date, attributable to the Applicable Fraction of each of the Group 1 Mortgage Loans net of (i) the Amount Held for Future Distribution related to the Group 1 Mortgage Loans, (ii) amounts related to the Applicable Fraction of each of the Group 1 Mortgage Loans permitted to be withdrawn from the Collection Account pursuant to clauses (i)-(viii) inclusive and clauses (ix)(a)(ii) and (iii), (ix)(b), (x) and (xi) of Section 3.10(a), (iii) after giving effect to all amounts deposited to the Distribution Account from the Collection Account, amounts related to the Applicable Fraction of each of the Group 1 Mortgage Loans permitted to be withdrawn from the Distribution Account pursuant to clauses (i)-(iv) inclusive of Section 3.10(b) each as it relates to the Applicable Fraction of each of the Group 1 Mortgage Loans, and (iv) any amounts representing Fair Market Value Excess with respect to the Applicable Fraction of each Group 1 Mortgage Loan received in connection with the termination of the Trust Fund pursuant to Section 10.01 hereof, (b) the amount of the related Advances related to the Applicable Fraction of each of the Group 1 Mortgage Loans and (c) in connection with each Deleted Mortgage Loan in Collateral Group 1, the Purchase Price and Substitution Adjustment Amount of each such Mortgage Loan multiplied by the related Applicable Fraction of such Mortgage Loan required to be deposited on the related Distribution Account Deposit Date.

Group 1 Certificates:  As specified in the Preliminary Statement.

Group 1 Mortgage Loans:  The Pool 1 Mortgage Loans contributing to Collateral Group 1.

Group 1 PO Deferred Amount.  With respect to Collateral Group 1 and any Distribution Date on or prior to the Cross-Over Date, the sum of (i) the applicable PO Percentage of the principal portion of each Realized Loss on each Discount Mortgage Loan contributing to Collateral Group 1 other than Excess Losses, multiplied by the related Applicable Fraction, to be allocated to the Class 30-PO Certificates on such Distribution Date and (ii) all amounts previously allocated to the Class 30-PO Certificates in respect of such losses and not distributed to the Class 30-PO Certificates on prior Distribution Dates.  After the Cross-Over Date, the Group 1 PO Deferred Amount shall be zero.

Group 1 Principal Balance:  As to any Distribution Date, the aggregate for each Group 1 Mortgage Loan which was an Outstanding Mortgage Loan on the Due Date in the month preceding the month of such Distribution Date, of the product of (i) the Scheduled Principal Balance of such Mortgage Loan multiplied by (ii) the Applicable Fraction thereof.

Group 1 Priority Prepayment Distribution Percentage:  For any Distribution Date, the Group 1 Priority Percentage multiplied by the Stepdown Percentage for such Distribution Date.

Group 1 Priority Percentage:  With respect to any Distribution Date prior to the fifth anniversary of the Closing Date, zero; with respect to any Distribution Date thereafter, a fraction, expressed as a percentage (a) the numerator of which is equal to the Certificate Principal Balance of the Class 1-A-8 Certificates immediately prior to such Distribution Date and (b) the denominator of which is equal to the aggregate Certificate Principal Balances of the Class 1-A-1, Class 1-A-2, Class 1-A-3, Class 1-A-4, Class 1-A-5, Class 1-A-6, Class 1-A-7 and Class 1-A-8 Certificates immediately prior to such Distribution Date.

Group 1 Priority Principal Distribution Amount:  For any Distribution Date, the lesser of (a) the Senior Optimal Principal Amount for Collateral Group 1 and (b) the sum of (A) the aggregate of the Group 1 Priority Scheduled Distribution Percentage multiplied by each of the amounts referred to in clauses (i) and (ii) of the definition “Senior Optimal Principal Amount” related to the Group 1 Certificates; and (B) the aggregate of the Group 1 Priority Prepayment Distribution Percentage multiplied by each of the amounts referred to in clauses (iii) and (iv) of the definition “Senior Optimal Principal Amount” related to the Group 1 Certificates; provided, however, that if a Bankruptcy Loss that is an Excess Loss is sustained with respect to a Group 1 Mortgage Loan that is not a Liquidated Loan, the Group 1 Priority Principal Distribution Amount will be reduced on the related Distribution Date by the Group 1 Priority Scheduled Distribution Percentage multiplied by the Senior Percentage related to the Group 1 Certificates multiplied by the applicable Non-PO Percentage relating to the Group 1 Mortgage Loans of the principal portion of such Bankruptcy Loss multiplied by the Applicable Fraction of such Mortgage Loan.

Group 1 Priority Scheduled Distribution Percentage:  With respect to (i) any Distribution Date prior to the Distribution Date in November 2011, 0%; and (ii) any Distribution Date on or after the Distribution Date in November 2011, the Group 1 Priority Percentage for such Distribution Date.

Group 1 Subordinate Amount:  As to any Distribution Date, the excess of (i) the sum of the related Applicable Fraction of the Scheduled Principal Balance of each of the Group 1 Mortgage Loans (net of the PO Percentage of each Group 1 Mortgage Loan) over (ii) the sum of the Certificate Principal Balances of the Group 1 Certificates (other than the related Interest Only Certificates).

Group 2 Available Funds:  As to any Distribution Date, the sum of (a) the aggregate amount held in the Collection Account at the close of business on the related Servicer Remittance Date and, without duplication, on deposit in the Distribution Account at the close of business of the related Distribution Account Deposit Date, attributable to the Applicable Fraction of each of the Group 2 Mortgage Loans net of (i) the Amount Held for Future Distribution related to the Group 2 Mortgage Loans, (ii) amounts related to the Applicable Fractions of the Group 2 Mortgage Loans permitted to be withdrawn from the Collection Account pursuant to clauses (i)-(viii) inclusive and clauses (ix)(a)(ii) and (iii), (ix)(b), (x) and (xi) of Section 3.10(a), (iii) after giving effect to all amounts deposited to the Distribution Account from the Collection Account, amounts related to the Applicable Fraction of each of the Group 2 Mortgage Loans permitted to be withdrawn from the Distribution Account pursuant to clauses (i)-(iv) inclusive of Section 3.10(b) each as it relates to the Applicable Fraction of each of the Group 2 Mortgage Loans, and (iv) any amounts representing Fair Market Value Excess with respect to the Applicable Fraction of each Group 2 Mortgage Loan received in connection with the termination of the Trust Fund pursuant to Section 10.01 hereof, (b) the amount of the related Advances related to the Applicable Fraction of each of the Group 2 Mortgage Loans and (c) in connection with each Deleted Mortgage Loan in Collateral Group 2, the Purchase Price and Substitution Adjustment Amount of each such Mortgage Loan multiplied by the related Applicable Fraction of such Mortgage Loan required to be deposited on the related Distribution Account Deposit Date.

Group 2 Certificates:  As specified in the Preliminary Statement.

Group 2 Mortgage Loans:  The Pool 1 Mortgage Loans contributing to Collateral Group 2.

Group 2 Principal Balance:  As to any Distribution Date, the aggregate for each Pool 1 Mortgage Loan contributing to Collateral Group 2 which was an Outstanding Mortgage Loan on the Due Date in the month preceding the month of such Distribution Date, of the product of (i) the Scheduled Principal Balance of such Mortgage Loans multiplied by (ii) the Applicable Fraction thereof.

Group 2 Subordinate Amount:  As to any Distribution Date, the excess of (i) the sum of the related Applicable Fraction of the Scheduled Principal Balance of each of the Group 2 Mortgage Loans (net of the PO Percentage of each Group 2 Mortgage Loan) over (ii) the sum of the Certificate Principal Balances of the Group 2 Certificates (other than the related Interest Only Certificates).

Group 3 Available Funds:  As to any Distribution Date, the sum of (a) the aggregate amount held in the Collection Account at the close of business on the related Servicer Remittance Date and, without duplication, on deposit in the Distribution Account at the close of business of the related Distribution Account Deposit Date, attributable to the Group 3 Mortgage Loans net of (i) the Amount Held for Future Distribution related to the Group 3 Mortgage Loans, (ii) amounts related to the Group 3 Mortgage Loans permitted to be withdrawn from the Collection Account pursuant to clauses (i)-(viii) inclusive and clauses (ix)(a)(ii) and (iii), (ix)(b), (x) and (xi) of Section 3.10(a), (iii) after giving effect to all amounts deposited to the Distribution Account from the Collection Account, amounts related to the Group 3 Mortgage Loans permitted to be withdrawn from the Distribution Account pursuant to clauses (i)-(iv) inclusive of Section 3.10(b) each as it relates to the Group 3 Mortgage Loans, and (iv) any amounts representing Fair Market Value Excess with respect to a Group 3 Mortgage Loan received in connection with the termination of the Trust Fund pursuant to Section 10.01 hereof, (b) the amount of the related Advances related to the Group 3 Mortgage Loans and (c) in connection with any Deleted Mortgage Loan in Collateral Group 3, the aggregate of the Purchase Price and Substitution Adjustment Amount of each such Mortgage Loan required to be deposited on the related Distribution Account Deposit Date.

Group 3 Certificates:  As specified in the Preliminary Statement.

Group 3 Mortgage Loans:  The Pool 2 Mortgage Loans.

Group 3 PO Deferred Amount:  With respect to Collateral Group 3 and any Distribution Date on or prior to the Cross-Over Date, the sum of (i) the applicable PO Percentage for each Discount Mortgage Loan in Collateral Group 3 of the principal portion of each Realized Loss other than an Excess Losses on such Discount Mortgage Loan to be allocated to the Class 15-PO Certificates on such Distribution Date and (ii) all amounts previously allocated to the Class 15-PO Certificates in respect of such losses and not distributed to the Class 15-PO Certificates on prior Distribution Dates.  After the Cross-Over Date, the Group 3 PO Deferred Amount shall be zero.

Group 3 Principal Balance:  As to any Distribution Date, the aggregate of the Scheduled Principal Balances of each Group 3 Mortgage Loan which was an Outstanding Mortgage Loan on the Due Date in the month preceding the month of such Distribution Date.

Group 3 Subordinate Amount:  As to any Distribution Date, the excess of (i) the aggregate Scheduled Principal Balances of each of the Group 3 Mortgage Loans over (ii) the sum of the Certificate Principal Balances of the Group 3 Certificates.

Group Available Funds:  Any of the Group 1 Available Funds, Group 2 Available Funds or Group 3 Available Funds, as applicable.

Group Balance:  Any of the Group 1 Principal Balance, Group 2 Principal Balance or Group 3 Principal Balance, as applicable.

Group Subordinate Amount:  Any of the Group 1 Subordinate Amount, Group 2 Subordinate Amount or Group 3 Subordinate Amount, as applicable.

High Cost Loan:  A Mortgage Loan classified as (a) a “high cost” loan under the Home Ownership and Equity Protection Act of 1994, (b) a “high cost home,” “threshold,” “covered,” (excluding New Jersey “Covered Home Loans” as that term is defined in clause (1) of the definition of that term in the New Jersey Home Ownership Security Act of 2002), “high risk home,” “predatory” or similar loan under any other applicable state, federal or local law (or a similarly classified loan using different terminology under a law imposing heightened regulatory scrutiny or additional legal liability for residential mortgage loans having high interest rates, points and/or fees) or (c) a Mortgage Loan categorized as High Cost pursuant to Appendix E of Standard and Poor’s Glossary.

Home Loan:  A Mortgage Loan categorized as Home Loan pursuant to Appendix E of Standard & Poor’s Glossary.

Independent:  When used with respect to any accountants, a Person who is “independent” within the meaning of Rule 2-01(B) of the Commission’s Regulation S-X; when used with respect to any other Person, a Person who (a) is in fact independent of another specified Person and any affiliate of such other Person, (b) does not have any material direct or indirect financial interest in such other Person or any affiliate of such other Person, (c) is not connected with such other Person or any affiliate of such other Person as an officer, employee, promoter, underwriter, trust administrator, trustee, partner, director or Person performing similar functions and (d) is not a member of the immediate family of a Person defined in clause (b) or (c) above.

Indirect Participant:  A broker, dealer, bank or other financial institution or other Person that clears through or maintains a custodial relationship with a Depository Participant.

Initial Bankruptcy Coverage Amount:  $107,309.

Initial Certification:  The certification required to be executed by the Custodian and delivered on the Closing Date to the Depositor and the Trustee in the form annexed hereto as Exhibit G pursuant to Section 2.02 of this Agreement.

Initial LIBOR Rate:  5.33% per annum.  

Insolvency Proceeding:  With respect to any Person:  (i) any case, action, or proceeding with respect to such Person before any court or other governmental authority relating to bankruptcy, reorganization, insolvency, liquidation, receivership, dissolution, winding up, or relief of debtors; or (ii) any general assignment for the benefit of creditors, composition, marshaling of assets for creditors, or other, similar arrangement in respect of the creditors generally of such Person or any substantial portion of such Person’s creditors, in any case undertaken under federal, state or foreign law, including the Bankruptcy Code.

Insurance Policy:  With respect to any Mortgage Loan included in the Trust Fund, any insurance policy, including all riders and endorsements thereto in effect, including any replacement policy or policies for any Insurance Policies.

Insurance Proceeds:  Proceeds paid by an insurer pursuant to any Insurance Policy, in each case other than any amount included in such Insurance Proceeds in respect of insured expenses, to the extent such proceeds are not applied to the restoration of the related Mortgaged Property or released to the borrower in accordance with the applicable Servicer’s normal servicing procedures.

Interest Accrual Period:  (i) With respect to each Class of Certificates (other than the No-Delay Certificates), the Subsidiary REMIC Regular Interests, the Middle REMIC Regular Interests and any Distribution Date, the period from and including the first day of the month immediately preceding the month in which such Distribution Date occurs, commencing October 1, 2006, to and including the last day of such immediately preceding month, on the basis of a 360-day year consisting of twelve 30-day months and (ii) with respect to the No-Delay Certificates and any Distribution Date, the period from and including the Distribution Date of the month immediately preceding the month in which such Distribution Date occurs (or, in the case of the first Distribution Date, October 25, 2006) to and including the day preceding such Distribution Date, provided that each Interest Accrual Period for the No-Delay Certificates will be treated as being a 30-day period.

Interest Only Certificates:  As specified in the Preliminary Statement.

Issuing Entity:  As defined in Section 2.01(c).

Latest Possible Maturity Date:  The Distribution Date following the third anniversary of the scheduled maturity date of the Mortgage Loan having the latest scheduled maturity date as of the Cut-off Date.

LIBOR:  As to any Distribution Date, the arithmetic mean of the London Interbank offered rate quotations for one month U.S. Dollar deposits, as determined by the Trust Administrator in accordance with Section 4.05.

LIBOR Business Day:  Any day other than (i) a Saturday or a Sunday or (ii) a day on which banking institutions in the State of New York or in the City of London, England are required or authorized by law to be closed.

LIBOR Certificates:  As specified in the Preliminary Statement.

LIBOR Determination Date:  As to any Distribution Date other than the first Distribution Date and any Class of LIBOR Certificates, the second LIBOR Business Day prior to the beginning of the applicable Interest Accrual Period for such Class and such Distribution Date.

Liquidated Loan:  With respect to any Distribution Date, a defaulted Mortgage Loan (including any REO Property) which was liquidated in the calendar month preceding the month of such Distribution Date and as to which the applicable Servicer or the Master Servicer, as the case may be, has determined (in accordance with the applicable Servicing Agreement and this Agreement) that it has received all amounts it expects to receive in connection with the liquidation of such Mortgage Loan, including the final disposition of an REO Property.

Liquidation Proceeds:  Amounts, including Insurance Proceeds, received in connection with the partial or complete liquidation of defaulted Mortgage Loans, whether through trustee’s sale, foreclosure sale or otherwise or amounts received in connection with any condemnation or partial release of a Mortgaged Property and any other proceeds received in connection with an REO Property, less the sum of related unreimbursed Servicing Fees, Servicing Advances and Advances.

Loan-to-Value Ratio:  With respect to any Mortgage Loan and as to any date of determination, the fraction (expressed as a percentage) the numerator of which is the principal balance of the related Mortgage Loan at such date of determination and the denominator of which is the Appraised Value of the related Mortgaged Property.  For purposes of representation (xxxi) of Schedule II, the Loan-to-Value Ratio will be the loan-to-value ratio calculated in accordance with applicable state laws regarding primary mortgage insurance.

Loan Seller:  With respect to any Mortgage Loan, the entity that sold such Mortgage Loan to the Transferor.

Loss Allocation Limitation:  As defined in Section 4.03(c) hereof.

Lost Mortgage Note:  Any Mortgage Note the original of which was permanently lost or destroyed and has not been replaced.

Majority in Interest:  As to any Class of Regular Certificates, the Holders of Certificates of such Class evidencing, in the aggregate, at least 51% of the Percentage Interests evidenced by all Certificates of such Class.

Master REMIC:  As specified in the Preliminary Statement.

Master Servicer:  Wells Fargo Bank, N.A., a national banking association, and its successors and assigns, in its capacity as Master Servicer hereunder.

Master Servicer Event of Termination:  As defined in Section 7.01 hereof.

Master Servicing Compensation:  For any Distribution Date, all investment earnings on amounts on deposit in the Collection Account plus, the Master Servicing Fee for such Distribution Date.

Master Servicing Fee:  For any Distribution Date, an amount equal to (i) 1/12 of the Master Servicing Fee Rate multiplied by (ii) the Scheduled Principal Balance of the Pool 1 Mortgage Loans as of the Due Date in the month preceding the month in which the related Distribution Date occurs.

Master Servicing Fee Rate:  0.0055% per annum.

Master Servicing Officer:  Any officer of the Master Servicer involved in, or responsible for, the administration and master servicing of the Mortgage Loans.

MERS:  As defined in Section 2.01.

Middle REMIC:  As specified in the Preliminary Statement.

Middle REMIC Regular Interest:  As specified in the Preliminary Statement.

Moody’s:  Moody’s Investors Service, Inc., or any successor thereto.  If Moody’s is designated as a Rating Agency in the Preliminary Statement, for purposes of Section 11.05(b), the address for notices to Moody’s shall be Moody’s Investors Service, Inc., 99 Church Street, New York, New York 10007, Attention:  Residential Mortgage Monitoring Group, or such other address as Moody’s may hereafter furnish to each other party to this Agreement.

Mortgage:  The mortgage, deed of trust or other instrument creating a first lien on an estate in fee simple or leasehold interest in real 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 delivered to the Custodian to be added to the Mortgage File pursuant to this Agreement.

Mortgage Loan Purchase Agreement:  The Mortgage Loan Purchase Agreement, dated as of October 1, 2006, between the Transferor and the Depositor.

Mortgage Loan Schedule:  The list of Mortgage Loans (as from time to time amended by the Custodian to reflect the addition of Eligible Substitute Mortgage Loans and the deletion of Deleted Mortgage Loans pursuant to the provisions of this Agreement) transferred to the Trustee as part of the Trust Fund and from time to time subject to this Agreement, attached hereto as Schedule I, setting forth the following information with respect to each Mortgage Loan:  (1) the Mortgage Loan identifying number; (2) the Mortgagor’s first and last name; (3) the street address of the Mortgaged Property including the city, state and zip code; (4) the original principal balance of the Mortgage Loan; (5) the Scheduled Principal Balance of the Mortgage Loan as of the close of business on the Cut-off Date; (6) the unpaid principal balance of the Mortgage Loan as of the close of business on the Cut-off Date; (7) the last scheduled Due Date on which a Scheduled Payment was applied to the Scheduled Principal Balance; (8) the last Due Date on which a Scheduled Payment was actually applied to the unpaid principal balance; (9) the Mortgage Rate in effect immediately following origination; (10) the Mortgage Rate in effect immediately following the Cut-off Date (if different from (9)); (11) the amount of the Scheduled Payment at origination; (12) the amount of the Scheduled Payment as of the Cut-off Date (if different from (11)); (13) a code indicating whether the Mortgaged Property is owner occupied, a second home or an investor property; (14) a code indicating whether the Mortgaged Property is a single family residence, a two-family residence, a three-family residence, a four-family residence, a planned unit development, a condominium or a Cooperative Unit; (15) a code indicating the loan purpose (i.e., purchase, rate/term refinance, cash out refinance); (16) the stated maturity date; (17) the original months to maturity; (18) the remaining months to maturity from the Cut-off Date based on the original amortization schedule and, if different, the remaining months to maturity expressed in the same manner but based on the actual amortization schedule; (19) the origination date of the Mortgage Loan; (20) the Loan-to-Value Ratio at origination; (21) the date on which the first Scheduled Payment was due on the Mortgage Loan after the origination date; (22) a code indicating the documentation style of the Mortgage Loan; (23) a code indicating if the Mortgage Loan is subject to a Primary Insurance Policy and, if so, the name of the Qualified Mortgage Insurer, the certificate number and the coverage amount of the Primary Insurance Policy; (24) the Servicing Fee Rate; (25) a code indicating whether the Mortgage Loan is subject to a prepayment penalty and, if so, the term of such prepayment penalty and whether the same shall be a Class P Prepayment Charge; (26) the credit score (or mortgage score) of the Mortgagor; (27) the debt-to-income ratio of the Mortgage Loan; (28) a code indicating the originator of the Mortgage Loan; (29) a code indicating which Loan Pool such Mortgage Loan is included in; (30) the date on which the Loan was transferred to the Transferor; (31) the initial Servicer; and (32) a code indicating whether the Mortgage Loan is a Cooperative Loan.

Mortgage Loans:  Such of the mortgage loans and cooperative loans transferred and assigned to the Trustee pursuant to the provisions hereof as from time to time are held as a part of the Trust Fund (including any REO Property), the mortgage loans so held being identified in the Mortgage Loan Schedule, notwithstanding foreclosure or other acquisition of title of the related Mortgaged Property.  With respect to each Mortgage Loan that is a Cooperative Loan, if any, “Mortgage Loan” shall include, but not be limited to, the related Mortgage Note, Security Agreement, Assignment of Proprietary Lease, Recognition Agreement, Cooperative Shares and Proprietary Lease and, with respect to each Mortgage Loan other than a Cooperative Loan, “Mortgage Loan” shall include, but not be limited to the related Mortgage and the related Mortgage Note.

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

Mortgage Rate:  The annual rate of interest borne by a Mortgage Note from time to time.

Mortgaged Property:  The underlying real property securing a Mortgage Loan or, with respect to a Cooperative Loan, the related Cooperative Shares and Proprietary Lease.

Mortgagor:  The obligor(s) on a Mortgage Note.

National City:  National City, and its successors and assigns, in its capacity as Servicer of the National City Mortgage Loans.

National City Mortgage Loans:  The Mortgage Loans for which National City is listed as “Servicer” on the Mortgage Loan Schedule.

National City Servicing Agreement:  Solely with respect to the National City Mortgage Loans, the Second Amended and Restated Master Seller’s Warranties and Servicing Agreement dated as of October 1, 2001 as amended and restated through and including May 1, 2004, between the Transferor and National City, as the same may be amended from time to time, and any assignments and conveyances related to the National City Mortgage Loans.

Net Mortgage Rate:  As to each Mortgage Loan, and at any time, the per annum rate equal to the Mortgage Rate less the related Servicing Fee Rate and the Master Servicing Fee Rate, if applicable.  For purposes of determining whether any Eligible Substitute Mortgage Loan is a Discount Mortgage Loan or a Non-Discount Mortgage Loan and for purposes of calculating the applicable PO Percentage and applicable Non-PO Percentage, each Eligible Substitute Mortgage Loan shall be deemed to have a Net Mortgage Rate equal to the Net Mortgage Rate of the Deleted Mortgage Loan for which it is substituted.

Net Prepayment Interest Shortfalls:  As to any Distribution Date and Collateral Group, the amount by which the aggregate of Prepayment Interest Shortfalls for that Collateral Group during the related Prepayment Period exceeds the amount of Compensating Interest available to such Collateral Group for such Distribution Date.

No Delay Certificates:  The Class 1-A-5, Class 1-A-6, Class 1-A-7, Class 1-A-11, Class 2-A-1, Class 2-A-2, Class 2-A-3 and Class 2-A-5 Certificates.

Non-Discount Mortgage Loan:  With respect to any Collateral Group, any Mortgage Loan with a Net Mortgage Rate that is greater than or equal to the related Required Coupon as of the Cut-off Date.

Non-PO Percentage:  As to any Mortgage Loan (a) that is a Discount Mortgage Loan, a fraction (expressed as a percentage) the numerator of which is the Net Mortgage Rate of such Discount Mortgage Loan and the denominator of which is the related Required Coupon and (b) that is a Non-Discount Mortgage Loan, 100%.

Non-PO Recoveries:  With respect to any Collateral Group and any Distribution Date, an amount that is equal to the excess, if any, of  (A) the amount of Recoveries on the Mortgage Loans contributing to such Collateral Group for such Distribution Date, over (B) the amount of PO Recoveries for such Collateral Group for such Distribution Date.

Nonrecoverable Advance:  Any portion of an Advance previously made or proposed to be made by the applicable Servicer or the Master Servicer, as the case may be, that, in the good faith judgment of the applicable Servicer or the Master Servicer, will not be ultimately recoverable by the applicable Servicer or the Master Servicer from the related Mortgagor, related Liquidation Proceeds or otherwise.

Notice of Final Distribution:  The notice to be provided pursuant to Section 10.02 to the effect that final distribution on any of the Certificates shall be made only upon presentation and surrender thereof.

Notional Amount:  With respect to any Distribution Date and the Class 30-A-X Certificates an amount equal to the product of (x) the aggregate Scheduled Principal Balance of the Non-Discount Mortgage Loans contributing to Collateral Group 2 and (y) a fraction, (a) the numerator of which is the weighted average of the Stripped Interest Rates for such Non-Discount Mortgage Loans and (b) the denominator of which is 7.000% per annum.

With respect to any Distribution Date and the Class 15-A-X Certificates, an amount equal to the product of (x) the aggregate Scheduled Principal Balance of the Non-Discount Mortgage Loans in Collateral Group 3 and (y) a fraction, (a) the numerator of which is the weighted average of the Stripped Interest Rates for such Non-Discount Mortgage Loans and (b) the denominator of which is 6.000% per annum.

With respect to any Distribution Date and the Class 2-A-2 Certificates, the Class Principal Balance of the Class 2-A-1 Certificates immediately prior to such Distribution Date.

With respect to any Distribution Date and the Class 2-A-3 Certificates, the Class Principal Balance of the Class 2-A-1 Certificates immediately prior to such Distribution Date.

Offered Certificates:  As specified in the Preliminary Statement.

Officer’s Certificate:  A certificate (i) signed by the Chairman of the Board, the Vice Chairman of the Board, the President, a Managing Director, a Vice President (however denominated), an Assistant Vice President, the Treasurer, the Secretary, or one of the Assistant Treasurers or Assistant Secretaries of the Depositor or the Master Servicer, or (ii) if provided for in this Agreement, signed by a Master Servicing Officer, as the case may be, and delivered to the Depositor, the Trustee and the Trust Administrator, as the case may be, as required by this Agreement.

Opinion of Counsel:  A written opinion of counsel, who may be counsel for the Depositor or the Master Servicer, including in house counsel, reasonably acceptable to the Trustee or the Trust Administrator, as applicable; provided, however, that, with respect to the interpretation or application of the REMIC Provisions, such counsel must (i) in fact be independent of the Depositor and the Master Servicer, (ii) not have any direct financial interest in the Depositor or the Master Servicer or in any affiliate of either, and (iii) not be connected with the Depositor or the Master Servicer as an officer, employee, promoter, underwriter, trustee, partner, director or person performing similar functions.

Optional Termination:  The termination of the Issuing Entity created hereunder in connection with the purchase of the Mortgage Loans pursuant to Section 10.01(a) hereof.

Original Subordinate Principal Balance:  The aggregate of the Certificate Principal Balances of the Subordinate Certificates as of the Closing Date.

OTS:  The Office of Thrift Supervision.

Outstanding:  With respect to the Certificates as of any date of determination, all Certificates theretofore executed and authenticated under this Agreement except:

(a)

Certificates theretofore canceled by the Trust Administrator or delivered to the Trust Administrator for cancellation; and

(b)

Certificates in exchange for which or in lieu of which other Certificates have been executed and delivered by the Trust Administrator pursuant to this Agreement.

Outstanding Mortgage Loan:  As of any Due Date, a Mortgage Loan with a Scheduled Principal Balance greater than zero that was not the subject of a Principal Prepayment in Full prior to such Due Date and that did not become a Liquidated Loan prior to such Due Date.

Ownership Interest:  As to any Residual Certificate, any ownership 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.

PACs:  As specified in the Preliminary Statement.

Par Call Price:  With respect to each Mortgage Loan (not including REO Properties) to be purchased pursuant to Section 10.01(a) hereof, 100% of the unpaid principal balance of such Mortgage Loan, plus accrued and unpaid interest thereon at the applicable Net Mortgage Rate and any unreimbursed Advances, fees and expenses of the Master Servicer, Trust Administrator and Trustee.

Pass-Through Rate:  For any interest bearing Class of Certificates, the per annum rate set forth or calculated in the manner described in the Preliminary Statement.

Percentage Interest:  As to any Certificate, the percentage interest evidenced thereby in distributions required to be made on the related Class, such percentage interest being set forth on the face thereof or equal to the percentage obtained by dividing the Denomination of such Certificate by the aggregate of the Denominations of all Certificates of the same Class.

Permitted Investments:  At any time, any one or more of the following obligations and securities:

(a)

obligations of the United States or any agency thereof, provided such obligations are backed by the full faith and credit of the United States;

(b)

general obligations of or obligations guaranteed by any state of the United States or the District of Columbia receiving the highest long-term debt rating of each Rating Agency, or such lower rating as will not result in the downgrading or withdrawal of the ratings then assigned to the Certificates by either Rating Agency;

(c)

commercial or finance company paper which is then receiving the highest commercial or finance company paper rating of each Rating Agency, or such lower rating as will not result in the downgrading or withdrawal of the ratings then assigned to the Certificates by either Rating Agency;

(d)

certificates of deposit, demand or time deposits, or bankers’ acceptances issued by any depository institution or trust company incorporated under the laws of the United States or of any state thereof and subject to supervision and examination by federal and/or state banking authorities, provided that the commercial paper and/or long term unsecured debt obligations of such depository institution or trust company are then rated in one of the two highest long-term and the highest short-term ratings of each Rating Agency for such securities, or such lower ratings as will not result in the downgrading or withdrawal of the rating then assigned to the Certificates by either Rating Agency;

(e)

demand or time deposits or certificates of deposit issued by any bank or trust company or savings institution to the extent that such deposits are fully insured by the FDIC and are then rated in the highest long-term and the highest short-term ratings of each Rating Agency for such securities, or such lower ratings as will not result in the downgrading or withdrawal of the ratings then assigned to the Certificates by either Rating Agency;

(f)

guaranteed reinvestment agreements issued by any bank, insurance company or other corporation containing, at the time of the issuance of such agreements, such terms and conditions as will not result in the downgrading or withdrawal of the rating then assigned to the Certificates by either Rating Agency;

(g)

repurchase obligations with respect to any security described in clauses (a) and (b) above, in either case entered into with a depository institution or trust company (acting as principal) described in clause (d) above;

(h)

securities (other than stripped bonds, stripped coupons or instruments sold at a purchase price in excess of 115% of the face amount thereof) bearing interest or sold at a discount issued by any corporation incorporated under the laws of the United States or any state thereof which, at the time of such investment, have the highest rating of each Rating Agency, or such lower rating as will not result in the downgrading or withdrawal of the rating then assigned to the Certificates by either Rating Agency, as evidenced by a signed writing delivered by each Rating Agency;

(i)

units of a taxable money market portfolio having the highest rating assigned by each Rating Agency and restricted to obligations issued or guaranteed by the United States of America or entities whose obligations are backed by the full faith and credit of the United States of America and repurchase agreements collateralized by such obligations;

(j)

any mutual fund, money market fund, common trust fund or other pooled investment vehicle, the assets of which are limited to instruments that otherwise would constitute Permitted Investments hereunder, including any such fund that is managed by the Trust Administrator or Master Servicer or any affiliate of the Trust Administrator or Master Servicer or for which the Trust Administrator or Master Servicer or any affiliate of the Trust Administrator or Master Servicer acts as an adviser as long as such fund is rated in the highest rating category by each Rating Agency; and

(k)

such other investments bearing interest or sold at a discount acceptable to each Rating Agency as will not result in the downgrading or withdrawal of the rating then assigned to the Certificates by either Rating Agency, as evidenced by a signed writing delivered by each Rating Agency;

provided that no such instrument shall be a Permitted Investment if such instrument evidences the right to receive interest only payments with respect to the obligations underlying such instrument.

Permitted Transferee:  Any Person other than (i) the United States, any State or political subdivision thereof, or any agency or instrumentality of any of the foregoing, (ii) a foreign government, international organization or any agency or instrumentality of either of the foregoing, (iii) an organization (except certain farmers’ cooperatives described in section 521 of the Code) which is exempt from tax imposed by Chapter 1 of the Code (including the tax imposed by section 511 of the Code on unrelated business taxable income) on any excess inclusions (as defined in section 860E(c)(l) of the Code) with respect to any Residual Certificate, (iv) rural electric and telephone cooperatives described in section 1381(a)(2)(C) of the Code, (v) a Person that is not a citizen or resident of the United States, a corporation, partnership (except as provided in applicable Treasury Regulations), or other entity created or organized in or under the laws of the United States, any state thereof or the District of Columbia, an estate whose income is subject to United States federal income tax regardless of its source or a trust if a court within the United States is able to exercise primary supervision over the administration of the Issuing Entity and one or more Persons described in this clause (v) have the authority to control all substantial decisions of the Issuing Entity (or, to the extent provided in applicable Treasury Regulations, certain trusts in existence on August 20, 1996 which are eligible to elect to be treated as United States persons) unless such Person has furnished the transferor and the Trust Administrator with a duly completed Internal Revenue Service Form W-8ECI or any applicable successor form, (vi) any Person with respect to whom income on any Residual Certificate is attributable to a foreign permanent establishment or fixed base, within the meaning of an applicable income tax treaty, of such Person or any other Person and (vii) any other Person so designated by the Depositor based upon an Opinion of Counsel that the Transfer of an Ownership Interest in a Residual Certificate to such Person may cause any REMIC hereunder to fail to qualify as a REMIC at any time that the Certificates are outstanding.  The terms “United States,” “State” and “international organization” shall have the meanings set forth in section 7701 of the Code or successor provisions.  A corporation will not be treated as an instrumentality of the United States or of any State or political subdivision thereof for these purposes if all of its activities are subject to tax and, with the exception of Freddie Mac, a majority of its board of directors is not selected by such government unit.

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.

Physical Certificate:  As specified in the Preliminary Statement.

Pledge Instruments:  With respect to each Cooperative Loan, the Stock Power, the Assignment of Proprietary Lease and the Security Agreement.

PO Deferred Amount:  The Group 1 PO Deferred Amount and Group 3 PO Deferred Amount.

PO Percentage:  As to any Discount Mortgage Loan, 100% minus the Non-PO Percentage for such Discount Mortgage Loan.  As to any Non-Discount Mortgage Loan, 0%.

PO Principal Distribution Amount:  As to any Distribution Date and Collateral Group 1 and Collateral Group 3, the sum for all of the Discount Mortgage Loans contributing to or in such Collateral Group, if any, of the applicable PO Percentage (multiplied by the Applicable Fraction) of (a) the principal portion of each Scheduled Payment (without giving effect, prior to the Bankruptcy Coverage Termination Date, to any reductions thereof caused by any Debt Service Reductions or Deficient Valuations) due on such Mortgage Loan on the related Due Date, (b) the Scheduled Principal Balance of such Mortgage Loan if it was repurchased by the Transferor pursuant to this Agreement as of such Distribution Date, (c) the Substitution Adjustment Amount in connection with any Deleted Mortgage Loan contributing to Collateral Group 1 or Collateral Group 3, as applicable, received with respect to such Distribution Date, (d) any Insurance Proceeds or Liquidation Proceeds allocable to recoveries of principal of such Mortgage Loan, to the extent such Mortgage Loan is not yet a Liquidated Loan, received during the calendar month preceding the month of such Distribution Date, (e) to the extent such Mortgage Loan became a Liquidated Loan during the month preceding the calendar month of such Distribution Date, the lesser of (i) the Scheduled Principal Balance of such Mortgage Loan and (ii) the amount of Liquidation Proceeds allocable to principal received during the month preceding the month of such Distribution Date with respect to such Mortgage Loan and (f) the sum of (i) any Principal Prepayments in full with respect to such Mortgage Loan received during the related Prepayment Period, (ii) all partial Principal Prepayments with respect to such Mortgage Loan applied during the related Prepayment Period and (iii) Recoveries received during the calendar month prior to such Distribution Date, but in no case to exceed the Group 1 PO Deferred Amount or Group 3 PO Deferred Amount, as applicable, for such Distribution Date; provided, however, that if a Bankruptcy Loss that is an Excess Loss is sustained with respect to a Discount Mortgage Loan that is not a Liquidated Loan, the PO Principal Distribution Amount will be reduced on the related Distribution Date by the applicable PO Percentage, multiplied by the Applicable Fraction, of the principal portion of such Bankruptcy Loss.

PO Recoveries:  With respect to any Recoveries on Discount Loans contributing to Collateral Group 1 or Collateral Group 3 and any Distribution Date, an amount equal to the lesser of (a) the Group 1 Available Amount and Group 3 Available Amount, as applicable, available for PO Recoveries and (b) the Group 1 PO Deferred Amount or Group 3 PO Deferred Amount, as applicable.

Pool 1 Mortgage Loans:  Those Mortgage Loans identified on the Mortgage Loan Schedule as Pool 1 Mortgage Loans.

Pool 2 Mortgage Loans:  Those Mortgage Loans identified on the Mortgage Loan Schedule as Pool 2 Mortgage Loans.

Prepayment Interest Shortfall:  As to any Distribution Date, Mortgage Loan and Principal Prepayment received or, in the case of partial Principal Prepayments, applied, during the applicable Prepayment Period, the amount, if any, by which one month’s interest at the related Net Mortgage Rate on such Principal Prepayment exceeds the amount of interest at the Net Mortgage Rate paid in connection with such Principal Prepayment.

Prepayment Period:  As to any Distribution Date and any voluntary Principal Prepayment of a Mortgage Loan, the calendar month preceding the month in which such Distribution Date occurs.

Primary Insurance Policy:  Each policy of primary mortgage guaranty insurance or any replacement policy therefor with respect to any Mortgage Loan.

Principal Only Certificates:  As specified in the Preliminary Statement.

Principal Prepayment:  Any payment of principal by a Mortgagor on a Mortgage Loan that is received in advance of its scheduled Due Date, excluding any prepayment penalty or premium thereon, and is not accompanied by an amount representing scheduled interest due on any date or dates in any month or months subsequent to the month of prepayment.  Partial Principal Prepayments will be applied by the applicable Servicers in accordance with the terms of the related Servicing Agreements and in accordance with the terms of the related Mortgage Note, and to the extent the Mortgage Note does not provide otherwise, shall be applied in the Prepayment Period preceding the receipt thereof.

Principal Prepayment in Full:  Any Principal Prepayment made by a Mortgagor of the entire principal balance of a Mortgage Loan.

Private Certificate:  As specified in the Preliminary Statement.

Proprietary Lease:  The lease on a Cooperative Unit evidencing the possessory interest of the owner of the Cooperative Shares in such Cooperative Unit.

Prospectus Supplement:  The Prospectus Supplement dated October 27, 2006 relating to the Offered Certificates.

Protected Account:  An account established and maintained for the benefit of Certificateholders by each Servicer with respect to the related Mortgage Loans and with respect to REO Property pursuant to the respective Servicing Agreements.  Each Protected Account is required to be an Eligible Account.

PCAOB:  The Public Company Accounting Oversight Board.

Purchase Price:  With respect to any Mortgage Loan required to be purchased by the Transferor pursuant to Section 2.02 or 2.03 hereof, an amount equal to (a) the sum of (i) 100% of the unpaid principal balance of the Mortgage Loan on the date of such purchase, (ii) accrued and unpaid interest thereon at the applicable Mortgage Rate from the date through which interest was last paid by the Mortgagor or the applicable Servicer or the Master Servicer, as the case may be, made an Advance in respect thereof (which was not reimbursed) to the Due Date in the month in which the Purchase Price is to be distributed to Certificateholders and (iii) in the event that such Mortgage Loan is repurchased by the Transferor due to a breach of the Transferor's representations and warranties listed in clauses (xiii) or (xxxiv) of Schedule II to this Agreement relating to applicable anti-predatory and abusive lending laws, any costs and damages incurred by the Issuing Entity in connection with a violation of a predatory or abusive lending law with respect to such Mortgage Loan, less (b) any Amounts Held for Future Distribution related to such Mortgage Loan with respect to the Distribution Date in the month in which the Purchase Price is to be distributed to Certificateholders.

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, approved as a Fannie Mae approved mortgage insurer and having a claims paying ability rating of at least “AA” or equivalent rating by a nationally recognized statistical rating organization.  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 Mortgage Insurer:  Any mortgage insurer that is Fannie Mae and Freddie Mac approved.

Rating Agency:  Each of the Rating Agencies specified in the Preliminary Statement.  If any such organization or a successor is no longer in existence, “Rating Agency” shall be such nationally recognized statistical rating organization, or other comparable Person, as is designated by the Depositor, notice of which designation shall be given to the Trustee and the Trust Administrator.  References herein to a given rating category of a Rating Agency shall mean such rating category without giving effect to any modifiers.

Realized Loss:  With respect to each Mortgage Loan that is a Liquidated Loan, an amount (not less than zero or more than the Scheduled Principal Balance of the Mortgage Loan) as of the date of such liquidation equal to (i) the unpaid principal balance of the Liquidated Loan as of the date of such liquidation, plus (ii) interest at the Net Mortgage Rate from the Due Date as to which interest was last paid or advanced (and not reimbursed) to Certificateholders up to the Due Date in the month in which Liquidation Proceeds are required to be distributed on the Scheduled Principal Balance of such Liquidated Loan, minus (iii) the Liquidation Proceeds, if any, received during the month in which such liquidation occurred, to the extent applied as recoveries of interest at the Net Mortgage Rate and to principal of the Liquidated Loan.  With respect to each Mortgage Loan which has become the subject of a Deficient Valuation, if the principal amount due under the related Mortgage Note has been reduced, the difference between the principal balance of the Mortgage Loan outstanding immediately prior to such Deficient Valuation and the principal balance of the Mortgage Loan as reduced by the Deficient Valuation.

Recognition Agreement:  An Agreement among a Cooperative Corporation, a lender and a Mortgagor with respect to a Cooperative Loan whereby such parties (i) acknowledge that such lender may make, or intends to make, such Cooperative Loan and (ii) make certain agreements with respect to such Cooperative Loan.

Record Date:  With respect to any Distribution Date and any Class of Certificates (other than the No-Delay Certificates), the close of business on the last Business Day of the month preceding the month in which such Distribution Date occurs and, with respect to the No-Delay Certificates, the close of business on the Business Day immediately preceding such Distribution Date.

Recovery:  With respect to any Distribution Date and any Mortgage Loan, an amount, net of any reimbursable expenses, received in respect of principal on such Mortgage Loan during the related Prepayment Period, which has previously been allocated as a Realized Loss to a Class of Certificates.

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

Regular Certificates:  As specified in the Preliminary Statement.

Regulation AB:  Subpart 229.1100 – Asset Backed Securities (Regulation AB), 17 C.F.R. §§229.1100-229.1123, as such may be amended from time to time, and subject to such clarification and interpretation as have been provided by the Commission in the adopting release (Asset-Backed Securities, Securities Act Release No. 33-8518, 70 Fed Reg. 1,506 - 1.631 (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 X attached hereto.  Multiple parties can have responsibility for the same Relevant Servicing Criteria.  With respect to a Servicing Function Participant engaged by any of the Master Servicer, the Trust Administrator or any Servicer, the term Relevant Servicing Criteria may refer to a portion of the Relevant Servicing Criteria applicable to such party.

Relief Act:  The Servicemembers Civil Relief Act, as amended, or any comparable state or local statute (including the comparable provisions under the California Military and Veterans Code, as amended).

Relief Act Reduction:  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 calendar month as a result of the application of the Relief Act, the amount, if any, by which (i) interest collectible on such Mortgage Loan for the most recently ended calendar month is less than (ii) interest accrued thereon for such month pursuant to the Mortgage Note.

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

REMIC Change of Law:  Any proposed, temporary or final regulation, revenue ruling, revenue procedure or other official announcement or interpretation relating to REMICs and the REMIC Provisions issued after the Closing Date.

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

REO Property:  A Mortgaged Property acquired by the Trust Fund through foreclosure, deed-in-lieu of foreclosure, repossession or otherwise in connection with a defaulted Mortgage Loan.

Reportable Event:  As defined in Section 9.12.

Reporting Servicer:  As defined in Section 9.12(b)(i).

Required Coupon:  With respect to each of Collateral Group 1, Collateral Group 2 and Collateral Group 3, 6.000% per annum.

Required Insurance Policy:  With respect to any Mortgage Loan, any insurance policy that is required to be maintained from time to time under the applicable Servicing Agreement.

Residual Interests:  As specified in the Preliminary Statement.

Responsible Officer:  When used with respect to the Trustee or the Trust Administrator, any Director, any Managing Director, any Associate, any Vice President, any Assistant Vice President, the Secretary, any Assistant Secretary, any Trust Officer or any other officer of the Trustee or Trust Administrator, as applicable, customarily performing functions similar to those performed by any of the above designated officers having direct responsibility for the administration of this Agreement and also to whom, with respect to a particular matter, such matter is referred because of such officer’s knowledge of and familiarity with the particular subject.

Restricted Classes:  As defined in Section 4.02(c).

S&P:  Standard and Poor’s Ratings Services, a division of The McGraw-Hill Companies, Inc., or any successor thereto.  If S&P is designated as a Rating Agency in the Preliminary Statement, for purposes of Section 11.05(b), the address for notices to S&P shall be Standard and Poor’s Ratings Services, a division of The McGraw-Hill Companies, Inc., 55 Water Street, New York, New York 10041, Attention:  Residential Mortgage Monitoring Group, or such other address as S&P may hereafter furnish to each other party to this Agreement.

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:  As defined in Section 9.12.

Scheduled Class Balance:  With respect to the PACs and any Distribution Date, the aggregate Class Principal Balance for the PACs set forth in Schedule IV hereto with respect to such Distribution Date.

Scheduled Payment:  The scheduled monthly payment on a Mortgage Loan due on any Due Date allocable to principal and/or interest on such Mortgage Loan which, unless otherwise specified herein, shall give effect to any related Debt Service Reduction and any Deficient Valuation that affects the amount of the monthly payment due on such Mortgage Loan.

Scheduled Principal Balance:  As to any Mortgage Loan and any Distribution Date, the unpaid principal balance of such Mortgage Loan as of such Due Date in the month preceding the month in which such Distribution Date occurs, as specified in the amortization schedule at the time relating thereto (before any adjustment to such amortization schedule by reason of any moratorium or similar waiver or grace period) after giving effect to any previous partial Principal Prepayments and Liquidation Proceeds allocable to principal received during the Prepayment Period for the prior Distribution Date (other than with respect to any Liquidated Loan), and to the payment of principal due on such Due Date and irrespective of any delinquency in payment by the related Mortgagor.  The Scheduled Principal Balance of any Mortgage Loan that has been prepaid in full or has become a Liquidated Loan during the related Prepayment Period shall be zero.

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

Security Agreement: With respect to a Cooperative Loan, the agreement or mortgage creating a security interest in favor of the originator of the Cooperative Loan in the related Cooperative Shares.

Senior Certificates:  As specified in the Preliminary Statement.

Senior Final Distribution Date:  With respect to any Group, the Distribution Date on which the respective Certificate Principal Balances of the Senior Certificates in each such Group have each been reduced to zero.

Senior Optimal Principal Amount:  For any Distribution Date and any Collateral Group, the sum for all Mortgage Loans contributing to such Collateral Group of (i) the Senior Percentage of the applicable Non-PO Percentage (with respect to Collateral Group 1 and Collateral Group 2, multiplied by the Applicable Fraction) of: (a) the principal portion of each Scheduled Payment (without giving effect, prior to the Bankruptcy Coverage Termination Date, to any reductions thereof caused by any Debt Service Reductions or Deficient Valuations) due on each such Mortgage Loan on the related Due Date, (b) the principal portion of the Purchase Price of each such Mortgage Loan that was repurchased by the Transferor pursuant to this Agreement as of such Distribution Date, (c) the Substitution Adjustment Amount in connection with any Deleted Mortgage Loan contributing to such Collateral Group received with respect to such Distribution Date and (d) any Liquidation Proceeds (including Insurance Proceeds) allocable to recoveries of principal of Mortgage Loans related to such Collateral Group that are not yet Liquidated Loans received during the calendar month preceding the month of such Distribution Date, (ii) with respect to each such Mortgage Loan that became a Liquidated Loan during the calendar month preceding the month of such Distribution Date, the lesser of (a) the Senior Percentage of the applicable Non-PO Percentage (with respect to Collateral Group 1 and Collateral Group 2, multiplied by the Applicable Fraction) of the Scheduled Principal Balance of such Mortgage Loan, or (b) either (A) the Senior Prepayment Percentage, or (B) if an Excess Loss was sustained with respect to such Liquidated Loan during such prior calendar month, the Senior Percentage of the applicable Non-PO Percentage (with respect to Collateral Group 1 and Collateral Group 2, multiplied by the Applicable Fraction) of the amount of the Liquidation Proceeds allocable to principal received with respect to such Mortgage Loan, (iii) the Senior Prepayment Percentage of the applicable Non-PO Percentage (with respect to Collateral Group 1 and Collateral Group 2, multiplied by the Applicable Fraction) of the sum of (a) all Principal Prepayments in Full received on the Mortgage Loans contributing to such Collateral Group during the related Prepayment Period and (b) all partial Principal Prepayments on the Mortgage Loans contributing to such Collateral Group applied during the related Prepayment Period, and (iv) with respect to any Distribution Date prior to the Cross-Over Date only, the Senior Prepayment Percentage (with respect to Collateral Group 1 and Collateral Group 2, multiplied by the related Applicable Fraction) of the Non-PO Recoveries for such Collateral Group received during the related Prepayment Period; provided, however, that if a Bankruptcy Loss that is an Excess Loss is sustained with respect to such Mortgage Loan that is not a Liquidated Loan, the Senior Optimal Principal Amount will be reduced on the related Distribution Date by the Senior Percentage of the applicable Non-PO Percentage (with respect to Collateral Group 1 and Collateral Group 2, multiplied by the Applicable Fraction) of the principal portion of such Bankruptcy Loss.

Senior Percentage:  As to any Distribution Date and Certificate Group, the lesser of (a) 100% and (b) the percentage equivalent of a fraction the numerator of which is the aggregate of the Certificate Principal Balances of each Class of Senior Certificates in such Certificate Group (other than the Interest Only Certificates related to such Certificate Group and the related Class PO Certificates) immediately preceding such Distribution Date and the denominator of which is the aggregate of the applicable Non-PO Percentage multiplied by the Scheduled Principal Balance of each Mortgage Loan (with respect to Collateral Group 1 and Collateral Group 2, multiplied by the related Applicable Fraction) contributing to the related Collateral Group for such Distribution Date.

Senior Prepayment Percentage:  With respect to any Certificate Group and any Distribution Date during the five years beginning on the first Distribution Date, 100%.  The Senior Prepayment Percentage for any Certificate Group and any Distribution Date occurring on or after the fifth anniversary of the first Distribution Date will, except as provided herein, be as follows:  for any Distribution Date in the first year thereafter, the Senior Percentage for such Certificate Group plus 70% of the related Subordinate Percentage for such Certificate Group for such Distribution Date; for any Distribution Date in the second year thereafter, the Senior Percentage for such Certificate Group plus 60% of the related Subordinate Percentage for such Certificate Group for such Distribution Date; for any Distribution Date in the third year thereafter, the Senior Percentage for such Certificate Group plus 40% of the related Subordinate Percentage for such Certificate Group for such Distribution Date; for any Distribution Date in the fourth year thereafter, the Senior Percentage for such Certificate Group plus 20% of the related Subordinate Percentage for such Certificate Group for such Distribution Date; and for any Distribution Date thereafter, the Senior Percentage for such Certificate Group for such Distribution Date (unless on any Distribution Date the Senior Percentage for any Certificate Group exceeds the initial Senior Percentage for such Certificate Group, in which case the Senior Prepayment Percentage for each Certificate Group for such Distribution Date will once again equal 100%).  Notwithstanding the foregoing, no decrease in the Senior Prepayment Percentage for any Certificate Group will occur unless both of the related Senior Stepdown Conditions are satisfied; provided, however, that if on any Distribution Date the Senior Prepayment Percentage is not permitted to decrease because one or both of the related Senior Stepdown Conditions are not satisfied, such Senior Stepdown Conditions shall be tested on each succeeding Distribution Date and if both Senior Stepdown Conditions are satisfied the Senior Prepayment Percentage for that Certificate Group shall decrease; and provided, further, that upon the occurrence of a decrease in the Senior Prepayment Percentage for any Certificate Group during one of the periods described in the definition of “Senior Stepdown Conditions,” such decrease shall remain in effect for the remainder of such period.

Senior Stepdown Conditions:  With respect to any Certificate Group, as of the last day of the month preceding the applicable Distribution Date as to which any decrease in the Senior Prepayment Percentage for such Certificate Group applies, (i) the aggregate Scheduled Principal Balance of all of the Mortgage Loans delinquent 60 days or more (including delinquent Mortgage Loans in bankruptcy, and all Mortgage Loans in foreclosure and REO Properties), as a percentage of the aggregate Certificate Principal Balance of the 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 (a) with respect to the Distribution Date on the fifth anniversary of the first Distribution Date, 30% of the Original Subordinate Principal Balance, (b) with respect to the Distribution Date on the sixth anniversary of the first Distribution Date, 35% of the related Original Subordinate Principal Balance, (c) with respect to the Distribution Date on the seventh anniversary of the first Distribution Date, 40% of the related Original Subordinate Principal Balance, (d) with respect to the Distribution Date on the eighth anniversary of the first Distribution Date, 45% of the related Original Subordinate Principal Balance and (e) with respect to the Distribution Date on the ninth anniversary of the first Distribution Date, 50% of the related Original Subordinate Principal Balance.

Servicer:  Each of Cenlar, Chevy Chase, Downey, GMACM, National City and SunTrust, as applicable.

Servicer Remittance Date:  With respect to any Servicer and any Distribution Date, the 18th day of each calendar month, or if such 18th day is not a Business Day, either the immediately preceding Business Day or the immediately succeeding Business Day, as specified in the related Servicing Agreement.

Servicing Advances:  All customary, reasonable and necessary “out of pocket” costs and expenses incurred in the performance by the Master Servicer of its master servicing obligations or the applicable Servicer, as the case may be, of its servicing obligations, including, but not limited to, the cost of (i) the preservation, restoration and protection of a Mortgaged Property, (ii) any expenses reimbursable to the Master Servicer or the applicable Servicer, as the case may be, pursuant to Section 3.11 and any enforcement or judicial proceedings, including foreclosures, (iii) the management and liquidation of any REO Property and (iv) compliance with the obligations under Section 3.09.

Servicing Agreements:

(a)

the Cenlar Servicing Agreement;

(b)

the Chevy Chase Servicing Agreement;

(c)

the Downey Servicing Agreement;

(d)

the GMACM Servicing Agreement;

(e)

the National City Servicing Agreement;

(f)

the SunTrust Servicing Agreement; and

(g)

the Assignment Agreements.

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

Servicing Fee:  As to each Mortgage Loan and any Distribution Date, an amount payable out of each full payment of interest received on such Mortgage Loan and equal to one twelfth of the Servicing Fee Rate multiplied by the Scheduled Principal Balance of such Mortgage Loan as of the Due Date in the month immediately preceding the month in which such Distribution Date occurs (after giving effect to any Scheduled Payments due on such Mortgage Loan on such Due Date), subject to reduction for any Compensating Interest payments required to be made by the applicable Servicer.

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

Servicing Function Participant:  Any Subservicer, Subcontractor or any other Person, other than any Servicer, the Master Servicer and the Trust 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 (calculated by Aggregate Pool Principal Balance).

Special Hazard Coverage Termination Date:  The point in time at which the Special Hazard Loss Coverage Amount is reduced to zero.

Special Hazard Loss:  Any Realized Loss as reported by the applicable Servicer to the Master Servicer suffered by a Mortgaged Property on account of direct physical loss but not including (i) any loss of a type covered by a hazard insurance policy or a flood insurance policy required to be maintained with respect to such Mortgaged Property pursuant to Section 3.11 to the extent of the amount of such loss covered thereby, or (ii) any loss caused by or resulting from:

(a)

normal wear and tear;

(b)

fraud, conversion or other dishonest act on the part of the Trustee, the Trust Administrator, any Servicer, the Master Servicer or any of their agents or employees (without regard to any portion of the loss not covered by any errors and omissions policy);

(c)

errors in design, faulty workmanship or faulty materials, unless the collapse of the property or a part thereof ensues and then only for the ensuing loss;

(d)

nuclear or chemical reaction or nuclear radiation or radioactive or chemical contamination, all whether controlled or uncontrolled, and whether such loss be direct or indirect, proximate or remote or be in whole or in part caused by, contributed to or aggravated by a peril covered by the definition of the term “Special Hazard Loss”;

(e)

hostile or warlike action in time of peace and war, including action in hindering, combating or defending against an actual, impending or expected attack:

(i)  

by any government or sovereign power, de jure or de facto, or by any authority maintaining or using military, naval or air forces; or

(ii)  

by military, naval or air forces; or

(iii)

by an agent of any such government, power, authority or forces;

(f)

any weapon of war employing nuclear fission, fusion or other radioactive force, whether in time of peace or war; or

(g)

insurrection, rebellion, revolution, civil war, usurped power or action taken by governmental authority in hindering, combating or defending against such an occurrence, seizure or destruction under quarantine or customs regulations, confiscation by order of any government or public authority or risks of contraband or illegal transportation or trade.

Special Hazard Loss Coverage Amount:  With respect to each Group and any Distribution Date, $4,400,710 less (i) the aggregate amount of Special Hazard Losses that would have been previously allocated to the Subordinate Certificates in the absence of the Loss Allocation Limitation and (ii) the related Adjustment Amount as of the most recent anniversary of October 1, 2006.  As of any Distribution Date on or after the Cross-Over Date, the Special Hazard Loss Coverage Amount shall be zero.

All principal balances for the purpose of this definition will be calculated as of the first day of the calendar month preceding the month of such Distribution Date after giving effect to Scheduled Payments on the Mortgage Loans then due, whether or not paid.

Special Hazard Mortgage Loan:  A Liquidated Loan as to which a Special Hazard Loss has occurred.

Standard & Poor’s Glossary:  The current Standard & Poor’s LEVELS® Glossary, as may be in effect from time to time.

Startup Day:  The Closing Date.

Stepdown Percentage: With respect to any Distribution Date, the percentage indicated below:

	Distribution Date Occurring

	%

	November 2006 through October 2011

	0%

	November 2011 through October 2012

	30%

	November 2012 through October 2013

	40%

	November 2013 through October 2014

	60%

	November 2014 through October 2015

	80%

	After October 2015

	100%

Stock Power:  With respect to a Cooperative Loan, an assignment of the stock certificate or an assignment of the Cooperative Shares issued by the Cooperative Corporation.

Stripped Interest Rate:  With respect to each Non-Discount Mortgage Loan in Collateral Group 3, the excess of the Net Mortgage Rate for such Mortgage Loan over the Required Coupon for such Mortgage Loan; and with respect to each Non-Discount Mortgage Loan contributing to Collateral Group 2, the excess of the Net Mortgage Rate for such Mortgage Loan over 7.000%.

Subcontractor:  Any outsourcer that performs one or more discrete functions identified in Item 1122(d) of Regulation AB with respect to more than 5% but less than 10% of the Mortgage Loans under the direction or authority of the Master Servicer, the Trust Administrator, the Custodian or any Servicer (measured by Aggregate Pool Principal Balance of the Mortgage Loans, annually at the commencement of the calendar year prior to the year in which an Assessment of Compliance is required to be delivered, multiplied by a fraction, the numerator of which is the number of months during which such Subcontractor performs such discrete functions and the denominator of which is 12, or, in the case of the year in which the Closing Date occurs, the number of months elapsed in such calendar year).

Subgroup A:  All Pool 1 Mortgage Loans with a Net Mortgage Rate less than or equal to 6.000%.

Subgroup B:  All Pool 1 Mortgage Loans with a Net Mortgage Rate greater than 6.000% but less than 7.000%.

Subgroup C:  All Pool 1 Mortgage Loans with a Net Mortgage Rate greater than or equal to 7.000%.

Subordinate Certificates:  As specified in the Preliminary Statement.

Subordinate Optimal Principal Amount:  For any Distribution Date and Collateral Group, the sum for each Mortgage Loan contributing to such Collateral Group of (i) the Subordinate Percentage of the applicable Non-PO Percentage (with respect to Collateral Group 1 and Collateral Group 2, multiplied by the Applicable Fraction) of: (a) the principal portion of each Scheduled Payment (without giving effect, prior to the Bankruptcy Coverage Termination Date, to any reductions thereof caused by any Debt Service Reductions or Deficient Valuations) due on each such Mortgage Loan on the related Due Date, (b) the principal portion of the Purchase Price of each such Mortgage Loan that was repurchased by the Transferor pursuant to this Agreement as of such Distribution Date, (c) the Substitution Adjustment Amount in connection with any Deleted Mortgage Loan contributing to such Collateral Group received with respect to such Distribution Date and (d) any Liquidation Proceeds (including Insurance Proceeds) allocable to recoveries of principal of Mortgage Loans contributing to such Collateral Group that are not yet Liquidated Loans received during the calendar month preceding the month of such Distribution Date, (ii) with respect to each such Mortgage Loan that became a Liquidated Loan during the calendar month preceding the month of such Distribution Date, the portion of the applicable Non-PO Percentage (with respect to Collateral Group 1 and Collateral Group 2, multiplied by the Applicable Fraction) of the amount of the Liquidation Proceeds allocable to principal received with respect to such Mortgage Loan that was not included in clause (ii) of the definition of “Senior Optimal Principal Amount” with respect to such Distribution Date, (iii) the Subordinate Prepayment Percentage of the applicable Non-PO Percentage (with respect to Collateral Group 1 and Collateral Group 2, multiplied by the Applicable Fraction) of the sum of (A) all Principal Prepayments in full received on the Mortgage Loans contributing to such Collateral Group during the related Prepayment Period and (B) all partial Principal Prepayments on the Mortgage Loans contributing to such Collateral Group applied during the related Prepayment Period, and (iv) with respect to any Distribution Date prior to the Cross-Over Date only, the Subordinate Prepayment Percentage (with respect to Collateral Group 1 and Collateral Group 2, multiplied by the Applicable Fraction) of the Non-PO Recoveries for such Collateral Group received during the related Prepayment Period; provided, however, that if a Bankruptcy Loss that is an Excess Loss is sustained with respect to a Mortgage Loan contributing to such Collateral Group that is not a Liquidated Loan, the Subordinate Optimal Principal Amount will be reduced on the related Distribution Date by the Subordinate Percentage of the applicable Non-PO Percentage (with respect to Collateral Group 1 and Collateral Group 2, multiplied by the Applicable Fraction) of the principal portion of such Bankruptcy Loss.

Subordinate Percentage:  As to any Distribution Date and any Certificate Group, 100% minus the Senior Percentage for such Certificate Group for such Distribution Date.

Subordinate Prepayment Percentage:  As to any Distribution Date and any Certificate Group, 100% minus the Senior Prepayment Percentage for such Certificate Group for such Distribution Date, except that, on any Distribution Date after the Senior Final Distribution Date for any Certificate Group, the Subordinate Prepayment Percentage for each such Certificate Group will equal 100%.

Subordinate Principal Distribution Amount:  With respect to the Subordinate Certificates, the aggregate amount which would be payable as principal on the Subordinate Certificates from Group 1 Available Funds, Group 2 Available Funds and Group 3 Available Funds in the aggregate, after application of Group 1 Available Funds, Group 2 Available Funds and Group 3 Available Funds in the aggregate (i) to make payments on the Senior Certificates, in accordance with Section 4.02(a)(i) items first and second and Section 4.02(d) and (ii) to make payments of Accrued Certificate Interest to the Subordinate Certificates in accordance with Section 4.02(a)(i) priority fourth.

Subservicer:  Any Person that (a) services Mortgage Loans on behalf of any Servicer pursuant to a subservicing agreement and is responsible for the performance of the material servicing functions required to be performed by such Servicer under the related Servicing Agreement that are identified in Item 1122(d) of Regulation AB with respect to 10% or more of the Mortgage Loans under the direction or authority of such Servicer (measured by Aggregate Pool Principal Balance of the Mortgage Loans, annually at the commencement of the calendar year prior to the year in which an Assessment of Compliance is required to be delivered, multiplied by a fraction, the numerator of which is the number of months during which such Subservicer services the related Mortgage Loans and the denominator of which is 12, or, in the case of the year in which the Closing Date occurs, the number of months elapsed in such calendar year).

Subsidiary REMIC :  As specified in the Preliminary Statement.

Subsidiary REMIC Regular Interest:  As specified in the Preliminary Statement.

Substitution Adjustment Amount:  The meaning ascribed to such term pursuant to Section 2.03.

SunTrust:  SunTrust Mortgage, Inc., a Virginia corporation, and its successors and assigns, in its capacity as Servicer of the SunTrust Mortgage Loans.

SunTrust Mortgage Loans:  The Mortgage Loans for which SunTrust is listed as “Servicer” on the Mortgage Loan Schedule.

SunTrust Servicing Agreement:  Solely with respect to the SunTrust Mortgage Loans, the Amended and Restated Purchase, Warranties and Servicing Agreement dated as of December 1, 2004, by and between the Transferor, as purchaser and SunTrust, as seller and as servicer, as amended by Amendment Number One, dated as of July 1, 2005, as further amended by Amendment Number Two, dated as of February 28, 2006, and as further amended by Amendment Number Three, dated as of April 1, 2006, and as the same may be further amended from time to time, and any assignments and conveyances related to the SunTrust Mortgage Loans.

Tax Matters Person:  In the case of each REMIC created by this Agreement, the person designated as “tax matters person” in the manner provided under Treasury Regulations Section 1.860F-4(d) and Treasury Regulations Section 301.6231(a)(7)-1 for such REMIC.

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

Transferor:  UBS Real Estate Securities Inc., a Delaware corporation, seller of the Mortgage Loans to the Depositor pursuant to the Mortgage Loan Purchase Agreement.

Trust Administrator:  Wells Fargo Bank, N.A., a national banking association, and its successors and assigns, in its capacity as Trust Administrator hereunder.

Trust Administrator Compensation:  All investment earnings on amounts on deposit in the Distribution Account.

Trust Agreement:  The Trust Agreement dated as of October 1, 2006, entered into by and among the Depositor, the Trustee and the Trust Administrator in connection with the issuance of the Exchangeable Certificates.

Trust Fund:  The corpus of the trust created hereunder consisting of:  (a) the Mortgage Loan Purchase Agreement and the Servicing Agreements solely as each such Servicing Agreement relates to the Mortgage Loans being serviced by the related Servicer (other than those rights under the Servicing Agreements that do not relate to servicing of the Mortgage Loans (including, without limitation, the representations and warranties made by the applicable  Servicer (with respect to the Mortgage Loans sold to the Transferor) and the document delivery requirements of such Servicer and the remedies (including indemnification) available for breaches thereto), which rights were retained by the Transferor pursuant to the Assignment Agreements); (b) the Mortgage Loans and all interest and principal received on or with respect thereto after the Cut-off Date to the extent not applied in computing the Cut-off Date Principal Balance thereof; (c) the Collection Account and the Distribution Account, and all amounts deposited therein pursuant to the applicable provisions of this Agreement (other than, in the case of the Collection Account, any prepayment penalties (exclusive of the Class P Prepayment Charges) deposited therein which shall be retained by the Transferor); (d) property that secured a Mortgage Loan and has been acquired by foreclosure, deed-in-lieu of foreclosure or otherwise; and (e) all proceeds of the conversion, voluntary or involuntary, of any of the foregoing.

Trustee:  U.S. Bank National Association and, if a successor trustee is appointed hereunder, such successor, both in its capacity as trustee under this Agreement and the Trust Agreement.

Uncertificated REMIC Interests: The REMIC regular interests issued by the Master REMIC in uncertificated form as specified in the Preliminary Statement.

Undercollateralized Group:  With respect to any Certificate Group with respect to which, on any Distribution Date, the aggregate Certificate Principal Balance of the related Senior Certificates (other than the Class PO Certificates and Interest Only Certificates) related to such Certificate Group (after giving effect to distributions to be made on such Distribution Date) is greater than the Group Balance of the related Collateral Group (net of the applicable PO Percentage of the Scheduled Principal Balance of each Discount Mortgage Loan in such Collateral Group) for the following Distribution Date.

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

Voting Rights:  The portion of the voting rights of all of the Certificates which is allocated to any Certificate.  As of any date of determination, (a) the Interest Only Certificates will be entitled to 1% in the aggregate of all Voting Rights (such Voting Rights to be allocated among the Holders of Certificates of each such Class in accordance with their respective Percentage Interests), (b) 1% of all Voting Rights shall be allocated to the Class P Certificates and (c) the remaining Voting Rights (and the Voting Rights allocated to the Interest Only Certificates if there are no Interest Only Certificates) shall be allocated among Holders of the remaining Classes of Certificates in proportion to the Certificate Principal Balances of their respective Certificates on such date.

Wells Fargo:  Wells Fargo Bank, N.A., and its successors and assigns in its capacity as Master Servicer, Trust Administrator or Custodian, as the case may be, hereunder.

Section 1.02

Certain Calculations.  

Unless otherwise specified herein, for purposes of determining amounts with respect to the Certificates and the rights and obligations of the parties hereto, all calculations of interest (other than as provided in the Mortgage Loan documents) provided for herein shall be made on the basis of a 360-day year consisting of twelve 30 day months.

Section 1.03

Calculation of Applicable Fractions.

For purposes of determining Collateral Group 1 and Collateral Group 2, each Pool 1 Mortgage Loan shall be deemed to be allocated, based on the Net Mortgage Rate of such Mortgage Loan, as of the Cut off Date, either to Collateral Group 1 or Collateral Group 2 only, or between both Collateral Group 1 and Collateral Group 2, based on a fixed fraction that differs among Mortgage Loans (in each case, the “Applicable Fraction”), such that the principal of and interest on such Pool 1 Mortgage Loan is treated as if that Mortgage Loan were two loans bearing interest at two different effective Net Mortgage Rates, one higher than and one lower than the original Net Mortgage Rate of such Mortgage Loan.  The allocation of a Pool 1 Mortgage Loan to Collateral Group 1 or Collateral Group 2 shall not change based on a modification to the Net Mortgage Rate of such Mortgage Loan subsequent to the Cut-off Date.  The Applicable Fractions are calculated as follows:

(a)

Pool 1 Mortgage Loans with Net Mortgage Rates Less Than or Equal To 6.000%:  Each Pool 1 Mortgage Loan having a Net Mortgage Rate less than 6.000% shall be allocated to Collateral Group 1.

(b)

Pool 1 Loans with Net Mortgage Rates Greater Than 6.000% but less than 7.000%:  Each Pool 1 Mortgage Loan having a Net Mortgage Rate greater than 6.000%  but less than 7.000% shall be allocated between Collateral Group 1 and Collateral Group 2 by multiplying the Scheduled Principal Balance of such Pool 1 Mortgage Loan by its Applicable Fraction.  The Applicable Fraction for the portion of each such Pool 1 Mortgage Loan allocated to Collateral Group 1 is the quotient of (a)(i) 7.000% minus (ii) the related Net Mortgage Rate divided by (b) 1.000%.  The Applicable Fraction for the portion of each such Pool 1 Mortgage Loan allocated to Collateral Group 2 is (I) 1 minus (II) the quotient of (a)(i) 7.000% minus (ii) the related Net Mortgage Rate divided by (b) 1.000%.

(c)

Pool 1 Loans with Net Mortgage Rates Equal to or Greater Than 7.000%:  Each Pool 1 Mortgage Loan having a Net Mortgage Rate equal to or greater than 7.000% shall be allocated to Collateral Group 2.

ARTICLE II

CONVEYANCE OF MORTGAGE LOANS;

REPRESENTATIONS AND WARRANTIES

Section 2.01

Conveyance of Mortgage Loans.

(a)

The Depositor, concurrently with the execution and delivery hereof, hereby sells, transfers, assigns, sets over and otherwise conveys to the Trustee for the benefit of the Certificateholders, without recourse, all the right, title and interest of the Depositor in and to the Trust Fund.  In connection with the foregoing assignments, the Transferor has caused each Servicer to enter into the related Assignment Agreement.

(b)

(i)  In connection with the transfer and assignment set forth in clause (a) above, the Depositor has delivered or caused to be delivered to the Custodian, on behalf of the Trustee, for the benefit of the Certificateholders the following documents or instruments with respect to each Mortgage Loan that is not a Cooperative Loan so assigned:

(A)

the original Mortgage Note endorsed by manual or facsimile signature in blank in the following form:  “Pay to the order of ___________ without recourse,” with all intervening endorsements showing a complete chain of endorsement from the originator to the Person endorsing the Mortgage Note (each such endorsement being sufficient to transfer all right, title and interest of the party so endorsing, as noteholder or assignee thereof, in and to that Mortgage Note); or, with respect to any Lost Mortgage Note, a lost note affidavit from the related originator or the Transferor stating that the original Mortgage Note was lost or destroyed, together with a copy of such Mortgage Note;

(B)

except as provided below, the original recorded Mortgage or a copy of such Mortgage certified by the related originator as being a true and complete copy of the Mortgage;

(C)

a duly executed assignment of the Mortgage (which may be included in a blanket assignment or assignments), endorsed in the following form:  “U.S. Bank National Association, in trust for the MASTR Asset Securitization Trust 2006-3 for the benefit of the Holders of the Mortgage Pass-Through Certificates, Series 2006-3” together with, except as provided below, all interim recorded assignments of such mortgage (each such assignment, when duly and validly completed, to be in recordable form and sufficient to effect the assignment of and transfer to the assignee thereof, under the Mortgage to which the assignment relates); provided that, if the related Mortgage has not been returned from the applicable public recording office, such assignment of the Mortgage may exclude the information to be provided by the recording office;

(D)

the original or copies of each assumption, modification, written assurance or substitution agreement, if any; and

(E)

except as provided below, the original or duplicate original lender’s title policy and all riders thereto.

(ii)

In connection with the transfer and assignment set forth in clause (a) above, the Depositor has delivered or caused to be delivered to the Custodian, on behalf of the Trustee, for the benefit of the Certificateholders the following documents or instruments with respect to each Cooperative Loan so assigned:

(A)

the Cooperative Shares, together with the Stock Power in blank;

(B)

the executed Security Agreement;

(C)

the executed Proprietary Lease and the Assignment of Proprietary Lease to the originator of the Cooperative Loan;

(D)

the executed Recognition Agreement;

(E)

copies of the original Financing Statement, and any continuation statements, filed by the originator of such Cooperative Loan as secured party, each with evidence of recording thereof, evidencing the interest of the originator under the Security Agreement and the Assignment of Proprietary Lease;

(F)

copies of the filed UCC assignments or amendments of the security interest referenced in clause (v) above showing an unbroken chain of title from the originator to the Issuing Entity, each with evidence of recording thereof, evidencing the interest of the assignee under the Security Agreement and the Assignment of Proprietary Lease;

(G)

an executed assignment of the interest of the originator in the Security Agreement, the Assignment of Proprietary Lease and the Recognition Agreement, showing an unbroken chain of title from the originator to the Issuing Entity; and

(H)

for any Cooperative Loan that has been modified or amended, the original instrument or instruments effecting such modification or amendment.

Notwithstanding the foregoing, if any Mortgage has been recorded in the name of Mortgage Electronic Registration System, Inc. (“MERS”) or its designee, no assignment of Mortgage in favor of the Trustee will be required to be prepared or delivered and instead, the Master Servicer (or if the Master Servicer is the applicable Servicer, the Trustee upon receipt of written notice that the records of MERS have not been so changed) shall enforce the obligations of the applicable Servicer under its related Servicing Agreement to cause the Trustee to be shown as the owner of the related Mortgage Loan on the records of MERS for the purpose of the system of recording transfers of beneficial ownership of mortgages maintained by MERS.

If in connection with any Mortgage Loan the Depositor cannot deliver (a) the original recorded Mortgage, (b) all interim recorded assignments or (c) the lender’s title policy (together with all riders thereto) satisfying the requirements of clause (b)(i)(B), (C) or (E) above, respectively, concurrently with the execution and delivery hereof because such document or documents have not been returned from the applicable public recording office in the case of clause (b)(i)(B) or (C) above, or because the title policy has not been delivered to either the Custodian or the Depositor by the applicable title insurer in the case of clause (b)(i)(E) above, the Depositor shall promptly deliver to the Custodian, in the case of clause (b)(i)(B) or (C) above, such original Mortgage or such interim assignment, as the case may be, with evidence of recording indicated thereon upon receipt thereof from the public recording office, or a copy thereof, certified, if appropriate, by the relevant recording office, but in no event shall any such delivery of the original Mortgage and each such interim assignment or a copy thereof, certified, if appropriate, by the relevant recording office, be made later than one year following the Closing Date, or, in the case of clause (b)(i)(E) above, no later than 120 days following the Closing Date; provided, however, in the event the Depositor is unable to deliver by such date each Mortgage and each such interim assignment by reason of the fact that any such documents have not been returned by the appropriate recording office, or, in the case of each such interim assignment, because the related Mortgage has not been returned by the appropriate recording office, the Depositor shall deliver such documents to the Custodian as promptly as possible upon receipt thereof and, in any event, within 720 days following the Closing Date.  The Depositor shall forward or cause to be forwarded to the Custodian (a) from time to time additional original documents evidencing an assumption or modification of a Mortgage Loan and (b) any other documents required to be delivered by the Depositor to the Custodian.  In the event that the original Mortgage is not delivered and in connection with the payment in full of the related Mortgage Loan and the public recording office requires the presentation of a “lost instruments affidavit and indemnity” or any equivalent document, because only a copy of the Mortgage can be delivered with the instrument of satisfaction or reconveyance, the Custodian shall execute and deliver or cause to be executed and delivered such a document to the public recording office.  In the case where a public recording office retains the original recorded Mortgage or in the case where a Mortgage is lost after recordation in a public recording office, the Transferor shall deliver to the Custodian a copy of such Mortgage certified by such public recording office to be a true and complete copy of the original recorded Mortgage.

As promptly as practicable subsequent to such transfer and assignment, set forth in clause (a) above and in any event, within ninety (90) days thereafter, the Custodian shall affix the Trustee’s name to each assignment of Mortgage, as the assignee thereof, and, subject to Section 2.02, the Master Servicer shall enforce the obligations of the related Servicer pursuant to the related Servicing Agreement to (i) cause such assignment to be in proper form for recording in the appropriate public office for real property records and (ii) cause to be delivered for recording in the appropriate public office for real property records the assignments of the Mortgages to the Trustee, except that, with respect to any assignments of Mortgage as to which the related Servicer has not received the information required to prepare such assignment in recordable form, the related Servicer’s obligation to do so and to deliver the same for such recording shall be as soon as practicable after receipt of such information and in any event within ninety (90) days after receipt thereof and except that the related Servicer need not cause to be recorded any assignment which relates to a Mortgage Loan (a) in any state where, in an Opinion of Counsel addressed to the Trustee, such recording is not required to protect the Trustee’s interests in the Mortgage Loan against the claim of any subsequent transferee or any successor to or creditor of the Depositor or the Transferor, (b) in any state where recordation is not required by either Rating Agency to obtain the initial ratings on the Certificates set forth in the Prospectus Supplement or (c) with respect to any Mortgage which has been recorded in the name of MERS, or its designee.  As of the date hereof, recordation is not required in any state by either Rating Agency to obtain the initial rating on the Certificates (upon which statement the Master Servicer, the Trustee and the Custodian may each conclusively rely).

In the case of Mortgage Loans that have been prepaid in full as of the Closing Date, the Depositor, in lieu of delivering the above documents to the Master Servicer on behalf of the Trustee, will deposit in the Collection Account the portion of such payment that is required to be deposited in the Collection Account pursuant to Section 3.07 hereof.

(c)

The Depositor does hereby establish, pursuant to the further provisions of this Agreement and the laws of the State of New York, an express trust (the “Issuing Entity”) to be known, for convenience, as “MASTR Asset Securitization Trust 2006-3” and U.S. Bank National Association is hereby appointed as Trustee in accordance with the provisions of this Agreement.

(d)

[Reserved].

(e)

Each of the Collection Account and Distribution Account shall at all times be an Eligible Account, provided that the Collection Account may be deemed to be a sub-account of the Distribution Account.  If at any time either the Collection Account or the Distribution Account ceases to be an Eligible Account, the Master Servicer or the Trust Administrator, as applicable, shall immediately establish and maintain a new Collection Account or Distribution Account, as applicable, that is an Eligible Account, and shall immediately transfer all funds on deposit in the former Collection Account or Distribution Account, as applicable, to the new Collection Account or Distribution Account, as applicable.

(f)

It is agreed and understood by the Trustee, the Trust Administrator, the Depositor and the Transferor that it is not intended that any mortgage loan be included in the Issuing Entity that is a “High-Cost Home Loan” as defined in the New Jersey Home Ownership Act, effective as of November 27, 2003, or The Home Loan Protection Act of New Mexico, effective as of January 1, 2004, or that is a “High Cost Home Mortgage Loan” as defined in the Massachusetts Predatory Home Loan Practices Act, effective as of November 7, 2004, or that is an “Indiana High Cost Home Mortgage Loan” as defined in the Indiana High Cost Home Loan Act, effective as of January 1, 2005.

(g)

[Reserved].

Section 2.02

Acceptance by Trustee of the Mortgage Loans.

The Custodian, on behalf of the Trustee, acknowledges receipt of the documents identified in the Initial Certification issued by it in the form annexed hereto as Exhibit G and declares that it holds and will hold such related documents and the other documents delivered to it constituting the Mortgage Files, and the Custodian and Trustee together declare that it holds or will hold such other assets as are included in the Trust Fund, in trust for the exclusive use and benefit of all present and future Certificateholders.  The Custodian acknowledges that it will maintain possession of the Mortgage Notes held by it in the State of Minnesota, unless otherwise permitted by the Rating Agencies and the Trustee.

The Custodian agrees to execute and deliver on the Closing Date to the Depositor and the Trustee an Initial Certification in the form annexed hereto as Exhibit G.  Based on its review and examination, and only as to the documents identified in such Initial Certification, the Custodian acknowledges, subject to any applicable exceptions noted on Exhibit G, that such documents appear regular on their face and relate to such Mortgage Loan.  The Custodian shall not be under any duty or obligation to (i) inspect, review or examine said documents, instruments, certificates or other papers to determine that the same are genuine, enforceable or appropriate for the represented purpose or that they have actually been recorded in the real estate records or that they are other than what they purport to be on their face or (ii) determine whether the Mortgage File should include any of the documents specified in Section 2.01(b)(i)(D) with respect to each Mortgage Loan that is not a Cooperative Loan and Section 2.01(b)(ii)(H) with respect to each Cooperative Loan, unless the Mortgage Loan Schedule indicates that such documents are applicable.

Not later than 90 days after the Closing Date, the Custodian shall deliver to the Depositor, the Trustee and the Transferor a Final Certification in the form annexed hereto as Exhibit H, with any applicable exceptions noted thereon.  The Custodian shall make available, upon request of any Certificateholder, a copy of any exceptions noted on the Initial Certification or the Final Certification.  The Custodian shall make available, upon request of the Trustee, the identity of the originator for any Mortgage Loan with a material exception.

If, in the course of such review, the Custodian finds any document constituting a part of a related Mortgage File which does not meet the requirements of Section 2.01, the Custodian shall list such as an exception in the Final Certification; provided, however, that the Custodian shall not make any determination as to whether (i) any endorsement is sufficient to transfer all right, title and interest of the party so endorsing, as noteholder or assignee thereof, in and to that Mortgage Note, (ii) any assignment is in recordable form or is sufficient to effect the assignment of and transfer to the assignee thereof under the mortgage to which the assignment relates or (iii) the Mortgage File should include any of the documents specified in Section 2.01(b)(i)(D) with respect to each Mortgage Loan that is not a Cooperative Loan and Section 2.01(b)(ii)(H) with respect to each Cooperative Loan, unless the Mortgage Loan Schedule indicates that such documents are applicable.

Upon receiving each Final Certification from the Custodian, the Transferor shall determine if there are any document defects listed as exceptions in such Final Certification.  In the event any such document defects exist, the Transferor shall promptly correct or cure such document defects, and if the Transferor fails to correct or cure the defect within ninety (90) days of the earlier of its discovery or its receipt of written notice from the Trustee, and such defect materially and adversely affects the interests of the Certificateholders in the related Mortgage Loan, the Transferor shall repurchase the affected Mortgage Loan from the Trustee at the Purchase Price.  Any such purchase of a Mortgage Loan shall not be effected prior to the delivery to the Custodian of a Request for Release substantially in the form of Exhibit M.  The Purchase Price for any such Mortgage Loan shall be paid by the Transferor to the Master Servicer for deposit in the Collection Account on or prior to the Distribution Account Deposit Date for the Distribution Date in the month following the month of repurchase and, upon receipt of such deposit, the Master Servicer shall instruct the Custodian to release, and the Custodian shall release, the related Mortgage File to the Transferor and the Trustee shall execute and deliver at the Transferor’s written request such instruments of transfer or assignment prepared by the Transferor, in each case without recourse, representation or warranty, as shall be necessary to vest in the Transferor, or a designee, the Trustee’s interest in any Mortgage Loan released pursuant hereto.  The Transferor shall promptly reimburse the Master Servicer and the Trustee for any expenses reasonably incurred by the Master Servicer or the Trustee in respect of enforcing such repurchase by the Transferor.

The Custodian shall retain possession and custody of each related Mortgage File in accordance with and subject to the terms and conditions set forth herein.  Pursuant to the terms of the related Servicing Agreement, the Master Servicer shall cause each of the related Servicers to promptly deliver to the Custodian who shall thereupon promptly deposit within each Mortgage File, upon the execution or receipt thereof, the originals of such other documents or instruments constituting the Mortgage File as come into the possession of the related Servicers from time to time.

It is understood and agreed that the obligations of the Transferor hereunder to purchase any Mortgage Loan which does not meet the requirements of Section 2.01 above or substitute for the related Mortgage Loan an Eligible Substitute Mortgage Loan shall constitute the sole remedies respecting such defect available to the Trustee, the Master Servicer, the Depositor and any Certificateholder.

Section 2.03

Remedies for Breaches of Representations and Warranties.

The Transferor hereby makes the representations and warranties set forth in Schedule II hereto, and by this reference incorporated herein, to the Depositor and the Trustee, as of the Closing Date, or if so specified therein, as of the Cut-off Date.  With respect to any of the representations and warranties set forth on Schedule II hereto which are made to the best of the Transferor’s knowledge, if it is discovered by any of the Depositor, the Master Servicer, the Transferor, any Servicer or the Trust Administrator 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 interests of the Certificateholders therein, notwithstanding the Transferor’s lack of knowledge with respect to the substance of such representation or warranty, such inaccuracy shall be deemed a breach of the applicable representation or warranty.

Upon discovery by any of the parties hereto of a breach of a representation or warranty made by the Transferor pursuant to this Section 2.03 that materially and adversely affects the interests of the Certificateholders in any Mortgage Loan, the party discovering such breach shall give prompt notice thereof to the other parties hereto.  A breach which causes a Mortgage Loan not to constitute a “qualified mortgage” within the meaning of Section 860G(a)(3) of the Code, will be deemed automatically to materially and adversely affect the interests of the Certificateholders in such Mortgage Loan.  Upon receiving notice of a breach, the Trustee shall in turn notify the Transferor of such breach.  The Trustee shall enforce the obligations of the Transferor in accordance with this Section 2.03 to correct or cure any such breach of a representation or warranty made herein, and if the Transferor fails to correct or cure the defect within such period, and such defect materially and adversely affects the interests of the Certificateholders in the related Mortgage Loan, the Trustee shall enforce the Transferor’s obligations hereunder to (i) purchase such Mortgage Loan at the Purchase Price or (ii) substitute for the related Mortgage Loan an Eligible Substitute Mortgage Loan; provided, however, that the Trustee’s obligations to prosecute legal actions against the Transferor pursuant to this Section 2.03 shall be subject to the provisions set forth in Section 8.02(vi) regarding reimbursement of or reasonable indemnification for costs and expenses.  In each case, such Mortgage Loan (a “Deleted Mortgage Loan”) will be removed from the Trust Fund.

The Transferor hereby covenants that within ninety (90) days of the earlier of its discovery or its receipt of written notice from any party of a breach of any representation or warranty made pursuant to this Section 2.03 which materially and adversely affects the interest of the Certificateholders in any Mortgage Loan, it shall cure such breach in all material respects, and if such breach is not so cured, shall, (i) if such ninety (90) day period expires prior to the second anniversary of the Closing Date, remove such Deleted Mortgage Loan from the Trust Fund and substitute in its place an Eligible Substitute Mortgage Loan or Loans into the Trust Fund, in the manner and subject to the conditions set forth in this Section; or (ii) repurchase the affected Mortgage Loan or Mortgage Loans from the Trustee at the Purchase Price in the manner set forth below.  The Transferor shall promptly reimburse the Master Servicer and the Trustee for any expenses reasonably incurred by the Master Servicer or the Trustee in respect of enforcing the remedies for such breach by the Transferor.

With respect to any Eligible Substitute Mortgage Loan or Loans, the Transferor shall deliver to the Custodian on behalf of the Trustee for the benefit of the Certificateholders the Mortgage Note, the Mortgage, the related assignment of the Mortgage, and such other documents and agreements as are required by Section 2.01, with the Mortgage Note endorsed and the Mortgage assigned as required by Section 2.01.  No substitution is permitted to be made on any day in any calendar month after the Determination Date for such month.

With respect to substitutions made by the Transferor, Scheduled Payments due with respect to Eligible Substitute Mortgage Loans in the month of substitution shall not be part of the Trust Fund and will be retained by the Transferor on the next succeeding Distribution Date.  For the month of substitution, distributions to Certificateholders will include the monthly payment due on any Deleted Mortgage Loan for such month and thereafter the Transferor shall be entitled to retain all amounts received in respect of such Deleted Mortgage Loan.  The Custodian shall amend the Mortgage Loan Schedule for the benefit of the Certificateholders to reflect the removal of such Deleted Mortgage Loan and the substitution of the Eligible Substitute Mortgage Loan or Loans and the Custodian shall deliver the amended Mortgage Loan Schedule to the Trustee.  Upon such substitution, the Eligible Substitute Mortgage Loan or Loans shall be subject to the terms of this Agreement in all respects, and the Transferor shall be deemed to have made with respect to such Eligible Substitute Mortgage Loan or Loans, as of the date of substitution, the representations and warranties made pursuant to this Section 2.03 with respect to such Mortgage Loan.  Upon any such substitution and the deposit to the Collection Account of the amount required to be deposited therein in connection with such substitution as described in the following paragraph shall release the Mortgage File held for the benefit of the Certificateholders relating to such Deleted Mortgage Loan to the Transferor and shall execute and deliver or cause the Trustee to execute and deliver at the Transferor’s direction such instruments of transfer or assignment prepared by the Transferor, without recourse, representation or warranty, as shall be necessary to vest title in the Transferor, as applicable, or its designee, the Trustee’s interest in any Deleted Mortgage Loan substituted for pursuant to this Section 2.03.

For any month in which the Transferor substitutes one or more Eligible Substitute Mortgage Loans for one or more Deleted Mortgage Loans, the Master Servicer will determine the amount (if any) by which the aggregate principal balance of all such Eligible Substitute Mortgage Loans as of the date of substitution is less than the aggregate Scheduled Principal Balance of all such Deleted Mortgage Loans (after application of the scheduled principal portion of the monthly payments due in the month of substitution).  The amount of such shortage (the “Substitution Adjustment Amount”) plus an amount equal to the aggregate of any unreimbursed Advances with respect to such Deleted Mortgage Loans shall be remitted by the Transferor to the Master Servicer, and the Master Servicer shall deposit such amounts received from the Transferor into the Collection Account on or before the Distribution Account Deposit Date for the Distribution Date in the month succeeding the calendar month during which the related Mortgage Loan became required to be purchased or replaced hereunder.

In the event that the Transferor shall have repurchased a Mortgage Loan, the Purchase Price therefor shall be deposited in the Collection Account pursuant to Section 3.07 on or before the Distribution Account Deposit Date for the Distribution Date in the month following the month during which the Transferor became obligated hereunder to repurchase or replace such Mortgage Loan and upon such deposit of the Purchase Price and receipt of a Request for Release in the form of Exhibit M hereto, the Custodian shall release the related Mortgage File held for the benefit of the Certificateholders to the Transferor, and the Trustee shall execute and deliver at the Transferor’s direction such instruments of transfer or assignment prepared by the Transferor, in each case without recourse, representation or warranty, as shall be necessary to transfer title from the Trustee.  It is understood and agreed that the obligation under this Agreement of the Transferor to cure, repurchase or replace any Mortgage Loan as to which a breach has occurred and is continuing shall constitute the sole remedies against the Transferor respecting such matters available to Certificateholders, the Master Servicer, the Depositor, the Trust Administrator or the Trustee on their behalf.

The provisions of this Section 2.03 shall survive the conveyance and assignment of the Mortgage Files to the Trustee and the delivery of the respective Mortgage Files to the Custodian for the benefit of the Trustee and the Certificateholders.

Section 2.04

Representations and Warranties of the Depositor as to the Mortgage Loans.

The Depositor hereby represents and warrants to the Trustee, the Trust Administrator and the Master Servicer with respect to each Mortgage Loan as of the date hereof or such other date set forth herein that as of the Closing Date, and following the transfer of the Mortgage Loans to it by the Transferor, the Depositor had good title to the Mortgage Loans and the Mortgage Notes were subject to no offsets, liens, defenses or counterclaims.

It is understood and agreed that the representations and warranties set forth in this Section 2.04 shall survive delivery of the Mortgage Files to the Custodian.  Upon discovery by the Depositor, the Transferor, the Master Servicer, the Trust Administrator or the Trustee of a breach of any of the foregoing representations and warranties set forth in this Section 2.04 (referred to herein as a “breach”), which breach materially and adversely affects the interest of the Certificateholders, the party discovering such breach shall give prompt written notice to the other parties hereto and to each Rating Agency.

Section 2.05

[Reserved].

Section 2.06

Execution and Delivery of Certificates.

The Trustee acknowledges the transfer and assignment to it of the Trust Fund by the Depositor pursuant to Section 2.01 hereof by the Depositor pursuant to Section 2.01 hereof and acknowledges the issuance of the REMIC Interests as described in the Preliminary Statement in exchange therefor.  The Trustee further acknowledges the transfer and assignment to it by the Underwriter pursuant to Section 5.07 hereof of the Uncertificated REMIC Interests described in the Preliminary Statement.  Concurrently with such transfers and assignments, the Trust Administrator, on behalf of the Trustee, has executed, authenticated and delivered to or upon the order of the Depositor, the Certificates in authorized denominations evidencing directly or indirectly the entire ownership of the Trust Fund.  The Trustee agrees to hold the Trust Fund and the Uncertificated REMIC Interests described in the Preliminary Statement and to exercise the rights referred to above for the benefit of all present and future Holders of the Certificates and to perform the duties set forth in this Agreement to the best of its ability, to the end that the interests of the Holders of the Certificates may be adequately and effectively protected.

Section 2.07

REMIC Matters.

The Preliminary Statement sets forth the designations as “regular interests” or “residual interests” and “latest possible maturity date” for federal income tax purposes of all interests created hereby.  The “Startup Day” for purposes of the REMIC Provisions shall be the Closing Date.  Each REMIC’s fiscal year shall be the calendar year.

Section 2.08

Covenants of the Master Servicer.

The Master Servicer hereby covenants to the Depositor and the Trustee as follows:

(a)

subject to Section 3.01, the Master Servicer shall cause each Servicer to perform its obligations under the applicable Servicing Agreement; and

(b)

no written information, certificate of an officer, statement furnished in writing or written report delivered to the Depositor, any affiliate of the Depositor or the Trustee and prepared by the Master Servicer pursuant to this Agreement will contain any untrue statement of a material fact or omit to state a material fact necessary to make such information, certificate, statement or report not misleading at the time provided.

Section 2.09

Representations and Warranties of the Master Servicer.

The Master Servicer hereby represents and warrants to the Depositor, the Trustee and the Custodian, as of the Closing Date, or if so specified herein, as of the Cut-off Date:

(a)

The Master Servicer is duly organized as a national banking association and is validly existing and in good standing under the laws of the United States of America and is duly authorized and qualified to transact any and all business contemplated by this Agreement to be conducted by the Master Servicer in any state in which a Mortgaged Property is located or is otherwise not required under applicable law to effect such qualification and, in any event, is in compliance with the doing business laws of any such state, to master service the Mortgage Loans in accordance with the terms of this Agreement and to perform any of its other obligations under this Agreement in accordance with the terms hereof.

(b)

The Master Servicer has the full power and authority to master service each Mortgage Loan, and to execute, deliver and perform, and to enter into and consummate the transactions contemplated by this Agreement and has duly authorized by all necessary action on the part of the Master Servicer the execution, delivery and performance of this Agreement; and this Agreement, assuming the due authorization, execution and delivery hereof by the other parties hereto, constitutes a legal, valid and binding obligation of the Master Servicer, enforceable against the Master Servicer in accordance with its terms, except that (i) the enforceability hereof may be limited by bankruptcy, insolvency, moratorium, receivership and other similar laws relating to creditors’ rights generally and (ii) the remedy of specific performance and injunctive and other forms of equitable relief may be subject to equitable defenses and to the discretion of the court before which any proceeding therefor may be brought.

(c)

The execution and delivery of this Agreement by the Master Servicer, and the master servicing of the Mortgage Loans by the Master Servicer under this Agreement, the consummation of any other of the transactions contemplated by this Agreement, and the fulfillment of or compliance with the terms hereof are in the ordinary course of business of the Master Servicer and will not (i) result in a material breach of any term or provision of the articles of incorporation or by-laws of the Master Servicer, (ii) materially conflict with, result in a material breach, violation or acceleration of, or result in a material default under, the terms of any other material agreement or instrument to which the Master Servicer is a party or by which it may be bound, or (iii) constitute a material violation of any statute, order or regulation applicable to the Master Servicer of any court, regulatory body, administrative agency or governmental body having jurisdiction over the Master Servicer; and the Master Servicer is not in breach or violation of any material indenture or other material agreement or instrument, or in violation of any statute, order or regulation of any court, regulatory body, administrative agency or governmental body having jurisdiction over it which breach or violation may materially impair the Master Servicer’s ability to perform or meet any of its obligations under this Agreement.

(d)

The Master Servicer or an affiliate thereof is an approved servicer of conventional mortgage loans for Fannie Mae or Freddie Mac and is a mortgagee approved by the Secretary of Housing and Urban Development pursuant to Sections 203 and 211 of the National Housing Act.

(e)

No litigation is pending or, to the knowledge of the Master Servicer, threatened against the Master Servicer that would materially and adversely affect the execution, delivery or enforceability of this Agreement or the ability of the Master Servicer to master service the Mortgage Loans or to perform any of its other obligations under this Agreement in accordance with the terms thereof.

(f)

No consent, approval, authorization or, to the knowledge of the Master Servicer, order of any court or governmental agency or body is required for the execution, delivery and performance by the Master Servicer of, or compliance by the Master Servicer with, this Agreement or the consummation of the transactions contemplated thereby, or if any such consent, approval, authorization or order is required, the Master Servicer has obtained the same.

Section 2.10

Representations and Warranties of the Custodian.

The Custodian hereby represents and warrants to the Depositor, the Master Servicer, the Trust Administrator and the Trustee, as of the Closing Date, or if so specified herein, as of the Cut-off Date:

(a)

The Custodian is duly organized as a national banking association and is validly existing and in good standing under the laws of the United States of America and is duly authorized and qualified to transact any and all business contemplated by this Agreement to be conducted by the Custodian in any state in which a Mortgaged Property is located or is otherwise not required under applicable law to effect such qualification and, in any event, is in compliance with the doing business laws of any such state, to the extent necessary to perform any of its obligations under this Agreement in accordance with the terms thereof.

(b)

The Custodian has the full power and authority to execute, deliver and perform, and to enter into and consummate the transactions contemplated by this Agreement and has duly authorized by all necessary action on the part of the Custodian the execution, delivery and performance of this Agreement; and this Agreement, assuming the due authorization, execution and delivery thereof by the other parties thereto, constitutes a legal, valid and binding obligation of the Custodian, enforceable against the Custodian in accordance with its terms, except that (i) the enforceability thereof may be limited by bankruptcy, insolvency, moratorium, receivership and other similar laws relating to creditors’ rights generally and (ii) the remedy of specific performance and injunctive and other forms of equitable relief may be subject to equitable defenses and to the discretion of the court before which any proceeding therefor may be brought.

(c)

The execution and delivery of this Agreement by the Custodian, the consummation of any other of the transactions contemplated by this Agreement, and the fulfillment of or compliance with the terms thereof are in the ordinary course of business of the Custodian and will not (i) result in a material breach of any term or provision of the articles of incorporation or by-laws of the Custodian, (ii) materially conflict with, result in a material breach, violation or acceleration of, or result in a material default under, the terms of any other material agreement or instrument to which the Custodian is a party or by which it may be bound, or (iii) constitute a material violation of any statute, order or regulation applicable to the Custodian of any court, regulatory body, administrative agency or governmental body having jurisdiction over the Custodian; and the Custodian is not in breach or violation of any material indenture or other material agreement or instrument, or in violation of any statute, order or regulation of any court, regulatory body, administrative agency or governmental body having jurisdiction over it which breach or violation may materially impair the Custodian’s ability to perform or meet any of its obligations under this Agreement.

(d)

No litigation is pending or, to the knowledge of the Custodian, threatened against the Custodian that would materially and adversely affect the execution, delivery or enforceability of this Agreement or the ability of the Custodian to perform any of its obligations under this Agreement in accordance with the terms thereof.

(e)

No consent, approval, authorization or order of any court or governmental agency or body is required for the execution, delivery and performance by the Custodian of, or compliance by the Custodian with, this Agreement or the consummation of the transactions contemplated thereby, or if any such consent, approval, authorization or order is required, the Custodian has obtained the same.

ARTICLE III

ADMINISTRATION AND MASTER

SERVICING OF MORTGAGE LOANS

Section 3.01

Master Servicing of Mortgage Loans.

For and on behalf of the Certificateholders, 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 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 this Agreement, subject to the prior two sentences, and with customary and usual standards of practice of prudent mortgage loan master servicers.  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 4.04 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 Collection Account pursuant to the applicable Servicing Agreements.

In accordance with the standards of the preceding paragraph and to the extent the related Servicer does not make such advance, the Master Servicer shall advance or cause to be advanced funds as necessary for the purpose of effecting the payment of taxes and assessments on the Mortgaged Properties, which advances shall be reimbursable in the first instance from related collections from the Mortgagors pursuant to Section 3.07, and further as provided in Section 3.08.  The costs incurred by the Master Servicer, if any, in effecting the timely payment of taxes and assessments on the Mortgaged Properties and related insurance premiums shall not, for the purpose of calculating monthly distributions to the Certificateholders, be added to the Scheduled Principal Balances of the related Mortgage Loans, notwithstanding that the terms of such Mortgage Loans so permit.

Section 3.02

Monitoring of Servicers.

(a)

The Master Servicer shall be responsible for reporting to the Trustee, the Trust Administrator 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, the Trust Administrator 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 Trustee, the Trust Administrator and the Certificateholders, shall enforce the obligations of each Servicer under the related Servicing Agreement, and shall, in the event that a Servicer fails to perform its obligations in accordance with the related Servicing Agreement, subject to the preceding paragraph, terminate the rights and obligations of such Servicer thereunder and act as successor Servicer of the related Mortgage Loans or cause the Trustee to enter into a new Servicing Agreement with a successor Servicer selected by the Master Servicer; 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 Collection Account.

(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)

If a Servicer fails to make its required payment of Compensating Interest on any Distribution Date, the Master Servicer will be required to make such payment of Compensating Interest to the same extent that such Servicer was required to make such payment of Compensating Interest.

(g)

To the extent a Servicer is obligated under the related Servicing Agreement to procure the consent of the Master Servicer in connection with the Servicer’s engagement of a Subservicer to perform any servicing responsibilities under the related Servicing Agreement with respect to the related Mortgage Loans, the Master Servicer will only give such consent if that Subservicer first agrees in writing with such Servicer and the Master Servicer to deliver an Annual Statement of Compliance, an Assessment of Compliance and an Accountant’s Attestation in such manner and at such times that permit that Servicer and the Master Servicer to comply with Sections 3.21 and 3.22 of this Agreement.

(h)

The Master Servicer shall enforce any negative covenant in the related Servicing Agreement which prohibits a Servicer from outsourcing one or more separate servicing functions under the related Servicing Agreement with respect to the Mortgage Loans to any Subcontractor unless that Subcontractor first agrees in writing with such Servicer and the Master Servicer to deliver an Assessment of Compliance and an Accountant’s Attestation in such manner and at such times that permits that Servicer and the Master Servicer to comply with Section 3.22 of this Agreement.

Section 3.03

[Reserved].

Section 3.04

Rights of the Depositor and the Trustee in Respect of the Master Servicer.

The Depositor may, but is not obligated to, enforce the obligations of the Master Servicer hereunder and may, but is not obligated to, perform, or cause a designee to perform, any defaulted obligation of the Master Servicer hereunder and in connection with any such defaulted obligation to exercise the related rights of the Master Servicer hereunder; provided that the Master Servicer shall not be relieved of any of its obligations hereunder by virtue of such performance by the Depositor or its designee.  Neither the Trustee nor the Depositor shall have any responsibility or liability for any action or failure to act by the Master Servicer or any Servicer nor shall the Trustee or the Depositor be obligated to supervise the performance of the Master Servicer hereunder or any Servicer under any Servicing Agreement or otherwise.

Section 3.05

Trustee to Act as Master Servicer.

In the event that the Master Servicer shall for any reason no longer be the Master Servicer hereunder (including by reason of a Master Servicer Event of Termination), the Trustee or its successor shall in accordance with Section 7.02 thereupon assume all of the rights and obligations of the Master Servicer hereunder arising thereafter (except that the Trustee shall not be (i) liable for losses of the predecessor Master Servicer pursuant to Section 3.09 hereof or any acts or omissions of the predecessor Master Servicer hereunder), (ii) obligated to make Advances if it is prohibited from doing so by applicable law, (iii) obligated to effectuate repurchases or substitutions of Mortgage Loans hereunder including, but not limited to, repurchases or substitutions of Mortgage Loans pursuant to Section 2.02 or 2.03 hereof, (iv) responsible for expenses of the Master Servicer pursuant to Section 2.03 hereof, (v) deemed to have made any representations and warranties of the Master Servicer pursuant to Section 2.09 hereunder) or (vi) obligated to perform any obligation of the Master Servicer under Section 3.21, 3.22 or 9.12 with respect to any periods during which the Trustee was not the Master Servicer).  Any such assumption shall be subject to Section 7.02 hereof.  If the Master Servicer shall for any reason no longer be the Master Servicer (including by reason of any Master Servicer Event of Termination), the Trustee or its successor may, but shall not be obligated to, succeed to any rights and obligations of the Master Servicer under each subservicing agreement.

The Master Servicer shall, upon request of the Trustee, but at the expense of the Master Servicer, deliver to the assuming party all documents and records relating to each subservicing agreement or substitute subservicing agreement and the Mortgage Loans then being serviced thereunder and an accounting of amounts collected or held by it and otherwise use its best efforts to effect the orderly and efficient transfer of each subservicing agreement or substitute subservicing agreement to the assuming party.

The Trustee or successor master servicer shall be entitled to be reimbursed from the Master Servicer for all costs associated with the transfer of master servicing from the Master Servicer, including, without limitation, any costs or expenses associated with the complete transfer of all master servicing data and the completion, correction or manipulation of such master servicing data as may be required by the Trustee or successor master servicer to correct any errors or insufficiencies in the master servicing data or otherwise to enable the Trustee or successor master servicer to master service the Mortgage Loans properly and effectively.

If the Master Servicer does not pay such reimbursement within thirty (30) days of its receipt of an invoice therefor, such reimbursement shall be an expense of the Issuing Entity and the Trustee shall be entitled to such reimbursement from amounts on deposit in the Distribution Account pursuant to Section 3.10(b)(iii); provided that the Master Servicer shall reimburse the Issuing Entity for any such expense incurred by the Issuing Entity.

Section 3.06

Protected Accounts.

(a)

The Master Servicer shall enforce the obligation of each Servicer to establish and maintain a Protected Account 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 or amounts received with respect to any REO Property, including Principal Prepayments, Insurance Proceeds, Liquidation Proceeds, and advances made from the Servicer’s own funds (less servicing compensation as permitted by the applicable Servicing Agreement in the case of any Servicer) and all other amounts to be deposited in the Protected Account.  The Master Servicer is hereby authorized to make withdrawals from and deposits to the related Protected Account for purposes required or permitted by this Agreement.  Permitted Investments of funds in Protected Accounts must mature at least one Business Day before the subsequent Distribution Date.

(b)

In accordance with the terms of the applicable Servicing Agreement, amounts on deposit in a Protected Account shall be invested by the applicable Servicer in Permitted Investments.  The income earned from investments made pursuant to this Section 3.06 shall be paid to the related Servicer under the applicable Servicing Agreement, and the risk of loss of moneys required to be distributed to the Certificateholders resulting from such investments shall be borne by and be the risk of the related Servicer.  The related Servicer (to the extent provided in the Servicing Agreement) shall deposit the amount of any such loss in the Protected Account within two Business Days of receipt of notification of such loss but not later than the second Business Day prior to the Distribution Date on which the moneys so invested are required to be distributed to the Certificateholders.

Section 3.07

Collection of Mortgage Loan Payments; Collection Account; Distribution Account.

(a)

The Master Servicer shall enforce the obligation of the Servicers to collect all payments called for under the terms and provisions of the Mortgage Loans to the extent such procedures shall be consistent with the applicable Servicing Agreement and the terms and provisions of any related Required Insurance Policy.

(b)

The Master Servicer shall establish and maintain a Collection Account, which account may be deemed to be a sub-account of the Distribution Account, into which the Master Servicer shall deposit or cause to be deposited within two Business Days of receipt, except as otherwise specifically provided herein, the following payments and collections remitted by the Servicers or received by it in respect of Mortgage Loans subsequent to the Cut-off Date (other than in respect of principal and interest due on the Mortgage Loans on or before the Cut-off Date) and the following amounts required to be deposited hereunder:

(i)

all payments on account of principal on the Mortgage Loans, including Principal Prepayments;

(ii)

all payments on account of interest on the Mortgage Loans, net of the related Servicing Fee;

(iii)

all Liquidation Proceeds (including Insurance Proceeds), other than proceeds to be applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with the applicable Servicer’s or Master Servicer’s normal servicing procedures, and all Recoveries;

(iv)

any amount required to be deposited by the Master Servicer pursuant to Section 3.07(e) in connection with any losses on Permitted Investments;

(v)

any amounts required to be deposited by the Master Servicer pursuant to Section 2.01(e), Section 3.15(b) and 3.15(d), and in respect of net monthly rental income from REO Property pursuant to Section 3.15 hereof;

(vi)

all Substitution Adjustment Amounts;

(vii)

all Advances made by the Master Servicer pursuant to Section 4.01;

(viii)

any prepayment penalties received from any Servicer;

(ix)

any Compensating Interest payments;

(x)

any amounts deposited by the Master Servicer in connection with a deductible clause in any blanket hazard insurance policy in respect of the Mortgage Loans;

(xi)

all proceeds of any primary mortgage guaranty insurance policy in respect of the Mortgage Loans;

(xii)

any Class P Prepayment Charges; and

(xiii)

any other amounts required to be deposited hereunder.

In the event that the Master Servicer shall deposit into the Collection Account any amount not required to be deposited, it may at any time withdraw such amount from the Collection Account, any provision herein to the contrary notwithstanding.  The Master Servicer shall maintain adequate records with respect to all withdrawals made pursuant to this Section.  All funds deposited in the Collection Account shall be held in trust for the Certificateholders until withdrawn in accordance with Section 3.10.

(c)

[Reserved].

(d)

The Trust Administrator shall establish and maintain, on behalf of the Certificateholders, the Distribution Account.  The Trust Administrator shall, promptly upon receipt but no later than on the Distribution Account Deposit Date, deposit in the Distribution Account and retain therein the following:

(i)

the aggregate amount remitted by the Master Servicer to the Trust Administrator pursuant to Section 3.10(a)(ix)(a);

(ii)

any amount deposited by the Master Servicer or the Trust Administrator pursuant to Section 3.07(e) in connection with any losses on Permitted Investments;

(iii)

[reserved];

(iv)

[reserved]; and

(v)

any other amounts described hereunder which are required to be deposited in the Distribution Account.

In the event that the Master Servicer shall remit any amount not required to be remitted, it may at any time direct the Trust Administrator in writing to withdraw such amount from the Distribution Account, any provision herein to the contrary notwithstanding.  Such direction may be accomplished by delivering an Officer’s Certificate to the Trust Administrator which describes the amounts deposited in error in the Distribution Account.  All funds deposited in the Distribution Account shall be held by the Trust Administrator in trust for the Certificateholders until disbursed in accordance with this Agreement or withdrawn in accordance with Section 3.10.  Funds deposited in the Distribution Account in respect of the Class P Prepayment Charges shall not be treated as assets of any REMIC, but shall be treated as assets of a separate sub-account of the Distribution Account which shall be an asset of the Grantor Trust for the benefit of the Class P Certificates.  In no event shall the Trust Administrator incur liability for withdrawals from the Distribution Account at the direction of the Master Servicer.

(e)

Each institution at which the Collection Account is maintained shall invest the funds on deposit in the Collection Account as directed in writing by the Master Servicer, in Permitted Investments.  Each institution at which the Distribution Account is maintained shall invest the funds on deposit in the Distribution Account as directed in writing by the Trust Administrator, in Permitted Investments.  Funds invested in the Collection Account shall mature not later than the Business Day next preceding the related Distribution Account Deposit Date (except that if such Permitted Investment is an obligation of or is managed by the institution that maintains such account, then such Permitted Investment shall mature not later than such Distribution Account Deposit Date).  The Trust Administrator shall without direction either (i) hold funds on deposit in the Distribution Account uninvested in a trust or deposit account of the Trust Administrator or (ii) invest funds on deposit in the Distribution Account in Permitted Investments, which Permitted Investments shall mature not later than the Business Day next preceding the Distribution Date (except that if such Permitted Investment is an obligation of or is managed by the institution that maintains such fund or account, then such Permitted Investment shall mature not later than such Distribution Date).  Permitted Investments in respect of the Collection Account or the Distribution Account shall not be sold or disposed of prior to their maturity.  All such Permitted Investments shall be made in the name of the Trustee, for the benefit of the Certificateholders.  All income and gain net of any losses realized from any such investment of funds on deposit in the Collection Account shall be for the benefit of the Master Servicer as master servicing compensation and shall be remitted to it monthly as provided herein.  The amount of any realized losses in the Collection Account incurred in any such account in respect of any such investments shall promptly be deposited by the Master Servicer (from its own funds without any right of reimbursement) in the Collection Account or paid to the Trust Administrator by wire transfer of immediately available funds for deposit into the Distribution Account.  All income and gain (net of any losses realized from any such investment of funds on deposit in the Distribution Account) shall be for the benefit of the Trust Administrator as compensation and shall be remitted to it monthly as provided herein.  The amount of any realized losses in the Distribution Account incurred in any such account in respect of any such investments shall promptly be deposited by the Trust Administrator in the Distribution Account.  The Trust Administrator shall not be liable for the amount of any loss incurred in respect of any investment or lack of investment of funds held in the Collection Account (except to the extent the Trust Administrator is the obligor and has defaulted thereon) and made in accordance with this Section 3.07.  In the absence of written instructions by the Trust Administrator, all funds on deposit in the Distribution Account shall remain uninvested.

(f)

The Master Servicer shall give notice to the Trustee, the Trust Administrator, each Rating Agency and the Depositor of any proposed change of the location of the Collection Account prior to any change thereof.  The Trust Administrator shall give notice to the Trustee, the Master Servicer, each Rating Agency and the Depositor of any proposed change of the location of the Distribution Account prior to any change thereof.

Section 3.08

Collection of Taxes, Assessments and Similar Items; Escrow Accounts.

To the extent required by the related Servicing Agreement and by the related Mortgage Note and not violative of current law, the Master Servicer shall require each Servicer to establish and maintain one or more accounts (each, an “Escrow Account”) and deposit and retain therein all collections from the Mortgagors (or advances by such Servicer) for the payment of taxes, assessments, hazard insurance premiums or comparable items for the account of the Mortgagors.  Nothing herein shall require the Master Servicer to compel a Servicer to establish an Escrow Account in violation of applicable law.

Section 3.09

Access to Certain Documentation and Information Regarding the Mortgage Loans.

The Master Servicer and the Custodian shall afford and the Master Servicer shall require the Servicers to afford the Depositor, the Trustee and Trust Administrator and their respective agents or representatives reasonable access to all records and documentation regarding the Mortgage Loans and all accounts, insurance information and other matters relating to this Agreement or the Servicing Agreement, such access being afforded without charge, but only upon reasonable request and during normal business hours at the office designated by the Master Servicer, the applicable Servicer or the Custodian, to the extent set forth in the applicable Servicing Agreement.

Upon reasonable advance notice in writing, the Master Servicer and the Custodian will provide or the Master Servicer shall require the Servicers, to the extent set forth in the applicable Servicing Agreement, to provide to each Certificateholder which is a savings and loan association, bank or insurance company certain reports and reasonable access to information and documentation regarding the Mortgage Loans sufficient to permit such Certificateholder to comply with applicable regulations of the OTS or other regulatory authorities with respect to investment in the Certificates; provided that the Master Servicer, the applicable Servicer or the Custodian shall be entitled to be reimbursed by each such Certificateholder for actual expenses incurred by the Master Servicer, the applicable Servicer or the Custodian in providing such reports and access.

Section 3.10

Permitted Withdrawals from the Collection Account and Distribution Account.

(a)

The Master Servicer may from time to time make withdrawals from the Collection Account for the following purposes:

(i)

to pay to the Master Servicer and the Servicers (to the extent not previously retained or withdrawn by them), the compensation to which they are entitled, and to pay to the Master Servicer, earnings on or investment income with respect to funds in or credited to the Collection Account pursuant to Section 3.19;

(ii)

to reimburse each of the Servicers or the Master Servicer for unreimbursed Advances made by it, such right of reimbursement pursuant to this subclause (ii) being limited to amounts received on the Mortgage Loan(s) in respect of which any such Advance was made;

(iii)

to reimburse the Servicers or the Master Servicer for any Nonrecoverable Advance previously made;

(iv)

to reimburse the Servicers or the Master Servicer for insured expenses from the related Insurance Proceeds;

(v)

to reimburse the Servicers or the Master Servicer for (a) unreimbursed Servicing Advances, the Servicers’ or the Master Servicer’s right to reimbursement pursuant to this clause (a) with respect to any Mortgage Loan being limited to amounts received on such Mortgage Loan(s) which represent late recoveries of the payments for which such advances were made pursuant to Section 3.01 or Section 3.06 and (b) for unpaid Servicing Fees as provided in Section 3.15 hereof;

(vi)

to pay to the purchaser, with respect to each Mortgage Loan or property acquired in respect thereof that has been purchased pursuant to Section 2.02 or 2.03, all amounts received thereon after the date of such purchase;

(vii)

to reimburse the Transferor, the Master Servicer or the Depositor for expenses or indemnities incurred by any of them and reimbursable pursuant to Section 6.03 hereof;

(viii)

to withdraw any amount deposited in the Collection Account and not required to be deposited therein;

(ix)

on or prior to the Distribution Account Deposit Date, to (a) withdraw (i) an amount equal to the related Available Funds, for such Distribution Date, (ii) any PO Recoveries received during the calendar month prior to that Distribution Date and (iii) on or after the Cross-Over Date only, any Recoveries received during the calendar month prior to that Distribution Date, and remit by wire transfer of immediately available funds such amounts to the Trust Administrator for deposit in the Distribution Account and (b) withdraw any prepayment penalties (other than any Class P Prepayment Charges) received from any Servicer and remit by wire transfer of immediately available funds such amounts to the Transferor pursuant to Section 3.24;

(x)

to reimburse the Master Servicer for any costs or expenses incurred by it and reimbursable pursuant to Section 3.02;

(xi)

to reimburse the Trustee for any costs and expenses incurred by it pursuant to Section 2.03; and

(xii)

to clear and terminate the Collection Account upon termination of this Agreement pursuant to Section 10.01 hereof.

The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account pursuant to such subclauses (i), (ii), (iv), (v) and (vi).  Prior to making any withdrawal from the Collection Account pursuant to subclause (iii), the Master Servicer shall deliver to the Trust Administrator an Officer’s Certificate of a Master Servicing Officer indicating the amount of any previous Advance determined by the Master Servicer to be a Nonrecoverable Advance and identifying the related Mortgage Loans(s), and their respective portions of such Nonrecoverable Advance.

(b)

The Trust Administrator shall withdraw funds from the Distribution Account for distributions to Certificateholders, in the manner specified in this Agreement (and withhold from the amounts so withdrawn, the amount of any taxes that it is authorized to withhold pursuant to the last paragraph of Section 9.11).  In addition, the Trust Administrator may from time to time, prior to distributions to Certificateholders, make withdrawals from the Distribution Account for the following purposes:

(i)

to pay to the Trust Administrator the earnings on or investment income, if any, on funds in or credited to the Distribution Account;

(ii)

to withdraw and return to the Master Servicer, with respect to any other amount, any amount deposited in the Distribution Account and not required to be deposited therein in accordance with Section 3.07(d);

(iii)

to withdraw any indemnity, expense or other reimbursement owed to it, the Master Servicer or the Trustee pursuant to this Agreement, including, without limitation, Section 3.05, Section 7.02, Section 8.02, Section 8.05 and Section 9.05; and

(iv)

to clear and terminate the Distribution Account upon termination of the Agreement pursuant to Section 10.01 hereof.

Section 3.11

Maintenance of Hazard Insurance; Maintenance of Primary Insurance Policies.

(a)

For each Mortgage 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.

(b)

Pursuant to Sections 3.07 and 3.08, any amounts collected by 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 Collection Account, subject to withdrawal pursuant to Sections 3.07 and 3.08.  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 Sections 3.07 and 3.08.

Section 3.12

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 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 Collection 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 3.13

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 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 present, or to cause each Servicer (to the extent required under the related Servicing Agreement) to present, on behalf of the Trustee 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 Sections 3.07 and 3.08, any amounts collected by the Master Servicer or any Servicer under any Primary Mortgage Insurance Policies shall be deposited in the Collection Account, subject to withdrawal pursuant to Sections 3.07 and 3.08.

Section 3.14

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 3.15

REO Property.

(a)

In the event the Trust Fund acquires ownership of any REO Property in respect of any related Mortgage Loan, the deed or certificate of sale shall be issued to the Trustee, or to its nominee, on behalf of the related Certificateholders.  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 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, subject to the REMIC Provisions.

(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 Protected 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 Monthly 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 Monthly Advances as well as any unpaid Servicing Fees may be reimbursed or paid, as the case may be, prior to final disposition, out of any net rental income or other net amounts derived from such REO Property.

(d)

The Liquidation Proceeds from the final disposition of the REO Property, net of any payment to the Master Servicer and the applicable Servicer as provided above shall be deposited in the Protected Account on or prior to the Determination Date in the month following receipt thereof and be remitted by wire transfer in immediately available funds to the Master Servicer for deposit into the Collection Account.

In the event that the Trust Fund acquires any Mortgaged Property as aforesaid or otherwise in connection with a default or imminent default on a Mortgage Loan, the Master Servicer shall enforce the obligation of the related Servicer to dispose of such Mortgaged Property prior to the close of the third calendar year after the year in which the Trust Fund acquires such Mortgaged Property unless the Servicer shall have applied for and received an extension of such period from the Internal Revenue Service, in which case the Trust Fund may continue to hold such Mortgaged Property for the period of such extension.  Notwithstanding any other provision of this Agreement, no Mortgaged Property acquired by the Trust Fund shall be rented (or allowed to continue to be rented) or otherwise used for the production of income by or on behalf of the Trust Fund in such a manner or pursuant to any terms that would (i) cause such Mortgaged Property to fail to qualify as “foreclosure property” within the meaning of Section 860G(a)(8) of the Code or (ii) subject any REMIC hereunder to the imposition of any federal, state or local income taxes on the income earned from such Mortgaged Property under Section 860G(c) of the Code or otherwise, unless the Master Servicer or related Servicer, as applicable, has agreed to indemnify and hold harmless the Trust Fund with respect to the imposition of any such taxes.

In the event of a default on a Mortgage Loan one or more of whose obligor is not a United States Person, as that term is defined in Section 7701(a)(30) of the Code, in connection with any foreclosure or acquisition of a deed in lieu of foreclosure (together, “foreclosure”) in respect of such Mortgage Loan, the Master Servicer will cause the applicable Servicer to comply with the provisions of Treasury Regulation Section 1.1445-2(d)(3) (or any successor thereto) necessary to assure that no withholding tax obligation arises with respect to the proceeds of such foreclosure except to the extent, if any, that proceeds of such foreclosure are required to be remitted to the obligors on such Mortgage Loan.

Section 3.16

Due-on-Sale Clauses; Assumption Agreements.

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

Section 3.17

Trustee to Cooperate; Release of Mortgage Files.

Upon (i) the payment in full of any Mortgage Loan, or the receipt by the Master Servicer of a notification that payment in full will be escrowed in a manner customary for such purposes or (ii) otherwise in connection with the servicing of any Mortgage Loan, the Master Servicer shall, upon receipt of notification from the related Servicer pursuant to the applicable Servicing Agreement which notification shall state that such payment in full has been deposited in the Collection Account or has otherwise been escrowed in a manner customary for such purposes, instruct the Custodian to, and the Custodian shall, release the related Mortgage File to the related Servicer.  Upon notification, the Trustee shall at the Custodian’s direction execute and deliver to the Custodian the request for reconveyance, deed of reconveyance or release or satisfaction of mortgage or such instrument releasing the lien of the Mortgage in each case provided by the Custodian, together with the Mortgage Note with written evidence of cancellation thereon.  Expenses incurred in connection with any instrument of satisfaction or deed of reconveyance shall be chargeable to the related Mortgagor.

If the Master Servicer or any related Servicer at any time seeks to initiate a foreclosure proceeding in respect of any Mortgaged Property as authorized by this Agreement or the Servicing Agreement, the Master Servicer or any related Servicer shall deliver or cause to be delivered to the Trustee, for signature, as appropriate, any court pleadings, requests for trustee’s sale or other documents necessary to effectuate such foreclosure or any legal action brought to obtain judgment against the Mortgagor on the Mortgage Note or the Mortgage or to obtain a deficiency judgment or to enforce any other remedies or rights provided by the Mortgage Note or the Mortgage or otherwise available at law or in equity.

Subject to this Section 3.17, the Trustee shall execute, at the written request of the Master Servicer, and furnish to the Master Servicer and any Servicer such documents as are necessary or appropriate to enable the Master Servicer or any Servicer to carry out their servicing and administrative duties hereunder.  The Trustee shall not be liable for the actions of the Master Servicer or any Servicers under such powers of attorney.

Section 3.18

Documents, Records and Funds in Possession of Master Servicer and Custodian to Be Held for the Trustee.

Notwithstanding any other provisions of this Agreement, the Master Servicer shall forward to the Custodian with an instruction to, and the Custodian shall, place within the Mortgage File and the Master Servicer shall cause each Servicer to transmit to the Custodian as required by this Agreement and the related Servicing Agreement all documents and instruments in respect of a Mortgage Loan coming into the possession of the Master Servicer or related Servicer from time to time and shall account fully to the Trustee for any funds received by the Master Servicer or related Servicer or which otherwise are collected by the Master Servicer, or related Servicer as Liquidation Proceeds or Insurance Proceeds in respect of any Mortgage Loan.  All Mortgage Files and funds collected or held by, or under the control of, the Master Servicer, the related Servicer or the Custodian in respect of any Mortgage Loans, whether from the collection of principal and interest payments or from Liquidation Proceeds, including but not limited to, any funds on deposit in the Collection Account or any Protected Account, shall be held by the Master Servicer, the related Servicer or the Custodian for and on behalf of the Trustee and shall be and remain the sole and exclusive property of the Issuing Entity, subject to the applicable provisions of this Agreement and the related Servicing Agreement.  Each of the Master Servicer and the Custodian also agrees that it shall not create, incur or subject any Mortgage File or any funds that are deposited in the Collection Account, Distribution Account or any Escrow Account, or any funds that otherwise are or may become due or payable to the Trustee for the benefit of the Certificateholders, to any claim, lien, security interest, judgment, levy, writ of attachment or other encumbrance, or assert by legal action or otherwise any claim or right of setoff against any Mortgage File or any funds collected on, or in connection with, a Mortgage Loan, except, however, that the Master Servicer shall be entitled to set off against and deduct from any such funds any amounts that are properly due and payable to the Master Servicer under this Agreement.

Section 3.19

Master Servicing Compensation.

As compensation for its activities hereunder, the Master Servicer shall be entitled to retain or withdraw from the Collection Account, in connection with each Distribution Date, an amount equal to all investment income gained on amounts held in the Collection Account plus, the Master Servicing Fee.

Section 3.20

Access to Certain Documentation.

The Master Servicer and the Custodian shall provide and the Master Servicer shall cause each Servicer to provide in accordance with the related Servicing Agreement to the OTS and the FDIC and to comparable regulatory authorities supervising Holders of Subordinate Certificates and the examiners and supervisory agents of the OTS, the FDIC and such other authorities, access to the documentation regarding the Mortgage Loans required by applicable regulations of the OTS and the FDIC.  Such access shall be afforded without charge, but only upon reasonable and prior written request and during normal business hours at the offices designated by the Master Servicer, the Custodian and the related Servicer.  Nothing in this Section shall limit the obligation of the Master Servicer, the Custodian and the related Servicer to observe any applicable law prohibiting disclosure of information regarding the Mortgagors and the failure of the Master Servicer, the Custodian or the related Servicer to provide access as provided in this Section as a result of such obligation shall not constitute a breach of this Agreement.  In fulfilling such requests, the Master Servicer and the Custodian shall not be responsible to determine the sufficiency of such information.

Section 3.21

Annual Statement as to Compliance.

(a)

The Master Servicer and the Trust Administrator shall deliver or otherwise make available (and the Master Servicer and Trust Administrator shall cause any Servicing Function Participant engaged by it to deliver) to the Depositor and the Trust Administrator on or before March 10 (with a 5 calendar day cure period but in no event later than March 15) of each year, commencing in March 2007, an Officer’s Certificate (an “Annual Statement of Compliance”) 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 a Servicing Function Participant, 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, 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 Annual Statement of Compliance, the Depositor shall review such Annual Statement of Compliance and, if applicable, consult with each such party, as applicable, as to the nature of any failures by such party identified therein, in the fulfillment of any of such party’s obligations hereunder.

(b)

The Master Servicer shall enforce any obligation of each Servicer, to the extent set forth in the related Servicing Agreement, to deliver to the Master Servicer an Annual Statement of Compliance  within the time frame set forth in, and in such form and substance as may be required pursuant to, the related Servicing Agreements.  The Master Servicer shall include all Annual Statements of Compliance received by it from each servicer with its own Annual Statement of Compliance to be submitted to the Trust Administrator pursuant to this Section.

(c)

In the event the Master Servicer, the Trust Administrator or any Servicing Function Participant engaged by any such party is terminated or resigns pursuant to the terms of this Agreement, or any applicable agreement in the case of a Servicing Function Participant, as the case may be, such party shall provide an Officer’s Certificate pursuant to this Section 3.21 or to such applicable agreement, as the case may be, notwithstanding any such termination, assignment or resignation.

Section 3.22

Report on Assessment of Compliance and Attestation.

(a)

(i)

By March 10 (with a 5 calendar day cure period but in no event later than March 15) of each year, commencing in March 2007, the Master Servicer, the Trust Administrator and the Custodian, each at its own expense, shall furnish or otherwise make available, and each such party shall cause any Servicing Function Participant engaged by it to furnish, each at its own expense, to the Trust Administrator and the Depositor, a report on an assessment of compliance with the Relevant Servicing Criteria in the form of Exhibit Q hereto, (an “Assessment of Compliance”) 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 9.12(b), 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.

(i)

No later than the end of each fiscal year for the Trust Fund for which a Form 10-K is required to be filed, the Master Servicer and the Custodian shall each forward to the Trust Administrator the name of each Servicing Function Participant engaged by it and what Relevant Servicing Criteria will be addressed in the Assessment of Compliance prepared by such Servicing Function Participant (provided that the Master Servicer need not provide such information to the Trust Administrator so long as the Master Servicer and the Trust Administrator are the same Person).  When the Master Servicer, the Custodian and the Trust Administrator (or any Servicing Function Participant engaged by either of them) submit their Assessments of Compliance to the Trust Administrator, such parties will also at such time include the Assessment of Compliance and Accountant’s Attestation pursuant to Section 3.22(b)(i) of each Servicing Function Participant engaged by it.

(ii)

Promptly after receipt of each Assessment of Compliance, (A) the Depositor shall review each such report and, if applicable, consult with the Master Servicer, the Trust Administrator, the Custodian and any Servicing Function Participant engaged by any such party as to the nature of any material instance of noncompliance with the Relevant Servicing Criteria by each such party, and (B) the Trust Administrator shall confirm that the Assessments of Compliance, 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 X and on any similar exhibit set forth in each Servicing Agreement in respect of each Servicer and notify the Depositor of any exceptions.

(iii)

The Master Servicer shall enforce any obligation of each Servicer, to the extent set forth in the related Servicing Agreement, to deliver to the Master Servicer an annual Assessment of Compliance within the time frame set forth in, and in such form and substance as may be required pursuant to, the related Servicing Agreement.  The Master Servicer shall include all Assessments of Compliance received by it from the Servicers with its own Assessment of Compliance to be submitted to the Trust Administrator pursuant to this Section.

In the event the Master Servicer, the Trust Administrator, the Custodian or any Servicing Function Participant engaged by any such party is terminated, assigns its rights and obligations under, or resigns pursuant to, the terms of this Agreement, or any other applicable agreement, as the case may be, such party shall provide a report on assessment of compliance pursuant to this Section 3.22, or to such other applicable agreement, notwithstanding any such termination, assignment or resignation.

(b)

(i)

By March 10 (with a 5 calendar day cure period but in no event later than March 15) of each year, commencing in March 2007, the Master Servicer, the Trust Administrator and 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 Custodian, the Trust Administrator, or such other Servicing Function Participants, as the case may be) that is a member of the American Institute of Certified Public Accountants to furnish an attestation report to the Trust Administrator and the Depositor (an “Accountant’s Attestation”), to the effect that (A) it has obtained a representation regarding certain matters from the management of such party, which includes an assertion that such party has complied with the Relevant Servicing Criteria, and (B) on the basis of an examination conducted by such firm in accordance with standards for attestation engagements issued or adopted by the PCAOB, it is expressing an opinion as to whether such party’s compliance with the Relevant Servicing Criteria was fairly stated in all material respects or it cannot express an overall opinion regarding such party’s assessment of compliance with the Relevant Servicing Criteria.  In the event that an overall opinion cannot be expressed, such registered public accounting firm shall state in such report why it was unable to express such an opinion.  Such report must be available for general use and not contain restricted use language.

(ii)

Promptly after receipt of such Assessment of Compliance and Accountant’s Attestation, the Trust Administrator shall confirm that each assessment submitted pursuant to Section 3.22(a)(i) is coupled with an attestation that appears on its face to meet the requirements of this Section and notify the Depositor of any exceptions.

(iii)

The Master Servicer shall enforce any obligation of each Servicer, to the extent set forth in the related Servicing Agreement, to deliver to the Master Servicer an attestation within the time frame set forth in, and in such form and substance as may be required pursuant to, the related Servicing Agreement.  The Master Servicer shall include each such attestation furnished to it by the Servicers with its own attestation to be submitted to the Trust Administrator pursuant to this Section.

In the event the Master Servicer, the Trust Administrator, the Custodian, any Servicer or any Servicing Function Participant engaged by any such party is terminated, assigns its rights and duties under, or resigns pursuant to the terms of, this Agreement or any applicable Custodial Agreement, Servicing Agreement or sub-servicing agreement, as the case may be, such party shall cause a registered public accounting firm to provide an attestation pursuant to this Section 3.22, or such other applicable agreement, notwithstanding any such termination, assignment or resignation.

(c)

(i)

The Master Servicer agrees to indemnify and hold harmless each of the Depositor and each Person, if any, who “controls” the Depositor within the meaning of the Securities Act and its respective officers, directors and affiliates from and against any losses, damages, penalties, fines, forfeitures, reasonable and necessary legal fees and related costs, judgments and other costs and expenses that such Person may sustain arising out of third party claims based on (A) the failure of the Master Servicer (or any Servicing Function Participant engaged by it) to deliver or cause to be delivered when required any Assessment of Compliance or Accountant’s Attestation required pursuant to Section 3.22(a)(i) or 3.22(b)(i), as applicable, or (B) any material misstatement or omission contained in any Assessment of Compliance provided pursuant to Section 3.22(a)(i).

(ii)

The Trust Administrator agrees to indemnify and hold harmless the Depositor and each Person, if any, who “controls” the Depositor within the meaning of the Securities Act and its officers, directors and affiliates from and against any losses, damages, penalties, fines, forfeitures, reasonable and necessary legal fees and related costs, judgments and other costs and expenses that such Person may sustain arising out of third party claims based on (i) the failure of the Trust Administrator (or any Servicing Function Participant engaged by it) to deliver when required any Assessment of Compliance or Accountant’s Attestation required pursuant to Section 3.22(a)(i) or 3.22(b)(i), or (ii) any material misstatement or omission contained in any Assessment of Compliance provided pursuant to Section 3.22(a)(i).

(iii)

The Custodian agrees to indemnify and hold harmless the Depositor and each Person, if any, who “controls” the Depositor within the meaning of the Securities Act and their respective officers, directors and affiliates from and against any losses, damages, penalties, fines, forfeitures, reasonable and necessary legal fees and related costs, judgments and other costs and expenses that such Person may sustain arising out of third party claims based on (i) the failure of the Custodian (or any Servicing Function Participant engaged by it) to deliver or cause to be delivered when required any Assessment of Compliance or Accountant’s Attestation required pursuant to Section 3.22(a)(i) or 3.22(b)(i) or (ii) any material misstatement or omission contained in any Assessment of Compliance provided pursuant to Section 3.22(a)(i).

(d)

Each of the parties hereto acknowledges and agrees that the purpose of this Section 3.22 is to facilitate compliance by the Transferor and the Depositor with the provisions of Regulation AB, as such may be amended or clarified from time to time.  Therefore, each of the parties agrees that the parties’ obligations hereunder will be supplemented and modified as necessary to be consistent with any such amendments, interpretive advice or guidance, convention or consensus among active participants in the asset-backed securities markets, advice of counsel, or otherwise in respect of the requirements of Regulation AB and the parties shall comply, to the extent practicable from a timing and information systems perspective (and to the extent the requesting party will pay any increased cost of the Trustee resulting from such request provided that such request results in extraordinary expenses), with requests made by the Transferor or the Depositor for delivery of additional or different information as the Transferor or the Depositor may determine in good faith is necessary to comply with the provisions of Regulation AB.

Section 3.23

Errors and Omissions Insurance; Fidelity Bonds.

The Master Servicer shall, for so long as it acts as Master Servicer under this Agreement, obtain and maintain in force (a) a policy or policies of insurance covering errors and omissions in the performance of its obligations as Master Servicer hereunder and (b) a fidelity bond in respect of its officers, employees and agents.  Each such policy or policies shall be in such form and such amount generally acceptable for entities serving as master servicer.  In the event that any such policy or bond ceases to be in effect, the Master Servicer shall obtain a comparable replacement policy or bond from an insurer or issuer, meeting the requirements set forth above as of the date of such replacement.

Section 3.24

Master Servicer to Remit Prepayment Penalties to the Transferor.

On or prior to each Distribution Account Deposit Date, the Master Servicer shall withdraw any amounts in the Collection Account attributable to prepayment penalties, other than the Class P Prepayment Charges, deposited therein by any Servicer, and remit by wire transfer of immediately available funds such amounts to the Transferor in accordance with the instructions of the Transferor.  Class P Prepayment Charges shall be distributed to the Class P Certificateholder pursuant to Section 4.02(f).

ARTICLE IV

DISTRIBUTIONS AND SERVICING ADVANCES

Section 4.01

Advances.

The Master Servicer shall deposit in the Distribution Account not later than the Distribution Account Deposit Date immediately preceding the related Distribution Date an Advance in an amount equal to the difference between (x) with respect to each Scheduled Payment due on a Mortgage Loan that is delinquent (other than as a result of a Relief Act Reduction) and for which the related Servicer was required to make an Advance pursuant to the related Servicing Agreement and (y) amounts deposited in the Collection Account to be used for Advances with respect to such Mortgage Loan, except to the extent the Master Servicer determines any such Advance to be a Nonrecoverable Advance.  Subject to the foregoing, the Master Servicer shall continue to make such Advances for so long as the related Servicer is required to do so under the related Servicing Agreement.  If applicable, on the Distribution Account Deposit Date, the Master Servicer shall deliver an Officer’s Certificate to the Trust Administrator stating that the Master Servicer elects not to make an Advance in a stated amount and detailing the reason(s) it deems the Advance to be a Nonrecoverable Advance.  Any amounts deposited by the Master Servicer pursuant to this Section 4.01 shall be net of the Servicing Fee and the Master Servicing Compensation, if applicable, for the related Mortgage Loans.

Section 4.02

Priorities of Distribution.

(a)

On each Distribution Date, the Trust Administrator shall withdraw the related Group Available Funds (to the extent on deposit in the Distribution Account) from the Distribution Account and, pursuant to written instruction received from the Master Servicer as set forth in Section 4.04(a), upon which it may conclusively rely, apply such funds, first to distributions in respect of the Subsidiary and Middle REMIC Regular Interests, as provided in Section 4.02(g), and then to distributions on the Certificates in the following order and priority and, in each case, to the extent of such Group Available Funds, subject to adjustment in accordance with Sections 4.02(b), 4.02(d) and 4.02(d):

(i)

With respect to the Group 1 Certificates, from the Group 1 Available Funds; with respect to the Group 2 Certificates, from the Group 2 Available Funds; with respect to the Group 3 Certificates, from the Group 3 Available Funds; with respect to the Class 30-PO Certificates, from the Group 1 Available Funds; with respect to the Class 30-A-X Certificates, from the Group 2 Available Funds; with respect to the Class 15-PO and Class 15-A-X Certificates, from the Group 3 Available Funds; and with respect to the Subordinate Certificates, from the Group 1 Available Funds, Group 2 Available Funds and Group 3 Available Funds, as follows:

first, concurrently,

(A)

to each Class of Group 1 Certificates, pro rata based on the Accrued Certificate Interest of each such Class, an amount allocable to interest equal to the related Accrued Certificate Interest; and

(B)

to each Class of Group 2 Certificates and the Class 30-A-X Certificates, pro rata based on the Accrued Certificate Interest of each such Class, an amount allocable to interest equal to the related Accrued Certificate Interest; and

(C)

to each Class of Group 3 Certificates and the Class 15-A-X Certificates, an amount allocable to interest equal to the related Accrued Certificate Interest;

in each case (clause (A), (B) and (C) of this paragraph), any shortfall shall be allocated among such Classes described in the related paragraph in proportion to the amount of the Accrued Certificate Interest that would have been distributed in the absence of such shortfall; and

second, concurrently,

(A)

to the extent of remaining Group 1 Available Funds, to the Group 1 Certificates and the Class 30-PO Certificates, concurrently, as follows:

(1)

to the Class 30-PO Certificates, an amount allocable to principal equal to the PO Principal Distribution Amount for Collateral Group 1, up to the outstanding Class Principal Balance of the Class 30-PO Certificates; and

(2)

to the Group 1 Certificates, in an amount up to the Senior Optimal Principal Amount for Collateral Group 1 for such Distribution Date, sequentially, as follows (provided, that, on each Distribution Date on or after the Cross-Over Date, this amount will be distributed to each Class of Group 1 Certificates, pro rata, according to Class Principal Balances, until their respective Class Principal Balances are reduced to zero):

(a)

first, to the Class 1-A-8 Certificates, up to the Group 1 Priority Principal Distribution Amount, until its Class Principal Balance is reduced to zero;

(b)

second, to the Class 1-A-1, Class 1-A-2, Class 1-A-3 and Class 1-A-4 Certificates until their aggregate Class Principal Balance is reduced to their aggregate Scheduled Class Balance for such Distribution Date as set forth in Schedule IV, sequentially,  as follows:

(i)

first, to the Class 1-A-1 Certificates, until its Class Principal Balance is reduced to zero;

(ii)

second, to the Class 1-A-2 Certificates, until its Class Principal Balance is reduced to zero;

(iii)

third, to the Class 1-A-3 Certificates, until its Class Principal Balance is reduced to zero; and

(iv)

fourth, to the Class 1-A-4 Certificates, until its Class Principal Balance is reduced to zero;

(c)

third, to the Class 1-A-5, Class 1-A-6 and Class 1-A-7 Certificates, pro rata based on Class Principal Balances, until their respective Class Principal Balances are reduced to zero;

(d)

fourth, to the Class 1-A-1, Class 1-A-2, Class 1-A-3 and Class 1-A-4 Certificates, without regard to their Scheduled Class Balance for such Distribution Date, sequentially,  as follows:

(i)

first, to the Class 1-A-1 Certificates, until its Class Principal Balance is reduced to zero;

(ii)

second, to the Class 1-A-2 Certificates, until its Class Principal Balance is reduced to zero;

(iii)

third, to the Class 1-A-3 Certificates, until its Class Principal Balance is reduced to zero; and

(iv)

fourth, to the Class 1-A-4 Certificates, until its Class Principal Balance is reduced to zero;

(e)

fifth, to the Class 1-A-8 Certificates, until its Class Principal Balance is reduced to zero;

(B)

to the extent of remaining Group 2 Available Funds, to the Class 2-A-1 Certificates, an amount up to the Senior Optimal Principal Amount for Collateral Group 2 for such Distribution Date, until its Class Principal Balance is reduced to zero;

(C)

to the extent of remaining Group 3 Available Funds, to the Group 3 Certificates and the Class 15-PO Certificates, concurrently, as follows:

(1)

to the Class 15-PO Certificates, an amount allocable to principal equal to the PO Principal Distribution Amount for Collateral Group 3, up to the outstanding Class Principal Balance of the Class 15-PO Certificates; and

(2)

to the Group 3 Certificates, in an amount up to the Senior Optimal Principal Amount for Collateral Group 3 for such Distribution Date, sequentially, as follows:

(a)

first, to the Class A-LR and Class A-UR Certificates, pro rata based on Class Principal Balances, until their respective Class Principal Balances are reduced to zero; and

(b)

second, to the Group 3-A-1 Certificates, until its Class Principal Balance is reduced to zero;

third, only on any Distribution Date on or prior to the Cross-Over Date, 

(A)

to the Class 30-PO Certificates (i) first, any PO Recoveries for that Distribution Date for Collateral Group 1 will reduce the Group 1 PO Deferred Amount until the Group 1 PO Deferred Amount has been reduced to zero and (ii) second, from the remaining Group 1 Available Funds, up to the remaining Group 1 PO Deferred Amount for that Distribution Date; and

(B)

to the Class 15-PO Certificates (i) first, any PO Recoveries for that Distribution Date for Collateral Group 3 will reduce the Group 3 PO Deferred Amount until the Group 3 PO Deferred Amount has been reduced to zero and (ii) second, from the remaining Group 3 Available Funds, up to the remaining Group 3 PO Deferred Amount for that Distribution Date;

provided, however, that (1) any payments in respect of the PO Deferred Amounts in excess of PO Recoveries shall not exceed the Aggregate Subordinate Optimal Principal Amount for such Distribution Date and shall be payable from the Aggregate Subordinate Optimal Principal Amount, first, from the amounts in clause (i) of the definition “Subordinate Optimal Principal Amount,” second, from amounts in clause (ii) of the definition thereof and third, from amounts in clause (iii) of the definition thereof and (2) any distribution to the Class 15-PO and Class 30-PO Certificates pursuant to this Section 4.02(a)(i) third shall not reduce the Class Principal Balance of such Class;

fourth, to the Subordinate Certificates from the remaining Available Funds for each Collateral Group in the aggregate, subject to Section 4.02(b) and 4.02(d), in the following order of priority:

(A)

to the Class B-1 Certificates, an amount allocable to interest equal to the Accrued Certificate Interest for such Class for such Distribution Date;

(B)

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

(C)

to the Class B-2 Certificates, an amount allocable to interest equal to the Accrued Certificate Interest for such Class for such Distribution Date;

(D)

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

(E)

to the Class B-3 Certificates, an amount allocable to interest equal to the Accrued Certificate Interest for such Class for such Distribution Date;

(F)

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

(G)

to the Class B-4 Certificates, an amount allocable to interest equal to the Accrued Certificate Interest for such Class for such Distribution Date;

(H)

to the Class B-4 Certificates, an amount allocable to principal equal to its Allocable Share for such Distribution Date until the Class Principal Balance of such Class is reduced to zero;

(I)

to the Class B-5 Certificates, an amount allocable to interest equal to the Accrued Certificate Interest for such Class for such Distribution Date;

(J)

to the Class B-5 Certificates, an amount allocable to principal equal to its Allocable Share for such Distribution Date until the Class Principal Balance of such Class is reduced to zero;

(K)

to the Class B-6 Certificates, an amount allocable to interest equal to the Accrued Certificate Interest for such Class for such Distribution Date;

(L)

to the Class B-6 Certificates, an amount allocable to principal equal to its Allocable Share for such Distribution Date until the Class Principal Balance of such Class is reduced to zero; and

fifth, to the Class A-LR Certificate, any remaining funds in the Subsidiary REMIC, and to the Class A-UR Certificate, any remaining funds in each remaining REMIC.

On any Distribution Date, to the extent the Amount Available for Group 1 Principal is insufficient to make the full distribution required to be made pursuant to clause (i), priority second sub-clause (A) above, (x) the amount distributable on the Class 30-PO Certificates in respect of principal pursuant to such clause (i), priority second sub-clause (A) above shall be equal to the product of (1) the Amount Available for Group 1 Principal and (2) a fraction, the numerator of which is the PO Principal Distribution Amount for Collateral Group 1 and the denominator of which is the sum of the PO Principal Distribution Amount for Collateral Group 1 and the Senior Optimal Principal Amount for Collateral Group 1 and (y) the amount distributable on the Group 1 Certificates in respect of principal shall be equal to the product of (1) the Amount Available for Group 1 Principal and (2) a fraction, the numerator of which is the Senior Optimal Principal Amount for Collateral Group 1 and the denominator of which is the sum of the Senior Optimal Principal Amount for Collateral Group 1 and the PO Principal Distribution Amount for Collateral Group 1.

On any Distribution Date, to the extent the Amount Available for Group 3 Principal is insufficient to make the full distribution required to be made pursuant to clause (i), priority second sub-clause (A) above, (x) the amount distributable on the Class 15-PO Certificates in respect of principal pursuant to such clause (i), priority second sub-clause (A) above shall be equal to the product of (1) the Amount Available for Group 3 Principal and (2) a fraction, the numerator of which is the PO Principal Distribution Amount for Collateral Group 3 and the denominator of which is the sum of the PO Principal Distribution Amount for Collateral Group 3 and the Senior Optimal Principal Amount for Collateral Group 3 and (y) the amount distributable on the Group 3 Certificates in respect of principal shall be equal to the product of (1) the Amount Available for Group 3 Principal and (2) a fraction, the numerator of which is the Senior Optimal Principal Amount for Collateral Group 3 and the denominator of which is the sum of the Senior Optimal Principal Amount for Collateral Group 3 and the PO Principal Distribution Amount for Collateral Group 3.

(b)

On each Distribution Date, the amount referred to in clause (i) of the definition of Accrued Certificate Interest for each Class of Certificates (other than the Class PO Certificates) shall be reduced by (i) the related Class’s pro rata share of Net Prepayment Interest Shortfalls with respect to the Mortgage Loans in the related Collateral Group, based on such Class’s Accrued Certificate Interest for such Distribution Date without taking into account such Net Prepayment Interest Shortfalls and (ii) the related Class’s pro rata share (based on such Class’ pro rata share without taking into account any such reduction) of (A) after the Special Hazard Coverage Termination Date with respect to each Mortgage Loan in the related Collateral Group that became a Special Hazard Mortgage Loan during the calendar month preceding the month of such Distribution Date, the excess of one month’s interest at the related Net Mortgage Rate on the Scheduled Principal Balance of such Mortgage Loan as of the Due Date in such month over the amount of Liquidation Proceeds applied as interest on such Mortgage Loan with respect to such month, (B) after the Bankruptcy Coverage Termination Date with respect to each Mortgage Loan in the related Collateral Group or Collateral Groups that became subject to a Bankruptcy Loss during the calendar month preceding the month of such Distribution Date, the interest portion of the related Deficient Valuation, (C) each Relief Act Reduction incurred on a Mortgage Loan in the related Collateral Group or Collateral Groups, during the calendar month preceding the month of such Distribution Date and (D) after the Fraud Loss Coverage Termination Date with respect to each Mortgage Loan in the related Collateral Group or Collateral Groups that became a Fraud Loan during the calendar month preceding the month of such Distribution Date, the excess of one month’s interest at the related Net Mortgage Rate on the Scheduled Principal Balance of such Mortgage Loan as of the Due Date in such month over the amount of Liquidation Proceeds applied as interest on such Mortgage Loan with respect to such month.  For purposes of calculating the reduction in the amount referred to in clause (i) of the definition of Accrued Certificate Interest for each Class of Subordinate Certificates in respect of any Collateral Group, such reduction shall be based on the amount of interest accruing at the Required Coupon for such Collateral Group (or in the case of Collateral Group 2, 7.00% per annum), in each case based on such Class’s proportionate share, based on Class Principal Balance, of the related Group Subordinate Amount for that Distribution Date.

(c)

Notwithstanding the priority and allocation contained in Section 4.02(a)(i) priority fourth, if with respect to any Class of Subordinate Certificates on any Distribution Date, such Class has not satisfied the related Class Prepayment Distribution Trigger, no distribution of amounts pursuant to clauses (ii) and (iii) of the definition of the Subordinate Optimal Principal Amount will be made to any such Classes (the “Restricted Classes”) and such amounts otherwise distributable to the Restricted Classes shall be distributed to any Classes of Subordinate Certificates that are not Restricted Classes, having lower numerical Class designations than such Restricted Classes, pro rata based on their respective Class Principal Balances immediately prior to such Distribution Date.  The calculation of any amount to be distributed under this Section 4.02(c) shall be made by the Master Servicer.

(d)

On each Distribution Date, after application of Group 1 Available Funds, Group 2 Available Funds and Group 3 Available Funds in accordance with Section 4.02(a)(i) items first and second, the Trust Administrator shall effect cross-collateralization among each Certificate Group in the following priority:

(i)

Subject to Section 4.02(b), to the extent any Accrued Certificate Interest with respect to any Class of Senior Certificates (other than the Class PO Certificates) remains unpaid after application of Available Funds for the related Collateral Group in accordance with Section 4.02(a)(i) items first and second, Available Funds for the other Collateral Groups remaining after payments on the Senior Certificates related to such other Collateral Groups (other than the Class PO Certificates) shall be applied to cover such unpaid Accrued Certificate Interest and, to the extent there are insufficient funds to pay such amounts in full, shall be applied pro rata based on the amounts of such unpaid Accrued Certificate Interest.

(ii)

Prior to the Cross-Over Date, to the extent any Group 1 PO Deferred Amount and Group 3 PO Deferred Amount have not been paid from Group 1 Available Funds and Group 3 Available Funds, respectively, the available Subordinate Principal Distribution Amount for the Subordinate Certificates shall be applied to pay any such PO Deferred Amounts.

(iii)

If on any Distribution Date, one or more Certificate Groups is an Undercollateralized Group, the available Subordinate Principal Distribution Amount for the Subordinate Certificates shall be paid to such Undercollateralized Group or Groups as principal to the Senior Certificates of such Undercollateralized Group or Groups in accordance with the priorities set forth in Section 4.02(a)(i) until the aggregate Class Principal Balance of the Senior Certificates of each such Undercollateralized Group equals the related Group Balance of the related Collateral Group (net of the Group 1 PO Percentage of the Scheduled Principal Balance of each Discount Mortgage Loan in such Collateral Group, if any). If more than one such Certificate Group is an Undercollateralized Group, the available Subordinate Principal Distribution Amount for the Subordinate Certificates shall be distributed between such Undercollateralized Groups pro rata based on the outstanding balances of the respective Certificate Groups.

(iv)

On or after the date on which the Class Principal Balances of all of the Senior Certificates in any Certificate Group have been reduced to zero, amounts otherwise distributable as principal on the Subordinate Certificates, up to the applicable Apportioned Subordinate Principal Distribution Amount, shall be paid pro rata as principal to the remaining Senior Certificates of the other Certificate Group or Groups in accordance with the priorities set forth in Section 4.02(a)(i), provided that on such Distribution Date (a) the Aggregate Subordinate Percentage for the Subordinate Certificates for such Distribution Date is less than twice the initial Aggregate Subordinate Percentage for the Subordinate Certificates or (b) the average outstanding principal balance of the Mortgage Loans delinquent 60 days or more over the last six months (including delinquent Mortgage Loans in bankruptcy, and all Mortgage Loans in foreclosure and REO Properties) as a percentage of the Group Subordinate Amount is greater than or equal to 50%.

(v)

Any application of the Subordinate Principal Distribution Amount pursuant to the preceding paragraphs (ii), (iii) and (iv) will reduce distributions to the Subordinate Certificates of such amount in reverse order of priority pursuant to the priorities set forth in Section 4.02(a)(i) priority fourth.

(e)

[Reserved].

(f)

On each Distribution Date, all Class P Prepayment Charges remitted to the Trust Fund during the related Prepayment Period shall be distributed by the Trust Administrator to the Holders of the Class P Certificates.

(g)

On each Distribution Date, Group Available Funds for each Collateral Group shall be applied to distributions on the Subsidiary and Middle REMIC Regular Interests, as described in the Preliminary Statement, in each case in an amount sufficient to make the distributions to the Master REMIC.

(h)

In the event that the Mortgage Loans are purchased at the Master Servicer's election pursuant to Section 10.01(a), the Trust Administrator shall remit the amount of any Fair Market Value Excess by wire transfer of immediately available funds to the holders of the Class A-LR Certificates in accordance with the instructions of the holders of the Class A-LR Certificates.

Section 4.03

Allocation of Realized Losses.

(a)

On or prior to each Distribution Date, the Master Servicer shall determine the total amount of Realized Losses, including Excess Losses and the allocation of such total amount as set forth below.  Realized Losses occurring on the Mortgage Loans shall be allocated as follows:

(i)

the applicable PO Percentage (with respect to Collateral Group 1, multiplied by the related Applicable Fraction) of any Realized Loss on any Discount Mortgage Loan, including any Excess Loss, shall be allocated to the Class 30-PO Certificates, in the case of a Realized Loss occurring on any Discount Mortgage Loan in any Collateral Group 1, or the Class 15-PO Certificates, in the case of a Realized Loss occurring on any Discount Mortgage Loan in Collateral Group 3, in each case, until the Class Principal Balance of such Class of Class PO Certificates is reduced to zero; and

(ii)

the applicable Non-PO Percentage, with respect to Collateral Group 1 and Collateral Group 2, multiplied by the Applicable Fraction, of any Realized Loss with respect to any Mortgage Loan (other than an Excess Loss) shall be allocated first to the Subordinate Certificates in reverse order of their respective numerical Class designations (beginning with the Class of Subordinate Certificates then outstanding with the highest numerical Class designation) until the respective Class Principal Balance of each such Class is reduced to zero, and second to the Senior Certificates of the related Certificate Group (other than the Interest Only and the Class PO Certificates) pro rata based upon their respective Class Principal Balances after giving effect to distributions of principal on such Distribution Date until the Class Principal Balance of each such Class has been reduced to zero; and

(iii)

the applicable Non-PO Percentage (with respect to Collateral Group 1 and Collateral Group 2, multiplied by the Applicable Fraction) of any Excess Losses occurring on any Mortgage Loan contributing to any Collateral Group shall be allocated among (A) (1) the Group 1 Certificates, in the case of an Excess Loss on a Mortgage Loan contributing to Collateral Group 1, (2) the Group 2 Certificates, in the case of an Excess Loss on a Mortgage Loan contributing to Collateral Group 2 and (3) the Group 3 Certificates, in the case of an Excess Loss on a Pool 2 Mortgage Loan (other than the Class PO Certificates and the Interest Only Certificates in the case of the Group 1 Certificates and Group 2 Certificates, respectively); and (B) each Class of Subordinate Certificates, pro rata based upon their respective Class Principal Balances after giving effect to distributions of principal on such Distribution Date of the Group Subordinate Amount for the Collateral Group which incurred the Excess Loss); and

(b)

The Class 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 sum of (i) the amount of any payments on the Class 15-PO in respect of any PO Deferred Amounts for Collateral Group 3, and the amount of any payments on the Class 30-PO Certificates in respect of any PO Deferred Amounts for Collateral Group 1 pursuant to Section 4.02(a) priority third, sub-clause (ii), and (ii) the amount, if any, by which the aggregate of the Class Principal Balances of all outstanding Classes of Group 1, Group 2 and Group 3 Certificates (other than the Interest Only and Class PO Certificates) and Subordinate Certificates (after giving effect to the distribution of principal and the allocation of Realized Losses with respect to the Mortgage Loans) exceeds the Aggregate Pool Principal Balance for the following Distribution Date, less any Deficient Valuations occurring before the Bankruptcy Loss Coverage Amount has been reduced to zero and less the PO Percentage of any Discount Mortgage Loans; and

(c)

Any allocation of Realized Losses to a Certificate or any reduction in the Certificate Principal Balance of a Certificate pursuant to Section 4.03(a) or (b) above shall be accomplished by reducing the Certificate Principal Balance of such Certificate immediately following the distributions made on the related Distribution Date in accordance with the definition of “Certificate Principal Balance” herein; provided that no Realized Loss with respect to any Collateral Group shall be allocated to reduce the Certificate Principal Balance of a Senior Certificate in any Certificate Group (other than the Class PO Certificates) to the extent that such allocation would reduce the aggregate Certificate Principal Balance of all of the Senior Certificates (other than the Interest Only and Class PO Certificates) and Subordinate Certificates to an amount less than the Aggregate Pool Principal Balance for the following Distribution Date minus any related Deficient Valuations occurring before the Bankruptcy Loss Coverage Termination Date and minus the PO Percentage of any Discount Mortgage Loans (such limitation, the “Loss Allocation Limitation”).

(d)

Prior to the Cross-Over Date, with respect to any Non-PO Recoveries received during the related Prepayment Period with respect to any Mortgage Loans, the Class Principal Balance of one or more Classes of Certificates that have previously had Realized Losses allocated, will be increased, as follows:

(i)

first, up to the amount of the Non-PO Recoveries with respect to any Collateral Group, the Class Principal Balance of each Class of Senior Certificates (other than the Class PO Certificates and Interest Only Certificates) in the Certificate Group corresponding to such Collateral Group will be increased, pro rata, up to the amount of the excess, if any, of (x) unrecovered Realized Losses previously allocated to each such Class, if any, over (y) amounts previously applied to the increase of the Class Principal Balance of such Class pursuant to this Section 4.03(d)(i); and

(ii)

second, up to the amount of the Non-PO Recoveries related to each Collateral Group remaining after allocation pursuant to the preceding clause (i), the Class Principal Balance of each Class of Subordinate Certificates, in order of seniority, will be increased, by the amount of the excess, if any, of (x) unrecovered Realized Losses previously allocated to each such Class, if any, over (y) amounts previously applied to the increase of the Class Principal Balance of such Class pursuant to this Section 4.03(d)(ii)(4).

(e)

With respect to any Distribution Date on or after the Cross-Over Date, the Trust Administrator shall distribute the amount of any Recovery on a Mortgage Loan received during the calendar month prior to that Distribution Date as follows:

(i)

(A) to the Class 15-PO Certificates, the PO Percentage, multiplied by the related Applicable Fraction, of any Recovery on any Mortgage Loan in Collateral Group 3 and (B) to the Class 30-PO Certificates, the PO Percentage, multiplied by the related Applicable Fraction, of any Recovery on any Mortgage Loan in Collateral Group 1; and

(ii)

to the Classes of Senior Certificates (other than the Class PO Certificates and Interest Only Certificates) of the Certificate Group or Certificate Groups corresponding to the Collateral Group to which the Mortgage Loan for which the Recovery was received, pro rata, the amount of the Recovery (with respect to Collateral Group 1 and Collateral Group 2, multiplied by the related Applicable Fraction) remaining after distribution pursuant to the preceding clause (i);

provided, however, that any distribution to a Class of Certificates pursuant to this Section 4.03(e) shall not reduce the Class Principal Balance of such Class.

Section 4.04

Distribution Date Statements to Certificateholders.

(a)

Not later than two Business Days prior to each Distribution Date, the Master Servicer shall prepare and make available to the Trust Administrator and not later than each Distribution Date, the Trust Administrator shall make available to each Certificateholder, the Depositor, the Trustee and any other interested parties a statement based in part on information provided by each Servicer setting forth the following information with respect to the related distribution (in the case of information furnished pursuant to (i) and (ii) below, the amounts shall be expressed as a dollar amount per one thousand:

(i)

the amount thereof allocable to principal, separately identifying the aggregate amount of any Principal Prepayments, Class P Prepayment Charges collected on the Mortgage Loans identified on Schedule III hereto and Liquidation Proceeds included therein;

(ii)

the amount thereof allocable to interest, any unpaid Class Interest Shortfall included in such distribution and any remaining unpaid Class Interest Shortfall after giving effect to such distribution;

(iii)

if the distribution to the Holders of such Class of Certificates is less than the full amount that would be distributable to such Holders if there were sufficient funds available therefor, the amount of the shortfall and the allocation thereof as between principal and interest;

(iv)

the Certificate Principal Balance as a dollar amount per minimum denomination Certificate and the Certificate Principal Balance or Notional Amount of each Class of Certificates, after giving effect to the distribution of principal on such Distribution Date;

(v)

the Group Balance for each Collateral Group on such Distribution Date;

(vi)

the Senior Percentage and Subordinate Percentage for each Certificate Group for the following Distribution Date;

(vii)

the aggregate amount of the Servicing Fees with respect to such Distribution Date;

(viii)

the Pass-Through Rate for each such Class of Certificates with respect to such Distribution Date;

(ix)

the amount of Advances included in the distribution on such Distribution Date and the aggregate amount of Advances outstanding as of the close of business on such Distribution Date;

(x)

the number and aggregate principal amounts of Mortgage Loans (A) delinquent (exclusive of Mortgage Loans in foreclosure) (1) 1 to 30 days (2) 31 to 60 days (3) 61 to 90 days and (4) 91 or more days and (B) in foreclosure and delinquent (1) 1 to 30 days (2) 31 to 60 days (3) 61 to 90 days and (4) 91 or more days, as of the close of business on the last day of the calendar month preceding such Distribution Date;

(xi)

with respect to any Mortgage Loan that became an REO Property during the preceding calendar month, the loan number and Scheduled Principal Balance of such Mortgage Loan as of the close of business on the last Business Day of the calendar month preceding such Distribution Date and the date of acquisition thereof;

(xii)

the total number and principal balance of any REO Properties (and market value, if available) as of the close of business on the last Business Day of the calendar month preceding such Distribution Date;

(xiii)

the Senior Prepayment Percentage for each Certificate Group;

(xiv)

the aggregate amount of Realized Losses, by Collateral Group on Mortgage Loans incurred during the preceding calendar month;

(xv)

each Special Hazard Loss Coverage Amount, each Fraud Loss Coverage Amount and each Bankruptcy Loss Coverage Amount, in each case as of the related Determination Date;

(xvi)

the beginning and ending number and aggregate Stated Principal Balance of the Mortgage Loans;

(xvii)

the related Record Date;

(xviii)

the related Interest Accrual Period;

(xix)

the related Determination Date;

(xx)

the related Distribution Date;

(xxi)

the amount of cash received with respect to the related Interest Accrual Period;

(xxii)

whether any Exchangeable Certificates and/or Exchangeable REMIC Certificates were exchanged during the previous calendar month;

(xxiii)

the Certificate exchanges that occurred during the related Interest Accrual Period;

(xxiv)

the Classes of Exchangeable Certificates that were created during the related Interest Accrual Period;

(xxv)

the balance or notional amount of each Class of Exchangeable Certificates outstanding;

(xxvi)

the Pass-Through Rates of the outstanding Classes of Exchangeable Certificates; and

(xxvii)

the amount of interest and principal paid to the Classes of Exchangeable Certificates, including any shortfalls.

(b)

The Trust Administrator’s responsibility for disbursing the above information to the Master Servicer, the Trustee, the Depositor, the Certificateholders and other interested parties is limited to the availability, timeliness and the accuracy of the information provided by each Servicer.  The Trust Administrator will make a copy of each statement provided pursuant to this Section 4.04 (and, at its option, any additional files containing the same information in an alternative format) available each month to the Certificateholders and other interested parties, and other parties to this Agreement via the Trust Administrator’s internet website located at “www.ctslink.com”.  Assistance in using the internet website can be obtained by calling the Trust Administrator’s customer service desk at (301) 815-6600.  Parties that are unable to use the above distribution method are entitled to have a paper copy mailed to them via first class mail by calling the customer service desk and indicating such.  The Trust Administrator shall have the right to change the way the Distribution Date Statement is distributed in order to make such distribution more convenient and/or more accessible and the Trust Administrator shall provide timely and adequate notification to the Certificateholders and the parties to this Agreement regarding any such changes.

The Trust Administrator shall also be entitled to rely on but shall not be responsible for the content or accuracy of any information provided by third parties (including the Servicers) for purposes of preparing the Distribution Date Statement and may affix thereto any disclaimer it deems appropriate in its reasonable discretion (without suggesting liability on the part of any other party hereto).

As a condition to access to the Trust Administrator’s internet website, the Trust Administrator may require registration and the acceptance of a disclaimer.  The Trust Administrator will not be liable for the dissemination of information in accordance with this Agreement.

(c)

Within a reasonable period of time after the end of each calendar year, the Trust Administrator shall cause to be furnished upon request to each Person who at any time during the calendar year was a Certificateholder, a statement containing the information set forth in clauses (a)(i), (a)(ii) and (a)(vii) of this Section 4.04 aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder.  Such obligation of the Trust Administrator shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trust Administrator pursuant to any requirements of the Code as from time to time in effect.

ARTICLE V

THE CERTIFICATES

Section 5.01

The Certificates.

The Certificates shall be substantially in the forms attached hereto as Exhibit A through F.  The Certificates shall be issuable in registered form, in the minimum denominations, integral multiples in excess thereof (except that one Certificate in each Class may be issued in a different amount which must be in excess of the applicable minimum denomination) and aggregate denominations per Class set forth in the Preliminary Statement.

Subject to Section 10.02 hereof respecting the final distribution on the Certificates, on each Distribution Date the Trust Administrator shall make distributions to each Certificateholder of record on the preceding Record Date either (x) by wire transfer in immediately available funds to the account of such holder at a bank or other entity having appropriate facilities therefor, if such Holder has so notified the Trust Administrator in writing at least five Business Days prior to the related Record Date or (y) by check mailed by first class mail to such Certificateholder at the address of such holder appearing in the Certificate Register.

The Certificates shall be executed by manual or facsimile signature on behalf of the Trust Administrator by an authorized officer.  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 Trust Administrator shall bind the Trust Administrator, notwithstanding that such individuals or any of them have ceased to be so authorized prior to the countersignature 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 countersigned by the Trust Administrator by manual signature, and such countersignature upon any Certificate shall be conclusive evidence, and the only evidence, that such Certificate has been duly executed and delivered hereunder.  All Certificates shall be dated the date of their countersignature.  On the Closing Date, the Trust Administrator shall countersign the Certificates to be issued at the direction of the Depositor, or any affiliate thereof.

The Depositor shall provide, or cause to be provided, to the Trust Administrator on a continuous basis, an adequate inventory of Certificates to facilitate transfers.

Section 5.02

Certificate Register; Registration of Transfer and Exchange of Certificates.

(a)

The Trust Administrator shall maintain, or cause to be maintained in accordance with the provisions of Section 5.06 hereof, a Certificate Register for the Trust Fund in which, subject to the provisions of subsections (b) and (c) below and to such reasonable regulations as it may prescribe, the Trust Administrator shall provide for the registration of Certificates and of transfers and exchanges of Certificates as herein provided.  Upon surrender for registration of transfer of any Certificate, the Trust Administrator shall execute and deliver, in the name of the designated transferee or transferees, one or more new Certificates of the same Class and aggregate Percentage Interest.

At the option of a Certificateholder, Certificates may be exchanged for other Certificates of the same Class in authorized denominations and evidencing the same aggregate Percentage Interest upon surrender of the Certificates to be exchanged at the office or agency of the Trust Administrator.  Whenever any Certificates are so surrendered for exchange, the Trust Administrator shall execute, 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 be accompanied by a written instrument of transfer in form satisfactory to the Trust Administrator duly executed by the holder thereof or his attorney duly authorized in writing.

No service charge to the Certificateholders shall be made for any registration of transfer or exchange of Certificates, but 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 may be required by the Trust Administrator.

All Certificates surrendered for registration of transfer or exchange shall be canceled and subsequently destroyed by the Trust Administrator in accordance with the Trust Administrator’s customary procedures.

(b)

(i)  No transfer of a Private Certificate shall be made unless such transfer is made pursuant to an effective registration statement under the Securities Act and any applicable state securities laws or is exempt from the registration requirements under said Act and such state securities laws.  In the event that a transfer is to be made in reliance upon an exemption from the Securities Act and such laws, in order to assure compliance with the Securities Act and such laws, the Certificateholder desiring to effect such transfer (other than the Depositor or an affiliate of the Depositor) shall certify to the Trust Administrator in writing the facts surrounding the transfer in substantially the forms set forth in Exhibit J (the “Transferor Certificate”).  Further, such Certificateholder’s prospective transferee will either (i) deliver a letter in substantially the form of either Exhibit K (the “Investment Letter”) or Exhibit L (the “Rule 144A Letter”) or (ii) deliver to the Trust Administrator at the expense of the transferor an Opinion of Counsel that such transfer may be made pursuant to an exemption from the Securities Act.  The Depositor shall provide to any Holder of a Private Certificate and any prospective transferee designated by any such Holder, information regarding the related Certificates and the Mortgage Loans and such other information as shall be necessary to satisfy the condition to eligibility set forth in Rule 144A(d)(4) for transfer of any such Certificate without registration thereof under the Securities Act pursuant to the registration exemption provided by Rule 144A.  The Trust Administrator and the Master Servicer shall cooperate with the Depositor, in accordance with the Depositor’s request, in providing the Rule 144A information referenced in the preceding sentence, including providing to the Depositor, to the extent in its possession, such information regarding the Certificates, the Mortgage Loans and other matters regarding the Trust Fund as the Depositor shall reasonably request to meet its obligation under the preceding sentence.  Each Holder of a Private Certificate desiring to effect such transfer shall, and does hereby agree to, indemnify the Trustee, the Trust Administrator, the Depositor, and the Master Servicer 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.

(ii) No transfer of an ERISA-Restricted Certificate shall be made (other than to the Depositor or an affiliate of the Depositor) unless the Trust Administrator shall have received in accordance with Exhibit K or Exhibit L (in the event such Certificate is a Private Certificate) or paragraph 13 of Exhibit I (in the event such Certificate is a Residual Certificate), in form and substance satisfactory to such Trust Administrator (i) a representation that such transferee is not an employee benefit plan or other retirement arrangement subject to Section 406 of ERISA and/or Section 4975 of the Code, or a person acting for, on behalf of or with the assets of, any such plan or arrangement, (ii) in the case of an ERISA-Restricted Certificate which is the subject of an ERISA-Qualifying Underwriting, 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 Trust Administrator, which Opinion of Counsel shall not be an expense of the Trustee, the Trust Administrator, the Depositor, the Transferor, the Master Servicer or the Trust Fund, addressed to the Trust Administrator to the effect that the purchase or holding of such ERISA-Restricted Certificate will not result in non-exempt prohibited transactions under Section 406 of ERISA and/or Section 4975 of the Code and will not subject the Trustee, the Trust Administrator, the Depositor, the Transferor or the Master Servicer to any obligation in addition to those expressly undertaken in this Agreement.  For purposes of the preceding sentence, with respect to an ERISA-Restricted Certificate that is not a Private Certificate or a Residual Certificate, in the event the representation letter referred to in the preceding sentence is not so furnished, such representation shall be deemed to have been made to the Trust Administrator by the transferee’s (including an initial acquirer’s) acceptance of the ERISA-Restricted Classes.  Notwithstanding anything else to the contrary herein, any purported transfer of an ERISA-Restricted Certificate, to or on behalf of an employee benefit plan or other retirement arrangement subject to ERISA or the Code in violation of the above restrictions shall be void and of no effect.

To the extent permitted under applicable law (including, but not limited to, ERISA), the Trust Administrator shall be under no liability to any Person for any registration of transfer of any ERISA-Restricted Certificate that is in fact not permitted by this Section 5.02(b) 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 Trust Administrator in accordance with the foregoing requirements.

(c)

Each Person who has or who acquires any Ownership Interest in a Residual Certificate shall be deemed by the acceptance or acquisition of such Ownership Interest to have agreed to be bound by the following provisions, 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 Residual Certificate shall be a Permitted Transferee and shall promptly notify the Trust Administrator of any change or impending change in its status as a Permitted Transferee.

(ii)

No Ownership Interest in a Residual Certificate may be registered on the Closing Date or thereafter transferred, and the Trust Administrator shall not register the Transfer of any Residual Certificate unless, in addition to the certificates required to be delivered to the Trust Administrator under subparagraph (b) above, the Trust Administrator shall have been furnished with an affidavit (a “Transfer Affidavit”) of the initial owner or the proposed transferee (other than the Depositor of an affiliate thereof) in the form attached hereto as Exhibit I.

(iii)

Each Person holding or acquiring any Ownership Interest in a Residual Certificate shall agree (A) to obtain a Transfer Affidavit from any other Person to whom such Person attempts to Transfer its Ownership Interest in a Residual Certificate, (B) to obtain a Transfer Affidavit from any Person for whom such Person is acting as nominee, trustee or agent in connection with any Transfer of a Residual Certificate and (C) not to Transfer its Ownership Interest in a Residual Certificate or to cause the Transfer of an Ownership Interest in a Residual Certificate to any other Person if it has actual knowledge that such Person is not a Permitted Transferee.

(iv)

Any attempted or purported Transfer of any Ownership Interest in a Residual Certificate in violation of the provisions of this Section 5.02(c) shall be absolutely null and void and shall vest no rights in the purported Transferee.  If any purported transferee shall become a Holder of a Residual Certificate in violation of the provisions of this Section 5.02(c), then the last preceding Permitted Transferee shall be restored to all rights as Holder thereof retroactive to the date of registration of Transfer of such Residual Certificate.  The Trust Administrator shall be under no liability to any Person for any registration of Transfer of a Residual Certificate that is in fact not permitted by Section 5.02(b) and this Section 5.02(c) 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 after receipt of the related Transfer Affidavit, Transferor Certificate and either the Rule 144A Letter or the Investment Letter.  The Trust Administrator shall be entitled but not obligated to recover from any Holder of a Residual Certificate that was in fact not a Permitted Transferee at the time it became a Holder or, at such subsequent time as it became other than a Permitted Transferee, all payments made on such Residual Certificate at and after either such time.  Any such payments so recovered by the Trust Administrator shall be paid and delivered by the Trust Administrator to the last preceding Permitted Transferee of such Certificate.

(v)

The Depositor shall use its best efforts to make available, upon receipt of written request from the Trust Administrator, all information necessary to compute any tax imposed under Section 860E(e) of the Code as a result of a Transfer of an Ownership Interest in a Residual Certificate to any Holder who is not a Permitted Transferee.

The restrictions on Transfers of a Residual Certificate set forth in this Section 5.02(c) shall cease to apply (and the applicable portions of the legend on a Residual Certificate may be deleted) with respect to Transfers occurring after delivery to the Trust Administrator of an Opinion of Counsel, which Opinion of Counsel shall not be an expense of the Trust Fund, the Trustee, the Trust Administrator, the Transferor or the Master Servicer, to the effect that the elimination of such restrictions will not cause any REMIC hereunder to fail to qualify as a REMIC at any time that the Certificates are outstanding or result in the imposition of any tax on the Trust Fund, a Certificateholder or another Person.  Each Person holding or acquiring any Ownership Interest in a Residual Certificate hereby consents to any amendment of this Agreement which, based on an Opinion of Counsel furnished to the Trust Administrator, is reasonably necessary (a) to ensure that the record ownership of, or any beneficial interest in, a Residual Certificate is not transferred, directly or indirectly, to a Person that is not a Permitted Transferee and (b) to provide for a means to compel the Transfer of a Residual Certificate which is held by a Person that is not a Permitted Transferee to a Holder that is a Permitted Transferee.

(d)

The preparation and delivery of all certificates and opinions referred to above in this Section 5.02 in connection with transfer shall be at the expense of the parties to such transfers.

(e)

Except as provided 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 the Certificates may not be transferred by the Trust Administrator 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 Book-Entry Certificates; (iii) ownership and transfers of registration of the Book-Entry 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 Trust Administrator shall deal with the Depository as representative of the Certificate Owners of the Book-Entry 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; and (vi) the Trust Administrator may conclusively 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.

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 Owner.  Each Depository Participant shall only transfer Book-Entry Certificates of Certificate Owners it represents or of brokerage firms for which it acts as agent in accordance with the Depository’s normal procedures.

If (x) (i) the Depository or the Depositor advises the Trust Administrator in writing that the Depository is no longer willing, qualified or able to properly discharge its responsibilities as Depository, and (ii) the Depositor is unable to locate a qualified successor, (y) the Depositor notifies the Trust Administrator in writing, with the consent of the applicable Depository Participants, that it elects to terminate the book-entry system through the Depository or (z) after the occurrence of a Master Servicer Event of Termination, Certificate Owners representing at least 51% of the Certificate Principal Balance of the Book-Entry Certificates together advise the Trust Administrator and the Depository through the Depository Participants in writing that the continuation of a Book-Entry system through the Depository is no longer in the best interests of the Certificate Owners and the Depository Participants consent to the termination, the Trust Administrator, upon receipt of notice of such event, shall notify all Certificate Owners, through the Depository, of the occurrence of any such event and of the availability of definitive, fully-registered Certificates (the “Definitive Certificates”) to Certificate Owners requesting the same.  Upon surrender to the Trust Administrator of the related Class of Certificates by the Depository, accompanied by the instructions from the Depository for registration, the Trust Administrator shall issue the Definitive Certificates.  None of the Master Servicer, the Depositor nor the Trust Administrator shall be liable for any delay in delivery of such instruction and each may conclusively rely on, and shall be protected in relying on, such instructions.  The Depositor shall provide the Trust Administrator with an adequate inventory of certificates to facilitate the issuance and transfer of Definitive Certificates.  Upon the issuance of Definitive Certificates all references herein to obligations imposed upon or to be performed by the Depository shall be deemed to be imposed upon and performed by the Trust Administrator, to the extent applicable with respect to such Definitive Certificates and the Trust Administrator shall recognize the Holders of the Definitive Certificates as Certificateholders hereunder; provided that the Trust Administrator shall not by virtue of its assumption of such obligations become liable to any party for any act or failure to act of the Depository.

Section 5.03

Mutilated, Destroyed, Lost or Stolen Certificates.

If (a) any mutilated Certificate is surrendered to the Trust Administrator, or the Trust Administrator receives evidence to its satisfaction of the destruction, loss or theft of any Certificate and (b) there is delivered to the Master Servicer and the Trust Administrator such security or indemnity as may be required by them to save each of them harmless, then, in the absence of notice to the Trust Administrator that such Certificate has been acquired by a bona fide purchaser, the Trust Administrator shall execute, countersign and deliver, in exchange for or in lieu of any such mutilated, destroyed, lost or stolen Certificate, a new Certificate of like Class, tenor and Percentage Interest.  In connection with the issuance of any new Certificate under this Section 5.03, the Trust Administrator 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 Trust Administrator and its counsel) connected therewith.  Any replacement Certificate issued pursuant to this Section 5.03 shall constitute complete and indefeasible evidence of ownership, as if originally issued, whether or not the lost, stolen or destroyed Certificate shall be found at any time.

Section 5.04

Persons Deemed Owners.

The Master Servicer, the Trustee, the Trust Administrator and any agent of the Master Servicer, the Trust Administrator or the Trustee may treat the Person in whose name any Certificate is registered as the owner of such Certificate for the purpose of receiving distributions as provided in this Agreement and for all other purposes whatsoever, and none of the Master Servicer, the Trust Administrator or the Trustee nor any agent of the Master Servicer, the Trust Administrator or the Trustee shall be affected by any notice to the contrary.

Section 5.05

Access to List of Certificateholders’ Names and Addresses.

If three or more Certificateholders (a) request such information in writing from the Trust Administrator, (b) state that such Certificateholders desire to communicate with other Certificateholders with respect to their rights under this Agreement or under the Certificates, and (c) provide a copy of the communication which such Certificateholders propose to transmit, or if the Depositor or Master Servicer shall request such information in writing from the Trust Administrator, then the Trust Administrator shall, within ten Business Days after the receipt of such request, provide the Depositor, the Master Servicer or such Certificateholders at such recipients’ expense the most recent list of the Certificateholders of such Trust Fund held by the Trust Administrator, if any.  The Depositor and every Certificateholder, by receiving and holding a Certificate, agree that the Trust Administrator shall not be held accountable by reason of the disclosure of any such information as to the list of the Certificateholders hereunder, regardless of the source from which such information was derived.

Section 5.06

Maintenance of Office or Agency.

Certificates may be surrendered for registration of transfer or exchange at Corporate Trust Office of the Trust Administrator.  The Trust Administrator will give prompt written notice to the Certificateholders of any change in such location of any such office or agency.

Section 5.07

Deposit of Uncertificated REMIC Interests.

The Uncertificated REMIC Interests shall be issued in uncertificated form to the Underwriter pursuant to Section 4 of the Underwriting Agreement and transferred by the Underwriter on the Closing Date to the Trustee to be held in trust pursuant to terms of the Trust Agreement.  U.S. Bank National Association, as Trustee, and Wells Fargo Bank, N.A., as Trust Administrator, are hereby directed and authorized to enter into the Trust Agreement.  In entering into the Trust Agreement and performing its obligations thereunder, each of the Trustee and the Trust Administrator shall be entitled to the same rights, protections and indemnities afforded to them under this Agreement in their capacity as Trustee and Trust Administrator, respectively.

ARTICLE VI

THE DEPOSITOR, THE MASTER SERVICER AND THE CUSTODIAN

Section 6.01

Respective Liabilities of the Depositor, the Master Servicer and the Custodian.

The Depositor, the Master Servicer and the Custodian shall each be liable in accordance herewith only to the extent of the obligations specifically and respectively imposed upon and undertaken by them herein.

Section 6.02

Merger or Consolidation of the Depositor, the Master Servicer and the Custodian.

The Depositor, the Master Servicer and the Custodian will each keep in full effect its existence, rights and franchises as a corporation or limited partnership, as the case may be, under the laws of the United States or under the laws of one of the states thereof and will each obtain and preserve its qualification to do business as a foreign corporation or legal entity, as the case may be, in each jurisdiction in which such qualification is or shall be necessary to protect the validity and enforceability of this Agreement, or any of the Mortgage Loans and to perform its respective duties under this Agreement.

Any Person into which the Depositor, the Master Servicer or the Custodian may be merged or consolidated, or any Person resulting from any merger or consolidation to which the Depositor, the Master Servicer or the Custodian shall be a party, or any Person succeeding to the business of the Depositor, the Master Servicer or the Custodian, shall be the successor of the Depositor, the Master Servicer or the Custodian, as the case may be, hereunder, without the execution or filing of any paper or any further act on the part of any of the parties hereto, anything herein to the contrary notwithstanding; provided, however, that the successor or surviving Person to the Master Servicer shall be qualified to service mortgage loans on behalf of Fannie Mae or Freddie Mac.

Section 6.03

Limitation on Liability of the Depositor, the Transferor, the Master Servicer, the Custodian and Others.

None of the Depositor, the Transferor, the Master Servicer, the Custodian or any of the directors, officers, employees or agents of the Depositor, the Transferor, the Master Servicer or the Custodian shall be under any liability to the Trust Fund for any action taken or for refraining from the taking of any action in good faith pursuant to this Agreement, or for errors in judgment; provided, however, that this provision shall not protect the Depositor, the Transferor, the Master Servicer, the Custodian or any such Person against any breach of representations or warranties made by it herein or protect the Depositor, the Transferor, the Master Servicer, the Custodian or any such Person from any liability which would otherwise be imposed by reason of willful misfeasance, bad faith or negligence in the performance of duties hereunder or by reason of reckless disregard of obligations and duties hereunder.  The Depositor, the Transferor, the Master Servicer, the Custodian and any director, officer, employee or agent of the Depositor, the Transferor, the Master Servicer or the Custodian may rely in good faith on any document of any kind prima facie properly executed and submitted by any Person respecting any matters arising hereunder.  The Depositor, the Transferor, the Master Servicer, the Custodian and any director, officer, employee or agent of the Depositor, the Transferor, the Master Servicer or the Custodian shall be indemnified by the Trust Fund and held harmless against any loss, liability or expense incurred in connection with (i) any audit, controversy or judicial proceeding relating to a governmental taxing authority, (ii) the performance of its duties and obligations and the exercise of its rights under this Agreement or the Certificates which constitute “unanticipated expenses incurred by the REMIC” within the meaning of the REMIC Provisions, or (iii) any legal action relating to this Agreement or the Certificates, other than any loss, liability or expense related to any specific Mortgage Loan or Mortgage Loans (except as any such loss, liability or expense shall be otherwise reimbursable pursuant to this Agreement) and any loss, liability or expense incurred by reason of willful misfeasance, bad faith or negligence in the performance of duties hereunder or by reason of reckless disregard of obligations and duties hereunder.  None of the Depositor, the Transferor, the Master Servicer and the Custodian shall be under any obligation to appear in, prosecute or defend any legal action that is not incidental to its respective duties hereunder and which in its opinion may involve it in any expense or liability; provided, however, that any of the Depositor, the Transferor, the Master Servicer or the Custodian may in its discretion undertake any such action that it may deem necessary or desirable in respect of this Agreement and the rights and duties of the parties hereto and interests of the Trustee, the Trust Administrator 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 Fund, and the Depositor, the Transferor, the Custodian and the Master Servicer shall be entitled to be reimbursed therefor out of the Collection Account.

Section 6.04

Limitation on Resignation of Master Servicer.

The Master Servicer shall not resign from the obligations and duties hereby imposed on it except (a) upon appointment of a successor master servicer and receipt by the Trustee of a letter from each Rating Agency that such a resignation and appointment will not result in a downgrading of the rating of any of the Certificates, or (b) upon determination that its duties hereunder are no longer permissible under applicable law, or (c) pursuant to Section 6.05.  Any such determination under clause (b) permitting the resignation of the Master Servicer shall be evidenced by an Opinion of Counsel to such effect delivered to the Trustee.  No such resignation shall become effective until the Trustee or a successor master servicer shall have assumed the Master Servicer’s responsibilities, duties, liabilities and obligations hereunder.

Section 6.05

Sale and Assignment of Master Servicing Rights.

The Master Servicer may sell, assign or delegate its rights, duties and obligations as Master Servicer under this Agreement in their entirety; provided, however, that:  (i) the purchaser or transferee accepting such sale, assignment and delegation (a) shall be a Person qualified to service mortgage loans for Fannie Mae or Freddie Mac, (b) shall have a net worth of not less than $50,000,000 (unless otherwise approved by each Rating Agency pursuant to clause (ii) below) or (c) 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, from and after the effective date of such assumption agreement or delegation; (ii) each Rating Agency shall be given prior written notice of the identity of the proposed successor to the Master Servicer and shall confirm in writing to the Master Servicer and the Trustee that any such sale, assignment or delegation would not result in a withdrawal or a downgrading of the rating on any Class of Certificates in effect immediately prior to such sale, assignment; and (iii) the Master Servicer shall deliver to the Trustee an Officer’s Certificate and an Opinion of Independent Counsel, each stating that all conditions precedent to such action under this Agreement have been fulfilled and such action is permitted by and complies with the terms of this Agreement.  No such sale, assignment or delegation shall affect any liability of the Master Servicer arising prior to the effective date thereof.

Section 6.06

Fees of the Custodian.

The Custodian shall be compensated as separately agreed in writing with the Master Servicer.

ARTICLE VII

DEFAULT

Section 7.01

Events of Default.

“Master Servicer Event of Termination,” wherever used herein, means any one of the following events:

(i)

The Master Servicer fails to cause to be deposited in the Distribution Account any amount so required to be deposited pursuant to this Agreement, and such failure continues unremedied for a period of one Business Day; or

(ii)

The Master Servicer fails to observe or perform in any material respect any other material covenants and agreements set forth in this Agreement to be performed by it, which covenants and agreements materially affect the rights of Certificateholders, and such failure continues unremedied for a period of 60 days after the date on which written notice of such failure, properly 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 or the Trust Administrator by the Holders of Certificates evidencing Voting Rights aggregating not less than 25% of the Certificates; or

(iii)

There is entered against the Master Servicer a decree or order by a court or agency or supervisory authority having jurisdiction in the premises for the appointment of a conservator, receiver or liquidator in any insolvency, readjustment of debt, marshaling 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 is unstayed and in effect for a period of 60 consecutive days, or an involuntary case is commenced against the Master Servicer under any applicable insolvency or reorganization statute and the petition is not dismissed within 60 days after the commencement of the case; or

(iv)

The Master Servicer consents to the appointment of a conservator or receiver or liquidator in any insolvency, readjustment of debt, marshaling of assets and liabilities or similar proceedings of or relating to the Master Servicer or substantially all of its property; or the Master Servicer admits in writing its inability to pay its debts generally as they become due, files a petition to take advantage of any applicable insolvency or reorganization statute, makes an assignment for the benefit of its creditors, or voluntarily suspends payment of its obligations; or

(v)

The Master Servicer assigns or delegates its duties or rights under this Agreement in contravention of the provisions permitting such assignment or delegation under Section 6.04; or

(vi)

any failure by the Master Servicer to comply with Sections 3.21 or 3.22.

In each and every such case, so long as such Master Servicer Event of Termination with respect to the Master Servicer shall not have been remedied, the Trustee may, and (i) at the direction of the Holders of Certificates evidencing Voting Rights aggregating not less than 25% of the Certificates or (ii) if such Master Servicer Event of Termination is related to a failure by the Master Servicer to make any Advance required to be made by it pursuant to the terms of this Agreement, the Trustee shall, in each case by notice in writing to the Master Servicer, with a copy to the Rating Agencies, terminate all of the rights and obligations (but not the liabilities accruing prior to the date of termination) of the Master Servicer under this Agreement and in and to the Mortgage Loans and/or the REO Property serviced by the Master Servicer and the proceeds thereof; provided, however, with respect to a Master Servicer Event of Termination set forth in clause (vi), the Depositor, at its sole option, but with the consent of the Trustee, may permit a cure period for the Master Servicer to deliver such Assessment of Compliance or Accountant’s Attestation, but in no event later than March 25 of such year.  Upon the receipt by the Master Servicer of such written notice, all authority and power of the Master Servicer under this Agreement, whether with respect to the Certificates, the Mortgage Loans, the Servicing Agreements, REO Property or under any other related agreements (but only to the extent that such other agreements relate to the Mortgage Loans or related REO Property) shall, subject to Section 7.02, automatically and without further action pass to and be vested in the Trustee pursuant to this Section 7.01; and, without limitation, 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 or assignment of the Mortgage Loans and related documents, or otherwise.  The Master Servicer agrees to cooperate with the Trustee in effecting the termination of the Master Servicer’s rights and obligations hereunder, including, without limitation, the transfer to the Trustee of (i) the Mortgage Files and all other property and amounts which are then or should be part of the Issuing Entity or which thereafter become part of the Issuing Entity; and (ii) originals or copies of all documents of the Master Servicer reasonably requested by the Trustee to enable it to assume the Master Servicer’s duties thereunder.  In addition to any other amounts which are then, or, notwithstanding the termination of its activities under this Agreement, may become payable to the Master Servicer under this Agreement, the Master Servicer shall be entitled to receive, out of any amount received on account of a Mortgage Loan or related REO Property, that portion of such payments which it would have received as reimbursement under this Agreement if notice of termination had not been given.  The termination of the rights and obligations of the Master Servicer shall not affect any obligations incurred by the Master Servicer prior to such termination.

Notwithstanding any termination of the activities of the Master Servicer hereunder, the Master Servicer shall be entitled to receive, out of any late collection of a Scheduled Payment on a Mortgage Loan which was due prior to the notice terminating such Master Servicer’s rights and obligations as Master Servicer hereunder and received after such notice, that portion thereof to which such Master Servicer would have been entitled pursuant to Sections 3.10(a)(i) through (xi), and any other amounts payable to such Master Servicer hereunder the entitlement to which arose prior to the termination of its activities hereunder.

If the Master Servicer and the Trust Administrator are the same Person, then at any time the Master Servicer is terminated pursuant to Section 7.01 hereof, the Trust Administrator shall likewise be removed as trust administrator hereunder.

Section 7.02

Trustee to Act; Appointment of Successor.

On and after the time the Master Servicer receives a notice of termination pursuant to Section 7.01 hereof, the Trustee shall, subject to and to the extent provided in Section 3.05, be the successor to the Master Servicer in its capacity as Master Servicer under this Agreement and the transactions set forth or provided for herein and shall be subject to all the responsibilities, duties, liabilities and limitations on liabilities relating thereto placed on the Master Servicer by the terms and provisions hereof and applicable law including the obligation to make Advances pursuant to Section 4.01.  As compensation therefor, the Trustee shall be entitled to investment income on all funds to which the Master Servicer would have been entitled in the Collection Account or Distribution Account if the Master Servicer had continued to act hereunder.  Notwithstanding the foregoing, if the Trustee has become the successor to the Master Servicer in accordance with Section 7.01 hereof, the Trustee may, if it shall be unwilling to so act, or shall, if it is prohibited by applicable law from making Advances pursuant to Section 4.01 hereof or if it is otherwise unable to so act, or if it has been requested in writing by Holders of Certificates evidencing not less than 25% of the Voting Rights evidenced by the Certificates to do so, appoint, or petition a court of competent jurisdiction to appoint, any established mortgage loan servicing institution the appointment of which does not adversely affect the then current rating of the Certificates by each Rating Agency 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.  Any successor to the Master Servicer shall be an institution which is a Fannie Mae and Freddie Mac approved seller/servicer in good standing, which has a net worth of at least $15,000,000, and which is willing to master service the Mortgage Loans and executes and delivers to the Depositor and the Trustee an agreement accepting such delegation and assignment, which contains an assumption by such Person of the rights, powers, duties, responsibilities, obligations and liabilities of the Master Servicer (other than liabilities of the Master Servicer under Section 6.03 hereof incurred prior to termination of the Master Servicer under Section 7.01), with like effect as if originally named as a party to this Agreement; provided that each Rating Agency acknowledges that its rating of the Certificates in effect immediately prior to such assignment and delegation will not be qualified or reduced as a result of such assignment and delegation.  Pending appointment of a successor to the Master Servicer hereunder, the Trustee, unless the Trustee is prohibited by law from so acting, shall, subject to Section 3.05 hereof, act in such capacity as hereinabove provided.  In connection with such appointment and assumption, the Trustee may make such arrangements for the compensation of such successor master servicer out of payments on Mortgage Loans as it and such successor master servicer shall agree; provided, however, that no such compensation shall be in excess of the compensation permitted the Master Servicer hereunder.  The Trustee and such successor master servicer shall take such action, consistent with this Agreement, as shall be necessary to effectuate any such succession.  Neither the Trustee nor any other successor master servicer shall be deemed to be in default hereunder by reason of any failure to make, or any delay in making, any distribution hereunder or any portion thereof or any failure to perform, or any delay in performing, any duties or responsibilities hereunder, in either case caused by the failure of the Master Servicer to deliver or provide, or any delay in delivering or providing, any cash, information, documents or records to it.

Any successor master servicer as Master Servicer shall give notice to the Servicers of such change of master servicer and shall, during the term of its service as master servicer enforce the requirement of the Servicers to maintain in force the policy or policies pursuant to Section 3.11.

The Trustee or successor master servicer shall be entitled to be reimbursed from the Master Servicer for all costs associated with the transfer of master servicing from the predecessor master servicer, including, without limitation, any costs or expenses (including but not limited to personnel time) associated with the complete transfer of all master servicing data and the completion, correction or manipulation of such master servicing data as may be required by the Trustee or successor master servicer to correct any errors or insufficiencies in the master servicing data or otherwise to enable the Trustee or successor master servicer to master service the Mortgage Loans properly and effectively.  If the Master Servicer does not pay such reimbursement within thirty (30) days of its receipt of an invoice therefor, such reimbursement shall be an expense of the Issuing Entity and the Trustee shall be entitled to withdraw such reimbursement from amounts on deposit in the Distribution Account pursuant to Section 3.10(b)(iii); provided that the Master Servicer shall reimburse the Issuing Entity for any such expense incurred by the Issuing Entity.

Section 7.03

Notification to Certificateholders.

(a)

Upon any termination of or appointment of a successor to the Master Servicer, the Trustee (or the Trust Administrator on its behalf) shall give prompt written notice thereof to Certificateholders and to each Rating Agency.

(b)

Within 60 days after the occurrence of any Master Servicer Event of Termination, the Trustee or the Trust Administrator shall transmit by mail to all Certificateholders notice of each such Master Servicer Event of Termination hereunder actually known to a Responsible Officer of the Trustee or the Trust Administrator, unless such Master Servicer Event of Termination shall have been cured or waived.

ARTICLE VIII

CONCERNING THE TRUSTEE

Section 8.01

Duties of Trustee.

The Trustee, prior to the occurrence of a Master Servicer Event of Termination and after the curing or waiver of all Master Servicer Events of Termination that may have occurred, shall undertake to perform such duties and only such duties as are specifically set forth in this Agreement.  In case a Master Servicer Event of Termination has occurred and remains uncured or unwaived, the Trustee shall exercise such of the rights and powers vested in it by this Agreement, and use the same degree of care and skill in their exercise as a prudent person would exercise or use under the circumstances in the conduct of such person’s own affairs, but only until such time as a successor Master Servicer shall have been appointed hereunder.

The Trustee, upon receipt of all resolutions, certificates, statements, opinions, reports, documents, orders or other instruments furnished to the Trustee that are specifically required to be furnished pursuant to any provision of this Agreement shall examine them to determine whether they are in the form required by this Agreement to the extent that forms of such documents have been provided to the Trustee; provided, however, that the Trustee shall not be responsible for the accuracy or content of any such resolution, certificate, statement, opinion, report, document, order or other instrument.  If any such instrument is found not to conform in any material respect to the requirements of this Agreement, the Trustee shall notify the Certificateholders of such non-conforming instrument in the event the Trustee, after so requesting, does not receive a satisfactorily corrected instrument.

No provision of this Agreement shall be construed to relieve the Trustee from liability for its own negligent action, its own negligent failure to act or its own willful misconduct; provided, however, that:

(i)

unless a Master Servicer Event of Termination of which a Responsible Officer of the Trustee has actual knowledge shall have occurred and be continuing, the duties and obligations of the Trustee shall be determined solely by the express provisions of this Agreement, the Trustee shall not be liable except for the performance of such duties and obligations as are specifically set forth in this Agreement, no implied covenants or obligations shall be read into this Agreement against the Trustee and the Trustee 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 and conforming to the requirements of this Agreement which it believed in good faith to be genuine and to have been duly executed by the proper authorities respecting any matters arising hereunder;

(ii)

the Trustee shall not be liable for an error of judgment made in good faith by a Responsible Officer or Responsible Officers of the Trustee, unless it shall be conclusively determined by a court of competent jurisdiction, such determination no longer subject to appeal, that the Trustee was negligent in ascertaining the pertinent facts;

(iii)

the Trustee shall not be liable with respect to any action taken, suffered or omitted to be taken by it in good faith in accordance with the direction of Holders of Certificates evidencing not less than 25% of the Voting Rights of Certificates relating to the time, method and place of conducting any proceeding for any remedy available to the Trustee, or exercising or omitting to exercise any trust or power conferred upon the Trustee under this Agreement; and

(iv)

The Trustee shall not be accountable, shall have no liability and makes no representation as to any acts or omissions hereunder of the Master Servicer until such time as the Trustee may be required to act as Master Servicer pursuant to Section 7.02 and thereupon only for the acts or omissions of the Trustee as successor Master Servicer.

Section 8.02

Certain Matters Affecting the Trustee.

Except as otherwise provided in Section 8.01:

(i)

the Trustee may request and conclusively rely upon and shall be fully protected in acting or refraining from acting upon any resolution, Officer’s Certificate, certificate of auditors or any other certificate, statement, instrument, opinion, report, notice, request, consent, order, appraisal, bond or other paper or document believed by it to be genuine and to have been signed or presented by the proper party or parties and the Trustee shall have no responsibility to ascertain or confirm the genuineness of any signature of any such party or parties;

(ii)

the Trustee may consult with counsel, financial advisers or accountants and the advice of any such counsel, financial advisers or accountants and any advice or Opinion of Counsel shall be full and complete authorization and protection in respect of any action taken or suffered or omitted by it hereunder in good faith and in accordance with such advice or Opinion of Counsel;

(iii)

the Trustee shall not be 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;

(iv)

prior to the occurrence of a Master Servicer Event of Termination and after the curing or waiver of all Master Servicer Events of Termination 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 document, unless requested in writing so to do by Holders of Certificates evidencing not less than 25% of the Voting Rights allocated to each Class of Certificates; provided, however, that if the payment within a reasonable time to the Trustee of the costs, expenses or liabilities likely to be incurred by it in the making of such investigation is, in the opinion of the Trustee, not reasonably assured to the Trustee by the security afforded to it by the terms of this Agreement, the Trustee may require reasonable indemnity against such expense or liability as a condition to so proceeding.  The reasonable expense of every such examination shall be paid by the Master Servicer or, if paid by the Trustee, shall be reimbursed by the Master Servicer upon demand.  Nothing in this clause (iv) shall derogate from the obligation of the Master Servicer to observe any applicable law prohibiting disclosure of information regarding the Mortgagors;

(v)

the Trustee may execute any of the trusts or powers hereunder or perform any duties hereunder either directly or by or through agents or attorneys or the Custodian and the Trustee shall not be responsible for any misconduct or negligence on the part of any such agent, attorney or custodian appointed by the Trustee with due care;

(vi)

the Trustee shall not be required to risk or expend its own funds or otherwise incur any financial liability in the performance of any of its duties or in the exercise of any of its rights or powers hereunder if it shall have reasonable grounds for believing that repayment of such funds or adequate indemnity 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 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;

(vii)

the Trustee shall not be liable for any loss on any investment of funds pursuant to this Agreement (other than as issuer of the investment security);

(viii)

the Trustee shall not be deemed to have knowledge of a Master Servicer Event of Termination until a Responsible Officer of the Trustee obtains actual knowledge of such failure or the Trustee receives written notice of such failure from the Master Servicer or the holders of Certificates evidencing not less than 25% of the Voting Rights of Certificates.  In the absence of such receipt of such notice, the Trustee may conclusively assume that there is no Master Servicer Event of Termination;

(ix)

the Trustee shall be under no obligation to exercise any of the trusts, 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 reasonable security or indemnity satisfactory to the Trustee against the costs, expenses and liabilities which may be incurred therein or thereby.

The Trustee shall have no duty (A) to see to any recording, filing, or depositing of this Agreement or any agreement referred to herein or any financing statement or continuation statement evidencing a security interest, or to see to the maintenance of any such recording or filing or depositing or to any rerecording, refiling or redepositing thereof, (B) to see to the provision of any insurance or (C) to see to the payment or discharge of any tax, assessment, or other governmental charge or any lien or encumbrance of any kind owing with respect to, assessed or levied against, any part of the Trust Fund other than from funds available in the Distribution Account.

Section 8.03

Trustee Not Liable for Certificates or Mortgage Loans.

The recitals contained herein and in the Certificates shall be taken as the statements of the Depositor or the Transferor, as the case may be, and the Trustee assumes no responsibility for their correctness.  The Trustee makes no representations as to the validity or sufficiency of this Agreement or of the Certificates or of any Mortgage Loan or related document.  The Trustee shall not be accountable for the use or application by the Depositor or the Master Servicer of any funds paid to the Depositor or the Master Servicer in respect of the Mortgage Loans or deposited in or withdrawn from the Collection Account or the Distribution Account by the Depositor, the Master Servicer or the Trust Administrator.

Section 8.04

Trustee May Own Certificates.

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

Section 8.05

Trustee’s Fees and Expenses.

The Trustee shall be compensated as separately agreed with the Master Servicer.  The Trustee and any director, officer, employee, agent or “control person” within the meaning of the Securities Act of 1933, as amended, and the Securities Exchange of 1934, as amended (“Control Person”), of the Trustee shall be indemnified by the Issuing Entity and held harmless against any loss, liability or expense (including reasonable attorney’s fees) (i) incurred in connection with any claim or legal action relating to (a) this Agreement, (b) the Mortgage Loans or (c) the Certificates, (ii) incurred in connection with the performance of any of the Trustee’s duties hereunder, other than any loss, liability or expense (x) incurred by reason of willful misfeasance, bad faith or negligence in the performance of any of the Trustee’s duties hereunder or (y) which would not constitute an “unanticipated expense incurred by the REMIC” within the meaning of Treasury Regulations Section 1.860G-1(b)(3)(ii) and (iii) incurred by reason of any action of the Trustee taken at the direction of the Certificateholders.  Such indemnity shall survive the termination of this Agreement or the resignation or removal of the Trustee hereunder.  Without limiting the foregoing, and except for any such expense, disbursement or advance as may arise from the Trustee’s negligence, bad faith or willful misconduct, or which would not be an “unanticipated expense” within the meaning of the second preceding sentence, the Trustee shall be reimbursed by the Issuing Entity for all reasonable expenses, disbursements and advances incurred or made by the Trustee in accordance with any of the provisions of this Agreement with respect to:  (A) the reasonable compensation and the expenses and disbursements of its counsel not associated with the closing of the issuance of the Certificates, (B) the reasonable compensation, expenses and disbursements of any accountant, engineer, appraiser or other agent that is not regularly employed by the Trustee, to the extent that the Trustee must engage such Persons to perform acts or services hereunder and (C) printing and engraving expenses in connection with preparing any Definitive Certificates.  The Issuing Entity shall fulfill its obligations under this paragraph from amounts on deposit from time to time in the Distribution Account.

Section 8.06

Eligibility Requirements for Trustee.

The Trustee hereunder shall at all times be a corporation or association organized and doing business under the laws the United States of America or any state thereof, authorized under such laws to exercise corporate trust powers, having a combined capital and surplus of at least $50,000,000, subject to supervision or examination by federal or state authority and with a credit rating of at least investment grade.  If such corporation or association publishes reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then for the purposes of this Section 8.06 the combined capital and surplus of such corporation or association shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published.  In case at any time the Trustee shall cease to be eligible in accordance with the provisions of this Section 8.06, the Trustee shall resign immediately in the manner and with the effect specified in Section 8.07 hereof.  The entity serving as Trustee may have normal banking and trust relationships with the Depositor and its affiliates or the Master Servicer and its affiliates; provided, however, that such entity cannot be an affiliate of the Master Servicer other than the Trustee in its role as successor to the Master Servicer.

Section 8.07

Resignation and Removal of Trustee.

The Trustee may at any time resign and be discharged from the trusts hereby created by giving written notice of resignation to the Depositor, the Master Servicer and each Rating Agency not less than 60 days before the date specified in such notice when, subject to Section 8.08, such resignation is to take effect, and acceptance by a successor trustee in accordance with Section 8.08 meeting the qualifications set forth in Section 8.06.  If no successor trustee meeting such qualifications shall have been so appointed by the Depositor and have accepted appointment within 30 days after the giving of such notice of resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor trustee.

If at any time the Trustee shall cease to be eligible in accordance with the provisions of Section 8.06 hereof and shall fail to resign after written request thereto by the Depositor, or if at any time the Trustee shall become incapable of acting, or shall be adjudged as bankrupt or insolvent, or a receiver of the Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, or a tax is imposed with respect to the Trust Fund by any state in which the Trustee or the Trust Fund is located and the imposition of such tax would be avoided by the appointment of a different trustee, then the Depositor or the Master Servicer may remove the Trustee and appoint a successor trustee by written instrument, in triplicate, one copy of which instrument shall be delivered to the Trustee so removed, one copy of which shall be delivered to the Master Servicer and one copy to the successor trustee.

The Holders of Certificates entitled to at least 51% of the Voting Rights may at any time remove the Trustee and appoint a successor trustee by written instrument or instruments, in triplicate, signed by such Holders or their attorneys-in-fact duly authorized, one complete set of which instruments shall be delivered by the successor Trustee to the Master Servicer, one complete set to the Trustee so removed and one complete set to the successor so appointed.  Notice of any removal of the Trustee shall be given to each Rating Agency by the successor trustee.

Any resignation or removal of the Trustee and appointment of a successor trustee pursuant to any of the provisions of this Section 8.07 shall become effective upon acceptance by the successor trustee of appointment as provided in Section 8.08 hereof.

Section 8.08

Successor Trustee.

Any successor trustee appointed as provided in Section 8.07 hereof shall execute, acknowledge and deliver to the Depositor and to its predecessor trustee and the Master Servicer an instrument accepting such appointment hereunder and thereupon the resignation or removal of the predecessor trustee shall become effective and such successor trustee, without any further act, deed or conveyance, shall become fully vested with all the rights, powers, duties and obligations of its predecessor hereunder, with the like effect as if originally named as trustee herein.  The Depositor, the Master Servicer and the predecessor trustee shall execute and deliver such instruments and do such other things as may reasonably be required for more fully and certainly vesting and confirming in the successor trustee all such rights, powers, duties, and obligations.

No successor trustee shall accept appointment as provided in this Section 8.08 unless at the time of such acceptance such successor trustee shall be eligible under the provisions of Section 8.06 hereof and its appointment shall not adversely affect the then current rating of the Certificates, as confirmed in writing by each Rating Agency.

Upon acceptance by a successor trustee of appointment as provided in this Section 8.08, the Depositor shall mail notice of the succession of such trustee hereunder to all Holders of Certificates.  If the Depositor fails to mail such notice within 10 days after acceptance by the successor trustee of appointment, the successor trustee shall cause such notice to be mailed at the expense of the Depositor.

Section 8.09

Merger or Consolidation of Trustee.

Any corporation or other entity into which the Trustee may be merged or converted or with which it may be consolidated or any corporation or other entity resulting from any merger, conversion or consolidation to which the Trustee shall be a party, or any corporation or other entity succeeding to the business of the Trustee, shall be the successor of the Trustee hereunder, provided that such corporation or other entity shall be eligible under the provisions of Section 8.06 hereof, 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 8.10

Appointment of Co-Trustee or Separate Trustee.

Notwithstanding any other provisions of this Agreement, at any time, for the purpose of meeting any legal requirements of any jurisdiction in which any part of the Trust Fund or property securing any Mortgage Note may at the time be located, the Master Servicer and the Trustee acting jointly shall have the power and shall 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 Fund, and to vest in such Person or Persons, in such capacity and for the benefit of the Certificateholders, such title to the Trust Fund or any part thereof, whichever is applicable, 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.  If the Master Servicer shall not have joined in such appointment within 15 days after the receipt by it of a request to do so, or in the case a Master Servicer Event of Termination shall have occurred and be continuing, the Trustee alone shall have the power to make such appointment.  No co-trustee or separate trustee hereunder shall be required to meet the terms of eligibility as a successor trustee under Section 8.06 and no notice to Certificateholders of the appointment of any co-trustee or separate trustee shall be required under Section 8.08.

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)

To the extent necessary to effectuate the purposes of this Section 8.10, all rights, powers, duties and obligations conferred or imposed upon the Trustee, except for the obligation of the Trustee (as successor master servicer) under this Agreement to advance funds on behalf of the Master Servicer, 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 applicable Trust Fund 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;

(ii)

No trustee hereunder shall be held personally liable by reason of any act or omission of any other trustee hereunder and such appointment shall not, and shall not be deemed to, constitute any such separate trustee or co-trustee as agent of the Trustee; and

(iii)

The Trustee 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 separate trustees and co-trustees, when and 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 Master Servicer and 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.

ARTICLE IX

CONCERNING THE TRUST ADMINISTRATOR AND THE MASTER SERVICER

Section 9.01

Duties of Trust Administrator.

The Trust Administrator shall undertake to perform such duties and only such duties as are specifically set forth in this Agreement.

The Trust Administrator, upon receipt of all resolutions, certificates, statements, opinions, reports, documents, orders or other instruments furnished to the Trust Administrator that are specifically required to be furnished pursuant to any provision of this Agreement shall examine them to determine whether they are in the form required by this Agreement; provided, however, that the Trust Administrator shall not be responsible for the accuracy or content of any such resolution, certificate, statement, opinion, report, document, order or other instrument.  If any such instrument is found not to conform in any material respect to the requirements of this Agreement, the Trust Administrator shall notify the Certificateholders of such non-conforming instrument in the event the Trust Administrator, after so requesting, does not receive a satisfactorily corrected instrument.

No provision of this Agreement shall be construed to relieve the Trust Administrator from liability for its own negligent action, its own negligent failure to act or its own willful misconduct; provided, however, that:

(i)

the duties and obligations of the Trust Administrator shall be determined solely by the express provisions of this Agreement, the Trust Administrator shall not be liable except for the performance of such duties and obligations as are specifically set forth in this Agreement, no implied covenants or obligations shall be read into this Agreement against the Trust Administrator and the Trust 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 Trust Administrator and conforming to the requirements of this Agreement which it believed in good faith to be genuine and to have been duly executed by the proper authorities respecting any matters arising hereunder;

(ii)

the Trust Administrator shall not be liable for an error of judgment made in good faith by a Responsible Officer or Responsible Officers of the Trust Administrator, unless it shall be conclusively determined by a court of competent jurisdiction, such determination no longer subject to appeal, that the Trust Administrator was negligent in ascertaining the pertinent facts;

(iii)

the Trust Administrator shall not be liable with respect to any action taken, suffered or omitted to be taken by it in good faith in accordance with the direction of Holders of Certificates evidencing not less than 25% of the Voting Rights of Certificates relating to the time, method and place of conducting any proceeding for any remedy available to the Trust Administrator, or exercising or omitting to exercise any trust or power conferred upon the Trust Administrator under this Agreement; and

(iv)

The Trust Administrator shall not be accountable, shall have no liability and makes no representation as to any acts or omissions hereunder of the Master Servicer or the Trustee.

Section 9.02

Certain Matters Affecting the Trust Administrator.

Except as otherwise provided in Section 9.01:

(i)

the Trust Administrator may request and conclusively rely upon and shall be fully protected in acting or refraining from acting upon any resolution, Officer’s Certificate, certificate of auditors or any other certificate, statement, instrument, opinion, report, notice, request, consent, order, appraisal, bond or other paper or document believed by it to be genuine and to have been signed or presented by the proper party or parties and the Trust Administrator shall have no responsibility to ascertain or confirm the genuineness of any signature of any such party or parties;

(ii)

the Trust Administrator may consult with counsel, financial advisers or accountants and the advice of any such counsel, financial advisers or accountants and any advice or Opinion of Counsel shall be full and complete authorization and protection in respect of any action taken or suffered or omitted by it hereunder in good faith and in accordance with such advice or Opinion of Counsel;

(iii)

the Trust Administrator shall not be 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;

(iv)

the Trust Administrator shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, consent, order, approval, bond or other paper or document, unless requested in writing so to do by Holders of Certificates evidencing not less than 25% of the Voting Rights allocated to each Class of Certificates; provided, however, that if the payment within a reasonable time to the Trust Administrator of the costs, expenses or liabilities likely to be incurred by it in the making of such investigation is, in the opinion of the Trust Administrator, not reasonably assured to the Trust Administrator by the security afforded to it by the terms of this Agreement, the Trust Administrator may require reasonable indemnity against such expense or liability as a condition to so proceeding.  Nothing in this clause (iv) shall derogate from the obligation of the Master Servicer to observe any applicable law prohibiting disclosure of information regarding the Mortgagors;

(v)

the Trust Administrator may execute any of the trusts or powers hereunder or perform any duties hereunder either directly or by or through agents or attorneys or the Custodian and the Trust Administrator shall not be responsible for any misconduct or negligence on the part of any such agent, attorney or custodian appointed by the Trust Administrator with due care;

(vi)

the Trust Administrator shall not be required to risk or expend its own funds or otherwise incur any financial liability in the performance of any of its duties or in the exercise of any of its rights or powers hereunder if it shall have reasonable grounds for believing that repayment of such funds or adequate indemnity 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 Trust 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 Trust Administrator shall be the successor to, and be vested with the rights, duties, powers and privileges of, the Master Servicer in accordance with the terms of this Agreement;

(vii)

[reserved];

(viii)

[reserved];

(ix)

the Trust Administrator shall be under no obligation to exercise any of the trusts, 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 Trust Administrator reasonable security or indemnity satisfactory to the Trust Administrator against the costs, expenses and liabilities which may be incurred therein or thereby.

The Trust Administrator shall have no duty (A) to see to any recording, filing, or depositing of this Agreement or any agreement referred to herein or any financing statement or continuation statement evidencing a security interest, or to see to the maintenance of any such recording or filing or depositing or to any rerecording, refiling or redepositing thereof, (B) to see to the provision of any insurance or (C) to see to the payment or discharge of any tax, assessment, or other governmental charge or any lien or encumbrance of any kind owing with respect to, assessed or levied against, any part of the Trust Fund other than from funds available in the Distribution Account.

Section 9.03

Trust Administrator Not Liable for Certificates or Mortgage Loans.

The recitals contained herein and in the Certificates shall be taken as the statements of the Depositor or the Transferor, as the case may be, and the Trust Administrator assumes no responsibility for their correctness.  The Trust Administrator makes no representations as to the validity or sufficiency of this Agreement or of the Certificates or of any Mortgage Loan or related document other than with respect to the Trust Administrator’s execution and authentication of the Certificates.  The Trust Administrator shall not be accountable for the use or application by the Depositor or the Master Servicer of any funds paid to the Depositor or the Master Servicer in respect of the Mortgage Loans or deposited in or withdrawn from the Collection Account by the Depositor or the Master Servicer.

Section 9.04

Trust Administrator May Own Certificates.

The Trust Administrator in its individual or any other capacity may become the owner or pledgee of Certificates and may transact business with the parties hereto and their Affiliates with the same rights as it would have if it were not the Trust Administrator.

Section 9.05

Trust Administrator’s Fees and Expenses.

As compensation for its activities hereunder, the Trust Administrator shall be entitled to retain or withdraw from the Distribution Account an amount equal to the Trust Administrator Compensation.  The Trust Administrator and any director, officer, employee, agent or “control person” within the meaning of the Securities Act of 1933, as amended, and the Securities Exchange of 1934, as amended (“Control Person”), of the Trust Administrator shall be indemnified by the Issuing Entity and held harmless against any loss, liability or expense (including reasonable attorney’s fees) (i) incurred in connection with any claim or legal action relating to (a) this Agreement, (b) the Mortgage Loans or (c) the Certificates, other than any loss, liability or expense incurred by reason of willful misfeasance, bad faith or negligence in the performance of any of the Trust Administrator’s duties hereunder, (ii) incurred in connection with the performance of any of the Trust Administrator’s duties hereunder, other than any loss, liability or expense (x) incurred by reason of willful misfeasance, bad faith or negligence in the performance of any of the Trust Administrator’s duties hereunder or (y) which would not constitute an “unanticipated expense incurred by the REMIC” within the meaning of Treasury Regulations Section 1.860G-1(b)(3)(ii), or (iii) incurred by reason of any action of the Trust Administrator taken at the direction of the Certificateholders.  Such indemnity shall survive the termination of this Agreement or the resignation or removal of the Trust Administrator hereunder.  Without limiting the foregoing, and except for any such expense, disbursement or advance as may arise from the Trust Administrator’s negligence, bad faith or willful misconduct, or which would not be an “unanticipated expense” within the meaning of the second preceding sentence, the Trust Administrator shall be reimbursed by the Issuing Entity for all reasonable expenses, disbursements and advances incurred or made by the Trust Administrator in accordance with any of the provisions of this Agreement with respect to:  (A) the reasonable compensation and the expenses and disbursements of its counsel not associated with the closing of the issuance of the Certificates, (B) the reasonable compensation, expenses and disbursements of any accountant, engineer, appraiser or other agent that is not regularly employed by the Trust Administrator, to the extent that the Trust Administrator must engage such Persons to perform acts or services hereunder and (C) printing and engraving expenses in connection with preparing any Definitive Certificates.  The Issuing Entity shall fulfill its obligations under this paragraph from amounts on deposit from time to time in the Distribution Account.

Section 9.06

Eligibility Requirements for Trust Administrator.

The Trust Administrator hereunder shall at all times be a corporation or association organized and doing business under the laws the United States of America or any state thereof, authorized under such laws to exercise corporate trust powers, having a combined capital and surplus of at least $50,000,000, subject to supervision or examination by federal or state authority and with a credit rating of at least investment grade.  If such corporation or association publishes reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then for the purposes of this Section 9.06 the combined capital and surplus of such corporation or association shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published.  In case at any time the Trust Administrator shall cease to be eligible in accordance with the provisions of this Section 9.06, the Trust Administrator shall resign immediately in the manner and with the effect specified in Section 9.07 hereof.  The entity serving as Trust Administrator may have normal banking and trust relationships with the Depositor and its affiliates or the Trustee and its affiliates.

Section 9.07

Resignation and Removal of Trust Administrator.

The Trust Administrator may at any time resign by giving written notice of resignation to the Depositor and the Trustee and each Rating Agency not less than 60 days before the date specified in such notice when, subject to Section 9.08, such resignation is to take effect, and acceptance by a successor trust administrator in accordance with Section 9.08 meeting the qualifications set forth in Section 9.06.  If no successor trust administrator meeting such qualifications shall have been so appointed by the Depositor or the Trustee and have accepted appointment within 30 days after the giving of such notice of resignation, the resigning Trust Administrator may petition any court of competent jurisdiction for the appointment of a successor trust administrator.

If at any time the Trust Administrator shall cease to be eligible in accordance with the provisions of Section 9.06 hereof and shall fail to resign after written request thereto by the Depositor, or if at any time the Trust Administrator shall become incapable of acting, or shall be adjudged as bankrupt or insolvent, or a receiver of the Trust Administrator or of its property shall be appointed, or any public officer shall take charge or control of the Trust Administrator or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, or a tax is imposed with respect to the Trust Fund by any state in which the Trust Administrator or the Trust Fund is located and the imposition of such tax would be avoided by the appointment of a different Trust Administrator, then the Depositor or the Trustee may remove the Trust Administrator and appoint a successor trust administrator by written instrument, in triplicate, one copy of which instrument shall be delivered to the Trust Administrator so removed, one copy of which shall be delivered to the Master Servicer and one copy to the successor trust administrator.  If the Master Servicer and the Trust Administrator are the same Person, then at any time the Master Servicer is terminated pursuant to Section 7.01 hereof, the Depositor shall also remove the Trust Administrator as trust administrator hereunder.

The Holders of Certificates entitled to at least 51% of the Voting Rights may at any time remove the Trust Administrator and appoint a successor trust administrator by written instrument or instruments, in triplicate, signed by such Holders or their attorneys-in-fact duly authorized, one complete set of which instruments shall be delivered by the successor Trust Administrator to the Trustee, one complete set to the Trust Administrator so removed and one complete set to the successor so appointed.  Notice of any removal of the Trust Administrator shall be given to each Rating Agency by the successor trust administrator.

Any resignation or removal of the Trust Administrator and appointment of a successor trust administrator pursuant to any of the provisions of this Section 9.07 shall become effective upon acceptance by the successor trust administrator of appointment as provided in Section 9.08 hereof.  If the Trust Administrator and the Master Servicer are the same Person, then at any time the Trust Administrator is removed pursuant to this Section 9.07, the Master Servicer shall likewise be terminated as master servicer hereunder.

The Trust Administrator (i) may not be an Originator, Master Servicer, Servicer, the Depositor or an affiliate of the Depositor unless the Trust Administrator is in an institutional trust department, (ii) must be authorized to exercise corporate trust powers under the laws of its jurisdiction of organization, and (iii) must be rated at least "A/F1" by Fitch, if Fitch is a Rating Agency, or the equivalent rating by S&P or Moody's (or such rating acceptable to Fitch pursuant to a rating confirmation).  If no successor trust administrator shall have been appointed and shall have accepted appointment within 60 days after Wells Fargo Bank, N.A., as Trust Administrator, ceases to be the trust administrator pursuant to this Section 9.07, then the Trustee shall perform the duties of the Trust Administrator pursuant to this Agreement. The Trustee shall notify the Rating Agencies of any change of Trust Administrator.  In such event, the Trustee shall assume all of the rights and obligations of the Trust Administrator hereunder arising thereafter except that the Trustee shall not be (i) liable for losses of the predecessor Trust Administrator or any acts or omissions of the predecessor Trust Administrator hereunder or (ii) deemed to have made any representations and warranties of the Trust Administrator made herein.  The Trustee shall not be accountable for, shall have no liability for and makes no representation as to any acts or omissions hereunder of the Trust Administrator until such time as the Trustee may be required to act as successor Trust Administrator pursuant to this Section 9.07 and thereupon only for the acts or omissions of the Trustee as successor Trust Administrator.

The Trustee or successor trust administrator shall be entitled to be reimbursed from the Master Servicer for all reasonable costs and expenses associated with the transfer of the duties of the Trust Administrator from the predecessor Trust Administrator, including, without limitation, any costs or expenses associated with the complete transfer of all trust administrator data and the completion, correction or manipulation of such trust administrator data as may be required by the Trustee or successor trust administrator to correct any errors or insufficiencies in such trust administrator data or otherwise to enable the Trustee or successor trust administrator to perform the duties of the Trust Administrator properly and effectively.

The Trustee, as successor Trust Administrator, as compensation for its activities hereunder, shall be entitled to retain or withdraw from the Distribution Account an amount equal to the Trust Administrator Compensation.  To the extent such Trust Administrator Compensation is less than the current market rate that the Trustee would charge for providing similar trust administrator services in a similarly structured transaction, as mutually determined by the Trustee and the successor Master Servicer at the time the Trustee becomes the successor Trust Administrator, the successor Master Servicer, out of its own funds, shall pay the Trustee, as successor Trust Administrator, additional compensation in an amount equal to the difference between the Trust Administrator Compensation and such current market rate for such trust administrator services, as separately negotiated by the successor Master Servicer and the Trustee at the time the Trustee becomes the successor Trust Administrator.

Section 9.08

Successor Trust Administrator.

Any successor trust administrator appointed as provided in Section 9.07 hereof shall execute, acknowledge and deliver to the Depositor and to its predecessor trust administrator and the Trustee an instrument accepting such appointment hereunder and thereupon the resignation or removal of the predecessor trust administrator shall become effective and such successor trust administrator, without any further act, deed or conveyance, shall become fully vested with all the rights, powers, duties and obligations of its predecessor hereunder, with the like effect as if originally named as trust administrator herein.  The Depositor, the Trustee, the Master Servicer and the predecessor trust administrator shall execute and deliver such instruments and do such other things as may reasonably be required for more fully and certainly vesting and confirming in the successor trust administrator all such rights, powers, duties, and obligations.

No successor trust administrator shall accept appointment as provided in this Section 9.08 unless at the time of such acceptance such successor trust administrator shall be eligible under the provisions of Section 9.06 hereof and its appointment shall not adversely affect the then current rating of the Certificates, as confirmed in writing by each Rating Agency.

Upon acceptance by a successor trust administrator of appointment as provided in this Section 9.08, the Depositor shall mail notice of the succession of such trust administrator hereunder to all Holders of Certificates.  If the Depositor fails to mail such notice within 10 days after acceptance by the successor trust administrator of appointment, the successor trust administrator shall cause such notice to be mailed at the expense of the Depositor.

Section 9.09

Merger or Consolidation of Trust Administrator.

Any corporation or other entity into which the Trust Administrator may be merged or converted or with which it may be consolidated or any corporation or other entity resulting from any merger, conversion or consolidation to which the Trust Administrator shall be a party, or any corporation or other entity succeeding to the business of the Trust Administrator, shall be the successor of the Trust Administrator hereunder, provided that such corporation or other entity shall be eligible under the provisions of Section 9.06 hereof, 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 9.10

[Reserved].

Section 9.11

Tax Matters.

It is intended that the assets with respect to which any REMIC election is to be made, as set forth in the Preliminary Statement, shall constitute, and that the conduct of matters relating to such assets shall be such as to qualify such assets as, a “real estate mortgage investment conduit” as defined in and in accordance with the REMIC Provisions.  In furtherance of such intention, the Master Servicer covenants and agrees that it shall act as agent (and the Master Servicer is hereby appointed to act as agent) on behalf of such REMIC and that in such capacity it shall:

(a)

prepare, submit to the Trustee for execution, and file, or cause to be prepared and filed, in a timely manner, a U.S. Real Estate Mortgage Investment Conduit (REMIC) Income Tax Return (Form 1066 or any successor form adopted by the Internal Revenue Service) and prepare and file or cause to be prepared and filed with the Internal Revenue Service and applicable state or local tax authorities income tax or information returns for each taxable year with respect to such REMIC, containing such information and at the times and in the manner as may be required by the Code or state or local tax laws, regulations, or rules, and furnish or cause to be furnished to Certificateholders the schedules, statements or information at such times and in such manner as may be required thereby, including without limitation, the calculation of any original issue discount using the Prepayment Assumption;

(b)

apply for an Employee Identification Number from the Internal Revenue Service via Form SS-4 or other acceptable method for such REMIC and within thirty days of the Closing Date, furnish or cause to be furnished to the Internal Revenue Service, on Form 8811 or as otherwise may be required by the Code, the name, title, address, and telephone number of the person that the holders of the Certificates may contact for tax information relating thereto, together with such additional information as may be required by such Form, and update such information at the time or times in the manner required by the Code;

(c)

make or cause to be made elections that such assets be treated as a REMIC on the federal tax return for its first taxable year (and, if necessary, under applicable state law);

(d)

provide information necessary for the computation of tax imposed on the transfer of a Residual Certificate to a Person that is not a Permitted Transferee described in clauses (i)-(iv) of the definition thereof, or an agent (including a broker, nominee or other middleman) of a non-Permitted Transferee (the reasonable cost of computing and furnishing such information may be charged to the Person liable for such tax);

(e)

to the extent that they are under its control, conduct matters relating to such assets at all times that any Certificates are outstanding so as to maintain the status as a REMIC under the REMIC Provisions;

(f)

not knowingly or intentionally take any action or omit to take any action that would cause the termination of the REMIC status;

(g)

not permit the creation of any interests in such REMIC other than as set forth in the Preliminary Statement;

(h)

not receive any amount representing a fee or other compensation for services (except as otherwise permitted by this Agreement);

(i)

receive any income attributable to any asset which is neither a “qualified mortgage” nor a “permitted investment” within the meaning of the REMIC Provisions;

(j)

not receive any contributions to such REMIC after the Startup Day that would be subject to tax under Section 860G(d) of the Code;

(k)

not dispose of any assets of such REMIC at a gain if such disposition would be a “prohibited transaction” within the meaning of Section 860F(a)(2) of the Code;

(l)

pay, from the sources specified in the next to last paragraph of this Section 9.11, the amount of any federal or state tax, including prohibited transaction taxes as described below, imposed on such REMIC prior to its termination when and as the same shall be due and payable (but such obligation shall not prevent the Master Servicer or any other appropriate Person from contesting any such tax in appropriate proceedings and shall not prevent the Master Servicer from causing the withholding of payment of such tax, if permitted by law, pending the outcome of such proceedings);

(m)

ensure that federal, state or local income tax or information returns shall be signed by the Trustee or such other Person as may be required to sign such returns by the Code or state or local laws, regulations or rules; and

(n)

maintain records relating to such REMIC, including but not limited to the income, expenses, assets and liabilities thereof and the adjusted basis of the assets determined at such intervals as may be required by the Code, as may be necessary to prepare the foregoing returns, schedules, statements or information.

The Holder of the largest Percentage Interest of the Class A-LR Certificates shall act as “tax matters person” within the meaning of Treasury Regulations Section 1.860F-4(d) for the Subsidiary REMIC and the Holder of the largest Percentage Interest of the Class A-UR Certificates shall act as “tax matters person” within the meaning of Treasury Regulations Section 1.860F-4(d) for each remaining REMIC created pursuant to this Agreement.  The Master Servicer is hereby designated as agent of such Class A-LR or Class A-UR Certificateholder for such purposes (or if the Master Servicer is not so permitted, such Holder shall be the tax matters person in accordance with the REMIC Provisions).  In such capacity, the Master Servicer shall, as and when necessary and appropriate, represent the related REMIC in any administrative or judicial proceedings relating to an examination or audit by any governmental taxing authority, request an administrative adjustment as to any taxable year of such REMIC, enter into settlement agreements with any governmental taxing agency, extend any statute of limitations relating to any tax item of such REMIC, and otherwise act on behalf of such REMIC in relation to any tax matter or controversy involving it.

In order to enable the Master Servicer to perform its duties as set forth herein, the Depositor shall provide, or cause to be provided, to the Master Servicer within ten (10) days after the Closing Date all information or data that the Master Servicer requests in writing and determines to be relevant for tax purposes to the valuations and offering prices of the Certificates, including, without limitation, the price, yield, prepayment assumption and projected cash flows of the Certificates and the Mortgage Loans.  Thereafter, the Depositor shall provide to the Master Servicer promptly upon written request therefor, any such additional information or data that the Master Servicer may, from time to time, reasonably request in order to enable the Master Servicer to perform its duties as set forth herein.  The Depositor hereby indemnifies the Master Servicer for any losses, liabilities, damages, claims or expenses of the Master Servicer arising from any errors or miscalculations of the Master Servicer that result from any failure of the Depositor to provide, or to cause to be provided, accurate information or data to the Master Servicer on a timely basis.

In the event that any tax is imposed on “prohibited transactions” of any REMIC hereunder as defined in Section 860F(a)(2) of the Code, on the “net income from foreclosure property” of such REMIC as defined in Section 860G(c) of the Code, on any contribution to such REMIC after the Startup Day pursuant to Section 860G(d) of the Code, or any other tax is imposed, if not paid as otherwise provided for herein, such tax shall be paid by (i) the Master Servicer, the Trustee or the Trust Administrator, respectively, if any such other tax arises out of or results from a breach by the Master Servicer, the Trustee or the Trust Administrator, respectively, of any of its obligations under this Agreement, (ii) the Transferor, if any such tax arises out of or results from the Transferor’s obligation to repurchase a Mortgage Loan pursuant to Section 2.02 or 2.03 or (iii) in all other cases, or in the event that the Trustee, the Trust Administrator, the Master Servicer or the Transferor fails to honor its obligations under the preceding clause (i) or (ii), any such tax will be paid with amounts otherwise to be distributed to the Certificateholders, as provided in Section 3.10(b).

The parties intend that the portion of the Trust Fund constituting the Grantor Trust, consisting of the Class P Prepayment Charges, shall constitute, and that the affairs of the Grantor Trust shall be conducted so as to qualify such portion as, a "grantor trust" under subpart E, Part I of subchapter J of the Code, and the provisions hereof shall be interpreted consistently with this intention. In furtherance of such intention, the Master Servicer shall file or cause to be filed with the Internal Revenue Service together with Form 1041 or such other form as may be applicable and shall furnish or cause to be furnished the respective amounts described above to the Class P Certificateholders, in the time or times and in the manner required by the Code.

Section 9.12

Periodic Filings.

The Master Servicer shall reasonably cooperate with the Depositor to enable the Issuing Entity to satisfy its reporting requirements under the Exchange Act.

(a)

(i)

Within 15 days after each Distribution Date (subject to permitted extensions under the Exchange Act), the Trust Administrator shall prepare and file on behalf of the Issuing Entity any Form 10-D required by the Exchange Act, in form and substance as required by the Exchange Act.  The Trust 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 reported by the parties set forth on Exhibit T hereto to the Depositor and Trust Administrator and be directed and approved by and at the direction of the Depositor pursuant to the following paragraph, and the Trust Administrator will have no duty or liability for any failure hereunder to determine or prepare any Additional Form 10-D Disclosure, except to the extent of its obligations set forth in the next paragraph.

(ii)

For so long as the Issuing Entity is subject to the Exchange Act reporting requirements, within 5 calendar days after the related Distribution Date, (i) certain parties set forth on Exhibit T shall be required to provide to the Trust Administrator and the Depositor, to the extent known by a responsible officer thereof, in EDGAR-compatible format, or in such other format as otherwise agreed upon by the Trust Administrator and such party, the form and substance of any Additional Form 10-D Disclosure, if applicable, together with an Additional Disclosure Notification and (ii) 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.  Wells Fargo, in its capacity as the Trust Administrator only, has no duty under this Agreement to monitor or enforce the performance by the parties listed on Exhibit T of their duties under this paragraph or proactively solicit or procure from such parties any Additional Form 10-D Disclosure information.  The Depositor will be responsible for any reasonable fees and expenses assessed or incurred by the Trust Administrator in connection with including any Additional Form 10-D Disclosure on Form 10-D pursuant to this paragraph.

(iii)

After preparing the Form 10-D, the Trust Administrator shall use its reasonable best efforts to forward electronically a copy of the Form 10-D to the Depositor for review no later than 10 calendar days after the related Distribution Date; provided that the Trust Administrator shall only be required to forward such Form 10-D to the Depositor, where such Form 10-D contains Additional Form 10-D Disclosure.  No later than the 12th calendar day after the Distribution Date, the Depositor shall notify the Trust Administrator in writing (which may be furnished electronically) of any changes to or approval of such Form 10-D.  In the absence of receipt of any written changes or approval, the Trust Administrator shall be entitled to assume that such Form 10-D is in final form and the Trust Administrator may proceed with the process for execution and filing of the Form 10-D.  A duly authorized representative of the Master Servicer shall sign each Form 10-D.  If a Form 10-D cannot be filed on time or if a previously filed Form 10-D needs to be amended, the Trust Administrator will follow the procedures set forth in Section 9.12(d)(ii).  Promptly (but no later than 1 Business Day) after filing with the Commission, the Trust Administrator will make available on its internet website a final executed copy of each Form 10-D filed by the Trust Administrator.  Each party to this Agreement acknowledges that the performance by the Trust Administrator and the Master Servicer of its duties under this Section 9.12 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 9.12.  The Depositor acknowledges that the timely performance by the Master Servicer and the Trust Administrator of its duties under this Section 9.12(a) related to the timely preparation, execution and filing of Form 10-D is also contingent upon the Servicers, the Custodian and any Servicing Function Participant strictly observing deadlines no later than those set forth in this paragraph that are applicable to the parties to this Agreement in the delivery to the Trust Administrator of any necessary Additional Form 10-D Disclosure pursuant to the related Servicing Agreements, the Custodial Agreement or any other applicable agreement.  Neither the Master Servicer nor the Trust 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-D, where such failure results from the Trust Administrator’s inability or failure to obtain or receive, on a timely basis, any information from any other party hereto or any Servicer, Custodian or Servicing Function Participant needed to prepare, arrange for execution or file such Form 10-D, not resulting from its own negligence, bad faith or willful misconduct.

(iv)

Form 10-D requires the registrant to indicate (by checking "yes" or "no") that it "(1) has filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days."  The Depositor hereby instructs the Trust Administrator, with respect to each Form 10-D, to check "yes" for each item unless the Trust Administrator has received timely prior written notice from the Depositor that the answer should be "no" for an item.  The Depositor hereby represents to the Trust Administrator that the Depositor has filed all such required reports during the preceding 12 months and that it has been subject to such filing requirement for the past 90 days.  The Depositor shall notify the Trust Administrator in writing, no later than the fifth calendar day after the related Distribution Date with respect to the filing of a report on Form 10-D, if the answer to the questions should be “no” as a result of filings that relate to other securitization transactions of the Depositor for which the Trust Administrator does not have the obligation to prepare and file Exchange Act reports.  The Trust Administrator shall be entitled to rely on such representations in preparing, executing and/or filing any such report.

(b)

(i)  On or before the 90th day after the end of each fiscal year of the Issuing Entity 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 Issuing Entity ends on December 31st of each year), commencing in March 2007, the Trust Administrator shall prepare and file on behalf of the Issuing Entity 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 Trust Administrator within the applicable time frames set forth in this Agreement and each Servicing Agreement, (A) an annual compliance statement for each Servicer, the Master Servicer, the Trust Administrator and any Servicing Function Participant engaged by any such party (each, together with the Custodian, a “Reporting Servicer”), as described under Section 3.21 of this Agreement and the under the related Servicing Agreements; provided, however, that the Trust Administrator may omit from the Form 10-K any annual compliance statement that the Trust Administrator and the Depositor agree is not required to be filed with such Form 10-K pursuant to Regulation AB; (B)(I) each annual Assessment of Compliance with Servicing Criteria for each Reporting Servicer, as described under Section 3.22(a) of this Agreement and the related Servicing Agreements and (II) if any Reporting Servicer’s Assessment of Compliance with Servicing Criteria identifies any material instance of noncompliance, disclosure identifying such instance of noncompliance, or if any Reporting Servicer’s Assessment of Compliance with Servicing Criteria 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; provided, however, that the Trust Administrator may omit from the Form 10-K any Assessment of Compliance or Accountant’s Attestation described in clause (C) below that the Trust Administrator and the Depositor agree is not required to be filed with such Form 10-K pursuant to Regulation AB; (C)(I) the Accountant’s Attestation for each such Reporting Servicer, as described under Section 3.22(b) of this Agreement, or the applicable section of any Servicing Agreement, and (II) if any Accountant’s Attestation identifies any material instance of noncompliance, disclosure identifying such instance of noncompliance, or if any such Accountant’s Attestation is not included as an exhibit to such Form 10-K, disclosure that such Accountant’s Attestation is not included and an explanation why such Accountant’s Attestation is not included, and (D) a Sarbanes-Oxley Certification as described in Section 9.12(b)(iv). Any disclosure or information in addition to (A) through (D) above that is required to be included on Form 10-K (“Additional Form 10-K Disclosure”) shall be reported by the parties set forth on Exhibit U hereto to the Depositor and the Trust Administrator and be directed and approved by the Depositor pursuant to the following paragraph, and the Trust Administrator will have no duty or liability for any failure hereunder to determine or prepare any Additional Form 10-K Disclosure except to the extent of its obligations as set forth in the next paragraph.

(ii)

For so long as the Issuing Entity is subject to the Exchange Act reporting requirements, no later than March 10 (with a 5 calendar day cure period, but in no event later than March 15th) of each year, commencing in 2007, (A) certain parties set forth on Exhibit U shall be required to provide to the Trust Administrator and the Depositor, to the extent known by a responsible officer thereof, in EDGAR-compatible format, or in such other format as agreed upon by the Trust Administrator and such party, the form and substance of any Additional Form 10-K Disclosure as set forth on Exhibit U, if applicable, together with an Additional Disclosure Notification and (B) the Depositor will approve, as to form and substance, or disapprove, as the case may be, the inclusion of the Additional Form 10-K Disclosure on Form 10-K. Wells Fargo, in its capacity as the Trust Administrator only, has no duty under this Agreement to monitor or enforce the performance by the parties listed on Exhibit U of their duties under this paragraph or proactively solicit or procure from such parties any Additional Form 10-K Disclosure information. The Depositor will be responsible for any reasonable fees and expenses assessed or incurred by the Trust Administrator in connection with including any Additional Form 10-K Disclosure on Form 10-K pursuant to this paragraph.  In order to allow the parties to comply with the requirements of this section, on or before March 1 of each year that the Issuing Entity is subject to the Exchange Act reporting requirements, commencing in 2007, the Depositor will provide all parties to the Pooling and Servicing Agreement with a list of (i) each Servicer contemplated under §1108 of Regulation AB, (ii) the Trustee, (iii) each originator contemplated by §1110 of Regulation AB, (iv) significant obligor contemplated by §1112 of Regulation AB, (v) enhancement or support provider contemplated under §§1114 or 1115 or Regulation AB and (vi) any other material parties related to the Issuing Entity contemplated by §1101(d)(1) of Regulation AB.

(iii)

After preparing the Form 10-K, the Trust Administrator shall use reasonable best efforts to forward electronically a copy of the Form 10-K to the Depositor no later than March 23rd of the related year.  The Depositor shall use reasonable best efforts to notify the Trust Administrator in writing (which may be furnished electronically) of any changes to or approval of such Form 10-K no later than March 25th of the related year.  In the absence of receipt of any written changes or approval, the Trust Administrator shall be entitled to assume that such Form 10-K is in final form and the Trust Administrator may proceed with the process for execution and filing of the Form 10-K.  A senior officer of the Master Servicer in charge of the master servicing function shall sign the Form 10-K.  If a Form 10-K cannot be filed on time or if a previously filed Form 10-K needs to be amended, the Trust Administrator will follow the procedures set forth in Section 9.12(d)(ii).  Promptly (but no later than 1 Business Day) after filing with the Commission, the Trust Administrator will make available on its internet website a final executed copy of each Form 10-K filed by the Trust Administrator.  The parties to this Agreement acknowledge that the performance by each of the Master Servicer and the Trust Administrator of its duties under this Section 9.12(b) related to the timely preparation, execution and filing of Form 10-K is contingent upon such parties strictly observing all applicable deadlines in the performance of their duties under this Section 9.12(b), Section 3.21, Section 3.22(a) and Section 3.22(b).  The Depositor acknowledges that the timely performance by the Master Servicer and the Trust Administrator of its duties under this Section 9.12(b) related to the timely preparation, execution and filing of Form 10-K is also contingent upon the Servicers, the Custodian and any Servicing Function Participant strictly observing deadlines no later than those set forth in this paragraph that are applicable to the parties to this Agreement in the delivery to the Trust Administrator of any necessary Additional Form 10-K Disclosure, any annual statement of compliance and any assessment of compliance and attestation pursuant to the related Servicing Agreement or any other applicable agreement. Neither the Master Servicer nor the Trust 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 Trust Administrator’s inability or failure to obtain or receive, on a timely basis, any information from any other party hereto needed to prepare, arrange for execution or file such Form 10-K, not resulting from its own negligence, bad faith or willful misconduct.

(iv)

Each Form 10-K shall include a certification (the “Sarbanes-Oxley Certification”), as set forth in Exhibit N attached hereto, required to be included therewith pursuant to the Sarbanes-Oxley Act.  The Depositor, the Master Service and the Trust Administrator shall provide, and each such party shall cause any Servicing Function Participant engaged by it to provide, to the Person who signs the Sarbanes-Oxley Certification (the “Certifying Person”), by March 10 (with a 5 calendar day cure period) of each year in which the Issuing Entity is subject to the reporting requirements of the Exchange Act and otherwise within a reasonable period of time upon request, a certification (each, a “Back-Up Certification”), in the form attached hereto as Exhibit U, upon which the Certifying Person, the entity for which the Certifying Person acts as an officer, and such entity’s officers, directors and Affiliates (collectively with the Certifying Person, “Certification Parties”) can reasonably rely.  The senior officer of the Master Servicer in charge of the master servicing function shall serve as the Certifying Person on behalf of the Issuing Entity.  Such officer of the Certifying Person can be contacted by e-mail at cts.sec.notifications@wellsfargo.com or by facsimile at 410-715-2380.  In the event any such party or any Servicing Function Participant engaged by the parties is terminated or resigns pursuant to the terms of this Agreement, or any other applicable agreement, as the case may be, such party shall provide a Back-Up Certification to the Certifying Person pursuant to this Section 9.12(b)(iv) with respect to the period of time it was subject to this Agreement or any applicable sub-servicing agreement, as the case may be.

(v)

Form 10-K requires the registrant to indicate (by checking “yes” or “no”) that it (1) has filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  The Depositor hereby represents to the Trust Administrator that the Depositor has filed all such required reports during the preceding 12 months and that it has been subject to such filing requirement for the past 90 days.  The Depositor shall notify the Trust Administrator in writing, no later than the 15th calendar day of March in any year in which the Trust is subject to the reporting requirements of the Exchange Act, if the answer to the questions should be “no” as a result of Exchange Act filings of the Depositor which the Trust Administrator does not have the obligation to prepare and file, including but not limited to the initial Form 8-K for this transaction.  The Trust Administrator shall be entitled to rely on such representations in preparing, executing and/or filing any such Form 10-K.

Notwithstanding the foregoing, (i) the Master Servicer and the Trust Administrator shall not be required to deliver a Back-Up Certification to each other if both are the same Person and the Master Servicer is the Certifying Person and (ii) the Master Servicer shall not be obligated to sign the Sarbanes-Oxley Certification in the event that it does not receive any Back-Up Certification required to be furnished to it pursuant to this section or any Servicing Agreement.

(c)

(i)

Within four (4) Business Days after the occurrence of an event requiring disclosure on Form 8-K (each such event, a “Reportable Event”), if requested by the Depositor, and to the extent it receives the Form 8-K Disclosure Information described below, the Trust Administrator shall prepare and file on behalf of the Issuing Entity any Form 8-K, as required by the Exchange Act, provided that the Depositor shall file the initial Form 8-Ks in connection with the issuance of the Certificates.  Any disclosure or information related to a Reportable Event or that is otherwise required to be included on Form 8-K other than the initial Form 8-K (“Form 8-K Disclosure Information”) shall be reported by the parties set forth on Exhibit S to the Depositor and the Trust Administrator and be directed and approved by the Depositor pursuant to the following paragraph, and the Trust 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 to the extent of its obligations set forth in the next paragraph.

(ii)

For so long as the Issuing Entity is subject to the Exchange Act reporting requirements, no later than the close of business (New York time) on the 2nd Business Day after the occurrence of a Reportable Event (i) the parties specified on Exhibit V shall be required to provide to the Trust Administrator and the Depositor, to the extent known by a responsible officer thereof, in EDGAR-compatible format, or in such other format as agreed upon by the Trust Administrator and such party, the form and substance of any Form 8-K Disclosure Information, if applicable, together with an Additional Disclosure Notification and (ii) 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 on the Form 8-K.  The Depositor will be responsible for any reasonable fees and expenses assessed or incurred by the Trust Administrator in connection with including any Form 8-K Disclosure Information on Form 8-K pursuant to this paragraph.

(iii)

After preparing the Form 8-K, the Trust Administrator shall use reasonable best efforts to forward electronically a copy of the Form 8-K to the Depositor no later than Noon New York City time on the third Business Day after the Reportable Event.  The Depositor shall use reasonable best efforts to notify the Trust Administrator in writing (which may be furnished electronically) of any changes to or approval of such Form 8-K no later than the close of business on the third Business Day after the Reportable Event.  In the absence of receipt of any written changes or approval, the Trust Administrator shall be entitled to assume that such Form 8-K is in final form and the Trust Administrator may proceed with the process for execution and filing of the Form 8-K.  A duly authorized representative of the Master Servicer shall sign each Form 8-K.  If a Form 8-K cannot be filed on time or if a previously filed Form 8-K needs to be amended, the Trust Administrator will follow the procedures set forth in Section 9.12(d)(ii).  Promptly (but no later than one Business Day) after filing with the Commission, the Trust Administrator will make available on its internet website a final executed copy of each Form 8-K filed by it.  The parties to this Agreement acknowledge that the performance by each of the Master Servicer and the Trust Administrator of its duties under this Section 9.12 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 9.12.  The Depositor acknowledges that the timely performance by the Master Servicer and the Trust Administrator of its duties under this Section 9.12(c) related to the timely preparation, execution and filing of Form 8-K is also contingent upon the Servicers, the Custodian and any Servicing Function Participant strictly observing deadlines no later than those set forth in this paragraph that are applicable to the parties to this Agreement in the delivery to the Trust Administrator of any necessary Form 8-K Disclosure Information pursuant to the related Servicing Agreements or any other applicable agreement. Neither the Master Servicer nor the Trust 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 8-K, where such failure results from the Trust Administrator’s inability or failure to obtain or receive, on a timely basis, any information from any other party hereto or any Servicer, Custodian or Servicing Function Participant needed to prepare, arrange for execution or file such Form 8-K, not resulting from its own negligence, bad faith or willful misconduct.

(d)

(i) On or prior to January 30 of the first year in which the Trust Administrator is able to do so under applicable law, the Trust Administrator shall prepare and file a Form 15 Suspension Notification relating to the automatic suspension of reporting in respect of the Issuing Entity under the Exchange Act.

(ii)

In the event that the Trust Administrator is unable to timely file with the Commission all or any required portion of any Form 8-K, Form 10-D or Form 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 Trust Administrator will promptly notify the Depositor.  In the case of Form 10-D and Form 10-K, the parties to this Agreement will cooperate to prepare and file a Form 12b-25 and a Form 10-D/A and Form 10-K/A as applicable, pursuant to Rule 12b-25 of the Exchange Act.  In the case of Form 8-K, the Trust 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, Form 10-D or Form 10-K needs to be amended in connection with any Additional Form 10-D Disclosure (other than, in the case of Form 10-D, for the purpose of restating any Distribution Date Statement).  Additional Form 10-K Disclosure or Form 8-K Disclosure Information, the Trust Administrator will electronically notify the Depositor and such other parties to the transaction as are affected by such amendment, and such parties will cooperate to prepare any necessary 8-K/A, Form 10-D/A or Form 10-K/A; provided, the Trust Administrator will only be required to notify the Depositor of an amendment to any Form 10-D where such amendment contains Additional Form 10-D Disclosure.  Any Form 15, Form 12b-25 or any amendment to Form 8-K, Form 10-D or Form 10-K shall be signed by a duly authorized officer (or in the case of a Form 10-K a senior officer) of the Master Servicer.  The parties to this Agreement acknowledge that the performance by each of the Master Servicer and the Trust Administrator of its duties under this Section 9.12(d) related to the timely preparation, execution and filing of Form 15, a Form 12b-25 or any amendments to Form 8-K, Form 10-D or Form 10-K is contingent upon each such party performing its duties under this Section.  Neither the Master Servicer nor the Trust 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, Form 10-D or Form 10-K, where such failure results from the Trust Administrator’s inability or failure to obtain or receive, on a timely basis, any information from any other party hereto or any servicer, the Custodian, or any Servicing Function Participant needed to prepare, arrange for execution or file such Form 15, Form 12b-25 or any amendment to Forms 8-K, Form 10-D or Form 10-K, not resulting from its own negligence, bad faith or willful misconduct.

ARTICLE X

TERMINATION

Section 10.01

Termination upon Liquidation or Purchase of All Mortgage Loans.

(a)

 The obligations and responsibilities of the Depositor, the Transferor, the Master Servicer, the Trust Administrator and the Trustee created hereby with respect to the Trust Fund shall terminate upon the earlier of (i) the purchase, in accordance with this Section 10.01, of all Mortgage Loans (and REO Properties) remaining in the Trust Fund at the price equal to the sum of (x) the aggregate Clean-up Call Mortgage Loan Price for all the Mortgage Loans and (y) the aggregate Clean-up Call REO Property Price for all the REO Properties, and (ii) the later of (x) the maturity or other liquidation (or any Advance with respect thereto) of the last Mortgage Loan remaining in the Trust Fund and the disposition of all REO Property and (y) the distribution to the Holders of the Certificates of all amounts required to be distributed to them pursuant to this Agreement.  In no event shall the trusts created hereby continue beyond the earlier of (i) the expiration of 21 years from the death of the survivor of the descendants of Joseph P. Kennedy, the late Ambassador of the United States to the Court of St. James’s, living on the date hereof and (ii) the Latest Possible Maturity Date.  The right of the Master Servicer to elect to exercise its termination rights pursuant to this clause (a) shall be conditioned upon the Aggregate Pool Principal Balance, at the time of any such repurchase, aggregating less than ten percent (10%) of the aggregate Cut-off Date Principal Balance of the Mortgage Loans.

(b)

Within two (2) Business Days after the Master Servicer has elected to exercise its termination rights pursuant to Section 10.01(a), the Master Servicer shall deliver a bid notice for the Mortgage Loans and the REO Properties to UBS Securities LLC and at least two other institutions that are regular purchasers and/or sellers in the secondary market of residential whole Mortgage Loans.  The bid notice shall specify the Mortgage Loans and the REO Properties that are being sold, and identify the aggregate Clean-up Call REO Property Price required to be paid for the REO Properties and the other information necessary for the bidders to make bids.  The Master Servicer shall also be entitled to submit a bid for the Mortgage Loans and the REO Properties.  All bids must be submitted to the Master Servicer on a date determined by the Master Servicer, which date shall be set forth in the bid notice.  Only cash bids may be accepted.  With respect to the Mortgage Loans to be purchased, if one or more bids that exceed the aggregate Par Call Price are received, the Fair Market Value Call Price for the Mortgage Loans shall be equal to the price bid by the highest bidder, and such bidder shall complete the purchase of the Mortgage Loans and the REO Properties from the Trust Fund at the aggregate Clean-up Call Mortgage Loan Price for the Mortgage Loans and the aggregate Clean-up Call REO Property Price for the REO Properties before the final Distribution Date. With respect to the Mortgage Loans to be purchased, if fewer than three bids are received or no bid exceeds the aggregate of the Par Call Price for the Mortgage Loans, the Fair Market Value Call Price shall be zero and the Master Servicer shall complete the purchase of the Mortgage Loans and the REO Properties from the Trust Fund at the aggregate Clean-up Call Mortgage Loan Price for the Mortgage Loans and the aggregate Clean-up Call REO Property Price for the REO Properties before the final Distribution Date.

Section 10.02

Final Distribution on the Certificates.

If on any Determination Date, the Master Servicer determines that there are no Outstanding Mortgage Loans and no other funds or assets in the Trust Fund other than the funds in the Collection Account, the Master Servicer shall direct the Trust Administrator promptly to send a final distribution notice to each Certificateholder.  If the Master Servicer elects to exercise its termination rights pursuant to clause (a) of Section 10.01, at least 5 days prior to the date notice is to be mailed to the affected Certificateholders, the Master Servicer shall notify the Depositor and the Trust Administrator of the date the Master Servicer intends to exercise its termination rights.

Notice of any termination of the Trust Fund, or of the exercise of the Master Servicer’s termination rights, specifying the Distribution Date on which related Certificateholders may surrender their Certificates for payment of the final distribution and cancellation, shall be given promptly by the Trust Administrator by letter to related Certificateholders mailed not earlier than the 15th day of the month preceding the month of such final distribution and not later than the 5th day of the month of such final distribution.  Any such notice shall specify (a) the Distribution Date upon which final distribution on the related Certificates will be made upon presentation and surrender of such Certificates at the office therein designated, (b) the location of the office or agency at which such presentation and surrender must be made, and (c) that the Record Date otherwise applicable to such Distribution Date is not applicable, distributions being made only upon presentation and surrender of the related Certificates at the office therein specified.  The Trust Administrator will give such notice to each Rating Agency at the time such notice is given to related Certificateholders.

Upon presentation and surrender of the related Certificates, the Trust Administrator shall cause to be distributed to the Certificateholders of each related Class, in the order set forth in Section 4.02 hereof, all amounts required to be distributed to it pursuant to Section 4.02 and, in the case of the Certificateholders of the same Class, in proportion to their respective Percentage Interests, an amount equal to (i) as to each Class of Regular Certificates, the Certificate Principal Balance thereof plus (a) accrued interest thereon (or on their Notional Amount, if applicable) in the case of an interest bearing Certificate and (b) any Group 1 PO Deferred Amount and Group 3 PO Deferred Amount, as applicable, in the case of the Class PO Certificates, and (ii) as to the Residual Certificates, the amount, if any, which remains on deposit in the Distribution Account (other than the amounts retained to meet claims) after application pursuant to clause (i) above.

In the event that any affected Certificateholders shall not surrender Certificates for cancellation within six months after the date specified in the above-mentioned written notice, the Trust 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 six months after the second notice all the applicable Certificates shall not have been surrendered for cancellation, the Trust Administrator may take reasonable steps, or may appoint an agent to take reasonable steps, to contact the remaining Certificateholders concerning surrender of their Certificates, and the cost thereof shall be paid out of the funds and other assets of the Master REMIC which remain subject hereto, and then the Class A-LR and Class A-UR Certificateholders as the beneficial owner of the residual interest issued by the REMICs created under this Agreement shall be entitled to all unclaimed funds and other assets of each related REMIC created under this Agreement, which remain subject hereto, and Certificateholders who have not surrendered Certificates shall look only to such Class A-LR and Class A-UR Certificateholders with respect to any such unclaimed funds and other assets.

Section 10.03

Additional Termination Requirements.

(a)

In the event of the purchase pursuant to Section 10.01, the Subsidiary REMIC shall be terminated in accordance with the following additional requirements, unless the Trust Administrator has been supplied with an Opinion of Counsel, at the expense of the Master Servicer, to the effect that the failure to comply with the requirements of this Section 10.03(a) will not (i) result in the imposition of taxes on “prohibited transactions” as defined in section 860F of the Code on any REMIC created under this Agreement, or (ii) cause any such REMIC to fail to qualify as a REMIC at any time that any Certificates are outstanding:

(i)

The notice given by the Master Servicer under Section 10.02 shall provide that such notice constitutes the adoption of a plan of complete liquidation of the Subsidiary REMIC as of the date of such notice (or, if earlier, the date on which the first such notice is mailed to Certificateholders).  The Master Servicer shall also specify such date in a statement attached to the final tax return of the Subsidiary REMIC created under this Agreement; and

(ii)

At or after the time of adoption of such a plan of complete liquidation and at or prior to the final Distribution Date, the Trust Administrator shall sell all of the assets of the Subsidiary REMIC to the purchaser specified in Section 10.01 for cash at the purchase price specified in Section 10.01 and shall distribute such cash within 90 days of such adoption in the manner specified in Section 10.02.

(b)

Upon the purchase pursuant to Section 10.01, if no other REMIC would remain outstanding following such purchase, each remaining REMIC shall be terminated in accordance with the following additional requirements, unless the Trust Administrator has been supplied with an Opinion of Counsel, at the expense of the Master Servicer, to the effect that the failure to comply with the requirements of this Section 10.03(b) will not (i) result in the imposition of taxes on “prohibited transactions” as defined in section 860F of the Code on any REMIC created under this Agreement, or (ii) cause any such REMIC to fail to qualify as a REMIC at any time that any Certificates are outstanding:

(i)

The notice given by the Master Servicer under Section 10.02 shall provide that such notice constitutes the adoption of a plan of complete liquidation of each remaining REMIC as of the date of such notice (or, if earlier, the date on which the first such notice is mailed to Certificateholders).  The Master Servicer shall also specify such date in a statement attached to the final tax return of each remaining REMIC; and

(ii)

At or after the time of adoption of any such plan of complete liquidation for each such remaining REMIC and at or prior to the final Distribution Date of the Subsidiary REMIC, the Trust Administrator shall sell all of the assets of each such remaining REMIC for cash.

(c)

By its acceptance of a Residual Certificate, the Holder thereof hereby agrees to adopt such a plan of complete liquidation and to take such other action in connection therewith as may be reasonably required to liquidate and otherwise terminate any REMIC created pursuant to this Agreement.

ARTICLE XI

MISCELLANEOUS PROVISIONS

Section 11.01

Amendment.

This Agreement may be amended from time to time by the Depositor, the Transferor, the Master Servicer, the Custodian, the Trust Administrator and the Trustee, without the consent of any of the Certificateholders (i) to cure any ambiguity or mistake, (ii) to correct any defective provision herein or to supplement any provision herein which may be inconsistent with any other provision herein or in the Prospectus Supplement, (iii) to add to the duties of the Depositor, the Trustee, the Trust Administrator, the Transferor, the Custodian or the Master Servicer, (iv) to add any other provisions with respect to matters or questions arising hereunder or (v) to modify, alter, amend, add to or rescind any of the terms or provisions contained in this Agreement; provided that any action pursuant to clause (iv) or (v) above shall not, as evidenced by an Opinion of Counsel addressed to the Trust Administrator (which Opinion of Counsel shall be an expense of the party requesting the amendment, or if the Trust Administrator requests the amendment, the Trust Fund), adversely affect in any material respect the interests of any Certificateholder; provided, however, that the amendment shall not be deemed to adversely affect in any material respect the interests of the Certificateholders if the Person requesting the amendment obtains a letter from each Rating Agency stating that the amendment would not result in the downgrading or withdrawal of the respective ratings then assigned to the Certificates; it being understood and agreed that any such letter in and of itself will not represent a determination as to the materiality of any such amendment and will represent a determination only as to the credit issues affecting any such rating.  The Trust Administrator, the Trustee, the Depositor, the Transferor, the Custodian, the Master Servicer also may at any time and from time to time amend this Agreement without the consent of the Certificateholders to modify, eliminate or add to any of its provisions to such extent as shall be necessary or helpful to (i) maintain the qualification of any REMIC created under this Agreement as a REMIC under the Code, (ii) avoid or minimize the risk of the imposition of any tax on any REMIC pursuant to the Code that would be a claim at any time prior to the final redemption of the Certificates or (iii) comply with any other requirements of the Code, provided that the Trust Administrator has been provided an Opinion of Counsel addressed to the Trust Administrator and the Master Servicer, which opinion shall be an expense of the party requesting such opinion but in any case shall not be an expense of the Trustee, the Trust Administrator or the Trust Fund, to the effect that such action is necessary or helpful to, as applicable, (i) maintain such qualification, (ii) avoid or minimize the risk of the imposition of such a tax or (iii) comply with any such requirements of the Code.  In addition, this Agreement may be amended from time to time by the Depositor, the Master Servicer, the Trust Administrator, the Transferor, the Custodian and the Trustee without the consent of the Certificateholders to comply with the provisions of Regulation AB.

Section 9.12 of this Agreement may also be amended by the Depositor, the Transferor, the Master Servicer, the Trust Administrator and the Trustee without the consent of any of the Certificateholders, and without the need for any Opinions of Counsel or Rating Agency confirmation, in the event that new guidelines or procedures are issued by the Securities and Exchange Commission with respect to the preparation and filing of the Form 10-K and the Certification required to be attached thereto as referenced in Section 9.12(d).

This Agreement may also be amended from time to time by the Depositor, the Transferor, the Master Servicer, the Custodian, the Trust Administrator and the Trustee, and with the consent of the Holders of a Majority in Interest of each Class of Certificates affected thereby for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this Agreement or of modifying in any manner the rights of the Holders of Certificates; provided, however, that no such amendment shall (i) reduce in any manner the amount of, or delay the timing of, payments required to be distributed on any Certificate without the consent of the Holder of such Certificate, (ii) adversely affect in any material respect the interests of the Holders of any Class of Certificates in a manner other than as described in the preceding clause (i), without the consent of the Holders of Certificates of such Class evidencing, as to such Class, Percentage Interests aggregating 66% or (iii) reduce the aforesaid percentages of Certificates the Holders of which are required to consent to any such amendment, without the consent of the Holders of all such Certificates then outstanding.

Notwithstanding any contrary provision of this Agreement, the Trustee and the Trust Administrator shall not consent to any amendment to this Agreement (other than pursuant to the second preceding paragraph) unless it shall have first received an Opinion of Counsel addressed to the Trustee and the Trust Administrator, which opinion shall not be an expense of the Trustee, the Trust Administrator or the Trust Fund, to the effect that such amendment is permitted hereunder and will not cause the imposition of any tax under the REMIC Provisions on any REMIC or the Certificateholders or cause any REMIC created under this Agreement to fail to qualify as a REMIC at any time that any Certificates are outstanding.

Promptly after the execution of any amendment to this Agreement requiring the consent of Certificateholders, the Trust Administrator shall furnish written notification of the substance or a copy of such amendment to each Certificateholder and each Rating Agency.

It shall not be necessary for the consent of Certificateholders under this Section to approve the particular form of any proposed amendment, but it shall be sufficient if such consent shall approve the substance thereof.  The manner of obtaining such consents and of evidencing the authorization of the execution thereof by Certificateholders shall be subject to such reasonable regulations as the Trust Administrator may prescribe.

Nothing in this Agreement shall require the Trustee or the Trust Administrator to enter into an amendment without receiving an Opinion of Counsel (which Opinion shall not be an expense of the Trustee, the Trust Administrator or the Trust Fund), satisfactory to the Trust Administrator that (i) such amendment is permitted and is not prohibited by this Agreement and that all requirements for amending this Agreement have been complied with; and (ii) either (A) the amendment does not adversely affect in any material respect the interests of any Certificateholder or (B) the conclusion set forth in the immediately preceding clause (A) is not required to be reached pursuant to this Section 11.01.  Notwithstanding anything to the contrary in this Section 11.01, the Trustee, the Custodian, the Trust Administrator, the Master Servicer and the Transferor shall reasonably cooperate with the Depositor and its counsel to enter into such amendments or modifications to the Agreement as may be necessary to comply with Regulation AB and any interpretation thereof by the Commission; provided, that at all times the parties to this Agreement shall comply with Regulation AB.

Section 11.02

Recordation of Agreement; Counterparts.

This Agreement (or an abstract hereof, if acceptable to the applicable recording office) is subject to recordation in all appropriate public offices for real property records in all the towns or other comparable jurisdictions in which any or all of the Mortgaged Properties are situated, and in any other appropriate public office or elsewhere, such recordation to be effected by the Master Servicer at the expense of the Issuing Entity on direction by the Trust Administrator (acting at the written direction of a Majority in Interest of the Certificateholders), but only upon direction 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 constitute but one and the same instrument.

Section 11.03

Governing Law.

THIS AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE SUBSTANTIVE LAWS OF THE STATE OF NEW YORK APPLICABLE TO AGREEMENTS MADE AND TO BE PERFORMED IN THE STATE OF NEW YORK AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HERETO AND THE CERTIFICATEHOLDERS SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

Section 11.04

Intention of Parties.

It is the express intent of the parties hereto that the conveyance of the Trust Fund by the Depositor to the Trustee be, and be construed as, an absolute sale thereof to the Trustee.  It is, further, not the intention of the parties that such conveyance be deemed a pledge thereof by the Depositor to the Trustee.  However, in the event that, notwithstanding the intent of the parties, such assets are held to be the property of the Depositor, or if for any other reason this Agreement is held or deemed to create a security interest in such assets, then (i) this Agreement shall be deemed to be a security agreement within the meaning of the Uniform Commercial Code of the State of New York and (ii) the conveyance provided for in this Agreement shall be deemed to be an assignment and a grant by the Depositor to the Trustee, for the benefit of the Certificateholders, of a security interest in all of the assets that constitute the Trust Fund, whether now owned or hereafter acquired.

The Depositor for the benefit of the Certificateholders 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 Trust Fund, 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 Agreement.  The Depositor shall arrange for filing any Uniform Commercial Code continuation statements in connection with any security interest granted or assigned to the Trustee for the benefit of the Certificateholders.

Section 11.05

Notices.

(a)

The Trust Administrator shall use its best efforts to promptly provide notice to each Rating Agency with respect to each of the following of which it has actual knowledge:

(i)

Any material change or amendment to this Agreement;

(ii)

The occurrence of any Master Servicer Event of Termination that has not been cured;

(iii)

The resignation or termination of the Master Servicer, the Custodian, the Trust Administrator or the Trustee and the appointment of any successor;

(iv)

The repurchase or substitution of Mortgage Loans pursuant to Section 2.03; and

(v)

The final payment to Certificateholders.

In addition, the Master Servicer shall promptly make available to each Rating Agency copies of the following:

(i)

Each annual statement as to compliance described in Section 3.21;

(ii)

Each annual independent public accountants’ servicing report described in Section 3.22; and

(iii)

Any notice of a purchase of a Mortgage Loan pursuant to Section 2.02 or 2.03.

(b)

All directions, demands and notices hereunder shall be in writing and shall be deemed to have been duly given when delivered to (a) in the case of the Depositor, Mortgage Asset Securitization Transactions, Inc., 1285 Avenue of the Americas, New York, New York 10019, Attention:  General Counsel, (b) in the case of the Master Servicer, Wells Fargo Bank, N.A., 9062 Old Annapolis Road, Columbia, Maryland 21045, or such other address as the Master Servicer may hereafter furnish to each other party to this Agreement in writing, and in the case of Wells Fargo in its capacity as Custodian, Wells Fargo Bank, N.A., 1015 10th Avenue Southeast, Minneapolis, Minnesota 55414 (c) in the case of the Trustee, the Corporate Trust Office, or such other address as the Trustee may hereafter furnish to each other party to this Agreement in writing, (d) in the case of the Transferor, UBS Real Estate Securities Inc., 1285 Avenue of the Americas, New York, New York 10019, Attention:  General Counsel, (e) in the case of the Rating Agencies, the address specified therefor in the definition corresponding to the name of such Rating Agency, and (f) in the case of the Trust Administrator, the Corporate Trust Office, or such other address as the Trust Administrator may hereafter furnish to each other party to this Agreement in writing.  Notices to Certificateholders shall be deemed given when mailed, first class postage prepaid, to their respective addresses appearing in the Certificate Register.

Section 11.06

Severability of Provisions.

If any one or more of the covenants, agreements, provisions or terms of this Agreement shall be for any reason whatsoever held invalid, then such covenants, agreements, provisions or terms shall be deemed severable from the remaining covenants, agreements, provisions or terms of this Agreement and shall in no way affect the validity or enforceability of the other provisions of this Agreement or of the Certificates or the rights of the Holders thereof.

Section 11.07

Assignment.

Notwithstanding anything to the contrary contained herein, except as provided in Section 6.02 and this Section 11.07, this Agreement may not be assigned by the Master Servicer without the prior written consent of the Trustee and Depositor.  Pursuant to Section 6.05, the Master Servicer shall be permitted to pledge its rights as servicer hereunder to a lender, provided that no such pledge shall permit the termination of the Master Servicer as Master Servicer unless a successor servicer meeting the requirements of Sections 6.04 and 7.02 hereunder shall have assumed the rights and obligations of the Master Servicer hereunder.

Section 11.08

Limitation on Rights of Certificateholders.

The death or incapacity of any Certificateholder shall not operate to terminate this Agreement or the trust created hereby, nor entitle such Certificateholder’s legal representative or heirs to claim an accounting or to take any action or commence any proceeding in any court for a petition or winding up of the trust created hereby, or otherwise affect the rights, obligations and liabilities of the parties hereto or any of them.

No Certificateholder shall have any right to vote (except as provided herein) or in any manner otherwise control the operation and management of the Trust Fund, or the obligations of the parties hereto, nor shall anything herein set forth or contained in the terms of the Certificates be construed so as to constitute the Certificateholders from time to time as partners or members of an association; nor shall any Certificateholder be under any liability to any third party by reason of any action taken by the parties to this Agreement pursuant to any provision hereof.

No Certificateholder shall have any right by virtue or by availing itself of any provisions 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 or the Trust Administrator a written notice of a Master Servicer Event of Termination and of the continuance thereof, as herein provided, and unless the Holders of Certificates evidencing not less than 25% of the Voting Rights evidenced by the Certificates shall also have made written request to the Trustee or the Trust Administrator to institute such action, suit or proceeding in its own name as Trustee or Trust Administrator hereunder and shall have offered to the Trust Administrator such reasonable indemnity as it may require against the costs, expenses, and liabilities to be incurred therein or thereby, and the Trustee or the Trust Administrator, for 60 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 being understood and intended, and being expressly covenanted by each Certificateholder with every other Certificateholder and the Trustee or the Trust Administrator, that no one or more Holders of Certificates shall have any right in any manner whatever by virtue or by availing itself or themselves of any provisions of this Agreement to affect, disturb or prejudice the rights of the Holders of any other of the Certificates, or to obtain or seek to obtain priority over or preference to any other such Holder or to enforce any right under this Agreement, except in the manner herein provided and for the common benefit of all Certificateholders.  For the protection and enforcement of the provisions of this Section 11.08, each and every Certificateholder and the Trustee and the Trust Administrator shall be entitled to such relief as can be given either at law or in equity.

Section 11.09

Inspection and Audit Rights.

The Master Servicer agrees that, on reasonable prior notice, it will permit and will cause each Servicer to permit any representative of the Depositor or the Trustee during the Master Servicer’s or Servicer’s, as the case may be, normal business hours, to examine all the books of account, records, reports and other papers of the Master Servicer or the Servicer, as the case may be, relating to the Mortgage Loans, to make copies and extracts therefrom, to cause such books to be audited by independent certified public accountants selected by the Depositor or the Trustee and to discuss its affairs, finances and accounts relating to the Mortgage Loans with its officers, employees and independent public accountants (and by this provision the Master Servicer or the Servicer, as the case may be, hereby authorize said accountants to discuss with such representative such affairs, finances and accounts), all at such reasonable times and as often as may be reasonably requested.  Any out-of-pocket expense incident to the exercise by the Depositor or the Trustee of any right under this Section 11.09 shall be borne by the party requesting such inspection; all other such expenses shall be borne by the Master Servicer or the related Servicer.

Section 11.10

Certificates Nonassessable and Fully Paid.

It is the intention of the Depositor that Certificateholders shall not be personally liable for obligations of the Trust Fund, that the interests in the Trust Fund represented by the Certificates shall be nonassessable for any reason whatsoever, and that the Certificates, upon due authentication thereof by the Trustee pursuant to this Agreement, are and shall be deemed fully paid.

Section 11.11

Compliance With Regulation AB.

Each of the parties hereto acknowledges and agrees that the purpose of Sections 3.21, 3.22 and 9.12 of this Agreement is to facilitate compliance by the Transferor and the Depositor with the provisions of Regulation AB, as such may be amended or clarified from time to time.  Therefore, each of the parties agrees that (a) the obligations of the parties hereunder shall be interpreted in such a manner as to accomplish compliance with Regulation AB, (b) the parties’ obligations hereunder will be supplemented and modified as necessary to be consistent with any such amendments, interpretive advice or guidance, convention or consensus among active participants in the asset-backed securities markets, advice of counsel, or otherwise in respect of the requirements of Regulation AB and (c) the parties shall comply, to the extent practicable from a timing and information systems perspective and at the expense of the Depositor, with requests made by the Transferor or the Depositor for delivery of additional or different information as the Transferor or the Depositor may determine in good faith is necessary to comply with the provisions of Regulation AB.

IN WITNESS WHEREOF, the Depositor, the Trustee, the Trust Administrator, the Transferor, the Master Servicer and the Custodian have caused their names to be signed hereto by their respective officers thereunto duly authorized as of the day and year first above written.

MORTGAGE ASSET SECURITIZATION TRANSACTIONS, INC., as Depositor

By:

 /s/ Sameer Tikoo                                          

Name:  Sameer Tikoo

Title: Associate Director

By:

 /s/ Douglas Adelman                                   

Name: Douglas Adelman

Title: Associate Director

UBS REAL ESTATE SECURITIES INC., as Transferor

By:

 /s/ Sameer Tikoo                                          

Name:  Sameer Tikoo

Title: Associate Director

By:

 /s/ Douglas Adelman                                   

Name: Douglas Adelman

Title: Associate Director

U.S. BANK NATIONAL ASSOCIATION, as Trustee

By:

            /s/ Shannon M. Rantz                        

Name:      Shannon M. Rantz

Title:        Vice President

WELLS FARGO BANK, N.A., as Master Servicer, Trust Administrator and Custodian

By:

           /s/ Graham M. Oglesby                       

Name:     Graham M. Oglesby

Title:       Assistant Vice President

STATE OF NEW YORK

)

)

ss.:

COUNTY OF QUEENS

)

On the 27th day of October, 2006 before me, a notary public in and for said State, personally appeared Sameer Tikoo and Douglas Adelman known to me to be Associate Directors of Mortgage Asset Securitization Transactions, Inc., one of the corporations that executed the within instrument, and also known to me to be the persons who executed it on behalf of such 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/ Jennie Tom                

Notary Public

[SEAL]

My commission expires:

July 22, 2009                               

STATE OF NEW YORK

)

)

ss.:

COUNTY OF QUEENS

)

On the 27th day of October, 2006 before me, a notary public in and for said State, personally appeared Sameer Tikoo and Douglas Adelman known to me to be Associate Directors of UBS Real Estate Securities Inc., one of the corporations that executed the within instrument, and also known to me to be the persons who executed it on behalf of such 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/ Jennie Tom                

Notary Public

[SEAL]

My commission expires:

July 22, 2009                               

STATE OF MARYLAND

)

)

ss.:

COUNTY OF HOWARD

)

On the 27th day of October, 2006 before me, a notary public in and for said State, personally appeared Graham M. Oglesby known to me to be an Assistant Vice President of Wells Fargo Bank, N.A., one of the corporations that executed the within instrument, and also known to me to be the person who executed it on behalf of such 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/ Jennifer Richardson___________

Notary Public

[SEAL]

My commission expires:

____April 1, 2010___________________

STATE OF MINNESOTA

)

)

ss.:

COUNTY OF RAMSEY

)

On the 27th day of October, 2006 before me, a notary public in and for said State, personally appeared Shannon M. Rantz known to me to be a Vice President of U.S. Bank National Association, one of the corporations that executed the within instrument, and also known to me to be the person who executed it on behalf of such 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/ Tiffany M. Jeanson________

Notary Public

[SEAL]

My commission expires:

______January 31, 2009________________

SCHEDULE I

Mortgage Loan Schedule

SCHEDULE II

MASTR Asset Securitization Trust 2006-3

Mortgage Pass-Through Certificates

Series 2006-3

Representations and Warranties as to the Mortgage Loans

UBS Real Estate Securities Inc. (the “Transferor”) hereby makes with respect to those Mortgage Loans sold by it to the Depositor pursuant to the Mortgage Loan Purchase Agreement, the following representations and warranties as of the Closing Date or, if so specified herein, as of the Cut-off Date.  

(i)

The information set forth in the Mortgage Loan Schedule was true and correct in all material respects at the date or dates respecting which such information is furnished as specified in the Mortgage Loan Schedule;

(ii)

Immediately prior to the transfer and assignment contemplated herein, the Transferor was the sole owner and holder of the Mortgage Loan free and clear of any and all liens, pledges, charges or security interests of any nature and has full right and authority to sell and assign the same;

(iii)

The Mortgage is a valid, subsisting and enforceable first lien on the property therein described, and the Mortgaged Property is free and clear of all encumbrances and liens having priority over the first lien of the Mortgage except for liens for real estate taxes and special assessments not yet due and payable and liens or interests arising under or as a result of any federal, state or local law, regulation or ordinance relating to hazardous wastes or hazardous substances, and, if the related Mortgaged Property is a condominium unit, any lien for common charges permitted by statute or homeowners association fees; and if the Mortgaged Property consists of shares of a cooperative housing corporation, any lien for amounts due to the cooperative housing corporation for unpaid assessments or charges or any lien of any assignment of rents or maintenance expenses secured by the real property owned by the cooperative housing corporation; and any security agreement, chattel mortgage or equivalent document related to, and delivered to the Trustee or to the Master Servicer with, any Mortgage establishes in the Transferor a valid and subsisting first lien on the property described therein and the Transferor has full right to sell and assign the same to the Trustee;

(iv)

Neither the Transferor nor any prior holder of the Mortgage or the related Mortgage Note has modified the Mortgage or the related Mortgage Note in any material respect, satisfied, canceled or subordinated the Mortgage in whole or in part, released the Mortgaged Property in whole or in part from the lien of the Mortgage, or executed any instrument of release, cancellation, modification or satisfaction, except in each case as is reflected in an agreement delivered to the Trustee or the Master Servicer pursuant to Section 2.01;

(v)

All taxes, governmental assessments, insurance premiums, and water, sewer and municipal charges, which previously became due and owing have been paid, or an escrow of funds has been established, to the extent permitted by law, in an amount sufficient to pay for every such item which remains unpaid; and the Transferor has not advanced funds, or received any advance of funds by a party other than the Mortgagor, directly or indirectly for the payment of any amount required by the Mortgage, except for interest accruing from the date of the Mortgage Note or date of disbursement of the Mortgage Loan proceeds, whichever is later, to the day which precedes by thirty days the first Due Date under the related Mortgage Note;

(vi)

The Mortgaged Property is undamaged by water, fire, earthquake, earth movement other than earthquake, windstorm, flood, tornado or similar casualty (excluding casualty from the presence of hazardous wastes or hazardous substances, as to which the Transferor makes no representations), so as to affect adversely the value of the Mortgaged Property as security for the Mortgage Loan or the use for which the premises were intended and to the best of the Transferor’s knowledge, there is no proceeding pending or threatened for the total or partial condemnation of the Mortgaged Property;

(vii)

The Mortgaged Property is free and clear of all mechanics’ and materialmen’s liens or liens in the nature thereof; provided, however, that this warranty shall be deemed not to have been made at the time of the initial issuance of the Certificates if a title policy affording, in substance, the same protection afforded by this warranty is furnished to the Trustee by the Transferor;

(viii)

Except for Mortgage Loans secured by co-op shares and Mortgage Loans secured by residential long term leases, the Mortgaged Property consists of a fee simple estate in real property; all of the improvements which are included for the purpose of determining the appraised value of the Mortgaged Property lie wholly within the boundaries and building restriction lines of such property and no improvements on adjoining properties encroach upon the Mortgaged Property (unless insured against under the related title insurance policy); and to the best of the Transferor’s knowledge, the Mortgaged Property and all improvements thereon comply with all requirements of any applicable zoning and subdivision laws and ordinances;

(ix)

The Mortgage Loan meets, or is exempt from, applicable state or federal laws, regulations and other requirements, pertaining to usury, and the Mortgage Loan is not usurious;

(x)

To the best of the Transferor’s knowledge, all inspections, licenses and certificates required to be made or issued with respect to all occupied portions of the Mortgaged Property and, with respect to the use and occupancy of the same, including, but not limited to, certificates of occupancy and fire underwriting certificates, have been made or obtained from the appropriate authorities;

(xi)

All payments required to be made up to but not including the Due Date immediately preceding the Cut-off Date for such Mortgage Loan under the terms of the related Mortgage Note have been made and no payment under any Mortgage Loan has been 30 days delinquent more than one time within twelve months prior to the Closing Date;

(xii)

The Mortgage Note, the related Mortgage and other agreements executed in connection therewith are genuine, and each is the legal, valid and binding obligation of the maker thereof, enforceable in accordance with its terms, except as such enforcement may be limited by bankruptcy, insolvency, reorganization or other similar laws affecting the enforcement of creditors’ rights generally and by general equity principles (regardless of whether such enforcement is considered in a proceeding in equity or at law); and, to the best of the Transferor’s knowledge, all parties to the Mortgage Note and the Mortgage had legal capacity to execute the Mortgage Note and the Mortgage and each Mortgage Note and Mortgage has been duly and properly executed by the Mortgagor;

(xiii)

Each Loan at the time it was made complied in all material respects with applicable federal, state and local laws, including, without limitation, all applicable anti-predatory and abusive lending laws;

(xiv)

The proceeds of the Mortgage Loans 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;

(xv)

The Mortgage Loan (except any Mortgage Loan secured by a Mortgaged Property located in any jurisdiction, as to which an opinion of counsel of the type customarily rendered in such jurisdiction in lieu of title insurance is instead received) is covered by an American Land Title Association mortgagee title insurance policy or other generally acceptable form of policy or insurance acceptable to Fannie Mae or Freddie Mac, issued by a title insurer acceptable to Fannie Mae or Freddie Mac insuring the originator, its successors and assigns, as to the first priority lien of the Mortgage in the original principal amount of the Mortgage Loan and 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 public record as of the date of recording of such Mortgage acceptable to mortgage lending institutions in the area in which the Mortgaged Property is located or specifically referred to in the appraisal performed in connection with the origination of the related Mortgage Loan, (C) liens created pursuant to any federal, state or local law, regulation or ordinance affording liens for the costs of clean up of hazardous substances or hazardous wastes or for other environmental protection purposes and (D) such other matters to which like properties are commonly subject which do not individually, or in the aggregate, materially interfere with the benefits of the security intended to be provided by the Mortgage; the Transferor is the sole insured of such mortgagee title insurance policy, the assignment to the Trustee of the Transferor’s interest in such mortgagee title insurance policy does not require any consent of or notification to the insurer which has not been obtained or made, such mortgagee title insurance policy is in full force and effect and will be in full force and effect and inure to the benefit of the Trustee, no claims have been made under such mortgagee title insurance policy, and no prior holder of the related Mortgage, including the Transferor, has done, by act or omission, anything which would impair the coverage of such mortgagee title insurance policy;

(xvi)

The Mortgaged Property securing each Mortgage Loan is insured by an insurer acceptable to Fannie Mae or Freddie Mac against loss by fire and such hazards as are covered under a standard extended coverage endorsement, in an amount which is not less than the lesser of 100% of the insurable value of the Mortgaged Property and the outstanding principal balance of the Mortgage Loan, but in no event less than the minimum amount necessary to fully compensate for any damage or loss on a replacement cost basis; if the Mortgaged Property is a condominium unit, it is included under the coverage afforded by a blanket policy for the project; if upon origination of the Mortgage Loan, the improvements on the Mortgaged Property were in an area identified in the Federal Register by the Federal Emergency Management Agency as having special flood hazards, a flood insurance policy meeting the requirements of the current guidelines of the Federal Insurance Administration is in effect with a generally acceptable insurance carrier, in an amount representing coverage not less than the least of (A) the outstanding principal balance of the Mortgage Loan, (B) the full insurable value of the Mortgaged Property and (C) the maximum amount of insurance which was available under the National Flood Insurance Act of 1968, as amended; and each Mortgage obligates the Mortgagor thereunder to maintain all such insurance at the Mortgagor’s cost and expense;

(xvii)

To the best of the Transferor’s knowledge no foreclosure action has been commenced or is currently threatened, with respect to the Mortgage Loan and the Transferor has not waived any default, breach, violation or event of acceleration;

(xviii)

No Mortgage Note or Mortgage is 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 or Mortgage, or the exercise of any right thereunder, render the Mortgage Note or Mortgage unenforceable, in whole or in part, or subject it to any right of rescission, set off, counterclaim or defense, including the defense of usury, and no such right of rescission, set off, counterclaim or defense has been asserted with respect thereto;

(xix)

Each Mortgage Note is payable in monthly payments, resulting in complete amortization of the Mortgage Loan over a term of not more than 360 months;

(xx)

Each 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, including realization by judicial foreclosure (subject to any limitation arising from any bankruptcy, insolvency or other law for the relief of debtors), and there is no homestead or other exemption available to the Mortgagor which would interfere with such right of foreclosure;

(xxi)

To the best of the Transferor’s knowledge, no Mortgagor is a debtor in any state or federal bankruptcy or insolvency proceeding;

(xxii)

Each Mortgaged Property consists of a one to four unit residential property, which may include a detached home, townhouse, condominium unit or a unit in a planned unit development or, in the case of Mortgage Loans secured by co-op shares, leases or occupancy agreements;

(xxiii)

The Mortgage Loan is a “qualified mortgage” within the meaning of Section 860G(a)(3) of the Code;

(xxiv)

With respect to each Mortgage where a lost note affidavit has been delivered to the Trustee in place of the related Mortgage Note, the related Mortgage Note is no longer in existence;

(xxv)

In the event that the Mortgagor is an inter vivos “living” trust, (i) such trust is in compliance with Fannie Mae or Freddie Mac standards for inter vivos trusts and (ii) holding title to the Mortgaged Property in such trust will not diminish any rights as a creditor including the right to full title to the Mortgaged Property in the event foreclosure proceedings are initiated;

(xxvi)

If the Mortgage Loan is secured by a long-term residential lease, (1) the lessor under the lease holds a fee simple interest in the land; (2) the terms of such lease expressly permit the mortgaging of the leasehold estate, the assignment of the lease without the lessor’s consent and the acquisition by the holder of the Mortgage of the rights of the lessee upon foreclosure or assignment in lieu of foreclosure or provide the holder of the Mortgage with substantially similar protections; (3) the terms of such lease do not (a) allow the termination thereof upon the lessee’s default without the holder of the Mortgage being entitled to receive written notice of, and opportunity to cure, such default or (b) allow the termination of the lease in the event of damage or destruction as long as the Mortgage is in existence; (4) the term of such lease does not terminate earlier than five years after the maturity date of the Mortgage Note; and (5) the Mortgaged Property is located in a jurisdiction in which the use of leasehold estates in transferring ownership in residential properties is a widely accepted practice;

(xxvii)

The Mortgage Loan was originated by a mortgagee approved by the Secretary of Housing and Urban Development pursuant to Sections 203 and 211 of the National Housing Act, as amended, a savings and loan association, a savings bank, a commercial bank, credit union, insurance company or similar institution which is supervised and examined by a federal or state authority;

(xxviii)

The Mortgage Loan was underwritten in accordance with the underwriting guidelines of the related Loan Seller in effect at the time of origination with exceptions thereto exercised in a reasonable manner;

(xxix)

The Loan Seller used no adverse selection procedures in selecting the Mortgage Loan from among the outstanding first-lien, residential mortgage loans owned by it which were available for sale to the Transferor;

(xxx)

With respect to each Mortgage Loan, the Transferor is in possession of a complete Mortgage File except for the documents which have been delivered to the Trustee or which have been submitted for recording and not yet returned;

(xxxi)

As of the Cut-off Date, the range of original Loan-to-Value Ratios of the Mortgage Loans is 11.80% to 95.00% and 12 Mortgage Loans, representing 60% of the Cut-off Date Pool Balance, had Loan-to-Value Ratios at origination in excess of 80%.  Each such Mortgage Loan is subject to a Primary Insurance Policy;

(xxxii)

With respect to each Mortgage Loan that has a prepayment penalty feature, each such prepayment penalty is enforceable and, at the time such Mortgage Loan was originated, each prepayment penalty complied with applicable federal, state and local law, subject to federal preemption where applicable;

(xxxiii)

With respect to each Mortgage Loan, the related Servicing Agreement requires the related Servicer to deposit into the related Protected Account an amount equal to all payments of principal and interest on such Mortgage Loan that are delinquent at the close of business on the related Determination Date and not previously advanced by such Servicer.  The obligation of such Servicer to advance such payments as to such Mortgage Loan will continue through the final disposition or liquidation of the Mortgaged Property, unless such Servicer deems such advance to be nonrecoverable from liquidation proceeds, REO disposition proceeds, condemnation proceeds or insurance proceeds with respect to such Mortgage Loan;  

(xxxiv)

 No Mortgage Loan is a High Cost Loan or Covered Loan, as applicable, and no Mortgage Loan originated on or after October 1, 2002 through March 6, 2003 is governed by the Georgia Fair Lending Act.  No Mortgage Loan is covered by the Home Ownership and Equity Protection Act of 1994 and no Mortgage Loan is in violation of any comparable state or local law;

(xxxv)

With respect to each Mortgage Loan, either (a) an appraisal acceptable to FNMA or FHLMC has been obtained or (b) an appraisal on Form 1004 or Form 2055 with an interior inspection has been obtained; and

(xxxvi)

No loan is a High Cost Loan or Covered Loan, as applicable (as such terms are defined in the then current Standard & Poor’s LEVELS® Glossary which is now Version 5.7 Revised, Appendix E).

SCHEDULE III

Class P Prepayment Charges Mortgage Loan Schedule

SCHEDULE IV

Aggregate Scheduled Class Balance Table – PACs

	Distribution Date                     

	Class 1-A-1, Class 1-A-2, Class 1-A-3 and Class 1-A-4 Certificates ($)

	October 27, 2006

	116,569,000.00

	November 25, 2006

	116,128,787.14

	December 25, 2006

	115,643,434.22

	January 25, 2007

	115,113,096.40

	February 25, 2007

	114,537,952.10

	March 25, 2007

	113,918,202.88

	April 25, 2007

	113,254,073.40

	May 25, 2007

	112,545,811.26

	June 25, 2007

	111,793,686.92

	July 25, 2007

	110,997,993.52

	August 25, 2007

	110,159,046.69

	September 25, 2007

	109,277,257.31

	October 25, 2007

	108,352,984.19

	November 25, 2007

	107,386,608.05

	December 25, 2007

	106,378,644.24

	January 25, 2008

	105,329,514.47

	February 25, 2008

	104,239,661.45

	March 25, 2008

	103,109,735.16

	April 25, 2008

	101,940,216.17

	May 25, 2008

	100,731,605.07

	June 25, 2008

	99,484,422.12

	July 25, 2008

	98,199,206.87

	August 25, 2008

	96,876,517.75

	September 25, 2008

	95,517,034.77

	October 25, 2008

	94,121,533.91

	November 25, 2008

	92,695,009.15

	December 25, 2008

	91,258,233.43

	January 25, 2009

	89,825,292.73

	February 25, 2009

	88,399,697.31

	March 25, 2009

	86,981,468.66

	April 25, 2009

	85,570,569.27

	May 25, 2009

	84,166,961.81

	June 25, 2009

	82,770,609.16

	July 25, 2009

	81,381,474.39

	August 25, 2009

	79,999,520.75

	September 25, 2009

	78,624,711.70

	October 25, 2009

	77,257,010.87

	November 25, 2009

	75,896,382.10

	December 25, 2009

	74,542,789.40

	January 25, 2010

	73,196,196.97

	February 25, 2010

	71,856,569.21

	March 25, 2010

	70,523,870.69

	April 25, 2010

	69,198,066.18

	May 25, 2010

	67,879,120.61

	June 25, 2010

	66,566,999.12

	July 25, 2010

	65,261,667.01

	August 25, 2010

	63,963,089.77

	September 25, 2010

	62,671,233.06

	October 25, 2010

	61,386,062.75

	November 25, 2010

	60,107,544.84

	December 25, 2010

	58,835,645.55

	January 25, 2011

	57,570,331.26

	February 25, 2011

	56,311,568.50

	March 25, 2011

	55,059,324.02

	April 25, 2011

	53,813,564.72

	May 25, 2011

	52,574,257.66

	June 25, 2011

	51,341,370.10

	July 25, 2011

	50,114,869.46

	August 25, 2011

	48,894,723.30

	September 25, 2011

	47,680,899.41

	October 25, 2011

	46,473,365.69

	November 25, 2011

	45,419,751.33

	December 25, 2011

	44,372,314.22

	January 25, 2012

	43,331,023.42

	February 25, 2012

	42,295,848.15

	March 25, 2012

	41,266,757.79

	April 25, 2012

	40,243,721.88

	May 25, 2012

	39,226,710.13

	June 25, 2012

	38,215,692.43

	July 25, 2012

	37,210,638.79

	August 25, 2012

	36,211,519.41

	September 25, 2012

	35,218,304.65

	October 25, 2012

	34,230,965.01

	November 25, 2012

	33,279,412.13

	December 25, 2012

	32,333,497.73

	January 25, 2013

	31,393,192.90

	February 25, 2013

	30,458,468.90

	March 25, 2013

	29,529,297.16

	April 25, 2013

	28,605,649.22

	May 25, 2013

	27,687,496.80

	June 25, 2013

	26,774,811.77

	July 25, 2013

	25,867,566.15

	August 25, 2013

	24,965,732.08

	September 25, 2013

	24,069,281.90

	October 25, 2013

	23,178,188.06

	November 25, 2013

	22,459,262.31

	December 25, 2013

	21,756,476.07

	January 25, 2014

	21,069,516.09

	February 25, 2014

	20,398,074.74

	March 25, 2014

	19,741,849.97

	April 25, 2014

	19,100,545.15

	May 25, 2014

	18,473,869.04

	June 25, 2014

	17,861,535.65

	July 25, 2014

	17,263,264.17

	August 25, 2014

	16,678,778.87

	September 25, 2014

	16,107,809.01

	October 25, 2014

	15,550,088.77

	November 25, 2014

	15,142,890.71

	December 25, 2014

	14,744,743.35

	January 25, 2015

	14,355,464.21

	February 25, 2015

	13,974,874.30

	March 25, 2015

	13,602,798.02

	April 25, 2015

	13,239,063.10

	May 25, 2015

	12,883,500.54

	June 25, 2015

	12,535,944.57

	July 25, 2015

	12,196,232.54

	August 25, 2015

	11,864,204.93

	September 25, 2015

	11,539,705.26

	October 25, 2015

	11,222,580.02

	November 25, 2015

	11,022,825.20

	December 25, 2015

	10,826,521.20

	January 25, 2016

	10,633,609.46

	February 25, 2016

	10,444,032.42

	March 25, 2016

	10,257,733.50

	April 25, 2016

	10,074,657.05

	May 25, 2016

	9,894,576.22

	June 25, 2016

	9,716,425.06

	July 25, 2016

	9,538,022.63

	August 25, 2016

	9,362,046.27

	September 25, 2016

	9,189,173.01

	October 25, 2016

	9,019,349.55

	November 25, 2016

	8,852,523.47

	December 25, 2016

	8,688,643.27

	January 25, 2017

	8,527,658.30

	February 25, 2017

	8,369,518.77

	March 25, 2017

	8,214,175.73

	April 25, 2017

	8,061,581.07

	May 25, 2017

	7,911,687.49

	June 25, 2017

	7,764,448.47

	July 25, 2017

	7,619,818.31

	August 25, 2017

	7,477,752.06

	September 25, 2017

	7,338,205.54

	October 25, 2017

	7,201,135.32

	November 25, 2017

	7,066,498.69

	December 25, 2017

	6,934,253.70

	January 25, 2018

	6,804,359.06

	February 25, 2018

	6,676,774.23

	March 25, 2018

	6,551,459.32

	April 25, 2018

	6,428,375.14

	May 25, 2018

	6,307,483.15

	June 25, 2018

	6,188,745.47

	July 25, 2018

	6,072,124.86

	August 25, 2018

	5,957,584.72

	September 25, 2018

	5,845,089.06

	October 25, 2018

	5,734,602.50

	November 25, 2018

	5,626,090.28

	December 25, 2018

	5,519,518.21

	January 25, 2019

	5,414,852.70

	February 25, 2019

	5,312,060.69

	March 25, 2019

	5,211,109.74

	April 25, 2019

	5,111,967.92

	May 25, 2019

	5,014,603.85

	June 25, 2019

	4,918,986.69

	July 25, 2019

	4,825,086.13

	August 25, 2019

	4,732,872.36

	September 25, 2019

	4,642,316.09

	October 25, 2019

	4,553,388.52

	November 25, 2019

	4,466,061.35

	December 25, 2019

	4,380,306.76

	January 25, 2020

	4,296,097.39

	February 25, 2020

	4,213,406.35

	March 25, 2020

	4,132,207.23

	April 25, 2020

	4,052,474.05

	May 25, 2020

	3,974,181.27

	June 25, 2020

	3,897,303.80

	July 25, 2020

	3,821,816.97

	August 25, 2020

	3,747,696.53

	September 25, 2020

	3,674,918.63

	October 25, 2020

	3,603,459.87

	November 25, 2020

	3,533,297.20

	December 25, 2020

	3,464,407.99

	January 25, 2021

	3,396,770.00

	February 25, 2021

	3,330,361.34

	March 25, 2021

	3,265,160.54

	April 25, 2021

	3,201,146.46

	May 25, 2021

	3,138,298.33

	June 25, 2021

	3,076,595.75

	July 25, 2021

	3,016,018.64

	August 25, 2021

	2,956,547.30

	September 25, 2021

	2,898,162.34

	October 25, 2021

	2,840,844.70

	November 25, 2021

	2,784,575.67

	December 25, 2021

	2,729,336.85

	January 25, 2022

	2,675,110.14

	February 25, 2022

	2,621,877.76

	March 25, 2022

	2,569,622.24

	April 25, 2022

	2,518,326.42

	May 25, 2022

	2,467,973.40

	June 25, 2022

	2,418,546.60

	July 25, 2022

	2,370,029.72

	August 25, 2022

	2,322,406.72

	September 25, 2022

	2,275,661.86

	October 25, 2022

	2,229,779.66

	November 25, 2022

	2,184,744.90

	December 25, 2022

	2,140,542.63

	January 25, 2023

	2,097,158.15

	February 25, 2023

	2,054,577.02

	March 25, 2023

	2,012,785.05

	April 25, 2023

	1,971,768.29

	May 25, 2023

	1,931,513.02

	June 25, 2023

	1,892,005.76

	July 25, 2023

	1,853,233.29

	August 25, 2023

	1,815,182.57

	September 25, 2023

	1,777,840.83

	October 25, 2023

	1,741,195.48

	November 25, 2023

	1,705,234.18

	December 25, 2023

	1,669,944.79

	January 25, 2024

	1,635,315.37

	February 25, 2024

	1,601,334.20

	March 25, 2024

	1,567,989.75

	April 25, 2024

	1,535,270.71

	May 25, 2024

	1,503,165.93

	June 25, 2024

	1,471,664.49

	July 25, 2024

	1,440,755.64

	August 25, 2024

	1,410,428.81

	September 25, 2024

	1,380,673.63

	October 25, 2024

	1,351,479.90

	November 25, 2024

	1,322,837.59

	December 25, 2024

	1,294,736.85

	January 25, 2025

	1,267,168.00

	February 25, 2025

	1,240,121.53

	March 25, 2025

	1,213,588.10

	April 25, 2025

	1,187,558.52

	May 25, 2025

	1,162,023.75

	June 25, 2025

	1,136,974.95

	July 25, 2025

	1,112,403.38

	August 25, 2025

	1,088,300.48

	September 25, 2025

	1,064,657.84

	October 25, 2025

	1,041,467.19

	November 25, 2025

	1,018,720.39

	December 25, 2025

	996,409.48

	January 25, 2026

	974,526.60

	February 25, 2026

	953,064.03

	March 25, 2026

	932,014.22

	April 25, 2026

	911,369.70

	May 25, 2026

	891,123.18

	June 25, 2026

	871,267.45

	July 25, 2026

	851,795.47

	August 25, 2026

	832,700.28

	September 25, 2026

	813,991.02

	October 25, 2026

	795,644.60

	November 25, 2026

	777,654.45

	December 25, 2026

	760,014.13

	January 25, 2027

	742,717.27

	February 25, 2027

	725,757.65

	March 25, 2027

	709,129.15

	April 25, 2027

	692,825.73

	May 25, 2027

	676,841.50

	June 25, 2027

	661,170.63

	July 25, 2027

	645,807.43

	August 25, 2027

	630,746.28

	September 25, 2027

	615,981.68

	October 25, 2027

	601,508.21

	November 25, 2027

	587,320.55

	December 25, 2027

	573,413.47

	January 25, 2028

	559,781.85

	February 25, 2028

	546,420.64

	March 25, 2028

	533,324.89

	April 25, 2028

	520,489.72

	May 25, 2028

	507,910.36

	June 25, 2028

	495,582.10

	July 25, 2028

	483,500.34

	August 25, 2028

	471,660.53

	September 25, 2028

	460,058.23

	October 25, 2028

	448,689.05

	November 25, 2028

	437,548.70

	December 25, 2028

	426,632.95

	January 25, 2029

	415,937.66

	February 25, 2029

	405,458.75

	March 25, 2029

	395,192.21

	April 25, 2029

	385,134.12

	May 25, 2029

	375,280.61

	June 25, 2029

	365,627.88

	July 25, 2029

	356,172.21

	August 25, 2029

	346,909.94

	September 25, 2029

	337,837.47

	October 25, 2029

	328,951.26

	November 25, 2029

	320,247.84

	December 25, 2029

	311,723.81

	January 25, 2030

	303,375.81

	February 25, 2030

	295,200.57

	March 25, 2030

	287,194.83

	April 25, 2030

	279,355.44

	May 25, 2030

	271,679.28

	June 25, 2030

	264,163.28

	July 25, 2030

	256,804.44

	August 25, 2030

	249,599.80

	September 25, 2030

	242,546.46

	October 25, 2030

	235,641.57

	November 25, 2030

	228,882.34

	December 25, 2030

	222,266.01

	January 25, 2031

	215,789.89

	February 25, 2031

	209,451.33

	March 25, 2031

	203,247.71

	April 25, 2031

	197,176.49

	May 25, 2031

	191,235.15

	June 25, 2031

	185,421.23

	July 25, 2031

	179,732.30

	August 25, 2031

	174,165.99

	September 25, 2031

	168,719.95

	October 25, 2031

	163,391.90

	November 25, 2031

	158,179.58

	December 25, 2031

	153,080.78

	January 25, 2032

	148,093.32

	February 25, 2032

	143,215.07

	March 25, 2032

	138,443.94

	April 25, 2032

	133,777.87

	May 25, 2032

	129,214.83

	June 25, 2032

	124,752.85

	July 25, 2032

	120,389.97

	August 25, 2032

	116,124.29

	September 25, 2032

	111,953.92

	October 25, 2032

	107,877.02

	November 25, 2032

	103,891.78

	December 25, 2032

	99,996.41

	January 25, 2033

	96,189.18

	February 25, 2033

	92,468.37

	March 25, 2033

	88,832.30

	April 25, 2033

	85,279.30

	May 25, 2033

	81,807.77

	June 25, 2033

	78,416.10

	July 25, 2033

	75,102.74

	August 25, 2033

	71,866.14

	September 25, 2033

	68,704.80

	October 25, 2033

	65,617.24

	November 25, 2033

	62,602.00

	December 25, 2033

	59,657.66

	January 25, 2034

	56,785.91

	February 25, 2034

	53,982.19

	March 25, 2034

	51,245.16

	April 25, 2034

	48,573.50

	May 25, 2034

	45,970.41

	June 25, 2034

	43,429.98

	July 25, 2034

	40,950.97

	August 25, 2034

	38,532.15

	September 25, 2034

	36,178.88

	October 25, 2034

	33,883.24

	November 25, 2034

	31,644.07

	December 25, 2034

	29,462.17

	January 25, 2035

	27,341.42

	February 25, 2035

	25,273.55

	March 25, 2035

	23,257.48

	April 25, 2035

	21,296.07

	May 25, 2035

	19,385.48

	June 25, 2035

	17,523.48

	July 25, 2035

	15,714.95

	August 25, 2035

	13,970.85

	September 25, 2035

	12,274.45

	October 25, 2035

	10,622.07

	November 25, 2035

	9,015.22

	December 25, 2035

	7,455.08

	January 25, 2036

	5,936.12

	February 25, 2036

	4,457.49

	March 25, 2036

	3,018.35

	April 25, 2036

	1,617.90

	May 25, 2036

	365.67

	June 25, 2036

	0.00

EXHIBIT A

(FORM OF CLASS PO CERTIFICATE)

Unless this certificate is presented by an authorized representative of The Depository Trust Company, a New York corporation (“DTC”), to Issuer or its agent for registration of transfer, exchange, or payment, and any certificate issued is registered in the name of Cede & Co. or in such other name as is requested by an authorized representative of DTC (and any payment is made to Cede & Co. or to such other entity as is requested by an authorized representative of DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has an interest herein.

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 IS A PRINCIPAL ONLY CERTIFICATE AND IS NOT ENTITLED TO ANY DISTRIBUTIONS IN RESPECT OF INTEREST.

	Certificate No.:

	[1]

	Cut-off Date:

	October 1, 2006

	First Distribution Date:

	November 27, 2006 

	Last Scheduled Distribution Date:

	[October 25, 2021]

[October 25, 2036]  

	Initial Certificate Principal Balance of this Certificate (“Denomination”):

	$[____________]

	Initial Certificate Principal Balances of all Certificates of this Class:

	$[____________]

	CUSIP:

	[_____________]

MORTGAGE ASSET SECURITIZATION TRANSACTIONS, INC.

MASTR ASSET SECURITIZATION TRUST 2006-3

Mortgage Pass-Through Certificates, Series 2006-3

Class [_]-PO

evidencing a percentage interest in the distributions allocable to the Certificates of the above-referenced Class with respect to a Trust Fund consisting primarily of fixed-rate mortgage loans (the “Mortgage Loans”) secured by first liens on one- to four-family residential properties

Mortgage Asset Securitization Transactions, Inc., as Depositor

Principal in respect of this Certificate is distributable monthly as set forth herein.  Accordingly, the Certificate Principal Balance at any time may be less than the Certificate Principal Balance as set forth herein.  This Certificate does not evidence an obligation of, or an interest in, and is not guaranteed by the Depositor, the Transferor, the Master Servicer, the Trust Administrator, the Custodian 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 CEDE & CO. is the registered owner of the Percentage Interest evidenced by this Certificate in certain monthly distributions with respect to a Trust Fund consisting primarily of the Mortgage Loans deposited by Mortgage Asset Securitization Transactions, Inc. (the “Depositor”).  The Trust Fund was created pursuant to a Pooling and Servicing Agreement dated as of the Cut-off Date specified above (the “Agreement”) among the Depositor, UBS Real Estate Securities Inc., as transferor (the “Transferor”), Wells Fargo Bank, N.A., as master servicer (in such capacity, the “Master Servicer”), as trust administrator (in such capacity, the “Trust Administrator”), and as custodian (in such capacity, the “Custodian”), and U.S. Bank National Association, as trustee (the “Trustee”).  Distributions on this Certificate will be made primarily from collections on the applicable Mortgage Loans pursuant to the terms of the Agreement.  To the extent not defined herein, the capitalized terms used herein have the meanings assigned in the Agreement.  This Certificate is issued under and is subject to the terms, provisions and conditions of the Agreement, to which Agreement the Holder of this Certificate by virtue of the acceptance hereof assents and by which such Holder is bound.

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 countersigned by an authorized signatory of the Trust Administrator.

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

Dated:  October __, 2006

WELLS FARGO BANK, N.A.,

AS TRUST ADMINISTRATOR

By:                                                                    

Countersigned:

BY:                                                                    

AUTHORIZED SIGNATORY OF

WELLS FARGO BANK, N.A.,

AS TRUST ADMINISTRATOR

EXHIBIT B

(FORM OF CLASS A-X CERTIFICATE)

Unless this certificate is presented by an authorized representative of The Depository Trust Company, a New York corporation (“DTC”), to Issuer or its agent for registration of transfer, exchange, or payment, and any certificate issued is registered in the name of Cede & Co. or in such other name as is requested by an authorized representative of DTC (and any payment is made to Cede & Co. or to such other entity as is requested by an authorized representative of DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has an interest herein.

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.:

	[1]

	Cut-off Date:

	October 1, 2006

	First Distribution Date:

	November 27, 2006 

	Last Scheduled Distribution Date:

	[October 25, 2021]

[October 25, 2036]       

	Pass-Through Rate:

	[_____]%

	Initial Notional Amount of this Certificate (“Denomination”):

	$[_______]

	Initial Notional Amount of all Certificates of this Class:

	$[_________]

	CUSIP:

	[_____________]

MORTGAGE ASSET SECURITIZATION TRANSACTIONS, INC.

MASTR ASSET SECURITIZATION TRUST 2006-3

Mortgage Pass-Through Certificates, Series 2006-3

Class [_]-A-X

evidencing a percentage interest in the distributions allocable to the Certificates of the above-referenced Class with respect to a Trust Fund consisting primarily of fixed-rate mortgage loans (the “Mortgage Loans”) secured by first liens on one- to four-family residential properties

Mortgage Asset Securitization Transactions, Inc., as Depositor

This Certificate does not evidence an obligation of, or an interest in, and is not guaranteed by the Depositor, the Transferor, the Master Servicer, the Trust Administrator, the Custodian 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 CEDE & CO. is the registered owner of the Percentage Interest evidenced by this Certificate specified above in certain monthly distributions with respect to a Trust Fund consisting primarily of the Mortgage Loans deposited by Mortgage Asset Securitization Transactions, Inc. (the “Depositor”).  The Trust Fund was created pursuant to a Pooling and Servicing Agreement dated as of the Cut-off Date specified above (the “Agreement”) among the Depositor, UBS Real Estate Securities Inc., as transferor (the “Transferor”), Wells Fargo Bank, N.A., as master servicer (in such capacity, the “Master Servicer”), as trust administrator (in such capacity, the “Trust Administrator”), and as custodian (in such capacity, the “Custodian”) and U.S. Bank National Association, as trustee (the “Trustee”).  Distributions on this Certificate will be made primarily from collections on the applicable Mortgage Loans pursuant to the terms of the Agreement.  To the extent not defined herein, the capitalized terms used herein have the meanings assigned in the Agreement.  This Certificate is issued under and is subject to the terms, provisions and conditions of the Agreement, to which Agreement the Holder of this Certificate by virtue of the acceptance hereof assents and by which such Holder is bound.

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 countersigned by an authorized signatory of the Trust Administrator.

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

Dated:  October __, 2006

WELLS FARGO BANK, N.A.,

AS TRUST ADMINISTRATOR

By:                                                                    

Countersigned:

BY:                                                                    

AUTHORIZED SIGNATORY OF

WELLS FARGO BANK, N.A.,

AS TRUST ADMINISTRATOR

EXHIBIT C-1

(FORM OF CLASS A-[LR][UR] CERTIFICATE)

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”).  TRANSFERS OF THIS CERTIFICATE TO ANY PERSON WHO IS NOT A PERMITTED TRANSFEREE, AS SET FORTH IN SECTION 5.02(C) OF THE AGREEMENT IS PROHIBITED.

NEITHER THIS CERTIFICATE NOR ANY INTEREST HEREIN MAY BE TRANSFERRED UNLESS THE PROPOSED TRANSFEREE DELIVERS TO THE TRUST ADMINISTRATOR A TRANSFER AFFIDAVIT IN ACCORDANCE WITH THE PROVISIONS OF THE AGREEMENT REFERRED TO HEREIN.

THE HOLDER OF THIS CERTIFICATE BY ITS ACCEPTANCE HEREOF AGREES NOT TO OFFER, SELL OR OTHERWISE TRANSFER SUCH CERTIFICATE EXCEPT IN ACCORDANCE WITH ALL APPLICABLE STATE SECURITIES LAWS AND (A) PURSUANT TO A REGISTRATION STATEMENT WHICH HAS BEEN DECLARED EFFECTIVE UNDER THE ACT, (B) FOR SO LONG AS THIS CERTIFICATE IS ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE ACT (“RULE 144A”), TO A PERSON WHO THE SELLER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” AS DEFINED IN RULE 144A IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A, (C) TO AN INSTITUTIONAL “ACCREDITED INVESTOR” WITHIN THE MEANING OF RULE 501 (A)(1), (2), (3) OR (7) OF REGULATION D UNDER THE ACT IN A TRANSACTION EXEMPT FROM THE REGISTRATION REQUIREMENTS UNDER THE ACT, OR (D) PURSUANT TO ANOTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE ACT, SUBJECT IN EACH OF THE FOREGOING CASES TO THE COMPLETION AND DELIVERY BY THE TRANSFEROR TO THE TRUST ADMINISTRATOR OF A CERTIFICATE OF TRANSFER IN THE FORM ATTACHED TO THE AGREEMENT.

NEITHER THIS CERTIFICATE NOR ANY INTEREST HEREIN MAY BE TRANSFERRED UNLESS THE TRANSFEREE DELIVERS TO THE TRUST ADMINISTRATOR EITHER A REPRESENTATION LETTER TO THE EFFECT THAT SUCH TRANSFEREE IS NOT AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT SUBJECT TO TITLE I OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), OR SECTION 4975 OF THE CODE, OR DELIVERS TO THE TRUST ADMINISTRATOR A REPRESENTATION LETTER OR OPINION OF COUNSEL IN ACCORDANCE WITH THE PROVISIONS OF THE AGREEMENT HEREIN.  NOTWITHSTANDING ANYTHING ELSE TO THE CONTRARY HEREIN, ANY PURPORTED TRANSFER OF THIS CERTIFICATE TO OR ON BEHALF OF AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT SUBJECT TO ERISA OR THE CODE SHALL BE VOID AND OF NO EFFECT.

	Certificate No.:

	1

	Cut-off Date:

	October 1, 2006

	First Distribution Date:

	November 27, 2006

	Last Scheduled Distribution Date:

	[October 2021]

	Pass-Through Rate:

	[_____]%

	Initial Certificate Principal Balance of this Certificate (“Denomination”):

	$50

	Initial Certificate Principal Balances of all Certificates of this Class:

	$50

	CUSIP:

	[____________]

MORTGAGE ASSET SECURITIZATION TRANSACTIONS, INC.

MASTR ASSET SECURITIZATION TRUST 2006-3

Mortgage Pass-Through Certificates, Series 2006-3

Class A-[__]R

evidencing a percentage interest in the distributions allocable to the Certificates of the above-referenced Class with respect to a Trust Fund consisting primarily of fixed-rate mortgage loans (the “Mortgage Loans”) secured by first liens on one- to four-family residential properties

Mortgage Asset Securitization Transactions, Inc., as Depositor

Principal in respect of this Certificate is distributable monthly as set forth herein.  Accordingly, the Certificate Principal Balance at any time may be less than the Certificate Principal Balance as set forth herein.  This Certificate does not evidence an obligation of, or an interest in, and is not guaranteed by the Depositor, the Transferor, the Master Servicer, the Trust Administrator, the Custodian 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 UBS Securities LLC is the registered owner of the Percentage Interest evidenced by this Certificate in certain monthly distributions with respect to a Trust Fund consisting primarily of the Mortgage Loans deposited by Mortgage Asset Securitization Transactions, Inc. (the “Depositor”).  The Trust Fund was created pursuant to a Pooling and Servicing Agreement dated as of the Cut-off Date specified above (the “Agreement”) among the Depositor, UBS Real Estate Securities Inc., as transferor (the “Transferor”), Wells Fargo Bank, N.A., as master servicer (in such capacity, the “Master Servicer”), as trust administrator (in such capacity, the “Trust Administrator”), and as custodian (in such capacity, the “Custodian”), and U.S. Bank National Association, as trustee (the “Trustee”).   Distributions on this Certificate will be made primarily from collections on the Mortgage Loans pursuant to the terms of the Agreement.  To the extent not defined herein, the capitalized terms used herein have the meanings assigned in the Agreement.  This Certificate is issued under and is subject to the terms, provisions and conditions of the Agreement, to which Agreement the Holder of this Certificate by virtue of the acceptance hereof assents and by which such Holder is bound.

Any distribution of the proceeds of any remaining assets of the Trust Fund will be made only upon presentment and surrender of this Class A-[_]R Certificate at the Corporate Trust Office of the Trust Administrator.

No transfer of a Class A-[_]R Certificate shall be made unless the Trust Administrator shall have received:  (i) a representation letter from the transferee of such Certificate, acceptable to and in form and substance satisfactory to the Trust Administrator, to the effect that such transferee is not an employee benefit plan or other retirement arrangement subject to Section 406 of ERISA and/or Section 4975 of the Code, or a person acting for, on behalf or with the assets of, any such plan or arrangement, (ii) if the purchaser is an insurance company, a representation that the purchaser is an insurance company which is purchasing such Class A-[_]R 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 the purchase and holding of such Class A-[_]R Certificate is covered under Sections I and III of PTCE 95-60, or (iii) an Opinion of Counsel satisfactory to the Trust Administrator to the effect that the purchase or holding of such Class A-[_]R Certificate will not result in prohibited transactions under Section 406 of ERISA and/or Section 4975 of the Code and will not subject the Trustee, the Transferor, the Depositor, the Master Servicer or the Trust Administrator to any obligation in addition to those undertaken in the Agreement, which Opinion of Counsel shall not be an expense of such parties, the applicable Servicer or the Trust Fund.  (Such representations shall be deemed to have been made to the Trust Administrator by the Transferee’s acceptance of a Class A-[_]R Certificate and by a beneficial owner’s acceptance of its interest in a Class A-[_]R Certificate.)  Notwithstanding anything else to the contrary herein, any purported transfer of a Class A-[_]R Certificate to or on behalf of an employee benefit plan or other retirement arrangement subject to ERISA or the Code without the Opinion of Counsel satisfactory to the Trust Administrator as described above shall be void and of no effect.

Each Holder of this Class A-[_]R 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 Class A-[_]R Certificate must be a Permitted Transferee, (ii) no Ownership Interest in this Class A-[_]R Certificate may be transferred without delivery to the Trust 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 Class A-[_]R Certificate must agree to require a transfer affidavit and to deliver a transfer certificate to the Trust Administrator as required pursuant to the Agreement, (iv) each person holding or acquiring an Ownership Interest in this Class A-[_]R Certificate must agree not to transfer an Ownership Interest in this Class A-[_]R 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 Class A-[_]R Certificate in violation of such restrictions will be absolutely null and void and will vest no rights in the purported transferee.

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 countersigned by an authorized signatory of the Trust Administrator.

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

Dated:  October __, 2006

WELLS FARGO BANK, N.A.,

AS TRUST ADMINISTRATOR

By:                                                                    

Countersigned:

BY:                                                                    

AUTHORIZED SIGNATORY OF

WELLS FARGO BANK, N.A.,

AS TRUST ADMINISTRATOR

EXHIBIT C-2

(FORM OF CLASS P CERTIFICATE)

THIS CERTIFICATE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”). ANY RESALE OR TRANSFER OF THIS CERTIFICATE WITHOUT REGISTRATION THEREOF UNDER THE ACT MAY ONLY BE MADE IN A TRANSACTION EXEMPTED FROM THE REGISTRATION REQUIREMENTS OF THE ACT AND IN ACCORDANCE WITH THE PROVISIONS OF THE AGREEMENT REFERRED TO HEREIN.

THE HOLDER OF THIS CERTIFICATE BY ITS ACCEPTANCE HEREOF AGREES NOT TO OFFER, SELL OR OTHERWISE TRANSFER SUCH CERTIFICATE EXCEPT IN ACCORDANCE WITH ALL APPLICABLE STATE SECURITIES LAWS AND (A) PURSUANT TO A REGISTRATION STATEMENT WHICH HAS BEEN DECLARED EFFECTIVE UNDER THE ACT, (B) FOR SO LONG AS THIS CERTIFICATE IS ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE ACT (“RULE 144A”), TO A PERSON WHO THE SELLER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” AS DEFINED IN RULE 144A IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A, (C) TO AN INSTITUTIONAL “ACCREDITED INVESTOR” WITHIN THE MEANING OF RULE 501 (A)(1), (2), (3) OR (7) OF REGULATION D UNDER THE ACT IN A TRANSACTION EXEMPT FROM THE REGISTRATION REQUIREMENTS UNDER THE ACT, OR (D) PURSUANT TO ANOTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE ACT, SUBJECT IN EACH OF THE FOREGOING CASES TO THE COMPLETION AND DELIVERY BY THE TRANSFEROR TO THE TRUST ADMINISTRATOR OF A CERTIFICATE OF TRANSFER IN THE FORM APPEARING ON THE LAST PAGE OF THIS CERTIFICATE.

NEITHER AN ERISA-RESTRICTED CERTIFICATE NOR ANY INTEREST HEREIN MAY BE TRANSFERRED UNLESS THE TRANSFEREE REPRESENTS TO THE TRUST ADMINISTRATOR THAT SUCH TRANSFEREE IS NOT AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT SUBJECT TO TITLE I OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), OR SECTION 4975 OF THE CODE, OR DELIVERS TO THE TRUST ADMINISTRATOR A REPRESENTATION LETTER OR AN OPINION OF COUNSEL IN ACCORDANCE WITH THE PROVISIONS OF THE AGREEMENT REFERRED TO HEREIN.  (SUCH REPRESENTATION SHALL BE DEEMED TO HAVE BEEN MADE TO THE TRUST ADMINISTRATOR BY THE TRANSFEREE’S ACCEPTANCE OF AN ERISA-RESTRICTED CERTIFICATE AND BY A BENEFICIAL OWNER’S ACCEPTANCE OF ITS INTEREST IN SUCH CERTIFICATE.) NOTWITHSTANDING ANYTHING ELSE TO THE CONTRARY HEREIN, ANY PURPORTED TRANSFER OF AN ERISA-RESTRICTED CERTIFICATE TO OR ON BEHALF OF AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT SUBJECT TO ERISA OR THE CODE WITHOUT THE OPINION OF COUNSEL SATISFACTORY TO THE TRUST ADMINISTRATOR AS DESCRIBED ABOVE SHALL BE VOID AND OF NO EFFECT.

Certificate No.:

P

Cut-off Date:

October 1, 2006

First Distribution Date:

November 27, 2006

Last Scheduled Distribution Date:

[October 25, 2036]

Percentage Interest:

100%

CUSIP:

[________]

MORTGAGE ASSET SECURITIZATION TRANSACTIONS, INC.

MASTR ASSET SECURITIZATION TRUST 2006-3

Mortgage Pass-Through Certificates, Series 2006-3

Class P

evidencing  a  percentage  interest  in  the Class  P Prepayment Charges

Mortgage Asset Securitization Transactions, Inc., as Depositor

This Certificate does not evidence an obligation of, or an interest in, and is not guaranteed by the Depositor, the Master Servicer, the Trust Administrator, the Trustee or the Custodian 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 in the Class P Prepayment Charges with respect to a Trust Fund consisting primarily of the Mortgage Loans deposited by Mortgage Asset Securitization Transactions, Inc. (the “Depositor”). The Trust Fund was created pursuant to a Pooling and Servicing Agreement dated as of the date specified above (the “Agreement”) among the Depositor, UBS Real Estate Securities Inc., as transferor (the “Transferor”), Wells Fargo Bank, National Association, as master servicer (in such capacity, the “Master Servicer”), trust administrator (in such capacity, the “Trust Administrator”) and as custodian (in such capacity, the “Custodian”) and U.S. Bank National Association, as trustee (the “Trustee”). Distributions on this Certificate will be made from Class P Prepayment Charges pursuant to the terms of the Agreement. To the extent not defined herein, the capitalized terms used herein have the meanings assigned in the Agreement. This Certificate is issued under and is subject to the terms, provisions and conditions of the Agreement, to which Agreement the Holder of this Certificate by virtue of the acceptance hereof assents and by which such Holder is bound.

No transfer of a Certificate of this Class shall be made unless such transfer is made pursuant to an effective registration statement under the Securities Act and any applicable state securities laws or is exempt from the registration requirements under said Act and such laws. In the event that a transfer is to be made in reliance upon an exemption from the Securities Act and such laws, in order to assure compliance with the Securities Act and such laws, the Certificateholder desiring to effect such transfer and such Certificateholder's prospective transferee shall each certify to the Trust Administrator in writing the facts surrounding the transfer or there shall be delivered to the Trust Administrator at the expense of the transferor an Opinion of Counsel addressed to the Trust Administrator that such transfer may be made pursuant to an exemption from the Securities Act. The Holder hereof desiring to effect such transfer shall, and does hereby agree to, indemnify the Trust Administrator, the Trustee, the Master Servicer 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.

No transfer of an ERISA-Restricted Certificate shall be made unless the Trust Administrator shall have received either (i) a representation (letter) from the transferee of such Certificate, acceptable to and in form and substance satisfactory to the Trust Administrator, to the effect that such transferee is not an employee benefit plan or other retirement arrangement subject to Section 406 of ERISA and/or Section 4975 of the Code, or a person acting for, on behalf of or with the assets of, any such plan or arrangement, (ii) in the case of an ERISA-Restricted Certificate which is the subject of an ERISA Qualifying Underwriting, 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 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 Trust Administrator to the effect that the purchase or holding of such Certificate will not result in prohibited transactions under Section 406 of ERISA and/or Section 4975 of the Code and will not subject the Trustee, the Transferor, the Depositor, the Master Servicer or the Trust Administrator to any obligation in addition to those undertaken in the Agreement, which Opinion of Counsel shall not be an expense of such parties, the Master Servicer, the Trust Administrator or the Trust Fund.  (Such representations shall be deemed to have been made to the Trust Administrator by the Transferee’s acceptance of an ERISA-Restricted Certificate and by a beneficial owner’s acceptance of its interest in a Certificate of this Class.) Notwithstanding anything else to the contrary herein, any purported transfer of an ERISA-Restricted Certificate to or on behalf of an employee benefit plan or other retirement arrangement subject to ERISA or the Code without the Opinion of Counsel satisfactory to the Trust 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 countersigned by an authorized signatory of the Trust Administrator.

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

Dated:  October __, 2006

WELLS FARGO BANK, N.A.,

AS TRUST ADMINISTRATOR

By:                                                                    

Countersigned:

BY:                                                                    

AUTHORIZED SIGNATORY OF

WELLS FARGO BANK, N.A.,

AS TRUST ADMINISTRATOR

EXHIBIT D

(FORM OF CLASS B CERTIFICATE)

[For Classes B-1, B-2 and B-3 Only] Unless this certificate is presented by an authorized representative of The Depository Trust Company, a New York corporation (“DTC”), to Issuer or its agent for registration of transfer, exchange, or payment, and any certificate issued is registered in the name of Cede & Co. or in such other name as is requested by an authorized representative of DTC (and any payment is made to Cede & Co. or to such other entity as is requested by an authorized representative of DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has an interest herein.

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 IS SUBORDINATED IN RIGHT OF PAYMENT TO CERTAIN CERTIFICATES AS DESCRIBED IN THE AGREEMENT REFERRED TO HEREIN.

[For Classes B-4, B-5, and B-6 Only] [THIS CERTIFICATE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”).  ANY RESALE OR TRANSFER OF THIS CERTIFICATE WITHOUT REGISTRATION THEREOF UNDER THE ACT MAY ONLY BE MADE IN A TRANSACTION EXEMPTED FROM THE REGISTRATION REQUIREMENTS OF THE ACT AND IN ACCORDANCE WITH THE PROVISIONS OF THE AGREEMENT REFERRED TO HEREIN.]

[For Classes B-4, B-5, and B-6 Only] [THE HOLDER OF THIS CERTIFICATE BY ITS ACCEPTANCE HEREOF AGREES NOT TO OFFER, SELL OR OTHERWISE TRANSFER SUCH CERTIFICATE EXCEPT IN ACCORDANCE WITH ALL APPLICABLE STATE SECURITIES LAWS AND (A) PURSUANT TO A REGISTRATION STATEMENT WHICH HAS BEEN DECLARED EFFECTIVE UNDER THE ACT, (B) FOR SO LONG AS THIS CERTIFICATE IS ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE ACT (“RULE 144A”), TO A PERSON WHO THE SELLER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” AS DEFINED IN RULE 144A IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A, (C) TO AN INSTITUTIONAL “ACCREDITED INVESTOR” WITHIN THE MEANING OF RULE 501 (A)(1), (2), (3) OR (7) OF REGULATION D UNDER THE ACT IN A TRANSACTION EXEMPT FROM THE REGISTRATION REQUIREMENTS UNDER THE ACT, OR (D) PURSUANT TO ANOTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE ACT, SUBJECT IN EACH OF THE FOREGOING CASES TO THE COMPLETION AND DELIVERY BY THE TRANSFEROR TO THE TRUST ADMINISTRATOR OF A CERTIFICATE OF TRANSFER IN THE FORM APPEARING ON THE LAST PAGE OF THIS CERTIFICATE.]

NEITHER AN ERISA-RESTRICTED CERTIFICATE NOR ANY INTEREST HEREIN MAY BE TRANSFERRED UNLESS THE TRANSFEREE REPRESENTS TO THE TRUST ADMINISTRATOR THAT SUCH TRANSFEREE IS NOT AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT SUBJECT TO TITLE I OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), OR SECTION 4975 OF THE CODE, OR DELIVERS TO THE TRUST ADMINISTRATOR A REPRESENTATION LETTER OR AN OPINION OF COUNSEL IN ACCORDANCE WITH THE PROVISIONS OF THE AGREEMENT REFERRED TO HEREIN.  (SUCH REPRESENTATION SHALL BE DEEMED TO HAVE BEEN MADE TO THE TRUST ADMINISTRATOR BY THE TRANSFEREE’S ACCEPTANCE OF AN ERISA-RESTRICTED CERTIFICATE AND BY A BENEFICIAL OWNER’S ACCEPTANCE OF ITS INTEREST IN SUCH CERTIFICATE.) NOTWITHSTANDING ANYTHING ELSE TO THE CONTRARY HEREIN, ANY PURPORTED TRANSFER OF AN ERISA-RESTRICTED CERTIFICATE TO OR ON BEHALF OF AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT SUBJECT TO ERISA OR THE CODE WITHOUT THE OPINION OF COUNSEL SATISFACTORY TO THE TRUST ADMINISTRATOR AS DESCRIBED ABOVE SHALL BE VOID AND OF NO EFFECT.

	Certificate No.:

	[1]

	Cut-off Date:

	October 1, 2006

	First Distribution Date:

	November 27, 2006

	Last Scheduled Distribution Date:

	[October 25, 2036] 

	Pass-Through Rate:

	Variable in accordance with the Agreement

	Initial Certificate Principal Balance of this Certificate (“Denomination”):

	$[___________]

	Initial Certificate Principal Balances of all Certificates of this Class:

	$[___________]

	CUSIP:

	  [___________]

MORTGAGE ASSET SECURITIZATION TRANSACTIONS, INC.

MASTR ASSET SECURITIZATION TRUST 2006-3

Mortgage Pass-Through Certificates, Series 2006-3

Class B-[__]

evidencing a percentage interest in the distributions allocable to the Certificates of the above-referenced Class with respect to a Trust Fund consisting primarily of fixed-rate mortgage loans (the “Mortgage Loans”) secured by first liens on one- to four-family residential properties

Mortgage Asset Securitization Transactions, Inc., as Depositor

Principal in respect of this Certificate is distributable monthly as set forth herein.  Accordingly, the Certificate Principal Balance at any time may be less than the Certificate Principal Balance as set forth herein.  This Certificate does not evidence an obligation of, or an interest in, and is not guaranteed by the Depositor, the Transferor, the Master Servicer, the Trust Administrator, the Custodian 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 [CEDE & CO.] [UBS Securities LLC] is the registered owner of the Percentage Interest evidenced by this Certificate in certain monthly distributions with respect to a Trust Fund consisting primarily of the Mortgage Loans deposited by Mortgage Asset Securitization Transactions, Inc. (the “Depositor”).  The Trust Fund was created pursuant to a Pooling and Servicing Agreement dated as of the Cut-off Date specified above (the “Agreement”) among the Depositor, UBS Real Estate Securities Inc., as transferor (the “Transferor”), Wells Fargo Bank, N.A., as master servicer (in such capacity, the “Master Servicer”), as trust administrator (in such capacity, the “Trust Administrator”), and as custodian (in such capacity, the “Custodian”), and U.S. Bank National Association, as trustee (the “Trustee”).  Distributions on this Certificate will be made primarily from collections on the Mortgage Loans pursuant to the terms of the Agreement.  To the extent not defined herein, the capitalized terms used herein have the meanings assigned in the Agreement.  This Certificate is issued under and is subject to the terms, provisions and conditions of the Agreement, to which Agreement the Holder of this Certificate by virtue of the acceptance hereof assents and by which such Holder is bound.

[For Classes B-4, B-5, and B-6 Only]  [No transfer of a Certificate of this Class shall be made unless such transfer is made pursuant to an effective registration statement under the Securities Act and any applicable state securities laws or is exempt from the registration requirements under said Act and such laws.  In the event that a transfer is to be made in reliance upon an exemption from the Securities Act and such laws, in order to assure compliance with the Securities Act and such laws, the Certificateholder desiring to effect such transfer and such Certificateholder’s prospective transferee shall each certify to the Trust Administrator in writing the facts surrounding the transfer.  In the event that such a transfer is to be made within three years from the date of the initial issuance of Certificates pursuant hereto, there shall also be delivered (except in the case of a transfer pursuant to Rule 144A of the Securities Act) to the Trust Administrator an Opinion of Counsel that such transfer may be made pursuant to an exemption from the Securities Act and such state securities laws, which Opinion of Counsel shall not be obtained at the expense of the Trustee, the Master Servicer, the Trust Administrator or the Depositor.  The Holder hereof desiring to effect such transfer shall, and does hereby agree to, indemnify the Trustee and the Trust Administrator 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.]

No transfer of an ERISA-Restricted Certificate shall be made unless the Trust Administrator shall have received either (i) a representation (letter) from the transferee of such Certificate, acceptable to and in form and substance satisfactory to the Trust Administrator, to the effect that such transferee is not an employee benefit plan or other retirement arrangement subject to Section 406 of ERISA and/or Section 4975 of the Code, or a person acting for, on behalf of or with the assets of, any such plan or arrangement, (ii) in the case of an ERISA-Restricted Certificate which is the subject of an ERISA Qualifying Underwriting, 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 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 Trust Administrator to the effect that the purchase or holding of such Certificate will not result in prohibited transactions under Section 406 of ERISA and/or Section 4975 of the Code and will not subject the Trustee, the Transferor, the Depositor, the Master Servicer or the Trust Administrator to any obligation in addition to those undertaken in the Agreement, which Opinion of Counsel shall not be an expense of such parties, the Master Servicer, the Trust Administrator or the Trust Fund.  (Such representations shall be deemed to have been made to the Trust Administrator by the Transferee’s acceptance of an ERISA-Restricted Certificate and by a beneficial owner’s acceptance of its interest in a Certificate of this Class.) Notwithstanding anything else to the contrary herein, any purported transfer of an ERISA-Restricted Certificate to or on behalf of an employee benefit plan or other retirement arrangement subject to ERISA or the Code without the Opinion of Counsel satisfactory to the Trust 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 countersigned by an authorized signatory of the Trust Administrator.

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

Dated: October __, 2006

WELLS FARGO BANK, N.A.,

AS TRUST ADMINISTRATOR

By:                                                                    

Countersigned:

BY:                                                                    

AUTHORIZED SIGNATORY OF

WELLS FARGO BANK, N.A.,

AS TRUST ADMINISTRATOR

EXHIBIT E

(FORM OF CLASS 3-A-1 CERTIFICATE)

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

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”).

[For Interest-Only Certificates Only] [THIS CERTIFICATE HAS NO PRINCIPAL BALANCE AND IS NOT ENTITLED TO ANY DISTRIBUTIONS IN RESPECT OF PRINCIPAL.]

	Certificate No.:

	[1]

	Cut-off Date:

	October 1, 2006

	First Distribution Date:

	October 27, 2006 

	Last Scheduled Distribution Date:

	October 25, 2021        

	Pass-Through Rate:

	[________]%

	[Initial Certificate Principal Balance of this Certificate (“Denomination”):]

	$[____________]

	[Initial Certificate Principal Balances of all Certificates of this Class:]

	$[____________]

	[Initial Notional Amount of this Certificate (“Denomination”):]

	$[____________]

	[Initial Notional Amount of all Certificates of this Class:]

	$[____________]

	CUSIP:

	[_____________]

MORTGAGE ASSET SECURITIZATION TRANSACTIONS, INC.

MASTR ASSET SECURITIZATION TRUST 2006-3

Mortgage Pass-Through Certificates, Series 2006-3

Class 3-A-1

evidencing a percentage interest in the distributions allocable to the Certificates of the above-referenced Class with respect to a Trust Fund consisting primarily of fixed-rate mortgage loans (the “Mortgage Loans”) secured by first liens on one- to four-family residential properties

Mortgage Asset Securitization Transactions, Inc., as Depositor

[Omit for Interest-Only Certificates] [Principal in respect of this Certificate is distributable monthly as set forth herein.  Accordingly, the Certificate Principal Balance at any time may be less than the Certificate Principal Balance as set forth herein.]  This Certificate does not evidence an obligation of, or an interest in, and is not guaranteed by the Depositor, the Transferor, the Master Servicer, the Trust Administrator, the Custodian 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 CEDE & CO. is the registered owner of the Percentage Interest evidenced by this Certificate in certain monthly distributions with respect to a Trust Fund consisting primarily of the Mortgage Loans deposited by Mortgage Asset Securitization Transactions, Inc. (the “Depositor”).  The Trust Fund was created pursuant to a Pooling and Servicing Agreement dated as of the Cut-off Date specified above (the “Agreement”) among the Depositor, UBS Real Estate Securities Inc., as transferor (the “Transferor”), Wells Fargo Bank, N.A., as master servicer (in such capacity, the “Master Servicer”), as trust administrator (in such capacity, the “Trust Administrator”), and as custodian (in such capacity, the “Custodian”), and U.S. Bank National Association, as trustee (the “Trustee”).  Distributions on this Certificate will be made primarily from collections on the applicable Mortgage Loans pursuant to the terms of the Agreement.  To the extent not defined herein, the capitalized terms used herein have the meanings assigned in the Agreement.  This Certificate is issued under and is subject to the terms, provisions and conditions of the Agreement, to which Agreement the Holder of this Certificate by virtue of the acceptance hereof assents and by which such Holder is bound.

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 countersigned by an authorized signatory of the Trust Administrator.

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

Dated: October __, 2006

WELLS FARGO BANK, N.A.,

AS TRUST ADMINISTRATOR

By:                                                                    

Countersigned:

BY:                                                                    

AUTHORIZED SIGNATORY OF

WELLS FARGO BANK, N.A.,

AS TRUST ADMINISTRATOR

EXHIBIT F

(Form of Reverse of Certificates)

MORTGAGE ASSET SECURITIZATION TRANSACTIONS, INC.

MASTR ASSET SECURITIZATION TRUST 2006-3

Mortgage Pass-Through Certificates, Series 2006-3

This Certificate is one of a duly authorized issue of Certificates designated as Mortgage Asset Securitization Transactions, Inc. MASTR Asset Securitization Trust 2006-3, Mortgage Pass-Through Certificates, of the Series specified on the face hereof (herein collectively called the “Certificates”), and representing a beneficial ownership interest in the Trust Fund created 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 payment hereunder and that the Trust Administrator 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 Trust Administrator.

Pursuant to the terms of the Agreement, a distribution will be made on the 25th day of each month or, if such 25th day is not a Business Day, the Business Day immediately following (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.  The Record Date applicable to each Distribution Date is the last Business Day of the month immediately preceding the month in which the related Distribution Date occurs.

Distributions on this Certificate shall be made by wire transfer of immediately available funds to the account of the Holder hereof at a bank or other entity having appropriate facilities therefor, if such Certificateholder shall have so notified the Trust Administrator in writing at least five Business Days prior to the related Record Date and such Certificateholder shall satisfy the conditions to receive such form of payment set forth in the Agreement, or, if not, by check mailed by first class mail to the address of such Certificateholder appearing in the Certificate Register.  The final distribution on each Certificate will be made in like manner, but only upon presentment and surrender of such Certificate at the Corporate Trust Office of the Trust Administrator or such other location 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 Trust Administrator and the rights of the Certificateholders under the Agreement at any time by the Transferor, the Depositor, the Master Servicer, the Trust Administrator, the Custodian and the Trustee with the consent of the Holders of Certificates affected by such amendment evidencing the requisite Percentage Interest, as provided 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.

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 Trust Administrator upon surrender of this Certificate for registration of transfer at the offices that the Trust Administrator designates for such purposes, accompanied by a written instrument of transfer in form satisfactory to the Trust Administrator 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 Fund will be issued to the designated transferee or transferees.

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 Trust Administrator may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith.

The Depositor, the Master Servicer, the Trust Administrator and the Trustee and any agent of the Depositor, the Master Servicer, the Trust Administrator 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 Master Servicer, the Trust Administrator, the Trustee, nor any such agent shall be affected by any notice to the contrary.

On any Distribution Date on which the Pool Principal Balance is less than 10% of the aggregate Cut-off Date Principal Balances of the Mortgage Loans, the Master Servicer will have the option to repurchase, in whole, from the Trust Fund all remaining Mortgage Loans and all property acquired in respect of the Mortgage Loans at a purchase price determined as provided in the Agreement.  In the event that no such optional termination occurs, the obligations and responsibilities created by the Agreement will terminate upon the later of the maturity or other liquidation (or any advance with respect thereto) of the last Mortgage Loan remaining in the Trust Fund or the disposition of all property in respect thereof and the distribution to Certificateholders of all amounts required to be distributed pursuant to the Agreement.  In no event, however, will the trust created by the Agreement continue beyond the expiration of 21 years from the death of the last survivor of the descendants living at the date of the Agreement of a certain person named in the Agreement.

Any term used herein that is defined in the Agreement shall have the meaning assigned in the Agreement, and nothing herein shall be deemed inconsistent with that meaning.

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 Fund.

I (We) further direct the Trust Administrator 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

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 ____________________________.

Statements should be mailed to ____________________________________________________

______________________________________________________________________________

_____________________________________________________________________________.

This information is provided by,                                                                                           

the assignee named above, or                                                                                                            ,

as its agent.

STATE OF 

)

)

ss.:

COUNTY OF 

)

On the

day of _______, 200_   before me, a notary public in and for said State, personally appeared ___________________________________, known to me who, being by me duly sworn, did depose and say that he executed the foregoing instrument.

                                                                   

Notary Public

[Notarial Seal]

EXHIBIT G

FORM OF INITIAL CERTIFICATION OF CUSTODIAN

[date]

Mortgage Asset Securitization Transactions, Inc.

1285 Avenue of the Americas

New York, NY 10019

U.S. Bank National Association, as trustee

60 Livingston Avenue, EP-MN-WS3D,

St. Paul, Minnesota 55107-2292

Attn: Structured Finance/MASTR 2006-3

Re:

Pooling and Servicing Agreement among Mortgage Asset Securitization Transactions, Inc., as depositor, UBS Real Estate Securities Inc., as transferor, Wells Fargo Bank, N.A., as master servicer, as trust administrator, and as custodian, and U.S. Bank National Association, as trustee, in connection with MASTR Asset Securitization Trust 2006-3, Mortgage Pass-Through Certificates, Series 2006-3.

Gentlemen:

In accordance with Section 2.02 of the above-captioned Pooling and Servicing Agreement (the “Pooling and Servicing Agreement”), the undersigned, as Custodian acting on behalf of the Trustee with respect to the related Mortgage Loans, hereby certifies that, as to each related Mortgage Loan listed in the Mortgage Loan Schedule (other than any related Mortgage Loan paid in full or any related Mortgage Loan listed on the attached schedule) it has received:

(i)

(a) the original Mortgage Note or (b) with respect to any Lost Mortgage Note, a lost note affidavit from the Depositor stating that the original Mortgage Note was lost or destroyed; and

(ii)

a duly executed assignment of the Mortgage (which may be included in a blanket assignment or assignments).

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 Custodian has made no independent examination of any documents contained in each related Mortgage File beyond the review specifically required in the Pooling and Servicing Agreement.  The Custodian makes no representations as to:  (i) the validity, legality, sufficiency, enforceability or genuineness of any of the documents contained in each related Mortgage File of any of the related Mortgage Loans identified on the Mortgage Loan Schedule, or (ii) the collectability, 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.

[NAME OF CUSTODIAN],

as Custodian

By:                                                                    

Name:

Title:

EXHIBIT H

FORM OF FINAL CERTIFICATION OF CUSTODIAN

[date]

U.S. Bank National Association, as trustee

60 Livingston Avenue, EP-MN-WS3D,

St. Paul, Minnesota 55107-2292

Attn: Structured Finance/MASTR 2006-3

UBS Real Estate Securities Inc.

1285 Avenue of the Americas

New York, NY 10019

Mortgage Asset Securitization Transactions, Inc.

1285 Avenue of the Americas

New York, NY 10019

Re:

Pooling and Servicing Agreement among Mortgage Asset Securitization Transactions, Inc., as depositor, UBS Real Estate Securities Inc., as transferor, Wells Fargo Bank, N.A., as master servicer, as trust administrator, and as custodian, and U.S. Bank National Association, as trustee, in connection with MASTR Asset Securitization Trust 2006-3, Mortgage Pass-Through Certificates, Series 2006-3.

Gentlemen:

In accordance with Section 2.02 of the above-captioned Pooling and Servicing Agreement (the “Pooling and Servicing Agreement”), the undersigned, as Custodian acting on behalf of the Trustee with respect to the related Mortgage Loans, hereby certifies that, as to each related Mortgage Loan listed in the Mortgage Loan Schedule (other than any related Mortgage Loan paid in full or any related Mortgage Loan listed on the attached schedule) it has received:

(i)

the original Mortgage Note endorsed in the form provided in Section 2.01(b) of the Pooling and Servicing Agreement, with all intervening endorsements showing a complete chain of endorsement from the originator to the Person endorsing the Mortgage Note.

(ii)

The original recorded Mortgage.

(iii)

A duly executed assignment of the Mortgage in the form provided in Section 2.01(b) of the Pooling and Servicing Agreement, or, if the Depositor has certified or the Custodian otherwise knows that the related Mortgage has not been returned from the applicable recording office, a copy of the assignment of the Mortgage (excluding information to be provided by the recording office).

(iv)

The original or duplicate original recorded assignment or assignments of the Mortgage showing a complete chain of assignment from the originator to the Depositor.

(v)

The original or duplicate original lender’s title policy and all riders thereto.

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 (1), (2), (3), (4), (9), (16) and (21) 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 Custodian on behalf of the Trustee has made no independent examination of any documents contained in each related Mortgage File beyond the review specifically required in the Pooling and Servicing Agreement.  The Custodian on behalf of the Trustee makes no representations as to:  (i) the validity, legality, sufficiency, enforceability or genuineness of any of the documents contained in each related Mortgage File of any of the related Mortgage Loans identified on the Mortgage Loan Schedule, or (ii) the collectability, 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.

[NAME OF CUSTODIAN],

as Custodian

By:                                                                    

Name:

Title:

EXHIBIT I

FORM OF CLASS A-[_]R TRANSFER AFFIDAVIT

MASTR ASSET SECURITIZATION TRUST 2006-3

Mortgage Asset Securitization Transactions, Inc.

Mortgage Pass-Through Certificates

Series 2006-3

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 an Ownership Interest in a Class A-[_]R Certificate (the “Certificate”) issued pursuant to the Pooling and Servicing Agreement dated as of October 1, 2006 (the “Agreement”) among Mortgage Asset Securitization Transactions, Inc., as depositor, UBS Real Estate Securities Inc., as transferor (the “Transferor”), Wells Fargo Bank, N.A., as master servicer (in such capacity, the “Master Servicer”), as trust administrator (in such capacity, the “Trust Administrator”), and as custodian (in such capacity, the “Custodian”), and U.S. Bank National Association, as trustee (the “Trustee”).  Capitalized terms used, but not defined herein or in Exhibit 1 hereto, 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 in the Certificate either (i) for its own account or (ii) as nominee, trustee or agent for another Person and has attached hereto an affidavit from such Person in substantially the same form as this affidavit.  The Transferee has no knowledge that any such affidavit is false.

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 Disqualified Organizations; (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 a Disqualified Organization, 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 not a Disqualified Organization and, at the time of Transfer, such Person does not have actual knowledge that the affidavit is false.

4.

The Transferee has been advised of, and understands that a tax will be imposed on a “pass-through entity” holding the Certificate if at any time during the taxable year of the pass-through entity a Person that is 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; provided, that a pass-through entity which is an “electing large partnership” under the Code will be subject to tax in all events.  (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.) The Transferee further understands that it may incur tax liabilities with respect to the holding of the Certificate in excess of cash flows generated thereby.

5.

The Transferee has reviewed the provisions of Section 5.02(c) of the Agreement (attached hereto as Exhibit 2 and incorporated herein by reference) 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 5.02(c) 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 in connection with any Transfer by a Person for whom the Transferee is acting as nominee, trustee or agent, 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 Trust Administrator a certificate substantially in the form set forth as Exhibit I to the Agreement (a “Transferor Certificate”) to the effect that such Transferee has no actual knowledge that the Person to which the Transfer is to be made is not a Permitted Transferee.

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.  The Transferee historically has paid its debts as they have become due and intends to do so in the future.  The Transferee understands that the taxable income and tax liability with respect to this Certificate will exceed distributions with respect to the Certificate in some or all periods and intends to pay all taxes with respect to the Certificate as they become due.

8.

The Transferee’s taxpayer identification number is __________.

9.

The Transferee is a U.S. Person as defined in Code Section 7701(a)(30) or is not a U.S. Person and has furnished the Transferor and the Trust Administrator with a duly completed Internal Revenue Service Form W-8ECI or any applicable successor form.

10.

The Transferee is aware that the Certificate may be a “noneconomic residual interest” within the meaning of proposed Treasury regulations promulgated pursuant to the Code 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.

11.

The Transferee will not cause income with respect to the Certificate to be attributable to a foreign permanent establishment or fixed base, within the meaning of an applicable income tax treaty, of the Transferee or any other U.S. Person.

12.

Check one of the following paragraphs:

□ The present value of the anticipated tax liabilities associated with holding the Certificate, as applicable, does not exceed the sum of:

(i)

the present value of any consideration given to the Transferee to acquire such Certificate;

(ii)

the present value of the expected future distributions on such Certificate; and

(iii)

the present value of the anticipated tax savings associated with holding such Certificate as the related REMIC generates losses.

For purposes of this calculation, (i) the Transferee is assumed to pay tax at the highest rate currently specified in Section 11(b) of the Code (but the tax rate in Section 55(b)(1)(B) of the Code may be used in lieu of the highest rate specified in Section 11(b) of the Code if the Transferee has been subject to the alternative minimum tax under Section 55 of the Code in the preceding two years and will compute its taxable income in the current taxable year using the alternative minimum tax rate) and (ii) present values are computed using a discount rate equal to the short-term Federal rate prescribed by Section 1274(d) of the Code for the month of the transfer and the compounding period used by the Transferee.

□ The transfer of the Certificate complies with U.S. Treasury Regulations Sections 1.860E-1(c)(5) and (6) and, accordingly,

(i)

the Transferee is an “eligible corporation,” as defined in U.S. Treasury Regulations Section 1.860E-1(c)(6)(i), as to which income from the Certificate will only be taxed in the United States;

(ii)

at the time of the transfer, and at the close of the Transferee’s two fiscal years preceding the year of the transfer, the Transferee had gross assets for financial reporting purposes (excluding any obligation of a person related to the Transferee within the meaning of U.S. Treasury Regulations Section 1.860E-1(c)(6)(ii)) in excess of $100 million and net assets in excess of $10 million;

(iii)

the Transferee will transfer the Certificate only to another “eligible corporation,” as defined in U.S. Treasury Regulations Section 1.860E-1(c)(6)(i), in a transaction that satisfies the requirements of U.S. Treasury Regulations Sections 1.860E-1(c)(4)(i), (ii) and (iii) and Section 1.860E-1(c)(5); and

(iv)

the Transferee determined the consideration paid to it to acquire the Certificate based on reasonable market assumptions (including, but not limited to, borrowing and investment rates, prepayment and loss assumptions, expense and reinvestment assumptions, tax rates and other factors specific to the Transferee) that it has determined in good faith.

□ None of the above.

13.

The Transferee is either:  (i) not an employee benefit plan or other retirement arrangement subject to Section 406 of ERISA and/or Section 4975 of the Code, or a person acting for, on behalf of or with the assets of, any such plan or arrangement, (ii) if the purchaser is an insurance company, 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 the purchase and holding of such Certificate is covered under Sections I and III of PTCE 95-60, or (iii) the Transferee has delivered to the Trust Administrator an Opinion of Counsel satisfactory to the Trust Administrator to the effect that the purchase or holding of such Certificate will not result in prohibited transactions under Section 406 of ERISA and/or Section 4975 of the Code and will not subject the Trustee, the Transferor, the Depositor, the Master Servicer or the Trust Administrator to any obligation in addition to those undertaken in the Agreement, which Opinion of Counsel shall not be an expense of such parties or the Trust Fund.

*         *         *

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 __________________, 200_.

                                                                             

PRINT 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 _______, 200_.

                                                                             

NOTARY PUBLIC

My Commission expires the ______ day of ________________, 200_.

EXHIBIT 1

to EXHIBIT I

Certain Definitions

“Disqualified Organization”:  A Person specified in clauses (i)-(iv) of the definition of “Permitted Transferee.”

“Ownership Interest”:  As to any Residual Certificate, any ownership 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.

“Permitted Transferee”:  Any person other than (i) the United States, any State or political subdivision thereof, or any agency or instrumentality of any of the foregoing, (ii) a foreign government, International Organization or any agency or instrumentality of either of the foregoing, (iii) an organization (except certain farmers’ cooperatives described in Section 521 of the Code) which is exempt from tax imposed by Chapter 1 of the Code (including the tax imposed by Section 511 of the Code on unrelated business taxable income) on any excess inclusions (as defined in Section 860E(c)(l) of the Code) with respect to any Residual Certificate, (iv) rural electric and telephone cooperatives described in Section 1381(a)(2)(C) of the Code, (v) a Person that is not a citizen or resident of the United States, a corporation, partnership (except as provided in applicable Treasury Regulations), or other entity created or organized in or under the laws of the United States or any state thereof or the District of Columbia, an estate whose income is subject to United States federal income tax purposes regardless of its source 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 persons described in this clause (v) have the authority to control all substantial decisions of the trust (or, to the extent provided in applicable Treasury Regulations, certain trusts in existence on September 20, 1996 which are eligible to elect to be treated as United States persons) unless such Person has furnished the transferor and the Trust Administrator with a duly completed Internal Revenue Service Form W-8ECI or any applicable successor form, (vi) any Person with respect to whom income on any residual certificate is attributable to a foreign permanent establishment or fixed base, within the meaning of an applicable treaty, of such Person or any other U.S. Person and (vii) any other Person so designated by the Depositor based upon an Opinion of Counsel that the Transfer of an Ownership Interest in a Residual Certificate to such Person may cause a REMIC hereunder to fail to qualify as a REMIC at any time that the Certificates are outstanding.  The terms “United States,” “State” and “International Organization” shall have the meanings set forth in Section 7701 of the Code or successor provisions.  A corporation will not be treated as an instrumentality of the United States or of any State or political subdivision thereof for these purposes if all of its activities are subject to tax and, with the exception of the Freddie Mac, a majority of its board of directors is not selected by such government unit.

“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.

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

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

EXHIBIT 2

to EXHIBIT I

Each Person who has or who acquires any Ownership Interest in a Residual Certificate shall be deemed by the acceptance or acquisition of such Ownership Interest to have agreed to be bound by the following provisions, 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 Residual Certificate shall be a Permitted Transferee and shall promptly notify the Trust Administrator of any change or impending change in its status as a Permitted Transferee.

(ii)

No Ownership Interest in a Residual Certificate may be registered on the Closing Date or thereafter transferred, and the Trust Administrator shall not register the Transfer of any Residual Certificate unless, in addition to the certificates required to be delivered to the Trust Administrator under subparagraph (b) above, the Trust Administrator shall have been furnished with an affidavit (a “Transfer Affidavit”) of the initial owner or the proposed transferee in the form attached hereto as Exhibit I.

(iii)

Each Person holding or acquiring any Ownership Interest in a Residual Certificate shall agree (A) to obtain a Transfer Affidavit from any other Person to whom such Person attempts to Transfer its Ownership Interest in a Residual Certificate, (B) to obtain a Transfer Affidavit from any Person for whom such Person is acting as nominee, trustee or agent in connection with any Transfer of a Residual Certificate and (C) not to Transfer its Ownership Interest in a Residual Certificate or to cause the Transfer of an Ownership Interest in a Residual Certificate to any other Person if it has actual knowledge that such Person is not a Permitted Transferee.

(iv)

Any attempted or purported Transfer of any Ownership Interest in a Residual Certificate in violation of the provisions of this Section 5.02(c) shall be absolutely null and void and shall vest no rights in the purported Transferee.  If any purported transferee shall become a Holder of a Residual Certificate in violation of the provisions of this Section 5.02(c), then the last preceding Permitted Transferee shall be restored to all rights as Holder thereof retroactive to the date of registration of Transfer of such Residual Certificate.  The Trust Administrator shall be under no liability to any Person for any registration of Transfer of a Residual Certificate that is in fact not permitted by Section 5.02(b) and this Section 5.02(c) 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 after receipt of the related Transfer Affidavit, Transferor Certificate and either the Rule 144A Letter or the Investment Letter.  The Trust Administrator shall be entitled but not obligated to recover from any Holder of a Residual Certificate that was in fact not a Permitted Transferee at the time it became a Holder or, at such subsequent time as it became other than a Permitted Transferee, all payments made on such Residual Certificate at and after either such time.  Any such payments so recovered by the Trust Administrator shall be paid and delivered by the Trust Administrator to the last preceding Permitted Transferee of such Certificate.

(v)

The Depositor shall use its best efforts to make available, upon receipt of written request from the Trust Administrator, all information necessary to compute any tax imposed under Section 860E(e) of the Code as a result of a Transfer of an Ownership Interest in a Residual Certificate to any Holder who is not a Permitted Transferee described in clauses (i) through (iv) of the definition thereof.

The restrictions on Transfers of a Residual Certificate set forth in this Section 5.02(c) shall cease to apply (and the applicable portions of the legend on a Residual Certificate may be deleted) with respect to Transfers occurring after delivery to the Trust Administrator of an Opinion of Counsel, which Opinion of Counsel shall not be an expense of the Trust Fund, the Trustee, the Loan Seller, the Transferors, the Master Servicer or the Trust Administrator, to the effect that the elimination of such restrictions will not cause a REMIC hereunder to fail to qualify as a REMIC at any time that the Certificates are outstanding or result in the imposition of any tax on the Trust Fund, a Certificateholder or another Person.  Each Person holding or acquiring any Ownership Interest in a Residual Certificate hereby consents to any amendment of this Agreement which, based on an Opinion of Counsel furnished to the Trust Administrator, is reasonably necessary (a) to ensure that the record ownership of, or any beneficial interest in, a Residual Certificate is not transferred, directly or indirectly, to a Person that is not a Permitted Transferee and (b) to provide for a means to compel the Transfer of a Residual Certificate which is held by a Person that is not a Permitted Transferee to a Holder that is a Permitted Transferee.

EXHIBIT J

FORM OF TRANSFEROR CERTIFICATE

_____________________

Date

Mortgage Asset Securitization Transactions, Inc.

1285 Avenue of the Americas

New York, New York 10019

Wells Fargo Bank, N.A., as trust administrator

Sixth Street and Marquette Avenue

Minneapolis, Minnesota  55479

Attention:

Re:

Mortgage Asset Securitization Transactions, Inc., MASTR Asset Securitization Trust 2006-3, Mortgage Pass-Through Certificates, Series 2006-3, Class A-[_]R

Ladies and Gentlemen:

In connection with our disposition of the above Certificates we certify that (a) 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, in a manner that would be deemed, or taken any other action which would result in, a violation of Section 5 of the Securities Act of 1933, as amended and (b) to the extent we are disposing of a Class A-[_]R Certificate, (i) we have no knowledge the Transferee is not a Permitted Transferee, (ii) after conducting a reasonable investigation of the financial condition of the Transferee, we have no reason to believe that the Transferee will not pay taxes with respect to the Class A-[_]R Certificate when due, and (iii) we have no reason to believe that the statements made in paragraphs 7, 10 and 11 of the Transferee’s Transfer Affidavit are false.

Very truly yours,

                                                                             

Print Name of Transferor

By:                                                                        

Authorized Officer

EXHIBIT K

FORM OF INVESTMENT LETTER (NON-RULE 144A)

_____________________

Date

Mortgage Asset Securitization Transactions, Inc.

1285 Avenue of the Americas

New York, New York 10019

Wells Fargo Bank, N.A., as trust administrator

Sixth Street and Marquette Avenue

Minneapolis, Minnesota 55479

Attention:

Re:

Mortgage Asset Securitization Transactions, Inc., MASTR Asset Securitization Trust 2006-3, Mortgage Pass-Through Certificates, Series 2006-3, Class [__________]

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 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) in the case of an ERISA-Restricted Certificate, either (i) we are not an employee benefit plan or other retirement arrangement subject to Section 406 of ERISA and/or Section 4975 of the Code, or a person acting for, on behalf of or with the assets of, any such plan or arrangement, (ii) in the case of an ERISA-Restricted Certificate which is the subject of an ERISA Qualifying Underwriting, if we are an insurance company, we are an insurance company that 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 Sections I and III of PTCE 95-60 or (iii) we have provided the Trust Administrator with a satisfactory Opinion of Counsel as required in the Agreement to the effect that the purchase or holding of such ERISA-Restricted Certificate will not result in prohibited transactions under Section 406 of ERISA and/or Section 4975 of the Code and will not subject the Trustee, the Transferor, the Depositor, the Master Servicer or the Trust Administrator to any obligation in addition to those undertaken in the Agreement, (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 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 (h) below), (g) 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 (h) 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 satisfactory to the addressees of this Certificate 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.

Very truly yours,

                                                                             

Print Name of Transferor

By:                                                                       

Authorized Officer

EXHIBIT L

FORM OF RULE 144A LETTER

_____________________

Date

Mortgage Asset Securitization Transactions, Inc.

1285 Avenue of the Americas

New York, New York 10019  

Wells Fargo Bank, N.A., as trust administrator

Sixth Street and Marquette Avenue

Minneapolis, Minnesota 55479

Attention:

Re:

Mortgage Asset Securitization Transactions, Inc., MASTR Asset Securitization Trust 2006-3, Mortgage Pass-Through Certificates, Series 2006-3, Class [_______________]

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 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) in the case of an ERISA-Restricted Certificate, either (i) we are not an employee benefit plan or other retirement arrangement subject to Section 406 of ERISA and/or Section 4975 of the Code, or a person acting for, on behalf of or with the assets of, any such plan or arrangement, (ii) in the case of an ERISA-Restricted Certificate which is the subject of an ERISA Qualifying Underwriting, if we are an insurance company, we are an insurance company that 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) we have provided the Trust Administrator with a satisfactory Opinion of Counsel as required in the Agreement to the effect that the purchase or holding of such ERISA-Restricted Certificate will not result in prohibited transactions under Section 406 of ERISA and/or Section 4975 of the Code and will not subject the Trustee, the Transferor, the Depositor, the Master Servicer or the Trust Administrator to any obligation in addition to those undertaken in the Agreement, (e) 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 Securities Act or that would render the disposition of the Certificates a violation of Section 5 of the Securities 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 and (f) we are a “qualified institutional buyer” as that term is defined in Rule 144A under the Securities 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 Securities Act.

ANNEX 1

to EXHIBIT L

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:

1.

As indicated below, the undersigned is the President, Chief Financial Officer, Senior Vice President or other executive officer of the Buyer.

2.

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 either at least $100,000 in securities or, if Buyer is a dealer, Buyer must own and/or invest on a discretionary basis at least $10,000,000 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.

·

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.

3.

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.

4.

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.

5.

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.

6.

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.

                                                                             

Print Name of Buyer

By:                                                                       

Name:

Title:

Date:

ANNEX 2

to EXHIBIT L

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.

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:

EXHIBIT M

FORM OF REQUEST FOR RELEASE OF DOCUMENTS

To:

Wells Fargo Bank, N.A.

1015 10th Avenue S.E.

Minneapolis, MN  55414-0031

Attn:   Inventory Control—MASTR 2006-3

Re:

Pooling and Servicing Agreement, dated as of October 1, 2006, by and among Mortgage Asset Securitization Transactions, Inc., as depositor, UBS Real Estate Securities Inc., as transferor, Wells Fargo Bank, N.A., as master servicer, as trust administrator and as custodian, and U.S. Bank National Association, as trustee.

In connection with the administration of the related Mortgage Loans held by you as Custodian pursuant to the above-captioned Pooling and Servicing Agreement, we request the release, and hereby acknowledge receipt, of the Mortgage File for the Mortgage Loan described below, for the reason indicated.  If such Mortgage Loan is being repurchased, we hereby certify that the Purchase Price for such Mortgage Loan has been paid.

Mortgage Loan Number:

Mortgagor Name, Address & Zip Code:

Reason for Requesting Documents (check one):

_______

1.

Mortgage Paid in Full

_______

2.

Foreclosure

_______

3.  

Substitution

_______

4.

Other Liquidation (Repurchases, etc.)

_______

5.

Nonliquidation

Reason:____________________________________

Address to which Custodian should

Deliver the Mortgage File:

__________________________________________

__________________________________________

__________________________________________

By:_______________________________________

            (authorized signer)

Issuer:_____________________________________

Address:___________________________________

  ___________________________________

Date:______________________________________

Custodian

Wells Fargo Bank, N.A.

 

Please acknowledge the execution of the above request by your signature and date below:

____________________________________

_________________

Signature

Date

Documents returned to Custodian:

____________________________________

_________________

Custodian

Date

EXHIBIT N

FORM OF SARBANES-OXLEY CERTIFICATION

[DATE]

[Name of Depositor] [Depositor’s Address]

Wells Fargo Bank, N.A.

9062 Old Annapolis Road

Columbia, MD 21045

Re:

MASTR Asset Securitization Trust, Series 2006-3

I, [identify the certifying individual], certify that:

1.

I have reviewed the report on Form 10-K and all reports on Form 10-D required to be filed in respect of the period covered by this report on Form 10-K of MASTR Asset Securitization Trust, Series 2006-3 (the “Exchange Act periodic reports”);

2.

Based on my knowledge, the Exchange Act periodic reports, taken as a whole, do not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.

Based on my knowledge, all of the distribution, servicing and other information required to be provided under Form 10-D for the period covered by this report is included in the Exchange Act periodic reports;

4.

[I am responsible for reviewing the activities performed by the servicer(s) and based on my knowledge and the compliance review(s) conducted in preparing the servicer compliance statement(s) required in this report under Item 1123 of Regulation AB, and except as disclosed in the Exchange Act periodic reports, the servicer(s) [has/have] fulfilled [its/their] obligations under the servicing agreement(s) in all material respects; and]

5.

All of the reports on assessment of compliance with servicing criteria for ABS and their related attestation reports on assessment of compliance with servicing criteria for asset-backed securities required to be included in this report in accordance with Item 1122 of Regulation AB and Exchange Act Rules 13a-18 and 15d-18 have been included as an exhibit to this report, except as otherwise disclosed in this report.  Any material instances of noncompliance described in such reports have been disclosed in this report on Form 10-K.

[In giving the certifications above, I have reasonably relied on information provided to me by the following unaffiliated parties [name of servicer, sub-servicer, co-servicer, depositor or trustee].]

Date:

                                                                             

[Signature]

[Title]

EXHIBIT O

[RESERVED]

EXHIBIT P

[RESERVED]

EXHIBIT Q

FORM OF ASSESSMENT OF COMPLIANCE

[Name of Trust] (the “Trust”)

Mortgage Pass-Through Certificates

Series 20[__]-[__]

I, [name of certifying individual], a duly elected and acting officer of [__________________________] (the “Assessing Party”), certify pursuant to Section 3.22 of the Pooling and Servicing Agreement to the Depositor, [the Trust Administrator] and each Person, if any, who “controls” the Depositor [or the Trust Administrator] within the meaning of the Securities Act of 1933, as amended, and their respective officers and directors, with respect to the calendar year immediately preceding the date of this Certificate (the “Relevant Year”), as follows:

1.

I am responsible for assessing compliance with the Servicing Criteria applicable to the Assessing Party during the Relevant Year. For purposes of this assessment, I have used the Servicing Criteria as set for in Item 1122 of Regulation AB.

2.

Based on my knowledge, the Assessing Party was in compliance with the Servicing Criteria applicable to the Assessing Party during the Relevant Year other than [state any material instance of noncompliance with respect thereto during such period].  This assessment is based on the activities the Assessing Party performs with respect to asset-backed securities transactions taken as a whole involving the Assessing Party, that are backed by the same asset type as the related Loans serviced by it.

3.

Based on the activities the Assessing Party performs with respect to asset-backed securities transactions taken as a whole involving the Assessing Party, that are backed by the same asset type as the related Mortgage Loans serviced by it, the following Servicing Criteria are not applicable to the Assessing Party: [____________].

4.

A registered public accounting firm has issued an attestation report on the Assessing Party’s assessment of compliance for the period consisting of Relevant Year.

Capitalized terms used but not defined herein have the meanings assigned in the pooling and servicing agreement dated as of October 1, 2006 (the “Pooling and Servicing Agreement”) among Mortgage Asset Securitization Transactions, Inc., as depositor, UBS Real Estate Securities Inc., as transferor, Wells Fargo Bank, N.A., as master servicer, trust administrator, and as custodian, and U.S. Bank National Association, as trustee.  

[__________________], 

as Assessing Party

By:                                                               

[Name]

[Title]

[Date]

EXHIBIT R

[RESERVED]

EXHIBIT S

ADDITIONAL DISCLOSURE NOTIFICATION*

[Wells Fargo Bank, N.A., as Trust Administrator

Old Annapolis Road

Columbia, Maryland 21045

Attn:  Corporate Trust Services-  MASTR ASSET SECURITIZATION TRUST 2006-3—SEC REPORT PROCESSING]

[Mortgage Asset Securitization Transactions, Inc.

1285 Avenue of the Americas

New York, NY 10019]

RE:  Additional Form [10-D][10-K][8-K] Disclosure Required

Ladies and Gentlemen:

In accordance with Section [ ] of the Pooling and Servicing Agreement, dated as of October 1, 2006, among Mortgage Asset Securitization Transactions, Inc., as Depositor, UBS Real Estate Securities Inc., as Transferor, Wells Fargo Bank N.A., as Master Servicer, Trust Administrator and Custodian, and U.S. Bank National Association, as Trustee, the undersigned, as [          ], hereby notifies you that certain events have come to our attention that [will] [may] need to be disclosed on Form [10-D][10-K][8-K].

Description of Additional Form [10-D][10-K][8-K] Disclosure:

List of any Attachments hereto to be included in the Additional Form [10-D][10-K][8-K] Disclosure:

Any inquiries related to this notification should be directed to [                       ], phone number:  [         ]; email address:  [                   ].  

[NAME OF PARTY],

as [role]

By: 

Name:

Title:

*  To be sent via email to cts.sec.notifications@wellsfargo.com and by facsimile to 410-715-2380 in addition to overnight mail to the address above.

EXHIBIT T

Additional Form 10-D Disclosure

	ADDITIONAL FORM 10-D DISCLOSURE

	Item on Form 10-D

	Party Responsible 

	Item 1: Distribution and Pool Performance Information

	 
	Information included in the [Monthly Statement]

	Master Servicer

Servicer

Trust Administrator

	Any information required by 1121 which is NOT included on the [Monthly Statement]

	Depositor

	Item 2: Legal Proceedings

Any legal proceeding pending against the following entities or their respective property, that is material to Certificateholders, including any proceeding known to be contemplated by governmental authorities:

	 
	▪ Issuing Entity (Trust Fund)

	Trustee, Master Servicer, Trust Administrator and Depositor

	▪ Sponsor (Seller)

	Seller (if a party to the Pooling and Servicing Agreement) or Depositor

	▪ Depositor

	Depositor

	▪ Trustee

	Trustee

	▪ Trust Administrator

	Trust Administrator

	▪ Master Servicer

	Master Servicer

	▪ Custodian

	Custodian

	▪ 1110(b) Originator

	Depositor

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

	Servicer

	▪ Any other party contemplated by 1100(d)(1)

	Depositor

	Item 3:  Sale of Securities and Use of Proceeds

Information from Item 2(a) of Part II of Form 10-Q:

With respect to any sale of securities by the sponsor, depositor or issuing entity, that are backed by the same asset pool or are otherwise issued by the issuing entity, whether or not registered, provide the sales and use of proceeds information in Item 701 of Regulation S-K.  Pricing information can be omitted if securities were not registered.

	Depositor

	

Item 4:  Defaults Upon Senior Securities

Information from Item 3 of Part II of Form 10-Q:

Report the occurrence of any Event of Default (after expiration of any grace period and provision of any required notice)

	

Trust Administrator

Trustee

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

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

	Trust Administrator

Trustee

	Item 6:  Significant Obligors of Pool Assets

Item 1112(b) – Significant Obligor Financial Information*

	Depositor

	*This information need only be reported on the Form 10-D for the distribution period in which updated information is required pursuant to the Item.

	 
	Item 7:  Significant Enhancement Provider Information

Item 1114(b)(2) – Credit Enhancement Provider Financial Information*

	 
	▪ Determining applicable disclosure threshold

	Depositor

	▪ Requesting required financial information (including any required accountants’ consent to the use thereof) or effecting incorporation by reference

	Depositor

	Item 1115(b) – Derivative Counterparty Financial Information*

	 
	▪ Determining current maximum probable exposure

	Depositor

	▪ Determining current significance percentage

	Depositor

	▪ Requesting required financial information (including any required accountants’ consent to the use thereof) or effecting incorporation by reference

	Depositor

	*This information need only be reported on the Form 10-D for the distribution period in which updated information is required pursuant to the Items.

	 
	Item 8:  Other Information

Disclose any information required to be reported on Form 8-K during the period covered by the Form 10-D but not reported

	

Any party responsible for the applicable Form 8-K Disclosure item

	Item 9:  Exhibits

	 
	Monthly Statement to Certificateholders

	Trust Administrator

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

	Depositor

EXHIBIT U

Additional Form 10-K Disclosure

	ADDITIONAL FORM 10-K DISCLOSURE

	Item on Form 10-K

	Party Responsible 

	Item 1B: Unresolved Staff Comments

	Depositor

	Item 9B:  Other Information

Disclose any information required to be reported on Form 8-K during the fourth quarter covered by the Form 10-K but not reported

	Any party responsible for disclosure items on Form 8-K

	Item 15:  Exhibits, Financial Statement Schedules

	Trust Administrator

Depositor

	Reg AB Item 1112(b):  Significant Obligors of Pool Assets

	 
	Significant Obligor Financial Information*

	Depositor

	*This information need only be reported on the Form 10-K if updated information is required pursuant to the Item.

	 
	Reg AB Item 1114(b)(2):  Credit Enhancement Provider Financial Information

	 
	▪ Determining applicable disclosure threshold

	Depositor

	▪ Requesting required financial information (including any required accountants’ consent to the use thereof) or effecting incorporation by reference

	Depositor

	*This information need only be reported on the Form 10-K if updated information is required pursuant to the Item.

	 
	Reg AB Item 1115(b):  Derivative Counterparty Financial Information

	 
	▪ Determining current maximum probable exposure

	Depositor

	▪ Determining current significance percentage

	Depositor

	▪ Requesting required financial information (including any required accountants’ consent to the use thereof) or effecting incorporation by reference

	Depositor

	*This information need only be reported on the Form 10-K if updated information is required pursuant to the Item.

	 
	Reg AB Item 1117: Legal Proceedings

Any legal proceeding pending against the following entities or their respective property, that is material to Certificateholders, including any proceeding known to be contemplated by governmental authorities:

	 
	▪ Issuing Entity (Trust Fund)

	Trustee, Master Servicer, Trust Administrator and Depositor

	▪ Sponsor (Seller)

	Seller (if a party to the Pooling and Servicing Agreement) or Depositor

	▪ Depositor

	Depositor

	▪ Trustee

	Trustee

	▪ Trust Administrator

	Trust Administrator

	▪ Master Servicer

	Master Servicer

	▪ Custodian

	Custodian

	▪ 1110(b) Originator

	Depositor

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

	Servicer

	▪ Any other party contemplated by 1100(d)(1)

	Depositor

	Reg AB Item 1119:  Affiliations and Relationships

	 
	Whether (a) the Sponsor (Seller), Depositor or Issuing Entity is an affiliate of the following parties, and (b) to the extent known and material, any of the following parties are affiliated with one another:

	Depositor as to (a) 

Sponsor/Seller as to (a)

	▪ Master Servicer

	Master Servicer 

	▪ Trust Administrator

	Trust Administrator

	▪ Trustee

	Trustee

	▪ Any other 1108(a)(3) servicer

	Servicer

	▪ Any 1110 Originator

	Depositor/Sponsor

	▪ Any 1112(b) Significant Obligor

	Depositor/Sponsor

	▪ Any 1114 Credit Enhancement Provider

	Depositor/Sponsor

	▪ Any 1115 Derivate Counterparty Provider

	Depositor/Sponsor

	▪ Any other 1101(d)(1) material party

	Depositor/Sponsor

	Whether there are any “outside the ordinary course business arrangements” other than would be obtained in an arm’s length transaction between (a) the Sponsor (Seller), Depositor or Issuing Entity on the one hand, and (b) any of the following parties (or their affiliates) on the other hand, that exist currently or within the past two years and that are material to a Certificateholder’s understanding of the Certificates:

	Depositor as to (a) 

Sponsor/Seller as to (a)

	▪ Master Servicer

	Master Servicer 

	▪ Trust Administrator

	Trust Administrator

	▪ Trustee

	Trustee

	▪ Any other 1108(a)(3) servicer

	Servicer

	▪ Any 1110 Originator

	Depositor/Sponsor

	▪ Any 1112(b) Significant Obligor

	Depositor/Sponsor

	▪ Any 1114 Credit Enhancement Provider

	Depositor/Sponsor

	▪ Any 1115 Derivate Counterparty Provider

	Depositor/Sponsor

	▪ Any other 1101(d)(1) material party

	Depositor/Sponsor

	Whether there are any specific relationships involving the transaction or the pool assets between (a) the Sponsor (Seller), Depositor or Issuing Entity on the one hand, and (b) any of the following parties (or their affiliates) on the other hand, that exist currently or within the past two years and that are material:

	Depositor as to (a) 

Sponsor/Seller as to (a)

	▪ Master Servicer

	Master Servicer 

	▪ Trust Administrator

	Trust Administrator

	▪ Trustee

	Trustee

	▪ Any other 1108(a)(3) servicer

	Servicer

	▪ Any 1110 Originator

	Depositor/Sponsor

	▪ Any 1112(b) Significant Obligor

	Depositor/Sponsor

	▪ Any 1114 Credit Enhancement Provider

	Depositor/Sponsor

	▪ Any 1115 Derivate Counterparty Provider

	Depositor/Sponsor

	▪ Any other 1101(d)(1) material party

	Depositor/Sponsor

EXHIBIT V

Form 8-K Disclosure Information

	FORM 8-K DISCLOSURE INFORMATION

	Item on Form 8-K

	Party Responsible 

	Item 1.01- Entry into a Material Definitive Agreement

Disclosure is required regarding entry into or amendment of any definitive agreement that is material to the securitization, even if depositor is not a party.  

Examples: servicing agreement, custodial agreement.

Note: disclosure not required as to definitive agreements that are fully disclosed in the prospectus

	All parties with respect to any agreement entered into by such party

	Item 1.02- Termination of a Material Definitive Agreement

Disclosure is required regarding termination of  any definitive agreement that is material to the securitization (other than expiration in accordance with its terms), even if depositor is not a party.  

Examples: servicing agreement, custodial agreement.

	All parties with respect to any agreement entered into by such party

	Item 1.03- Bankruptcy or Receivership

Disclosure is required regarding the bankruptcy or receivership, with respect to any of the following: 

	Depositor

	▪ Sponsor (Seller)

	Depositor/Sponsor (Seller)

	▪ Depositor

	Depositor

	▪ Master Servicer

	Master Servicer

	▪ Affiliated Servicer

	Servicer

	▪ Other Servicer servicing 20% or more of the pool assets at the time of the report

	Servicer

	▪ Other material servicers

	Servicer

	▪ Trustee

	Trustee

	▪ Trust Administrator

	Trust Administrator

	▪ Significant Obligor

	Depositor

	▪ Credit Enhancer (10% or more)

	Depositor

	▪ Derivative Counterparty

	Depositor

	▪ Custodian

	Custodian

	Item 2.04- Triggering Events that Accelerate or Increase a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement

Includes an early amortization, performance trigger or other event, including event of default, that would materially alter the payment priority/distribution of cash flows/amortization schedule.

Disclosure will be made of events other than waterfall triggers which are disclosed in the monthly statements to the certificateholders.

	Depositor

Master Servicer

Trust Administrator

	Item 3.03- Material Modification to Rights of Security Holders

Disclosure is required of any material modification to document defining the rights of Certificateholders, including the Pooling and Servicing Agreement.

	Trust Administrator/Trustee/Depositor (with respect to each, only to the extent it is a party to any such documents)

	Item 5.03- Amendments of Articles of Incorporation or Bylaws; Change of Fiscal Year

Disclosure is required of any amendment “to the governing documents of the issuing entity”.

	Depositor

	Item 6.01- ABS Informational and Computational Material

	Depositor

	Item 6.02- Change of Servicer or Trust Administrator

Requires disclosure of any removal, replacement, substitution or addition of any master servicer, affiliated servicer, other servicer servicing 10% or more of pool assets at time of report, other material servicers or trustee.

	Master Servicer/Trust Administrator/Depositor/

Servicer

Trustee (as to itself or the Master Servicer)

	Reg AB disclosure about any new servicer or master servicer is also required.

	Servicer/Master Servicer/Depositor

	Reg AB disclosure about any new Trustee is also required.

	Trustee

	Item 6.03- Change in Credit Enhancement or External Support

Covers termination of any enhancement in manner other than by its terms, the addition of an enhancement, or a material change in the enhancement provided.  Applies to external credit enhancements as well as derivatives.  

	Depositor/Trust Administrator

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

	Depositor

	Item 6.04- Failure to Make a Required Distribution

	Trust Administrator

	Item 6.05- Securities Act Updating Disclosure

If any material pool characteristic differs by 5% or more at the time of issuance of the securities from the description in the final prospectus, provide updated Reg AB disclosure about the actual asset pool.

	Depositor

	If there are any new servicers or originators required to be disclosed under Regulation AB as a result of the foregoing, provide the information called for in Items 1108 and 1110 respectively.

	Depositor

	Item 7.01- Reg FD Disclosure

	All parties as to material nonpublic information disclosed by such party

	Item 8.01- Other Events

Any event, with respect to which information is not otherwise called for in Form 8-K, that the registrant deems of importance to certificateholders.

	Depositor

	Item 9.01- Financial Statements and Exhibits

	Responsible party for reporting/disclosing the financial statement or exhibit

EXHIBIT W

[RESERVED]

EXHIBIT X

Assessments of Compliance and Attestation Reports Servicing Criteria*

	Reg. AB Item 1122(d) Servicing Criteria

	WELLS FARGO BANK, N.A.

	General Servicing Considerations

	 
	monitoring performance or other triggers and events of default

	X

	monitoring performance of vendors of activities outsourced

	X

	maintenance of back-up servicer for pool assets

	 
	fidelity bond and E&O policies in effect

	X

	Cash Collection and Administration

	 
	timing of deposits to custodial account

	X

	wire transfers to investors by authorized personnel

	X

	advances or guarantees made, reviewed and approved as required

	X

	accounts maintained as required

	X

	accounts at federally insured depository institutions

	X

	unissued checks safeguarded

	X

	monthly reconciliations of accounts

	X

	Investor Remittances and Reporting

	 
	investor reports

	X

	remittances

	X

	proper posting of distributions

	X

	reconciliation of remittances and payment statements

	X

	Pool Asset Administration

	 
	maintenance of pool collateral

	X

	safeguarding of pool assets/documents

	X

	additions, removals and substitutions of pool assets

	 
	posting and allocation of pool asset payments to pool assets

	 
	reconciliation of servicer records

	 
	modifications or other changes to terms of pool assets

	 
	loss mitigation and recovery actions

	 
	records regarding collection efforts

	 
	adjustments to variable interest rates on pool assets

	 
	matters relating to funds held in trust for obligors

	 
	payments made on behalf of obligors (such as for taxes or insurance)

	 
	late payment penalties with respect to payments made on behalf of obligors

	 
	records with respect to payments made on behalf of obligors

	 
	recognition and recording of delinquencies, charge-offs and uncollectible accounts

	X

	maintenance of external credit enhancement or other support

	 

____________________

* 

The descriptions of the Item 1122(d) servicing criteria use key words and phrases and are not verbatim recitations of the servicing criteria.  Refer to Regulation AB, Item 1122(d) for a full description of servicing criteria.

Assessments of Compliance and Attestation Reports Servicing Criteria*

	Reg. AB Item 1122(d) Servicing Criteria

	SERVICER

	TRUSTEE

	CUSTODIAN/

PAYING AGENT/

MASTER SERVICER/

TRUST ADMINISTRATOR

	General Servicing Considerations

	 	 	 
	monitoring performance or other triggers and events of default

	X

	 	X

	monitoring performance of vendors of activities outsourced

	X

	 	X

	maintenance of back-up servicer for pool assets

	X

	 	 
	fidelity bond and E&O policies in effect

	X

	 	X

	Cash Collection and Administration

	 	 	 
	timing of deposits to custodial account

	X

	 	X

	wire transfers to investors by authorized personnel

	X

	 	X

	advances or guarantees made, reviewed and approved as required

	X

	 	X

	accounts maintained as required

	X

	 	X

	accounts at federally insured depository institutions

	X

	 	X

	unissued checks safeguarded

	X

	 	X

	monthly reconciliations of accounts

	X

	 	X

	Investor Remittances and Reporting

	 	 	 
	investor reports

	X

	 	X

	remittances

	X

	 	X

	proper posting of distributions

	X

	 	X

	reconciliation of remittances and payment statements

	X

	 	X

	Pool Asset Administration

	 	 	 
	maintenance of pool collateral

	X

	 	X

	safeguarding of pool assets/documents

	X

	 	X

	additions, removals and substitutions of pool assets

	X

	 	 
	posting and allocation of pool asset payments to pool assets

	X

	 	 
	reconciliation of servicer records

	X

	 	 
	modifications or other changes to terms of pool assets

	X

	 	 
	loss mitigation and recovery actions

	X

	 	 
	records regarding collection efforts

	X

	 	 
	adjustments to variable interest rates on pool assets

	X

	 	 
	matters relating to funds held in trust for obligors

	X

	 	 
	payments made on behalf of obligors (such as for taxes or insurance)

	X

	 	 
	late payment penalties with respect to payments made on behalf of obligors

	X

	 	 
	records with respect to payments made on behalf of obligors

	X

	 	 
	recognition and recording of delinquencies, charge-offs and uncollectible accounts

	X

	 	X

	maintenance of external credit enhancement or other support

	 	 	 

____________________

* 

The descriptions of the Item 1122(d) servicing criteria use key words and phrases and are not verbatim recitations of the servicing criteria.  Refer to Regulation AB, Item 1122 for a full description of servicing criteria.

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